THE FACT SHEET. Assets Under Management Rs. 21, Crore (As on August 31, 2005)

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THE FACT SHEET Assets Under Management Rs. 21,477.

1 THE FACT SHEET Assets Under Management Rs. 21, Crore (As on August 31, 2005)

The Market O v e r v i e w Equity Market Snapshot esh Shah Chief Investment Officer Factors Fundamentals Growth momentum continues with Index of Industrial Production growing by 10.

2 The Market O v e r v i e w Equity Market Snapshot esh Shah Chief Investment Officer Factors Fundamentals Growth momentum continues with Index of Industrial Production growing by 10.3% for the period of April-June 2005 led by manufacturing growth of 11.2% for April- June period. Exports continue to grow at more than 20% and April-July exports growth is 21.33%. However, trade deficit has widened considerably - USD 13.9 bn for Apr-Jul 05 (PY USD 7.69 bn) - driven by surge in both oil and non-oil imports. Growth in non-oil imports was 38.1% in April-July Industry data such as cement dispatches, two wheeler and four wheeler sales, growth in telecom subscribers etc., also suggest that overall growth momentum continues to remain healthy. Technicals Investments by Aug-05 Jul-05 Institutions (Rs. Crs.) FIIs (Net Purchases / Sales) MFs (Net Purchases / Sales) Avg Daily Open Interest Aug-05 Jul-05 (Rs. Crs.) Index Futures Stock Futures Index Options Stock Options Total Avg Daily Volumes Aug-05 Jul-05 (Rs. Crs.) CASH Segment BSE NSE Total Derivative Segment NSE Avg Advance Aug-05 Jul-05 Decline Ratio BSE Ratio NSE Ratio Valuation Ratios Aug-05 Jul-05 P/E ratio- Sensex P/E ratio- Nifty Price/Book Value Ratio-Sensex Price/Book Value Ratio-Nifty Dividend Yield-Sensex Dividend Yield-Nifty Indice (% Change in Month) Aug-05 Jul-05 Sensex Nifty CNX Bank Index (6.83) Nifty junior CNX IT 6.40 (2.80) CNX Midcap 7.45 N.A. Bankex (6.21) BSE Auto BSE BSE Oil & Gas BSE BSE PSU BSE FMCG BSE Healthcare BSE BSE Teck Index BSE Consumer Durables BSE Capital Goods BSE Metals BSE Mid Cap BSE Small Cap Market Sentiments Market sentiment continued to remain upbeat as FII flows increased after concerns of slowdown in early part of the month and domestic mutual funds were able to mobilize large amounts in new fund offerings. At the moment, market does not seem to be worried about impact of high crude oil prices or valuations. Global Events FOMC increased Fed funds rate by 25 bps to 3.50%, while Bank of England cut its benchmark overnight rate by 25 bps to 4.50%. US economic data was weaker than expectations mainly because of inventory adjustment cycle. In the last week of the month, hurricane "Katrina" caused widespread damage in USA prompting many economists to cut their growth forecast of US economy. In Asia, Indian markets were one of the best performing in Aug-05 barring Japan and Thailand. Outlook The anecdotal evidences have started showing panic investor is chasing stocks. Penny stocks have started moving. Tips have started circulating like wild fire. Bad news like high oil prices is being wished away. Investors in remote areas have started taking active interest in equities. If caution was a virtue previously, now it is being considered a vice. All these are clear signs of a market running ahead of its fundamentals. Does this mean that investors should reduce their equity positions or sell aggressively? We don't think so. We believe that notwithstanding short-term excesses and anecdotal evidences, there is no need to change the longer term outlook for Indian equities. Indian economy is propelled higher on arbitrage of human intelligence / off shoring activities, infrastructure spending and preponement of consumption. Indian equity will follow the growth path of Indian economy. Uncertainty like oil & politics will always give a surprise and also a good correction. However they are difficult to predict. It is not possible to wait for correction to make investment decision. Equity is risky and one need not be afraid of loosing money. If you are afraid of water, you cannot learn swimming. Similarly you cannot make money in equities unless and until you are willing to bear losses. Indian equity markets are at the premium end of valuation reflecting the better growth prospects. Now the companies have to deliver consistently superior results. Any disappointment would result in severe punishment. Investors have to be cautious at current level. They should invest in large caps. Stay away from tips and whispers. Focus on fundamentally sound companies. There will be volatility ahead. Oil or politics or something else will give a shock and a correction. But long term investor by withstanding that volatility will still come out winner. Its time for traders to be awake. The investor can still have a peaceful sleep. 2 Fixed Income Market Snapshot Impact on Interest Rates Factors Short Term Medium Term (1-3 Months) (3-6 Months) Inflation Neutral Negative WPI inflation came off sharply during the month and was 3.08% for the week ended 20th August 2005 due to high base effect and virtually stagnant index for manufactured product prices. GoI yet again refrained from hiking retail prices of petrol and diesel. With crude oil prices ruling close to USD 70 / bbl, probability of fuel price hike is very high. However, in the near term, high base effect would continue to keep the headline WPI number benign. Money Supply Positive Neutral Money supply growth, as measured by M3 has picked up considerably in last few weeks and YoY M3 growth is in range of % as against RBI target of 14% for FY Systemic liquidity in Aug-05 was comfortable with average LAF balances of about Rs. 35,000 crores. To control surge in liquidity, RBI announced MSS auctions worth Rs. 16,000 cr comprising of dated securities and 91 day T-Bills. Going forward, M3 growth is likely to average around 14% though India Millennium Deposit (IMD) redemption in Dec-05 may reduce the growth to some extent. Credit Demand Negative Negative Credit growth remains strong with demand from consumer, manufacturing and infrastructure segments. Increased working capital borrowing by oil marketing companies also probably contributed to high credit growth. Systemic credit-deposit (CD) ratio at 65.3% is nearly all time high. YTD incremental CD ratio is about 73% as per latest available data. Credit demand is likely to remain strong with approaching festive season and seasonal pick-up in credit by industry in Q3 and Q4 FY2006. Government Borrowings Neutral Negative Monthly accounts show that in April-July 2005, fiscal deficit is 51.3% of full year budgeted deficit. However, these figures are distorted by last year's state debt swap scheme. Tax revenue growth for first four months of current FY has been buoyant at 22.5% (PY 18.4%). Scheduled borrowings for the month of Sep-05 is only Rs. 8,000 crores and going by various statements of FM, GoI is likely to borrow less than gross budgeted borrowing of Rs. 140,000 crores. However, implementation of Employment Guarantee Scheme (EGS) and increased subsidy for oil products could strain the Government finances further. Foreign Exchange Market Neutral Neutral After moving in a narrow range of for most of the month, INR-USD spot exchange rate came under pressure during the last week of Aug-05 due to record high crude oil prices, widening trade deficit and concerns about slowdown in capital flows. For the month, spot rupee depreciated by 1.6% against USD. However, forward premia have also come down by more than 50 bps for maturities up to 1 year. Mild depreciation of INR is likely to continue due to widening trade and current account deficit. RBI Policy Neutral Negative In its annual report for FY04-05, RBI has reiterated its GDP growth projection of 7.0% and annual point-to-point inflation in range of % for FY However, it has cautioned that pass-through of crude oil prices continues to remain most critical factor influencing domestic inflation. RBI has sounded more hawkish on inflation front in the annual report than its quarterly review of monetary policy in July-05. There is a reasonable possibility that RBI may hike Reverse Repo rate in Oct-05 policy review. Market Sentiment Positive Neutral Market sentiment is positive for the time being due to comfortable liquidity, limited supply through auctions in the month of Sep-05, sharp decline in US yields and continued demand by long term investors such as insurance companies at least at the long end of the curve. High crude oil prices continue to remain a cause of concern. We believe that in the short term yields are likely to be range bound with bias towards decline due to liquidity, low supply and decline in yields globally. Moderate hike in petrol and diesel prices is also widely expected and if moderate, would not lead to any negative surprise. Extent of price hike and announcement of auction calendar for H2 FY06 would be key events for the month. However, long-term outlook still remains of up trend in interest rates due to healthy growth momentum of Indian economy.

3 PruICICI Power Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores NAV (As on 31-Aug-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'05: 2.22% Rs invested at inception: Power Vs S&P CNX Nifty 51,056 46,056 41,056 36,056 31,056 26,056 21,056 16,056 11,056 6,056 Non-Ferrous Metals Hardware Finance Transportation Textiles - Products Auto Ancillaries Auto Telecom Services Pesticides Petroleum Products Cement Ferrous Metals Industrial Capital Goods Media & Entertainment Pharmaceuticals Construction Banks Consumer Non-Durable Software 0.54% 0.83% 1.20% 2.04% 2.48% 2.53% 2.90% 2.95% 3.23% 4.55% 5.38% 6.16% 6.79% 7.33% 7.81% 7.88% 10.19% 10.71% Rs Rs Oct-94 Jun-95 Feb-96 Oct-96 Jun-97 Feb-98 Oct-98 Jun-99 Feb-00 Oct-00 Jun-01 Feb-02 Oct-02 Jun-03 Feb-04 Oct-04 Jun-05 Pru ICICI Power Performance Record* - Cumulative Option S&P CNX Nifty CAGR Power : 15.39%; Benchmark : 5.78% % *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* 13.38% Last 6 Months 70.34% Last % Pru ICICI Power 58.67% *Pertains to the equity investments only % 26.04% 15.39% 11.33% 5.78% Last 3 S&P CNX Nifty Last 5 Since Inception 12.21% 4.00% 8.00% 12.00% 16.00% Long term investment of funds for capital appreciation in a concentrated multi sector portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 1, % Mahindra & Mahindra Limited 1, % Auto Ancillaries 1, % Amtek Auto Ltd 1, % Banks 6, % State Bank of India 2, % Bank of Baroda 1, % ICICI Bank Limited 1, % Punjab National Bank 1, % Yes Bank Ltd % Cement 3, % Associated Cement Companies Ltd 1, % Associated Cement Companies Ltd - Futures 1, % Century Textiles & Industries Ltd % Construction 4, % IVRCL Infrastructure & Projects Ltd 2, % Jai Prakash Industries Limited 2, % Consumer Non-Durable 6, % ITC Limited 2, % Balrampur Chini Mills Ltd. 1, % Bajaj Hindustan Limited 1, % Hindustan Lever Limited % Britannia Industries Limited % SPL Industries Ltd % Ferrous Metals 3, % Steel Authority of India Ltd 2, % Jindal Vijayanagar Steel Limited % Jindal Steel & Power Company Limited % Finance % Infrastructure Development Finance Corp % India Infoline Limited % Hardware % HCL Infosystems Ltd % Industrial Capital Goods 4, % Bharat Heavy Electricals Limited 1, % Bharat Heavy Electricals Limited-Futures % Thermax Limited 1, % Bharat Earth Movers Limited 1, % Media & Entertainment 4, % Deccan Chronicle Holdings Ltd 4, % Zee Telefilms Limited % Non-Ferrous Metals % Hindalco Industries Limited % Pesticides 2, % United Phosphorous Limited 2, % Petroleum Products 2, % Reliance Industries Limited 2, % Pharmaceuticals 4, % Cipla Limited 1, % Wyeth Lederle Ltd. 1, % Lupin Limited 1, % Ipca Laboratories Limited % Software 7, % I Flex Solutions Limited 2, % Tata Consultancy Services Limited 2, % HCL Technologies Limited 1, % Infosys Technologies Limited 1, % Sasken Communications Technologies Ltd % Telecom Services 1, % Videsh Sanchar Nigam Limited 1, % Textiles - Products 1, % Alok Textile Ltd. 1, % Raymond Limited % Transportation 1, % Containers Corporation of India Ltd 1, % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets (441.65) -0.73% Total Net Assets 63, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 3.72 Average Dividend Yield: 0.99 Annual Turnover Ratio : 2.53 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 August, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-04 12, , % 3 Year SIP 30-Sep-02 36, , , % 5 Year SIP 29-Sep-00 60, , , % Since Inception 1-Oct , , , % Assume Rs invested every month. 30-Sept-00 was not a Business day. The exceptionally high level of returns come from the sharp appreciation in market, in the year 2003 and

4 PruICICI Growth Plan Indicative Investment Horizon: 5 & more Inception date: Fund Size: Rs crores NAV (As on 31-Aug-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'05: 2.34% Rs invested at inception: Growth Plan Vs S & P CNX Nifty 58,365 53,365 48,365 43,365 38,365 33,365 28,365 23,365 18,365 13,365 8, Rs Rs Jul-98 Dec-98 May-99 Oct-99 Mar-00 Aug-00 Jan-01 Jun-01 Nov-01 Apr-02 Sep-02 Feb-03 Jul-03 Dec-03 May-04 Oct-04 Mar-05 Aug % % 1 Last 6 Months Finance Fertilizers Power Textiles - Products Chemicals Hardware Construction Industrial Products Petroleum Products Consumer Non-Durable Non-Ferrous Metals Ferrous Metals Software Auto Ancillaries Banks Pharmaceuticals Pru ICICI Growth Plan Oil Auto 65.99% 0.32% 1.40% 1.47% 1.97% 2.11% 2.19% 2.58% 2.91% 4.23% 4.53% S&P CNX Nifty CAGR Growth Plan : 27.03%; Benchmark : 13.55% Performance Record *- Growth Option Sector Allocation* 46.14% 44.51% 33.06% 27.03% 19.35% 13.55% 11.33% Last 1 Pru ICICI Growth Plan Last 3 Last 5 S&P CNX Nifty Since Inception *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is S&P CNX Nifty. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs % 5.88% 6.30% 6.72% 8.32% 11.34% 12.50% 14.77% 5.00% % 2 *Pertains to the equity investments only. Long term investment of funds for capital appreciation Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 1, % Mahindra & Mahindra Limited 1, % Bajaj Auto Limited % Auto Ancillaries 3, % Apollo Tyres Limited 1, % Kesoram Industries Limited % Motor Industries Co. Limited % Banks 3, % State Bank of India 1, % ICICI Bank Limited % Punjab National Bank % Indian Overseas Bank % Chemicals % Indian Petrochemicals Corporation Ltd % Construction % Jai Prakash Industries Limited % Consumer Non-Durable 1, % Hindustan Lever Limited % Dabur India Limited % Nirma Limited % Asian Paints Limited % Ferrous Metals 1, % Jindal Vijayanagar Steel Limited 1, % Tata Iron & Steel Co. Ltd % Steel Authority of India Ltd % Fertilizers % Gujarat State Fert & Chem Limited % Finance % Infrastructure Development Finance Corp % Hardware % HCL Infosystems Ltd % Industrial Products 1, % Bharat Forge Limited 1, % Non-Ferrous Metals 1, % National Aluminium Company Limited 1, % Sterlite Industries (India) Limited % Oil % Oil & Natural Gas Company Ltd % Petroleum Products 1, % Reliance Industries Limited 1, % Pharmaceuticals 3, % Cipla Limited 1, % Aventis Pharma Ltd. 1, % Wyeth Lederle Ltd % Sun Pharmaceuticals Limited % Power % Neyveli Lignite Corporation % Software 2, % Infosys Technologies Limited 1, % Tata Consultancy Services Limited % Flextronics Software Systems Ltd % Sasken Communications Technologies Ltd % Textiles - Products % Arvind Mills Limited % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 26, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 3.00 Average Dividend Yield: 1.39 Annual Turnover Ratio : 2.95 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 August, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-04 12, , % 3 Year SIP 30-Sep-02 36, , , % 5 Year SIP 29-Sep-00 60, , , % Since Inception 9-Jul-98 87, , , % Assume Rs invested every month. 30-Sept-00 was not a Business day. The exceptionally high level of returns come from the sharp appreciation in market, in the year 2003 and

5 PruICICI Discovery Plan Indicative Investment Horizon: 5 yrs + Inception date: Fund Size: Rs crores NAV (As on 29-July-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'05: 2.24% Rs invested at inception: Discovery Plan Vs S & P CNX Nifty 19,819 18,819 17,819 16,819 15,819 14,819 13,819 12,819 11,819 10,819 9,819 Aug Rs Rs Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug % Pru ICICI Discovery Fund 13.38% S&P CNX Nifty CAGR Discovery Plan : 79.91%; Benchmark : 46.79% Performance Record *- Growth Option Sector Allocation* 81.93% 79.91% 46.14% 46.79% Last 6 Months Last 1 Since Inception Pru ICICI Discovery Fund S&P CNX Nifty *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is S&P CNX Nifty. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs Finance Textiles - Cotton Textiles - Synthetic Transportation Textiles - Products Power Cement Oil Pharmaceuticals Industrial Products Software Ferrous Metals Construction Hardware Auto Non-Ferrous Metals Petroleum Products Industrial Capital Fertilizers Auto Ancillaries Consumer Non-Durable Chemicals Banks 0.26% 0.75% 1.06% 1.94% 1.96% 2.40% 2.45% 2.52% *Pertains to the equity investments only. 2.63% 3.13% 3.20% 3.24% 4.00% 4.14% 4.19% 4.65% 4.96% 5.80% 5.90% 6.12% 7.14% 8.87% 9.03% 2.00% 4.00% 6.00% 8.00% 1 Long term investment of funds for capital appreciation following value investment philosophy Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 2, % Mahindra & Mahindra Limited 2, % Bajaj Auto Limited % Auto Ancillaries 3, % Motor Industries Co. Limited 1, % Exide Industries Limited 1, % Ucal Fuel Systems Limited % Jay Bharat Maruti Limited % Banks 5, % State Bank of India 2, % Punjab National Bank 1, % Karur Vysya Bank % Canara Bank % Cement 1, % Shree Cement % Orient Paper & Industries Limited % Mangalam Cement Ltd % Chemicals 5, % Indian Petrochemicals Corporation Ltd 1, % India Glycols Limited 1, % Gujarat Alkalies & Chemicals Ltd 1, % Construction 2, % Jai Prakash Industries Limited 2, % Consumer Non-Durable 4, % Pidilite Industries Limited 1, % E.I.D. Parry (India) Limited % Rajshree Sugars & Chemicals Ltd % Jindal Photo Films Limited % Dwarikesh Sugar Industries Ltd % SPL Industries Ltd % Ferrous Metals 1, % Steel Authority of India Ltd 1, % Jindal Vijayanagar Steel Limited % Fertilizers 3, % Gujarat State Fert & Chem Limited 2, % Indo Gulf Fertilizers Ltd % Gujarat Narmada Valley Fertilisers Co. Limited % Chambal Fertilisers & Chemicals Ltd % Finance % Infrastructure Development Finance Corp % Hardware 2, % HCL Infosystems Ltd 2, % Industrial Capital Goods 3, % Thermax Limited 1, % Kalpataru Power Transmission Limited % Kirloskar Oil Engines Limited % Bharat Earth Movers Limited % Industrial Products 1, % Finolex Cables Limited % M M Forgings Limited % Jindal Poly Film Ltd % Non-Ferrous Metals 2, % National Aluminium Company Limited 2, % Sterlite Industries (India) Limited % Oil 1, % Oil & Natural Gas Company Ltd 1, % Petroleum Products 2, % Reliance Industries Limited 2, % Pharmaceuticals 1, % Cadila Healthcare Limited 1, % Power 1, % Neyveli Lignite Corporation 1, % Software 1, % Mastek Ltd % Flextronics Software Systems Ltd % Subex Systems Limited % Sasken Communications Technologies Ltd % Textiles - Cotton % Mahavir Spinning Mills Limited % Vardhaman Spinning and General Mills Limited % Textiles - Products 1, % Raymond Limited 1, % Textiles - Synthetic % Nahar Spinning Mill Ltd % Transportation 1, % Containers Corporation of India Ltd 1, % Cash, Call, CBLO & Reverse Repo 3, % Other Current Assets 2, % Total Net Assets 57, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 2.54 Average Dividend Yield: 1.28 Annual Turnover Ratio : 3.90 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 August, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-04 12, , % Since Inception 16-Aug-04 14, , , % Assume Rs invested every month. 30-Sept-00 was not a Business day. The exceptionally high level of returns come from the sharp appreciation in market, in the year 2003 and

6 PruICICI Emerging S.T.A.R Fund Indicative Investment Horizon: 3 & more Inception date: Fund Size: Rs crores NAV (As on 31-August-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'05: 2.36% Performance Record *- Growth Option Sector Allocation* 48.62% Quantitative Indicators: Average P/E: Average P/BV: 4.13 Average Dividend Yield: 0.71 Annual Turnover Ratio : 2.50 times *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is Nifty Junior. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs Petroleum Products 15.15% Last 6 Months Pru ICICI Emerging S.T.A.R. Fund Textiles - Cotton Textiles - Synthetic Banks Textiles - Products Pharmaceuticals Chemicals Finance Consumer Non-Durable Construction Consumer Durables Industrial Products Hardware Ferrous Metals Auto Ancillaries Media & Entertainment Cement Industrial Capital Software 0.84% 1.00% 1.02% 1.78% 1.92% 1.94% 2.24% 2.55% 3.64% 4.04% 5.06% 5.40% 5.42% *Pertains to the equity investments only. 5.71% 5.87% 77.30% 44.88% Since Inception NIFTY Junior Index 8.69% 10.77% 12.00% 13.29% 2.00% 4.00% 6.00% 8.00% %14.00% turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Long term investment of funds for capital appreciation on a mid-cap portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto Ancillaries 1, % Amtek Auto Ltd % Ucal Fuel Systems Limited % Motherson Sumi Systems Ltd % Rico Auto Industries Limited % Banks % Jammu & Kashmir Bank % Cement 2, % Ramco Industries Limited % Century Textiles & Industries Ltd % Hyderabad Industries Ltd % Madras Cements Limited % Orient Paper & Industries Limited % Chemicals % Beck India Ltd % India Glycols Limited % Construction 1, % IVRCL Infrastructure & Projects Ltd % Mahindra Gesco Developers Ltd % Consumer Durables 1, % Blue Star Limited % Lloyd Electric & Engineering Ltd % Consumer Non-Durable % Jindal Photo Films Limited % Bata India Limited % SPL Industries Ltd % Bajaj Hindustan Limited % Ferrous Metals 1, % India Seamless Steels & Alloys Ltd % Usha Beltron Limited % Sesa Goa Limited % Man Industries (India) Ltd % Raipur Alloys & Steel Ltd % Finance % Infrastructure Development Finance Corp % India Infoline Limited % Hardware 1, % HCL Infosystems Ltd % Spanco Telesystems & Solutions Ltd % Industrial Capital Goods 3, % Bharat Earth Movers Limited % Kalpataru Power Transmission Limited % Bharti Shipyard Limited % Thermax Limited % Crompton Greaves Limited % Stone India Limited % Industrial Products 1, % Sintex Industries % Shree Ganesh Forgings Limited % Torrent Cable % Media & Entertainment 2, % Deccan Chronicle Holdings Ltd 2, % Petroleum Products % Apar Industries Ltd % Pharmaceuticals % Shasun Chemicals & Drugs Limited Aventis Pharma Ltd % Software 3, % Subex Systems Limited 1, % Mastek Ltd % I Flex Solutions Limited % Aptech Ltd % Hinduja TMT Ltd % Megasoft Ltd % NIIT Limited % Sasken Communications Technologies Ltd % Textiles - Cotton % Nahar Industrial Enterprises Ltd % Textiles - Products % Siyaram Silk Mills Ltd % Textiles - Synthetic % Sarla Polyester Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 25, Top Ten Holdings 6

7 PruICICI Dynamic Plan Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crores NAV (As on 31-August-05): Cumulative option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'05: 2.29% Rs invested at inception: Dynamic Plan Vs S&P CNX Nifty 39,665 34,665 29,665 24,665 19,665 14,665 9,665 Rs Rs Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Pru ICICI Dynamic Plan Performance Record *- Cumulative Option S&P CNX Nifty CAGR Dynamic Plan: 58.60%; Benchmark : 38.27% Sector Allocation* 36.30% 13.38% 97.31% *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs Minerals/Mining Textiles - Cotton *Pertains to the equity investments only % 58.60% 38.27% Last 6 Months Last 1 Since Inception Textiles - Hotels Auto Transportation Finance Gas Chemicals Textiles - Products Pharmaceuticals Banks Hardware Auto Ancillaries Petroleum Ferrous Metals Industrial Capital Construction Media & Cement Consumer Non- Software Pru ICICI Dynamic Plan 0.69% 0.81% 0.95% 1.28% 1.48% 1.57% 1.59% 1.84% 1.97% 2.04% 2.15% 2.33% 2.63% 2.99% 4.39% 5.01% 5.26% 6.81% 7.28% S&P CNX Nifty 9.63% 13.65% 19.01% 5.00% % 2 Medium term investment of funds for capital appreciation by managing cash and equity portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto % Mahindra & Mahindra Limited % Auto Ancillaries 1, % Amtek Auto Ltd 1, % Munjal Auto Industries Ltd % Banks 1, % Bank of Baroda % ICICI Bank Limited % Cement 4, % Associated Cement Companies Ltd % Associated Cement Companies Ltd - Futures 1, % Hyderabad Industries Ltd 1, % Orient Paper & Industries Limited % Shree Cement % Chemicals % Navin Flourine International Ltd % Construction 3, % IVRCL Infrastructure & Projects Ltd 1, % Jai Prakash Industries Limited 1, % Mahindra Gesco Developers Ltd % Consumer Non-Durable 6, % ITC Limited 1, % E.I.D. Parry (India) Limited 1, % Bajaj Hindustan Limited 1, % Jindal Photo Films Limited % Hindustan Lever Limited % McDowell & Company Limited % SPL Industries Ltd % Ferrous Metals 2, % Steel Authority of India Ltd 1, % Jindal Vijayanagar Steel Limited % Raipur Alloys & Steel Ltd % Finance % Infrastructure Development Finance Corp % Gas % Gujarat Gas Company Limited % Hardware 1, % HCL Infosystems Ltd 1, % Hotels % Viceroy Hotels Ltd % Industrial Capital Goods 2, % Texmaco Ltd 1, % Kalpataru Power Transmission Limited 1, % Bharat Heavy Electricals Limited % Media & Entertainment 3, % Deccan Chronicle Holdings Ltd 3, % Minerals/Mining % Gujarat NRE Coke Ltd % Petroleum Products 2, % Reliance Industries Limited 2, % Pharmaceuticals 1, % Ranbaxy Laboratories Limited 1, % Software 9, % Subex Systems Limited 1, % I Flex Solutions Limited 1, % Mastek Ltd 1, % Tata Consultancy Services Limited 1, % Flextronics Software Systems Ltd 1, % Infosys Technologies Limited % Allsec Technologies % Hinduja TMT Ltd % HCL Technologies Limited % Megasoft Ltd % Sasken Communications Technologies Ltd % Textiles - Cotton % Mahavir Spinning Mills Limited % Textiles - Products 1, % Alok Textile Ltd. 1, % Textiles - Synthetic % Century Enka Limited % Transportation % Great Eastern Shipping Co. Limited % Cash, Call, CBLO & Reverse Repo 3, % Other Current Assets (1,042.01) -2.13% Total Net Assets 48, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 3.93 Average Dividend Yield: 0.89 Annual Turnover Ratio : 3.71 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 August, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-04 12, , % Since Inception 31-Oct-02 35, , , % Assume Rs invested every month. 30-Sept-00 was not a Business day. The exceptionally high level of returns come from the sharp appreciation in market, in the year 2003 and

8 PruICICI Tax Plan Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crores NAV (As on 31-August-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'05: 2.45% 76,301 66,301 56,301 46,301 36,301 26,301 16,301 6,301 Rs Rs Aug-99 Dec-99 Apr-00 Aug-00 Dec-00 Apr-01 Aug-01 Dec-01 Apr-02 Aug-02 Dec-02 Apr-03 Aug-03 Dec-03 Apr-04 Aug-04 Dec-04 Apr-05 Aug-05 Pru ICICI Tax Plan Performance Record *- Growth Option S&P CNX Nifty CAGR Tax Plan: 36.95%; Benchmark : 9.95% *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is S&P CNX Nifty. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* *Pertains to the equity investments only. Rs invested at inception: Tax Plan Vs S&P CNX Nifty % 13.38% Last 6 Months Finance Telecom Services Auto Non-Ferrous Metals Pesticides Paper Hotels Construction Textiles - Products Ferrous Metals Fertilizers Cement Consumer Non-Durable Banks Textiles - Cotton Hardware Software Industrial Capital Goods Pharmaceuticals Auto Ancillaries Industrial Products Chemicals % Last % Pru ICICI Tax Plan 75.95% Last % 33.06% 36.95% 11.33% 9.95% S&P CNX Nifty Last 5 Since Inception 0.24% 0.74% 1.07% 1.45% 1.66% 2.20% 2.39% 2.42% 2.91% 2.99% 3.72% 3.83% 4.16% 4.21% 4.53% 5.94% 6.38% 6.67% 8.22% 8.49% 8.79% 10.29% 2.00% 4.00% 6.00% 8.00% % Medium term investment of funds with tax benefits for capital appreciation Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto % Mahindra & Mahindra Limited % Auto Ancillaries 1, % Exide Industries Limited % Ucal Fuel Systems Limited % Rane Holdings Limited % Sundaram Brake Linings Ltd % Sundaram Clayton Limited % Banks % State Bank of India % Yes Bank Ltd % Punjab National Bank 0.01 Cement % Orient Paper & Industries Limited % Mangalam Cement Ltd % Pokarna Ltd % Dalmia Cement (Bharat) Ltd % Chemicals 1, % Gujarat Alkalies & Chemicals Ltd % India Glycols Limited % Indian Petrochemicals Corporation Ltd % Ultramarine & Pigments Ltd % Construction % Jai Prakash Industries Limited % Consumer Non-Durable % Pidilite Industries Limited % SPL Industries Ltd % Ferrous Metals % Monnet Ispat % Fertilizers % Gujarat State Fert & Chem Limited % Zuari Industries Limited % Finance % Infrastructure Development Finance Corp % Hardware % HCL Infosystems Ltd % Hotels % Taj GVK Hotels & Resorts Ltd % Oriental Hotels Limited % Industrial Capital Goods % Aban Lloyd Chiles Offshore Limited % Numeric Power Systems Ltd % Industrial Products 1, % BOC (I) Ltd % Greaves Cotton Limited % Esab India Limited % Finolex Cables Limited % Tayo Rolls Ltd % Non-Ferrous Metals % Hindustan Zinc Limited % National Aluminium Company Limited % Paper % Ballarpur Industries Limited % Tamil Nadu Newsprint & Papers Ltd % Pesticides % Monsanto India Ltd % Pharmaceuticals 1, % Sun Pharmaceuticals Limited % Ipca Laboratories Limited % Aventis Pharma Ltd % Wyeth Lederle Ltd % Fulford India Limited % Surya Pharmaceuticals Ltd % Software % Subex Systems Limited % KPIT Infosystems % Infosys Technologies Limited % Flextronics Software Systems Ltd % Sasken Communications Technologies Ltd % Telecom Services % Avaya Global Connect Ltd % Textiles - Cotton % Maral Overseas Limited % Nahar Industrial Enterprises Ltd % Precot Mills Ltd % Rajvir Industries Ltd 0.58 Textiles - Products % Raymond Limited % K. G. Denim Limited % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 13, Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 2.84 Average Dividend Yield: 1.00 Annual Turnover Ratio : 2.56 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 August, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-04 12, , % 3 Year SIP 30-Sep-02 36, , , % 5 Year SIP 29-Sep-00 60, , , % Since Inception 19-Aug-99 74, , , % Assume Rs invested every month. 30-Sept-00 was not a Business day. The exceptionally high level of returns come from the sharp appreciation in market, in the year 2003 and

9 PruICICI FMCG Fund Long term investment of funds for capital appreciation in FMCG sector Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores NAV (As on 31-August-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'05: 2.50% Company/Issuer Mkt Value (Rs. Lakh) % to NAV Consumer Non-Durable 4, % ITC Limited % Asian Paints Limited % Champagne Indage Limited % Goodlass Nerolac Paints Limited % Rs invested at inception: FMCG Vs CNX FMCG Index Dabur India Limited % Radico Khaitan Ltd % 30,853 25,853 20,853 Rs Gillette India Ltd % Godrej Consumers % Bata India Limited % 15,853 10,853 5,853 Rs Mar-99 Jul-99 Nov-99 Mar-00 Jul-00 Nov-00 Mar-01 Jul-01 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Mar-05 Jul-05 Pru ICICI FMCG Fund CNX FMCG Index CAGR FMCG : 17.30%; Benchmark : 2.25% Pidilite Industries Limited % Agro Dutch Industries Limited % ICI India Limited % Dwarikesh Sugar Industries Ltd % Heritage Foods (India) Limited % Jindal Photo Films Limited % Nestle India Limited % Performance Record* - Growth Option % Last 6 Months 29.87% % Last % 46.92% 23.26% 17.50% 17.30% 4.81% 2.25% Pru ICICI FMCG Fund Last 3 Last 5 CNX FMCG Index Since Inception *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is CNX FMCG Index. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs Marico Industries Limited % Industrial Products % Essel Propack Limited % Retailing % Trent Ltd % Pantaloon Retail (India) Ltd % Private Corporate Securities % Trent Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets (129.20) -2.17% Total Net Assets 5, Top Ten Holdings Sector Allocation* Quantitative Indicators: Industrial Products 2.88% Average P/E: Average P/BV: 5.38 Average Dividend Yield: 1.19 Annual Turnover Ratio : 0.81 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Retailing 14.75% Consumer Non- Durable 80.20% *Pertains to the equity investments only. SIP Returns: As on 31 August, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-04 12, , % 3 Year SIP 30-Sep-02 36, , , % 5 Year SIP 29-Sep-00 60, , , % Since Inception 31-Mar-99 78, , , % Assume Rs invested every month. 30-Sept-00 was not a Business day. The exceptionally high level of returns come from the sharp appreciation in market, in the year 2003 and

10 PruICICI Technology Fund Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores NAV (As on 31-August-05): Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'05: 2.42% Rs invested at inception: Technology Fund Vs BSE Tech Index 13,177 11,177 9,177 7,177 5,177 3,177 1,177 Rs Rs Mar-00 Jul-00 Nov-00 Mar-01 Jul-01 Nov-01 Mar-02 Jul-02 Nov-02 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Mar-05 Jul-05 Pru ICICI Technology Fund Performance Record *- Growth Option BSE Tech Index CAGR Technology Fund: -1.33%; Benchmark : % % Last 6 Months 16.23% 67.69% 53.09% 46.47% 35.25% Last 1 Pru ICICI Technology Fund Last % % -3.30% -1.33% Last 5 BSE Tech Index Since Inception *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is BSE Tech Index. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs Long term investment of funds for capital appreciation in technology sector Company/Issuer Mkt Value (Rs. Lakh) % to NAV Consultancy % Quality Assurance Institute (I) Ltd % Hardware % HCL Infosystems Ltd % Industrial Capital Goods % Solectron Centum Electronics Ltd % Media & Entertainment 2, % Deccan Chronicle Holdings Ltd 1, % Crest Communication Ltd % Zee Telefilms Limited % Pharmaceuticals % Vivimed Labs Ltd % Elder Pharmaceuticals Limited % RPG Life Science Ltd % Software 8, % Subex Systems Limited 1, % I Flex Solutions Limited 1, % Infosys Technologies Limited 1, % Tata Consultancy Services Limited % Flextronics Software Systems Ltd % Visual Soft (India) Ltd % Mastek Ltd % Megasoft Ltd % Polaris Software Lab Ltd % Hinduja TMT Ltd % Aztec Software & Technology Services Ltd % Patni Computers Systems Ltd % Satyam Computer Services Limited % HCL Technologies Limited % Allsec Technologies % Tata Infotech Limited % Sasken Communications Technologies Ltd % Ampersand Software Applications Ltd 0.00 SIP Technologies Limited 0.00 Telecom Services % Avaya Global Connect Ltd % Videsh Sanchar Nigam Limited % Cash, Call, CBLO & Reverse Repo % Other Current Assets (383.39) -2.53% Total Net Assets 15, Top Ten Holdings Sector Allocation* Consultancy Industrial Capital Goods 0.17% 3.85% Quantitative Indicators: Average P/E: Average P/BV: 4.86 Average Dividend Yield: 0.62 Annual Turnover Ratio : 1.96 times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Telecom Services 4.51% Pharmaceuticals 5.38% Hardware 6.08% Media & Entertainment 18.90% Software 57.46% SIP Returns: As on 31 August, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-04 12, , , % 3 Year SIP 30-Sep-02 36, , , % 5 Year SIP 29-Sep-00 60, , , % Since Inception 3-Mar-00 67, , , % Assume Rs invested every month. 30-Sept-00 was not a Business day. The exceptionally high level of returns come from the sharp appreciation in market, in the year 2003 and *Pertains to the equity investments only. 10

11 PruICICI Index Fund Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores NAV (As on 31-August-05): Rs **Expense Ratio for the month of Aug'05: Rs invested at inception: Index Fund Vs S&P CNX Nifty 21,708 19,708 17,708 15,708 13,708 11,708 9,708 7,708 Rs Rs Feb-02 Apr-02 Jun-02 Aug-02 Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Fertilizers Transportation Chemicals Media & Entertainment Power Finance Non-Ferrous Metals Cement Ferrous Metals Industrial Capital Goods Pharmaceuticals Telecom Services Consumer Non-Durable Petroleum Products Software Pru ICICI Index Fund Performance Record *- Cumulative Option Gas Auto Banks Oil 0.20% 0.22% 0.23% 0.38% 0.97% 0.99% 1.10% 1.18% 1.43% 2.32% 2.46% 2.70% 3.23% 3.80% 4.48% S&P CNX Nifty CAGR Index Fund : 22.79%; Benchmark : 21.90% % 13.38% 1 Last 6 Months Last 1 Last 3 Since Inception Pru ICICI Index Fund S&P CNX Nifty *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is S&P CNX Nifty. 30-Sept-00 was not a Business day. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* 5.69% 5.92% 6.85% 10.51% 2.00% 4.00% 6.00% 8.00% % *Pertains to the equity investments only % 46.14% 33.45% 33.06% 22.79% 21.90% Long term investment of funds for capital appreciation by replicating S&P CNX Nifty index Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto % Tata Motors Ltd % Bajaj Auto Limited % Maruti Udyog Ltd % Hero Honda Limited % Mahindra & Mahindra Limited % Banks % State Bank of India % ICICI Bank Limited % HDFC Bank Limited % Punjab National Bank % Oriental Bank of Commerce % Cement % Grasim Industries Limited % Gujarat Ambuja Cement Limited % Associated Cement Companies Ltd % Chemicals % Indian Petrochemicals Corporation Ltd % Consumer Non-Durable % ITC Limited % Hindustan Lever Limited % Tata Tea Limited % Dabur India Limited % Colgate Palmolive (India) Limited % Ferrous Metals % Steel Authority of India Ltd % Tata Iron & Steel Co. Ltd % Fertilizers % Tata Chemicals Limited % Finance % Housing Development Finance Corpn Ltd % Gas % Gas Authority Of India Limited % Industrial Capital Goods % Bharat Heavy Electricals Limited % Larsen & Toubro Limited % ABB Ltd % Media & Entertainment % Zee Telefilms Limited % Non-Ferrous Metals % Hindalco Industries Limited % National Aluminium Company Limited % Oil % Oil & Natural Gas Company Ltd % Petroleum Products % Reliance Industries Limited % Bharat Petroleum Corpn. Limited % Hindustan Petroleum Corpn. Limited % Pharmaceuticals % Ranbaxy Laboratories Limited % Sun Pharmaceuticals Limited % Cipla Limited % Glaxo Smithklime Pharma Ltd % Dr. Reddy s Laboratories Limited % Power % Reliance Energy Ltd % Tata Power Company Limited % Software % Tata Consultancy Services Limited % Infosys Technologies Limited % Wipro Limited % Satyam Computer Services Limited % HCL Technologies Limited % Telecom Services % Bharati Televentures Ltd % Videsh Sanchar Nigam Limited % Mahanagar Telephone Nigam Ltd % Transportation % Shipping Corporation of India Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets Top Ten Holdings Quantitative Indicators: Average P/E: Average P/BV: 3.72 Average Dividend Yield: 1.56 Annual Turnover Ratio : times turnover has been computed as the ratio of the higher value of average purchase and average sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. SIP Returns: As on 31 August, 2005 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-04 12, , % 3 Year SIP 30-Sep-02 36, , , % Since Inception 26-Feb-02 44, , , % Assume Rs invested every month. 30-Sept-00 was not a Business day. The exceptionally high level of returns come from the sharp appreciation in market, in the year 2003 and

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

THE FACT SHEET. Assets Under Management Rs. 16, Crore (As on February 28, 2005) THE FACT SHEET Assets Under Management Rs. 16,314.96 Crore (As on February 28, 2005) www.pruicici.com CONTENTS The Market Overview Equity & Debt 04 Prudential ICICI Power 05 Prudential ICICI Growth Plan