TRUSTEE REPORT (contd.)

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3 TRUSTEE REPORT Dear Unitholders, We have pleasure in presenting the Annual Report of the schemes of Indiabulls Mutual Fund ( the Mutual Fund ) for the year ended March 31, 2013, along with the audited financial statements of the schemes. During the financial year ended March 31, 2013, the Mutual Fund launched three schemes, namely, Indiabulls Fixed Maturity Plan 370 days - Series - 1, Indiabulls Gilt Fund and Indiabulls Income Fund. 1. Scheme Performance, Future Outlook and Operations of the Schemes: A. Scheme Performance: The performance of the schemes since inception to March 31, 2013, vis-a-vis the respective benchmark indices is given in the table below: Name of the Scheme Date of AUM NAV Performance Inception (` in (` Per Unit) Scheme Benchmark (Initial lacs) Performance Returns Returns Allotment) As on March (since (since 31, 2013 inception) inception) Indiabulls Liquid Fund 25/10/ Daily Dividend % 8.22% Direct Plan - Daily Dividend Option Direct Plan - Growth Option Growth Monthly Dividend Weekly Dividend Indiabulls Ultra Short Term Fund 06/01/ Daily Dividend % 8.22% Direct Plan - Daily Dividend Option Direct Plan - Growth Option Direct Plan - Weekly Dividend Option Growth Monthly Dividend Weekly Dividend Indiabulls FMP 387 Days 15/03/ Growth % 9.10% March 2012 (1) Indiabulls FMP 377 Days 28/03/ Growth % 9.10% March 2012 (2) Indiabulls Blue Chip Fund 10/02/ Direct Plan - Dividend 7.45% 7.35% Option Direct Plan - Growth Option Dividend Option Growth Option Indiabulls FMP 370 Days-Series1* 20/07/ Growth % 5.99% Indiabulls Gilt Fund* 10/01/ Direct Plan - Bonus 1.06% 1.45% Option Direct Plan - Growth Option Direct Plan - Weekly Dividend Option Fortnightly Dividend 1

4 Annual Report TRUSTEE REPORT (contd.) Name of the Scheme Date of AUM NAV Performance Inception (` in (` Per Unit) Scheme Benchmark (Initial lacs) Performance Returns Returns Allotment) As on March (since (since 31, 2013 inception) inception) Option Growth Option Monthly Dividend Option Weekly Dividend Option Indiabulls Income Fund* 04/03/ Direct Plan - Growth 0.28% 0.56% Option Direct Plan - Half Yearly Dividend Option Direct Plan - Monthly Dividend Option Direct Plan - Quarterly Dividend Option Regular Plan - Growth Option Regular Plan - Half Yearly Dividend Option Regular Plan - Monthly Dividend Option Regular Plan - Quarterly Dividend Option * Since Indiabulls FMP 370 Days-Series1, Indiabulls Gilt Fund, Indiabulls Income Fund have not completed one year of existence, absolute returns have been calculated from the date of allotment of units of the respective schemes upto March 31, Note: NAVs of Growth Option of the schemes have been considered for calculation of returns. Performance of the Dividend Option for the investor would be net of the applicable distribution tax. Past performance may or may not be sustained in the future. B. Future Outlook: Fixed Income Market: In its Mid-Quarter monetary policy review on 17 th June, the Reserve bank of India maintained the status quo and left benchmark rates unchanged. The policy stance would continue to be determined by the evolving growth, inflation and balance of payments situation. The durable receding of inflation will open up the space for monetary policy to continue to address risks to growth. The rapid shift in risk perception and in turn, capital outflows has seen USD appreciating against other currencies putting pressure on the Indian Rupee as well. The rupee depreciation due to FIIs taking out over $4.5 billion in less than a month owing to possible tapering off of quantitative easing by the US Fed, has raised fresh concern over deteriorating Current account balance situation in the short term. Rupee depreciated by 5.8% in the current financial year till June 14 th. Since India being a net importer, the pressure on prices due to imported inflation, could further restrict RBI s stance to go soft on interest rates in the near future. The surge in gold imports saw trade deficit for the month of May climb to USD 20.1 bln. IIP for the month of April decelerated to 2.3% confirming the extended period of slowdown in growth amidst slow investment demand. Headline WPI inflation eased for three consecutive months to 4.7% in the month of May. Though easing of WPI inflation provides some comfort, but depreciating currency poses threat of inflationary pressures 2

5 TRUSTEE REPORT (contd.) resurfacing in the coming months. Retail inflation measured by CPI though came down to 9.3% in May, but still remains high. The progress of monsoon seems to augur well for the overall growth and inflation trends, though it is still early to take a bet on its impact on the two macro parameters. With Indian Rupee under renewed pressure from USD appreciation and risk-off trade, the short term direction on the interest rate is far from clear. The rate cut in July policy depends on unfolding of issues with regard to CAD and inflation. In the latest development, the Federal Reserve chairman Ben Bernanke said that US economy is expanding strongly enough to begin slowing the pace of its bond purchase later this year pushing ten year US bond yields to 15 month high of close to 2.36%. The move has seen sharp upsurge in the Indian bond yields with ten year benchmark rising 9 bps to 7.36%. INR is trading tantalising close to 60/USD mark due to expectation of increased outflows. Going ahead, much depends on how Rupee behaves and its subsequent impact on important macro parameters like CAD and inflation. Depreciating currency could pose threat to both and limit the scope of further rate cuts. Equity Market: Global economy continues to show signs of stabilization. Economic data from US & Japan reflect economies on the mend. Europe though still in recession is showing signs of bottoming out and holds the hope for recovery next year. China, although avoided 'Hard landing', continues to show signs of a marked slowdown. Politicians across the world continue to show remarkable commitment & maturity in handling key economic issues. In Europe, ECB's bold intervention has reduced the tail risks significantly. In Japan, its Central Bank, in a bid to end deflation, decided to double its inflation target to 2%, as sought by Prime Minister Shinzo Abe. The central bank also announced open-ended asset purchases from Domestically, after an overall deterioration of the Indian macros last year, we expect them to stabilize in FY14. Overall, GDP grew by dismal 5.0% in FY13 down from 6.2% in FY12. We expect the GDP growth to pick up to 5.6% - 5.8% in FY14. The current account deficit stood at a historic high of 4.8% of GDP up from 4.2% in FY12. We expect the overall current account deficit to moderate to 4.0% of GDP in FY14, as lower gold imports and lower commodity prices should likely more than offset the impact of INR depreciation. India's fiscal deficit came in at 4.9% of the GDP, significantly narrower than 5.8% in FY12. However this came at cost of government spending, thus curtailing growth. Weak growth and fall in commodity prices led to collapse in WPI inflation, thus allowing RBI to cut rates by 100bps to support growth. We expect WPI inflation to remain benign and CPI inflation to continue its downward trajectory in FY14. Corporate earnings, reflective of a weak economy, continued to be weak during the year. With change of guard at the finance ministry, India unleashed much needed reforms. Strong steps like fuel price deregulation, Gas price hike, FDI reforms, Power sector reforms, Direct cash benefits transfer, Hike in rail fares after nearly 10 years, Relaxation in environmental norms for infrastructure projects, improved the investor sentiment significantly. These progressive steps should aid in structural improvements in Indian economy over the long term. As we head into elections, we expect the government to continue with its pro-reform agenda and expect crucial bills like land acquisition bill, DTC, FDI reforms to be taken up and cleared in monsoon session. Going ahead, we expect the global economy to remain stable; with tailwinds receding, possibility of a serious risk off appears low. Also, global liquidity is likely to remain benign in near future. Recent concerns on US Fed 'Taper off' look overdone given the relatively weak set of data. Europe is expected to muddle through, while China's growth should stabilize around current levels, thus keeping commodity prices in check. Domestically, government's focus on reforms should start yielding results. This coupled with faster clearance and execution of stuck infrastructure projects should lead to slow recovery towards the latter half. Also, expected normal monsoons should strengthen economic recovery. Weak currency and lower inflation should enhance export competitiveness, thus aiding current account and economic growth. We remain positive on Indian equities over medium to long term based on our expectations of further rate cuts, government delivering on economic reforms, strong global liquidity and stable global environment. We believe that India is a 'Buy on dips' market for a long term investor. 3

6 Annual Report TRUSTEE REPORT (contd.) C. Operations of the schemes: The Mutual Fund has recorded commendable growth in Assets Under Management (AUM) since the launch of its first scheme in October The Mutual Fund launched a close ended debt scheme namely, Indiabulls 370 days Fixed Maturity Plan - Series I in July, 2012, which is listed on Bombay Stock Exchange Ltd (BSE). Two more open ended debt fund were launched namely, Indiabulls Gilt Fund and Indiabulls income fund in the month of December 2012 and February As on March 31, 2013, Indiabulls Mutual Fund had seven debt schemes (3 closed-ended and 4 openended) and one open-ended equity scheme in existence. The AUM of the Mutual Fund as on March 31, 2013 was ` crs with 3441 number of folios. 2. Brief Background of Sponsor, Fund, Trustee Company and AMC A. Indiabulls Mutual Fund Indiabulls Mutual Fund (the Mutual Fund ) was constituted as a trust in terms of the Trust Deed dated November 07, 2008 in accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882) with Indiabulls Financial Services Limited (IBHFL), as the Sponsor and Indiabulls Trustee Company Limited as the Trustee. The Trust Deed has been duly registered under the Indian Registration Act, The Sponsor is the Settler of the Mutual Fund Trust. The Sponsor has entrusted a sum of ` 50,000/- to the Trustee as the initial contribution towards the corpus of the Mutual Fund. Indiabulls Asset Management Company Limited (the AMC ) has been appointed as the Investment Manager of Indiabulls Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated November 07, 2008, executed between the Trustee and the Asset Management Company. The Mutual Fund was registered with SEBI on March 24, 2011 under Registration Code MF/068/11/03. During the FY , Indiabulls Financial Services Ltd (IBFSL) amalgamated into its wholly-owned subsidiary Indiabulls Housing Finance Ltd (IHFL) through a scheme of arrangement under sections of the Companies Act, 1956 pursuant to the approval of the Hon ble High Court of Delhi vide order dated December 12, The aforesaid scheme of arrangement became effective on the date of filing of the certified copy of the High Court Order with the Registrar of Companies, NCT of Delhi & Haryana on March 08, 2013 and IBFSL, as a going concern, amalgamated with IHFL with effect from the Appointed Date, being April 01, 2012 in terms of the Scheme. As a result of the above, IHFL has become the Sponsor of Indiabulls Mutual Fund and IBFSL has ceased to be the Sponsor. B. Sponsor Indiabulls Mutual Fund is sponsored by Indiabulls Housing Finance Limited (IHFL), Indiabulls Housing Finance Limited is one of India s leading and fastest growing private sector financial services companies providing Consumer Finance, Housing Finance, Commercial Loans, Asset Management and Advisory services. The company is focused on providing multiple financial services through an extensive network of consumer touchpoints. Indiabulls serves more than 500,000 customers across different financial products through its branch network, call centre & the internet. It also ranks among the top private sector financial services groups in terms of net worth. Amongst its financial services and banking peers, Indiabulls Housing Finance ranks amongst the top few companies both in terms of net worth and capital adequacy. Indiabulls Housing Finance has been assigned AA+ rating and has presence in over 87 cities and towns with a total branch network of 170 branches. The Sponsor is responsible for discharging its functions and responsibilities towards the Mutual Fund in accordance with SEBI (Mutual Funds) Regulations, 1996, and the various constitutive documents of the Mutual Fund. C. The Trustee Indiabulls Trustee Company Limited (the Trustee ) is the trustee of Indiabulls Mutual Fund. The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee seeks to ensure that the Mutual Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies. 4

7 TRUSTEE REPORT (contd.) D. The Asset Management Company Indiabulls Asset Management Company Limited (IBAMC) was incorporated under the Companies Act, 1956 on April 10, 2008 having its registered office at M - 62 & 63, First Floor, Connaught Place, New Delhi The Corporate Office of IBAMC is located at Indiabulls Finance Centre,11th Floor, Tower-1, Senapati Bapat Marg, Elphinstone Road (West), Mumbai and the operations of the AMC including investor servicing are handled and coordinated from the aforesaid Corporate Office. 3. Investment Objectives of the Schemes: a) Indiabulls Liquid Fund- (An open ended Liquid scheme) Investment Objective -To provide a high level of liquidity with returns commensurate with low risk through a portfolio of money market and debt securities with maturity of up to 91days. However, there can be no assurance that the investment objective of the scheme will be achieved b) Indiabulls Ultra Short Term Fund (An open ended debt scheme) - Investment Objective - To provide liquidity with returns commensurate with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the Scheme will be achieved. c) Indiabulls Blue Chip Fund (An open ended equity scheme) - Investment Objective - The primary investment objective of the Scheme is to seek to provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. However there can be no assurance that the investment objective of the scheme will be achieved d) Indiabulls FMP 387 Days March 2012 (1) (A close ended debt scheme) - Investment Objective - The investment objective of the plans under the scheme is to generate income and/ or capital appreciation by investing in wide range of Debt and Money Market instruments having maturity in line with maturity of the respective plans under the scheme. The maturity of all instruments shall be equal to or less than the maturity of the respective plans under the scheme. However there can be no assurance that the investment objective of the scheme will be achieved e) Indiabulls FMP 377 Days March 2012 (2) (A close ended debt scheme) - Investment Objective - The investment objective of the plans under the scheme is to generate income and/ or capital appreciation by investing in wide range of Debt and Money Market instruments having maturity in line with maturity of the respective plans under the scheme. The maturity of all instruments shall be equal to or less than the maturity of the respective plans under the scheme. However there can be no assurance that the investment objective of the scheme will be achieved f) Indiabulls FMP 370 Days- Series- 1 (A close ended debt scheme) - Investment Objective - The investment objective of the plans under the scheme is to provide income and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme. However, there can be no assurance that the investment objective of the scheme will be achieved. g) Indiabulls Gilt Fund (An Open Ended Debt Scheme) Investment Objective - The investment objective of the plans under the scheme is to generate income and capital appreciation by investing predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by State Government, without any restriction on the maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns. h) Indiabulls Income Fund (An Open Ended Debt Scheme) Investment Objective - The investment objective of the plans under the scheme is generate a steady stream of income and/or medium to long term capital appreciation/gain through investment in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be achieved. 4. Significant Accounting Policies The Significant Accounting Policies form part of the Notes to the Accounts annexed to the Balance Sheet of the Schemes. The Accounting Policies are in accordance with Securities and Exchange Board of India (Mutual Funds) Regulations,

8 Annual Report TRUSTEE REPORT (contd.) 5. Unclaimed Dividends and Redemptions There are no unclaimed dividends or unclaimed redemption amounts under any schemes of the Mutual Fund for the year ended March 31, Details of Investor Complaints The Statement on Status of Redressal of Complaints received against the Mutual Fund during the financial year ended March 31, 2013 is appended below and forms part of the Trustee Report. Redressal of Complaints received during Name of the Mutual Fund Total Number of Folios 3441 Indiabulls Mutual Fund Com- Type of complaint# (a) No. of (b) No of Action on (a) and (b) plaint com- com- Resolved Non Pending code plaints plaints Within Be- Ac pending received 30 days days days yond tion mon- mon- mon- monat the during 180 able* ths ths ths ths begin- the year days ning of the year I A Non receipt of Dividend on Units I B Interest on delayed payment of Dividend I C Non receipt of Redemption Proceeds I D Interest on delayed payment of Redemption II A Non receipt of Statement of Account/Unit Certificate II B Discrepancy in Statement of Account II C Non receipt of Annual Report/Abridged Summary III A Wrong switch between Schemes III B Unauthorized switch between Schemes III C Deviation from Scheme attributes III D Wrong or excess charges/load III E Non updation of changes viz. address, PAN, bank details, nomination, etc IV Others TOTAL # including against its authorized persons/ distributors/ employees. etc. * Non actionable means the complaint that are incomplete / outside the scope of the mutual fund 7. Statutory Information (a) The Sponsor is not responsible or liable for any loss resulting from the operations of the schemes of the Mutual Fund beyond their initial contribution of ` 50,000/- for setting up the Mutual Fund, and such other accretions/ additions to the same. 6

9 TRUSTEE REPORT (contd.) (b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. (c) Full Annual Report shall be disclosed on the website of the Mutual Fund ( and shall be available for inspection at the Head Office of the Mutual Fund. Present and prospective unit holders can obtain or copy of the Trust Deed, the full Annual Report of the Fund/AMC at a price. Acknowledgements The Trustee thanks the Securities and Exchange Board of India, and the Association of Mutual Funds in India for the guidance provided by them. The Trustee would like to thank all the unit holders for their strong support. The Trustee also wishes to thank the Mutual Fund s Auditors, Custodian, Registrar & Transfer Agents, Bankers, Distributors, Brokers and all other service providers for their continued support. For Indiabulls Trustee Company Limited Sd/- Prabhat Kumar Chairman Sd/- Krishan Mohan Seth Director Place : New Delhi Date : July 10,

10 Annual Report Independent Auditor s Report To the Trustee of Indiabulls Mutual Fund INDIABULLS LIQUID FUND. Report on the Financial Statements We have audited the attached Balance Sheet of Indiabulls Mutual Fund INDIABULLS LIQUID FUND (referred to as the Scheme ) as at March 31, 2013 and the Revenue Account and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. Management s Responsibility for the Financial Statements These financial statements are the responsibility of the management of Indiabulls Trustee Company Limited (the Trustee Company ), Indiabulls Asset Management Company Limited ( the Scheme Asset Manager ) and give a true and fair view of the financial position, financial performance of the Scheme. Further, they ensure that the financial statement is prepared in accordance with relevant laws and directives issued by the Securities and Exchange Board of India, wherever applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013; b) In the case of the Revenue Account, of the surplus for the year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other legal and Regulatory Requirements a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by law have been kept by the Scheme so far as appears from our examination of those books. c) The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme. d) The Balance Sheet, the Revenue Account and Cash Flow Statement together with the notes thereon, have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. e) Non-traded/ thinly traded securities have been valued in accordance with guideline notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. Sd/- For Sharma Goel & Co. Chartered Accountants FRN: N Sd/- Akhila Nand Singh Partner Membership No Place: New Delhi Date: June 25,

11 Independent Auditor s Report To the Trustee of Indiabulls Mutual Fund INDIABULLS ULTRA SHORT TERM FUND. Report on the Financial Statements We have audited the attached Balance Sheet of Indiabulls Mutual Fund INDIABULLS ULTRA SHORT TERM FUND (referred to as the Scheme ) as at March 31, 2013 and the Revenue Account and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. Management s Responsibility for the Financial Statements These financial statements are the responsibility of the management of Indiabulls Trustee Company Limited (the Trustee Company ), Indiabulls Asset Management Company Limited ( the Scheme Asset Manager ) and give a true and fair view of the financial position, financial performance of the Scheme. Further, they ensure that the financial statement is prepared in accordance with relevant laws and directives issued by the Securities and Exchange Board of India, wherever applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013; b) In the case of the Revenue Account, of the surplus for the year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other legal and Regulatory Requirements a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by law have been kept by the Scheme so far as appears from our examination of those books. c) The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme. d) The Balance Sheet, the Revenue Account and Cash Flow Statement together with the notes thereon, have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. e) Non-traded/ thinly traded securities have been valued in accordance with guideline notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. Sd/- For Sharma Goel & Co. Chartered Accountants FRN: N Sd/- Akhila Nand Singh Partner Membership No Place: New Delhi Date: June 25,

12 Annual Report Independent Auditor s Report To the Trustee of Indiabulls Mutual Fund INDIABULLS BLUE CHIP FUND. Report on the Financial Statements We have audited the attached Balance Sheet of Indiabulls Mutual Fund INDIABULLS BLUE CHIP FUND (referred to as the Scheme ) as at March 31, 2013 and the Revenue Account and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. Management s Responsibility for the Financial Statements These financial statements are the responsibility of the management of Indiabulls Trustee Company Limited (the Trustee Company ), Indiabulls Asset Management Company Limited ( the Scheme Asset Manager ) and give a true and fair view of the financial position, financial performance of the Scheme. Further, they ensure that the financial statement is prepared in accordance with relevant laws and directives issued by the Securities and Exchange Board of India, wherever applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013; b) In the case of the Revenue Account, of the deficit for the year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other legal and Regulatory Requirements a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by law have been kept by the Scheme so far as appears from our examination of those books. c) The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme. d) The Balance Sheet, the Revenue Account and Cash Flow Statement together with the notes thereon, have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. e) Non-traded/ thinly traded securities have been valued in accordance with guideline notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. Sd/- For Sharma Goel & Co. Chartered Accountants FRN: N Sd/- Akhila Nand Singh Partner Membership No Place: New Delhi Date: June 25,

13 Independent Auditor s Report To the Trustee of Indiabulls Mutual Fund Indiabulls Fixed Maturity Plan 387 Days March 2012(1). Report on the Financial Statements We have audited the attached Balance Sheet of Indiabulls Mutual Fund Indiabulls Fixed Maturity Plan 387 Days March 2012(1) (referred to as the Scheme ) as at March 31, 2013 and the Revenue Account and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. Management s Responsibility for the Financial Statements These financial statements are the responsibility of the management of Indiabulls Trustee Company Limited (the Trustee Company ), Indiabulls Asset Management Company Limited ( the Scheme Asset Manager ) and give a true and fair view of the financial position, financial performance of the Scheme. Further, they ensure that the financial statement is prepared in accordance with relevant laws and directives issued by the Securities and Exchange Board of India, wherever applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013; b) In the case of the Revenue Account, of the surplus for the year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other legal and Regulatory Requirements a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by law have been kept by the Scheme so far as appears from our examination of those books. c) The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme. d) The Balance Sheet, the Revenue Account and Cash Flow Statement together with the notes thereon, have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. e) Non-traded/ thinly traded securities have been valued in accordance with guideline notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. Sd/- For Sharma Goel & Co. Chartered Accountants FRN: N Sd/- Akhila Nand Singh Partner Membership No Place: New Delhi Date: June 25,

14 Annual Report Independent Auditor s Report To the Trustee of Indiabulls Mutual Fund Indiabulls Fixed Maturity Plan 377 Days March 2012(2). Report on the Financial Statements We have audited the attached Balance Sheet of Indiabulls Mutual Fund Indiabulls Fixed Maturity Plan 377 Days March 2012(2) (referred to as the Scheme ) as at March 31, 2013 and the Revenue Account and the Cash Flow Statement for the year ended on that date, which we have signed under reference to this report. Management s Responsibility for the Financial Statements These financial statements are the responsibility of the management of Indiabulls Trustee Company Limited (the Trustee Company ), Indiabulls Asset Management Company Limited ( the Scheme Asset Manager ) and give a true and fair view of the financial position, financial performance of the Scheme. Further, they ensure that the financial statement is prepared in accordance with relevant laws and directives issued by the Securities and Exchange Board of India, wherever applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013; b) In the case of the Revenue Account, of the surplus for the year ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Report on Other legal and Regulatory Requirements a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by law have been kept by the Scheme so far as appears from our examination of those books. c) The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme. d) The Balance Sheet, the Revenue Account and Cash Flow Statement together with the notes thereon, have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. e) Non-traded/ thinly traded securities have been valued in accordance with guideline notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. Sd/- For Sharma Goel & Co. Chartered Accountants FRN: N Sd/- Akhila Nand Singh Partner Membership No Place: New Delhi Date: June 25,

15 Independent Auditor s Report To the Trustee of Indiabulls Mutual Fund INDIABULLS FMP 370 DAYS SERIES 1. Report on the Financial Statements We have audited the attached Balance Sheet of Indiabulls Mutual Fund INDIABULLS FMP 370 DAYS SERIES 1 (referred to as the Scheme ) as at March 31, 2013 and related Revenue Account and the Cash Flow Statement for the period from July 20, 2012 to March 31, 2013 ended on that date, which we have signed under reference to this report. Management s Responsibility for the Financial Statements These financial statements are the responsibility of the management of Indiabulls Trustee Company Limited (the Trustee Company ), Indiabulls Asset Management Company Limited ( the Scheme Asset Manager ) and give a true and fair view of the financial position, financial performance of the Scheme. Further, they ensure that the financial statement is prepared in accordance with relevant laws and directives issued by the Securities and Exchange Board of India, wherever applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013; b) In the case of the Revenue Account, of the surplus for the period on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the period ended on that date. Report on Other legal and Regulatory Requirements a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by law have been kept by the Scheme so far as appears from our examination of those books. c) The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme. d) The Balance Sheet, the Revenue Account and Cash Flow Statement together with the notes thereon, have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. e) Non-traded/ thinly traded securities have been valued in accordance with guideline notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. Sd/- For Sharma Goel & Co. Chartered Accountants FRN: N Sd/- Akhila Nand Singh Partner Membership No Place: New Delhi Date: June 25,

16 Annual Report Independent Auditor s Report To the Trustee of Indiabulls Mutual Fund INDIABULLS GILT FUND. Report on the Financial Statements We have audited the attached Balance Sheet of Indiabulls Mutual Fund INDIABULLS GILT FUND (referred to as the Scheme ) as at March 31, 2013 and the Revenue Account and the Cash Flow Statement for the period from January 10, 2013 to March 31, 2013 ended on that date, which we have signed under reference to this report. Management s Responsibility for the Financial Statements These financial statements are the responsibility of the management of Indiabulls Trustee Company Limited (the Trustee Company ), Indiabulls Asset Management Company Limited ( the Scheme Asset Manager ) and give a true and fair view of the financial position, financial performance of the Scheme. Further, they ensure that the financial statement is prepared in accordance with relevant laws and directives issued by the Securities and Exchange Board of India, wherever applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013; b) In the case of the Revenue Account, of the surplus for the period ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the period ended on that date. Report on Other legal and Regulatory Requirements a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by law have been kept by the Scheme so far as appears from our examination of those books. c) The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme. d) The Balance Sheet, the Revenue Account and Cash Flow Statement together with the notes thereon, have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. e) Non-traded/ thinly traded securities have been valued in accordance with guideline notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. Sd/- For Sharma Goel & Co. Chartered Accountants FRN: N Sd/- Akhila Nand Singh Partner Membership No Place: New Delhi Date: June 25,

17 Independent Auditor s Report To the Trustee of Indiabulls Mutual Fund INDIABULLS INCOME FUND. Report on the Financial Statements We have audited the attached Balance Sheet of Indiabulls Mutual Fund INDIABULLS INCOME FUND (referred to as the Scheme ) as at March 31, 2013 and the Revenue Account and the Cash Flow Statement for the period from March 04, 2013 to March 31, 2013 ended on that date, which we have signed under reference to this report. Management s Responsibility for the Financial Statements These financial statements are the responsibility of the management of Indiabulls Trustee Company Limited (the Trustee Company ), Indiabulls Asset Management Company Limited ( the Scheme Asset Manager ) and give a true and fair view of the financial position, financial performance of the Scheme. Further, they ensure that the financial statement is prepared in accordance with relevant laws and directives issued by the Securities and Exchange Board of India, wherever applicable. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2013; b) In the case of the Revenue Account, of the surplus for the period ended on that date; and c) In the case of the Cash Flow Statement, of the cash flows for the period ended on that date. Report on Other legal and Regulatory Requirements a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion proper books of account as required by law have been kept by the Scheme so far as appears from our examination of those books. c) The Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme. d) The Balance Sheet, the Revenue Account and Cash Flow Statement together with the notes thereon, have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable. e) Non-traded/ thinly traded securities have been valued in accordance with guideline notified by the Securities and Exchange Board of India. In our opinion, these valuations are fair and reasonable. Sd/- For Sharma Goel & Co. Chartered Accountants FRN: N Sd/- Akhila Nand Singh Partner Membership No Place: New Delhi Date: June 25,

18 Annual Report Balance Sheet as at 31st March, 2013 Amount (`) INDIABULLS INDIABULLS INDIABULLS LIQUID FUND ULTRA SHORT BLUE CHIP FUND TERM FUND Schedule 31st March 31st March, 31st March, 31st March, 31st March, 31st March, LIABILITIES Unit Capital A 5,243,388,311 4,119,054, ,877, ,161,526 51,517,444 64,684,677 Reserves and Surplus B 554,622, ,085,175 82,222,897 16,178, ,615 (3,530,480) Current Liabilities and Provisions C 3,949,225,804 1,206,383, ,618, ,696, ,762 4,274,422 TOTAL 9,747,236,243 5,487,522,906 1,110,718,319 1,165,036,252 53,250,821 65,428,619 ASSETS Investments D 9,524,156,958 5,356,647,909 1,106,017,856 1,161,980,782 52,141,671 60,888,230 Deposits E 218,875, ,522,199 4,498,277 2,498,224 49,981 2,997,868 Other Current Assets F 4,203,500 1,352, , ,246 1,059,169 1,542,521 Total 9,747,236,243 5,487,522,906 1,110,718,319 1,165,036,252 53,250,821 65,428,619 Notes Forming Part of Financial Statements I As per our Report of even date For Sharma Goel & Co. For and on behalf of For and on behalf of Chartered Accountants Indiabulls Trustee Company Limited Indiabulls Asset Management Company Limited FRN: N Sd/- Sd/- Sd/- Sd/- Akhila Nand Singh Prabhat Kumar Ashok Kacker Sanjay Chandel Partner Chairman Chairman Director & CEO Membership No Sd/- Sd/- Sd/- Krishna Mohan Seth Raju Sharma Puneet Srivastava Director Head-Fixed Income Fund Manager - Debt New Delhi Date : June 25, 2013 Sd/- Sumit Bhatnagar Fund Manager - Equity 16

19 Balance Sheet as at 31st March, 2013 Amount (`) INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS FMP 387 DAYS FMP 377 DAYS FMP 370 DAYS GILT INCOME MARCH 2012 (1) MARCH 2012 (2) SERIES 1 FUND FUND Schedule 31st March 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, LIABILITIES Unit Capital A 1,495,371,021 1,495,371, ,570, ,570, ,244, ,840, ,814,427 Reserves and Surplus B 163,536,931 11,929,881 33,233, ,431 12,796,476 1,672,158 1,347,700 Current Liabilities and Provisions C 701, ,153 91, ,465 51, , ,050 Total 1,659,609,147 1,507,807, ,894, ,199, ,092, ,041, ,533,177 ASSETS Investments D 1,658,740,040 1,500,551, ,668, ,193, ,321, ,485, ,151,469 Deposits E 799,694 6,495,843 7,147,263 5,496, ,732 2,549,024 23,890,850 Other Current Assets F 69, ,402 78, ,706 70,818 52,007, ,490,858 Total 1,659,609,147 1,507,807, ,894, ,199, ,092, ,041, ,533,177 Notes Forming Part of Financial Statements I As per our Report of even date For Sharma Goel & Co. For and on behalf of For and on behalf of Chartered Accountants Indiabulls Trustee Company Limited Indiabulls Asset Management Company Limited FRN: N Sd/- Sd/- Sd/- Sd/- Akhila Nand Singh Prabhat Kumar Ashok Kacker Sanjay Chandel Partner Chairman Chairman Director & CEO Membership No Sd/- Sd/- Sd/- Krishna Mohan Seth Raju Sharma Puneet Srivastava Director Head-Fixed Income Fund Manager - Debt New Delhi Date : June 25, 2013 Sd/- Sumit Bhatnagar Fund Manager - Equity 17

20 Annual Report Revenue Account for the year/period ended 31st March, 2013 Amount (`) INDIABULLS INDIABULLS INDIABULLS LIQUID FUND ULTRA SHORT BLUE CHIP FUND TERM FUND Schedule 1st April, 25th October, 1st April, 6th January, 1st April, 10th February 2012 to 2011 to 2012 to 2012 to 2012 to 2012 to 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, INCOME Dividend I(B,2.3) ,376 25,457 Interest G & I(B,2.3) 1,569,851, ,760, ,909, ,247, , ,527 Profit on sale / redemption of investments (Other than inter-scheme transfer / sale) I(B,2.1) 19,088,629 3,838,461 7,340, ,763 4,424, ,082 Profit on inter scheme transfer/sale of investments I(B,2.1) 281,131-1,284, Load Income ,952 - Other Income 12, Total 1,589,233, ,599, ,534, ,091,787 5,566, ,066 EXPENSES AND LOSSES Unrealised depreciation in the value of investments I(B,2.2) 1,954, ,976-1,764,450 Loss on sale / redemption of investments (Other than inter-scheme transfers / sale) I(B,2.1) 3,082,699 1,958,376 3,487, ,909 4,427,639 2,057,968 Loss on interscheme transfer / sale of investments 284,670-2,379, Management fees I(C,6) 7,688,059 3,690,023 5,694, , , ,593 Service Tax on Management Fees 950, , ,870 87,546 80,182 12,936 Trusteeship fees I(C,7) 808, , ,590 68,345 2, Advertisement and Marketing expenses 177, ,522 53,435 35,050-38,701 Audit fees 545, , ,437 64,848 1, Custodian fees I(C,8) 1,982, , , ,223 9,562 1,839 Distributor Fee 659, , ,617 - Registrar & Transfer Agent s fees 5,477,798 1,765,585 2,588, , ,864 48,575 Investor Education and related expenses 1,774,356 69, ,541 28,077 5, Commission to Agents 4,073,780 1,336,410 1,061, ,663-2,465,250 Other operating expenses 315, ,847 87,663 75, ,299 50,115 Interest on borrowing 4,700, , , , Expense reimbursed by Asset Management Company (2,263,055) (1,128,590) - (531,936) (138,452) (2,493,109) Total 32,212,212 10,529,238 19,237,789 2,173,826 5,818,285 4,073,547 Net Surplus / ( Deficit ) for the Yea/Period 1,557,020, ,070, ,296, ,917,961 (251,885) (3,380,481) Less : Dividend distributed 528,654, ,826, ,008,944 81,192, Less : Tax on Dividend 171,421, ,708,778 66,381,931 26,210, Net Surplus / ( Deficit ) carried forward 856,945, ,534, ,905,600 10,514,838 (251,885) (3,380,481) Notes Forming Part of Financial Statements I As per our Report of even date For Sharma Goel & Co. For and on behalf of For and on behalf of Chartered Accountants Indiabulls Trustee Company Limited Indiabulls Asset Management Company Limited FRN: N Sd/- Sd/- Sd/- Sd/- Akhila Nand Singh Prabhat Kumar Ashok Kacker Sanjay Chandel Partner Chairman Chairman Director & CEO Membership No Sd/- Sd/- Sd/- Krishna Mohan Seth Raju Sharma Puneet Srivastava Director Head-Fixed Income Fund Manager - Debt New Delhi Date : June 25, 2013 Sd/- Sumit Bhatnagar Fund Manager - Equity 18

21 Revenue Account for the year/period ended 31st March, 2013 Amount (`) INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS FMP 387 DAYS FMP 377 DAYS FMP 370 DAYS GILT INCOME MARCH 2012 (1) MARCH 2012 (2) SERIES 1 FUND FUND Schedule 1st April, 15th March, 1st April, 28th March, 20th July, 10th January, 4th March, 2012 to 2012 to st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, INCOME Dividend I(B,2.3) Interest G & I(B,2.3) 156,593,912 7,055,436 32,962, ,746 13,126,462 14,791,680 2,839,939 Profit on sale / redemption of investments (Other than inter-scheme transfer / sale) I(B,2.1) 3,387, , ,551,834 - Profit on inter scheme transfer / sale of investments I(B,2.1) 459, Load Income ,857 Other Income Total 160,441,682 7,055,436 33,383, ,746 13,126,462 17,343,514 2,952,796 EXPENSES AND LOSSES Unrealised depreciation in the value of investments I(B,2.2) , , ,441 Loss on sale / redemption of investments (Other than inter-scheme transfers / sale) I(B,2.1) ,209, ,343 Loss on interscheme transfer / sale of investments Management fees I(C,6) 2,859, , ,151 3,186 66, , ,488 Service Tax on Management Fees 353,430 13,683 35, ,267 77,618 16,375 Trusteeship fees I(C,7) 76,899 4,669 16, ,686 7,747 1,611 Advertisement and Marketing expenses 6,378 10,465 4,784-2,422 5,932 - Audit fees 50,162 3,672 10, ,893 7,331 3,372 Custodian fees I(C,8) 147,438 9,302 31, ,518 25,129 4,131 Distributor Fee , ,897 Registrar & Transfer Agent s fees 184,222 5, ,750 1,219 72, ,543 25,873 Investor Education and related expenses 162,166-34,871-20,921 36,819 5,955 Commission to Agents - 319, , Other operating expenses 6,142 4,186 2, ,043 16,305 Interest on borrowing Expense reimbursed by Asset Management Company (22,281) (335,789) (24,956) (176,043) (37,093) (34,448) (27,474) Total 3,823, , ,354 5, ,986 4,551,861 1,581,317 Net Surplus / ( Deficit ) for the Year/Period 156,618,024 6,887,755 32,871, ,436 12,796,476 12,791,653 1,371,479 Less : Dividend distributed ,554,065 11,090 Less : Tax on Dividend ,646,215 1,500 Net Surplus / ( Deficit ) carried forward 156,618,024 6,887,755 32,871, ,436 12,796,476 5,591,373 1,358,889 Notes Forming Part of Financial Statements I As per our Report of even date For Sharma Goel & Co. For and on behalf of For and on behalf of Chartered Accountants Indiabulls Trustee Company Limited Indiabulls Asset Management Company Limited FRN: N Sd/- Sd/- Sd/- Sd/- Akhila Nand Singh Prabhat Kumar Ashok Kacker Sanjay Chandel Partner Chairman Chairman Director & CEO Membership No Sd/- Sd/- Sd/- Krishna Mohan Seth Raju Sharma Puneet Srivastava Director Head-Fixed Income Fund Manager - Debt New Delhi Date : June 25, 2013 Sd/- Sumit Bhatnagar Fund Manager - Equity 19

22 Annual Report Cash Flow Statement for the year/period ended 31st March, 2013 Amount (`) INDIABULLS INDIABULLS INDIABULLS LIQUID FUND ULTRA SHORT TERM FUND BLUE CHIP FUND 1st April, 25th October, 1st April, 6th January, 1st April, 10th February 2012 to 2011 to 2012 to 2012 to 2012 to 2012 to 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, A. Cash flow from Operating Activity Surplus/(Deficit) for the year/period 1,557,020, ,070, ,296, ,917,961 (251,885) (3,380,481) Adjustments for:- Deferred revenue expenditure amortised in current year/period New Fund Offer expenses incurred during the year/period Change in provision for net unrealised loss in value of investments 1,954, , ,764,450 (Increase)/Decrease in investments at cost (4,169,463,199) (5,356,647,909) 55,310,950 (1,161,980,782) 12,590,575 (62,652,680) (Increase)/Decrease in other current assets (2,851,623) (1,251,878) 460,749 (531,936) 398,486 (814,441) Increase/(Decrease) in current liabilities 3,047,239, ,505,583 (2,144,913) 194,738,821 (2,351,121) 3,174,422 Net cash generated/(used) in operations (A) 433,900,291 (3,888,324,107) 464,575,237 (849,855,936) 10,386,055 (61,908,730) B. Cash flow from Financing Activities Increase/(Decrease) in unit capital 1,124,334,011 4,119,054,300 (118,284,474) 952,161,526 (13,167,233) 64,684,677 Increase/(Decrease) in unit premium reserve (464,408,729) 24,550,340 (66,860,927) 5,663, ,964 (149,999) Adjustments for:- Increase/(Decrease) in redemption payable for units redeemed by investors - - 1,228,939 - (946,539) 1,100,000 (Increase)/Decrease in subscription receivable for units issued toinvestors ,995 (388,000) (Increase)/Decrease in subscription received for units pending allotment to investors (303,600,000) 303,600, Dividend and tax thereon paid during the year/period (700,872,908) (429,257,414) (278,553,033) (105,445,442) - - Net cash generated/(used) from financing activities (B) (344,547,626) 4,017,947,226 (462,469,495) 852,379,470 (13,046,813) 65,246,678 Net Cash and cash equivalents at the end of year/period (A + B) 89,352, ,623,119 2,105,742 2,523,534 (2,660,758) 3,337,948 Components of cash and cash equivalents Opening Balance 129,623,119 2,523,534 3,337, Balances with banks in current accounts 99, , ,999 25, , ,080 Margin deposit with Clearing Corporation of India Limited 25,100,000 20,100, Collateralised borrowing & lending obligation 193,775, ,422,199 4,498,277 2,498,224 49,981 2,997,868 89,352, ,623,119 2,105,742 2,523,534 (2,660,758) 3,337,948 As per our Report of even date For Sharma Goel & Co. For and on behalf of For and on behalf of Chartered Accountants Indiabulls Trustee Company Limited Indiabulls Asset Management Company Limited FRN: N Sd/- Sd/- Sd/- Sd/- Akhila Nand Singh Prabhat Kumar Ashok Kacker Sanjay Chandel Partner Chairman Chairman Director & CEO Membership No Sd/- Sd/- Sd/- Krishna Mohan Seth Raju Sharma Puneet Srivastava Director Head-Fixed Income Fund Manager - Debt New Delhi Date : June 25, 2013 Sd/- Sumit Bhatnagar Fund Manager - Equity 20

23 Cash Flow Statement for the year/period ended 31st March, 2013 Amount (`) INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS FMP 387 DAYS FMP 377 DAYS FMP 370 DAYS GILT INCOME MARCH 2012 (1) MARCH 2012 (2) SERIES 1 FUND FUND 1st April, 15th March, 1st April, 28th March, 20th July, 10th January, 4th March, 2012 to 2012 to st March, 31st March, 31st March, 31st March, 31st March, 31st March, 31st March, A. Cash flow from Operating Activity Surplus/(Deficit) for the year/period 156,618,024 6,887,755 32,871, ,436 12,796,476 12,791,653 1,371,479 Adjustments for:- Deferred revenue expenditure amortised in current year/period New Fund Offer expenses incurred during the year/period Change in provision for net unrealised loss in value of investments , , ,441 (Increase)/Decrease in investments at cost (163,199,204) (1,495,509,684) (31,559,923) (318,101,988) (213,491,999) (151,660,028) (253,429,910) (Increase)/Decrease in other current assets 313,508 (335,789) 151,087 (176,043) (38,834) (50,918,337) (107,884,718) Increase/(Decrease) in current liabilities 195, ,153 (90,349) 181,465 51, , ,550 Net cash generated/(used) in operations (A) (6,072,630) (1,488,451,565) 1,371,906 (317,741,130) (200,513,084) (189,082,649) (359,295,158) B. Cash flow from Financing Activities Increase/(Decrease) in unit capital - 1,495,371, ,570, ,244, ,840, ,814,427 Increase/(Decrease) in unit premium reserve (3,919,215) (11,189) Adjustments for:- Increase/(Decrease) in redemption payable for units redeemed by investors (Increase)/Decrease in subscription receivable for units issued to investors (161,000) (Increase)/Decrease in subscription received for units pending allotment to investors Dividend and tax thereon paid during the year/period (7,200,280) (11,090) Net cash generated/(used) from financing activities (B) - 1,495,371, ,570, ,244, ,721, ,631,148 Net Cash and cash equivalents at the end of year/period (A + B) (6,072,630) 6,919,456 1,371,906 5,829, ,716 3,638,527 24,335,990 Components of cash and cash equivalents Opening Balance 6,919,456 5,829, Balances with banks in current accounts 47, ,613 53, ,663 31,984 1,089, ,140 Margin deposit with Clearing Corporation of India Limited Collateralised borrowing & lending obligation 799,694 6,495,843 7,147,263 5,496, ,732 2,549,024 23,890,850 (6,072,630) 6,919,456 1,371,906 5,829, ,716 3,638,527 24,335,990 As per our Report of even date For Sharma Goel & Co. For and on behalf of For and on behalf of Chartered Accountants Indiabulls Trustee Company Limited Indiabulls Asset Management Company Limited FRN: N Sd/- Sd/- Sd/- Sd/- Akhila Nand Singh Prabhat Kumar Ashok Kacker Sanjay Chandel Partner Chairman Chairman Director & CEO Membership No Sd/- Sd/- Sd/- Krishna Mohan Seth Raju Sharma Puneet Srivastava Director Head-Fixed Income Fund Manager - Debt New Delhi Date : June 25, 2013 Sd/- Sumit Bhatnagar Fund Manager - Equity 21

24 Annual Report Schedules Forming Part of Financial Statements as at 31st March, 2013 INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND 31st March, st March, st March, st March, st March, st March, 2012 Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) SCHEDULE A UNIT CAPITAL (Face Value of ` 1000/- Each) (Face Value of ` 1000/- Each) (Face Value of ` 1000/- Each) (Face Value of ` 1000/- Each) (Face Value of ` 10/- Each) (Face Value of ` 10/- Each) Growth Option - Regular/Indirect Opening 3,828, ,828,476, , ,037, ,675, ,753, Subscription : - Issued during new fund offer - - 1,367, ,367,632, , ,156, ,770, ,705,638 - During the year/period 202,188, ,188,097,520 67,661, ,661,459,021 4,844, ,844,350, , ,677,052 3,004, ,047,057 1,835, ,352,065 Less : Redemption during the year/period (205,890, ) (205,890,717,150) (65,200, ) (65,200,614,696) (4,878, ) (4,878,611,862) (158, ) (158,795,572) (3,833, ) (38,334,915) (7,930, ) (79,304,597) Growth Option - Regular/Indirect (Closing Balance) 125, ,857,195 3,828, ,828,476, , ,776, , ,037,484 3,846, ,465,248 4,675, ,753,106 Dividend Option - Regular/Indirect Opening ,793, ,931, Subscription : - Issued during new fund offer ,884, ,842,100 - During the year/period ,120, ,209,958 41, ,834 Less : Redemption during the year/period (1,931, ) (19,310,060) (132, ) (1,322,361) Dividend Option - Regular/Indirect (Closing Balance) , ,831,471 1,793, ,931, Daily Dividend Option - Regular/Indirect Opening 289, ,077, , Subscription : - Issued during new fund offer , ,010, During the year/period 312,187, ,187,064, ,287, ,287,047,152 10,572, ,572,674, , Less : Redemption during the year/period (311,275, ) (311,275,368,981) (155,197, ) (155,197,979,577) (10,510, ) (10,510,258,154) Daily Dividend Option - Regular/Indirect (Closing Balance) 1,200, ,200,772, , ,077,575 62, ,918, , Weekly Dividend Option - Regular/Indirect Opening , ,583, Subscription : - Issued during new fund offer ,204, ,204,164, During the year/period , , , ,231,593 2,129, ,129,343, Less : Redemption during the year/period ( ) (709,277) (10.204) (10,204) (788, ) (788,306,725) (7,073, ) (7,073,923,800) Weekly Dividend Option - Regular/Indirect (Closing Balance) , , ,508, , ,583, Fortnightly Dividend Option - Regular/Indirect Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Fortnightly Dividend Option - Regular/Indirect (Closing Balance) Monthly Dividend Option - Regular/Indirect Opening 1, ,499, , ,037, Subscription : - Issued during new fund offer - - 9,500, ,500,050, , ,000, During the year/period ,853 18, ,715,154 16, ,784, , Less : Redemption during the year/period (2, ) (2,049,053) (9,517, ) (9,517,265,254) (15, ) (15,939,092) Monthly Dividend Option - Regular/Indirect (Closing Balance) ,700 1, ,499,900 2, ,883,191 2, ,037, Quarterly Option - Regular/Indirect Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Quarterly Option - Regular/Indirect (Closing Balance) Half Yearly Dividend Option - Regular/Indirect Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Half Yearly Dividend Option - Regular/Indirect (Closing Balance)

25 Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) SCHEDULE A (contd.) INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND 31st March, st March, st March, st March, st March, st March, 2012 Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Direct Daily Dividend Opening Subscription : - Issued during new fund offer During the year/period 212,005, ,005,106, ,858, ,858,042, Less : Redemption during the year/period (211,883, ) (211,883,749,184) - - (4,780, ) (4,780,520,686) Direct Daily Dividend (Closing Balance) 121, ,357, , ,522, Direct Growth Opening Subscription : - Issued during new fund offer During the year/period 40,325, ,325,368, ,486, ,486,744, , ,730, Less : Redemption during the year/period (36,530, ) (36,530,130,215) - - (1,484, ) (1,484,872,017) - - (4, ) (41,831) - - Direct Growth (Closing Balance) 3,795, ,795,237, , ,872, , ,688, Direct Bonus Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Direct Bonus (Closing Balance) Direct Dividend Opening Subscription : - Issued during new fund offer During the year/period , , Less : Redemption during the year/period ( ) (3,739) - - Direct Dividend (Closing Balance) , , Direct Weekly Dividend Opening Subscription : - Issued during new fund offer During the year/period , ,662, Less : Redemption during the year/period (18, ) (18,266,826) Direct Weekly Dividend (Closing Balance) , ,395, Direct Half Yearly Dividend Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Direct Half Yearly Dividend (Closing Balance) Direct Monthly Dividend Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Direct Monthly Dividend (Closing Balance) Direct Quarterly Dividend Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Direct Quarterly Dividend (Closing Balance) Total Opening 4,119, ,119,054, , ,161, ,468, ,684, Subscription : - Issued during new fund offer ,067, ,067,692, ,558, ,558,320, ,654, ,547,738 - During the year/period 766,707, ,707,057, ,967, ,967,231,531 22,358, ,358,490,888 2,626, ,626,560,620 4,452, ,523,311 1,876, ,763,898 Less : Redemption during the year/period (765,582, ) (765,582,723,860) (229,915, ) (229,915,869,731) (22,476, ) (22,476,775,362) (7,232, ) (7,232,719,372) (5,769, ) (57,690,544) (8,062, ) (80,626,959) Unit Capital (Closing Balance) 5,243, ,243,388,311 4,119, ,119,054, , ,877, , ,161,526 5,151, ,517,444 6,468, ,684,677 23

26 Annual Report Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) SCHEDULE A (contd.) INDIABULLS FMP 387 DAYS MARCH 2012 (1) INDIABULLS FMP 377 DAYS MARCH 2012 (2) INDIABULLS FMP 370 DAYS - SERIES 1 INDIABULLS GILT FUND INDIABULLS INCOME FUND 31st March, st March, st March, st March, st March, st March, st March, 2013 Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) SCHEDULE A UNIT CAPITAL (Face Value of ` 10/- Each) (Face Value of ` 10/- Each) (Face Value of ` 10/- Each) (Face Value of ` 10/- Each) (Face Value of ` 10/- Each) (Face Value of ` 1000/- Each) (Face Value of ` 10/- Each) Growth Option - Regular/Indirect Opening 149,537, ,495,371, ,357, ,570, Subscription : - Issued during new fund offer ,537, ,495,371, ,357, ,570,276 20,124, ,244,800 41, ,095,366 22,949, ,491,603 - During the year/period , , ,741,233 Less : Redemption during the year/period (33, ) (33,033,808) (1,263, ) (12,631,223) Growth Option - Regular/Indirect (Closing Balance) 149,537, ,495,371, ,537, ,495,371,021 32,357, ,570,276 32,357, ,570,276 20,124, ,244,800 8, ,743,336 22,360, ,601,613 Dividend Option - Regular/Indirect Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Dividend Option - Regular/Indirect (Closing Balance) Daily Dividend Option - Regular/Indirect Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Daily Dividend Option - Regular/Indirect (Closing Balance) Weekly Dividend Option - Regular/Indirect Opening Subscription : - Issued during new fund offer , ,072, During the year/period , Less : Redemption during the year/period ( ) (778,752) - - Weekly Dividend Option - Regular/Indirect (Closing Balance) , ,895, Fortnightly Dividend Option - Regular/Indirect Opening Subscription : - Issued during new fund offer , ,080, During the year/period , Less : Redemption during the year/period ( ) (151,191) - - Fortnightly Dividend Option - Regular/Indirect (Closing Balance) , Monthly Dividend Option - Regular/Indirect Opening Subscription : - Issued during new fund offer , ,228, , ,330,114 - During the year/period , , ,589,698 Less : Redemption during the year/period ( ) (625,890) - - Monthly Dividend Option - Regular/Indirect (Closing Balance) , , ,919,812 Quarterly Option - Regular/Indirect Opening Subscription : - Issued during new fund offer , ,132,700 - During the year/period Less : Redemption during the year/period Quarterly Option - Regular/Indirect (Closing Balance) , ,133,439 Half Yearly Dividend Option - Regular/Indirect Opening Subscription : - Issued during new fund offer , ,914,900 - During the year/period ,511 Less : Redemption during the year/period Half Yearly Dividend Option - Regular/Indirect (Closing Balance) , ,918,411 24

27 Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) SCHEDULE A (contd.) INDIABULLS FMP 387 DAYS MARCH 2012 (1) INDIABULLS FMP 377 DAYS MARCH 2012 (2) INDIABULLS FMP 370 DAYS - SERIES 1 INDIABULLS GILT FUND INDIABULLS INCOME FUND 31st March, st March, st March, st March, st March, st March, st March, 2013 Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`) Direct Daily Dividend Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Direct Daily Dividend (Closing Balance) Direct Growth Opening Subscription : - Issued during new fund offer , ,951,272 15,275, ,758,473 - During the year/period , ,957,146 15, ,023 Less : Redemption during the year/period (280, ) (280,939,964) (2, ) (25,067.78) Direct Growth (Closing Balance) , ,968,454 15,289, ,892,428 Direct Bonus Opening Subscription : - Issued during new fund offer , During the year/period Less : Redemption during the year/period Direct Bonus (Closing Balance) , Direct Dividend Opening Subscription : - Issued during new fund offer During the year/period Less : Redemption during the year/period Direct Dividend (Closing Balance) Direct Weekly Dividend Opening Subscription : - Issued during new fund offer , ,030, During the year/period , ,028, Less : Redemption during the year/period (555, ) (555,417,839) - - Direct Weekly Dividend (Closing Balance) , ,640, Direct Half Yearly Dividend Opening Subscription : - Issued during new fund offer , ,900 - During the year/period Less : Redemption during the year/period Direct Half Yearly Dividend (Closing Balance) , ,434 Direct Monthly Dividend Opening Subscription : - Issued during new fund offer , ,001 - During the year/period Less : Redemption during the year/period Direct Monthly Dividend (Closing Balance) , ,231 Direct Quarterly Dividend Opening Subscription : - Issued during new fund offer , ,000 - During the year/period Less : Redemption during the year/period Direct Quarterly Dividend (Closing Balance) , ,059 Total Opening 149,537, ,495,371, ,357, ,570, Subscription : - Issued during new fund offer ,537, ,495,371, ,357, ,570, ,018, ,018,467,093 38,797, ,975,691 - During the year/period ,124, ,244,800 56, ,321, , ,495,027 Less : Redemption during the year/period (870, ) (870,947,444) (1,265, ) (12,656,291) Unit Capital (Closing Balance) 149,537, ,495,371, ,537, ,495,371,021 32,357, ,570,276 32,357, ,570,276 20,124, ,244, , ,840,671 38,381, ,814,427 25

28 Annual Report Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND 31st March, st March, 2012 Amount (`) 31st March, st March, 2012 Amount (`) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 387 DAYS MARCH 2012 (1) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 377 DAYS MARCH 2012 (2) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 370 DAYS - SERIES 1 31st March, 2013 Amount (`) INDIABULLS GILT FUND 31st March, 2013 Amount (`) SCHEDULE B Reserves & Surplus Unit Premium Opening Balance (279,179) Add\(Less) : Net Additions\(Deductions) during the year/period (464,408,729) 24,550,340 (66,860,927) 5,663, ,964 (149,999) (3,919,215) (11,189) Less:-Transferred (to) / from Equalisation Account 464,384,883 (24,550,340) 67,027,549 (5,663,386) (276,062) (129,180) ,567,794 11,590 Closing Balance (23,846) - 166, ,723 (279,179) (351,421) 401 Equalisation Account Opening Balance 24,550,340 5,663, ,180 Transferred (to) / from Unit Premium Reserve (464,384,883) 24,550,340 (67,027,549) 5,663, , , (3,567,794) (11,590) Less: Transferred to / (from) Revenue Account Closing Balance (439,834,543) 24,550,340 (61,364,163) 5,663, , , (3,567,794) (11,590) Unrealised Appreciation in Value of Investments Opening Balance ,042,126-91, Add:Net change during the year/period ,844,016 - (5,010,974) 5,042,126 (84,989) 91, Less:Transferred to Revenue Account Closing Balance ,844,016-31,152 5,042,126 7,007 91, Appropriation Account Opening Balance 137,534,835-10,514,838 - (3,380,481) - 6,887, , Surplus/(Deficit) carried forward 856,945, ,534, ,905,600 10,514,838 (251,885) (3,380,481) 156,618,024 6,887,755 32,871, ,436 12,796,476 5,591,373 1,358,889 Total Reserves & Surplus 554,622, ,085,175 82,222,897 16,178, ,615 (3,530,480) 163,536,931 11,929,881 33,233, ,431 12,796,476 1,672,158 1,347,700 INDIABULLS INCOME FUND 31st March, 2013 Amount (`) INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND 31st March, st March, 2012 Amount (`) 31st March, st March, 2012 Amount (`) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 387 DAYS MARCH 2012 (1) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 377 DAYS MARCH 2012 (2) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 370 DAYS - SERIES 1 31st March, 2013 Amount (`) INDIABULLS GILT FUND 31st March, 2013 Amount (`) SCHEDULE C CURRENT LIABILITIES & PROVISIONS Current liabilities: Purchase contract outstanding 989,738, ,469, Management Fees Payable - 1,194, , ,611 57,733 64, , ,871 24,193 3,163 8, , ,488 Trusteeship Fees Payable 341, , ,887 61,510 1, ,385 4,202 6, ,178 6,972 1,449 Redemption Payable (other than Inter Scheme) - - 1,228, ,461 1,100, Allotment Pending - 303,600, Sundry Creditors 1,900,629 1,984, , , , , , ,858 22, ,430 16, ,569 72,444 Load Payable - - 3, , , Borrowing 2,002,301, Overdrawn bank balance as per books 951,362, ,687, ,315, ,427, Dividend distribution payable Distributor Fee payable 216, , , , ,897 Investor Education and related expenses payable 1,774, ,541-5, ,166-34,871-20,921 36,819 5,954 Dividend distribution tax payable 1,480,251 2,277, ,523 1,957, ,500 Tax Deducted at Source 110, ,034 48, ,845 9,097 20,187 8,247 17,222 2, ,767 4,914 4,318 Total 3,949,225,804 1,206,383, ,618, ,696, ,762 4,274, , ,153 91, ,465 51, , ,050 INDIABULLS INCOME FUND 31st March, 2013 Amount (`) 26

29 Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND 31st March, st March, 2012 Amount (`) 31st March, st March, 2012 Amount (`) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 387 DAYS MARCH 2012 (1) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 377 DAYS MARCH 2012 (2) 31st March, st March, 2012 Amount (`) INDIABULLS FMP 370 DAYS - SERIES 1 31st March, 2013 Amount (`) INDIABULLS GILT FUND 31st March, 2013 Amount (`) SCHEDULE D INVESTMENTS Equity ,141,671 60,888, Corporate Debentures ,641,469 Commercial Paper 3,193,055,641 1,415,757, ,592, ,153, Government Securities ,485, ,510,000 Certificate of Deposit 5,331,101,317 3,940,890, ,425, ,827, ,658,740,040 1,500,551, ,668, ,193, ,321, Term Deposit 1,000,000, Total 9,524,156,958 5,356,647,909 1,106,017,856 1,161,980,782 52,141,671 60,888,230 1,658,740,040 1,500,551, ,668, ,193, ,321, ,485, ,151,469 INDIABULLS INCOME FUND 31st March, 2013 Amount (`) SCHEDULE E DEPOSITS - Margin deposit with Clearing Corporation of India Limited 25,100,000 20,100, Collateralised borrowing & lending obligation 193,775, ,422,199 4,498,277 2,498,224 49,981 2,997, ,694 6,495,843 7,147,263 5,496, ,732 2,549,024 23,890,850 Total 218,875, ,522,199 4,498,277 2,498,224 49,981 2,997, ,694 6,495,843 7,147,263 5,496, ,732 2,549,024 23,890,850 SCHEDULE F OTHER CURRENT ASSETS Balances with Banks in Current Account 99, , ,999 25, , ,080 47, ,613 53, ,663 31,984 1,089, ,140 Sales Contract outstanding , ,656, ,691,375 Outstanding and Accrued Income 1,079, , ,778 5,165,869 Dividend Receivable ,505 5, Subscription Receivable (other than Inter Scheme) , , ,000 ReceIvable from AMC 3,024,052 1,128,590 71, , , ,307 22, ,789 24, ,043 37,093 34,448 27,474 Other Receivable , Total 4,203,500 1,352, , ,246 1,059,169 1,542,521 69, ,402 78, ,706 70,818 52,007, ,490,858 INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND INDIABULLS FMP 387 DAYS MARCH 2012 (1) INDIABULLS FMP 377 DAYS MARCH 2012 (2) INDIABULLS FMP 370 DAYS - SERIES 1 INDIABULLS GILT FUND 01st April, th October, st April, th January, st April, th February, st April, th March, st April, th March, th July, th January, th March, 2013 to to to to to to to to to to to to to 31st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, st March, 2013 Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) SCHEDULE G INTEREST Collateralised Lending 64,832,404 12,327,483 14,823,275 6,616, , , , , ,526 27,408 63,308 6,313, ,611 Reverse Repo 1,051,409 2,968, , , ,813-2, ,282 - Commercial Paper 845,723, ,413, ,290,236 64,241, ,300 Certificate of Deposit 654,536, ,921, ,806,388 48,208, ,855,586 6,622,633 32,447, ,338 13,062,868-52,193 Government Securities ,055,750 1,147,917 Non Covertible Debentures ,918 Term Deposit 3,517,945-1,127,671-3, Margin deposit with Clearing Corporation of India Limited 189, , Total 1,569,851, ,760, ,909, ,247, , , ,593,912 7,055,436 32,962, ,746 13,126,462 14,791,680 2,839,939 INDIABULLS INCOME FUND 27

30 Annual Report Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) SCHEDULE H RELATED PARTY TRANSACTIONS The Schemes have entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on Related Party Disclosures issued by the Institute of Chartered Accountants of India and Regulation 25(8) of the SEBI Regulations, is provided below. (i) Related party relationships Name Relationship Indiabulls Housing Finance Limited (w.e.f. 8th March 13) * Sponsor of the fund Indiabulls Financial Services Limited (upto 7th March 13) * Sponsor of the fund Indiabulls Trustee Company Limited Trustee of the fund Indiabulls Asset Management Company Limited Investment Manager of the Fund Schemes of the Fund under common control Indiabulls Liquid Fund Indiabulls Ultra Short Term Fund Indiabulls Blue Chip Fund Indiabulls FMP 387 Days March 2012 (1) Indiabulls FMP 377 Days March 2012 (2) Indiabulls FMP 370 Days - Series 1 Indiabulls Gilt Fund Indiabulls Income Fund (ii) Transactions covered by Accounting Standard-18 Current Year/Period : Name of Related Parties Nature of Transactions INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS LIQUID FUND ULTRA SHORT BLUE CHIP FMP 387 DAYS FMP 377 DAYS FMP 370 GILT FUND INCOME TERM FUND FUND MARCH MARCH DAYS - FUND 2012 (1) 2012 (2) Series 1 Indiabulls Liquid Fund Purchase of investments - 19,555,191, ,384,418 Sale of investments - 8,222,332,460-1,203,937, ,249, Indiabulls Ultra Short Term Fund Purchase of investments 8,222,332, ,905, Sale of investments 19,555,191, Indiabulls FMP 377 Days March 2012 (2) Purchase of investments 251,249, Sale of investments Indiabulls FMP 387 Days March 2012 (1) Purchase of investments 1,203,937, Sale of investments - 397,905, Indiabulls Income Fund Purchase of investments Sale of investments 7,384, Indiabulls Trustee Company Limited Fees for trusteeship services 808, ,590 2,507 76,899 16,530 6,686 7,747 1,611 Indiabulls Asset Management Company Limited Fees for investment management services 7,688,059 5,694, ,713 2,859, ,151 66, , ,488 Indiabulls Asset Management Company Limited Receivable/(Payable) for other expenses 3,024,052 71, ,452 22,281 24,956 37,093 34,448 27,474 Indiabulls Asset Management Company Limited Purchase of investments 1,114,870,000 52,248, Sale of investments 1,116,226,941 53,266, Indiabulls Financial Services Limited Purchase of investments 239,426,928,744 9,225,000, ,000, Sale of investments 239,738,301,362 9,359,238, Indiabulls Housing Finance Limited Purchase of investments 29,501,600,000 3,626,530, ,000,000 70,000,000 Sale of investments 29,516,533,679 3,650,290, ,604,328 - Previous Year/Period : Name of Related Parties Nature of Transactions INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS LIQUID FUND ULTRA SHORT BLUE CHIP FMP 387 DAYS FMP 377 DAYS TERM FUND FUND MARCH MARCH 2012 (1) 2012 (2) Indiabulls Liquid Fund Purchase of investments - 7,875,271, Sale of investments - 5,095,977, Indiabulls Ultra Short Term Fund Purchase of investments 5,095,977, Sale of investments 7,875,271, Indiabulls Trustee Company Limited Fees for trusteeship services 405,202 68, , Indiabulls Asset Management Company Limited Fees for investment management services 3,690, , , ,840 3,186 Indiabulls Asset Management Company Limited Receivable/(Payable) for other expenses 1,128, ,936 2,493, , ,043 Indiabulls Financial Services Limited Purchase of investments 2,218,415,250 1,469,312, Sale of investments 4,951,305, * Pursuant to the approval of the Hon ble High Court of Delhi vide order dated December 12, 2012, Indiabulls Financials Services Ltd. (Sponsor) has amalgamated into its wholly owned subsidiary Indiabulls Housing Finance Ltd through a scheme of arrangement under sections of the Companies Act, As a result of the above, Indiabulls Housing Finance Ltd has become the Sponsor of Indiabulls Mutual Fund and Indiabulls Financials Services Ltd has ceased to be the Sponsor with effect from 8th March

31 Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) Schedule I SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF FINANCIAL STATEMENTS A. BACKGROUND Indiabulls Mutual Fund has been established as a Trust in accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882). Indiabulls Asset Management Company Limited has been appointed as the asset manager of the Mutual Fund. In accordance with the Securities and Exchange Board of India ( SEBI ) (Mutual Funds) Regulations, 1996 ( the SEBI Regulations ), the Board of Directors of the Indiabulls Trustee Company Limited ( the Trustee ) has appointed Indiabulls Asset Management Company Limited ( the AMC ) to manage the Fund s affairs and operate its Schemes. The key features of the following Indiabulls Mutual Fund schemes are as below: Scheme Name Nature of Scheme NFO Launch Date Options Currently Offered Investment Objective INDIABULLS LIQUID FUND An open-ended liquid scheme October 24, 2011 Under Regular & Direct Plan : Growth Dividend: - Daily Dividend (Reinvestment) - Weekly Dividend (Reinvestment) - Fortnightly Dividend (Reinvestment & Payout) - Monthly Dividend (Reinvestment & Payout) To provide a high level of liquidity with returns commensurate with low risk through a portfolio of money market and debt securities with maturity of up to 91 days. However, there can be no assurance that the investment objective of the scheme will be achieved. INDIABULLS ULTRA SHORT TERM FUND An open-ended debt scheme January 5, 2012 Under Regular & Direct Plan : Growth Dividend: - Daily Dividend (Reinvestment) - Weekly Dividend (Reinvestment) - Fortnightly Dividend (Reinvestment & Payout) - Monthly Dividend (Reinvestment & Payout) To provide liquidity with return commensurate with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be achieved. INDIABULLS BLUE CHIP FUND An open-ended equity scheme January 20, 2012 Under Regular & Direct Plan : Growth Dividend (Reinvestment & Payout) The primary investment objective of the Scheme is to seek to provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity- related securities of blue-chip large-cap companies. However, there is no assurance that the investment objective of the scheme will be achieved. INDIABULLS FMP 387 DAYS MARCH 2012 (1) A close-ended debt scheme (fixed maturity scheme) March 12, 2012 Growth Dividend (Transfer & Payout) To generate income and/ or capital appreciation by investing in wide range of Debt and Money Market instruments having maturity in line with maturity of the respective plans under the scheme. The maturity of all instruments shall be equal to or less than the maturity of the respective plans under the scheme. However, there can be no assurance that the investment objective of the scheme will be achieved. INDIABULLS FMP 377 DAYS MARCH 2012 (2) A close-ended debt scheme (fixed maturity scheme) March 27, 2012 Growth Dividend (Transfer & Payout) To generate income and/ or capital appreciation by investing in wide range of Debt and Money Market instruments having maturity in line with maturity of the respective plans under the scheme. The maturity of all instruments shall be equal to or less than the maturity of the respective plans under the scheme. However, there can be no assurance that the investment objective of the scheme will be achieved. INDIABULLS FMP 370 DAYS - SERIES 1 A close-ended debt scheme (fixed maturity scheme) 16th July, 2012 Growth Dividend (Transfer & Payout) To provide income and returns to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme. However, there can be no assurance that the investment objective of the scheme will be achieved. 29

32 Annual Report Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) Scheme Name Nature of Scheme NFO Launch Date Options Currently Offered Investment Objective INDIABULLS GILT FUND An open-ended gilt scheme 28th December, 2013 Under Regular & Direct Plan : Growth Dividend : - Weekly Dividend (Reinvestment & Payout) - Fortnightly Dividend (Reinvestment & Payout) - Monthly Dividend (Reinvestment & Payout) Bonus - Auto Investment Redemption Facility (AIRF) Auto Bonus Units Redemption Facility (ABRF) The Scheme seeks to generate income and capital appreciation predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by state government, without any restrictions on the maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns. INDIABULLS INCOME FUND An open-ended debt scheme 12th February, 2013 Under Regular & Direct Plan : Growth Dividend : - Monthly Dividend (Reinvestment & Payout) - Quarterly Dividend (Reinvestment & Payout) - Half Yearly Dividend (Reinvestment & Payout) The primary investment objective of the Scheme is to generate a steady stream of income and/or medium to long term capital appreciation/gain through investment in fixed income securities. However, there can be no assurance that the investment objective of the scheme will be achieved. B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1. BASIS OF ACCOUNTING 1.1 The Scheme maintains books of accounts on an accrual basis. These financial statements have been prepared in accordance with the accounting policies and standards specified in the Ninth Schedule of The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable (the Regulations ). 2. REVENUE RECOGNITION 2.1 Profit/loss on sale of investments is accounted for in the period in which the contract for sale is entered into. The cost is calculated on the basis of weighted average cost of investment. 2.2 In accordance with the Guidance Note on Accounting for Investments in the Financial Statements of Mutual Funds issued by the Institute of Chartered Accountants of India (pursuant to the Eleventh Schedule of the SEBI Regulations), the net unrealised gain or loss in the value of investments is determined separately for each category of investments. The net unrealised gain, if any, on investments sold/transferred during the period is adjusted in the unrealised appreciation reserve and the net unrealised loss, if any, is charged to the revenue account as recommended by the Guidance Note. 2.3 Dividend income is recognised on the ex-dividend date. In respect of interest bearing investments including those purchased on a Reverse Repo basis, interest income is accrued daily. 2.4 Income other than above and of miscellaneous nature is accounted for, as and when realised. 3. UNIT PREMIUM RESERVE 3.1 Upon issue and redemption of units, the net premium or discount to the face value of units is adjusted against the unit premium reserve of the scheme, after an appropriate portion of the issue proceeds and redemption payout is credited or debited respectively to the income equalization reserve. 4. EQUALISATION ACCOUNT 4.1 The purpose of Equalisation Account is to maintain per unit distributable surplus so that continuing unitholders share of distributable surplus remains unchanged on issue or redemption of units. The total distributable surplus (without considering unrealised appreciation) upto the date of issue/ redemption of units have been taken into account for the purpose of ascertaining the amount to be transferred to Equalisation Account. The net balance in this account is transferred to the Revenue Account at the end of the period. 30

33 Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) 5. LOAD CHARGES 5.1 During New Fund Offer, load collected is used to meet expenses relating to brokerage/commission incurred during the New Fund Offer period. 5.2 No entry load is being charged for purchase / additional purchase / switch-in accepted by Indiabulls Mutual Fund in accordance to SEBI circular no. SEBI/IMD/CIR No.4/168230/09 dated June 30, As per regulation 51A of the Securities & Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2012,the exit load charged, if any, from 1 October 2012, shall be credited to the scheme. As per SEBI circular No. CIR/IMD/DF/21/2012, dated September 13, 2012, from 1 October 2012, service tax on exit load, if any, shall be paid out of the exit load proceeds and exit load net of service tax, if any, shall be credited to the scheme. Prior to this change, out of the exit load charged to the investors, a maximum amount of 1% of redemption proceeds was maintained in a separate account as load and the balance was credited to the scheme. 6. INVESTMENTS 6.1 Investments are accounted on the trade date. In case of interest bearing securities though investments are accounted on the trade date, interest accrues from the settlement date. However, the effect of all investments traded during the financial year is recorded and reflected in the financial statements for that year. The cost of investments includes cost of acquisition, brokerage, securities transaction tax and stamp duty, if any. 6.2 Rights/Bonus entitlements, if any, are accounted on ex-right/ex-bonus date of the principal stock exchange. 7. VALUATION OF INVESTMENTS The valuation of investments has been carried out as per the valuation policy mentioned below. 7.1 Equity and related securities Asset Class Traded / Non-traded Basis of Valuation Equity Shares, Traded On the valuation day, at the last quoted closing price on the National Stock Exchange (NSE)/ Bombay Stock Preference Shares, Exchange (BSE) or other stock exchange, where such security is listed. If not traded on the primary stock Equity Warrants exchange, the closing price on the other stock exchange will be considered. NSE will be the primary stock exchange. Non Traded 1. When a security is not traded on any stock exchange, on the date of valuation, then the previous closing price on NSE / any other SE will be used, provided such closing price is not exceeding a period of 30 calendar days. 2. In all other cases: a. Equity Shares: Valuation price will be in accordance with the norms prescribed, i.e. valuation will be computed on the basis of average of book value and the price computed on the basis of the PE ratio (after appropriate discount to industry PE), further discounted for illiquidity. b. Preference Shares: Intrinsic value will be considered c. Equity Warrants / Rights entitlement / partly paid up rights shares: Valuation price will be arrived, after applying appropriate discount (valuation committee delegated the power to decide the discount factor), after reducing the exercise price / issuance price from the closing price of the underlying cash equity security. d. Demerger: Where at least one resultant company is not immediately listed, valuation price will be worked out by using cum-price, before demerger reduced for quoted price of the listed resultant company(s). OR In case of a demerger pending listing, the resultant company/ies shall be valued at the intrinsic value arrived at on the date of corporate action. Thinly Traded Valuation will be computed on the basis of average of book value and the price computed on the basis of the PE ratio (after appropriate discount to industry PE), further discounted for illiquidity. Definition of thinly traded equity/ equity related security: When trading in an equity/equity related security in a calendar month is both less than INR 5 lacs and the total volume is less than 50,000 shares, it shall be considered as a thinly traded security. Futures & Options Traded On the valuation day, at the closing price provided by the respective stock exchanges. Non Traded When a security is not traded on the respective stock exchange on the date of valuation, then the settlement price / any other derived price provided by the respective stock exchange. 31

34 Annual Report Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) 7.2 Fixed Income and related securities Asset Category Basis of Valuation Traded Securities: Weighted Average YTM to be taken. Securities having maturity (A security will qualify as traded security if: above 91 days (60 days from For securities with residual maturity >1 Year: At least two trades and aggregate volume of INR 25 Crores face value or more on a 30 th September 2012) public platform. For securities with residual maturity <= 1 Year but above 91 days (60 days from 30 th September 2012): At least three trades and aggregate volume of INR 100 Crores face value or more on a public platform) Traded Securities: The amortized price based on cost or last valuation price may be used for valuation as long as it is within ±0.10% of the reference price. Benchmark yields for calculating reference price to be provided by CRISIL/ICRA. Securities having maturity At the time of first purchase the spread between the purchase yield and the benchmark yield should be fixed. However, in case of below or equal to 91 days securities bought before 01st July 2012, the spread between benchmark yield as on 01st July 2012 and yield based on amortized price (60 days from of the security as on 01st July 2012 shall be fixed. In case the variance exceeds ±0.10%, the valuation shall be adjusted to bring it 30 th September 2012) within the ±0.10% band. Non Traded Securities: Valuation based on yield matrix provided by CRISIL/ICRA to be used to derive the valuation price for instruments maturing beyond 91 days (60 days from 30 th September 2012). This valuation method is based on the concept of using spreads over the benchmark rate to arrive at the yields for pricing the non-traded security. At the time of first purchase the spread between the purchase yield and the benchmark yield would be determined and fixed for valuation purpose. However, in case of securities bought before 01 st July 2012, the spread between benchmark yield as on 01 st July 2012 and yield based on valuation price of the security as on 01 st July 2012 shall be fixed. To ensure fair valuation, the fund manager shall have the discretion to mark-up/mark-down to account for the illiquidity risk, promoter background, finance company risk and the issuer class risk as per below: Securities having maturity Category Discretionary markup/mark down above 91 days (60 days + - from 30 th September 2012) Rated instruments with duration upto 2 years 100 bps 50 bps Rated instruments with duration over 2 years 75 bps 25 bps Non Traded Securities: The amortized price based on cost or last valuation price may be used for valuation as long as it is within ±0.10% of the reference price. Benchmark yields for calculating reference price to be provided by CRISIL/ICRA. Securities having maturity At the time of first purchase the spread between the purchase yield and the benchmark yield would be determined and fixed for below or equal to 91 days valuation purpose. This spread will remain fixed for the remaining life of the security.. However, in case of securities bought before (60 days from 01 st July 2012, the spread between benchmark yield as on 01 st July 2012 and yield based on amortized price of the security as on 30 th September 2012) 01 st July 2012 has been fixed. In case the variance exceeds ±0.10%, the valuation shall be adjusted to bring it within the ±0.10% band. Inter-scheme Transfers At weighted average YTM of all trades for same security on a public platform. If same security on a public platform is not available at the time of inter-scheme, then the previous day s public platform data will used and similar criteria as above will be applied. Note: Outlier trades, if any, should be ignored after suitable justification by Fund Managers. In case no data point available for a security, in accordance with above principles: Valuation at previously valued YTM Public Platform refers to: a) F-Trac: For corporate bonds / debentures, commercial papers, certificate of deposits and securitized debts b) NDS-OM: For Treasury bills (<= 91 days of residual maturity) 7.3 Government Securities and Treasury bills [> 91 days of residual maturity, (60 days from 30th September 2012)] will be valued at prices provided by Crisil or any other agency. 7.4 Following assets will be valued at cost plus accruals / amortization: a) Bank Fixed Deposits b) CBLO / Reverse Repo c) Bills rediscounting d) Cash Management Bills 7.5 Units / shares of mutual funds will be valued at the last published NAV. 7.6 Instruments bought on Repo basis are valued at the resale price after deduction of applicable interest upto the date of resale. 32

35 Schedules Forming Part of Financial Statements as at 31st March, 2013 (contd.) The valuation policy as outlined above are as per prevailing regulations and are subject to change from time to time in conformity with changes made by SEBI. C. NOTES ON FINANCIAL STATEMENTS 1) Pursuant to the approval of the Hon ble High Court of Delhi vide order dated December 12, 2012, Indiabulls Financials Services Ltd. (Sponsor) has amalgamated into its wholly owned subsidiary Indiabulls Housing Finance Ltd through a scheme of arrangement under sections of the Companies Act, As a result of the above, Indiabulls Housing Finance Ltd has become the Sponsor of Indiabulls Mutual Fund and Indiabulls Financials Services Ltd has ceased to be the Sponsor with effect from 8th March ) The Cost and Market Value/Fair Value of Investments as on March 31, 2013 is given below: INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND Securities Book Cost Market Value Book Cost Market Value ` ` ` ` Equity Commercial Paper 3,194,098,808 3,193,055, ,910, ,592,650 Certificate of Deposit 5,332,012,290 5,331,101, ,759, ,425,207 Gilt Fixed Income - Corporate Bonds TOTAL 8,526,111,098 8,524,156,948 1,106,669,833 1,106,017,857 INDIABULLS BLUE CHIP FUND INDIABULLS FMP 387 DAYS MARCH 2012 (1) Securities Book Cost Market Value Book Cost Market Value ` ` ` ` Equity 50,062,105 52,141, Commercial Paper Certificate of Deposit - - 1,658,708,879 1,658,740,034 Gilt Fixed Income - Corporate Bonds TOTAL 50,062,105 52,141,671 1,658,708,879 1,658,740,034 INDIABULLS FMP 377 DAYS INDIABULLS FMP 370 DAYS - MARCH 2012 (2) SERIES 1 Securities Book Cost Market Value Book Cost Market Value ` ` ` ` Equity Commercial Paper Certificate of Deposit 349,661, ,668, ,491, ,321,821 Gilt Fixed Income - Corporate Bonds TOTAL 349,661, ,668, ,491, ,321,821 33

36 Annual Report INDIABULLS GILT FUND INDIABULLS INCOME FUND Securities Book Cost Market Value Book Cost Market Value ` ` ` ` Equity Commercial Paper Certificate of Deposit Gilt 151,660, ,485, ,577, ,510,000 Fixed Income - Corporate Bonds ,852, ,641,469 TOTAL 151,660, ,485, ,429, ,151,469 March 31,2012 INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND Securities Book Cost Market Value Book Cost Market Value ` ` ` ` Equity Commercial Paper 1,415,757,857 1,415,757, ,153, ,153,672 Certificate of Deposit 3,940,890,052 3,940,890, ,827, ,827,110 TOTAL 5,356,647,909 5,356,647,909 1,161,980, ,161,980, INDIABULLS BLUE CHIP FUND INDIABULLS FMP 387 DAYS MARCH 2012 (1) Securities Book Cost Market Value Book Cost Market Value ` ` ` ` Equity 62,652,678 60,888, Commercial Paper Certificate of Deposit - - 1,495,509,683 1,500,551,809 TOTAL 62,652,678 60,888,227 1,495,509,683 1,500,551,809 INDIABULLS FMP 377 DAYS MARCH 2012 (2) Securities Book Cost Market Value Equity - - Commercial Paper - - Certificate of Deposit 318,101, ,193,983 TOTAL 318,101, ,193,983 ` ` 34

37 3) Appreciation/(Depreciation) in value of investments as at March 31, 2013 and adjustment for the year/period in respect thereof is under: Scheme Name Appreciation in the Depreciation in the Net Appreciation / value of Investments value of Investments (Depreciation) as on as on as on (`) (`) (`) Indiabulls Liquid Fund 57,859 2,012,009 (1,954,150) Indiabulls Ultra Short Term Fund - 651,976 (651,976) Indiabulls Blue Chip Fund 4,671,452 2,591,886 2,079,566 Indiabulls Fmp 387 Days March 2012 (1) 31, ,155 Indiabulls Fmp 377 Days March 2012 (2) 7, ,006 Indiabulls Fmp 370 Days - Series 1-170,177 (170,177) Indiabulls Gilt Fund - 175,028 (175,028) Indiabulls Income Fund 788,869 1,067,310 (278,441) March 31, 2012 Scheme Name Appreciation in the Depreciation in the Net Appreciation / value of Investments value of Investments (Depreciation) as on as on as on (`) (`) (`) Indiabulls Liquid Fund Indiabulls Ultra Short Term Fund Indiabulls Blue Chip Fund 690,055 2,454,505 (1,764,451) Indiabulls Fmp 387 Days March 2012 (1) 5,042,126-5,042,126 Indiabulls Fmp 377 Days March 2012 (2) 146,222 54,227 91,995 4) Net Asset Value (NAV) per unit as on March 31, 2013 as under Scheme INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS LIQUID FUND* ULTRA SHORT BLUE CHIP FMP 387 DAYS FMP 377 DAYS FMP 370 DAYS GILT FUND* INCOME FUND** TERM FUND* FUND** MARCH 2012 MARCH 2012 SERIES 1** (1)** (2)** NAV NAV NAV NAV NAV NAV NAV NAV (March 31, 2013) (March 31, 2013) (March 31, 2013) (March 31, 2013) (March 31, 2013) (March 31, 2013) (March 31, 2013) (March 31, 2013) Direct Growth Option 1, , , Direct Dividend Option Direct Daily Dividend Option 1, , Direct Weekly Dividend Option - 1, , Direct Fortnightly Dividend Option Direct Monthly Dividend Option Direct Quarterly Dividend Direct Bonus , Direct Half Yearly Dividend Growth Option 1, , , Dividend Option Daily Dividend Option 1, , Weekly Dividend Option 1, , , Fortnightly Dividend Option , Monthly Dividend Option 1, , , Quarterly Dividend Bonus Half Yearly Dividend * Face Value per unit is ` ** Face Value per unit is `

38 Annual Report March 31, 2012 Scheme INDIABULLS INDIABULLS INDIABULLS INDIABULLS INDIABULLS LIQUID FUND* ULTRA SHORT BLUE CHIP FMP 387 DAYS FMP 377 DAYS TERM FUND* FUND** MARCH 2012 MARCH 2012 (1)** (2)** NAV NAV NAV NAV NAV (March 31, 2012) (March 31, 2012) (March 31, 2012) (March 31, 2012) (March 31, 2012) Growth Option 1, , Dividend Option Daily Dividend Option 1, , Weekly Dividend Option - 1, Fortnightly Dividend Option Monthly Dividend Option 1, , * Face Value per unit is ` ** Face Value per unit is ` ) A full list of Investments along with the total value of Investments falling under each major Industry Group of the scheme is given in ANNEXURE I. 6) Income Tax No provision for income tax has been made since the income of the scheme is exempt under Section 10 (23D) of the Income tax Act ) Management Fees Investment Management Fees has been computed on the basis of Average Daily Net Assets of the Scheme accrued on a daily basis. No Management fees is charged on Indiabulls Asset Management Company Limited s investment in the scheme. As on 31st March 2013 Scheme Name Average Daily Management % of Average Net Assets Fees Charged Daily Net Assets (`) (`) (annualised) INDIABULLS LIQUID FUND 17,285,001,694 7,688, % INDIABULLS ULTRA SHORT TERM FUND 4,476,618,354 5,694, % INDIABULLS BLUE CHIP FUND 51,892, , % INDIABULLS FMP 387 DAYS MARCH 2012 (1) 1,588,930,260 2,859, % INDIABULLS FMP 377 DAYS MARCH 2012 (2) 341,565, , % INDIABULLS FMP 370 DAYS - SERIES 1 207,948,920 66, % INDIABULLS GILT FUND 829,262, , % INDIABULLS INCOME FUND 388,084, , % As on 31st March 2012 Scheme Name Average Daily Management % of Average Net Assets Fees Charged Daily Net Assets (`) (`) (annualised) INDIABULLS LIQUID FUND 13,756,883,224 3,690, % INDIABULLS ULTRA SHORT TERM FUND 5,236,888, , % INDIABULLS BLUE CHIP FUND 72,102, , % INDIABULLS FMP 387 DAYS MARCH 2012 (1) 1,500,206, , % INDIABULLS FMP 377 DAYS MARCH 2012 (2) 323,878,917 3, % 36

39 8) Trustee Fees: The schemes has paid or provided for trustee fees in accordance with the agreement with the Trustees as amended from time to time and the Offer Document. In terms of Offer Document, the Trustee is entitled to receive such fees upto an annual rate of 0.01% of scheme s average daily net assets or ` 10 Lacs annually, whichever is less. 9) Custodian Fees Citibank NA provides custodial services to the scheme for which it receives the custody fees including transaction and safe keeping fees. 10) As per the disclosure under Regulation 25(8) of the SEBI Regulations, brokerage/commission paid to associate brokers are as follows: Current Year Brokerage paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related Nature of Association/ Period covered Value of transaction Brokerage (` Cr & % of parties/group Nature of relation (in ` Cr. & % of total brokerage paid companies of total value of transaction by the fund) Sponsor/AMC of the fund ) ` Cr. % ` Cr. % None Not Applicable April 01, 2012 to NIL March 31, 2013 Commission paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related Nature of Association/ Period covered Value of transaction Brokerage (` Cr & % of parties/group Nature of relation (in ` Cr. & % of total brokerage paid companies of total value of transaction by the fund) Sponsor/AMC of the fund ) ` Cr. % ` Cr. % None Not Applicable April 01, 2012 to NIL March 31, 2013 Previous Year Brokerage paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related Nature of Association/ Period covered Value of transaction Brokerage (` Cr & % of parties/group Nature of relation (in ` Cr. & % of total brokerage paid companies of total value of transaction by the fund) Sponsor/AMC of the fund ) ` Cr. % ` Cr. % None Not Applicable October 25, 2011 to NIL March 31, 2012 Commission paid to associates/related parties/group companies of Sponsor/AMC Name of associate/related Nature of Association/ Period covered Value of transaction Brokerage (` Cr & % of parties/group Nature of relation (in ` Cr. & % of total brokerage paid companies of total value of transaction by the fund) Sponsor/AMC of the fund ) ` Cr. % ` Cr. % None Not Applicable October 25, 2011 to NIL March 31,

40 Annual Report ) Aggregate Value of Purchases and Sales made during the year/period expressed as a percentage of average daily net assets value. Current Year : Scheme Name Total Purchase % of Average Total Sale of % of Average of Investment Daily Net Assets Investment Daily Net Assets (`) (`) INDIABULLS LIQUID FUND 236,401,584, % 148,218,383, % INDIABULLS ULTRA SHORT TERM FUND 62,536,366, % 52,048,532, % INDIABULLS BLUE CHIP FUND 55,842, % 64,658, % INDIABULLS FMP 387 DAYS MARCH 2012 (1) 1,613,553, % 1,610,057, % INDIABULLS FMP 377 DAYS MARCH 2012 (2) 342,089, % 343,397, % INDIABULLS FMP 370 DAYS - SERIES 1 200,429, % - - INDIABULLS GILT FUND 2,500,141, % 2,347,823, % INDIABULLS INCOME FUND 400,564, % 126,256, % Previous Year : Scheme Name Total Purchase % of Average Total Sale of % of Average of Investment Daily Net Assets Investment Daily Net Assets (`) (`) INDIABULLS LIQUID FUND 90,937,853, % 58,193,440, % INDIABULLS ULTRA SHORT TERM FUND 19,474,067, % 12,275,059, % INDIABULLS BLUE CHIP FUND 114,815, % 50,513, % INDIABULLS FMP 387 DAYS MARCH 2012 (1) 2,488,887, % - - INDIABULLS FMP 377 DAYS MARCH 2012 (2) 317,768, % ) Details of Investment made in group companies of sponsor and associate company as on March 31, 2013 and March 31, 2012 is NIL. 13) Disclosure under Regulation 25(11) of SEBI (Mutual Funds) Regulations 1996 is as per ANNEXURE II. 14) Unit Capital movement during the year/period ended March 31, 2013 is as per SCHEDULE A. 15) There are no deferred revenue expenses. 16) Percentage of Income to Average Daily Net Assets (excluding unrealised appreciation) and Percentage of Expenses to Average Daily Net Assets (excluding unrealised depreciation) is as follows : Current Year : Scheme Name % of Income to Average % of Expenses to Average Daily Net Assets Daily Net Assets (annualised) INDIABULLS LIQUID FUND 9.17% 0.13% INDIABULLS ULTRA SHORT TERM FUND 9.59% 0.27% INDIABULLS BLUE CHIP FUND 10.73% 2.68% INDIABULLS FMP 387 DAYS MARCH 2012 (1) 10.10% 0.24% INDIABULLS FMP 377 DAYS MARCH 2012 (2) 9.77% 0.15% INDIABULLS FMP 370 DAYS - SERIES % 0.11% INDIABULLS GILT FUND 2.09% 0.63% INDIABULLS INCOME FUND 0.76% 1.20% 38

41 Previous Year : Scheme Name % of Income to Average % of Expenses to Average Daily Net Assets Daily Net Assets (annualised) INDIABULLS LIQUID FUND 9.69% 0.14% INDIABULLS ULTRA SHORT TERM FUND 9.75% 0.15% INDIABULLS BLUE CHIP FUND 6.90% 2.50% INDIABULLS FMP 387 DAYS MARCH 2012 (1) 10.13% 0.24% INDIABULLS FMP 377 DAYS MARCH 2012 (2) 10.19% 0.15% 17) There are no unclaimed dividend and unclaimed redemption for any schemes under Indiabulls Mutual Fund as on March 31, ) Details of Unit Holders holding more than 25% of the NAV of the Scheme as on March 31, 2013 is as follows: Scheme Name Count of Investors Percentage of Holding Indiabulls Liquid Fund % Indiabulls Income Fund % March 31, 2012 Scheme Name Count of Investors Percentage of Holding INDIABULLS ULTRA SHORT TERM FUND % 19) Borrowings: In order to meet temporary liquidity needs for the purpose of redemption of units during the year/period, the following schemes, in accordance with the SEBI (Mutual Funds) Regulations 1996, have borrowed as per below details: Current Year Scheme Name Amount Interest paid Interest paid Total Interest Borrowed on Borrowing on Borrowing paid on (`) (borne by (borne by AMC) Borrowing scheme) (`) (`) (`) INDIABULLS LIQUID FUND 5,722,424,275 4,165, ,327 4,970,872 INDIABULLS ULTRA SHORT TERM FUND 379,910, ,707 71, ,894 Previous Year Scheme Name Amount Interest paid Interest paid Total Interest Borrowed on Borrowing on Borrowing paid on (`) (borne by (borne by AMC) Borrowing scheme) (`) (`) (`) INDIABULLS LIQUID FUND 896,164, , , ,573 INDIABULLS ULTRA SHORT TERM FUND 193,321, ,930 52, ,895 20) Segment Reporting: As per the disclosure requirement under Accounting Standard 17 on Segment Reporting issued by ICAI, the Schemes of Indiabulls Mutual Fund operate only in one segment viz to primarily generate returns, based on Schemes Investment Objectives. 21) Expense other than management fees are inclusive of service Tax, wherever applicable. 22) The previous year figures have been regrouped and re-arranged wherever necessary 23) Indiabulls FMP 370 Days - Series 1, Indiabulls Gilt Fund and Indiabulls Income Fund were launched during the year and hence no prior period comparatives are available. 39

42 Annual Report ) Disclosure under SEBI circular no. CIR/IMD/DF/23/2012 dated November 15, No. of transactions during the year - NIL 2. Amount of protection bought during the year NIL 3. No. of transactions where credit event payment was received during the year: a. Pertaining to current years transactions. NIL b. Pertaining to previous year (s) transactions. NIL 4. Outstanding transactions as on year end: a. No. of transactions NIL b. Amount of protection NIL 5. Net income/ expense in respect of CDS transactions during year-to-date: a. Premium Paid NIL b. Credit event payments received (net of value of derivable obligations) NIL 25) For the year/period ended March 31st, 2013, the following expenses has been charged from accumulated load balance of Blue Chip Fund: Expense Category Amount Advertisement and Marketing Expenses 506, Commission to Agents 104, Total 610, ) Contingent Liability as at March 31, 2013 and March 31, 2012 is NIL. As per our Report of even date For Sharma Goel & Co. For and on behalf of For and on behalf of Chartered Accountants Indiabulls Trustee Company Limited Indiabulls Asset Management Company Limited FRN: N Sd/- Sd/- Sd/- Sd/- Akhila Nand Singh Prabhat Kumar Ashok Kacker Sanjay Chandel Partner Chairman Chairman Director & CEO Membership No Sd/- Sd/- Sd/- Krishna Mohan Seth Raju Sharma Puneet Srivastava Director Head-Fixed Income Fund Manager - Debt New Delhi Date : June 25, 2013 Sd/- Sumit Bhatnagar Fund Manager - Equity 40

43 INDIABULLS MUTUAL FUND Indiabulls House, Indiabulls Finance Centre, Tower1, 11th Floor, Senapati Bapat Marg, Elphinstone (w), Mumbai PERSPECTIVE HISTORICAL PER UNIT STATISTICS INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND Year ended Period ended Year ended Period ended Year ended Period ended March 31, 2012 March 31, 2012 March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 Regular Direct Regular Regular Direct Regular Regular Direct Regular a. Net assets value, at the end of the year/period Growth Option * * * * * * 10.15* 10.17* 9.45* Daily Dividend Option * * * * * * Weekly Dividend Option * * * * Quarterly Dividend Option Dividend Option * 10.17* 9.45* Monthly Dividend Option * * * * Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option b. Gross Income (i) Income other than profit on sale of investments (ii) Income from profit / (loss) on inter scheme sales/ transfer of investment (0.0007) (1.3131) (iii) Income from profit / (loss) on sale of investment to third party (0.26) (iv) Transfer to revenue account from past years reserve c. Aggregate of expenses, writeoff, amortisation and charges (excluding change in unrealised depreciation in investments) d. Net Income (excluding change in unrealised depreciation in investments) (0.05) (0.25) e. Unrealised appreciation / (depreciation) in value of investments (0.3727) (0.7819) (0.27) f. Redemption Price: Highest Price Growth Option Daily Dividend Option Weekly Dividend Option Quarterly Dividend Option Dividend Option Monthly Dividend Option Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option - Lowest Price Growth Option Daily Dividend Option Weekly Dividend Option

44 Annual Report INDIABULLS MUTUAL FUND Indiabulls House, Indiabulls Finance Centre, Tower1, 11th Floor, Senapati Bapat Marg, Elphinstone (w), Mumbai PERSPECTIVE HISTORICAL PER UNIT STATISTICS INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND Year ended Period ended Year ended Period ended Year ended Period ended March 31, 2012 March 31, 2012 March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 Regular Direct Regular Regular Direct Regular Regular Direct Regular Quarterly Dividend Option Dividend Option Monthly Dividend Option Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option Purchase Price: Highest Price Growth Option Daily Dividend Option Weekly Dividend Option Quarterly Dividend Option Dividend Option Monthly Dividend Option Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option Lowest Price Growth Option Daily Dividend Option Weekly Dividend Option Quarterly Dividend Option Dividend Option Monthly Dividend Option Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option Price Earning Ratio # NA NA NA NA NA NA NA NA NA g. Ratio of expenses to average daily net assets by percentage 0.14% 0.08% 0.14% 0.30% 0.20% 0.15% 2.69% 1.85% 2.50% h. Ratio of gross income to average daily net assets by percentage (excluding transfer to revenue account from past years reserve but including unrealised appreciation/ depreciation on investments). 9.17% 9.69% 9.59% 9.75% 10.73% 6.90% * Refers to computed NAV (1) The per unit calculations are based on the number of units outstanding at the end of the financial Figures are not annualized since the scheme is launched during the period. # Price Earning Ratio is not applicable since the units of the scheme are not traded. 42

45 INDIABULLS MUTUAL FUND Indiabulls House, Indiabulls Finance Centre, Tower1, 11th Floor, Senapati Bapat Marg, Elphinstone (w), Mumbai PERSPECTIVE HISTORICAL PER UNIT STATISTICS INDIABULLS FMP 387 DAYS MARCH 2012 (1) INDIABULLS FMP 377 DAYS MARCH 2012 (2) INDIABULLS FMP 370 DAYS - SERIES 1 INDIABULLS GILT FUND INDIABULLS INCOME FUND Year ended Period ended Year ended Period ended Period ended Period ended Period ended March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2013 March 31, 2013 Regular Regular Regular Regular Regular Regular Direct Regular Direct a. Net assets value, at the end of the year/period Growth Option * * * * * * * * * Daily Dividend Option Weekly Dividend Option * * - - Quarterly Dividend Option * * Dividend Option Monthly Dividend Option * * * Forthnightly Dividend Option * Half Yearly Dividend Option * * Bonus Option * - - b. Gross Income (i) Income other than profit on sale of investments (ii)income from profit / (loss) on inter scheme sales/ transfer of investment (iii) Income from profit / (loss) on sale of investment to third party (3.2256) (0.0246) (iv) Transfer to revenue account from past years reserve c. Aggregate of expenses, writeoff, amortisation and charges (excluding change in unrealised depreciation in investments) d. Net Income (excluding change in unrealised depreciation in investments) e. Unrealised appreciation / (depreciation) in value of investments (0.0085) (0.8587) (0.0073) f. Redemption Price: Highest Price Growth Option Daily Dividend Option Weekly Dividend Option Quarterly Dividend Option Dividend Option Monthly Dividend Option Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option Lowest Price Growth Option Daily Dividend Option Weekly Dividend Option Quarterly Dividend Option Dividend Option Monthly Dividend Option

46 Annual Report INDIABULLS MUTUAL FUND Indiabulls House, Indiabulls Finance Centre, Tower1, 11th Floor, Senapati Bapat Marg, Elphinstone (w), Mumbai PERSPECTIVE HISTORICAL PER UNIT STATISTICS INDIABULLS FMP 387 DAYS MARCH 2012 (1) INDIABULLS FMP 377 DAYS MARCH 2012 (2) INDIABULLS FMP 370 DAYS - SERIES 1 INDIABULLS GILT FUND INDIABULLS INCOME FUND Year ended Period ended Year ended Period ended Period ended Period ended Period ended March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2013 March 31, 2013 Regular Regular Regular Regular Regular Regular Direct Regular Direct Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option Purchase Price: Highest Price Growth Option Daily Dividend Option Weekly Dividend Option Quarterly Dividend Option Dividend Option Monthly Dividend Option Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option Lowest Price Growth Option Daily Dividend Option Weekly Dividend Option Quarterly Dividend Option Dividend Option Monthly Dividend Option Forthnightly Dividend Option Half Yearly Dividend Option Bonus Option Price Earning Ratio # NA NA NA NA NA NA NA NA NA g. Ratio of expenses to average daily net assets by percentage 0.24% 0.24% 0.15% 0.15% 0.11% 1.74% 0.48% 1.60% 0.60% h. Ratio of gross income to average daily net assets by percentage (excluding transfer to revenue account from past years reserve but including unrealised appreciation / depreciation on investments) % 10.13% 9.77% 0.76% * Refers to computed NAV (1) The per unit calculations are based on the number of units outstanding at the end of the financial Figures are not annualized since the scheme is launched during the period. # Price Earning Ratio is not applicable since the units of the scheme are not traded. 44

47 Key Statistics for the year/period ended March 31, 2013 INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND Year ended Period ended Year ended Period ended Year ended Period ended March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 Regular Direct Regular Regular Direct Regular Regular Direct Regular 1. NAV per unit (`): Open Growth Option ^^ 1, , ^^ 1, ^^ Dividend Option ^^ Daily Dividend Option ^^ 1, , ^^ 1, Weekly Dividend Option - ^^ 1, , ^^ 1, Fortnightly Dividend Option - ^^ 1, ^^ 1, Monthly Dividend Option ^^ 1, , ^^ 1, Quarterly Dividend Option Half Yearly Dividend Option Bonus Option High Low End Growth Option , , , , Dividend Option Daily Dividend Option , , , , Weekly Dividend Option , , , , Fortnightly Dividend Option Monthly Dividend Option , , , Quarterly Dividend Option Half Yearly Dividend Option Bonus Option Growth Option , , , , Dividend Option Daily Dividend Option , , , , Weekly Dividend Option , , , , Fortnightly Dividend Option Monthly Dividend Option , , , Quarterly Dividend Option Half Yearly Dividend Option Bonus Option Growth Option * * 1, * * 1, * 10.17* 9.45 Dividend Option * 10.17* 9.45 Daily Dividend Option * * 1, * * 1, Weekly Dividend Option * ^^ * * 1, Fortnightly Dividend Option Monthly Dividend Option * ^^ 1, * - 1, Quarterly Dividend Option Half Yearly Dividend Option Bonus Option

48 Annual Report Key Statistics for the year/period ended March 31, 2013 INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND Year ended Period ended Year ended Period ended Year ended Period ended March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 Regular Direct Regular Regular Direct Regular Regular Direct Regular 2. Closing Assets Under Management (` in Lakhs) End 13, , , , , Average (AAuM) 141, , , , , , Gross income as % of AAuM % 9.69% 9.59% 9.75% 10.73% 6.90% 4. Expense Ratio: a. Total Expense as % of AAuM (excluding unrealised depreciation) 0.14% 0.08% 0.14% 0.30% 0.20% 0.15% 2.69% 1.85% 2.50% b. Management Fee as % of AAuM (plan wise) 0.04% 0.06% 0.13% 0.07% 1.25% 1.25% 5. Net Income as a percentage of AAuM 2 (excluding unrealised appreciation) 9.01% 9.52% 9.17% 9.58% (0.49)% (16.08)% 6. Portfolio turnover ratio 4 NA NA NA NA NA NA Total Dividend per unit distributed during the period (plan wise) Daily Dividend Option Weekly Dividend Option Monthly Dividend Option Fortnightly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option Returns: a. Last One Year Scheme 9.48% NA NA 9.96% NA NA 7.45% NA NA Benchmark 8.22% NA NA 8.22% NA NA 7.35% NA NA b. Since Inception (Simple Return) Scheme 2.08% 4.20% 2.16% 2.26% -5.50% Benchmark 1.89% 3.79% 1.88% 2.08% -1.60% 1. Gross income = amount against (A) in the Revenue account i.e. Income. 2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD 3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period. 4. AAuM=Average daily net assets * Refers to computed NAV ^^ There were no investors in the Since the scheme has not completed one year since inception the returns are calculated in absolute Figures are not annualized since the scheme is launched during the year/period. 46

49 Key Statistics for the year/period ended March 31, 2013 (contd.) INDIABULLS FMP 387 DAYS MARCH 2012 (1) INDIABULLS FMP 377 DAYS MARCH 2012 (2) INDIABULLS FMP 370 DAYS SERIES 1 INDIABULLS GILT FUND INDIABULLS INCOME FUND Year ended Period ended Year ended Period ended Period ended Period ended Period ended March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2013 March 31, 2013 Regular Direct Regular Direct 1. NAV per unit (`): Open Growth Option ^^ ^^ ^^ ^^ ^^ Dividend Option Daily Dividend Option Weekly Dividend Option ^^ ^^ - - Fortnightly Dividend Option ^^ ^^ - - Monthly Dividend Option ^^ ^^ ^^ ^^ Quarterly Dividend Option ^^ ^^ Half Yearly Dividend Option ^^ ^^ Bonus Option ^^ ^^ - - High Growth Option , , Dividend Option Daily Dividend Option Weekly Dividend Option , , Fortnightly Dividend Option , Monthly Dividend Option , Quarterly Dividend Option Half Yearly Dividend Option Bonus Option , Low Growth Option , , Dividend Option Daily Dividend Option Weekly Dividend Option , , Fortnightly Dividend Option Monthly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option Bonus Option , End Growth Option * * * * * * * Dividend Option Daily Dividend Option Weekly Dividend Option * * - - Fortnightly Dividend Option * ^^ - - Monthly Dividend Option * ^^ * * Quarterly Dividend Option * * Half Yearly Dividend Option * * Bonus Option ^^ *

50 Annual Report Key Statistics for the year/period ended March 31, 2013 (contd.) INDIABULLS FMP 387 DAYS MARCH 2012 (1) INDIABULLS FMP 377 DAYS MARCH 2012 (2) INDIABULLS FMP 370 DAYS SERIES 1 INDIABULLS GILT FUND INDIABULLS INCOME FUND Year ended Period ended Year ended Period ended Period ended Period ended Period ended March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2012 March 31, 2013 March 31, 2013 March 31, 2013 Regular Direct Regular Direct 2. Closing Assets Under Management (` in Lakhs) End 16, , , , , , , , Average (AAuM) 15, , , , , , , , , Gross income as % of AAuM % 10.13% 9.77% 0.76% 4. Expense Ratio: a. Total Expense as % of AAuM (excluding unrealised depreciation) 0.24% 0.24% 0.15% 0.15% 0.11% 1.74% 0.48% 1.60% 0.60% b. Management Fee as % of AAuM (plan wise) 0.18% 0.19% 0.08% 0.09% 0.05% 0.34% 0.45% 5. Net Income as a percentage of AAuM 2 (excluding unrealised appreciation) 9.86% 9.88% 9.62% 0.35% 6. Portfolio turnover ratio 4 NA NA NA NA NA NA NA NA NA 7. Total Dividend per unit distributed during the period (plan wise) Daily Dividend Option Weekly Dividend Option Monthly Dividend Option Fortnightly Dividend Option Quarterly Dividend Option Half Yearly Dividend Option Returns: a. Last One Year Scheme 10.07% NA 10.13% NA NA NA NA NA NA Benchmark 9.10% NA 9.10% NA NA NA NA NA NA b. Since Inception (Simple Return) Scheme 10.44% 0.77% 10.16% 0.11% % Benchmark 9.11% 0.37% 9.11% 0.04% % 1. Gross income = amount against (A) in the Revenue account i.e. Income. 2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD 3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period. 4. AAuM=Average daily net assets * Refers to computed NAV ^^ There were no investors in the Since the scheme has not completed one year since inception the returns are calculated in absolute Figures are not annualized since the scheme is launched during the year/period. 48

51 Annexure I INDIABULLS LIQUID FUND SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION Details of investment portfolio and industry wise classification of the Scheme s investments in each category of investments at March 31, 2013 are presented below. The industry and company exposures are stated as a percentage of the Scheme s net assets Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category CERTIFICATES OF DEPOSIT BANKS 54,000,000 5,331,101, Andhra Bank (29-Apr-2013)* 5,000, ,557, Vijaya Bank (29-Apr-2013)* 5,000, ,549, State Bank of Mysore (03-May-2013)* 5,000, ,092, State Bank Of Patiala (14-May-2013)* 5,000, ,710, ING Vysya Bank Ltd (24-May-2013)* 5,000, ,196, IDBI Bank Ltd (29-May-2013)* 5,000, ,859, IndusInd Bank Ltd (31-May-2013)* 5,000, ,619, Axis Bank Ltd (03-Jun-2013)* 5,000, ,122, Central Bank of India (10-Jun-2013)* 5,000, ,520, Canara Bank (21-Jun-2013)* 5,000, ,272, Bank of India (30-May-2013)* 2,500, ,319, Bank of India (03-Jun-2013)* 1,100, ,317, Yes Bank Ltd (05-Apr-2013)* 400,000 39,963, TOTAL 54,000,000 5,331,101, COMMERCIAL PAPER HOUSING FINANCE 15,000,000 1,475,521, Gruh Finance Ltd (04-Jun-2013)* 5,000, ,938, Housing Development Finance Corporation Ltd (05-Jun-2013)* 5,000, ,638, Housing Development Finance Corporation Ltd (12-Jun-2013)* 5,000, ,945, CONSUMER NON DURABLES 5,000, ,800, Godrej Agrovet Ltd (30-Apr-2013)* 5,000, ,800, FINANCE 12,500,000 1,220,733, JM Financial Products Ltd (24-Jun-2013)* 7,500, ,242, Family Credit Ltd (26-Jun-2013)* (100% subsidiary of L&T Finance Holdings Ltd) 5,000, ,490, TOTAL 32,500,000 3,193,055, TERM DEPOSITS 1,000,000, % Yes Bank Ltd (27-Jun-2013) 500,000, % Karur Vysya Bank Ltd (27-Jun-2013) 500,000, CBLO / REPO 193,775, CBLO 193,775, OTHER CURRENT ASSETS 29,303, TOTAL ASSETS 9,747,236, LESS: CURRENT LIABILITIES 3,949,225, NET ASSETS 5,798,010, * Non traded / thinly traded investments 49

52 Annual Report Annexure I INDIABULLS ULTRA SHORT TERM FUND SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION Details of investment portfolio and industry wise classification of the Scheme s investments in each category of investments at March 31, 2013 are presented below. The industry and company exposures are stated as a percentage of the Scheme s net assets Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category CERTIFICATES OF DEPOSIT BANKS 3,910, ,425, Punjab National Bank (23-Dec-2013)* 2,500, ,592, Bank of India (03-Jun-2013)* 1,400, ,858, Axis Bank Ltd (17-Jul-2013)* 10, , TOTAL 3,910, ,425, COMMERCIAL PAPER FINANCE 7,500, ,592, Kotak Mahindra Investments Ltd (27-Jun-2013) * 2,500, ,349, Family Credit Ltd (26-Jun-2013)* (100% subsidiary of L&T Finance Holdings Ltd) 2,500, ,245, JM Financial Products Ltd (28-Jun-2013) * 2,500, ,998, TOTAL 7,500, ,592, CBLO / REPO 4,498, CBLO 4,498, OTHER CURRENT ASSETS 202, TOTAL ASSETS 1,110,718, LESS: CURRENT LIABILITIES 194,618, NET ASSETS 916,099, * Non traded / thinly traded investments 50

53 Annexure I INDIABULLS BLUE CHIP FUND SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION Details of investment portfolio and industry wise classification of the Scheme s investments in each category of investments at March 31, 2013 are presented below. The industry and company exposures are stated as a percentage of the Scheme s net assets Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category EQUITY AUTO 8,381 4,332, Tata Motors Ltd 5,950 1,601, Mahindra & Mahindra Ltd 1,401 1,206, Maruti Suzuki India Ltd , Bajaj Auto Ltd , Hero MotoCorp Ltd , BANKS 12,462 11,149, ICICI Bank Ltd 3,500 3,658, HDFC Bank Ltd 5,550 3,470, State Bank of India 780 1,616, Axis Bank Ltd 1,000 1,300, Kotak Mahindra Bank Ltd , Bank of Baroda , Punjab National Bank , CEMENT 6,897 2,530, UltraTech Cement Ltd , Grasim Industries Ltd , Ambuja Cement Ltd 3, , ACC Ltd , Jaiprakash Associates Ltd 2, , CONSTRUCTION PROJECT 1,757 2,400, Larsen & Toubro Ltd 1,757 2,400, CONSUMER NON DURABLES 18,900 6,750, ITC Ltd 16,000 4,951, Hindustan Unilever Ltd 2,800 1,307, Asian Paints Ltd , FERROUS METALS 2, , Tata Steel Ltd 2, , FINANCE 8,460 4,327, Housing Development Finance Corporation Ltd 4,560 3,767, IDFC Ltd 3, , GAS 1, , GAIL (India) Ltd 1, , INDUSTRIAL CAPITAL GOODS 1, , Bharat Heavy Electricals Ltd 1, , MINERALS/MINING 3, , Coal India Ltd 3, , NON - FERROUS METALS 4, , Hindalco Industries Ltd 4, ,

54 Annual Report Annexure I (contd.) Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category OIL 8,650 2,570, Oil & Natural Gas Corporation Ltd 5,500 1,712, Cairn India Ltd 3, , PETROLEUM PRODUCTS 6,249 4,355, Reliance Industries Ltd 5,049 3,902, Bharat Petroleum Corporation Ltd 1, , PHARMACEUTICALS 2,636 2,238, Dr. Reddy s Laboratories Ltd , Sun Pharmaceuticals Industries Ltd 1, , Cipla Ltd 1, , POWER 15,850 1,894, NTPC Ltd 7, , Power Grid Corporation of India Ltd 5, , Tata Power Company Ltd 3, , SOFTWARE 3,150 5,876, Infosys Ltd 1,200 3,467, Tata Consultancy Services Ltd 1,100 1,733, HCL Technologies Ltd , TELECOM - SERVICES 3, , Bharti Airtel Ltd 3, , TOTAL 109,130 52,141, CBLO / REPO 49, CBLO 49, OTHER CURRENT ASSETS 1,059, TOTAL ASSETS 53,250, LESS: CURRENT LIABILITIES 976, NET ASSETS 52,274,

55 Annexure I INDIABULLS FMP 387 DAYS MARCH 2012 (I) SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION Details of investment portfolio and industry wise classification of the Scheme s investments in each category of investments at March 31, 2013 are presented below. The industry and company exposures are stated as a percentage of the Scheme s net assets Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category CERTIFICATES OF DEPOSIT BANKS 16,600,000 1,658,740, Axis Bank Ltd (05-Apr-2013) * 4,500, ,578, Yes Bank Ltd (05-Apr-2013) * 4,100, ,623, Ratnakar Bank (02-Apr-2013) * 4,000, ,905, The South Indian Bank (05-Apr-2013) * 4,000, ,632, TOTAL 16,600,000 1,658,740, CBLO / REPO 799, CBLO 799, OTHER CURRENT ASSETS 69,413 - TOTAL ASSETS 1,659,609, LESS: CURRENT LIABILITIES 701, NET ASSETS 1,658,907, * Non traded / thinly traded investments 53

56 Annual Report Annexure I INDIABULLS FMP 377 DAYS MARCH 2012 (2) SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION Details of investment portfolio and industry wise classification of the Scheme s investments in each category of investments at March 31, 2013 are presented below. The industry and company exposures are stated as a percentage of the Scheme s net assets Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category CERTIFICATES OF DEPOSIT BANKS 3,500, ,668, Ratnakar Bank (02-Apr-2013)* 1,000,000 99,976, The South Indian Bank (05-Apr-2013)* 1,000,000 99,908, Dena Bank (08-Apr-2013)* 1,000,000 99,830, Yes Bank Ltd (05-Apr-2013)* 500,000 49,954, TOTAL 3,500, ,668, CBLO / REPO 7,147, CBLO 7,147, OTHER CURRENT ASSETS 78, TOTAL ASSETS 356,894, LESS: CURRENT LIABILITIES 91, NET ASSETS 356,803, * Non traded / thinly traded investments 54

57 Annexure I INDIABULLS FMP 370 DAYS - SERIES 1 SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION Details of investment portfolio and industry wise classification of the Scheme s investments in each category of investments at March 31, 2013 are presented below. The industry and company exposures are stated as a percentage of the Scheme s net assets Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category CERTIFICATES OF DEPOSIT BANKS 2,190, ,321, ING Vysya Bank Ltd (18-Jul-2013)* 600,000 58,437, Axis Bank Ltd (17-Jul-2013)* 590,000 57,482, ICICI Bank Ltd (17-Jul-2013)* 500,000 48,714, Yes Bank Ltd (19-Jul-2013)* 500,000 48,686, TOTAL 2,190, ,321, CBLO / REPO 699, CBLO 699, OTHER CURRENT ASSETS 70, TOTAL ASSETS 214,092, LESS: CURRENT LIABILITIES 51, NET ASSETS 214,041, * Non traded / thinly traded investments 55

58 Annual Report Annexure I INDIABULLS GILT FUND SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION Details of investment portfolio and industry wise classification of the Scheme s investments in each category of investments at March 31, 2013 are presented below. The industry and company exposures are stated as a percentage of the Scheme s net assets Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category GOVERNMENT SECURITIES 1,500, ,485, % Government Security (24-Sep-2025) * 1,500, ,485, TOTAL 1,500, ,485, CBLO / REPO 2,549, CBLO 2,549, OTHER CURRENT ASSETS 52,007, TOTAL ASSETS 206,041, LESS: CURRENT LIABILITIES 529, NET ASSETS 205,512, * Non traded / thinly traded investments 56

59 Annexure I INDIABULLS INCOME FUND SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION Details of investment portfolio and industry wise classification of the Scheme s investments in each category of investments at March 31, 2013 are presented below. The industry and company exposures are stated as a percentage of the Scheme s net assets Industry and Company Particulars Quantity Amount (`) Percentage to Percentage to Net Assets Investment category GOVERNMENT SECURITIES 1,000, ,510, % Government Security (09-Jul-2026) * 500,000 51,015, % Government Security (24-Sep-2025) * 500,000 50,495, TOTAL 1,000, ,510, DEBENTURES AND BONDS Listed Non Convertible Debentures and Bonds 1,500, ,641, ALUMINIUM 500,000 50,946, % Hindalco Industries Ltd (27-Jun-2022) 500,000 50,946, FINANCIAL INSTITUTION 500,000 50,349, % Power Finance Corporation Ltd (11-Mar-2018) 500,000 50,349, HOUSING FINANCE 500,000 50,345, % Housing Development Finance Corporation Ltd (11-Mar-2018) 500,000 50,345, TOTAL 1,500, ,641, CBLO / REPO 23,890, CBLO 23,890, OTHER CURRENT ASSETS 108,490, TOTAL ASSETS 385,533, LESS: CURRENT LIABILITIES 371, NET ASSETS 385,162, * Non traded / thinly traded investments 57

60 Annual Report Annexure II Disclosure under Regulation 25(11) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended Investments made by the schemes of India Bulls Mutual Fund in Companies or their subsidiaries that have invested more than 5% of the net assets of any scheme Company Name Schemes invested in by Investment made by schemes of Aggregate cost of Outstanding as the Company India Bulls Mutual Fund in the acquisition during at 31 Mar 2013 company/subsidiary the period ended (At Market / 31 Mar 2013 Fair Value) (` in lakhs) (` in lakhs) Axis Bank Ltd Indiabulls Liquid Fund Indiabulls Blue Chip Fund Indiabulls FMP 370 Days - Series Indiabulls FMP 377 Days March 2012 (2) Indiabulls FMP 387 Days March 2012 (1) 4, , Indiabulls Liquid Fund 39, , Indiabulls Ultra Short Term Fund 9, Bank of Baroda Indiabulls Liquid Fund Indiabulls Blue Chip Fund Bank of India Indiabulls Liquid Fund Indiabulls Liquid Fund 30, , Indiabulls Ultra Short Term Fund 13, , Bank of Maharashtra Indiabulls Ultra Short Term Fund Indiabulls Liquid Fund 35, Indiabulls Gilt Fund Indiabulls Ultra Short Term Fund 8, Canara Bank Indiabulls Liquid Fund Indiabulls FMP 387 Days March 2012 (1) 2, Indiabulls Liquid Fund 85, , Indiabulls Ultra Short Term Fund 27, Central Bank of India Indiabulls Ultra Short Term Fund Indiabulls FMP 387 Days March 2012 (1) 1, Indiabulls Liquid Fund 76, , Indiabulls Ultra Short Term Fund 18, Dabur India Ltd Indiabulls Ultra Short Term Fund Indiabulls Blue Chip Fund Indiabulls Liquid Fund 9, Indiabulls Ultra Short Term Fund 2, DLF Limited Indiabulls Liquid Fund Indiabulls Blue Chip Fund Exim Bank Indiabulls Ultra Short Term Fund Indiabulls Liquid Fund 11, Indiabulls Ultra Short Term Fund 10, Grasim Industries Ltd Indiabulls Income Fund Indiabulls Blue Chip Fund Hindalco Industries Limited Indiabulls Income Fund Indiabulls Blue Chip Fund Indiabulls Income Fund IDBI Bank Ltd Indiabulls Liquid Fund Indiabulls FMP 377 Days March 2012 (2) Indiabulls Gilt Fund Indiabulls FMP 387 Days March 2012 (1) 5, Indiabulls Liquid Fund 110, , Indiabulls Ultra Short Term Fund 16, Indusind Bank Ltd Indiabulls Liquid Fund Indiabulls FMP 387 Days March 2012 (1) 2, Indiabulls Liquid Fund 44, , Indiabulls Ultra Short Term Fund 9,

61 Annexure II (contd.) Disclosure under Regulation 25(11) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended Investments made by the schemes of India Bulls Mutual Fund in Companies or their subsidiaries that have invested more than 5% of the net assets of any scheme Company Name Schemes invested in by Investment made by schemes of Aggregate cost of Outstanding as the Company India Bulls Mutual Fund in the acquisition during at 31 Mar 2013 company/subsidiary the period ended (At Market / 31 Mar 2013 Fair Value) (` in lakhs) (` in lakhs) IDFC Ltd Indiabulls Liquid Fund Indiabulls Blue Chip Fund Indiabulls Liquid Fund 29, Indiabulls Ultra Short Term Fund 4, Shriram Transport Finance Co Ltd Indiabulls Liquid Fund Indiabulls Liquid Fund 44, Indiabulls Ultra Short Term Fund Indiabulls Ultra Short Term Fund 16, State Bank of India Indiabulls Liquid Fund Indiabulls Income Fund (Includes Subsidiary State Indiabulls Liquid Fund 133, , Bank of Hyderabad, State Bank of Patiala, Indiabulls Ultra Short Term Fund 26, State Bank of Bikaner & Jaipur, State Bank of Mysore SBI Global Indiabulls Blue Chip Fund Factors and SBI Cards & Payment Services Ltd) Sun Pharmaceuticals Industries Ltd Indiabulls Liquid Fund Indiabulls Blue Chip Fund Nabard Indiabulls Liquid Fund Indiabulls Liquid Fund 9, Indiabulls Ultra Short Term Fund The Ratnakar Bank Ltd Indiabulls Liquid Fund Indiabulls FMP 377 Days March 2012 (2) Indiabulls FMP 387 Days March 2012 (1) 3, , Indiabulls Liquid Fund 12, Indiabulls Ultra Short Term Fund 3, UCO Bank Indiabulls Ultra Short Term Fund Indiabulls FMP 387 Days March 2012 (1) 2, Indiabulls Liquid Fund 179, Indiabulls Ultra Short Term Fund 20, Yes Bank Ltd Indiabulls Liquid Fund Indiabulls Blue Chip Fund Indiabulls FMP 370 Days - Series Indiabulls FMP 377 Days March 2012 (2) 1, Indiabulls FMP 387 Days March 2012 (1) 4, , Indiabulls Liquid Fund 25, , Indiabulls Ultra Short Term Fund 5,

62 Annual Report PROXY VOTING VOTING RIGHTS POLICY OF INDIABULLS ASSET MANAGEMENT COMPANY LIMITED Indiabulls Asset Management Company Limited (IBAMC) is the Investment Manager for Indiabulls Mutual Fund. As an Investment Manager we have a fiduciary duty to act in the best interest of the unit-holders of the fund. As the retail investors form the constituents of the schemes, it is considered desirable to put in place a policy to protect the interests of the fund as well as the investors. To achieve these objectives, the AMC has set out this Voting Policy. The AMC will manage voting rights with the same level of care and skill as it manages the funds. In general, the AMC does not have the intention to participate directly or indirectly in the management of the companies but it will use its influence as the representative of the shareholder amongst others by exercising its voting rights in accordance with the best interests of its funds unit holders. The Investment Manager will exercise the proxy votes in the AGMs/EGMs of the investee company (s) in respect of the following matters: Corporate governance issues Changes in the state of incorporation, merger and other corporate restructuring, and anti-takeover provisions. Changes to capital structure, including increases and decreases of capital and preferred stock issuances. Stock option plans and other management compensation issues; Social and Corporate Responsibility Appointment and Removal of Directors Any other issue that may affect the interest of the shareholders and by extension those of investors in the mutual funds schemes. Before exercising the voting, a committee of management will review the Annual Reports and recommend to the Managing Director for attending/voting at the meetings. IBAMC shall evaluate the various proposals in entirety in respect of each issue and proposal. While arriving at the decision to vote, views of the Fund Managers, Research Analysts and other executives and sources may be considered. Based on the final decision so arrived at, it may cast a vote either through its official representative or a professional proxy voting service provider or as the case may be. The AMC reserves the right to vote against any resolution that goes against the interest of shareholders. IBAMC recognizes that there may be a potential conflict of interest when it votes on an entity which is a group company of IBAMC or where the Investee Companies have substantial investments in the Schemes of the Fund. IBAMC shall specifically review all voting proposals routine as well as non routine and take decisions with respect to voting on such proposals in the best interest of the unit holders, without taking into consideration the interest of any particular lobby/business group / promoter etc of such company. This may imply that the AMC through its representatives may decide to refrain from exercising its voting rights if considered appropriate. There may be circumstances where IBAMC believes it is in the best interests of a Fund to vote differently than the manner contemplated by the Guidelines. The ultimate decision as to the manner in which the IBAMC s representatives/proxies will vote rests with the IBAMC. The Chief Executive Officer shall delegate the responsibility for exercising the voting rights as he/ she deems appropriate. PROXY VOTING REPORT FOR THE FINANCIAL YEAR MANAGEMENT PROPOSAL: Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 02-May-2012 MARICO LIMITED EGM To alter in the authorized share For Abstain capital and alteration of MOA 02-May-2012 MARICO LIMITED EGM To allot equity shares on For Abstain preferential basis 02-May-2012 MARICO LIMITED EGM Alteration of AOA For Abstain 28-May-2012 HCL Technologies PB To approve the increase in the For Abstain holding of the FII in the company 28-May-2012 HCL Technologies PB Re-appointment of Mr Shiv For Abstain Nadar as Managing director for 5 years 60

63 PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 29-Jun-2012 Tata Consultancy AGM Appointment of Mr Cyrus For Abstain Services Mistry as director 29-Jun-2012 Tata Consultancy AGM Re-appointment of Prof Clayton For Abstain Services M Christensen as director 29-Jun-2012 Tata Consultancy AGM Re-appointment of Dr Ron For Abstain Services Sommer as director 29-Jun-2012 Tata Consultancy AGM Re-appointment of Mr S For Abstain Services Ramadorai as director 29-Jun-2012 Tata Consultancy AGM Retirement of Mrs Laura M For Abstain Services Cha as director 29-Jun-2012 Tata Consultancy AGM Appointment of auditors For Abstain Services 29-Jun-2012 Tata Consultancy AGM Appointment of Mr O P Bhatt For Abstain Services as director 03-Jul-2012 Bharat Petroleum PB Increase in the authorized share For Abstain capital and alteration of MOA and AOA 03-Jul-2012 Bharat Petroleum PB To issue bonus shares For Abstain 09-Jul-2012 Infrastructure AGM Appointment of Mr S S Kohli For Abstain Dev Fin Corp as director 09-Jul-2012 Infrastructure AGM Appointment of Mr Deepak Parekh For Abstain Dev Fin Corp as non-executive Chairman 09-Jul-2012 Infrastructure AGM Appointment of Mr Rajiv Lall as Vice For Abstain Dev Fin Corp Chairman and Managing Director 09-Jul-2012 Infrastructure AGM Appointment of Mr Vikram Lamaye For Abstain Dev Fin Corp as Deputy Managing Director 09-Jul-2012 Infrastructure AGM Re-appointment of Mr Donald For Abstain Dev Fin Corp Peck as director 09-Jul-2012 Infrastructure AGM Re-appointment of Mr Gautam For Abstain Dev Fin Corp Kaji as director 09-Jul-2012 Infrastructure AGM Appointment of M/s Deloitte For Abstain Dev Fin Corp Haskins & Sells, Chartered Accountants as auditors 09-Jul-2012 Infrastructure AGM To change the name of the For Abstain Dev Fin Corp company from INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LTD to IDFC LTD 09-Jul-2012 Infrastructure AGM Alteration of AOA For Abstain Dev Fin Corp 09-Jul-2012 Infrastructure AGM Appointment of Ms Marianne For Abstain Dev Fin Corp Okland as director 09-Jul-2012 Infrastructure AGM Appointment of Mr Sunil Soni For Abstain Dev Fin Corp as director 11-Jul-2012 Jaiprakash Asso PB To provide security / guarantee For Abstain to IFCI ltd, a lender to JAYPEE SPORTS INTERNATIONAL LTD, a subsidiary company 61

64 Annual Report PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 11-Jul-2012 Jaiprakash Asso PB To provide security / guarantee For Abstain to lenders to JAYPEE POWER VENTURES LTD, a subsidiary company 11-Jul-2012 Jaiprakash Asso PB To provide security / guarantee For Abstain to lenders to RPJ MINERALS PVT LTD an associate of the company 11-Jul-2012 Jaiprakash Asso PB To provide security / guarantee For Abstain to lenders to MADHYA PRADESH JAYPEE MINERALS LTD an associate of the company 11-Jul-2012 Jaiprakash Asso PB To issue securities for an amount For Abstain not exceeding US $500 million 11-Jul-2012 Jaiprakash Asso PB To create restructured security in For Abstain favour of a single new trustee to act for benefit of existing secured creditors, new secured creditors and as a security agent on behalf of the debenture trustees 11-Jul-2012 Jaiprakash Asso PB To creaste mortgage / charge in For Abstain favor of lenders 11-Jul-2012 H D F C AGM Re-appointment of Mr Shirish For Abstain B Patel as director 11-Jul-2012 H D F C AGM Re-appointment of Mr B S Mehta For Abstain as director 11-Jul-2012 H D F C AGM Re-appointment of Dr D A Dave For Abstain as director 11-Jul-2012 H D F C AGM Appointment of M/s Deloitte For Abstain Haskins & Sells, Chartered Accountants as auditors 11-Jul-2012 H D F C AGM Appointment of Dr J J Irani For Abstain as director 11-Jul-2012 H D F C AGM Revision of remuneration For Abstain payable to directors 13-Jul-2012 HDFC Bank AGM Re-appointment of Mr Pandit For Abstain Palande as director 13-Jul-2012 HDFC Bank AGM Re-appointment of Mr Partho For Abstain Datta as director 13-Jul-2012 HDFC Bank AGM Appointment of M/s BSR & Co, For Abstain Chartered Accountants as auditors 13-Jul-2012 HDFC Bank AGM Appointment of Mr Keki Mistry For Abstain as director 13-Jul-2012 HDFC Bank AGM Payment of fees to Mr Bobby For Abstain Parekh, director 13-Jul-2012 HDFC Bank AGM Appointment of Mr Aditya Puri For Abstain as Managing director from 01-April

65 PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 17-Jul-2012 DLF PB To tranfer the company s wind For Abstain power business 18-Jul-2012 Bajaj Auto AGM Re-appointment of Mr D S Mehta For Abstain as director 18-Jul-2012 Bajaj Auto AGM Re-appointment of Mr Kantikumar For Abstain R Podar as director 18-Jul-2012 Bajaj Auto AGM Re-appointment of Mr Shekhar For Abstain Bajaj as director 18-Jul-2012 Bajaj Auto AGM Re-appointment of Mr D J Balaji For Abstain Rao as director 18-Jul-2012 Bajaj Auto AGM Appointment of auditors and For Abstain fixing their remuneration 23-Jul-2012 Hindustan Unilever AGM Re-appointment of directors For Abstain 23-Jul-2012 Hindustan Unilever AGM Appointment of M/s Lovelock & For Abstain Lewes, Chartered accountants as auditors 23-Jul-2012 Hindustan AGM Appointment of Mr O P Bhatt For Abstain Unilever as director 23-Jul-2012 Hindustan AGM Re-appointment of Mr Nitin For Abstain Unilever Paranjpe as MD and CEO for 5 years 23-Jul-2012 Hindustan AGM Revision of remuneration to the For Abstain Unilever managing director of the company 23-Jul-2012 Hindustan Unilever AGM To adopt the revised 2012 HUL For Abstain PERFORMANCE SHARE SCHEME 27-Jul-2012 I T C AGM Appointment of directors For Abstain 27-Jul-2012 I T C AGM Appointment of M/s Deloitte For Abstain Haskins & Sells, Chartered Accountants as auditors 27-Jul-2012 I T C AGM Appointment of Mr Serajul Haq For Abstain Khan as director for 3 years 08-Aug-2012 Mahindra & AGM Appointment of Mr Anand G For Abstain Mahindra Mahindra as MD designated as Vice Chairman and MD for 5 years 08-Aug-2012 Mahindra & AGM Appointment of Mr Bharat Doshi For Abstain Mahindra as executive director designated as ED and group CEO 08-Aug-2012 Mahindra & AGM Alteration of AOA For Abstain Mahindra 08-Aug-2012 Mahindra & AGM Re-appointment of Mr Deepak S For Abstain Mahindra Parekh as director 08-Aug-2012 Mahindra & AGM Re-appointment of Mr A K For Abstain Mahindra Nanada as director 08-Aug-2012 Mahindra & AGM Re-appointment of Mr Narayanan For Abstain Mahindra Vaghul as director 63

66 Annual Report PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 08-Aug-2012 Mahindra & AGM Re-appointment of Mr R K For Abstain Mahindra Kulkarni as director 08-Aug-2012 Mahindra & AGM Appointment of M/s Deloitte For Abstain Mahindra Haskins & Sells, Chartered Accountants as auditors 08-Aug-2012 Mahindra & AGM Appointment of Mrs Vishakha For Abstain Mahindra Desai as director 08-Aug-2012 Mahindra & AGM Appointment of Mr Vikram Singh For Abstain Mahindra Mehta as director 10-Aug-2012 Tata Motors AGM Appointment of Mr Satish For Abstain Borwankar as director 10-Aug-2012 Tata Motors AGM Appointment of Mr Satish For Abstain Borwankar as executive director for 5 years 10-Aug-2012 Tata Motors AGM Revision of remuneration to For Abstain Mr Prakash Telang, MD - India Operations 10-Aug-2012 Tata Motors AGM Re-appointment of Mr Nasser For Abstain Munjee as Director 10-Aug-2012 Tata Motors AGM Re-appointment of Mr Subodh For Abstain Bhargava as Director 10-Aug-2012 Tata Motors AGM Re-appointment of For Abstain Mr Vikeshkumar Jairath as Director 10-Aug-2012 Tata Motors AGM Appointment of auditors For Abstain 10-Aug-2012 Tata Motors AGM Appointment of Mr Cyrus P For Abstain Mistry as director 10-Aug-2012 Tata Motors AGM Appointment of Mr Ravindra For Abstain Pishardy as director 10-Aug-2012 Tata Motors AGM Appointment of Mr Ravindra For Abstain Pishardy as executive director for 5 years 14-Aug-2012 Tata Steel AGM Re-appointment of For Abstain Mr B Muthuraman as director 14-Aug-2012 Tata Steel AGM Re-appointment of Mr Ishaat For Abstain Hussain as director 14-Aug-2012 Tata Steel AGM Re-appointment of Mr Andrew For Abstain Rob as director 14-Aug-2012 Tata Steel AGM Appointment of auditors For Abstain 14-Aug-2012 Tata Steel AGM Appointment of Mr Cyrus For Abstain Pallonji Mistry as director 14-Aug-2012 Tata Steel AGM Appointment of Mrs Mallika For Abstain Srinivasan as director 17-Aug-2012 Cipla AGM Re-appointment of For Abstain Dr H R Manchanda as Director 64

67 PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 17-Aug-2012 Cipla AGM Re-appointment of Mr V C Kotwal For Abstain as Director 17-Aug-2012 Cipla AGM Re-appointment of M/s V Sankar For Abstain Aiyer & Co, Chartered Accountants as auditors 17-Aug-2012 Cipla AGM Appointment of Dr Ranjan Pai For Abstain as Director. 22-Aug-2012 Cairn India AGM Alteration of AOA For Abstain 22-Aug-2012 Cairn India AGM Re-appointment of Mr Aman For Abstain Mehta of Director 22-Aug-2012 Cairn India AGM Re-appointment of Dr Omkar For Abstain Goswami of Director 22-Aug-2012 Cairn India AGM Appointment of M/s S R Batliboi For Abstain & Co, Chartered Accountants as auditors 22-Aug-2012 Cairn India AGM Appointment of For Abstain Mr Navin Agarwal as Director 22-Aug-2012 Cairn India AGM Appointment of Mr Tarun Jain For Abstain as Director 22-Aug-2012 Cairn India AGM Appointment of Ms Priya Agarwal For Abstain as Director 22-Aug-2012 Cairn India AGM Re-appointment of Mr Rahul Dhir For Abstain as Managing Director & CEO for 5 years 22-Aug-2012 Cairn India AGM To issue and allot stock option to For Abstain the employees under the existing stock option schemes 24-Aug-2012 Larsen & Toubro AGM Appointment of Mr K For Abstain Venkataramanan as CEO and MD 24-Aug-2012 Larsen & Toubro AGM Appointment of Mr R Shankar For Abstain Raman as Wholetime director 24-Aug-2012 Larsen & Toubro AGM Appointment of Mr Shailendra For Abstain Roy as Wholetime director 24-Aug-2012 Larsen & Toubro AGM To issue securities For Abstain 24-Aug-2012 Larsen & Toubro AGM Appointment of M/s Sharp & For Abstain Tannan, chartered Accountants as auditors 24-Aug-2012 Larsen & Toubro AGM Re-appointment of Mr A M Naik For Abstain as director 24-Aug-2012 Larsen & Toubro AGM Re-appointment of Mr Thomas For Abstain Mathew T as director 24-Aug-2012 Larsen & Toubro AGM Re-appointment of Mr M V For Abstain Kotwal as director 24-Aug-2012 Larsen & Toubro AGM Re-appointment of Mr V K For Abstain Magapu as director 65

68 Annual Report PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 24-Aug-2012 Larsen & Toubro AGM Re-appointment of Mr Ravi Uppal For Abstain as director 24-Aug-2012 Larsen & Toubro AGM Retirement of Mr J S Bindra For Abstain as director 24-Aug-2012 Larsen & Toubro AGM Revision of remuneration to For Abstain Mr A M Naik, executive chairman 28-Aug-2012 Maruti Suzuki AGM Appointment of Mr Kazuhiko For Abstain India Ayabe as Director & Managing Executive Officer (Supply Chain) 28-Aug-2012 Maruti Suzuki AGM Re-appointment of Mr R C For Abstain India Bhargava as Director 28-Aug-2012 Maruti Suzuki AGM Re-appointment of Mr Kazuhiko For Abstain India Ayabe as Director 28-Aug-2012 Maruti Suzuki AGM Re-appointment of Ms Pallavi For Abstain India Shroff as Director 28-Aug-2012 Maruti Suzuki AGM Re-appointment of M/s Price For Abstain India Waterhouse, Chartered Accountants as auditors 28-Aug-2012 Maruti Suzuki AGM Appointment of Mr Kinji Saito as For Abstain India Additional Director 28-Aug-2012 Maruti Suzuki AGM Payment of commission to For Abstain India Non-Executive Directors 28-Aug-2012 Maruti Suzuki AGM Re-appointment of Mr Shuji Doshi For Abstain India as Director & Managing Executive officer (Marketing & Sales) 04-Sep-2012 Reliance AGM Re-appointment of Mr Sateesh For Abstain Infrastruct Shah as director 04-Sep-2012 Reliance AGM Appointment of M/s Haribhakti & For Abstain Infrastruct Co, chartered Accountants and M/s Pathak H D & Associates, Chartered Accountants as auditors 04-Sep-2012 Reliance AGM Appointment of Mr S S Kohli For Abstain Infrastruct as director 04-Sep-2012 Reliance AGM Appointment of Dr V K Chaturvedi For Abstain Infrastruct as director 04-Sep-2012 Reliance AGM To issue securities to Qualified For Abstain Infrastruct Institutional Buyers 05-Sep-2012 Gail (India) AGM Appointment of Dr A K For Abstain Khandelwal as a Director 05-Sep-2012 Gail (India) AGM Re-appointment of Shri S L Raina For Abstain as a Director 05-Sep-2012 Gail (India) AGM Re-appointment of Shri Prabhat For Abstain Singh as a Director 05-Sep-2012 Gail (India) AGM Re-appointment of Shri Sudhir For Abstain Bhargava as a Director 66

69 PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 05-Sep-2012 Gail (India) AGM Appointment of Auditors and fix For Abstain their remuneration 05-Sep-2012 Gail (India) AGM Appointment of Dr Neeraj Mittal For Abstain as a Director 05-Sep-2012 Gail (India) AGM Appointment of Smt Shyamala For Abstain Gopinath as a Director 05-Sep-2012 Gail (India) AGM Appointment of Shri R P Singh For Abstain as a Director 06-Sep-2012 Bharti Airtel AGM Re-appointment of Ms Chua Sock For Abstain Koong as director 06-Sep-2012 Bharti Airtel AGM Re-appointment of Mr Craig For Abstain Edward Ehrlich as director 06-Sep-2012 Bharti Airtel AGM Re-appointment of Mr Nikesh For Abstain Arora as director 06-Sep-2012 Bharti Airtel AGM Re-appointment of Mr Rajan For Abstain Mittal as director 06-Sep-2012 Bharti Airtel AGM Re-appointment of Mr Rakesh For Abstain Mittal as director 06-Sep-2012 Bharti Airtel AGM Appointment of M/s S R Batliboi For Abstain & Associates, Chartered Accountants as auditors 07-Sep-2012 DLF AGM Re-appointment of Dr D V Kapur For Abstain as director 07-Sep-2012 DLF AGM Re-appointment of Mr Rajiv For Abstain Singh as director 07-Sep-2012 DLF AGM Appointment of M/s M M For Abstain Sabharwal as director 07-Sep-2012 DLF AGM Appointment of M/s Walker, For Abstain Chandiok & CO, Chartered Accountants as auditors 07-Sep-2012 DLF AGM Appointment of Mr Rahul Talwar For Abstain as general Manager of a subsidiary company 10-Sep-2012 Hero MotoCorp AGM Re-appointment of Mr Ravi Nath For Abstain as Director 10-Sep-2012 Hero MotoCorp AGM Re-appointment of Dr Anand C For Abstain Burman as Director 10-Sep-2012 Hero MotoCorp AGM Re-appointment of Mr Suman For Abstain Kant Munjal as Director 10-Sep-2012 Hero MotoCorp AGM Retirement of Mr Analjit Singh For Abstain from Directorship 10-Sep-2012 Hero MotoCorp AGM Appointment of M/s Deloitte For Abstain Haskins & Sells, Chartered Accountants as auditors 11-Sep-2012 Hindalco Industries AGM Re-appointment of Mrs Rajashree For Abstain Birla as a Director 67

70 Annual Report PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 11-Sep-2012 Hindalco Industries AGM Re-appointment of Mr K N For Abstain Bhandari as a Director 11-Sep-2012 Hindalco Industries AGM Re-appointment of Mr N J Jhaveri For Abstain as a Director 11-Sep-2012 Hindalco Industries AGM Re-appointment of M/s Singhi & For Abstain Co, charterd Accountants, as auditors 11-Sep-2012 Hindalco Industries AGM Appointment of Mr Meleveetil For Abstain Damodaran as a Director 11-Sep-2012 Hindalco Industries AGM To create charge and / or For Abstain mortgage on all the properties of the company for an amount not exceeding ` 20,000 crore 18-Sep-2012 N T P C AGM Appointment of Mr R S Sahoo For Abstain as Director 18-Sep-2012 N T P C AGM Appointment of Mr Ajit Nimbalkar For Abstain as Director 18-Sep-2012 N T P C AGM Appointment of Mr S R Upadhyay For Abstain as Director 18-Sep-2012 N T P C AGM Appointment of Ms Homai A For Abstain Daruwalla as Director 18-Sep-2012 N T P C AGM Appointment of Mr Anol Nath For Abstain Chatterji as Director 18-Sep-2012 N T P C AGM Appointment of Prof Sushil For Abstain Khanna as Director 18-Sep-2012 N T P C AGM Appointment of Mr A K Jha For Abstain as Director 18-Sep-2012 N T P C AGM Re-appointment of Mr B P Singh For Abstain as Director 18-Sep-2012 N T P C AGM Re-appointment of Mr S P Singh For Abstain as Director 18-Sep-2012 N T P C AGM Appointment of Auditors For Abstain 18-Sep-2012 N T P C AGM Alteration of AOA For Abstain 18-Sep-2012 N T P C AGM Appointment of Dr M Govinda For Abstain Rao as Director 18-Sep-2012 N T P C AGM Appointment of Mr S B Ghosh For Abstain Dastidar as Director 19-Sep-2012 Power Grid Corp AGM Re-appointment of Mr I S Jha For Abstain of India as Director 19-Sep-2012 Power Grid Corp AGM Re-appointment of Mr R T For Abstain of India Agarwal as Director 19-Sep-2012 Power Grid Corp AGM Re-appointment of Mrs Rita For Abstain of India Acharya as Director 19-Sep-2012 Power Grid Corp AGM Appointment of auditors For Abstain of India 19-Sep-2012 Power Grid Corp AGM To borrow upto ` 1,00,000 crores For Abstain of India 68

71 PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 19-Sep-2012 Bharat Heavy Elect AGM Re-appointment of Mr V R Jairath For Abstain as director 19-Sep-2012 Bharat Heavy Elect AGM Re-appointment of Mr S Ravi For Abstain as director 19-Sep-2012 Bharat Heavy Elect AGM Appointment of auditors For Abstain 19-Sep-2012 Bharat Heavy Elect AGM Appointment of Mr Trimbakdas S For Abstain Zanwar as director 19-Sep-2012 Bharat Heavy Elect AGM Appointment of Mr R Krishnan For Abstain as director 19-Sep-2012 Bharat Heavy Elect AGM Appointment of Mr Vijay Shankar For Abstain Madan as director 21-Sep-2012 Bharat Petroleum AGM Appointment of Mr R N Choubey For Abstain as director 21-Sep-2012 Bharat Petroleum AGM Re-appointment of Mr I P S For Abstain Anand as director 21-Sep-2012 Bharat Petroleum AGM Re-appointment of Mr Haresh For Abstain M Jagtiani as director 21-Sep-2012 Bharat Petroleum AGM Re-appointment of Mr Alkesh For Abstain Kumar Sharma as director 21-Sep-2012 Bharat Petroleum AGM Appointment of auditors For Abstain 21-Sep-2012 Bharat Petroleum AGM Appointment of Mr S P Gathoo For Abstain as director 21-Sep-2012 Bharat Petroleum AGM Appointment of Mr Jayanth R For Abstain Varma as director 21-Sep-2012 Bharat Petroleum AGM Appointment of Mr Bimalendu For Abstain Chakrabarti as director 21-Sep-2012 Power Finance AGM Re-appointment of Mr S C Gupta For Abstain Corpor as Director 21-Sep-2012 Power Finance AGM Re-appointment of Mr R For Abstain Corpor Nagarajan as Director 21-Sep-2012 Power Finance AGM Re-appointment of Mr Ajit Prasad For Abstain Corpor as Director 21-Sep-2012 Power Finance AGM Re-appointment of Auditors For Abstain Corpor 24-Sep-2012 Oil & Natural Gas AGM Appointment of Mr Aloka For Abstain Banerjee as director 24-Sep-2012 Oil & Natural Gas AGM Appointment of Mr A Giridhar For Abstain as director 24-Sep-2012 Oil & Natural Gas AGM Re-appointment of Mr Ajit Kumar For Abstain Hazarika as director 24-Sep-2012 Oil & Natural Gas AGM Re-appointment of For Abstain Mr Udaykrishna Bose as director 24-Sep-2012 Oil & Natural Gas AGM Appointment of auditors For Abstain 24-Sep-2012 Oil & Natural Gas AGM Appointment of Mr Samir Kumar For Abstain Barua as director 24-Sep-2012 Oil & Natural Gas AGM Appointment of Mr Om Prakash For Abstain Bhatt as director 69

72 Annual Report PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 24-Sep-2012 Oil & Natural Gas AGM Appointment of Mr Sushama For Abstain Nath as director 24-Sep-2012 Oil & Natural Gas AGM Appointment of Mr Bimal Julka For Abstain as director 27-Sep-2012 Jaiprakash Asso AGM To create charge / mortgage on For Abstain all the properties of the company 27-Sep-2012 Jaiprakash Asso AGM Re-appointment of Mr S K Jain For Abstain as a Director 27-Sep-2012 Jaiprakash Asso AGM Re-appointment of Mr Ranvijay For Abstain Singh as a Director 27-Sep-2012 Jaiprakash Asso AGM Re-appointment of Mr R N For Abstain Bhardwaj as a Director 27-Sep-2012 Jaiprakash Asso AGM Re-appointment of Mr B K For Abstain Taparia as a Director 27-Sep-2012 Jaiprakash Asso AGM Re-appointment of Mr S C For Abstain Bhargava as a Director 27-Sep-2012 Jaiprakash Asso AGM Appointment of M/s M P Singh For Abstain & Associates, Chartered Accountants as auditors 27-Sep-2012 Jaiprakash Asso AGM Appointment of Ms Homai A For Abstain Daruwalla as a Director 29-Sep-2012 Maruti Suzuki CRT To approve the Scheme of For Abstain India Amalgamation between Suzuki Powertrain India Limited and Maruti Suzuki India Limited 02-Nov-2012 Hero MotoCorp CRT To approve the Scheme of For Abstain Amalgamation of Hero Investments Private Limited with Hero MotoCorp Limited 08-Nov-2012 Sun AGM Issue of Securities not exceeding For Abstain Pharmaceutical ` 80 Billions 08-Nov-2012 Sun AGM Borrow money upto a amount For Abstain Pharmaceutical not exceeding ` 300 Billion 08-Nov-2012 Sun AGM To make loans/create charge in For Abstain Pharmaceutical connection with loans on assets of the company upto ` 300 Billion 08-Nov-2012 Sun AGM Alteration of AOA For Abstain Pharmaceutical 08-Nov-2012 Sun AGM Re-appointment of Mr Keki M For Abstain Pharmaceutical Mistry as Director 08-Nov-2012 Sun AGM Re-appointment of Mr Sudhir V For Abstain Pharmaceutical Valia as Director 08-Nov-2012 Sun AGM Re-appointment of Mr Ashwin S For Abstain Pharmaceutical Dani as Director 08-Nov-2012 Sun AGM Re-appointment of M/s Deloitte For Abstain Pharmaceutical Haskins & Sells, Chartered Accountants as auditors 08-Nov-2012 Sun AGM Appointment of Mr Makov Israel For Abstain Pharmaceutical as a Director 70

73 PROXY VOTING (contd.) Date Company Type of Meeting Proposal Management Vote For/ (AGM/EGM/ Recommendation Against/ Postal Ballot) Abstain) 08-Nov-2012 Sun AGM To alter, vary and modify the For Abstain Pharmaceutical rerms of appointment of Mr Dilip S Shangvi 08-Nov-2012 Sun AGM Payment of commission to For Abstain Pharmaceutical Non-Executive Directors 05-Dec-2012 Jaiprakash Asso PB Providing Security/ Guarantee/ For Abstain Undertakings to Lenders of Kanpur Fertilizers & Cement Limited 05-Dec-2012 Jaiprakash Asso PB To make additional investment For Abstain in Bhilai Jaypeee Cement Ltd and Bokaro Jaypee Cement Limited, subsidiaries of the company 05-Dec-2012 Jaiprakash Asso PB Providing Security/ Guarantee/ For Abstain Undertakings to Lenders of Jaypee Sports International Limited, an subsidiary of the company 05-Dec-2012 Jaiprakash Asso PB Providing Security/ Guarantee/ For Abstain Undertakings to Lenders of MP Jaypee Coal Limited 05-Dec-2012 Jaiprakash Asso PB Re-appointment of Mr Ranvijay For Abstain Singh as Whole-time director 09-Dec-2012 Asian Paints PB Alteration of MOA For Abstain 09-Dec-2012 Asian Paints PB To commence new business For Abstain 19-Jan-2013 HCL Technologies CRT To approve the Scheme of For Abstain Arrangement between HCL COMNET SYSTEMS & SERVICES LTD and HCL TECHNOLOGIES LTD 25-Jan-2013 Sun Pharmaceutical CRT To approve the Scheme of For Abstain Arrangement in the nature of Spin off and Transfer between SUN PHARMACEUTICAL INDUSTRIES LTD and SUN PHARMA LABORATORIES LTD 30-Jan-2013 State Bank of India EGM To elect one Director to the For Abstain Central Board of the Bank in place of Shri Dileep C Choksi 15-Feb-2013 A C C PB To pay Technology and knowhow For Abstain Fee to Holcim Technology Ltd 15-Feb-2013 Ambuja Cements PB To pay the Technology and For Abstain Know-how fees to Holcim Technology of Net Sales of the Company 04-Mar-2013 Punjab National EGM To issue equity shares for an For Abstain Bank amount upto 1250 crore on preferential basis in favour of Government of India 11-Mar-2013 Bank of Baroda EGM To issue equity shares upto For Abstain ` 860 crores, on preferential basis to Government of lndia 71