FACT SHEET. Assets Under Management Rs. 34, Crore (As on August 31, 2006)

Transcription

1 THE FACT SHEET Assets Under Management Rs. 34, Crore (As on August 31, 2006) Past performance is no guarantee of future results. For Award details please see the back cover.

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3 The Market O v e r v i e w Fixed Income Market Snapshot esh Shah Chief Investment Officer Impact on Interest Rates FACTORS Short Term Medium Term (1-3 Months) (3-6 Months) INFLATION Neutral Neutral Inflation for the week ended Aug 19 accelerated to 4.91%, higher than the market expectations. In its Annual report, the RBI kept the inflation forecast unchanged at %. It warned that inflationary pressures remain due to incomplete pass-through of oil prices and the extreme volatility witnessed in the international crude prices over the last one year. We expect inflation to remain within the comfort zone of the RBI till yearend. MONEY SUPPLY NEUTRAL NEGATIVE Money Supply (M3) outstanding as on Aug 18, '06 was up 19.9% YoY at Rs.28.2 trillion, which is well above the RBI's projected rate of 15% for FY07. The money supply growth has been constantly on the higher side, which could be a cause of concern for the RBI when it announces its Monetary Policy Review in Oct '06. Higher fiscal spending has increased money supply in 1H FY07. We expect tighter liquidity in 2H FY07. Credit Demand NEGATIVE NEGATIVE The credit offtake continued unabated with credit-deposit ratio at around 70%. Non-food credit grew by 33% YoY, exceeding the central bank's target of 20% for the current financial year. There was a 54% jump in housing loans in the April-June '06 quarter, despite a 200 bps rise in lending rates over the last one year. Strong credit demand will keep pressure on liquidity in 2H FY07. Government Borrowings NEUTRAL NEGATIVE The Government auctioned Rs Cr of debt, as per the borrowing calendar. In addition to this, four Indian states raised State Development Loans worth Rs.1050 Cr at a cut-off yield of 8.11%. Rising fiscal deficit, which was at 52.3% of the budgetary estimate at the end of June'06, has been a cause of concern. The Ministry of Finance, however, has assured that the government would stick to its borrowing programme. Foreign Exchange Market NEUTRAL NEUTRAL The fall in crude prices and expectations of a pause in the US Fed's rate rising campaign allowed the rupee to strengthen during the month. Renewed buying by the FIIs also added to the positive market sentiment. We expect forex market to behave in an orderly fashion with no material impact on money markets. RBI Policy NEUTRAL NEGATIVE The Reserve Bank of India expects the growth momentum seen in recent to continue in FY07. The RBI also reiterated that containing inflationary expectations would continue to pose a challenge to monetary management. We expect the RBI to maintain an interest rate stance, which will keep credit, especially for real estate and speculative business under check. Market Sentiment POSITVE NEUTRAL Indian bonds rose to their 3-month high as the yield of the 10-year G-Sec hit a low of 7.88%. Easy liquidity coupled softer yields on US Treasuries fueled the bullish sentiment. Heightened expectations that the RBI may leave interest rates unchanged on the back of US Fed pause ensured a bullish sentiment. OUTLOOK Most Central Banks across the globe have paused to assess the effect of the monetary tightening, for the fear of over-tightening. We expect the RBI to behave in line with global trends. We had recommended entry in income funds at 8.25%-8.50% yield on 10 year Gilt in the previous month. Although the rapid decline in yields was unexpected, we do not expect the rates to further decline from current level on a sustained basis. We recommend investors to invest in debt funds on an asset allocation basis for less volatile returns. Equity Market Snapshot FACTORS Fundamentals India's exports grew faster at 35% y-o-y compared to imports that grew at 24% in July 2006 despite oil imports growing 33% y-o-y. Trade deficit increased marginally to $3.96 bn. FDI inflows in first four months are $1.74 bn, up 47% from last year. Quarterly IIP growth rate declined to 10.1% as mining and electricity showed lackluster growth. Manufacturing, on the other hand, clocked a healthy 10.5% growth y-o-y. Monsoon was uneven with Western part of the country receiving excess rainfall and Eastern India showing below normal rainfall. The comforting factor was softer crude prices, down from the high of $78/bbl to $69 during the month backed by Lebanon cease fire and receding threat of hurricanes. Indian crude basket price also dropped to $65, down from an all time high of $75. in the first week of August. Technicals Investments by Jul-06 Aug-06 Institutions (Rs. Crs.) FIIs (Net Purchases / Sales) MFs (Net Purchases / Sales) Avg Daily Open Interest Jul-06 Aug-06 (Rs. Cr.) Index Futures Stock Futures Index Options Stock Options Total Avg Daily Volumes(Rs. Cr.) Jul-06 Aug-06 CASH Segment BSE NSE Total Derivative Segment NSE BSE Total Avg Advance Decline Ratio BSE Ratio NSE Ratio Market Sentiments Sensex continued its northward journey clocking 8.9% gain over last month. The month started on a positive note with the US Fed pausing the interest rate hike. The positive sentiment continued as The FIIs continued aggressive buying absorbing the supply from domestic investors and IPOs. FII's were net buyers to the tune of $1.04 bn ($303 mn in July '06). MF's remained marginal buyers with net buying of $92 mn (- $17 mn in July '06). Rollover was smooth at the month end as 72% of August contracts were rolled over to the September series. Global Events US markets rallied as data released during the week helped quell concern that the economy will suffer from a steep slowdown. Although, it wasn't strong enough to suggest growing inflationary pressures, it reinforced the view that economic expansion is moderating and may limit inflation. The housing sector, being the most interest rate sensitive, has shown clear signs of cooling off. The Bank of Japan kept the interest rates unchanged as it will watch the effect of the US slowdown. Nikkei and other Asian markets showed strong correlation with the US data, with export companies likely to get impacted by a suspected slowdown in the US. Fluctuations in Yuan during the month were the largest since its depeg against the dollar in July The ECB left its key lending rate unchanged, while maintaining that 'strong vigilance' is needed on inflation risks. The ECB has been trying to curb inflation that is forecast to exceed its 2% target. OUTLOOK Positive fundamentals like US Fed rate pause and softer crude along with liquidity drove the market last month. Going forward, the direction of the market would be determined by the outcome of next FOMC meeting, crude price trend and second quarter results. Also, as Q2FY07 draws to a close, investors will be ready to discount FY08 earnings. The IPO supply is building up with more than 200 IPOs in the pipeline. The valuations are above fair value on FY07 basis and prices look perfect. Therefore our recommendation to investors is as follows; Valuation Ratios Jul-06 Aug-06 P/E ratio- Sensex P/E ratio- Nifty Price/Book Value Ratio-Sensex Price/Book Value Ratio-Nifty Dividend Yield-Sensex Dividend Yield-Nifty Sectoral Indices % change % change Performance Jun-Jul 06 July-Aug 06 BSE Metals BSE FMCG BSE Teck Index BSE Healthcare BSE PSU BSE Capital Goods BSE Auto Bankex BSE Consumer Durables BSE Oil & Gas In a fairly plus valued market, maintain little less than neutral allocation towards equities (Please refer "Guide to Asset Allocation"). 3

4 Do not try to time the market, as the market may remain volatile for some more time. Both - the economy and the corporate sector are doing well but the valuations are rich and do not leave any scope for disappointment. Asset allocation and systematic investment plans are the best way to safeguard against volatility. They ensure optimal returns and not the maximum return in volatile markets. Mid cap stocks are attractively priced when compared to their large cap peers. So, investing in select mid-caps is advised. Investors should look at a mix of large and mid cap funds for 3-5 horizon on systematic investment basis. We expect markets to display higher volatility as IPO supply creates pressure on demand. Asset Allocation Guide This asset allocation guide helps you to determine the suggested equity exposure at different valuations levels based on the Sensex STRETCHED 19X -20X FAIR VALUE PLUS 17X -18X FAIR MARKET CHEAP ATTRACTIVE FAIR VALUE STRETCHED PLUS BUBBLE FAIR 13X -16X ATTRACTIVE 11X -12X CHEAP 9X -10X Over Invested Neutral + Neutral Neutral - Under Invested EQUITY ALLOCATION Exit Jan Jan Jan Feb Feb Mar Mar Apr Apr-06 8-May May-06 5-Jun Jun-06 3-Jul Jul Jul Aug Aug-06 70%-80% 55%-65% 50% 35%-45% 15%-25% 5%-10% Valuation levels of the Sensex based n FY07 earnings estimate of Rs.650 Suggested Equity Allocation (Assuming 50% equity allocation as neutral) PruICICI Fusion Fund Diversified Fund (Close - Ended) Fund Manager : Anil Sarin Indicative Investment Horizon: 5 yrs and more Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: Retail option : 2.12% Institutional option-i : 1.00% Performance Record *- Growth Option 2.00% 1.00% -1.00% -2.00% -3.00% -4.00% -5.00% -6.00% -7.00% Style Value Blend Growth Size Large *Returns < 1Year : Absolute, > = 1Year : CAGR Benchmark is ^Nifty Junior Index. For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. Sector Allocation* Transportation Textiles - Synthetic Banks Cement Ferrous Metals Pesticides Auto Ancillaries Textiles - Products Consumer Non-Durable Media & Entertainment Petroleum Products Industrial Products Software Pharmaceuticals Industrial Capital Construction 1.00% Pru ICICI Fusion Fund 0.03% 0.08% 0.18% 0.27% -6.12% Since Inception *Pertains to the equity investments only. NIFTY Junior Index 2.65% 3.36% 3.90% 4.38% 5.36% 6.04% 7.01% 7.68% 8.32% 8.66% 9.04% 11.49% 4.00% 8.00% 12.00% Quantitative Indicators: Average P/E : Average Dividend Yield : 0.59 Average P/BV : 4.69 Annual Turnover Ratio : 0.96 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. Mid Small Exploit the long-term investment potential of equity Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto Ancillaries 2, % Amtek India Ltd 1, % Rico Auto Industries Ltd % Sundram Fastners Ltd % Banks % Punjab National Bank Ltd % Cement % Ramco Industries Ltd % Construction 6, % Mahindra Gesco Developers Ltd 2, % IVRCL Infrastructure & Projects Ltd % Orbit Corporation Ltd % Jai Prakash Associates Ltd % Unity Infraprojects Ltd % Ansal Housing & Construction Ltd % Consumer Non-Durable 3, % ITC Ltd 2, % Triveni Engineering & Industries Ltd % Synergy Multibase Ltd % Shrenuj & Company Ltd % Ferrous Metals 1, % Kalyani Steels Ltd 1, % Industrial Capital Goods 5, % Aban Lloyd Chiles Offshore Ltd 2, % Bharat Earth Movers Ltd 1, % Bharat Bijlee Ltd % Jyoti Ltd % Gei Hamon Industries Ltd % Industrial Products 4, % Jain Irrigation Systems Ltd 2, % AIA Engineering Ltd % Enkei Castalloy Ltd % Media & Entertainment 3, % Deccan Chronicle Holdings Ltd 2, % Jagran Prakashan Pvt Ltd % Crest Communication Ltd % Pesticides 1, % United Phosphorus Ltd 1, % Rallis India Ltd % Petroleum Products 4, % Reliance Industries Ltd 4, % Pharmaceuticals 5, % Elder Pharmaceuticals Ltd 2, % Cadila Healthcare Ltd 2, % Torrent Pharmaceuticals Ltd % Software 4, % Zenith Infotech Ltd 2, % Subex Systems Ltd 1, % Megasoft Ltd 1, % Mphasis BFL Software Ltd % Textiles - Products 2, % Siyaram Silk Mills Ltd 1, % Kewal Kiran Clothing Ltd 1, % Textiles - Synthetic % Sarla Polyester Ltd % Transportation % Shreyas Shipping Ltd % Nifty Futures 3, % Term Deposits 2, % ICICI Bank 2, % Cash, Call, CBLO & Reverse Repo 8, % Other Current Assets (1,781.90) -3.03% Total Net Assets 59, Top Ten Holdings 4

5 PruICICI Power Diversified Fund Fund Manager : Anil Sarin Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs. 1, crores Cumulative option: Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: Retail option : 2.11% Institutional option- I : 1.00% Rs invested at inception: Power Plan Vs S&P CNX Nifty 86,056 76,056 66,056 56,056 46,056 36,056 26,056 16,056 6,056 CAGR Power :17.54%; Benchmark : 8.50% Performance Record* - Cumulative Option % 48.82% 45.79% 43.16% 35.91% 26.49% 10.36% 17.54% 11.03% 8.50% Last 6 Months Last 1 Pru ICICI Power Last 3 *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. Sector Allocation* *Pertains to the equity investments only. Last 5 S&P CNX Nifty Rs Rs Oct-94 Jul-95 Apr-96 Jan-97 Oct-97 Jul-98 Apr-99 Jan-00 Oct-00 Jul-01 Apr-02 Jan-03 Oct-03 Jul-04 Apr-05 Jan-06 Finance Pru ICICI Power Oil Paper Construction Auto Ancillaries Non-Ferrous Metals Pesticides Power Ferrous Metals Pharmaceuticals Textiles - Products Industrial Products Transportation Media & Entertainment Consumer Non-Durable Auto Software Petroleum Products Banks Cement Industrial Capital Goods 0.18% 0.99% 1.33% 1.86% 1.98% 2.08% 2.19% 2.24% 2.24% 3.03% 3.16% 3.20% 3.96% 4.12% S&P CNX Nifty 6.01% 6.04% 6.57% 7.94% 8.84% 8.91% Since Inception 4.00% 8.00% 12.00% 12.53% Fund Manager's Comment The fund maintained increased its average equity exposure to 90%, compared to 82% last month. Exposure to Auto was increased, with the festival season approaching and likelihood of sales picking up. Holdings in Cement and construction companies were increased with the building activity picking up as the monsoon draws to a close. The Fund also increased positions in Pharmaceuticals, Software and Media. The fund booked profits in banks and finance stocks. Long term investment of funds for capital appreciation in a concentrated multi sector portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 8, % Maruti Udyog Ltd 4, % Mahindra & Mahindra Ltd 3, % Auto Ancillaries 2, % Amtek Auto Ltd 2, % Banks 12, % State Bank of India Ltd 5, % Punjab National Bank Ltd 4, % Bank of Baroda Ltd 2, % Kotak Mahindra Bank Ltd % Cement 12, % Grasim Industries Ltd 4, % Century Textiles & Industries Ltd 3, % Associated Cement Companies Ltd 2, % JK Cements Ltd 2, % Ambuja Cement Eastern Ltd % Construction 2, % Jai Prakash Associates Ltd 2, % Patel Engineering Ltd % Consumer Non-Durable 8, % ITC Ltd 3, % Triveni Engineering & Industries Ltd 2, % Ruchi Soya Industries Ltd 1, % Balrampur Chini Mills Ltd 1, % Ferrous Metals 3, % Jindal Steel & Power Company Ltd 1, % Usha Martin Ltd 1, % Finance % Housing Development Finance Corporation Ltd % Industrial Capital Goods 17, % Bharat Heavy Electricals Ltd 3, % Bharat Electonics Ltd 3, % Siemens India Ltd 2, % Thermax Ltd 2, % Larsen & Toubro Ltd 2, % Bharat Earth Movers Ltd 2, % Industrial Products 4, % AIA Engineering Ltd 2, % Jain Irrigation Systems Ltd 1, % Media & Entertainment 5, % Deccan Chronicle Holdings Ltd 3, % Zee Telefilms Ltd 2, % Non-Ferrous Metals 2, % Hindalco Industries Ltd 2, % Sterlite Industries (India) Ltd % Oil 1, % Oil & Natural Gas Company Ltd 1, % Paper 1, % Ballarpur Industries Ltd 1, % Pesticides 3, % United Phosphorus Ltd 3, % Petroleum Products 11, % Reliance Industries Ltd 11, % Pharmaceuticals 4, % Plethico Pharmaceuticals Ltd 1, % Dr. Reddys Laboratories Ltd 1, % Wyeth Lederle Ltd 1, % Power 3, % National Thermal Power Corporation Ltd 1, % PTC India Ltd 1, % Software 9, % Tata Consultancy Services Ltd 3, % HCL Technologies Ltd 3, % Infosys Technologies Ltd 1, % Tech Mahindra Ltd % Textiles - Products 4, % Aditya Birla Nuvo Ltd 2, % Raymond Ltd 2, % Transportation 5, % Great Eastern Shipping Co. Ltd 3, % Containers Corporation of India Ltd 1, % Nifty Futures 1, % Term Deposits 2, % ICICI Bank 2, % Cash, Call, CBLO & Reverse Repo 14, % Other Current Assets (3,531.11) -2.52% Total Net Assets 140, Top Ten Holdings Quantitative Indicators: Average P/E : Average P/BV : 3.39 Average Dividend Yield : 1.05 Annual Turnover Ratio : 2.16 times Std Dev : 7.34 Sharpe Ratio^ : 0.41 Beta : 0.97 R squared : 0.85 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , % 5 Year SIP 28-Sep-01 60, , , % Since Inception 1-Oct , , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2001, 2003 &

6 PruICICI Dynamic Plan Diversified Fund Fund Manager : Anil Sarin Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs. 1, crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: 2.03% Rs invested at inception: Dynamic Plan Vs S&P CNX Nifty 69,665 59,665 49,665 39,665 29,665 19,665 9,665 CAGR Dynamic Plan: 54.35%; Benchmark : 39.53% Performance Record *- Cumulative Option Sector Allocation* 14.31% 11.03% Last 6 Months *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. *Pertains to the equity investments only % 42.88% % 35.91% 39.53% Last 1 Last 3 Pru ICICI Dynamic Plan 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 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Pru ICICI Dynamic Plan Hotels Fertilizers Oil Ferrous Metals Pharmaceuticals Non-Ferrous Metals Telecom Services Power Auto Ancillaries Transportation Construction Auto Industrial Products Consumer Non-Durable Media & Entertainment Petroleum Products Industrial Capital Goods Banks Cement Software 0.32% 0.82% 1.07% 1.12% 1.16% 1.38% 1.65% 1.82% 2.49% 2.83% 3.23% 4.41% S&P CNX Nifty S&P CNX Nifty Since Inception 7.29% 7.41% 7.48% 7.77% 8.51% 9.06% 10.45% 10.75% 4.00% 8.00% 12.00% Medium term investment of funds for capital appreciation by managing cash and equity portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 5, % Mahindra & Mahindra Ltd 2, % Maruti Udyog Ltd 2, % Auto Ancillaries 2, % Amtek Auto Ltd 2, % Banks 10, % State Bank of India Ltd 4, % Bank of Baroda Ltd 2, % Punjab National Bank Ltd 2, % ICICI Bank Ltd 1, % Cement 11, % Grasim Industries Ltd 3, % Century Textiles & Industries Ltd 2, % Associated Cement Companies Ltd 1, % Orient Paper & Industries Ltd 1, % Shree Cement Ltd 1, Hyderabad Industries Ltd % Construction 3, % Jai Prakash Associates Ltd 1, % IVRCL Infrastructure & Projects Ltd 1, % Patel Engineering Ltd % Consumer Non-Durable 8, % ITC Ltd 2, % Triveni Engineering & Industries Ltd 2, % E.I.D. Parry (India) Ltd 2, % Balrampur Chini Mills Ltd % Uttam Sugar Mills Ltd % Ferrous Metals 1, % Mukand Ltd 1, % Fertilizers % Coromandel Fertilisers Ltd % Hotels % Viceroy Hotels Ltd % Industrial Capital Goods 9, % Kalpataru Power Transmission Ltd 2, % Larsen & Toubro Ltd 2, % Texmaco Ltd 1, % Bharat Earth Movers Ltd 1, % Siemens India Ltd 1, % Lokesh Machines Ltd % Industrial Products 8, % Jain Irrigation Systems Ltd 3, % AIA Engineering Ltd 2, % Sterlite Optical Technologies Ltd 2, % Media & Entertainment 8, % Deccan Chronicle Holdings Ltd 6, % Zee Telefilms Ltd 2, % Non-Ferrous Metals 1, % Sterlite Industries (India) Ltd 1, % Hindalco Industries Ltd % Oil 1, % Oil & Natural Gas Company Ltd 1, % Petroleum Products 8, % Reliance Industries Ltd 8, % Pharmaceuticals 1, % Dr. Reddys Laboratories Ltd 1, % Plethico Pharmaceuticals Ltd % Power 2, % Reliance Energy Ltd 2, % Software 12, % HCL Technologies Ltd 3, % Infosys Technologies Ltd 2, % Subex Azure Ltd 2, % Mastek Ltd 1, % Tata Consultancy Services Ltd 1, % Mphasis BFL Software Ltd % Tech Mahindra Ltd % Telecom Services 1, % Videsh Sanchar Nigam Ltd 1, % Transportation 3, % Great Eastern Shipping Co. Ltd 3, % Term Deposits 2, % ICICI Bank 2, % Cash, Call, CBLO & Reverse Repo 9, % Other Current Assets (1,751.60) -1.56% Total Net Assets 113, Top Ten Holdings Quantitative Indicators: Average P/E : Average P/BV : 3.43 Average Dividend Yield : 0.97 Annual Turnover Ratio : 2.28 times Std Dev : 8.00 Sharpe Ratio^ : 0.40 Beta : 0.99 R squared : 0.76 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , , % Since Inception 31-Oct-02 47, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2002, 2003 & Fund Manager's Comment The fund maintained increased its average equity exposure to 91%, compared to 82% last month. Holdings in Banks, Pharmaceuticals, Construction, Media and Capital Goods were increased significantly. The fund booked some profits in Auto, Ferrous and Non-Ferrous Metals. 6

7 PruICICI Discovery Fund Diversified Fund Fund Manager : Sankaran Naren Indicative Investment Horizon: 5 yrs and more Inception date: Fund Size: Rs. 1, crores Growth option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'06: Retail option : 2.04% Institutional option-i : 1.00% Rs invested at inception: Discovery Fund Vs S & P CNX Nifty 34,819 29,819 24,819 19,819 14,819 9,819 CAGR Discovery Plan : 57.00%; Benchmark : 45.00% Performance Record *- Growth Option % % Sector Allocation* Gas Software Non-Ferrous Industrial Products Textiles - Cotton Pesticides Chemicals Power Industrial Capital Goods Textiles - Synthetic Hardware Ferrous Metals Oil Petroleum Products Auto Paper Transportation Cement Fertilizers Textiles - Products Banks Auto Ancillaries Consumer Non-Durable Pharmaceuticals 12.20% 11.03% 0.23% 0.69% 0.82% 1.43% 1.44% 1.86% 2.17% 2.19% 2.20% 2.21% 3.27% 3.30% 3.78% 3.88% 4.39% 4.64% 5.10% 5.27% 6.21% 6.35% 7.50% 9.03% *Returns < 1Year : Absolute, > 1Year : CAGR Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs *Pertains to the equity investments only % 43.16% 45.00% 36.25% Last 6 Months Last 1 Since Inception Pru ICICI Discovery Fund Rs Rs Aug-04 Sep-04 Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Pru ICICI Discovery Fund S&P CNX Nifty S&P CNX Nifty 15.97% 5.00% % 2 Fund Manager's Comment The fund maintained an average equity exposure of 95% during the month. Holdings in Non-Ferrous Metals were further reduced this month, while positions in Domestic Pharma, Transportation and Textile Products stocks were substantially increased. The fund booked profits in Auto Ancillaries, Banks, Cement, Oil and Petroleum stocks. Long term investment of funds for capital appreciation following value investment philosophy Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 4, % Maruti Udyog Ltd 3, % Bajaj Auto Ltd 1, % Auto Ancillaries 8, % Kesoram Industries Ltd 3, % Exide Industries Ltd 3, % India Nippon Elect Ltd 1, % Banks 7, % Andhra Bank Ltd 3, % State Bank of India Ltd 2, % Punjab National Bank Ltd 1, % Cement 5, % Century Textiles & Industries Ltd 3, % Birla Corporation Ltd 1, % Orient Paper & Industries Ltd % Chemicals 2, % India Glycols Ltd 2, % Consumer Non-Durable 10, % Tata Tea Ltd 2, % E.I.D. Parry (India) Ltd 2, % Sakthi Sugars Ltd 1, % Rajshree Sugars & Chemicals Ltd 1, % Nirma Ltd 1, % Ruchi Soya Industries Ltd 1, % Ferrous Metals 3, % Jindal Steel & Power Company Ltd 3, % Fertilizers 5, % Gujarat State Fertilisers & Chemicals Ltd 3, % DCM Shriram Consolidated Ltd 1, % Zuari Industries Ltd % Gas % Gas Authority of India Ltd % Hardware 2, % HCL Infosystems Ltd 2, % Industrial Capital Goods 2, % Kirloskar Oil Engines Ltd 1, % Bharat Electonics Ltd 1, % Industrial Products 1, Finolex Cables Ltd % MM Forgings Ltd % Jindal Poly Films Ltd % Non-Ferrous Metals % Nav Bharat Ventures Ltd % Oil 3, % Oil & Natural Gas Company Ltd 3, % Paper 4, % JK Paper Ltd 2, % Tamil Nadu Newsprint & Papers Ltd 2, % Seshashayee Paper & Boards Ltd % Pesticides 1, % Rallis India Ltd 1, % Petroleum Products 4, % Cochin Refineries Ltd 2, % IBP Company Ltd 1, % Pharmaceuticals 17, % Aventis Pharma Ltd 6, % Cadila Healthcare Ltd 5, % Ipca Laboratories Limited 3, % Novartis India Ltd 1, % FDC Ltd 1, % Power 2, % Gujarat Industries Power Company Ltd 1, % Reliance Energy Ltd % Software % Mastek Ltd % Tech Mahindra Ltd % Textiles - Cotton 1, % Mahavir Spinning Mills Ltd 1, % Vardhaman Spinning & General Mills Ltd % Textiles - Products 6, % Raymond Ltd 4, % Aditya Birla Nuvo Ltd 1, % Gokaldas Exports Ltd % Textiles - Synthetic 2, % SRF Ltd 1, % Nahar Spinning Mill Ltd % Transportation 5, % Great Eastern Shipping Co. Ltd 3, % Containers Corporation of India Ltd 1, % Term Deposits 1, % ICICI Bank 1, % Cash, Call, CBLO & Reverse Repo 2, % Other Current Assets 1, % Total Net Assets 110, Top Ten Holdings Quantitative Indicators: Average P/E :12.44 Average P/BV : 2.41 Average Dividend Yield : 1.62 Annual Turnover Ratio : 2.48 times Std Dev : 7.00 Sharpe Ratio^ : 0.49 Beta : 0.90 R squared : 0.62 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % Since Inception 16-Aug-04 26, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2004 &

8 PruICICI Emerging S.T.A.R. Fund Diversified Fund Fund Manager : Anil Sarin Indicative Investment Horizon: 3 & more Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: Retail option : 2.11% Institutional option-i : 1.00% Rs invested at inception: Emerging S.T.A.R Fund Vs S&P CNX Nifty 29,933 27,933 25,933 23,933 21,933 19,933 17,933 15,933 13,933 11,933 9,933 CAGR Emerging S.T.A.R. Fund : 56.95%; Benchmark : 33.55% Performance Record *- Growth Option *Returns < 1Year : Absolute, > 1Year : CAGR. Benchmark is Nifty Junior. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* *Pertains to the equity investments only. Quantitative Indicators: Average P/E : Average P/BV : 3.47 Average Dividend Yield : 0.73 Annual Turnover Ratio : 2.01 times Rs Rs Oct-04 Nov-04 Dec-04 Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Pru ICICI Emerging S.T.A.R. Fund 4.04% 29.33% 17.56% NIFTY Junior Index 56.95% 33.55% -0.44% Last 1 Since Inception Last 6 Months Pru ICICI Emerging S.T.A.R. Fund Textiles - Synthetic Chemicals Non-Ferrous Metals Power Telecom Services Transportation Paper Textiles - Products Banks Construction Consumer Durables Ferrous Metals Pharmaceuticals Auto Ancillaries Media & Entertainment Consumer Non-Durable Cement Industrial Products Industrial Capital Software 0.41% 0.69% 0.78% 0.94% 0.94% 1.13% 1.42% 1.80% 2.80% 3.00% 3.42% 4.92% 5.41% 5.60% 5.61% 5.82% 8.69% 9.95% NIFTY Junior Index 13.36% 14.23% 4.00% 8.00% 12.00% 16.00% Std Dev : 8.44 Sharpe Ratio^ : 0.41 Beta : 0.97 R squared : 0.77 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. Long term investment of funds for capital appreciation on a mid-cap portfolio Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto Ancillaries 5, % Amtek Auto Ltd 2, % Bosch Chassis Systems India Ltd 1, % Amtek India Ltd % Talbros Automotive Components Ltd % Sundram Fastners Ltd % Munjal Auto Industries Ltd % Banks 2, % Andhra Bank Ltd 1, % Syndicate Bank Ltd 1, % Cement 8, % Ramco Industries Ltd 1, % India Cements Ltd 1, % Century Textiles & Industries Ltd 1, % Birla Corporation Ltd % Orient Paper & Industries Ltd % OCL India Ltd % Hyderabad Industries Ltd % Chettinad Cements Ltd % Chemicals % Beck India Ltd % Construction 2, % Patel Engineering Ltd 2, % Sunil Hitech Engineers Ltd % Mahindra Gesco Developers Ltd % Consumer Durables 3, % Lloyd Electric & Engineering Ltd 2, % Fedders Lloyd Corporation Ltd % Consumer Non-Durable 5, % Tata Tea Ltd 1, % Mirza International Ltd 1, % Triveni Engineering & Industries Ltd 1, % Uttam Sugar Mills Ltd % Shrenuj & Company Ltd % Ferrous Metals 4, % Mukand Ltd 1, % Kalyani Steels Ltd % Adhunik Metaliks Ltd % Raipur Alloys & Steel Ltd % Kamdhenu Ispat Ltd % Gallantt Metal Ltd % Usha Martin Ltd % Industrial Capital Goods 12, % Aban Lloyd Chiles Offshore Ltd 3, % Kalpataru Power Transmission Ltd 2, % Bharat Earth Movers Ltd 1, % RPG Transmission Ltd 1, % Stone India Ltd 1, % Crompton Greaves Ltd 1, % Thermax Ltd % Indo Tech Transformers Ltd % Industrial Products 9, % Sintex Industries Ltd 2, % Sterlite Optical Technologies Ltd 2, % Graphite India Ltd 1, % AIA Engineering Ltd 1, % Finolex Cables Ltd % Shree Ganesh Forgings Ltd % Shivam Autotech Ltd % Media & Entertainment 5, % Deccan Chronicle Holdings Ltd 3, % Jagran Prakashan Pvt Ltd % Prime Focus Ltd % Non-Ferrous Metals % Nav Bharat Venture Ltd % Paper 1, % Tamil Nadu Newsprint & Papers Ltd 1, % Pharmaceuticals 4, % Glenmark Pharmaceuticals Ltd 2, % Matrix Laboratories Ltd % Vivimed Labs Ltd % Cadila Healthcare Ltd % Plethico Pharmaceuticals Ltd % Power % Webel SL Energy Ltd % Software 13, % Subex Azure Ltd 2, % Tech Mahindra Ltd 2, % Mphasis BFL Software Ltd 2, % Geodesic Information Systems Ltd 1, % Nucleus Software Exports Ltd 1, % Megasoft Ltd 1, % Mastek Ltd % Infotech Enterprises Ltd % Zenith Infotech Ltd % Telecom Services % Aksh Optifibre Ltd % Textiles - Products 1, % Kewal Kiran Clothing Ltd % Gokaldas Exports Ltd % Textiles - Synthetic % Sarla Polyester Ltd % Transportation 1, % All Cargo Global Logistics Ltd % Shreyas Shipping Ltd % Term Deposits % ICICI Bank % Cash, Call, CBLO & Reverse Repo 7, % Other Current Assets % Total Net Assets 92, Top Ten Holdings SIP Returns: As on 31 Aug 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % Since Inception 28-Oct-04 24, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year Fund Manager s Comment The fund maintained an average equity exposure of 91% during the month. Exposure to Software, Media and Pharmaceuticals was increased. The fund continues to be bullish on domestic mid-cap pharma, technology mid-caps and capital goods. The fund booked profits in Auto Ancillaries, Cement and Construction. Holdings in Ferrous Metals were trimmed further. 8

9 PruICICI Tax Plan Diversified Fund Fund Manager : Sankaran Naren Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: 2.28% CAGR Tax Plan: 35.63%; Benchmark : 14.15% Performance Record *- Growth Option *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. Sector Allocation* *Pertains to the equity investments only. Rs invested at inception: Tax Plan Vs S&P CNX Nifty 126, ,301 86,301 66,301 46,301 26,301 6, % 11.03% 9.53% Last 6 Months 43.16% Last 1 Pru ICICI Tax Plan 59.88% 53.05% 35.91% Last % 26.49% 14.15% Last 5 S&P CNX Nifty Rs Rs Aug-99 Jan-00 Jun-00 Nov-00 Apr-01 Sep-01 Feb-02 Jul-02 Dec-02 May-03 Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Ferrous Metals Software Finance Media & Entertainment Textiles - Cotton Hotels Oil Banks Cement Transportation Petroleum Products Textiles - Products Retailing Industrial Products Industrial Capital Goods Consumer Non-Durable Textiles - Synthetic Chemicals Fertilizers Pharmaceuticals Auto Ancillaries Pru ICICI Tax Plan 0.08% 0.09% 0.74% 1.54% 1.55% 2.43% 2.91% 2.95% 3.13% 3.41% 3.50% 3.80% 3.95% 4.09% 4.67% 5.12% 5.85% 6.09% 7.41% S&P CNX Nifty Since Inception 16.56% 17.19% 5.00% % 2 Medium term investment of funds with tax benefits for capital appreciation Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto Ancillaries 8, % Kesoram Industries Ltd 2, % Sundaram Clayton Ltd 2, % Exide Industries Ltd 1, % Rane Madras Ltd % Carborandum Universal Ltd % Rane Holdings Ltd % Sundaram Brake Linings Ltd % Rane Brake Linings Ltd % Banks 1, % Andhra Bank Ltd 1, % Cement 1, % Orient Paper & Industries Ltd 1, % Pokarna Ltd % Chemicals 2, % Andhra Sugars Ltd 1, % India Glycols Ltd % Atul Ltd % Clariant Chemicals (India) Ltd % Consumer Non-Durable 2, % Gillette India Ltd % ICI India Ltd % Harrisons Malyalam Ltd % Sakthi Sugars Ltd % Venky s (India) Ltd % Ferrous Metals % Tinplate Company of India Ltd % Fertilizers 3, % Zuari Industries Ltd 1, % DCM Shriram Consolidated Ltd 1, % Gujarat State Fertilisers & Chemicals Ltd % Finance % Sundaram Finance Ltd % Hotels 1, % Oriental Hotels Ltd % Taj Gvk Hotels & Resorts Ltd % Industrial Capital Goods 2, % Aban Lloyd Chiles Offshore Ltd 1, % Numeric Power Systems Ltd % Indo Tech Transformers Ltd % Industrial Products 1, % H.E.G. Ltd 1, % Poleplex Corporation Ltd % MM Forgings Ltd % Media & Entertainment % Zee Telefilms Ltd % Oil 1, % Hindustan Oil Exploration Ltd 1, % Petroleum Products 1, % IBP Company Ltd 1, % Pharmaceuticals 7, % Cadila Healthcare Ltd 2, % Aventis Pharma Ltd 2, % FDC Ltd 1, % Alembic Ltd % Dr. Reddys Laboratories Ltd % Ahlcon Parenterals (India) Ltd % Retailing 1, % Trent Ltd 1, % Software % Tech Mahindra Ltd % Textiles - Cotton % Precot Mills Ltd % Textiles - Products 1, % Raymond Ltd 1, % K.G. Denim Ltd % Textiles - Synthetic 2, % SRF Ltd 2, % Sangam India Ltd % Transportation 1, % Great Eastern Shipping Co. Ltd 1, % Term Deposits % ICICI Bank % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets3 47, Top Ten Holdings Quantitative Indicators: Average P/E : Std Dev : 8.88 Average P/BV : 2.49 Sharpe Ratio^ : 0.41 Average Dividend Yield : 1.39 Beta : 1.00 Annual Turnover Ratio : 2.64 times R squared : 0.61 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , % 5 Year SIP 28-Sep-01 60, , , % Since Inception 19-Aug-99 86, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2001, 2003 &

10 PruICICI Growth Plan Diversified Fund Fund Manager : Deven Sangoi Indicative Investment Horizon: 5 & more Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: Retail option : 2.32% Institutional option-i : 1.00% Rs invested at inception: Growth Plan Vs S & P CNX Nifty 98,365 88,365 78,365 68,365 58,365 48,365 38,365 28,365 18,365 8,365 CAGR Growth Plan : 29.14%; Benchmark : 16.83% Performance Record *- Growth Option *Returns < 1Year : Absolute, > 1Year : CAGR. Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. Sector Allocation* *Pertains to the equity investments only. Rs Rs Jul-98 Jan-99 Jul-99 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Pru ICICI Growth Plan S&P CNX Nifty 45.23% % 43.78% % 35.91% % 26.49% % 16.83% 11.03% 1 Last 6 Months Ferrous Metals Media & Entertainment Last 1 Pru ICICI Growth Plan Construction Power Pesticides Telecom Services Oil Pharmaceuticals Petroleum Products Consumer Non-Durable Non-Ferrous Metals Cement Auto Software Banks Industrial Capital Goods 1.48% 2.01% 2.02% 2.10% 2.20% 2.37% Last % 4.94% 5.44% 5.73% 6.00% Last 5 S&P CNX Nifty 7.86% 7.90% 8.38% 9.67% Since Inception 14.24% 4.00% 8.00% 12.00% 16.00% Long term investment of funds for capital appreciation Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 3, % Maruti Udyog Ltd 1, % Bajaj Auto Ltd 1, % Mahindra & Mahindra Ltd % Banks 3, % State Bank of India Ltd 1, % Punjab National Bank Ltd % Bank of Baroda Ltd % ICICI Bank Ltd % Cement 3, % Grasim Industries Ltd 1, % Associated Cement Companies Ltd 1, % Ambuja Cement Eastern Ltd % Construction % Jai Prakash Associates Ltd % Consumer Non-Durable 2, % Hindustan Lever Ltd 1, % ITC Ltd % Ferrous Metals % Tata Steel Ltd % Industrial Capital Goods 5, % Bharat Heavy Electricals Ltd 1, % Siemens India Ltd 1, % Larsen & Toubro Ltd 1, % ABB Ltd % Bharat Electonics Ltd % Bharat Earth Movers Ltd % Media & Entertainment % Zee Telefilms Ltd % Non-Ferrous Metals 2, % Hindalco Industries Ltd 1, % Sterlite Industries (India) Ltd 1, % Oil 1, % Oil & Natural Gas Company Ltd 1, % Pesticides % United Phosphorus Ltd % Petroleum Products 2, % Reliance Industries Ltd 2, % Pharmaceuticals 1, % Aventis Pharma Ltd % Glaxo Smothkline Pharma Ltd % Cipla Ltd % Power % Reliance Energy Ltd % Software 3, % Infosys Technologies Ltd 1, % Tata Consultancy Services Ltd 1, % Tech Mahindra Ltd % Telecom Services % Bharti Airtel Ltd % Term Deposits % ICICI Bank % Cash, Call, CBLO & Reverse Repo 4, % Other Current Assets % Total Net Assets 38, Top Ten Holdings Quantitative Indicators: Average P/E : Average P/BV : 3.98 Average Dividend Yield : 0.99 Annual Turnover Ratio : 2.67 times Std Dev : 7.53 Sharpe Ratio^ : 0.37 Beta : 1.03 R squared : 0.92 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. SIP Returns: As on 31-Aug-06 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , % 5 Year SIP 28-Sep-01 60, , , % Since Inception 9-Jul-98 99, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2001, 2003 and Fund Manager's Comment The fund maintained an average equity exposure of 87% during the month. Exposure to Banks, Auto and Non-Ferrous Metals was increased. The fund substantially reduced its holdings by booking profits in Cement, Consumer Non-Durables and Telecom stocks. Exposure to Hotels was reduced to zero. 10

11 PruICICI Infrastructure Fund Thematic Fund Fund Manager : Sankaran Naren Indicative Investment Horizon: 5 yrs and more Inception date: Fund Size: Rs. 1, crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: 1.95% Performance Record *- Growth Option *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* *Pertains to the equity investments only. Rs invested at inception: Infrastructure Fund Vs S&P CNX Nifty 18,420 17,420 16,420 15,420 14,420 13,420 12,420 11,420 10,420 9,420 Aug-05 Sep Oct-05 Nov % 11.03% 48.60% 48.60% 43.16% 43.16% Last 6 Months Last 1 Since Inception Prudential ICICI Infrastructure Fund Minerals/Mining Non-Ferrous Metals Transportation Auto Telecom Services Industrial Products Auto Ancillaries Power Oil Petroleum Products Hotels Industrial Capital Goods Ferrous Metals Construction Cement Banks Dec % 0.67% Jan-06 Feb-06 Prudential ICICI Infrastructure Fund 2.20% 2.51% 2.91% 3.45% 4.20% Mar-06 Apr-06 CAGR Infrastructure : 48.60%; Benchmark : 43.16% 5.67% 6.36% 6.49% 6.85% 7.26% S&P CNX Nifty 8.51% Rs May-06 Jun-06 S&P CNX Nifty 10.75% 11.55% 4.00% 8.00% 12.00% Rs Jul % Aug-06 Long term investment of funds for capital appreciation derived from the growth and development of the infrastructure sector Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto 3, % Tata Motors Ltd 3, % Auto Ancillaries 5, % Kesoram Industries Ltd 5, % Banks 17, % Andhra Bank Ltd 4, % Punjab National Bank Ltd 4, % Corporation Bank Ltd 2, % ICICI Bank Ltd 2, % Bank of Baroda Ltd 1, % State Bank of India Ltd 1, % Cement 15, % Grasim Industries Ltd 6, % Century Textiles & Industries Ltd 5, % OCL India Ltd 2, % JK Cements Ltd % Construction 14, % Patel Engineering Ltd 6, % Jai Prakash Associates Ltd 4, % Hindustan Construction Co. Ltd 2, % BL Kashyap and Sons Ltd 1, % Ferrous Metals 11, % Jindal Steel & Power Company Ltd 5, % Usha Martin Ltd 2, % Sesa Goa Ltd 2, % Adhunik Metaliks Ltd % Hotels 9, % EIH Ltd 5, % Indian Hotels Company Ltd 3, % Industrial Capital Goods 9, % Crompton Greaves Ltd 3, % Bharat Earth Movers Ltd 2, % Siemens India Ltd 2, % Alfa-Laval (India) Ltd 1, % Industrial Products 4, % Electrosteel Castings Ltd 4, % Minerals/Mining % Gujarat NRE Coke Ltd % Non-Ferrous Metals % Hindalco Industries Ltd % Oil 8, % Oil & Natural Gas Company Ltd 7, % Hindustan Oil Exploration Ltd 1, % Petroleum Products 8, % Reliance Industries Ltd 5, % Indian Oil Corporation Ltd 1, % Madras Refineries Ltd 1, % Power 7, % Gujarat Industries Power Company Ltd 2, % Reliance Energy Ltd 2, % National Thermal Power Corporation Ltd 1, % CESC Ltd % PTC India Ltd % Telecom Services 3, % Bharti Airtel Ltd 3, % Transportation 2, % Containers Corporation of India Ltd 2, % Jet Airways India Ltd % Term Deposits 2, % ICICI Bank 2, % Cash, Call, CBLO & Reverse Repo 7, % Other Current Assets % Total Net Assets 134, Top Ten Holdings SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % Since Inception 31-Aug-05 13, , , % Assume Rs invested every month. Quantitative Indicators: Average P/E : Average P/BV : 2.58 Average Dividend Yield : 1.42 Annual Turnover Ratio : 2.90 times Std Dev : 9.03 Sharpe Ratio^ : 0.36 Beta : 1.10 R squared : 0.80 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. Fund Manager's Comment The fund maintained an average equity exposure of 93% during the month. Exposure to Auto/Auto Ancillaries and Banks was increased substantially while positions in Non-Ferrous Metals and Petroleum Products were trimmed. The portfolio is skewed towards large cap as the fund seeks to maximize the risk-return payoff. 11

12 PruICICI Services Industries Fund Thematic Fund Fund Manager : Deven Sangoi Indicative Investment Horizon: 5 yrs. & more Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: 2.27% Performance Record *- Growth Option 35.00% % % % *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Sector Allocation* 3.13% 11.03% Last 6 Months Pru ICICI Services Industries Fund Power Retailing Industrial Products Transportation Pharmaceuticals Hotels Textiles - Products Pesticides Finance Media & Entertainment Construction Industrial Capital Goods Auto Ancillaries Banks Software 2.03% 2.05% 3.20% 3.39% 3.66% 4.00% 4.32% 4.42% 4.64% 4.76% 5.31% 5.40% 7.31% *Pertains to the equity investments only % 12.00% 28.72% Since Inception S&P CNX Nifty 24.01% Long term investment of funds for capital appreciation derived from the growth potential of the service industries sector Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto Ancillaries 2, % Carborandum Universal Ltd % Sundaram Clayton Ltd % Munjal Auto Industries Ltd % Automobile Corporation of Goa Ltd % Banks 4, % Punjab National Bank Ltd 1, % State Bank of India Ltd 1, % Andhra Bank Ltd % ICICI Bank Ltd % Kotak Mahindra Bank Ltd % Construction 1, % Jai Prakash Associates Ltd 1, % Patel Engineering Ltd % BL Kashyap and Sons Ltd % Finance 1, % Housing Development Finance Corporation Ltd % India Infoline Ltd % Hotels 1, % Indian Hotels Company Ltd 1, % Taj Gvk Hotels & Resorts Ltd % Industrial Capital Goods 1, % Larsen & Toubro Ltd 1, % Jyoti Ltd % Bharti Shipyard Ltd % Industrial Products 1, % Jain Irrigation Systems Ltd % Shivam Autotech Ltd % Media & Entertainment 1, % Jagran Prakashan Pvt Ltd % Zee Telefilms Ltd % Pesticides 1, % United Phosphorus Ltd 1, % Pharmaceuticals 1, % Plethico Pharmaceuticals Ltd % Dishman Pharmaceuticals & Chemicals Ltd % Power % PTC India Ltd % Retailing % Trent Ltd % Software 8, % Infosys Technologies Ltd 1, % Hinduja TMT Ltd 1, % Nucleus Software Exports Ltd % Tata Consultancy Services Ltd % Hexaware Technologies Ltd % Mphasis BFL Software Ltd % Infotech Enterprises Ltd % Tulip IT Services Ltd % Tech Mahindra Ltd % Mastek Ltd % Financial Technologies Ltd % Textiles - Products 1, % Gokaldas Exports Ltd % Aditya Birla Nuvo Ltd % Transportation 1, % Containers Corporation of India Ltd 1, % Term Deposits % ICICI Bank % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets 1, % Total Net Assets 35, Top Ten Holdings Quantitative Indicators: Average P/E : Average P/BV : 3.99 Average Dividend Yield : 0.99 Annual Turnover Ratio : 1.63 times R squared : 0.45 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. Fund Manager's Comment The fund maintained an average equity exposure of 90% during the month. The portfolio is overweight banking and technology stocks. Some large cap banking positions were trimmed and replaced by the mid-cap banks. In Media & Entertainment, holding in Zee Telefilms was increased. Exposure to Telecom Services and Consumer Durables was reduced to zero. 12 Std Dev : 7.14 Sharpe Ratio^ : 0.14 Beta : 0.72

13 PruICICI FMCG Fund Thematic Fund Fund Manager : Prashant Kothari Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: 2.50% Rs invested at inception: FMCG Vs CNX FMCG Index 45,853 40,853 35,853 30,853 25,853 20,853 15,853 10,853 5,853 CAGR FMCG : 19.18%; Benchmark : 7.26% Rs Rs Mar-99 Aug-99 Jan-00 Jun-00 Nov-00 Apr-01 Sep-01 Feb-02 Jul-02 Dec-02 May-03 Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Pru ICICI FMCG Fund CNX FMCG Index Long term investment of funds for capital appreciation in FMCG sector Company/Issuer Mkt Value (Rs. Lakh) % to NAV Consumer Non-Durable 7, % ITC Ltd % Marico Industries Ltd % ICI India Ltd % Gillette India Ltd % Radico Khaitan Ltd % Pidilite Industries Ltd % Hindustan Lever Ltd % Godrej Consumer Products Ltd % Asian Paints Ltd % Champagne Indage Ltd % Bata India Ltd % Proctor & Gamble Hygiene and Healthcare Limited % Goodlass Nerolac Paints Ltd % Agro Dutch Industries Ltd % Berger Paints India Ltd % Retailing 2, % Trent Ltd % Trent Ltd - Rights Warrants % Pantaloon Retail (India) Ltd % Shoppers Stop Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 10, Top Ten Holdings Performance Record* - Growth Option % 45.83% 33.75% 32.04% 29.09% 19.18% 16.20% 3.87% 7.26% 2.02% Last 6 Months Last 1 Last 3 Pru ICICI FMCG Fund Last 5 Since Inception CNX FMCG Index *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is CNX FMCG Index. For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. Sector Allocation* Retailing 22.10% Quantitative Indicators: Average P/E : Average P/BV : 5.78 Average Dividend Yield : 1.16 Annual Turnover Ratio : 0.90 times Std Dev : 7.45 Sharpe Ratio^ : 0.47 Beta : 0.75 R squared : 0.60 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. Consumer Non- Durable 71.70% *Pertains to the equity investments only. SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , , % 5 Year SIP 30-Sep-01 60, , , % Since Inception 31-Mar-99 90, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2001 and

14 PruICICI Technology Fund Sector Fund Fund Manager : Deven Sangoi Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores Growth option: Rs **Expense Ratio for the month of Aug'06: 2.47% Rs invested at inception: Technology Fund Vs BSE Tech Index 13,177 11,177 9,177 7,177 5,177 3,177 1,177 CAGR Technology Fund: 1.48%; Benchmark : -6.78% Performance Record *- Growth Option 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 Nov-05 Mar-06 Jul Pru ICICI Technology Fund BSE Tech Index 47.77% 44.04% 38.78% 30.90% 16.24% 27.83% 7.32% 18.41% Last 6 Months Last 1 Pru ICICI Technology Fund 1.48% Last 3 Last % Since Inception BSE Tech Index 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 % Industrial Capital Goods % Solectron Centum Electronics Ltd % Media & Entertainment 1, % Deccan Chronicle Holdings Ltd 1, % Pharmaceuticals % Elder Pharmaceuticals Ltd % Plethico Pharmaceuticals Ltd % Software 7, % Infosys Technologies Ltd % Subex Azure Ltd % Mastek Ltd % Nucleus Software Exports Ltd % I-Flex Solutions Ltd % Tata Consultancy Services Ltd % Satyam Computer Services Ltd % Hexaware Technologies Ltd % HCL Technologies Ltd % Megasoft Ltd % Mphasis BFL Software Ltd % Hinduja TMT Ltd % Tulip IT Services Ltd % Aztec Software & Technology Services Ltd % Tech Mahindra Ltd % Geodesic Information Systems Ltd % Telecom Services % Videsh Sanchar Nigam Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets (51.17) -0.44% Total Net Assets 11, Top Ten Holdings *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is BSE Tech Index. For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. Sector Allocation* Consultancy 0.22% Industrial Capital Goods 1.99% Quantitative Indicators: Average P/E : Average P/BV : 5.51 Average Dividend Yield : 0.70 Annual Turnover Ratio : 1.35 times Std Dev : 7.34 Sharpe Ratio^ : 0.34 Beta : 0.93 R squared : 0.62 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. Telecom Services 3.92% Pharmaceuticals 7.07% Media & 15.88% Entertainment Software 65.02% SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , , % 3 Year SIP 30-Sep-03 36, , , % 5 Year SIP 28-Sep-01 60, , , % Since Inception 3-Mar-00 79, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2001 and *Pertains to the equity investments only. 14

15 PruICICI Index Fund Index Fund Fund Manager : Yogesh Bhatt Indicative Investment Horizon: 5 yrs & more Inception date: Fund Size: Rs crores Rs **Expense Ratio for the month of Aug'06: Rs invested at inception: Index Fund Vs S&P CNX Nifty 37,708 32,708 27,708 22,708 17,708 12,708 7,708 CAGR Index Fund : 27.98%; Benchmark : 26.32% Performance Record *- Cumulative Option *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is S&P CNX Nifty. For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. Sector Allocation* *Pertains to the equity investments only. Rs Rs Feb-02 May-02 Aug-02 Nov-02 Feb-03 May-03 Aug-03 Nov-03 Feb-04 May-04 Aug-04 Nov-04 Feb-05 May-05 Aug-05 Nov-05 Feb-06 May-06 Aug-06 Pru ICICI Index Fund S&P CNX Nifty 47.99% 43.16% 37.37% 35.91% 27.98% 26.32% 12.70% 11.03% Last 6 Last 1 Last 3 Since Months Inception Pru ICICI Index Fund S&P CNX Nifty Transportation 0.23% Chemicals Media & Entertainment Power Gas Finance Non-Ferrous Metals Cement Ferrous Metals Pharmaceuticals Telecom Services Auto Consumer Non-Durable Banks Industrial Capital Goods Oil Petroleum Products Software 0.36% 0.57% 0.99% 1.10% 1.63% 1.64% 2.64% 2.86% 3.63% 4.96% 5.73% 6.78% 7.41% 7.64% 8.66% 8.77% 15.82% 5.00% % 2 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 Ltd % Maruti Udyog Ltd % Mahindra & Mahindra Ltd % Hero Honda Ltd % Banks % ICICI Bank Ltd % State Bank of India Ltd % HDFC Bank Ltd % Punjab National Bank Ltd % Oriental Bank of Commerce % Cement % Grasim Industries Ltd % Associated Cement Companies Ltd % Gujarat Ambuja Cement Ltd % Chemicals % Indian Petrochemicals Corporation Ltd % Consumer Non-Durable % ITC Ltd % Hindustan Lever Ltd % Dabur India Ltd % Tata Tea Ltd % Ferrous Metals % Steel Authority of India Ltd % Tata Steel Ltd % Finance % Housing Development Finance Corporation Ltd % Gas % Gas Authority of India Ltd % Industrial Capital Goods % Bharat Heavy Electricals Ltd % Suzlon Energy Ltd % Larsen & Toubro Ltd % Siemens India Ltd % ABB Ltd % Media & Entertainment % Zee Telefilms Ltd % Non-Ferrous Metals % Hindalco Industries Ltd % National Aluminium Company Ltd % Oil % Oil & Natural Gas Company Ltd % Petroleum Products % Reliance Industries Ltd % Bharat Petroleum Corporation Ltd % Hindustan Petroleum Corporation Ltd % Pharmaceuticals % Cipla Ltd % Sun Pharmaceuticals Ltd % Ranbaxy Laboratories Ltd % Dr. Reddys Laboratories Ltd % Glaxo Smothkline Pharma Ltd % Power % Tata Power Company Ltd % Reliance Energy Ltd % Software % Infosys Technologies Ltd % Tata Consultancy Services Ltd % Wipro Ltd % Satyam Computer Services Ltd % HCL Technologies Ltd % Telecom Services % Bharti Airtel Ltd % Videsh Sanchar Nigam Ltd % Mahanagar Telephone Nigam Ltd % Transportation % Jet Airways India Ltd % Nifty Futures % Cash, Call, CBLO & Reverse Repo % Other Current Assets (91.41) % Total Net Assets Top Ten Holdings Quantitative Indicators: Average P/E : Average P/BV : 4.28 Average Dividend Yield : 1.38 Annual Turnover Ratio : 4.70 times Std Dev : 7.18 Sharpe Ratio^ : 0.33 Beta : 1.03 R squared : 0.99 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , , % Since Inception 26-Feb-02 56, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2002, 2003 and

16 SPIcE Fund Index Fund Fund Manager : Yogesh Bhatt Investment Horizon: 5 & more Inception date: Fund Size: Rs crores Rs **Expense Ratio for the month of Aug'06: 0.80% Rs invested at inception: SPICE Vs BSE Sensitive Index 43,655 38,655 33,655 28,655 23,655 18,655 13,655 8,655 CAGR SPIcE Fund : 41.88%; Benchmark : 40.88% Performance Record* - Growth Option *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is BSE SENSEX Index.For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. Sector Allocation* Rs Rs Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 SPIcE Fund 13.77% 12.81% Last 6 Months Non-Ferrous Metals Ferrous Metals Power Finance Pharmaceuticals Oil Cement Telecom Services Industrial Capital Goods Auto Consumer Non-Durable BSE SENSEX 50.80% 49.88% 40.66% 41.88% 40.08% 40.88% Last 1 Last 3 SPIcE Fund 1.98% 2.73% 3.35% 3.89% 4.18% 4.58% 5.13% BSE SENSEX 6.52% 6.55% 7.35% 10.06% Since Inception Long term investment of funds for capital appreciation by replicating the BSE Sensitive Index Company/Issuer Mkt Value (Rs. Lakh) % to NAV Auto % Tata Motors Ltd % Bajaj Auto Ltd % Maruti Udyog Ltd % Hero Honda Ltd % Banks % ICICI Bank Ltd % State Bank of India Ltd % HDFC Bank Ltd % Cement % Grasim Industries Ltd % Gujarat Ambuja Cement Ltd % Associated Cement Companies Ltd % Consumer Non-Durable % ITC Ltd % Hindustan Lever Ltd % Ferrous Metals % Tata Steel Ltd % Finance % Housing Development Finance Corporation Ltd % Industrial Capital Goods % Larsen & Toubro Ltd % Bharat Heavy Electricals Ltd % Non-Ferrous Metals % Hindalco Industries Ltd % Oil % Oil & Natural Gas Company Ltd % Petroleum Products % Reliance Industries Ltd % Pharmaceuticals % Cipla Ltd % Ranbaxy Laboratories Ltd % Dr. Reddys Laboratories Ltd % Power % National Thermal Power Corporation Ltd % Reliance Energy Ltd % Software % Infosys Technologies Ltd % Satyam Computer Services Ltd % Tata Consultancy Services Ltd % Wipro Ltd % Telecom Services % Bharti Airtel Ltd % Reliance Communications Ventures Ltd % Cash, Call, CBLO & Reverse Repo % Other Current Assets (1.01) -1.08% Total Net Assets Top Ten Holdings Quantitative Indicators: Average P/E : Average P/BV : 4.31 Average Dividend Yield : 1.13 Annual Turnover Ratio : 0.16 times Std Dev : 6.61 Sharpe Ratio^ : 0.38 Beta : 0.98 R squared : 0.99 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. ^ Risk-free rate based on the JP Morgan 3 month T-Bill Index. Petroleum Products Banks 11.33% 12.77% Software 18.44% 5.00% % 2 *Pertains to the equity investments only. 16

17 PruICICI Monthly Income Plan (An open ended fund. Monthly income is not assured and is subject to the availability of distributable surplus.) Fund Managers: Equity : Prashant Kothari Debt : Chaitanya Pande Indicative Investment Horizon: 1 yr & above Inception date: Fund Size: Rs crores Cumulative option : Rs **Expense Ratio for the month of Aug'06: 1.95% : Debt Rs invested at inception*: MIP Vs Crisil MIP Blended Index 15,823 14,823 13,823 12,823 11,823 10,823 9,823 *Benchmark start date : CAGR MIP: 10.16%; Benchmark : 9.12%. Benchmark is Crisil MIP Blended Index. Past performance may or may not be sustained in future. Performance Record* - Cumulative Option 12.00% % 6.00% 4.00% 2.00% Equity *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil MIP Blended Index. Start date: 31/3/02. For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. 30-Aug-03 & 31-Aug-03 were non business days. Maturity Profile (as % of debt holding) Rs Rs Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Pru ICICI Monthly Income Plan 4.54% 3.69% Last 6 Months Crisil MIP Blended index 10.02% 9.58% 10.15% 10.72% 8.84% 7.73% Last 1 Pru ICICI Monthly Income Plan > 10 Other Current Assets 182 days - 1 year 3-5 <182 days % 4.22% 8.76% 10.63% Last 3 Last 5 Since Inception Crisil MIP Blended index 28.71% 45.54% Medium term investment in a portfolio of debt and equity (upto 15%) for capital appreciation. Company/Issuer Sector/Rating Mkt Value (Rs. Lakh) % to NAV Equity Holdings 7, % Reliance Industries Ltd Petroleum Products % Punjab National Bank Ltd Banks % ITC Ltd Consumer Non-Durable % ICICI Bank Ltd Banks % Bharti Airtel Ltd Telecom Services % OCL India Ltd Cement % Larsen & Toubro Ltd Industrial Capital Goods % Infosys Technologies Ltd Software % Patel Engineering Ltd Construction % State Bank of India Ltd Banks % Bank of Baroda Ltd Banks % Deccan Chronicle Holdings Ltd Media & Entertainment % Aventis Pharma Ltd Pharmaceuticals % AIA Engineering Ltd Industrial Products % Oil & Natural Gas Company Ltd Oil % Indo Tech Transformers Ltd Industrial Capital Goods % Pokarna Ltd Cement % Bharat Earth Movers Ltd Industrial Capital Goods % Amtek Auto Ltd Auto Ancillaries % Tata Steel Ltd Ferrous Metals % Viceroy Hotels Ltd Hotels % Glaxo Smothkline Pharma Ltd Pharmaceuticals % Ashok Leyland Ltd Auto % Jindal Steel & Power Company Ltd Ferrous Metals % Tech Mahindra Ltd Software % I-Flex Solutions Ltd Software % Exide Industries Ltd Auto Ancillaries % Nifty Futures 2, % Debt Holdings 45, % PSU/PFI Bonds 2, % Indian Railway Finance Corporation AAA 1, % Infrastructure Development Finance Corporation AAA % Private Corporate Securities 14, % PTC Citi Fleet Trust Citibank AAA(SO) 4, % Citicorp Maruti Finance Ltd AAA 2, % PTC IBL Trust IndusInd Bank AAA(SO) 2, % PTC RPS Tata Teleservices AAA(SO) 1, % Sundaram Finance Ltd AAA 1, % Hindalco Industries Ltd AAA % PTC Citi Mobile Trust Citibank AAA(SO) % India Infrastructure Developers Ltd A1+(SO) % Government Securities 14, % 6.65% GOI 2009 Sovereign 5, % 7.55% GOI 2010 Sovereign 5, % 12.25% GOI 2009 Sovereign 2, % 8.07% GOI 2017 Sovereign 1, % CPs and CDs 2, % UTI Bank Ltd - CD P % American Express Bank Ltd - CD P % HDFC Bank - CD P % Treasury Bills 4, % 91 Day T Bill (MD 24/11/2006) Sovereign 4, % Term Deposits 1, % ICICI Bank 1, % Cash, Call, CBLO & Reverse Repo 3, % Other Current Assets 1, % Total Net Assets 55, Top Five Holdings Rating Profile (as % of debt holding) Sovereign Securities 41.54% Call,Current Assets and Reverse Repos 12.07% AAA and 42.25% Bank Deposits 4.14% Quantitative Indicators Debt Component Average Maturity : 1.75 year Modified Duration : 1.48 year Yield To Maturity : 7.48% % Unlisted Bonds : 8.03% Quantitative Indicators Equity Component Average P/E : Average P/BV : 2.74 Average Dividend Yield : 0.97 SIP Returns: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , , % 5 Year SIP 30-Sep-01 60, , , % Since Inception 10-Nov-00 71, , , % Assume Rs invested every month. 17

18 PruICICI Blended Plan A Fund Managers :Equity : Yogesh Bhatt Debt : Chaitanya Pande Indicative Investment Horizon: 6 months-1 year Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: 1.50% Performance Record* - Growth Option 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 4.16% 3.28% * Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil Short Term Bond Fund Index. For Computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. Rating Profile (as % of total debt components) Maturity Profile: (as % of total debt components) Asset Allocation: (as % of Net Assets) Quantitative Indicators: Average Maturity : 0.03 year Modified Duration : 0.03 year Yield To Maturity : 6.82% % Unlisted Bonds : 0.57% 7.27% 7.38% 4.73% 4.89% Last 6 Months Last 1 Since Inception Pru ICICI Blanded Plan A Call,Current Assets and Reverse Repos 10.66% Other Current Assets 1-3 <182 days Total UnHedged Equity Total Hedged Equity 75.51% % 2.31% Crisil Short Term Bond Fund Index AAA and 2.33% Bank Deposits 87.02% Total Debt 24.49% % Opportunity to enhance returns from a blend of equity & equity arbitrage (atleast 51%) and low volatility returns from a minimum debt exposure of 25% for a short time horizon Company/Issuer Sector/Rating Mkt Value %NAV Mkt Value (Rs. Lakh) (Rs. Lakh)-Futures Equity Holdings 64, % (65,082.48) Reliance Industries Ltd Petroleum Products 7, % Reliance Industries Ltd- Futures -7, Bharti Airtel Ltd Telecom Services 4, % Bharti Airtel Ltd- Futures -4, State Bank of India Ltd Banks 3, % State Bank of India Ltd- Futures -3, Hindalco Industries Ltd Non-Ferrous Metals 3, % Hindalco Industries Ltd - Rights Non-Ferrous Metals % Hindalco Industries Ltd- Futures -3, Indian Petrochemicals Corporation Ltd Chemicals 3, % Indian Petrochemicals Corporation Ltd- Futures -3, Mahanagar Telephone Nigam Ltd Telecom Services 2, % Mahanagar Telephone Nigam Ltd- Futures -2, Ranbaxy Laboratories Ltd Pharmaceuticals 2, % Ranbaxy Laboratories Ltd- Futures -2, Sterlite Industries (India) Ltd Non-Ferrous Metals 2, % Sterlite Industries (India) Ltd- Futures -2, Bank of Baroda Ltd Banks 2, % Bank of Baroda Ltd- Futures -2, Infosys Technologies Ltd Software 2, % Infosys Technologies Ltd- Futures -2, India Cements Ltd Cement 2, % India Cements Ltd- Futures -2, Century Textiles & Industries Ltd Cement 2, % Century Textiles & Industries Ltd- Futures -2, Reliance Energy Ltd Power 2, % Reliance Energy Ltd- Futures -2, Tata Steel Ltd Ferrous Metals 1, % Tata Steel Ltd- Futures -1, Matrix Laboratories Ltd Pharmaceuticals 1, % Matrix Laboratories Ltd- Futures -1, Reliance Capital Finance Ltd Finance 1, % Reliance Capital Finance Ltd- Futures -1, Oriental Bank of Commerce Banks 1, % Oriental Bank of Commerce- Futures -1, Industrial Development Bank of India Banks 1, % Industrial Development Bank of India- Futures -1, SRF Ltd Textiles - Synthetic % SRF Ltd- Futures Divis Laboratories Ltd Pharmaceuticals % Divis Laboratories Ltd- Futures Jindal Steel & Power Company Ltd Ferrous Metals % Jindal Steel & Power Company Ltd- Futures Associated Cement Companies Ltd Cement % Associated Cement Companies Ltd- Futures Mphasis BFL Software Ltd Software % Mphasis BFL Software Ltd- Futures Gujarat Narmada Valley Fertilisers Co. Ltd Fertilizers % Gujarat Narmada Valley Fertilisers Co. Ltd- Futures Essar Oil Ltd Oil % Essar Oil Ltd- Futures Videsh Sanchar Nigam Ltd Telecom Services % Videsh Sanchar Nigam Ltd- Futures Gujarat Ambuja Cement Ltd Cement % Gujarat Ambuja Cement Ltd- Futures GMR Infrastructure Ltd Construction % GMR Infrastructure Ltd- Futures Punjab National Bank Ltd Banks % Punjab National Bank Ltd- Futures Bharat Petroleum Corporation Ltd Petroleum Products % Bharat Petroleum Corporation Ltd- Futures Mahindra & Mahindra Ltd Auto % Mahindra & Mahindra Ltd- Futures New Delhi Television Ltd Media & Entertainment % New Delhi Television Ltd- Futures Jindal Stainless Ltd Ferrous Metals % Jindal Stainless Ltd- Futures Dr. Reddys Laboratories Ltd Pharmaceuticals % Dr. Reddys Laboratories Ltd- Futures Canara Bank Ltd Banks % Canara Bank Ltd- Futures Jai Prakash Hydro Power Ltd Power % Jai Prakash Hydro Power Ltd- Futures Hindustan Petroleum Corporation Ltd Petroleum Products % Hindustan Petroleum Corporation Ltd- Futures Industrial Development Finance Corporation Ltd Finance % Industrial Development Finance Corporation Ltd- Futures Tata Motors Ltd Auto % Tata Motors Ltd- Futures Polaris Software Lab Ltd Software % Polaris Software Lab Ltd- Futures Orchid Chemicals Ltd Pharmaceuticals % Orchid Chemicals Ltd- Futures Arvind Mills Ltd Textiles - Products % Arvind Mills Ltd- Futures Mangalore Refineries & Petrochemicals Ltd Petroleum Products % Mangalore Refineries & Petrochemicals Ltd- Futures Syndicate Bank Ltd Banks % Syndicate Bank Ltd- Futures National Thermal Power Corporation Ltd Power % National Thermal Power Corporation Ltd- Futures IndusInd Bank Ltd Banks % IndusInd Bank Ltd- Futures Industrial Finance Corporation of India Ltd Finance % Industrial Finance Corporation of India Ltd- Futures I-Flex Solutions Ltd Software % I-Flex Solutions Ltd- Futures Indian Hotels Company Ltd Hotels % Indian Hotels Company Ltd- Futures Alok Textiles Ltd Textiles - Products % Alok Textiles Ltd- Futures LIC Housing Finance Ltd Finance % LIC Housing Finance Ltd- Futures Vijaya Bank Banks % Vijaya Bank- Futures Tata Tea Ltd Consumer Non-Durable % Tata Tea Ltd- Futures Chambal Fertilisers & Chemicals Ltd Fertilizers % Chambal Fertilisers & Chemicals Ltd- Futures Cummins India Ltd Industrial Products % Cummins India Ltd- Futures Escorts Ltd Auto % Escorts Ltd- Futures Great Eastern Shipping Co. Ltd Transportation % Great Eastern Shipping Co. Ltd- Futures Shipping Corporation of India Ltd Transportation % Shipping Corporation of India Ltd- Futures Aurobindo Pharma Ltd Pharmaceuticals % Aurobindo Pharma Ltd- Futures Wockhardt Ltd Pharmaceuticals % Wockhardt Ltd- Futures Cipla Ltd Pharmaceuticals % Cipla Ltd- Futures Union Bank of India Ltd Banks % Union Bank of India Ltd- Futures Ballarpur Industries Ltd Paper % Ballarpur Industries Ltd- Futures Indian Overseas Bank Ltd Banks % Indian Overseas Bank Ltd- Futures Punj Llyod Ltd Construction % Punj Llyod Ltd- Futures Karnataka Bank Ltd Banks % Karnataka Bank Ltd- Futures Bharat Electonics Ltd Industrial Capital Goods % Bharat Electonics Ltd- Futures Debt Holdings 20, % Private Corporate Securities % Sundaram Finance Ltd AAA % Term Deposits 18, % ICICI Bank 18, % Cash, Call, CBLO & Reverse Repo 7, % Other Current Assets (5,059.92) -5.93% Total Net Assets 85, Top Five Holdings 18

19 PruICICI Blended Plan B Fund Managers: Debt : Chaitanya Pande Equity : Yogesh Bhatt Indicative Investment Horizon: 6 months-1 year Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: Blended Plan B : 1.50% Blended Plan B - Inst.: 1.00% Performance Record* - Growth Option 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 3.52% 3.28% 6.43% 6.50% * Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil Short Term Bond Fund Index. For Computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. Rating Profile (as % of total debt components) 4.73% 4.89% Last 6 Months Last 1 Since Inception Pru ICICI Blanded Plan B Bank Deposits 5.46% Crisil Short Term Bond Fund Index Call,Current Assets and Reverse Repos 5.17% Generate low volaility returns from debt (atleast 51%) along with an opportunity to enhance returns from equity arbitrage (maximum 49%) Company/Issuer Sector/Rating Mkt Value %NAV Mkt Value (Rs. Lakh) (Rs. Lakh)-Futures Equity Holdings 2, % (2,412.91) Bank of Baroda Ltd Banks % Bank of Baroda Ltd- Futures New Delhi Television Ltd Media & Entertainment % New Delhi Television Ltd- Futures Sterlite Industries (India) Ltd Non-Ferrous Metals % Sterlite Industries (India) Ltd- Futures Colgate Palmolive (India) Ltd Consumer Non-Durable % Colgate Palmolive (India) Ltd- Futures Century Textiles & Industries Ltd Cement % Century Textiles & Industries Ltd- Futures Oriental Bank of Commerce Banks % Oriental Bank of Commerce- Futures Gujarat Narmada Valley Fertilisers Co. Ltd Fertilizers % Gujarat Narmada Valley Fertilisers Co. Ltd- Futures Industrial Development Bank of India Banks % Industrial Development Bank of India- Futures Bongaigon Refinery & Petrochemicals Ltd Petroleum Products % Bongaigon Refinery & Petrochemicals Ltd- Futures Debt Holdings 14, % Private Corporate Securities 2, % PTC Citi Fleet Trust Citibank AAA(SO) 1, % PTC IBL Trust IndusInd Bank AAA(SO) % PTC TVS Finance AAA(SO) % CPs and CDs 9, % Kotak Mahindra Bank Ltd - CD P1+ 3, % UTI Bank Ltd - CD P1+ 2, % Punjab National Bank - CD P1+ 1, % HDFC Bank - CD P1+ 1, % American Express Bank Ltd - CD P % Term Deposits % ICICI Bank % Cash, Call, CBLO & Reverse Repo 1, % Other Current Assets (949.52) -5.72% Total Net Assets 16, Top Five Holdings AAA and 89.37% Maturity Profile: (as % of total debt components) Other Current Assets % 6.49% 182 days-1year 50.06% <182 days 50.15% Quantitative Indicators: Average Maturity : 0.61 year Modified Duration : 0.41 year Yield To Maturity : 5.88% % Unlisted Bonds : 0 19

20 PruICICI Balanced Fund Fund Managers: Equity : Deven Sangoi Debt : Pankaj Kaji Indicative Investment Horizon: 3 yrs & more Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: 2.25% : Debt Equity Rs invested at inception*: Balanced Fund Vs Crisil Balanced Fund Index 38,986 33,986 28,986 23,986 18,986 13,986 8,986 *Benchmark start date CAGR Balanced Fund : 30.65%; Benchmark : 19.65%. Past performance may or may not be sustained in future. Performance Record *- Growth Option *Returns < 1 Year : Absolute, > = 1Year : CAGR. Benchmark - Crisil Balanced Fund Index and start date For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. 30-Aug-03 & 31-Aug-03 were non business days. Sector Allocation* (as % of equity portfolio) *Pertains to the equity investments only. Rs Rs Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Pru ICICI Balanced Fund Crisil Balanced Fund Index % 29.05% % 26.65% 22.91% % % Last 6 Months Last 1 Pru ICICI Balanced Fund Construction Auto Ancillaries Fertilizers Media & Entertainment Pharmaceuticals Pesticides Oil Non-Ferrous Metals Industrial Products Auto Petroleum Products Banks Software Consumer Non-Durable Industrial Capital Cement Last 3 Last % Crisil Balanced Fund Index Since Inception 0.03% 1.71% 1.85% 2.38% 2.69% 3.12% 3.88% 5.49% 6.25% 6.60% 7.70% 8.12% 9.91% 11.92% 13.40% 14.95% 4.00% 8.00% 12.00% 16.00% Medium term investment of funds in a portfolio of equity (minimum) 51% and debt for capital appreciation. Company/Issuer Sector/Rating Mkt Value (Rs. Lakh) % to NAV Equity Holdings 26, % Reliance Industries Ltd Petroleum Products 2, % Grasim Industries Ltd Cement 1, % Infosys Technologies Ltd Software 1, % Bharat Electonics Ltd Industrial Capital Goods 1, % India Cements Ltd Cement 1, % Hindalco Industries Ltd Non-Ferrous Metals 1, % Oil & Natural Gas Company Ltd Oil 1, % AIA Engineering Ltd Industrial Products % ITC Ltd Consumer Non-Durable % Larsen & Toubro Ltd Industrial Capital Goods % State Bank of India Ltd Banks % Associated Cement Companies Ltd Cement % Bharat Heavy Electricals Ltd Industrial Capital Goods % United Phosphorus Ltd Pesticides % Andhra Bank Ltd Banks % OCL India Ltd Cement % Hindustan Lever Ltd Consumer Non-Durable % Aventis Pharma Ltd Pharmaceuticals % E.I.D. Parry (India) Ltd Consumer Non-Durable % Mahindra & Mahindra Ltd Auto % Maruti Udyog Ltd Auto % Jain Irrigation Systems Ltd Industrial Products % Zee Telefilms Ltd Media & Entertainment % ABB Ltd Industrial Capital Goods % Gujarat State Fertilisers & Chemicals Ltd Fertilizers % Mastek Ltd Software % Sundaram Clayton Ltd Auto Ancillaries % Ashok Leyland Ltd Auto % Satyam Computer Services Ltd Software % ICICI Bank Ltd Banks % Tata Consultancy Services Ltd Software % Sterlite Industries (India) Ltd Non-Ferrous Metals % Triveni Engineering & Industries Ltd Consumer Non-Durable % Balrampur Chini Mills Ltd Consumer Non-Durable % Indo Tech Transformers Ltd Industrial Capital Goods % Tech Mahindra Ltd Software % Sunil Hitech Engineers Ltd Construction % Debt Holdings 14, % PSU/PFI Bonds 1, % Infrastructure Development Finance Corporation AAA 1, % Power Finance Corporation Ltd AAA % Private Corporate Securities 1, % PTC RPS Tata Teleservices AAA(SO) % Reliance Industries Ltd AAA % Government Securities 3, % 9.39% GOI 2011 Sovereign 2, % 8.07% GOI 2017 Sovereign % CPs and CDs 4, % UTI Bank Ltd - CD P1+ 1, % Kotak Mahindra Bank Ltd - CD P1+ 1, % State Bank of Bikaner & Jaipur - CD P % Term Deposits 2, % ICICI Bank 2, % Cash, Call, CBLO & Reverse Repo % Other Current Assets 2, % Total Net Assets 42, Top Five Holdings Quantitative Indicators Debt Component Average Maturity : 1.98 year Modified Duration : 1.61 year Yield To Maturity : 7.57% % Unlisted Bonds : Quantitative Indicators Equity Component Average P/E : Average P/BV : 3.64 Average Dividend Yield : 1.06 SIP Return: As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , , % 5 Year SIP 1-Oct-01 60, , , % Since Inception 3-Nov-99 83, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2001, 2003 & Maturity Profile (as % of debt holding) > 10 Other Current Assets days - 1 year <182 days 3.13% 13.24% 16.59% 19.37% 22.96% 24.71%

21 PruICICI Income Multiplier Fund Fund Managers : Equity : Prashant Kothari Debt : Chaitanya Pande Indicative Investment Horizon: 1 yr & above Inception date: Fund Size: Rs crores Cumulative option: Rs Dividend option: Rs **Expense Ratio for the month of Aug'06: 2.07% : Debt Equity Rs invested at inception: IMP Vs Crisil MIP Blended Index 13,944 13,444 12,944 12,444 11,944 11,444 10,944 10,444 9,944 9,444 CAGR Income Multiplier Fund : 13.03%; Benchmark : 6.51% Benchmark is Crisil MIP Blended Index. Performance Record* - Cumulative option 16.00% 14.00% 12.00% % 6.00% 4.00% 2.00% 5.66% 3.69% *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil MIP Blended Index. For computation of returns the allotment NAV has been taken as Rs Rating Profile (as % of debt holdings) 13.51% 13.03% 8.84% 6.51% Last 6 Months Last 1 Since Inception Pru ICICI Income Multiplier Rs Rs Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Pru ICICI Income Multiplier Crisil MIP Blended index Crisil MIP Blended index Medium term investment in a portfolio of debt and equity (upto 30%) for capital appreciation. Company/Issuer Sector/Rating Mkt Value (Rs. Lakh) % to NAV Equity Holdings 9, % Bharti Airtel Ltd Telecom Services % Tata Consultancy Services Ltd Software % Trent Ltd Retailing % Bajaj Auto Ltd Auto % Marico Industries Ltd Consumer Non-Durable % Bank of Baroda Ltd Banks % ICI India Ltd Consumer Non-Durable % Exide Industries Ltd Auto Ancillaries % ICICI Bank Ltd Banks % Blue Star Ltd Consumer Durables % Cadila Healthcare Ltd Pharmaceuticals % Pantaloon Retail (India) Ltd Retailing % Mahindra & Mahindra Ltd Auto % Chettinad Cements Ltd Cement % Godrej Consumer Products Ltd Consumer Non-Durable % Hero Honda Ltd Auto % Indian Overseas Bank Ltd Banks % Vimta Labs Ltd Healthcare Services % Glaxo Smothkline Pharma Ltd Pharmaceuticals % Pidilite Industries Ltd Consumer Non-Durable % I-Flex Solutions Ltd Software % Subros Ltd Auto Ancillaries % Shoppers Stop Ltd Retailing % Geometric Software Solutions Ltd Software % Alembic Ltd Pharmaceuticals % Tinplate Company of India Ltd Ferrous Metals % Indo Tech Transformers Ltd Industrial Capital Goods % Tech Mahindra Ltd Software % Nifty Futures % Debt Holdings 29, % PSU/PFI Bonds 2, % Indian Railway Finance Corporation AAA 1, % Infrastructure Development Finance Corporation AAA 1, % Private Corporate Securities 9, % Hindalco Industries Ltd AAA 2, % PTC IBL Trust IndusInd Bank AAA(SO) 2, % Reliance Industries Ltd AAA 1, % Citicorp Maruti Finance Ltd AAA % Kotak Mahindra Primus Ltd AA % PTC RPS Tata Teleservices AAA(SO) % Sundaram Finance Ltd AAA % Ultratech Cement Company Ltd AA % Grasim Industries Ltd AAA % Government Securities 4, % 6.65% GOI 2009 Sovereign 2, % 8.07% GOI 2017 Sovereign 1, % 9.39% GOI 2011 Sovereign % CPs and CDs 6, % UTI Bank Ltd - CD P1+ 2, % Kotak Mahindra Bank Ltd - CD P1+ 2, % State Bank of Bikaner & Jaipur - CD P % Punjab National Bank - CD P % Treasury Bills 2, % 91 Day T Bill (MD 24/11/2006) Sovereign 2, % Term Deposits 1, % ICICI Bank 1, % Cash, Call, CBLO & Reverse Repo 2, % Other Current Assets % Total Net Assets 39, Top Five Holdings Quantitative Indicators Debt Component Quantitative Indicators Equity Component Average Maturity : 1.42 year Average P/E : Modified Duration : 1.19 Average P/BV : 4.30 Yield To Maturity : 7.42% Average Dividend Yield : 1.13 % Unlisted Bonds : 9.12% Sector Allocation (as % of the equity portfolio)* Maturity Profile (as % of debt holdings) Other Current Assets > days - 1 year <182 days Sovereign Securities 21.32% Call,Current Assets and Reverse Repos 10.89% Bank Deposits 6.00% % 3.33% 1.77% 16.42% AA and 3.30% AAA and 58.49% 31.96% 45.27% Industrial Capital Goods Ferrous Metals Healthcare Services Cement Consumer Durables Auto Ancillaries Pharmaceuticals Telecom Services Software Retailing Auto Banks Consumer Non-Durable *Pertains to the equity positions only. 1.02% 1.46% 2.84% 3.12% 3.84% 7.25% 7.75% 8.49% 10.88% 10.97% 11.21% 12.04% 15.47% 5.00% % 2 As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Sep-05 12, , % Since Inception 30-Mar-04 31, , , % Assume Rs invested every month. 21

22 PruICICI Child Care Plan (Gift) Figures as on 31-Aug, 31st Fund Managers: Equity : Prashant Kothari Debt : Pankaj Kaji Indicative Investment Horizon: 6-17 yrs Inception date: Fund Size: Rs crores Rs **Expense Ratio for the month of Aug'06: 2.00% Debt Equity Rs invested at inception*: CCP - Gift Vs Crisil Balanced Fund Index 38,986 33,986 28,986 23,986 18,986 13,986 8,986 *Benchmark start date CAGR CCP - Gift : 28.49%; Benchmark : 19.65%. Past performance may or may not be sustained in future. Performance Record *- Cumulative Option 35.00% % % % *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil Balanced Fund Index and start date For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. 30-Aug-03 & 31-Aug-03 were non business days. Maturity Profile (as % of debt holding) Rs Rs Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Pru ICICI Child Care Gift 8.05% 1.15% Other Current Assets 19.82% 26.65% Crisil Balanced Fund Index 31.32% 27.83% 22.91% Last 6 Months Last 1 Last 3 Since Inception Pru ICICI Child Care Gift % 0.38% Crisil Balanced Fund Index For your child between 1-13 and seeking to save over a long term horizon Company/Issuer Sector/Rating Mkt Value (Rs. Lakh) % to NAV Equity Holdings 5, % Mahindra & Mahindra Ltd Auto % Containers Corporation of India Ltd Transportation % Thermax Ltd Industrial Capital Goods % Sintex Industries Ltd Industrial Products % Reliance Industries Ltd Petroleum Products % ITC Ltd Consumer Non-Durable % AIA Engineering Ltd Industrial Products % ICICI Bank Ltd Banks % Orient Paper & Industries Ltd Cement % Bharat Earth Movers Ltd Industrial Capital Goods % Bank of Baroda Ltd Banks % Sundaram Clayton Ltd Auto Ancillaries % OCL India Ltd Cement % Bharat Electronics Ltd Industrial Capital Goods % Siemens India Ltd Industrial Capital Goods % Mastek Ltd Software % Larsen & Toubro Ltd Industrial Capital Goods % Indian Overseas Bank Ltd Banks % Asian Paints Ltd Consumer Non-Durable % Bharti Airtel Ltd Telecom Services % Bajaj Auto Ltd Auto % Sunil Hitech Engineers Ltd Construction % Marico Industries Ltd Consumer Non-Durable % State Bank of India Ltd Banks % Hindalco Industries Ltd Non-Ferrous Metals % Ramco Industries Ltd Cement % Amtek Auto Ltd Auto Ancillaries % Nova Bharat Venture Ltd Non-Ferrous Metals % Patel Engineering Ltd Construction % Agro Dutch Industries Ltd Consumer Non-Durable % Financial Technologies Ltd Software % Sterlite Industries (India) Ltd Non-Ferrous Metals % Indo Tech Transformers Ltd Industrial Capital Goods % Precot Mills Ltd Textiles - Cotton % I-Flex Solutions Ltd Software % Automobile Corporation of Goa Ltd Auto Ancillaries % Nifty Futures % Debt Holdings 3, % PSU/PFI Bonds % Indian Railway Finance Corporation AAA % Private Corporate Securities 1, % Mahindra & Mahindra Financial Services Ltd AA % PTC IBL Trust IndusInd Bank AAA(SO) % ABN Amro Bank Ltd AAA % Reliance Industries Ltd AAA % Kotak Mahindra Primus Ltd AA % Titan Industries Ltd A % CPs and CDs 1, % UTI Bank Ltd - CD P % Kotak Mahindra Bank Ltd - CD P % Standard Chartered Investment & Loan (India) Ltd - CP P % Term Deposits % ICICI Bank % Cash, Call, CBLO & Reverse Repo % Other Current Assets (355.33) -4.30% Total Net Assets 8, Top Five Holdings Sector Allocation* (as % of equity portfolio) Textiles - Cotton Telecom Services Construction Non-Ferrous Metals Software Petroleum Products Auto Ancillaries Transportation Auto Cement Industrial Products Consumer Non-Durable Banks Industrial Capital Goods 0.42% 2.35% 3.33% 3.44% 4.29% 4.92% 4.98% 5.06% 8.02% 8.85% 8.92% 10.12% 12.39% 19.00% 5.00% % days - 1 year <182 days Rating Profile (as % of debt holding) Call,Current Assets and Reverse Repos 7.82% Bank Deposits 8.25% A and 0.38% 25.12% 45.33% 40.89% AA and 14.74% AAA and 68.81% *Pertains to the equity positions only. Quantitative Indicators Debt Component Average Maturity : 0.77 year Modified Duration : 0.71 year Yield To Maturity : 7.51% % Unlisted Bonds : 5.53% Quantitative Indicators Equity Component Average P/E : Average P/BV : 3.45 Average Dividend Yield : 0.99 SIP Returns As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 30-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , , % 5 Year SIP 1-Oct-01 60, , , % Since Inception 31-Aug-01 61, , , % Assume Rs invested every month. The high level of returns come from the sharp appreciation in market, in the year 2001 and Fund Manager's Comment The extending beyond the red portion represents the marginal change in the style of the portfolio. Equity allocation to large cap stocks has been increased to protect capital at current valuations. 22

23 PruICICI Child Care Plan (Study) Fund Managers: Equity : Prashant Kothari Debt : Pankaj Kaji Indicative Investment Horizon: 3-5 yrs Inception date: Fund Size: Rs crores Rs **Expense Ratio for the month of Aug'06: 1.50% : Debt Equity Rs invested at inception*: CCP - Study Vs Crisil MIP Blended Index 18,721 17,721 16,721 15,721 14,721 13,721 12,721 11,721 10,721 9,721 *Benchmark start date CAGR CCP - Study : 12.25%; Benchmark : 9.12%. Performance Record *- Growth Option 14.00% 12.00% % 6.00% 4.00% 2.00% 3.85% 3.69% 12.84% 8.84% *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil MIP Blended Index and start date For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. 30-Aug-03 & 31-Aug-03 were non business days. Maturity Profile (as % of debt holding) 12.04% 12.68% 7.73% Last 6 MonthsLast 1 Last 3 Pru ICICI Child Care Study Rs Rs Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Pru ICICI Child Care Study % Crisil MIP Blended index Since Inception Crisil MIP Blended index For your child between and on the threshold of higher studies Equity Holdings % Nova Bharat Venture Ltd Non-Ferrous Metals % Blue Star Ltd Consumer Durables % Bharti Airtel Ltd Telecom Services % Larsen & Toubro Ltd Industrial Capital Goods % Containers Corporation of India Ltd Transportation % Plethico Pharmaceuticals Ltd Pharmaceuticals % Marico Industries Ltd Consumer Non-Durable % Reliance Industries Ltd Petroleum Products % Punjab National Bank Ltd Banks % AIA Engineering Ltd Industrial Products % Sunil Hitech Engineers Ltd Construction % Mastek Ltd Software % Precot Mills Ltd Textiles - Cotton % Automobile Corporation of Goa Ltd Auto Ancillaries % Indo Tech Transformers Ltd Industrial Capital Goods % ICICI Bank Ltd Banks % Pokarna Ltd Cement % I-Flex Solutions Ltd Software % Debt Holdings 2, % PSU/PFI Bonds % Bharat Heavy Electricals Ltd AAA % Konkan Railway Corporation Ltd AAA % Indian Railway Finance Corporation AAA % Private Corporate Securities % Reliance Industries Ltd AAA % Kotak Mahindra Primus Ltd AA % Mahindra & Mahindra Financial Services Ltd AA % CitiFinancial Consumer Finance India Ltd AAA % Trent Ltd AA % CPs and CDs % Kotak Mahindra Bank Ltd - CD P % UTI Bank Ltd - CD P % State Bank of Bikaner & Jaipur - CD P % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 2, Top Five Holdings Quantitative Indicators Debt Component Average Maturity : 0.73 year Modified Duration : 0.68 year Yield To Maturity : 7.44% % Unlisted Bonds : 9.61% Company/Issuer Sector/Rating Mkt Value (Rs. Lakh) % to NAV Other Current Assets 1-3 <182 days 182 days - 1 year 1.97% 12.99% 39.06% 44.34% Quantitative Indicators Equity Component Average P/E : Average P/BV : 3.62 Average Dividend Yield : Rating Profile (as % of debt holding) AAA and 77.90% AA and 13.08% Call, Reverse Repos & Current Assets 9.02% SIP Returns As on 31 Aug, 2006 Period SIP Start Date Total Amount Total No. Market Value SIP Invested of Units Returns 1 Year SIP 29-Sep-05 12, , % 3 Year SIP 30-Sep-03 36, , , % 5 Year SIP 1-Oct-01 60, , , % Since Inception 31-Aug-01 61, , , % Assume Rs invested every month. 23

24 PruICICI Fixed Maturity Plan Fund Manager : Chaitanya Pande INVESTMENT HORIZON PORTFOLIO Quarterly Half Yearly Yearly Company/Issuer Sector/ Mkt.Value % to Rating (Rs.Lacs) NAV Pru ICICI FMP Yearly month option PSU/PFI Bonds 6, % Export Import Bank of India Ltd AAA 2, % Nabard AAA 2, % Infrastructure Development Finance Corporation AAA % Indian Railway Finance Corporation AAA % Private Corporate Securities 16, % Kotak Mahindra Primus Ltd AA 3, % GE Countrywide Finacial Services Ltd AAA 3, % Mahindra & Mahindra Financial Services Ltd AA+ 3, % Hindalco Industries Ltd AAA 2, % CitiFinancial Retail Services India Ltd AAA 2, % CPs and CDs % American Express Bank Ltd - CD P % Standard Chartered Investment & Loan (India) Ltd - CP P % Term Deposits % ICICI Bank % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 25, Pru ICICI Trust Ltd.-FMPY12 CPs and CDs 11, % State Bank of Indore Ltd - CD P1+ 2, % American Express Bank Ltd - CD P1+ 1, % GE Capital Services India Ltd - CP P1+ 1, % Industrial Development Bank of India Ltd - CD P1+ 1, % Union Bank of India Ltd - CD P1+ 1, % Kotak Mahindra Bank Ltd - CD P % State Bank of Saurashtra Ltd - CD P % UCO Bank - CD P % Other Current Assets % Total Net Assets 11, Pru ICICI FMP Yearly 5 CPs and CDs 5, % American Express Bank Ltd - CD P1+ 1, % UCO Bank - CD P1+ 1, % Kotak Mahindra Bank Ltd - CD P1+ 1, % GE Capital Services India Ltd - CP P % Industrial Development Bank of India Ltd - CD P % State Bank of Saurashtra Ltd - CD P % State Bank of Indore Ltd - CD P % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 5, Pru ICICI FMP Ser Mths Plan Private Corporate Securities 13, % Kotak Mahindra Primus Ltd AA 2, % Mahindra & Mahindra Financial Services Ltd AA+ 2, % GE Capital Services India Ltd AAA 1, % Grasim Industries Ltd AAA 1, % Hindalco Industries Ltd AAA 1, % GE Countrywide Finacial Services Ltd AAA 1, % Reliance Industries Ltd AAA % CPs and CDs % Standard Chartered Investment & Loan (India) Ltd - CP P % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 13, Pru ICICI FMP Mths Plan PSU/PFI Bonds 1, % Nabard AAA 1, % Private Corporate Securities 14, % Kotak Mahindra Primus Ltd AA+ 10, % Mahindra & Mahindra Financial Services Ltd AA+ 3, % GE Capital Services India Ltd AAA % Reliance Industries Ltd AAA % CPs and CDs 22, % Allahabad Bank Ltd - CD P1+ 13, % Jammu & Kashmir Bank Ltd - CD P1+ 9, % UCO Bank - CD P % Term Deposits 28, % ICICI Bank 13, % Union Bank of India 10, % Oriental Bank of Commerce 5, % Cash, Call, CBLO & Reverse Repo % Other Current Assets 1, % Total Net Assets 68, Fund Size Those who have a fixed investment horizon for approximately 90 days, 182 days and 379 days Pru ICICI FMP 32-3 Months Plan Private Corporate Securities 9, % Bajaj Hindustan Ltd F1+ 7, % Hindustan National Glass & Industries Ltd P1+ 2, % CPs and CDs 13, % Jammu & Kashmir Bank Ltd - CD P1+ 4, % State Bank of Indore Ltd - CD P1+ 3, % DSP Merrill Lynch Capital Ltd - CP P1+ 2, % Punjab National Bank - CD P1+ 2, % Term Deposits 30, % UTI Bank 10, % State Bank of Hyderabad 10, % Yes Bank 5, % State Bank of Patiala 2, % Canara Bank 1, % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 53, Pru ICICI FMP Mths Plan PSU/PFI Bonds 3, % Nabard AAA 3, % Private Corporate Securities 4, % Kotak Mahindra Primus Ltd P1+ 2, % PTC IPGE Loan Trust GE Capital Services India Ltd F1+ 1, % CPs and CDs 14, % GE Capital Services India Ltd - CP P1+ 5, % Union Bank of India Ltd - CD P1+ 4, % Yes Bank Ltd - CD P1+ 4, % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 22, Pru ICICI FMP 32-3B Mths Plan Private Corporate Securities 4, % Global Trade Finance Ltd P1+ 2, % ABN Amro Bank Ltd AAA 1, % CitiFinancial Consumer Finance India Ltd AAA % CPs and CDs 3, % Voltas Ltd - CP A1+ 3, % Term Deposits 6, % Jammu & Kashmir Bank 3, % IDBI Bank 3, % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 14, Pru ICICI Hyrbid FMP- 13 Months Private Corporate Securities 34, % Housing Development Finance Corpn Ltd. AAA 13, % Infrastructure Development Fin.Corp AAA 10, % GE Capital Services India Limited AAA 10, % CPs and CDs % Kotak Mahindra Bank Ltd - CD P % Term Deposits 44, % Allahabad Bank 14, % ICICI Bank 15, % Industrial Development Bank of India 15, % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 78, PERFORMANCE Performance Records for FMP- Retail Growth Option Scheme Date Period NAV NAV as of Returns Name 31-Aug-06 FMP Y12 * 25-Apr-06 Since inception % FMP Mths 30-Jan-06 Since inception % FMP Y25-15 Mths * 16-Nov-05 Since inception % FMPY5 * 18-Apr-06 Since inception % FMP Mths 28-Mar-06 Since inception % FMP 32-3 Mths-Plan A 23-Jun-06 Since inception % FMP 32-3 Mths-Plan B 28-Jul-06 Since inception % FMY Mths 17-Jul-06 Since inception % Hybrid FMP 13 Mths Plan 30-Aug-06 Since inception % * Since the scheme was rolled over, the NAV as of the roll-over date has been taken for computation of returns. Returns >= 1 Year are CAGR, < 1 Year are Absolute. Note: For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in the future. Rs. 2, Crores 24

25 PruICICI Income Plan Fund Manager : Pankaj Kaji Indicative Investment Horizon: 1 year & above Inception date: Fund Size: Rs crores Retail Growth option : Rs Institutional Growth option : Rs **Expense Ratio for the month of Aug'06: Income Plan: 2.04% Income Inst. Plan: 1.50% Rs invested at inception*: Income Plan Vs Crisil Composite Bond Fund Index 13,290 12,790 12,290 11,790 11,290 10,790 10,290 9,790 *Benchmark start date : CAGR Income Plan: 5.84%; Benchmark : 5.58% Performance Record* - Growth Option 1 Rs Rs Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul % 6.00% 4.00% 2.00% Pru ICICI Income Plan 2.50% 3.78% 2.83% 3.14% 2.81% 2.01% Last 6 Months Pru ICICI Income Plan Last 1 Crisil Composite Bond Fund Index Last % Last % Since Inception Crisil Composite Bond Fund Index Medium term investment for steady returns with market volatility Company/Issuer Rating Mkt Value (Rs. Lakh) % to NAV PSU/PFI Bonds 4, % State Bank of India AAA 2, % Indian Oil Corporation Ltd AAA % State Bank of Bikaner & Jaipur Ltd AAA % Private Corporate Securities % Grasim Industries Ltd AAA % Ultratech Cement Company Ltd AA % Government Securities 14, % 8.07% GOI 2017 Sovereign 4, % 7.55% GOI 2010 Sovereign 3, % 6.65% GOI 2009 Sovereign 2, % 9.39% GOI 2011 Sovereign 2, % 8.33% GOI 2036 Sovereign 1, % CPs and CDs 2, % State Bank of Bikaner & Jaipur - CD P1+ 2, % Treasury Bills % 364 Day T Bill (MD 08/06/2007) Sovereign % Term Deposits 2, % State Bank Of Saurashtra 2, % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 25, Top Five Holdings *Returns < 1 : Absolute, > = 1Year : CAGR. Benchmark - Crisil Composite Bond Fund Index. Start date For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. 30-Aug-03 & 31-Aug-03 were non business days. Maturity Profile Quantitative Indicators Other Current Assets days - 1 year % 8.12% 13.28% 17.09% Average Maturity : 4.03 Years Modified Duration : 2.94 Years Yield to Maturity : 7.86% % Unlisted Bonds : 2.28% > % <182 days 19.85% % 2 Rating Profile Sovereign Securities 58.73% AA and 1.14% AAA and 27.50% Bank Deposits 9.73% Call,Current Assets and Reverse Repos 2.90% 25

26 PruICICI Flexible Income Plan Fund Manager : Rahul Goswami Indicative Investment Horizon: 1 year & above Inception date: Fund Size: Rs crores Cumulative option : Rs **Expense Ratio for the month of Aug'06: 0.38% Rs invested at inception: Flexible Vs Crisil Composite Bond Fund Index 13,450 12,950 12,450 11,950 11,450 10,950 10,450 9,950 CAGR Flexible Income Plan : 7.20%; Benchmark : 4.99% Rs Rs Sep-02 Nov-02 Jan-03 Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Pru ICICI Flexible Income Plan Crisil Composite Bond Fund Index Medium term investment for returns generated from managing interest rate volatility Company/Issuer Rating Mkt Value (Rs. Lakh) % to NAV Private Corporate Securities 1, % PTC Shriram Transport Finance HSBC AAA(SO) % Oscar Investments Ltd Unrated % CPs and CDs 2, % DSP Merrill Lynch Capital Ltd - CP P % Kotak Mahindra Bank Ltd - CD P % State Bank of Bikaner & Jaipur - CD P % Term Deposits 11, % Central Bank of India 3, % State Bank of Bikaner & Jaipur 2, % Jammu & Kashmir Bank 2, % IDBI Bank 2, % ICICI Bank 1, % Canara Bank 1, % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 15, Top Five Holdings Performance Record *- Cumulative Option Maturity profile: 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 3.12% 2.01% 4.87% 4.04% 3.14% 2.81% 7.20% 4.99% Last 6 Months Last 1 Last 3 Since Inception Pru ICICI Flexible Income Plan Crisil Composite Bond Fund Index Other Current Assets 1.52% 182 days-1 year 6.07% <182 days 92.41% *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil Composite Bond Fund Index. For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. Rating Profile Quantitative Indicators: Call,Current Assets and Reverse Repos 2.06% Unrated 3.27% AAA and 19.42% Average Maturity : 0.08 year Yield To Maturity : 7.52% Modified Duration : 0.08 year % Unlisted Bonds : 9.34% Bank Deposits 75.25% 26

27 PruICICI Long Term Plan Fund Manager : Rahul Goswami Indicative Investment Horizon: 1 year & more Inception date: Fund Size: Rs crores Growth option : Rs Dividend option : Rs **Expense Ratio for the month of Aug'06: 0.75% Rs invested at inception: Long Term Plan Vs Crisil Composite Bond Fund Index 15,857 14,857 13,857 12,857 11,857 10,857 9,857 Rs Rs Apr-02 Jun-02 Aug-02 Oct-02 Dec-02 Feb-03 Apr-03 Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Medium term investment for steady returns with market volatility Company/Issuer Mkt Value (Rs. Lakh) % to NAV Private Corporate Securities 1, % Ultratech Cement Company Ltd AA % Grasim Industries Ltd AAA % Term Deposits 3, % ICICI Bank 1, % Central Bank of India 1, % Cash, Call, CBLO & Reverse Repo % Other Current Assets (707.33) % Total Net Assets 3, Top Five Holdings Pru ICICI Long Term Plan Crisil Composite Bond Fund Index *Benchmark start date : CAGR Long Term Plan : 9.46%; Benchmark : 5.46% Performance Record *- Growth Option *Returns < 1Year : Absolute, > = 1Year : CAGR. Benchmark is Crisil Composite Bond Fund Index. For computation of returns the allotment NAV has been taken as Rs Aug-03 & 31-Aug-03 were non business days. Rating Profile 12.00% % 6.00% 4.00% 2.00% 9.63% 7.63% 5.62% 3.51% 2.01% 3.14% 2.81% Last 6 Months Last 1 Last 3 Since Inception Pru ICICI Long Term Plan Crisil Composite Bond Fund Index Call,Current Assets and Reverse Repos 10.92% AA and 19.90% Maturity profile: Other Current Assets 1-3 <182 days % 35.66% Quantitative Indicators: Average Maturity : 0.51 year Modified Duration : 0.45 year Yield To Maturity : 8.65% % Unlisted Bonds : 82.81% AAA and 7.96% Bank Deposits 61.21% Notes to Numbers and Data in the Fact Sheet 1. Yield to maturity, modified duration and average maturity are the weighted average of these numbers, computed for each security in the portfolio, and weighted by the market value of each security to the total market value of the portfolio. 2. Average maturity for PTCs and papers with partial redemptions, are weighted averages of tenor and quantity of cash flows until maturity. 3. Price/Earning Ratio, Price/Book Value Ratio, and Dividend Yield are based on the historical earning numbers, and accounting numbers, and have been sourced from Bloombergâ. They have been computed only for the invested portion of the portfolio. 4. Average days to reset for the Floating rate plan, is the weighted average of the next interest reset date of the floating rate bonds, weighted by their market values. 5. Bank deposits are internally credit rated and posses an internal rating equivalent to AAA. They have been disclosed separately in the credit profile section only in the interest of clarity, so that investors do not presume they are independently credit rated. 6. Other current assets are not included for the purposes of computing portfolio aggregate numbers such as YTM, Modified Duration and average (except in the case of Liquid Plan). 7. Where the individual holding in a security/issuer is less than 1% of the NAV, such holdings have been aggregated, wherever appropriate, in the interest of clarity. 8. Dividends declared in a scheme have been separately disclosed. 9. All portfolios are common portfolios held under a given scheme, and all return numbers unless otherwise stated, represent the Growth Option. 10. For computing the % of listed securities, instruments which cannot be listed under the existing rules and regulations such as CPs, CDs, CBLOs, Bank FDs, T Bills, and PTCs are excluded from the unlisted category. 11. The standard deviation is used to measure the volatility of returns. 12. Sharpe Ratio is the measure of the risk-adjusted performance. It is calculated by subtracting the risk-free rate from the average rate of return for a portfolio and dividing the result by the standard deviation of the portfolio returns. 13. Beta is the measure of the portfolio s volatility to its respective benchmark. 14. R-squared is a measurement of how closely a portfolio s performance correlates with the performance of benchmark index. A higher R-squared value indicates a more useful beta. 15 The Std. Dev., Sharpe Ratio, Beta & R-squared are based on monthly returns calculated using last 3 data. 27

28 PruICICI Gilt Fund PF Option Treasury Plan PF option Fund Manager : Rahul Goswami Indicative Investment Horizon: 3-6 months Inception date: 11-Feb-04 Fund Size: Rs crores Growth option: Rs **Expense Ratio for the month of Aug'06: 1.50% Treasury: Short term deployment of funds in portfolio of G-Secs with low volatility Investment: Medium term investment for steady returns with market volatility Investment Plan PF option Fund Manager : Rahul Goswami Indicative Investment Horizon: 1 year & above Inception date: 19-Nov-03 Fund Size: Rs crores : Growth option: Rs **Expense Ratio for the month of Aug'06: 1.10% Rs invested at inception: Gilt -Treasury PF Vs I Sec Si Bex Rs invested at inception: Gilt -Investement PF Vs I Sec Li Bex 11,350 11,150 10,950 10,750 10,550 10,350 10,150 9,950 Absolute Gilt Treasury PF option : 4.31%; Benchmark : 4.75% Performance Record - Growth option 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% Pru ICICI Gilt Treasury-PF I Sec Si Bex Returns >= 1 Year are CAGR, < Year are Absolute. Benchmark is I-Sec Si Bex Index. For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. Maturity Profile: 3.52% 2.85% 5.68% 4.79% Rs Rs Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06 Pru ICICI Gilt Treasury-PF I Sec Si Bex 4.75% 4.31% Last 6 Months Last 1 Since Inception 11,735 11,235 10,735 10,235 9,735 9,235 Absolute Gilt Investment PF option : 4.44%; Benchmark : 1.79% Performance Record - Growth option 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% -1.00% Returns >= 1 Year are CAGR, < Year are Absolute. Benchmark is I-Sec Li Bex Index. For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. Maturity profile: 3.78% -0.23% 6.02% 2.24% 4.44% 1.79% Last 6 Months Last 1 Since Inception Pru ICICI Gilt Fund-PF I Sec Li-Bex Rs Rs Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Pru ICICI Gilt Fund-PF I Sec Li-Bex Other Current Assets 1.62% <182 days 0.56% % Other Current Assets % 6.47% <182 days 23.41% % 182 days - 1 year 56.68% 182 days - 1 year > % 53.15% Treasury PF Company/Issuer Rating Mkt Value % to NAV (Rs. Lakh) Government Securities 2, % 13.05% GOI 2007 Sovereign 1, % 7.55% GOI 2010 Sovereign % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 2, Investment PF Company/Issuer Rating Mkt Value % to NAV (Rs. Lakh) Government Securities 7, % 8.07% GOI 2017 Sovereign 4, % 8.33% GOI 2036 Sovereign 1, % 7.55% GOI 2010 Sovereign 1, % 6.65% GOI 2009 Sovereign % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 7, Quantitative Indicators: Treasury PF Plan Average Maturity : 1.07 Yield To Maturity : 7.04% Modified Duration : 0.93 % Unlisted Bonds : Quantitative Indicators: Investment PF Plan Average Maturity : 6.66 Yield To Maturity : 7.95% Modified Duration : 4.60 % Unlisted Bonds : 28

29 PruICICI Gilt Fund Treasury Plan Fund Manager : Rahul Goswami Indicative Investment Horizon: 3-6 months Inception date: Fund Size: Rs crores Growth option : Rs Dividend option: Rs **Expense Ratio for the month of Aug'06: 1.10% Treasury Plan: Short term deployment of funds in a portfolio of G-Secs with low volatility Investment Plan: Medium term investment in a portfolio of G-Secs for steady returns with market volatility Investment Plan Fund Manager : Rahul Goswami Indicative Investment Horizon: 1 year & above Inception date: Fund Size: Rs crores Growth option : Rs Dividend option: Rs **Expense Ratio for the month of Aug'06: 1.15% Rs invested at inception*: Gilt -Treasury Vs I Sec Si Bex Rs invested at inception: Gilt - Investment Vs I-Sec I Bex 13,280 12,780 12,280 11,780 11,280 10,780 10,280 9,780 *Benchmark start date : CAGR Gilt - Treasury : 6.02%; Benchmark : 6.01% Performance Record* - Growth Option (Treasury Plan) 9.00% 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is I Sec Si Bex. Benchmark start date : For computation of returns the allotment NAV has been taken as Rs Maturity Profile: Rs Rs Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Pru ICICI Gilt Treasury I Sec Si Bex 5.68% 6.45% 5.52% 4.83% 4.91% 3.52% 3.05% Last 6 Last Last Last Months Pru ICICI Gilt Treasury I Sec Si Bex 8.29% Since Inception 23,931 21,931 19,931 17,931 15,931 13,931 11,931 9,931 CAGR Gilt - Investment: 11.39%; Benchmark : 11.60% Performance Record* - Growth Option (Investment Plan) *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is I Bex. For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. Maturity Profile: 14.00% 12.00% % 6.00% 4.00% 2.00% Rs Rs Aug-99 Jan-00 Jun-00 Nov-00 Apr-01 Sep-01 Feb-02 Jul-02 Dec-02 May-03 Oct-03 Mar-04 Aug-04 Jan-05 Jun-05 Nov-05 Apr-06 Pru ICICI Gilt Investment 4.13% 2.82% 2.58% 3.40% 2.58% 1.06% Last 6 Months Last 1 Last 3 Pru ICICI Gilt Investment I Sec I-Bex 11.60% 11.39% 9.16% 9.35% Last 5 I Sec I-Bex Since Inception <182 days 3.48% <182 days 0.69% Other Current Assets 3.52% days - 1 year 6.21% 10.07% 182 days - 1 year 20.60% Other Current Assets % 31.71% % > % Treasury Plan Company/Issuer Rating Mkt Value % to NAV (Rs. Lakh) Government Securities 4, % 12.15% GOI 2008 Sovereign 2, % 6.65% GOI 2009 Sovereign 1, % 13.05% GOI 2007 Sovereign 1, % 12.50% GOI 2008 Sovereign % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 5, Investment Plan Company/Issuer Rating Mkt Value % to NAV (Rs. Lakh) Government Securities 10, % 8.07% GOI 2017 Sovereign 4, % 7.55% GOI 2010 Sovereign 4, % 8.33% GOI 2036 Sovereign 1, % 6.65% GOI 2009 Sovereign % Cash, Call, CBLO & Reverse Repo % Other Current Assets 1, % Total Net Assets 12, Quantitative Indicators: Treasury Plan Average Maturity : 1.65 Yield To Maturity : 7.52% Modified Duration : 1.44 % Unlisted Bonds : Quantitative Indicators: Investment Plan Average Maturity : 6.08 Yield To Maturity : 7.76% Modified Duration : 4.35 % Unlisted Bonds : 29

30 PruICICI Liquid Plan Fund Manager : Chaitanya Pande Indicative Investment Horizon: Upto 1month Inception date: Growth Option: Institutional Option: Institutional Plus Option: Super Institutional Plus Option: Fund Size: Rs. 16, crores Growth option : Rs Institutional Growth option : Rs Institutional Plus Growth option : Rs Super Institutional Plus Growth option : Rs ** Expense Ratio for the month of Aug'06: Liquid Plan: 0.90% Inst. Plan: 0.60% Inst. Plus Plan: 0.55% Super Inst. Plus Plan: 0.45% ** This is a close approximation of the number. Rs invested at inception*: Liquid Plan Inst. Plus Vs Crisil LiquidFund Index 11,950 11,750 11,550 11,350 11,150 10,950 10,750 10,550 10,350 10,150 9,950 *Benchmark start date : CAGR Liquid Plan : 5.43%; Benchmark : 4.67% Performance Record *- Growth Option Institutional Plus Plan 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% *Returns >= 1 Year are CAGR, < 1 Year are Simple Annualised. Benchmark is Crisil Liquid Fund Index. For computation of returns the allotment NAV has been taken as Rs Maturity Profile: >182 days <182 days Rating Profile Rs Rs Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Pru ICICI Institutional Plus Plan Crisil Liquid Fund Index 6.60% 6.63% 6.54% 6.18% 5.43% 5.09% 5.40% 6.10% 5.52% 4.67% Last 15 days Last 30 days Pru ICICI Institutional Plus Plan 7.78% Last 6 Months Last 1 Since Inception Crisil Liquid Fund Index 92.22% Call,Current Assets and Reverse Repos 24.41% Unrated 0.61% AA and 1.16% AAA and 16.14% Bank Deposits 57.67% Temporary parking of funds with high liquidity Company/Issuer Rating Mkt Value (Rs. Lakh) % to NAV PSU/PFI Bonds 39, % Nabard AAA 11, % Housing & Urban Development Corp of India P1+ 7, % Indian Oil Corporation Ltd AAA 7, % Bharat Heavy Electricals Ltd AAA 5, % Industrial Development Bank of India AA+ 5, % Export Import Bank of India Ltd AAA 2, % Konkan Railway Corporation Ltd AAA % Private Corporate Securities 205, % TGS Investment & Trade Pvt. Ltd. A1+ 22, % PTC Tata Industries Stan Chart Invtt & Loan A1+(SO) 20, % DCM Shriram Consolidated Ltd A1+ 10, % DSP Merill Lynch Capital Ltd P1+SO 9, % PTC GE Capital Services India Ltd A1+(SO) 9, % PTC Tata Motors AAA(SO) 8, % PTC TAS Trust Tata Sons P1+SO 7, % Oscar Investments Ltd Unrated 7, % PTC Rabo India Finance AAA(SO) 7, % PTC Shriram Transport Finance HSBC AAA(SO) 6, % Birla Global Finance Ltd A1+ 6, % PTC BHPC Tata Motors AAA(SO) 6, % Global Trade Finance Ltd P1+ 5, % PTC Citi Fleet Trust Citibank AAA(SO) 5, % Kotak Securities Ltd P1+ 5, % Sundaram Finance Ltd AAA 5, % CitiFinancial Consumer Finance India Ltd AAA 4, % PTC IBL Trust IndusInd Bank AAA(SO) 4, % PTC UBL Trust IndusInd Bank AAA(SO) 4, % Mahindra & Mahindra Financial Services Ltd AA+ 3, % Kotak Mahindra Primus Ltd AA+ 3, % PTC HDFC Bank AAA(SO) 3, % Rabo India Finance Ltd AAA 4, % Cholamandalam Investment & Finance Co. Ltd A1+ 3, % PTC Birla Home Finance GECSI AA(SO) 3, % PTC IPGE Loan Trust GE Capital Services India Ltd F1+(SO) 2, % Sundaram Finance Ltd AA+ 2, % GE Countrywide Finacial Services Ltd AAA 2, % Gujarat Glass Ltd Unrated 2, % Grasim Industries Ltd AAA 2, % Associated Cement Companies Ltd AA+ 1, % Hindalco Industries Ltd AAA 1, % HDFC Ltd AAA 1, % Lease Plan India Ltd AA+ 1, % PTC TVS Finance AAA(SO) 1, % PTC DLF GE Capital Services India Ltd AAA(SO) 1, % PTC Ashok Leyland Finance AAA(SO) 1, % Electrosteel Castings Ltd P1+ 1, % Goetze India Ltd P1+ 1, % Citicorp Maruti Finance Ltd AAA % PTC Cholamandalam Investment & Finance Co. Ltd AAA(SO) % ICICI Bank Ltd AAA % PTC Hero Motors Ltd A1+(SO) % PTC RTL Trust Centurion Bank AAA(SO) % PTC Citicorp Finance (India) Ltd AAA(SO) % CPs and CDs 46, % Standard Chartered Investment & Loan (India) Ltd - CP P1+ 9, % Tata Power Company Ltd - CP P1+ 9, % UTI Bank Ltd - CD P1+ 4, % American Express Bank Ltd - CD P1+ 3, % UCO Bank - CD P1+ 3, % Kotak Mahindra Bank Ltd - CD P1+ 2, % GE Capital Services India Ltd - CP P1+ 2, % Yes Bank Ltd - CD P1+ 2, % State Bank of Bikaner & Jaipur - CD P1+ 1, % Rabo India Finance Pvt Ltd - CP P1+ 1, % Redington India Ltd - CP P1+ 1, % Industrial Development Bank of India Ltd - CD P1+ 1, % Allahabad Bank Ltd - CD P % Jammu & Kashmir Bank Ltd - CD P % State Bank of Saurashtra Ltd - CD P % State Bank of Indore Ltd - CD P % Term Deposits 939, % ICICI Bank 289, % Canara Bank 102, % UTI Bank 94, % Punjab National Bank 90, % State Bank of Patiala 84, % State Bank of Hyderabad 70, % Central Bank of India 66, % State Bank of Bikaner & Jaipur 32, % ABN Amro Bank 30, % Oriental Bank of Commerce 21, % Jammu & Kashmir Bank 20, % State Bank Of Saurashtra 12, % IDBI Bank 10, % Union Bank of India 7, % Yes Bank 7, % Cash, Call, CBLO & Reverse Repo 239, % Other Current Assets 158, % Total Net Assets 1,628, Top Five Holdings Quantitative Indicators: Average Maturity : days Yield To Maturity : 7.20% Modified Duration : days % Floating Rate Assets : 6.72% Average days to reset : days Average maturity of fixed rate component : days Weighted average maturity : days % Unlisted Bonds : 7.22% 30

31 PruICICI Floating Rate Plan Fund Manager : Chaitanya Pande Indicative Investment Horizon: 1-3 months Inception date: Fund Size: Rs. 2, crores Plan A - Cumulative: Rs Plan B - Cumulative: Rs Plan C - Cumulative: Rs Plan D - Cumulative: Rs **Expense Ratio for the month of Aug 06: Plan A %, Plan B %, Plan C %, Plan D % Rs invested at inception: Floating Rate Plan B Vs Crisil Liquid Fund Index 12,450 11,950 11,450 10,950 10,450 9,950 CAGR Floating Rate Plan - Plan B : 5.36%; Benchmark : 4.67% Performance Record *- Cumulative Option Plan B 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% *Returns >= 1 Year are CAGR, < 1 Year are Simple Annualised. Benchmark is Crisil Liquid Fund Index. For computation of returns the allotment NAV has been taken as Rs Maturity Profile Rs Rs Mar-03 May-03 Jul-03 Sep-03 Nov-03 Jan-04 Mar-04 May-04 Jul-04 Sep-04 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 Jan-06 Mar-06 May-06 Jul-06 Pru ICICI Floating Rate Plan Crisil Liquid Fund Index 6.51% 6.53% 6.43% 6.11% 5.09% 5.40% 6.10% 5.52% 5.36% 4.67% Last 15 days Last 30 days Last 6 Months Pru ICICI Floating Rate Plan Last 1 Since Inception Crisil Liquid Fund Index Short term deployment of funds Company/Issuer Rating Mkt Value (Rs. Lakh) % to NAV PSU/PFI Bonds 15, % Industrial Development Bank of India AA+ 7, % Indian Oil Corporation Ltd AAA 7, % Export Import Bank of India Ltd AAA % Infrastructure Development Finance Corporation AAA % Private Corporate Securities 45, % HDFC Ltd AAA 10, % Rabo India Finance Ltd P1+ 10, % PTC Citi Fleet Trust Citibank AAA(SO) 5, % PTC GE Capital Services India Ltd A1+(SO) 5, % Hero Honda Finlease Ltd P1+ 2, % PTC HDFC Bank AAA(SO) 2, % Mahindra & Mahindra Financial Services Ltd AA+ 2, % PTC Birla Home Finance GECSI AA(SO) 2, % Oscar Investments Ltd Unrated 2, % Associated Cement Companies Ltd AA+ 1, % PTC Hero Motors Ltd A1+(SO) 1, % Rabo India Finance Ltd AAA 1, % PTC Citicorp Finance (India) Ltd AAA(SO) % PTC IndusInd Bank AAA(SO) % CPs and CDs 5, % American Express Bank Ltd - CD P1+ 2, % HDFC Bank - CD P1+ 2, % State Bank of Bikaner & Jaipur - CD P % UCO Bank - CD P % Term Deposits 152, % ICICI Bank 64, % Jammu & Kashmir Bank 25, % State Bank of Hyderabad 17, % ABN Amro Bank 15, % State Bank of Patiala 10, % State Bank of Bikaner & Jaipur 5, % State Bank Of Saurashtra 5, % Canara Bank 5, % Central Bank of India 5, % Cash, Call, CBLO & Reverse Repo 19, % Other Current Assets 14, % Total Net Assets 253, Top Five Holdings >182 days 8.63% <182 days 91.37% Rating Profile Call,Current Assets and Reverse Repos 13.50% Bank Deposits 60.09% Unrated 0.79% AA and 5.33% AAA and 20.29% Quantitative Indicators: Average Maturity : Days Yield To Maturity : 7.30% Modified Duration : Days % Floating Rate Assets : 36.14% Average days to reset : 6.06 Days Average maturity of fixed rate component : 4.16Days Weighted average maturity : 4.62 Days % Unlisted Bonds : 6.91% 31

32 PruICICI Short Term Plan Fund Manager : Chaitanya Pande Indicative Investment Horizon: 3-6 months Inception Cumulative Option: date } Institutional Option : Fund Size: Rs crores Cumulative Option : Rs Institutional Option : Rs **Expense Ratio for the month of Aug'06: Short Term Plan : 1.10% Inst. Plan : 0.80% ** This is a close approximation of the number. Rs invested at inception*: STP Vs Crisil Short Term Bond Fund Index 13,450 12,950 12,450 11,950 11,450 10,950 10,450 9,950 *Benchmark start date : CAGR Short Term Plan: 6.40%; Benchmark : 5.33% Performance Record* - Cumulative Option 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil Short Term Bond Fund Index. Start date: For computation of returns the allotment NAV has been taken as Rs Past performance may or may not be sustained in future. Maturity Profile 3.44% 3.28% 5.96% 4.73% 5.58% 4.27% 6.67% Last 6 Months Last 1 Last 3 Since Inception Pru ICICI Short Term Plan Rs Rs Apr-02 Jul-02 Oct-02 Jan-03 Apr-03 Jul-03 Oct-03 Jan-04 Apr-04 Jul-04 Oct-04 Jan-05 Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Pru ICICI Short Term Plan Crisil Short Term Bond Fund Index Crisil Short Term Bond Fund Index Company/Issuer Rating Mkt Value (Rs. Lakh) % to NAV PSU/PFI Bonds 3, % Industrial Development Bank of India AA+ 3, % Export Import Bank of India Ltd AAA % Private Corporate Securities 20, % PTC IPGE Loan Trust GE Capital Services India LtdF1+(SO) 4, % PTC TAS Trust Tata Sons P1+SO 3, % PTC GE Capital Services India Ltd A1+(SO) 2, % PTC DAS Trust Standard Chartered Bank F1+SO 2, % PTC Citi Fleet Trust Citibank AAA(SO) 2, % PTC UBL Trust IndusInd Bank AAA(SO) 1, % PTC RTL Trust Centurion Bank AAA(SO) 1, % Mahindra & Mahindra Financial Services Ltd AA % Kotak Mahindra Primus Ltd AA % PTC TVS Finance AAA(SO) % PTC VE Trust MMFSL AAA(SO) % Term Deposits 26, % ICICI Bank 11, % Oriental Bank of Commerce 6, % Allahabad Bank 5, % State Bank of Hyderabad 2, % Central Bank of India % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 50, Top Five Holdings Quantitative Indicators: Short term deployment of funds with low volatility Other Current Assets days - 1 year <182 days 0.32% 6.89% 21.89% 70.90% Average Maturity : 0.41 Year Yield To Maturity : 8.28% Modified Duration : 0.37 Year % Floating Rate Assets : 18.31% Average days to reset : 0.18 Year Average maturity of fixed rate component : 0.15 Year Weighted average maturity : 0.16 Year % Unlisted Bonds : 3.91% Rating Profile Fund Manager's Comment Call,Current Assets and Reverse Repos 0.35% AA and 10.79% The appearing away from the red portion indicates a change in the portfolio style. Maturity is reduced on account of auction supply concerns and high oil prices Bank Deposits 51.84% AAA and 37.02% 32

33 PruICICI Sweep Plan Fund Manager : Chaitanya Pande Indicative Investment Horizon: One day to one week Inception date: Growth Option: Growth Cash Option: Fund Size: Rs crores Growth option : Rs Cash Option Growth: Rs ** Expense Ratio for the month of Aug'06: Growth option: 1.00% Cash Option Growth: 0.35% ** This is a close approximation of the number. Performance* Record - Cash Option - Growth 8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 6.67% 6.80% 6.73% 6.23% 5.09% 5.40% Last 15 days Last 30 days Since Inception Pru ICICI Sweep Crisil Liquid Fund Index *Returns >= 1 Year are CAGR, < 1 Year are Simple Annualised. Benchmark is Crisil Liquid Fund Index. For computation of returns the allotment NAV has been taken as Rs Temporary parking of funds with high liquidity Company/Issuer Mkt Value (Rs. Lakh) % to NAV PSU/PFI Bonds 1, % Indian Oil Corporation Ltd AAA 1, % CPs and CDs 4, % DSP Merrill Lynch Capital Ltd - CP P1+ 3, % Punjab National Bank - CD P % State Bank of Bikaner & Jaipur - CD P % Term Deposits 19, % Central Bank of India 10, % ICICI Bank 6, % State Bank of Patiala 2, % Cash, Call, CBLO & Reverse Repo 18, % Other Current Assets % Total Net Assets 43, Top Five Holdings Maturity Profile: <182 days 100% 0% 50% 100% 150% Rating Profile Call,Current Assets and Reverse Repos 43.17% AAA and 13.59% Quantitative Indicators: Average Maturity : 5.03 Days Yield To Maturity : 7.06% Modified Duration : 4.82 Days % Floating Rate Assets : 10.34% Average days to reset : 4.95Days Average maturity of fixed rate component : 4.61 Days Weighted average maturity : 4.65 Days % Unlisted Bonds : 2.80% Bank Deposits 43.24% 33

34 PruICICI Long Term Floating Rate Plan Fund Manager : Chaitanya Pande Indicative Investment Horizon: 6-12 months Inception date: 15-Sep-04 Fund Size: Rs crores Plan A - Cumulative: Rs Plan B - Cumulative: Rs **Expense Ratio for the month of Aug'06: Plan A - Plan B % Rs invested at inception: Long Term Floating Rate Plan-B Vs Crisil Liquid Fund Index 11,350 11,150 10,950 10,750 10,550 10,350 10,150 9,950 CAGR Long Term Floating Rate Plan: 5.83%; Benchmark : 5.03% Performance Record *- Cumulative Option 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 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-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Pru ICICI Long Term Floating Rate Plan 3.25% 3.07% 6.04% 5.52% Crisil Liquid Fund Index 5.83% 5.03% Last 6 Months Last 1 Since Inception Pru ICICI Long Term Floating Rate Plan Crisil Liquid Fund Index *Returns >= 1 Year are CAGR, < 1 Year are Absolute. Benchmark is Crisil Liquid Fund Index. For computation of returns the allotment NAV has been taken as Rs Company/Issuer Rating Mkt Value (Rs. Lakh) % to NAV PSU/PFI Bonds 1, % Union Bank of India Ltd AA 1, % Industrial Development Bank of India AA % Private Corporate Securities 11, % PTC IPGE Loan Trust GE Capital Services India LtdF1+(SO) 2, % HDFC Ltd AAA 1, % Mahindra & Mahindra Financial Services Ltd AA+ 1, % PTC UBL Trust IndusInd Bank AAA(SO) 1, % PTC DLF GE Capital Services India Ltd AAA(SO) 1, % Rabo India Finance Ltd AAA 1, % LIC Housing Finance Ltd AAA 1, % PTC Hero Motors Ltd A1+(SO) 1, % PTC Citi Fleet Trust Citibank AAA(SO) % ICICI Bank Ltd AAA % Term Deposits 8, % ICICI Bank 3, % Central Bank of India 2, % Oriental Bank of Commerce 2, % State Bank of Patiala % Cash, Call, CBLO & Reverse Repo % Other Current Assets % Total Net Assets 23, Top Five Holdings Generate market rate of returns with low volatility Maturity Profile Other Current Assets 2.11% % % % 182 days - 1 year 25.28% <182 days 46.57% Quantitative Indicators: Average Maturity : 0.94 Year Yield To Maturity : 7.72% Modified Duration : 0.86 Year % Floating Rate Assets : 47.11% Average days to reset : 0.15 Year Average maturity of fixed rate component : 0.11Year Weighted Average Maturity : 0.13 Year % Unlisted Bonds : 4.34% Rating Profile Call,Current Assets and Reverse Repos 3.81% AA and 15.19% Bank Deposits 38.12% AAA and 42.88% 34

35 PruICICI Advisor Series Fund Manager : Pankaj Kaji - Aggressive Plan Company/Issuer Mkt. Value % to NAV (Rs. Lakh) Customised investment solutions to match risk return profile. - Very Aggressive Plan Company/Issuer Mkt. Value % to NAV (Rs. Lakh) Pru ICICI Flexible Income Plan % Pru ICICI Growth Plan % Pru ICICI Power Plan % Pru ICICI Dynamic Plan % Pru ICICI Sweep Plan - Cash Option % Pru ICICI Emerging S.T.A.R % Other Current Assets (5.38) -0.67% Pru ICICI Power Plan % Pru ICICI Growth Plan % Pru ICICI Sweep Plan - Cash Option % Pru ICICI Dynamic Plan % Pru ICICI Emerging S.T.A.R % Other Current Assets % Total Net Assets Total Net Assets Cautious Plan Company/Issuer Mkt. Value % to NAV (Rs. Lakh) Pru ICICI Flexible Income Plan % Pru ICICI Sweep Plan - Cash Option % Pru ICICI Growth Plan % Pru ICICI Dynamic Plan % - Very Cautious Plan Company/Issuer Mkt. Value % to NAV (Rs. Lakh) Pru ICICI Flexible Income Plan % Pru ICICI Sweep Plan - Cash Option % Other Current Assets % Total Net Assets Pru ICICI Emerging S.T.A.R % Other Current Assets % Total Net Assets Moderate Plan Company/Issuer Mkt. Value % to NAV (Rs. Lakh) Debt Holdings Pru ICICI Flexible Income Plan % Pru ICICI Growth Plan % Pru ICICI Power Plan % Pru ICICI Sweep Plan - Cash Option % Pru ICICI Emerging S.T.A.R % Pru ICICI Dynamic Plan % Other Current Assets (17.33) -1.72% Total Net Assets 1, Performance Records * Scheme Name Date Period NAV NAV Returns (Rs) as of Fund Benchmark 31-Aug-06 Index Very Cautious 28-Feb-06 Last 6 Months % 3.14% Very Cautious 31-Aug-05 Last % 5.28% Very Cautious 18-Dec-03 Since Inception % 4.56% Cautious 28-Feb-06 Last 6 Months % 4.88% Cautious 31-Aug-05 Last % 13.67% Cautious 18-Dec-03 Since Inception % 8.97% Moderate 28-Feb-06 Last 6 Months % 7.77% Moderate 31-Aug-05 Last % 26.15% Moderate 18-Dec-03 Since Inception % 16.74% Aggressive 28-Feb-06 Last 6 Months % 9.73% Aggressive 31-Aug-05 Last % 36.00% Aggressive 18-Dec-03 Since Inception % 23.04% Very Aggressive 28-Feb-06 Last 6 Months % 10.70% Very Aggressive 31-Aug-05 Last % 41.21% Very Aggressive 18-Dec-03 Since Inception % 26.58% Very Cautious:- Crisil Liquid fund Index - 70%, Crisil Short Term Bond Fund-30% Cautious:- Nifty-15%, Crisil Composite Bond Fund Index - 70%, Crisil Liquid Fund Index-15% Moderate:- Nifty-40%, Crisil Composite Bond Fund Index - 40%, Crisil Liquid Fund Index-20% Aggressive:- Nifty-70%, Crisil Composite Bond Fund Index - 25%, Crisil Liquid Fund Index-5% Very Aggressive:- Nifty-90%, Crisil Liquid Fund Index- 10% *Returns < 1Year : Absolute, > = 1Year : CAGR Note: For computation of returns the allotment NAV has been taken as Rs Past Performance may or may not be sustained in the future. Fund Size Rs Crores 35

36 Dividend History PruICICI Liquid Plan - Weekly Dividend Option (Mar onward) Record Date Face Value (Rs) NAV (Rs) Dividend (Rs.)/Unit 6-Mar Mar Mar Mar Apr Apr Apr Apr May May May May May Jun Jun Jun Jun Jul Jul Jul Jul Aug Aug Aug Aug Aug Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Short Term Plan - Fortnightly Dividend Option (Mar onward) Record Date Face Value (Rs) NAV (Rs) Dividend (Rs.)/Unit 16-Mar Mar Apr Apr May May Jun Jun Jul Jul Aug Aug PruICICI Short Term Plan - Monthly Dividend Option (Mar onward) Record Date Face Value (Rs) NAV (Rs) Dividend (Rs.)/Unit 28-Mar Apr May Jun Jul Aug Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Income Plan - Half yearly Dividend Option Record Date Face Value (Rs) NAV (Rs) Dividend (Rs.)/Unit 11-Oct Mar Sep Mar PruICICI Income Plan - Quarterly Dividend Option Record Date Face Value (Rs) NAV (Rs) Dividend (Rs.)/Unit 28-Mar June Sep Dec Mar Jun Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Sweep Plan - Cash Option - Weekly Dividend Record Date Face Value (Rs) NAV (Rs) Dividend (Rs.)/Unit 7-Aug Aug Aug Aug PruICICI Sweep Plan - Cash - Monthly Option Record Date Face Value (Rs) NAV (Rs) Dividend (Rs.)/Unit 30-Aug Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Gilt Fund - Investment Plan - Half Yearly Dividend Option (Nov onward) 30-Nov May PruICICI Gilt Fund - Treasury Plan - Quarterly Dividend Option (Aug onward) 31-Aug PruICICI Gilt Fund - Treasury Plan - Half Yearly Dividend Option (May onward) 31-May Dividend is gross dividend. To arrive at the net dividend payable for corporate and non-corporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout. PruICICI Fixed Maturity Plan - Series 24 Q 21-Mar PruICICI Fixed Maturity Plan - Series 24 yearly plan dividend option 19-Apr PruICICI Fixed Maturity Plan - Quarterly Series 25 9-Aug PruICICI Fixed Maturity Plan - Series 25 yearly plan dividend option 18-Jul PruICICI Fixed Maturity Plan - Series 28-4 Months 12-May PruICICI Fixed Maturity Plan - Series 31-4 Months Dividend 19-Jul PruICICI Fixed Maturity Plan - Series 27-3 Months Dividend 18-Jun PruICICI Fixed Maturity Plan - Quarterly Option 26 Growth 31-May Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Long Term Floating Rate Plan - Dividend A Monthly Option 28-Feb Mar Apr May Jun Jul Aug PruICICI Long Term Floating Rate Plan - Dividend B Monthly Option 28-Feb Mar Apr May Jun Jul Aug PruICICI Long Term Floating Rate Plan - Dividend C Monthly Option 28-Apr Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Blended Plan A - Dividend Option 01-Jun Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. 36

37 Dividend History PruICICI Blended Plan B - Dividend Option 01-Jun Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Monthly Income Plan** - Monthly Dividend Option (Mar onward) 28-Apr May Jun Jul Aug PruICICI Monthly Income Plan** - Quarterly Dividend Option (Feb onward) 31-May Aug PruICICI Monthly Income Plan** - Half Yearly Dividend Option (Sept.2005 onward) 28-Feb Aug Dividend is gross dividend. To arrive at the net dividend payable for corporate and non-corporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. **An open-ended fund. Monthly income is not assured and is subject to the availability of distributable surplus. PruICICI Floating Rate Plan - Plan A - Fortnightly Dividend Option (Mar onward) 16-Mar Mar Apr Apr May May Jun Jun Jul Jul Aug Aug PruICICI Floating Rate Plan - Plan B - Fortnightly Dividend Option (Feb.2006 onward) 16-Mar Mar Apr Apr May May Jun Jun Jul Jul Aug Aug PruICICI Floating Rate Plan - Plan C - Fortnightly Dividend Option (Mar onwards) 16-Mar Mar Apr Apr May May Jun Jun Jul Jul Aug Aug PruICICI Floating Rate Plan - Plan D - Fortnightly Dividend Option (Jul onward) 14-Jul Jul Aug Aug Dividend is gross dividend. To arrive at the net dividend payable for corporate and non-corporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Long Term Plan - Dividend Option 30-Jun Jul Aug Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. Pru ICICI Flexible Income Plan - Fortnightly Dividend Option 30-Aug PruICICI Flexible Income Plan - Monthly Dividend Option 30-Aug Dividend is gross dividend. To arrive at the net dividend payable for corporate and noncorporate investors dividend distribution 22.44% and % needs to be adjusted respectively. After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Income Multiplier Fund - Dividend Option (Mar onward) 23-Mar PruICICI Balanced Fund - Dividend Option 16-Mar Per unit 30-Oct Per unit 24-Mar Per unit 26-Dec Per unit After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Infrastructure fund - Dividend 20-Mar PruICICI Discovery Fund - Dividend Option 11-Oct Mar After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Emerging S.T.A.R. Fund - Dividend Option 18-May After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Dynamic Fund - Dividend Option 21-Sep Apr After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Growth Plan - Dividend Option 16-Mar Mar Mar Jul Nov Mar Mar Mar After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Power - Dividend Option 24-Jul Oct Dec Mar Mar Dec Aug After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI FMCG Fund - Dividend Option 16-Mar-00 Rs Mar-06 Rs After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. PruICICI Tax Plan - Dividend Option 16-Mar Jul Mar Dec Aug Mar After payment of dividend the NAV will fall to the extent of payout and distribution taxes if applicable. 37

38 Funds at a glance Key Features Liquid Plan Income Plan Short Term Plan Floating Rate Plan Long Term Floating Rate Plan Type Open-ended Liquid Income Fund Open-ended Debt Fund Open-ended Income Fund Open-ended Income Fund Open-ended Income Fund Investment Pattern (Under normal circumstances) Money Market upto 80% & Debt Instruments upto 20% Debt Securities upto 75% & Money Market & Cash upto 25% Debt Securities upto 100% & Money Market & Cash upto 50% % = Floating Rate Debt Instruments. 0-35% = Fixed rate debt instruments with maturity less than 1 year % = Floating Rate Debt Instruments. 0-35% = Fixed rate debt instruments Options 1. Growth Option 2. Dividend Option a) Dividend Payout Quarterly & Half Yearly b) Div. Reinvestment i) Daily, Weekly & Monthly ii) Quarterly & Half Yearly 1. Growth 2. Growth-AEP (Appreciation & Regular) 3. Dividend^ (Quarterly & Half Yearly) 1. Cumulative 2. Dividend Reinvestment (Fortnightly & Monthly) 1. Cumulative 2. Div. Reinvestment (Fortnightly & Daily frequencies) 1. Cumulative 2. Div. Reinvestment (Quarterly) Default Option Dividend Reinvestment with weekly frequency. Dividend Reinvestment with Half Yearly frequency. Dividend Reinvestment with Fortnightly frequency. Option: Plan A Sub option: Cumulative Option: Plan A Sub option: Cumulative Dividend: Automatic Reinvestment Application Amount ### a) Growth option : Rs.15,000 b) Dividend option: Rs. 1 lac (plus in multiples of Re.1) Rs. 5,000 (plus in multiples of Re. 1) Rs.25,000 for AEP Rs.5,000 (plus in multiples of Re. 1) Rs.25,000 for Institutional option (plus in multiples of Re.1) a) Plan-A: Rs 10,000/- b) Plan-B: Rs.10 lacs c) Plan-C: Rs.3 crores d) Plan-D: Rs.5 crores (plus in multiples of Re.1) a) Plan-A: Rs 25,000/- b) Plan-B: Rs.1 crore c) Plan-C: Rs.5 crores (plus in multiples of Re.1) Min. Addl. Investment ### Rs. 5,000 & in multiples thereof Rs. 500 & in multiples thereof Rs. 500 & in multiples thereof Plans A & B: Rs.1000 plus in multiples of Re.1 Plan C: The minimum additional investment amount can be any amount provided the minimum balance in the investors account at the time of additional subscription including the amount proposed to be invested, is not below Rs. 5 Crore****. Plans A & B: Rs.1000 (plus in multiples of Re1) Plan C: The minimum additional investment amount can be any amount provided the minimum balance in the investors account at the time of additional subscription including the amount proposed to be invested, is not below Rs. 5 Crore****. Entry Load* Plan-A, B, C & D: Plan-A, B & C : Exit Load* $$$ For investment of less than or upto Rs.10 lakhs : 0.5% if investment held for less than or equal to a period of 6 months For investment of above Rs.10 lakhs: Plan-A: For investment of less than Rs.10 lakhs : 0.50% of applicable NAV in case the amount sought to be redeemed is not being invested under the option for a minimum period of seven days. Plan B, Plan C & Plan D: Plan-A: 0.50% for investments of less than or equal to Rs. 1 Crore and redemption is made on or before the completion of six months from the date of allotment of units. Plan B & Plan C: Redemption Cheques Issued ## Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non-RBI locations. Same Day Redemption Facility (refer to Key Information Memorandum) Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non- RBI locations Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non- RBI locations Generally Within 1 business day for Specified RBI locations and additional 3 Business Days for Non- RBI locations. Generally Within 1 business day for Specified RBI locations and additional 3 Business Days for Non- RBI locations. Min. Redemption Amt. Rs. 5,000 Rs. 500 Rs. 500 Rs. 500/- and multiples thereof Rs. 5,000/- and in multiples thereof; provided that minimum balance under a particular folio should not fall below the minumum application amount. This will not be applicable for closing the account. Cut off time: Purchase/Switch in Redemption/Switch out $ 1.00 p.m a.m p.m a.m. Systematic Investment Plan (SIP) N.A. Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs. 1,000 each. ***** Systematic Withdrawal Plan (SWP) N.A. Minimum of Rs. 500 and in multiples of Re. 1/- Systematic Transfer Plan (STP) $$ Available Available Available Available Available Recurring Expenses** Investment Mangmt. Exp. Other recurring expenses Total 0.70% 0.30% 1.00% 0.75% 2.00% 1.00% 2.25% Plan A Plan B Plan C 1.00% 0.75% 0.65% Plan A Plan B Plan C 0.75% 0.60% 0.50% 0.50% 0.30% 0.25% 1.75% 0.90% 0.75% 38

39 Funds at a glance Key Features Gilt - Treasury Gilt - Investment Gilt - Treasury PF Option Gilt - Investment PF Option Flexible Income Plan Type Open-ended short-term Gilt Fund Open-ended medium-term Gilt Fund Open-ended Gilt Fund Open-ended Gilt Fund Open-ended Income Fund Investment Pattern (Under normal circumstances) Gilt Securities (incl. Treasury Bills). Average Maturity normally not to exceed 3. Gilt Securities (incl. Treasury Bills). Average Maturity normally not to exceed 8. Gilt Securities (incl. Treasury Bills). Average Maturity normally not to exceed 3. Gilt Securities (incl. Treasury Bills). Average Maturity normally not to exceed to 100% - Money market and Debentures with residual maturity of less than 1 year. 0 to 90% - Debt instruments with maturity more than 1 year Options 1. Growth 2. Growth-AEP 3. Dividend (Quarterly & Half Yearly) 1. Growth 2. Growth-AEP 3. Dividend Æ (Half Yearly) 1. Growth 2. Growth-AEP (Monthly, Quarterly, Half Yearly & Yearly) 1. Growth 2. Growth-AEP (Monthly, Quarterly, Half Yearly & Yearly) 1. Cumulative 2. Dividend Reinvestment Æ (Fortnightly & Monthly Frequencies) Default Option Dividend Reinvestment with Quarterly frequency. Dividend Reinvestment with Half Yearly frequency. Cumulative option Cumulative option Dividend Reinvestment with Fortnightly frequency. Application Amount ### Rs.25,000 (plus in multiples of Re. 1) Rs.25,000 (plus in multiples of Re. 1) Rs.25,000 (plus in multiples of Re. 1) Rs.25,000 (plus in multiples of Re. 1) Rs.5,000 (plus in multiples of Re. 1) Min. Addl. Investment ### Rs. 5,000 & in multiples thereof Rs. 5,000 & in multiples thereof Rs. 5,000 & in multiples thereof Rs. 5,000 & in multiples thereof Rs. 500 & in multiples thereof Entry Load* Exit Load* $$$ 0.80% of applicable NAV in case the amount sought to be redeemed is not being invested under the Plan for a minimum period of 365 days. Exit Load is NIL if the amount is invested for more than 365 days. 0.60% of applicable NAV in case the amount sought to be redeemed is not being invested under the Plan for a minimum period of 365 days. Investments made: (a) before July 24, 06 - (b) on or after July 24, % of the applicable NAV, if the redemption is made within one month from the date of investment. Redemption Cheques Issued ## Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non- RBI locations Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non- RBI locations Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non- RBI locations Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non- RBI locations Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non- RBI locations Min. Redemption Amt. Rs. 5,000 Rs. 5,000 Rs. 5,000 Rs. 5,000 Rs. 500 Cut off time: Purchase/Switch in Redemption/Switch out $ Systematic Investment Plan (SIP) Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs. 1,000 each ***** Systematic Withdrawal Plan (SWP) Minimum of Rs. 500 and multiples of Re. 1/- Systematic Transfer Plan (STP) $$ Available Available Available Recurring Expenses** Investment Mangmt. Exp. Other recurring expenses Total 0.75% 0.35% 1.10% 0.75% 0.40% 1.15% 2.25% 1.10% 1.00% 0.50% 1.50% * The Trustees reserves the right to change/modify the load structure at a later date for the Schemes. ** Investors are requested to read the section on Fees and Annual Recurring expenses in the Offer Documents of the respective schemes. The recurring expenses indicated above may change subject to ceilings under the Regulations. *** Entry load of 2.25% of the applicable NAV will be charged on the SIP/STP investment under this Scheme. Exit Load on the SIP/STP Invesment under this Scheme is. *****For SIP/STP investment under this Scheme: Entry Load, Exit Load. Exceptions: For all SIP and STP investments registered under Prudential ICICI Power and Prudential ICICI Discovery Fund from June 21, 2006 to July 31, 2006: (i) If redemptions are made from June 21, 2006 to July 5, 2006 no exit load shall be charged; (ii) If redemptions are made after July 5, 2006 but on or before the end of six months from the date of investment of each installment of SIP/STP investment, an exit load of 0.5% shall be charged. ^ Under the Dividend Option, the Unit-holder may choose between Dividend Payout and Reinvestment Option. If not chosen, Default Option would be Dividend Payout. $ For all web-based transactions under the schemes of Prudential ICICI Mutual Fund, entered through the website of the fund viz. there would be a cooling off period of 30 minutes before the respective cut-off times of the relevant schemes. ### In case of all purchase transactions including additional purchase requests under all schemes except Prudential ICICI Liquid Plan, the AMC reserves the right to reject/reverse the transaction, if an amount of Rs. 1 Lakh and above is received by way of MICR cheques at the centers where high value clearing is available. In case of Prudential ICICI Index Fund, all the transaction for Fresh/ Additional purchases for a consideration of Rs.One lakh and above will be accepted only through High Value Cheques/Demand Drafts received before the cut-off time of a.m. for clearing of High Value Instruments or through Transfer Cheques received before 1.00 p.m. Æ For dividend of Rs.500 or less the Dividend will be Automatic Compulsory Reinvestment (irrespective of the option selected by the Unitholder) & for Dividend of more than Rs.500 will either be paid out or reinvested as opted by the Unitholders, If not selected the default option would be dividend reinvestment. Investors on or after July 24, 2006 will only have Dividend re-investment option. ## As per the Regulations, the Fund shall dispatch redemption proceeds within 10 Business days of receiving the redemption request. Investors are advised to refer to the sections titled Suspension of sale and redemption of units and Right to limit Redemption. The default option for payment of redemption/dividend proceeds would be Direct Credit into their bank account (in case the investor has provided his bank mandate as one of the banks participating in direct credit arrangement and if he fails to specify the mode of payment). **** Minimum additional application amount shall be applicable for investments by an investor by itself or for investments along with any of its group companies. Later on even if the net asset value under the folio falls below Rs. 5 crores, the investment can continue under the Option C. $$$ Where as a result of a redemption / switch arising out of excess holding by an investor beyond 25% of the net assets of the scheme in the manner envisaged under specified SEBI circulars, such redemption / switch will not be subject to exit load. $$ The minimum amount that can be transferred from one scheme to another is Rs. 1000/- for a minimum of 6 installments. The unitholder can avail the STP facility for a maximum period of

40 Funds at a glance Key Features Type Investment Pattern (Under normal circumstances) Options Default Option Application Amount ### Min. Addl. Investment ### Entry Load* Exit Load* $$$ Redemption Cheques Issued ## Min. Redemption Amt. Cut off time: Purchase/Switch in Redemption/Switch out $ Systematic Investment Plan (SIP) Systematic Withdrawal Plan (SWP) Systematic Transfer Plan (STP) Recurring Expenses** Investment Mangmt. Exp. Other recurring expenses Total Long Term Plan Open-ended Income Fund Debt Instruments - 0% to 100% & Money Market instruments including money at call- 0% to 10% Cumulative & Dividend Dividend Reinvestment Rs. 5,000 (plus in multiples of Re.1) Rs. 500/- Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non-RBI locations. Rs. 500/- provided that minimum balance under a particular folio should not fall below Rs. 5,000 Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs. 1,000 each. ***** Minimum of Rs. 500 and in multiples of Re. 1/- 2.00% Income Multiplier Fund Regular Plan An open-ended debt fund which invests upto 30% in equity. Equity & Equity Related Securities 0-30%, Debt instruments %, Cash & money market instruments 0-5%. 1. Cumulative 2. Dividend Dividend Reinvestment Rs.5,000 Rs.500 & in multiples thereof (i) 1% - For investments of less than Rs. 5 crores and if the investments are held for less than a period of 12 months; (ii) No Exit Load for investments of Rs. 5 crores and above. Generally within 3 Business Days for specified RBI locations and additional 3 Business Days for Non-RBI locations Rs.500 Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs. 1,000 each. ***** Minimum of Rs.500 and multiples of Re. 1/- Available $$ 1.00% 2.25% Monthly Income Plan An open-ended fund. Monthly income is not assured and is subject to the availability of distributable surplus. Debt securities, money market instruments, securitised debt & Cash upto 85%, Equity & Equity related securities upto 15% 1. Cumulative 2. AEP (Appreciation & Regular) 3. Dividend (Monthly, Quarterly & Half Yearly) Dividend Reinvestment (Monthly) a) Cumulative : Rs.5,000 b) Dividend & AEP : Rs. 25,000 (plus multiples of Re 1) Rs.500 & in multiples thereof under each option For investment of less than or upto Rs.10 lakhs: 0.5% if investment held for less than or equal to a period of 6 months For investment of above Rs.10 lakhs: Generally within 1 Business Day for specified RBI locations and additional 3 Business Days for Non-RBI locations Rs.500 Dividend & AEP Option Monthly and Cumulative (without AEP) Option Monthly: Min. Rs. 1, post-dtd. cheques for a minimum of Rs. 1,000 each. ***** Minimum of Rs.500 and multiples of Re. 1/- Available $$ 1.00% 2.25% Child Care Plan - Study Open-ended fund (Study Plan) Equity and Equity related securities 0-15%, Debt Securities, Money Market Instruments, Securitised Debt and Cash (including money at call) % Cumulative Option Cumulative Option Rs. 5,000/-, additional in multiples of Re.1 Rs. 1,000/- 1.50% 1.00% if investment is redeemed within 3. if investment is redeemed after 3 but before the Beneficiary Child attains the age of 18. Normally Within 3 business days Rs. 1,000 Monthy : Minimum Rs post dated cheques for a min of Rs. 1,000/- each. Entry Load: 1.50% of applicable NAV Exit Load: 1.00% of applicale NAV if investment is redeemed within 3 from the date of allotment, thereafter. Minimum of Rs.500 and multiples of Re. 1/- Available 1.00% 2.25% Key Features Type Investment Pattern (Under normal circumstances) Options Default Option Application Amount ### Min. Addl. Investment ### Max. Amount Investment per application Entry Load* Exit Load* $$$ Redemption Cheques Issued ## Min. Redemption Amt. Cut off time: Purchase/Switch in Redemption/Switch out $ Systematic Investment Plan (SIP) Child Care Plan - Gift Open-ended fund (Gift Plan) Equity & Equity related securities 65% to 80%, Debt Securities, Money Market Instruments, Securitised Debt & Cash (including money at call) 20%-35%. Cumulative Option Cumulative Option Rs. 5,000/-, additional in multiples of Re.1 Rs.1,000/- 1.50% 1.00% if investment is redeemed within 3. if investment is redeemed after 3 but before the Beneficiary Child attains the age of 18. Normally Within 3 business days Rs.1,000 Systematic Withdrawal Plan (SWP) Systematic Transfer Plan (STP) $$ Available Recurring Expenses** Investment Mangmt. Exp. Other recurring expenses Total 2.50% Monthy : Minimum Rs post dated cheques for a min of Rs. 1,000/- each. Entry Load: 1.50% of applicable NAV Exit Load: 1.00% of applicale NAV if investment is redeemed within 3 from the date of allotment, thereafter. Minimum of Rs.500 and multiples of Re. 1/- Balanced Fund Open-ended Balanced Fund Equity and Equity related instruments 65% to 80% & Debt, Money Market and Cash 20% to 35%. Growth & Dividend Dividend Reinvestment Rs. 5,000 (plus in multiples of Re. 1) Rs. 500 & in multiples thereof (i) For investment of less than Rs.5 Crores: 2.25% of applicable NAV; (ii) For investment of Rs.5 Crores & above: NIL Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations Rs. 500 Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs each *** 2.50% Blended Plan - Open ended fund investing in a blend of equity, derivatives, debt and money market instruments. Equity and Equity Related securities 65%- 80%; Derivative including Index Futures, Stock Futures, Index Options and Stock Options etc. 0%-80%; Money Market, Debt instruments, securitised debt and call money 20%-35%. Growth & Dividend Option - Growth Sub-option - Reinvestment Rs. 5,000 (plus in multiples of Re. 1) Rs. 1,000 & in multiples of Re.1/- Rs. 10 Crores per application 0.50%, if the investment is redeemed within a period of 30 days from the date of allotment., if the investment is redeemed after 30 days from the date of allotment. Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations Rs. 500 and in multiples of Re.1/- Not available Minimum of Rs.500 and multiples of Re. 1/- Not available Available Not available 2.50% Blended Plan - Open ended fund investing in a blend of equity, derivatives, debt and money market instruments. Equity and Equity Related securities 0%- 49%; Derivative including Index Futures, Stock Futures, Index Options and Stock Options etc. 0%-49%; Money Market, Debt instruments, securitised debt and call money 51%-100%. Growth & Dividend Option - Growth Sub-option - Reinvestment Rs. 5,000 (plus in multiples of Re. 1) Rs. 1,000 & in multiples of Re.1/- 0.50%, if the investment is redeemed within a period of 30 days from the date of allotment., if the investment is redeemed after 30 days from the date of allotment. Generally within 2 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations Rs. 500 and in multiples of Re.1/- Not available Not available Not available 1.00% Default option for PruICICI Blended Plan is Plan B. 40

41 Funds at a glance Key Features Growth Plan FMCG Fund Technology Fund Dynamic Plan Tax Plan Power Type Open-ended Equity Fund Open-ended FMCG Sectoral Fund Open-ended Equity Fund Open-ended Equity Fund Open-ended Equity Linked Saving Scheme Open-ended Growth Fund Investment Pattern (Under normal circumstances) Equity and Equity related instruments upto 95% & Debt, Money Market and Cash upto 5% Equity and Equity related instruments in FMCG Companies upto 90% in & Debt, Money Market and Cash upto 10% Equity and Equity related instruments 90 to 95% & Debt, Money Market and Cash 5 to 10% Equity and Equity related instruments 0 to 100% & Debt, Money Market and Cash 0 to 100% Equity and Equity related instruments upto 90% & Debt, Money Market and Cash upto 10% Equity and Equity related securities including non convertible portion of convertible debentures - Upto 95% and at least 5% in Debt and Money Market securities. Options Growth & Dividend Growth & Dividend Growth & Dividend Cumulative & Dividend Growth & Dividend Cumulative & Dividend Default Option Dividend Reinvestment Dividend Reinvestment Dividend Reinvestment Dividend Reinvestment Dividend Reinvestment Dividend Reinvestment Application Amount ### Rs. 5,000 (plus in multiples of Re.1) Rs. 5,000 (plus in multiples of Re.1) Rs. 5,000 (plus in multiples of Re.1) Rs. 5,000 (plus in multiples of Re.1) Rs. 500 (plus in multiples of Re. 1) Rs. 5,000 (plus in multiples of Re.1) Min. Addl. Investment ### Rs. 500 & in multiples thereof Rs. 500 & in multiples thereof Rs. 500 & in multiples thereof Rs. 500 & in multiples thereof Rs. 500 & in multiples thereof Rs. 500 & in multiples thereof Entry Load* (i) For investment of less than Rs.5 Crores: 2.25% of applicable NAV; (ii) For investment of Rs.5 Crores & above: NIL (i) For investment of less than Rs.5 Crores : 2.25% of applicable NAV; (ii) For investment of Rs.5 Crores & above: NIL (i) For investment of less than Rs.5 Crores : 2.25% of applicable NAV; (ii) For investment of Rs.5 Crores & above: NIL (i) For investment of less than Rs.5 Crores: 2.25% of applicable NAV; (ii) For investment of Rs.5 Crores & above: NIL (i) For investment of less than Rs.5 Crores : 2.25% of applicable NAV; (ii) For investment of Rs.5 Crores & above: NIL (i) For investment of less than Rs.5 Crores: 2.25% of applicable NAV; (ii) For investment of Rs.5 Crores & above: NIL Exit Load* $$$ Redemption Cheques Issued ## Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations after lock-in period of 3 yrs. Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non RBI locations Min. Redemption Amt. Rs. 500 Rs. 500 Rs. 500 Rs. 500 and in multiples thereof Rs. 500 Rs. 500 and in multiples thereof Cut off time: Purchase/Switch in Redemption/Switch out $ Systematic Investment Plan (SIP) Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs each *** Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs each *** Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs each *** Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs each *** Monthly: Minimum of Rs. 500 or multiples thereof & 5 postdated cheques for a minimum of Rs. 500 for a block of 5 months in advance. *** Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs each *** Systematic Withdrawal Plan (SWP) Minimum of Rs.500 and multiples of Re. 1/- Minimum of Rs.500 and multiples of Re. 1/- Minimum of Rs.500 and multiples of Re. 1/- Minimum of Rs.500 and multiples of Re. 1/- Not available Minimum of Rs.500 and multiples of Re. 1/- Systematic Transfer Plan (STP) $$ Available Available Available Available Available Available Recurring Expenses** Investment Mangmt. Exp. Other recurring expenses Total 2.50% 2.50% 2.50% 1.00% 1.50% 2.50% 2.50% 2.50% 41

42 Key Features Infrastructure Fund Services Industries Fund SPIcE Index Fund Discovery Fund Emerging S.T.A.R. (Stocks Targeted At Returns) Fund Type Open-ended Equity Fund Open-ended Equity Fund An open-ended, Open-ended Index Linked exchange listed, index Growth Scheme linked growth scheme Open-ended Equity Fund Open-ended Equity Fund Investment Pattern (Under normal circumstances) Equity and Equity related instruments in Infrastructure sector 70% to 100% & debt, money market instrument and call money 0% to 30% Equity and equity related instruments in services sector 70% to 100% & debt, money market instruments and call money 0% to 30% Securities comprising the SENSEX upto 100% & Upto 10% in Money market instruments, convertible bonds & other securities including cash & call Equity stocks drawn from the components of the S&P CNX Nifty and the exchange traded derivatives on the S&P CNX Nifty upto 100%. Money Market instruments upto 10% Equity and Equity related securities - 80% to 100% and Cash & Money Market instruments - 0% to 20% Equity and Equity Linked Instruments - 90% to 100% and Debt Securities, Cash & Money Market instruments - 0% to 10% Options Growth & Dividend Growth & Dividend payout & Dividend Reinvestment Nifty Growth & Dividend Growth & Dividend Default Option Dividend Reinvestment Dividend Reinvestment Dividend Reinvestment Dividend Reinvestment Application Amount ### Rs. 5,000 (plus in multiples of Re.1) Rs per application and in multiples of Re.1 thereafter One Unit (One unit = SENSEX/100) Rs.5,000 (plus multiples of Rs 1000) Rs. 5,000 (plus in multiples of Re.1) Rs. 5,000 (plus in multiples of Re.1) Min. Addl. Investment ### Rs. 500 & in multiples thereof Rs. 500 per application and in multiples of Re.1 thereafter One Unit (One unit = SENSEX/100) Rs.1000/- Rs. 500 & in multiples thereof Rs. 500 & in multiples thereof Entry Load* (i) For all purchases of less than Rs. 5 Crore per Transaction: 2.25% of applicable NAV; (ii) For purchases of Rs.5 Crore & above per Transaction : NIL (i) For all purchases of less than Rs. 5 crore per transaction:2.25% of applicable NAV; (ii) For all purchases of more than Rs. 5 crore & above per transaction:nil (1) For investment of less than Rs. 5 Crores: Entry load at 2.25% of applicable Net Asset Value (NAV); (2) For investment of Rs.5 Crores and above: Entry load is. (1) For investment of less than Rs. 5 Crores: Entry load at 2.25% of applicable Net Asset Value (NAV); (2) For investment of Rs.5 Crores and above: Entry load is. Exit Load* $$$ 1) For investment made before 28-Nov-05: A) 1% of applicable NAV if i) Amount originally invested per transaction is less than Rs.5 crores and Redemption made before completion of 6 months from the date of allotment of units. B) if i) Original investment is 5 crores or more per transaction. Or ii) Redemption Request made on/after 6 months from date of allotment irrespective of original investment. 2) for investments made on or after 28-Nov-05. For investment made during New Fund Offer (NFO) Period: (i) 1% of applicable NAV if amount originally invested per transaction is less than Rs. 5 crores and redemption made before completion of 6 months from the date of allotment. (ii) if (a) Original investment is 5 crores or more per transaction and the redemption request is made within 6 months or beyond; or (b) Redemption Request is made on/after 6 months from the date of allotment irrespective of any amount invested. For investment made after NFO Period: NIL (In case there are no quotes on the BSE/ DSE for five trading days consecutively, an investor can sell directly to the fund at an exit load of 2.5% of NAV) 0.50% -for purchase transaction upto Rs.5 lac if the investment is redeemed before 1 year and -for all purchase transactions over Rs. 5 lac The exit load structure for fresh and additional purchases for amounts less than Rs. 5 crores (including switch-ins from open ended debt schemes) made by unitholders during the period May 1, 2006 to May 31, 2006 will be (i) 0.5% of the applicable NAV, if the amount sought to be redeemed or switched out is invested for a period of six months or less than six months from the date of allotment; (ii), if the amount sought to be redeemed or switched out is invested for a period of more than six months from the date of allotment. This load structure will be applicable only for the purchases (including switch-ins from open ended debt schemes) made during the period May 1, 2006 to May 31, For all other purchases made either before May 1, 2006 or after May 31, 2006 no exit load will be charged on the redemptions or switch-outs made. Redemption Cheques Issued ## Generally within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non-RBI locations Generally within 3 business days for specified RBI locations and an additional 3 Business days for Non-RBI locations Within 3 buisness days Within 3 Business Days Within 3 Business Days for specified RBI locations and an additional of 3 Business Days for Non- RBI locations. Within 2 Business Days from the date of acceptance of Redemption request at any of the Customer Service Centres. Min. Redemption Amt. Rs. 500 Rs 500 and in multiples thereof One Unit (One unit = SENSEX/100) Rs.1000 Rs.500 Rs.500 Cut off time: Purchase/Switch in Redemption/Switch out $ during Stock Exchange Working Hours Systematic Investment Plan (SIP) Monthly: Minimum Rs. 1, post-dated cheques for a minimum of Rs each *** Monthly:Minimum Rs Installment for a minimum of Rs each and in multiples of Re. 1 thereafter *** Monthly/Quarterly: Minimum Rs.1,000/- + 5 post-dated cheques of Rs. 1,000/- each. Entry Load: ; Exit Load: 0.5% of the applicable NAV, if the investment is redeemed within 1 year from the date of allotment, thereafter. Monthly: Minimum Rs.1, post-dated cheques of Rs. 1,000 each *** Monthly: Minimum Rs. 1, postdated cheques of Rs. 1,000 each *** Systematic Withdrawal Plan (SWP) Minimum of Rs.500 and multiples of Re. 1/- Available Minimum of Rs.1000 and multiples of Re. 1/- Minimum of Rs.500 and multiples of Re. 1/- Minimum of Rs.500 and multiples of Re. 1/- Systematic Transfer Plan (STP) $$ Available Available Available Available Recurring Expenses** Investment Mangmt. Exp. Other recurring expenses Total 2.50% 2.50% 1.00% 0.70% 0.55% 2.50% 2.50% 42

43 Prudential ICICI Mutual Fund Corporate Office Peninsula Tower, 8th Floor, Peninsula Corporate Park, Ganpatrao Kadam Marg, Off. Senapati Bapat Marg, Lower Parel, Mumbai Telephone No.: Fax No.: Website: Statutory Details: Prudential ICICI Mutual Fund (The Fund) has been set up as a Trust sponsored by Prudential plc (through its wholly owned subsidiary Prudential Corporation Holdings Limited) and ICICI Bank Limited. Prudential ICICI Trust Limited is the Trustee to the Fund and Prudential ICICI Asset Management Company Limited is the Investment Manager to the Fund. Risk Factors: Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Schemes will be achieved As with any securities investment, the NAV of the Units issued under the Schemes can go up or down, depending on the factors and forces affecting the capital markets Past performance of the Sponsors, AMC/Fund does not indicate the future performance of the Schemes of the Fund The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes beyond the contribution of an amount of Rs lacs, collectively made by them towards setting up the Fund and such other accretions and additions to the corpus set up by the Sponsors Prudential ICICI Growth Plan^ (An open-ended equity fund. Objective is to generate long term capital appreciation), Entry Load: **, Exit Load: ; Prudential ICICI Income Plan (An openended Debt Fund. Objective is to generate income through investments in debt securities), Entry Load:, Exit Load: For investment of less than or upto Rs. 10 Lakhs : 0.50% of applicable Net Asset Value (NAV) if the investment held for less than or equal to a period of 6 months; For investment of above Rs. 10 Lakhs: ; Prudential ICICI Liquid Plan (An open-ended Liquid Income Fund. Objective is to generate reasonable returns while providing high levels of liquidity), Entry Load:, Exit Load: ; Prudential ICICI FMCG Fund^ (An open-ended FMCG Sectoral Fund. Objective is to generate long term capital appreciation through investments primarily in FMCG sector), Entry Load: **, Exit Load: ; Prudential ICICI Tax Plan^ (An open-ended Equity Linked Saving Scheme. Objective is to generate long term capital appreciation), Entry Load: **, Exit Load: ; Prudential ICICI Gilt Fund - Treasury Plan (An open-ended short-term Gilt Fund. Objective is to generate regular returns through investments made in gilts), Entry Load:, Exit Load: ; Prudential ICICI Gilt Fund - Investment Plan (An open-ended medium-term Gilt Fund. Objective is to generate regular returns through investments made in gilts), Entry Load:, Exit Load: ; Prudential ICICI Balanced Fund^ (An open-ended Balanced Fund. Objective is to generate long term capital appreciation and current income), Entry Load: **, Exit Load: ; Prudential ICICI Technology Fund^ (An open-ended Equity Fund. Objective is to generate long term capital appreciation), Entry Load: **, Exit Load: ; Prudential ICICI Monthly Income Plan (An open ended fund. Monthly income is not assured and is subject to the available of distributable surplus) (Objective is to generate regular income through investments in fixed income securities), Entry Load:, Exit Load: For investment of less than or upto Rs. 10 Lakhs : 0.50% of applicable Net Asset Value (NAV) if the investment held for less than or equal to a period of 6 months; For investment of above Rs. 10 Lakhs : ; Prudential ICICI Fixed Maturity Plan - Yearly Series 5, Series 12 (A close-ended Fund to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments normally maturing in line with the time profile of the Plan), Entry Load:, Exit Load: for redemption on Specified Redemption Date and 1.5%, on the amount sought to be redeemed by the unitholders for the redemption made on such Business Days (other than on Specified Redemption Date) under Series 5 & Series 12; Prudential ICICI Fixed Maturity Plan Series 25 (A close-ended Debt Fund. Objective is to generate regular returns) Entry Load : and Exit Load : 2.00% under 15 Months Plan on the amount sought to be redeemed by the Unitholders under the Plan for the redemptions made on such Business Days (other than on Specified Redemption Dates); Prudential ICICI Fixed Maturity Plan Series months Plan (A close-ended Debt Fund. Objecitve is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments normally maturing in line with the time profile of the Plan), Entry Load:, Exit Load: - for redemptions made on Maturity, 1% of the applicable NAV for redemptions made during repurchase facility period; Prudential ICICI Fixed Maturity Plan Series months Plan (A close-ended Debt Fund. Objective of the Plan is to seek to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments normally maturing in line with the time profile of the Plan), Entry Load:, Exit Load: - for redemptions made on Maturity, 1% of the applicable NAV for redemptions made during repurchase facility period; Prudential ICICI Fixed Maturity Plan Series 32-3 months Plan A & Plan B (A closeended Debt Fund. Objective of the Plan under the Scheme is seeking to generate regular returns by investing in a portfolio of fixed income securities/ debt instruments normally maturing in line with the time profile of the Plan), Entry Load:, Exit Load: - for redemptions made on Maturity, 1% of the applicable NAV for redemptions made during repurchase facility period; Prudential ICICI Fixed Maturity Plan Series months Plan (A close-ended Debt Fund. Objective is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments normally maturing in line with the time profile of the Scheme), Entry Load:, Exit Load: - for redemptions made on Maturity, 2% of the applicable NAV for redemptions made during repurchase facility period;prudential ICICI Hybrid Fixed Maturity Plan - 13 months Plan (A close-ended Debt Fund. Objective is to generate regular returns by investing in a portfolio of fixed income securities/debt instruments normally maturing in line with the time profile of the Scheme), Entry Load:, Exit Load: - for redemptions made on Maturity, 2% of the applicable NAV for redemptions made during repurchase facility period; Prudential ICICI Child Care Plan (Study Plan: An open-ended fund. Objective is to generate income by creating a portfolio that is invested in debt, money market instruments and equity and equity related securities. Gift Plan: An open-ended Fund. Objective is to generate capital appreciation by creating a portfolio that is invested in equity and equity related securities and debt and money market instruments), Entry Load for both the plans are 1.50%. The Exit Load for both the Plans are 1%, if investment is redeemed within 3. (2), if investment is redeemed after 3 but before the Unitholder attains the age of 18; Prudential ICICI Power^ (An open-ended Growth Fund. Objective is to generate long term capital appreciation through investments in core sectors & associated feeder industries), Entry Load: **, Exit Load: ; Prudential ICICI Short Term Plan (An open-ended Income Fund. Objective is to generate Income through investments in debt securities) Entry Load:, Exit Load: ; Prudential ICICI Long Term Plan (An open-ended Income Fund. Objective is to generate income through investment in range of debt and money market instruments while maintaining optimum balance of yield, safety and liquidity), Entry Load:, Exit Load: 0.75% if the investment is redeemed within 12 months; Prudential ICICI Sweep Plan (An open-ended Liquid Fund. Objective is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through investments made primarily in money market and debt securities), Entry Load:, Exit Load: ; Prudential ICICI Index Fund (An open-ended index linked Growth Scheme. Objective is track the returns of S&P CNX Nifty Index through investment in stocks drawn from constituents of Nifty), Entry Load:, Exit Load: 0.50% for purchase transactions upto Rs.5 lacs, if the investment is redeemed within 1 year of investments and NIL for purchase transactions over Rs. 5 lacs; Prudential ICICI Flexible Income Plan (An open-ended Income Fund. Objective is to generate income through investments in a range of debt instruments and money market instruments of various maturities with a view to maximising income while maintaining the optimum balance of yield, safety and liquidity) Entry Load:, Exit Load: ; Prudential ICICI Dynamic Plan^ (An open-ended Equity Fund. Objective is to generate capital appreciation by actively investing in equity and equity related securities and for defensive consideration in debt / money market instruments), Entry Load: **, Exit Load: ; SENSEX Prudential ICICI Exchange Traded Fund ( SPIcE ) (An open-ended exchange listed, index linked growth scheme. Objective is to provide the investment returns that closely corresponds to the total return of securities as represented by the SENSEX). Entry Load:, Exit Load: 2.5% of applicable NAV in case of no quotes on the BSE for five trading days consecutively and an investor redeeming directly from the Fund; Prudential ICICI Floating Rate Plan Option A, B & C (An open-ended income fund. Objective is to generate income consistent with the prudent risk from a portfolio comprising substantially of floating rate debt instruments, fixed rate debt instruments swapped for floating rate return, and also fixed rate instruments and money market instruments) Entry Load :, Exit Load : for Options B and C and for Option A - For investments of less than Rs. 10 Lakhs Exit 0.50% of applicable NAV in case the amount sought to be redeemed is not being invested under the Option A for a minimum period of seven days; Prudential ICICI Advisor Series (An open-ended asset allocation fund, which is of the nature of Fund of Funds, comprising there under five investment Plans, with a primary objective to generate returns through investment in underlying schemes of Prudential ICICI Mutual Fund) Entry Load: For Prudential ICICI Very Cautious Plan and Prudential ICICI Cautious Plan is and for Prudential ICICI Moderate Plan, Prudential ICICI Aggressive Plan and Prudential ICICI Very Aggressive Plan, the Entry Load is 1%, 1.50% and 1.75% respectively, Exit Load:, Further, for investments by the Fund of Funds scheme, in underlying schemes of Prudential ICICI Mutual Fund, there would not be any entry load / exit load. Prudential ICICI Gilt Fund Investment Plan - PF Option (An open-ended Medium Term Gilt Fund. Objective is to generate income through investments in Gilts of various maturities) Entry Load:, Exit load : 0.60% of a NAV in case the amount sought to be redeemed is not being invested under the Plan for a minimum period of 365 days, Prudential ICICI Gilt Fund Treasury - PF Option (An open-ended Gilt Fund. Objective is to generate income through investments in Gilts of various maturities) Entry Load:, Exit load: 0.80% of a NAV in case the amount sought to be redeemed is not being invested under the Plan for a minimum period of 365 day; Prudential ICICI Income Multiplier Fund (An open-ended debt fund which invests upto 30% in equity. Objective is to generate long-term capital appreciation from a portfolio that is invested predominantly in debt and money market securities and the balance in equity and equity related securities) Entry Load:, Exit Load: (i) 1% - For investments of less than Rs. 5 crores and if the investments are held for less than a period of 12 months; (ii) No Exit Load for investments of Rs. 5 crores and above; Prudential ICICI Discovery Fund^ (An open-ended Equity Fund. Objective is to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks) Entry Load: **, Exit Load: ; Prudential ICICI Long Term Floating Rate Plan Option A, B & C (An open-ended Income Fund. Objective is to generate income through investments in a range of debt and money market instruments of various maturities with a view to maximizing income while maintaining the optimum balance of yield, safety and liquidity) Entry Load :, Exit Load : for Options B and C and for Option A % for investments of less than or equal to Rs. 1 Crore and redemption is made on or before the completion of six months from the date of allotment of units; Prudential ICICI Emerging S.T.A.R. (Stocks Targeted At Returns) Fund^ (An open-ended Equity Fund. Primary objective is to generate capital appreciation by actively investing in diversified mid cap stocks. The scheme will invest primarily in companies that have a market capitalisation between 100 crores and 2000 crores.) Entry Load: **, Exit Load: The exit load structure for fresh and additional purchases for amounts less than Rs. 5 crores (including switch-ins from open ended debt schemes) made by unitholders during the period May 1, 2006 to May 31, 2006 will be (i) 0.5% of the applicable NAV, if the amount sought to be redeemed or switched out is invested for a period of six months or less than six months from the date of allotment; (ii), if the amount sought to be redeemed or switched out is invested for a period of more than six months from the date of allotment. This load structure will be applicable only for the purchases (including switch-ins from open ended debt schemes) made during the period May 1, 2006 to May 31, For all other purchases made either before May 1, 2006 or after May 31, 2006 no exit load will be charged on the redemptions or switch-outs made; Prudential ICICI Blended Plan (An open ended fund investing in a blend of equity, derivatives, debt and money market instruments under two Plans viz. Plan A and Plan B. Objective of Plan A under the scheme is to provide capital appreciation and income distribution to unitholders by investing in equity & equity related securities including derivatives and the balance portion in debt securities. Objective of Plan B under the scheme is to provide capital appreciation and income distribution to unitholders by investing predominantly in debt securities and the balance portion in equity & equity related securities including derivatives. Entry Load:. Exit Load: Under both the Plans viz., Plan A and Plan B, in case the amount sought to be redeemed is not invested by the investor for a period of 30 days from the date of allotment, an exit 0.50% of applicable NAV will be imposed.); Prudential ICICI Infrastructure Fund^ (An open-ended equity scheme. Objective is to generate capital appreciation and income distribution to unitholders by investing predominantly in equity/equity related securities of the companies belonging to the infrastructure industries and balance in debt securities and money market instruments including call money), Entry Load: For all purchases of less than Rs.5 crore per transaction % of applicable NAV, For Purchases of Rs.5 crores and above per transaction -, Exit Load: For Investments made before November 28, (i) If the amount originally invested per transaction is less than Rs. 5 crores and the redemption request is made before completion of 6 months from the date of allotment of units %, (ii) If the amount originally invested per transaction is Rs. 5 crores or more and whether the redemption is sought within 6 months or beyond; or Any amount invested, for which the redemption request is made on or after the completion of 6 months from the date of allotment of units - No exit load; For investments made from November 28, 2005 onwards: No exit load will be charged for investments made under the Scheme on or after November 28, 2005 irrespective of the amount invested; Prudential ICICI Services Industries Fund (PISIF)^ (An open-ended equity Scheme. Objective: to generate capital appreciation and income distribution to unitholders by investing predominantly in equity/equity related securities of the companies belonging to the service industry and balance in debt securities and money market instruments including call money), Entry Load: For all purchases of less than Rs.5 crore per transaction % of applicable NAV, For Purchases of Rs. 5 crores and above per transaction - ; Exit Load: For Investments made during the New Fund Offering period: (i) 1% - If the amount originally invested per transaction is less than Rs. 5 crores and the redemption request is made before completion of 6 months from the date of allotment of units. (ii) - If the amount originally invested per transaction is Rs. 5 crores or more and whether the redemption is sought within 6 months or beyond; or Any amount invested, for which the redemption request is made on or after the completion of 6 months from the date of allotment of units. For investments made after New Fund Offer: ; Prudential ICICI Fusion Fund (A close-ended diversified equity scheme, with a maturity period of 5, that seeks to generate long-term capital appreciation by investing predominantly in equity and equity related instruments of companies across large, mid and small market capitalization. Entry Load:, Exit Load: For the redemptions made before the maturity date of the Scheme i.e. redemptions made during the repurchase facility period, the following exit load structure will be applicable: (i) 5% of the applicable NAV, if the amount sought to be redeemed is invested for a period of one year or less than one year from the date of allotment; (ii) 4% of the applicable NAV, if the amount sought to be redeemed is invested for a period more than one year but less than or equal to two from the date of allotment; (iii) 3% of the applicable NAV, if the amount sought to be redeemed is invested for a period of more than two but less than or equal to three from the date of allotment; (iv) 2% of the applicable NAV, if the amount sought to be redeemed is invested for a period of more than three but less than or equal to four from the date of allotment; (v) 1% of the applicable NAV, if the amount sought to be redeemed is invested for a period of more than four from the date of allotment but redeemed before the date of maturity of the Scheme. These are the names of the Schemes and do not in any manner indicate either the quality of the Schemes or their future prospects and returns. ** Entry Load for all the Equity Funds: (i) For investment of less than Rs.5 crores is 2.25% of applicable NAV; (ii) For investment of Rs.5 crores and above is. No entry load will be payable in respect of switch transaction from one equity scheme of Prudential ICICI to another equity scheme of Prudential ICICI. Further, for investments by a Fund of Funds Scheme(s) in various schemes of Prudential ICICI Mutual Fund, there would not be any entry load / exit load charged by the underlying schemes. ^ For SIP & STP Investments: Entry load of 2.25% of the applicable NAV will be charged on the amount invested under the scheme(s). Exit Load:. Exceptions: For all SIP and STP investments registered under Prudential ICICI Power and Prudential ICICI Discovery Fund from June 21, 2006 to July 31, 2006: (i) If redemptions are made from June 21, 2006 to July 5, 2006 no exit load shall be charged; (ii) If redemptions are made after July 5, 2006 but on or before the end of six months from the date of investment of each installment of SIP/STP investment, an exit load of 0.5% shall be charged. Load Structure on SIP & STP investments under the following schemes are as follows: Prudential ICICI Child Care Plan (Gift Plan & Study Plan) Entry Load: 1.50% of applicable NAV. Exit Load: 1.00% of Applicable NAV if the investment is redeemed within 3 from the date of allotment, thereafter Prudential ICICI Moderate Plan Entry Load: 1% of applicable NAV; Exit Load: Prudential ICICI Aggressive Plan Entry Load: 1% of applicable NAV; Exit Load: 0.5% of the applicable NAV, if the units are redeemed before completion of 2 from the date of allotment Prudential ICICI Very Aggressive Plan Entry Load: 1% of applicable NAV; Exit Load: 0.75% of the applicable NAV, if the units are redeemed before completion of 2 from the date of allotment Prudential ICICI Index Fund Entry Load: ; Exit Load: 0.5% of the applicable NAV, if the investment is redeemed within 1 year from the date of allotment, thereafter No entry or exit load will be charged on the SIP investments under Prudential ICICI Flexible Income Plan, Prudential ICICI Long Term Plan, Prudential ICICI Income Plan, Prudential ICICI Monthly Income Plan, Prudential ICICI Income Multiplier Fund, Prudential ICICI Very Cautious Plan and Prudential ICICI Cautious Plan. 43

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