ICICI Prudential Infrastructure Fund by jennyyingdi

VIEWS: 134 PAGES: 157

									ICICI Prudential Infrastructure Fund
(erstwhile Prudential ICICI Infrastructure Fund)
An open ended equity fund

Offer Document




Offer of Units at NAV based prices plus applicable entry load on an ongoing basis
Sponsors: ICICI Bank Limited (erstwhile ICICI Limited), Regd. Office: Landmark, Race Course Circle, Vadodara 390 007, India; and Prudential plc (formerly
known as Prudential Corporation Holdings Limited), Laurence Pountney Hill, London EC4ROHH, UK.

Investment Manager: ICICI Prudential Asset Management Company Limited (erstwhile Prudential ICICI Asset Management Company Limited)
Corp. Office: 8th Floor, Peninsula Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Off Senapati Bapat Marg, Lower Parel, Mumbai 400 013.
Regd. Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.

Trustee: ICICI Prudential Trust Limited
(erstwhile Prudential ICICI Trust Limited)
Regd. Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi 110 001.


   ICICI Prudential Infrastructure Fund (an open-ended equity fund), the mutual fund Scheme offered under this Offer Document,
   has been prepared in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as
   amended from time to time and filed with the Securities and Exchange Board of India and the Units being offered for public
   subscription have not been approved or disapproved by the Securities and Exchange Board of India nor has the Securities and
   Exchange Board of India certified the accuracy or adequacy of the Offer Document.
   This Offer Document contains information necessary for an investor to make an informed investment decision in the Scheme
   described herein. Investors should carefully read the Offer Document prior to making an investment decision and retain the
   Offer Document for future reference. Investors may note that this Offer Document remains effective until a material change
   occurs. Material changes shall be filed with SEBI and circulated to all Unitholders or may be publicly notified by advertisements
   in the newspapers subject to the applicable regulations.




or apply online at www.icicipruamc.com
                                              IMPORTANT NOTICE
Investing in mutual fund schemes involves certain risks and considerations associated generally with making
investments in securities. The value of the Scheme’s investments may be affected generally by factors affecting
financial markets, such as price and volume, volatility in interest rates, currency exchange rates, changes in
regulatory and administrative policies of the Government or any other appropriate authority (including tax laws) or
other political and economic developments. Consequently, there can be no assurance that the Scheme offered in
this Offer Document would achieve the stated objectives. The NAV of the Units of the Scheme may fluctuate and
can go up or down. Past performance of the schemes managed by the Sponsors or their affiliates or the Asset
Management Company is not indicative of the future performance of the Scheme nor will the performance of the
Scheme, following the commencement of the operations, be indicative of the Scheme’s future performance.

Prospective investors are advised to review this Offer Document carefully and in its entirety and consult their
legal, tax and financial advisors to determine possible legal, tax and financial or any other consequences of
subscribing to, purchasing or holding Units under the Scheme, before making an application to subscribe or
purchase the Units.

ICICI Prudential Mutual Fund (the Fund) and the ICICI Prudential Asset Management Company Limited (the
AMC), have not authorized any person to give any information or make any representations, either oral or written,
not stated in this Offer Document in connection with issue of Units under the Scheme. Prospective investors are
accordingly advised not to rely upon any information or representations not incorporated in this Offer Document.
Any subscription, purchase or sale made by any person on the basis of statements or representations which are not
contained in this Offer Document or which are inconsistent with the information contained herein shall be solely at
the risk of the investor.

The Fund may disclose details of the investor’s account and transactions thereunder to those intermediaries whose
stamp appears on the application form. In addition, the Fund may disclose such details to the Bankers, as may be
necessary for the purpose of effecting payments to the Investor.

Unitholders / investors are requested to read and understand the Offer Document, Key Information Memorandum
and risk factors furnished with the scheme in which they seek to make investments or in which they have invested.
Unitholders / Investors are urged not to rely upon or be misled by any oral promises or statements made by the
distributors / intermediaries of the Mutual Fund and it is brought to the special attention of investors that the AMC
/ Mutual Fund will not be liable for mis-statement or communication by agents / distributors which are not
previously expressly authorized / approved by the AMC / Mutual Fund.

The AMC, Trust and ICICI Prudential Mutual Fund shall not be responsible for any claims made by the
Unitholders / Investors based on such oral promises made by the distributors / intermediaries.

The current Regulations impose certain restrictions and conditions on the AMC for entering into transactions with
the Sponsors and their associates on behalf of the Fund. These restrictions include:
a)    Purchase or sale of securities through any broker associated with the Sponsors or through a firm which is an
      associate of the Sponsor(s) shall not exceed an average of 5% of the aggregate purchases and sale of
      securities made by the Fund in all its Schemes in a block of any three months.
b)    Utilization of the services of the Sponsors or any of their associates, for the purpose of any securities
      transactions and distribution and sale of securities shall be made only if a disclosure to this effect is made in
      the Offer Document and the brokerage or commission paid is also disclosed in the half yearly annual
      accounts of the mutual fund.
c)    The Mutual Fund Scheme shall not make any investment in:
       1. any unlisted security of an associate or group company of the Sponsor; or
       2. any security issued by way of private placement by an associate or group company of the Sponsor; or
       3. the listed securities of group companies of the Sponsor which is in excess of 25% of its net assets.

In this Offer Document, all references to “$” are to United States of America Dollars, “£” to Pound Sterling of United
Kingdom and “Rs.” to Indian Rupees. The Reference Exchange Rate between the United States Dollar and the Indian
Rupee has been taken at $1 = Rs.45.76 and UK£ and Indian Rupee at 1£=Rs. 81.18.

This Offer Document is dated July 6, 2007..




                                                                                                                     2
                                                     TABLE OF CONTENTS
1.   Highlights...........................................................................................................................................................................6
2.   Risk Factors and Special Consideration............................................................................................................................8
3.   Due Diligence Certificate............................................................................................................................................... 18
4.   Definitions ...................................................................................................................................................................... 19
5.   Summary – ICICI Prudential Infrastructure Fund. ........................................................................................................ 21
6.   Constitution of the Mutual Fund .................................................................................................................................... 23
     a) The Sponsors ........................................................................................................................................................... 23
     b) The Trustee Company ............................................................................................................................................. 25
         i. Directors........................................................................................................................................................... 25
         ii. Rights and Obligations of the Trustee ............................................................................................................. 26
         iii. Trusteeship Fees............................................................................................................................................... 29
     c) Management of Asset Management Company (AMC).......................................................................................... 29
         i. Board of Directors of the AMC....................................................................................................................... 30
         ii. Powers, Duties & Responsibilities of the AMC.............................................................................................. 34
         iii. Key Employees of AMC & relevant experience............................................................................................. 36
         iv. Fund Manager .................................................................................................................................................. 47
         v. Compliance Officer.......................................................................................................................................... 47
         vi. Investor Relations Officer................................................................................................................................ 47
     d) Auditors ................................................................................................................................................................... 47
     e) Registrar .................................................................................................................................................................. 47
     f) Custodian................................................................................................................................................................. 47
7.   Investment Objectives & Policies ............................................................................................................................... 48
     Fundamental Attributes of the Scheme .......................................................................................................................... 48
     a) Type of the Scheme................................................................................................................................................. 48
     b) Investment Objective .............................................................................................................................................. 48
     c) Investment Pattern and investment policies ........................................................................................................... 50
     d) Change in Investment Pattern ................................................................................................................................. 50
     e) Terms of the Scheme............................................................................................................................................... 50
     f) Change in Fundamental Attributes ......................................................................................................................... 52
     g) Investment Strategy ................................................................................................................................................ 52
     h) Position of debt market in India.............................................................................................................................. 55
     i) Portfolio Turnover................................................................................................................................................... 55
     j) Procedure followed for investment decisions......................................................................................................... 56
     k) Exposure to Derivatives .......................................................................................................................................... 56
     l) Investment Restrictions for the Scheme ................................................................................................................. 59
     m) Underwriting by the Fund ....................................................................................................................................... 61
     n) Computation of Net Asset Value ............................................................................................................................ 61
     o) Accounting Policies & Standards ........................................................................................................................... 65
8.   Units & The New Fund Offer...................................................................................................................................... 69
     General Information ....................................................................................................................................................... 69
     a) Minimum Subscription Amount ............................................................................................................................. 69
     b) Offer Price. .............................................................................................................................................................. 69
     c) Minimum Amount for Application......................................................................................................................... 69
     d) New Fund Offer Issue Expenses............................................................................................................................. 69
     e) Options and Investment plans offered under the Scheme ...................................................................................... 69
     f) Pledge of Units for Loans ........................................................................................................................................ 70
     g) Systematic Investment Plan (SIP)........................................................................................................................... 70
     h) Micro Systematic Investment Plan (MicroSIP)...................................................................................................... 71
     i) Systematic Withdrawal Plan (SWP) ....................................................................................................................... 71
     j) Systematic Transfer Plan (STP)……...................................................................................................................... 72
     k) How to Switch ......................................................................................................................................................... 72
     l) Who can Invest? ...................................................................................................................................................... 73
     m) How to Apply? ........................................................................................................................................................ 73
         i. Purchase of units on an on-going basis. .......................................................................................................... 73
         ii. Purchase price………….. ................................................................................................................................ 73
         iii. How to purchase the units on an ongoing basis. ............................................................................................. 74
         iv. Issuance of units/Account Statement............................................................................................................... 75
         v. NRIs, FIIs......................................................................................................................................................... 75
         vi. Mode of Payment on Repatriation Basis......................................................................................................... 75



                                                                                                                                                             3
        vii. Mode of Payment on Non-Repatriation Basis................................................................................................. 76
        viii. Investments of the minor investor on attaining majority. ............................................................................... 76
        ix. Application under Power of Attorney/Body Corporate/Registered Society/Partnership............................... 76
        x. Joint Applicants................................................................................................................................................ 77
        xi. Nomination Facility ......................................................................................................................................... 77
    l) Account Statements................................................................................................................................................. 77
    m) Redemption of Units ............................................................................................................................................... 78
        i. Redemption Price............................................................................................................................................. 78
        ii. Applicable NAV .............................................................................................................................................. 78
        iii. Cut-off time for web based transactions.......................................................................................................... 79
        iv. How to Redeem?.............................................................................................................................................. 79
        v. Payment of Proceeds........................................................................................................................................ 79
        vi. Non receipt of email communication by Investors. ........................................................................................ 80
        vii. Redemption by NRIs/ FIIs............................................................................................................................... 80
        viii. Effect of Redemptions ..................................................................................................................................... 80
        ix. Fractional Units................................................................................................................................................ 80
        x. Signature mismatch cases. ............................................................................................................................... 81
        xi. Right to Limit Redemptions ............................................................................................................................ 81
        xii. Suspension of Sale and Redemption of Units ................................................................................................. 81
        xiii. Permanent Account Number (PAN)................................................................................................................ 82
        xiv. Dormant Account Locking. ............................................................................................................................. 82
        xv. Prevention of Money Laundering.................................................................................................................... 82
        xvi. PAN based KYC Process................................................................................................................................. 83
9. Load Structure, Fees and Expenses............................................................................................................................ 84
    a) Load Structure of the Scheme................................................................................................................................. 84
    b) Fees and Expenses of the Scheme .......................................................................................................................... 84
        i. New Fund Offer Expenses............................................................................................................................... 84
        ii. Estimated Recurring Expenses ........................................................................................................................ 85
    c) Fees and Expenses of the Existing Scheme............................................................................................................ 85
        i. During the last one fiscal year. ........................................................................................................................ 85
        ii. New Fund Offer Expenses – Comparison of Estimated to Actual. ................................................................ 86
        iii. Condensed Financial Information ................................................................................................................... 86
10. Unitholders Rights and Services ............................................................................................................................... 109
    a) Investors Services.................................................................................................................................................. 109
    b) Ease of Transactions.............................................................................................................................................. 109
        i. Customer Service Centers in major metros................................................................................................... 109
        ii. Process transactions in a timely manner........................................................................................................ 109
    c) Problem Resolution ............................................................................................................................................... 109
    d) Information about the Scheme .............................................................................................................................. 110
    e) NAV Information .................................................................................................................................................. 110
    f) Disclosure of information under the Regulations................................................................................................. 110
    g) Rights of Unitholders of the Scheme.................................................................................................................... 111
    h) Duration of the Scheme/Winding up .................................................................................................................... 111
    i) Procedure and manner of Winding up .................................................................................................................. 112
    j) Tax Benefits .......................................................................................................................................................... 112
        1) To the Mutual Fund .......................................................................................................................................... 112
        2) Securities Transaction Tax ............................................................................................................................ 113
        3) To the Unitholders ......................................................................................................................................... 113
        3.1 Income received from mutual fund ................................................................................................................ 113
        3.2 Long term capital gains on transfer of units................................................................................................... 113
                 i.       For Individuals and HUFs. ........................................................................................................ 114
                 ii.      For Partnership Firms, Non-Residents, Indian Companies/Foreign Companies ..................... 114
                 iii.     For Non-resident Indians . ......................................................................................................... 114
                 iv.      For Overseas Financial Organisations and Foreign Institutional Investors
                          fulfilling conditions laid down under section 115AB (Offshore Fund .................................... 114
        3.3. Short term capital gains on transfer of units.................................................................................................. 114
        3.4 Capital losses………………………………………………………………………………………………115



                                                                                                                                                      4
             3.5 Section 80 C .......................................................................................................................................... 116
      4. Tax deduction at source …………………………………………………………………………………….116
      5.     Exemption from tax on capital gains arising on transfer of units held for more than 12 months……...….116
      6.     Rebate under Section 88E………………………………………………………………………………….117
      7.     Investments by charitable and religious trusts in the ………………………………………………….…..117
    8. Wealth Tax……………………………………………………………………………………….…..….117
    k) Unclaimed redemption amount……………………………………………………………………………117
11. Other Matters. ............................................................................................................................................................ 118
    a) Unitholders Grievances Redressal Mechanism .................................................................................................... 118
    b) Associate Transactions.......................................................................................................................................... 120
    c) Details of Investment in Companies that hold more than 5% of NAV of Schemes
       managed by the AMC ........................................................................................................................................... 137
    d) Penalties and Pending Litigations......................................................................................................................... 145
    e) Borrowing by the Mutual Fund............................................................................................................................. 153
    f) Stock Lending by the Mutual Fund ...................................................................................................................... 153
    g) Policy on Offshore Investments by the Scheme................................................................................................... 153
    h) Inter-Scheme Transfers ......................................................................................................................................... 154
    i) General Information .............................................................................................................................................. 154
    • Power to make Rules............................................................................................................................................. 154
    • Power to remove Difficulties ................................................................................................................................ 154
    • Scheme to be binding on the Unitholders............................................................................................................. 154
    • Documents available for Inspection ..................................................................................................................... 154




                                                                                                                                                        5
                                           Highlights
    The Sponsors of the Fund are ICICI Bank Limited (erstwhile ICICI Limited) and Prudential plc. of
    the United Kingdom (UK).

    Prudential plc is a leading international financial services group providing retail financial products
    and services and fund management to many millions of customers worldwide. As a group
    Prudential plc has, as of December 31, 2006, over GBP251 billion of funds under management,
    more than 20 million customers and over 23,000 employees worldwide as of December 31, 2006.

    Securities and Exchange Board of India, vide its letter no. MFD/PM/567/02 dated June 4, 2002,
    has accorded its approval in recognizing ICICI Bank Ltd. as a co-sponsor consequent to the merger
    of ICICI Ltd. with ICICI Bank Ltd.

    ICICI Bank is India's second-largest bank with total assets of about Rs. 344,658 crores as at
    March 31, 2007 and profit after tax of Rs. 3,110 crores for the year ended March 31, 2007
    (Rs. 2,540 crores for the year ended March 31, 2006). ICICI Bank has a network of about
    710 branches and 45 extension counters and over 3,271 ATMs. ICICI Bank offers a wide range of
    banking products and financial services to corporate and retail customers through a variety of
    delivery channels and through its specialised subsidiaries and affiliates in the areas of investment
    banking, life and non-life insurance, venture capital and asset management. ICICI Bank set up its
    international banking group in fiscal 2002 to cater to the cross border needs of clients and leverage
    on its domestic banking strengths to offer products internationally. ICICI Bank currently has
    subsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain, Hong
    Kong, Sri Lanka and Dubai International Finance Centre and representative offices in the United
    States, United Arab Emirates, China, South Africa and Bangladesh. UK subsidiary of ICICI Bank
    has established a branch in Belgium. ICICI Bank is the most valuable bank in India in terms of
    market capitalisation. (Source: Overview at www.icicibank.com).

    ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and
    was its wholly owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through
    a public offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on
    the NYSE in fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock
    amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional investors in
    fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative of the World Bank, the
    Government of India and representatives of Indian industry.

    Pursuant to the Scheme of Amalgamation effective March 30, 2002, among ICICI, ICICI Personal
    Financial Services, ICICI Capital Services and ICICI Bank, sanctioned by the High Court of
    Gujarat and the High Court of Judicature at Bombay and approved by the Reserve Bank of India,
    ICICI, ICICI Personal Financial Services and ICICI Capital Services were merged with ICICI
    Bank in an all-stock merger. ICICI Bank is the surviving legal entity in the amalgamation.

•   Fund Management expertise
    Prudential plc is a leading international financial services group providing retail financial products
    and services and fund management to many millions of customers worldwide. As a group
    Prudential plc has, as of December 31, 2006, over GBP251 billion of funds under management,
    more than 20 million customers and over 23,000 employees worldwide as of December 31, 2006.

    ICICI Prudential Asset Management Company Limited, the Investment Manager to the ICICI
    Prudential Mutual Fund, manages assets over Rs. 43,613 crores as of June 30, 2007 through 33
    schemes. It is one of the largest asset management companies in the country.

    Investment Objectives
    ICICI Prudential Infrastructure Fund is an Open-ended equity Scheme that seeks 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.

    However, there can be no assurance that the investment objective of the Plan will be realized




                                                                                                        6
•   Transparency – The AMC will calculate and disclose the first NAV not later than 30 days from
    the closure of the New Fund Offer. Subsequently, the NAV will be calculated and disclosed at the
    close of every Business Day. In addition, the AMC will disclose details of the portfolio at least on
    a half-yearly basis.

•   Load –
    • Entry Load:
         For transactions                                                               Entry load
           1     For all purchases of less than Rs.5 crore per transaction                 2.25%
           2     For Purchases of Rs.5 crores and above per transaction                     Nil
    •   Institutional Option – I: NIL
    •   Exit Load: Nil
    However, the Trustee shall have a right to prescribe or modify the load structure with prospective
    effect subject to a maximum prescribed under the Regulations.

•   High Liquidity - Being an open-ended Scheme, Units may be redeemed on every Business Day at
    NAV based prices. The Fund will, under normal circumstances, endeavor to dispatch redemption
    cheques within T+3 Business Days from the date of acceptance of the redemption request at any of
    the Customer Service Centers. This service standard will apply only at the centers where RBI
    handles clearing directly and is able to transfer funds from Mumbai on a same-day-value basis. In
    respect of all non-RBI centers, for redemption payments, AMC will take additional day(s) – not
    exceeding 3 Business Days- that would essentially be linked to the time taken by banks to clear
    funds at such Non-RBI centers. All redemptions will be subject to deduction of applicable taxes as
    per Statues.

•   New Fund Offer Expenses - The New Fund Offer expenses charged to the Scheme were limited
    to 3.75% of the amount mobilised under the New Fund Offer. Under the Regulations, the Fund is
    entitled to charge New Fund Offer Expenses up to a maximum of 6% of initial resources raised
    under the Scheme. The new fund offer expenses charged to the Scheme may be amortised over a
    period not exceeding five years and would be included in the NAV.

•   Options - Investors under the ICICI Prudential Infrastructure Fund have the choice of a Growth
    Option or a Dividend Option or Institutional Option – I. All the Options under the Scheme will
    have the same portfolio. Only Growth Option is available under Institutional Option – I. Dividend
    Reinvestment facility is also available. The Trustees may at their discretion add one or more
    additional options under the Scheme.

•   Repatriation – Repatriation benefits would be available to NRIs/PIOs/FIIs, subject to applicable
    Regulations notified by Reserve Bank of India from time to time. Repatriation of these benefits
    will be subject to applicable deductions in respect of levies and taxes, as may be applicable at
    present or in future.

•   For details on tax update, please refer page 112 of this document.

•   Investors in the Scheme are not being offered any guaranteed returns.
•   Investors are advised to consult their Legal /Tax and other Professional Advisors in regard to
    tax/legal implications relating to their investments in the Scheme and before making decision to
    invest in the Scheme or redeem the Units in the Scheme.




                                                                                                         7
                               Risk Factors and Special Considerations:
•   Mutual Funds and securities investments are subject to market risks and there is no assurance or
    guarantee that the objectives of the Scheme will be achieved.
•   As with any securities investment, the NAV of the Units issued under the Scheme 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
    Scheme of the Fund.
•   The Sponsors are not responsible or liable for any loss resulting from the operation of the Scheme
    beyond the contribution of an amount of Rs. 22.2 lacs collectively made by them towards setting
    up the Fund and such other accretions and additions to the corpus set up by the Sponsors.
•   ICICI Prudential Infrastructure Fund is the name of the Scheme and does not in any manner
    indicate either the quality of the Scheme or its future prospects and returns.
•   The NAVs of the Scheme may be affected by changes in the general market conditions, factors and
    forces affecting capital market, in particular, level of interest rates, various market related factors
    and trading volumes, settlement periods and transfer procedures.
•   In the event of receipt of inordinately large number of redemption requests or of a restructuring of
    the Scheme’s portfolio, there may be delays in the redemption of Units. Please see page 8 for
    “Risk Factors and Special Considerations” and page 81 for “Right to Limit Redemptions” in this
    Offer Document.
•   The liquidity of the Scheme’s investments is inherently restricted by trading volumes in the
    securities in which it invests.
•   The Scheme may use various derivatives and hedging products from time to time, as would be
    available and permitted by SEBI, in an attempt to protect the value of the portfolio and enhance
    Unitholders interest. In case the Scheme utilizes any derivatives under the Regulations, the Scheme
    may, in certain situations, be exposed to risks associated with the use of derivatives.
•   Investors in the Scheme are not offered any guaranteed returns.
•   Mutual Funds being vehicles of securities investments are subject to market and other risks and
    there can be no guarantee against loss resulting from investing in schemes. The various factors
    which impact the value of scheme investments include but are not limited to fluctuations in the
    equity and bond markets, fluctuations in interest rates, prevailing political and economic
    environment, changes in government policy, factors specific to the issuer of securities, tax laws,
    liquidity of the underlying instruments, settlements periods, trading volumes etc. and securities
    investments are subject to market risks and there is no assurance or guarantee that the objectives of
    the Scheme will be achieved.
•   As the liquidity of the Scheme’s investments could at times, be restricted by trading volumes and
    settlement periods, the time taken by the Fund for redemption of units may be significant in the
    event of an inordinately large number of redemption requests or of a restructuring of the Scheme’s
    portfolio. In view of this the Trustee has the right, at their sole discretion to limit redemptions
    (including suspending redemption) under certain circumstances, as described under the section
    titled “Right to limit Repurchases”.
    From time to time and subject to the regulations, the sponsors, the mutual funds and investment
    Companies managed by them, their affiliates, their associate companies, subsidiaries of the
    sponsors and the AMC may invest in either directly or indirectly in the scheme. The funds
    managed by these affiliates, associates and/ or the AMC may acquire a substantial portion of the
    Scheme. Accordingly, redemption of units held by such funds, affiliates/associates and sponsors
    may have an adverse impact on the units of the Scheme because the timing of such redemption
    may impact the ability of other unitholders to redeem their units
    The Scheme may invest in other schemes managed by the AMC or in the schemes of any other
    Mutual Funds, provided it is in conformity to the investment objectives of the Scheme and in terms
    of the prevailing Regulations. As per the Regulations, no investment management fees will be
    charged for such investments.
•   From time to time and subject to the regulations, the AMC may invest in this Scheme. The
    decision to invest in the Scheme by the AMC will be based on parameters specified by the Board
    of the AMC.
    Further, as per the Regulation, in case the AMC invests in any of the schemes managed by it, it
    shall not be entitled to charge any fees on such investments
•   It may be noted that no prior intimation/indication would be given to investors when the
    composition/asset allocation pattern under the scheme undergo changes within the permitted band
    from 70% to 100% for equity and equity related securities and from 0% to 30% for debt and



                                                                                                         8
    money market instruments. The investors/unitholders can ascertain details of asset allocation of
    the scheme as on the last date of each month on AMC’s website at www.icicipruamc.com.
•   In terms of SEBI circular dated December 12, 2003 and June 14, 2005 having ref SEBI/IMD/CIR
    No. 10/22701/03 and SEBI/IMD/CIR No. 1/42529/05 respectively and AMFI’s communication
    having ref. No.35/MEM-COR/55/04-05 dated December 31, 2004, each scheme and individual
    plan(s) under the schemes should have a minimum of 20 investors and no single investor should
    account for more than 25% of the corpus of such scheme/plan(s). In case of non-fulfillment with
    either of the above two conditions in a three months time period or the end of succeeding calendar
    quarter, whichever is earlier, from the close of the New Fund Offer (NFO) of open ended schemes
    or on an ongoing basis for each calendar quarter, the schemes /plans shall be wound up by
    following the guidelines prescribed by SEBI and the investor’s money would be redeemed at
    applicable NAV. Where as a result of redemption/witch arising out of excess holding by an
    investor beyond the above limits in the manner envisaged under the above said circulars, such
    redemption/switch will not be subject to exit load.

•   Different types of securities in which the scheme would invest as given in the offer document carry
    different levels and types of risk. Accordingly the scheme’s risk may increase or decrease
    depending upon its investment pattern. E.g. corporate bonds carry a higher amount of risk than
    Government securities. Further even among corporate bonds, bonds which are AAA rated are
    comparatively less risky than bonds which are AA rated.

Scheme Specific Risk Factors:
1. The investments under the Scheme are oriented towards equity/equity related securities of
    Companies belonging to the infrastructure industries and hence will be affected by risks associated
    with the infrastructure industries. Further amongst the infrastructure sector as defined under the
    investment strategy the majority of the equity/ equity oriented investments could be under the
    single sector. Hence if the said sector does not perform positively as expected by the Fund
    Manager of the Scheme, the Schemes’ performance may be adversely affected due to a risk
    associated with non-diversification and thus could affect the value of investments
2. Although the Scheme seeks to make investments in equity and equity related securities of the
    Infrastructure sector, this scheme will not be a sector specific scheme for the purpose of
    monitoring the investment restrictions applicable to the Scheme and hence investments per issuer
    under the Scheme will not exceed 10% of the net assets of the Scheme.
3. As the Scheme may hold securities that are not in the S&P CNX Nifty Index and may invest in
    limited number of sectors with higher concentration to certain sectors and industries, it may
    perform differently from the general stock market. Further Schemes’ performance may differ from
    the benchmark index to the extent of the investments held in the debt segment, as per the
    investment pattern indicated under normal circumstances.
4. Investors may note that AMC/Fund Manger’s investment decisions may not be always profitable.
    The Scheme proposes to invest substantially in equity and equity related securities. The Scheme
    will, to a lesser extent, also invest in debt, cash and money market instruments. Trading volumes,
    settlement periods and transfer procedures may restrict the liquidity of these investments. Different
    segments of the Indian financial markets have different settlement periods and such periods may
    be extended significantly by unforeseen circumstances. The inability of the Scheme to make
    intended securities purchases due to settlement problems could cause the Scheme to miss certain
    investment opportunities. By the same rationale, the inability to sell securities held in the Scheme’s
    portfolio due to the absence of a well developed and liquid secondary market for debt securities
    would result, at times, in potential losses to the Scheme, in case of a subsequent decline in the
    value of securities held in the Scheme’s portfolio.
5. The scheme is also vulnerable to movements in the prices of securities invested by the scheme
    which again could have a material bearing on the overall returns from the scheme. These stocks, at
    times, may be relatively less liquid as compared to growth stocks.
6. The liquidity of the Scheme’s investments is inherently restricted by trading volumes in the
    securities in which it invests.
7. The value of the Scheme’s investments, may be affected generally by factors affecting securities
    markets, such as price and volume volatility in the capital markets, interest rates, currency
    exchange rates, changes in policies of the Government, taxation laws or any other appropriate
    authority policies and other political and economic developments which may have an adverse
    bearing on individual securities, a specific sector or all sectors including equity and debt markets.
    Consequently, the NAV of the Units of the Scheme may fluctuate and can go up or down.



                                                                                                        9
8.    Trading volumes, settlement periods and transfer procedures may restrict the liquidity of the
      investments made by the Scheme. Different segments of the Indian financial markets have
      different settlement periods and such periods may be extended significantly by unforeseen
      circumstances leading to delays in receipt of proceeds from sale of securities. The NAV of the
      Scheme can go up and down because of various factors that affect the capital markets in general.
9.    The NAV of the Scheme to the extent invested in Debt and Money market securities, are likely to
      be affected by changes in the prevailing rates of interest.
10.   Securities, which are not quoted on the stock exchanges, are inherently illiquid in nature and carry
      a larger amount of liquidity risk, in comparison to securities that are listed on the exchanges or
      offer other exit options to the investor, including a put option. Within the Regulatory limits, the
      AMC may choose to invest in unlisted securities that offer attractive yields. This may however
      increase the risk of the portfolio.
11.   While securities that are listed on the stock exchange carry lower liquidity risk, the ability to sell
      these investments is limited by the overall trading volume on the stock exchanges. Money market
      securities, while fairly liquid, lack a well-developed secondary market, which may restrict the
      selling ability of the Scheme(s) and may lead to the Scheme(s) incurring losses till the security is
      finally sold.
12.   Investment decisions made by the AMC may not always be profitable, as actual market
      movements may be at variance with anticipated trends.
13.   The Scheme may use various derivative products as permitted by the Regulations. Use of
      derivatives requires an understanding of not only the underlying instrument but also of the
      derivative itself. Other risks include, the risk of mispricing or improper valuation and the inability
      of derivatives to correlate perfectly with underlying assets, rates and indices.
14.   Different segments of the Indian financial markets have different settlement periods and such
      periods may be extended significantly by unforeseen circumstances. The inability of the Scheme to
      make intended securities purchases due to settlement problems could cause the Scheme to miss
      certain investment opportunities. By the same rationale, the inability to sell securities held in the
      Scheme’s portfolio due to the absence of a well developed and liquid secondary market for debt
      securities would result, at times, in potential losses to the Scheme, in case of a subsequent decline
      in the value of securities held in the Scheme’s portfolio.
15.   The Scheme may also invest in ADRs / GDRs / Foreign Debt Securities as permitted by Reserve
      Bank of India and Securities and Exchange Board of India. To the extent that some part of the
      assets of the Schemes may be invested in securities denominated in foreign currencies, the Indian
      Rupee equivalent of the net assets, distributions and income may be adversely affected by the
      changes in the value of certain foreign currencies relative to the Indian Rupee. The repatriation of
      capital also may be hampered by changes in regulations concerning exchange controls or political
      circumstances as well as the application to it of other restrictions on investment.
16.   The Scheme may use derivatives instruments like Stock Index Futures, Interest Rate Swaps,
      Forward Rate Agreements or other derivative instruments for the purpose of hedging and portfolio
      balancing, as permitted under the Regulations and guidelines. Usage of derivatives will expose the
      Scheme to certain risks inherent to such derivatives.
18.   The performance of the scheme will be affected in case of unforeseen circumstances like political
      crisis, natural calamities, and changes in currency exchange rates or interest rates.
19.   Fund manager tries to generate returns based on certain past statistical trend. The performance of
      the scheme may get affected if there is a change in the said trend. There can be no assurance that
      such historical trends will continue.
20.   Given that the Scheme seeks to invest in equity/ equity related securities of the Companies
      belonging to the infrastructure sector and that the investment concentration may be high in certain
      companies belonging to the said sector, the volatility and/or performance of the said sector and/or
      of the scrips belonging to this sector can have a material adverse bearing on the performance of the
      Scheme

Liquidity risk
In case of abnormal circumstances it will be difficult to complete the square off transaction due to
liquidity being poor in stock futures/spot market. However fund will aim at taking exposure only into
liquid stocks where there will be minimal risk to square off the transaction.

Fixed Income Securities:
    • Interest Rate Risk: As with all debt securities, changes in interest rates may affect the
        Scheme’s Net Asset Value as the prices of securities generally increase as interest rates



                                                                                                         10
        decline and generally decrease as interest rates rise. Prices of long-term securities generally
        fluctuate more in response to interest rate changes than do short-term securities. Indian debt
        markets can be volatile leading to the possibility of price movements up or down in fixed
        income securities and thereby to possible movements in the NAV.
    •   Liquidity or Marketability Risk: This refers to the ease with which a security can be sold at or
        near to its valuation yield-to-maturity (YTM). The primary measure of liquidity risk is the
        spread between the bid price and the offer price quoted by a dealer. Liquidity risk is today
        characteristic of the Indian fixed income market.
    •   Credit Risk : Credit risk or default risk refers to the risk that an issuer of a fixed income
        security may default (i.e. will be unable to make timely principal and interest payments on the
        security). Because of this risk corporate debentures are sold at a yield above those offered on
        Government Securities, which are sovereign obligations and free of credit risk. Normally, the
        value of a fixed income security will fluctuate depending upon the changes in the perceived
        level of credit risk as well as any actual event of default. The greater the credit risk, the
        greater the yield required for someone to be compensated for the increased risk.
    •   Reinvestment Risk: This risk refers to the interest rate levels at which cash flows received
        from the securities in the Scheme are reinvested. The additional income from reinvestment is
        the “interest on interest” component. The risk is that the rate at which interim cash flows can
        be reinvested may be lower than that originally assumed.
    •   Money Market Securities are subject to the risk of an issuer’s inability to meet interest and
        principal payments on its obligations and market perception of the creditworthiness of the
        issuer.
    •   Risks attached with the use of derivatives: Derivative products are leveraged instruments
        and can provide disproportionate gains as well as disproportionate losses to the investor.
        Execution of such strategies depends upon the ability of the fund manager to identify such
        opportunities. Identification and execution of the strategies to be pursued by the fund
        manager involve uncertainty and decision of fund manager may not always be profitable. No
        assurance can be given that the fund manager will be able to identify or execute such
        strategies.

        As and when the Scheme trade in the derivatives market there are risk factors and issues
        concerning the use of derivatives that Investors should understand. Derivative products are
        specialized instruments that require investment techniques and risk analyses different from
        those associated with stocks and bonds. The use of a derivative requires an understanding not
        only of the underlying instrument but of the derivative itself. Derivatives require the
        maintenance of adequate controls to monitor the transactions entered into, the ability to assess
        the risk that a derivative adds to the portfolio and the ability to forecast price or interest rate
        movements correctly. There is the possibility that a loss may be sustained by the portfolio as a
        result of the failure of another party (usually referred to as the “counter party”) to comply with
        the terms of the derivatives contract. Other risks in using derivatives include the risk of mis
        pricing or improper valuation of derivatives and the inability of derivatives to correlate
        perfectly with underlying assets, rates and indices.

        Thus, derivatives are highly leveraged instruments. Even a small price movement in the
        underlying security could have a large impact on their value. Also, the market for derivative
        instruments is nascent in India.

        The risks associated with the use of derivatives are different from or possibly greater than the
        risks associated with investing directly in securities and other traditional investments.

        The specific risk factors arising out of a derivative strategy used by the Fund Manager may be
        as below:
            Lack of opportunity available in the market.
            The risk of mispricing or improper valuation and the inability of derivatives to correlate
            perfectly with underlying assets, rates and indices.

•   Also please refer to Page 56 for example on Derivatives.




                                                                                                        11
•   Risks attached with investments in ADRs/GDRs:
    It is AMC’s belief that the investment in ADRs/GDRs/overseas securities offer new investment
    and portfolio diversification opportunities into multi-market and multi-currency products.
    However, such investments also entail additional risks. Such investment opportunities may be
    pursued by the AMC provided they are considered appropriate in terms of the overall investment
    objectives of the schemes. Since the Schemes would invest only partially in ADRs/GDRs/overseas
    securities, there may not be readily available and widely accepted benchmarks to measure
    performance of the Schemes. To manage risks associated with foreign currency and interest rate
    exposure, the Fund may use derivatives for efficient portfolio management including hedging and
    in accordance with conditions as may be stipulated by SEBI/RBI from time to time.

    To the extent that the assets of the Schemes will be invested in securities denominated in foreign
    currencies, the Indian Rupee equivalent of the net assets, distributions and income may be
    adversely affected by the changes in the value of certain foreign currencies relative to the Indian
    Rupee. The repatriation of capital also may be hampered by changes in regulations concerning
    exchange controls or political circumstances as well as the application to it of the other restrictions
    on investment.

    Offshore investments will be made subject to any/all approvals, conditions thereof as may be
    stipulated by SEBI/RBI and provided such investments do not result in expenses to the Fund in
    excess of the ceiling on expenses prescribed by and consistent with costs and expenses attendant to
    international investing. The Fund may, where necessary, appoint other intermediaries of repute as
    advisors, custodian/sub-custodians etc. for managing and administering such investments. The
    appointment of such intermediaries shall be in accordance with the applicable requirements of
    SEBI and within the permissible ceilings of expenses. The fees and expenses would illustratively
    include, besides the investment management fees, custody fees and costs, fees of appointed
    advisors and sub-managers, transaction costs, and overseas regulatory costs.

Risk Analysis on underlying asset classes in Securitisation:

Generally available Asset Classes for securitisation in India
Commercial Vehicles
Auto and Two wheeler pools
Mortgage pools (residential housing loans)
Personal Loan, credit card and other retail loans
Corporate loans/receivables

In terms of specific risks attached to securitisation, each asset class would have different underlying
risks, however, residential mortgages are supposed to be having lower default rates as an asset class.
On the other hand, repossession and subsequent recovery of commercial vehicles and other auto assets
is fairly easier and better compared to mortgages. Some of the asset classes such as personal loans,
credit card receivables etc., being unsecured credits in nature, may witness higher default rates. As
regards corporate loans/receivables, depending upon the nature of the underlying security for the loan
or the nature of the receivable the risks would correspondingly fluctuate. However, the credit
enhancement stipulated by rating agencies for such asset class pools is typically much higher and hence
their overall risks are comparable to other AAA rated asset classes.

The rating agencies have an elaborate system of stipulating margins, over collateralisation and
guarantees to bring risk limits in line with the other AAA rated securities.

It is relevant to note here that predominantly the scheme intends to invest in only AAA rated
securitised debt. This compares favourably with a portfolio which is constructed on the basis of AA
rated securitised debt.

Some of the factors, which are typically analyzed for any pool are as follows:

Size of the loan: generally indicates the kind of assets financed with loans. Also indicates whether there
is excessive reliance on very small ticket size, which may result in difficult and costly recoveries. To
illustrate, the ticket size of housing loans is generally higher than that of personal loans. Hence in the



                                                                                                        12
construction of a housing loan asset pool for say Rs.1,00,00,000/- it may be easier to construct a pool
with just 10 housing loans of Rs.10,00,000 each rather than to construct a pool of personal loans as the
ticket size of personal loans may rarely exceed Rs.5,00,000/- per individual. Also to amplify this
illustration further, if one were to construct a pool of Rs.1,00,00,000/- consisting of personal loans of
Rs.1,00,000/- each, the larger number of contracts(100 as against one of 10 housing loans of Rs.10 lakh
each) automatically diversifies the risk profile of the pool as compared to a housing loan based asset
pool.

Average original maturity of the pool: indicates the original repayment period and whether the loan
tenors are in line with industry averages and borrower’s repayment capacity. To illustrate, in a car pool
consisting of 60 month contracts, the original maturity and the residual maturity of the pool viz.
number of remaining installments to be paid gives a better idea of the risk of default of the pool itself.
If in a pool of 100 car loans having original maturity of 60 months, if more than 70% of the contracts
have paid more than 50% of the installments and if no default has been observed in such contracts, this
is a far superior portfolio than a similar car loan pool where 80% of the contracts have not even crossed
5 installments.

Loan to Value Ratio: Indicates how much % value of the asset is financed by borrower’s own equity.
The lower LTV, the better it is. This Ratio stems from the principle that where the borrowers own
contribution of the asset cost is high, the chances of default are lower. To illustrate for a Truck costing
Rs.20 lakhs, if the borrower has himself contributed Rs.10 lakh and has taken only Rs.10 lakh as a
loan, he is going to have lesser propensity to default as he would lose an asset worth Rs.20 lakhs if he
defaults in repaying an
installment. This is as against a borrower who may meet only Rs.2 lakh out of his own equity for a
truck costing Rs.20 lakh. Between the two scenarios given above, the latter would have higher risk of
default than the former.

Average seasoning of the pool: indicates whether borrowers have already displayed repayment
discipline. To illustrate, in the case of a personal loan, if a pool of assets consist of those who have
already repaid 80% of the installments without default, this certainly is a superior asset pool than one
where only 10% of installments have been paid. In the former case, the portfolio has already
demonstrated that the repayment discipline is far higher.

Default rate distribution: Indicates how much % of the pool and overall portfolio of the originator is
current, how much is in 0-30 DPD (days past due), 30-60 DPD, 60-90 DPD and so on. The rationale
here is very obvious, as against 0-30 DPD, the 60-90 DPD is certainly a higher risk category.

Unlike in plain vanilla instruments, in securitisation transactions it is possible to work towards a target
credit rating, which could be much higher than the originator’s own credit rating. This is possible
through a mechanism called ‘Credit enhancement’. The purpose of credit enhancement is to ensure
timely payment to the investors, if the actual collection from the pool of receivables for a given period
are short of the contractual payouts on securitisation. Securitisation are normally non-recourse
instruments and therefore, the repayment on securitisation would have to come from the underlying
assets and the credit enhancement. Therefore, the rating criteria centrally focus on the quality of the
underlying assets.

World over, the quality of credit ratings is measured by default rates and stability. An analysis of rating
transition and default rates, witnessed in both international and domestic arena, clearly reveals that
structured finance ratings have been characterized by far lower default and transition rates than that of
plain vanilla debt ratings. Further, internationally, in case of structured finance ratings, not only are the
default rates low but post default recovery is also high.

In the Indian scenario, also, more than 95% of issuances have been AAA rated issuances indicating the
strength of the underlying assets as well as adequacy of credit enhancement.

Investment exposure of the Fund with reference to Securitised Debt:
The Scheme will predominantly invest only in those securitisation issuances which have AAA rating
indicating the highest level of safety from credit risk point of view at the time of making an investment.
The Scheme will not invest in foreign securitised debt.




                                                                                                          13
The fund may invest in various type of securitisation issuances, including but not limited to Asset
Backed Securitisation, Mortgage Backed Securitisation, Personal Loan Backed Securitisation,
Collateralized Loan Obligation / Collateralized Bond Obligation and so on.

The fund does not propose to limit its exposure to only one asset class or to have asset class based sub-
limits as it will primarily look towards the AAA rating of the offering.

The fund will conduct an independent due diligence on the cash margins, collateralisation, guarantees
and other credit enhancements and the portfolio characteristic of the securitisation to ensure that the
issuance fits in to the overall objective of the investment in high investment grade offerings irrespective
of underlying asset class.

Risk Factors specific to investments in Securitised Papers:
Types of Securitised Debt vary and carry different levels and types of risks. Credit Risk on Securitised
Bonds depends upon the Originator and varies depending on whether they are issued with Recourse to
Originator or otherwise.

Even within securitised debt, AAA rated securitised debt offers lesser risk of default than AA rated
securitised debt. A structure with Recourse will have a lower Credit Risk than a structure without
Recourse.

Underlying assets in Securitised Debt may assume different forms and the general types of receivables
include Auto Finance, Credit Cards, Home Loans or any such receipts, Credit risks relating to these
types of receivables depend upon various factors including macro economic factors of these industries
and economies. Specific factors like nature and adequacy of property mortgaged against these
borrowings, nature of loan agreement/ mortgage deed in case of Home Loan, adequacy of
documentation in case of Auto Finance and Home Loans, capacity of borrower to meet its obligation
on borrowings in case of Credit Cards and intentions of the borrower influence the risks relating to the
asset borrowings underlying the securitised debt.

Holders of the securitised assets may have low credit risk with diversified retail base on underlying
assets especially when securitised assets are created by high credit rated tranches, risk profiles of
Planned Amortisation Class tranches (PAC), Principal Only Class Tranches (PO) and Interest Only
class tranches (IO) will differ depending upon the interest rate movement and speed of prepayment.

Unlike in plain vanilla instruments, in securitisation transactions, it is possible to work towards a target
credit rating, which could be much higher than the originator’s own credit rating. This is possible
through a mechanism called ‘Credit enhancement’. The process of ‘Credit enhancement’ is fulfilled by
filtering the underlying asset classes and applying selection criteria, which further diminishes the risks
inherent for a particular asset class. The purpose of credit enhancement is to ensure timely payment to
the investors, if the actual collection from the pool of receivables for a given period is short of the
contractual payout on securitisation. Securitisation is normally non-recourse instruments and therefore,
the repayment on securitisation would have to come from the underlying assets and the credit
enhancement. Therefore the rating criteria centrally focus on the quality of the underlying assets.

The change in market interest rates – prepayments may not change the absolute amount of receivables
for the investors, but may have an impact on the re-investment of the periodic cash flows that the
investor receives in the securitised paper.

Limited Liquidity & Price risk
Presently, secondary market for securitised papers is not very liquid. There is no assurance that a deep
secondary market will develop for such securities. This could limit the ability of the investor to resell
them. Even if a secondary market develops and sales were to take place, these secondary transactions
may be at a discount to the initial issue price due to changes in the interest rate structure.

Limited Recourse, Delinquency and Credit Risk
Securitised transactions are normally backed by pool of receivables and credit enhancement as
stipulated by the rating agency, which differ from issue to issue. The Credit Enhancement stipulated
represents a limited loss cover to the Investors. These Certificates represent an undivided beneficial
interest in the underlying receivables and there is no obligation of either the Issuer or the Seller or the



                                                                                                         14
originator, or the parent or any affiliate of the Seller, Issuer and Originator. No financial recourse is
available to the Certificate Holders against the Investors’ Representative. Delinquencies and credit
losses may cause depletion of the amount available under the Credit Enhancement and thereby the
Investor Payouts may get affected if the amount available in the Credit Enhancement facility is not
enough to cover the shortfall. On persistent default of a Obligor to repay his obligation, the Servicer
may repossess and sell the underlying Asset. However many factors may affect, delay or prevent the
repossession of such Asset or the length of time required to realize the sale proceeds on such sales. In
addition, the price at which such Asset may be sold may be lower than the amount due from that
Obligor.

Risks due to possible prepayments: Weighted Tenor / Yield
Asset securitisation is a process whereby commercial or consumer credits are packaged and sold in the
form of financial instruments Full prepayment of underlying loan contract may arise under any of the
following circumstances;
     Obligor pays the Receivable due from him at any time prior to the scheduled maturity date of that
     Receivable; or
     Receivable is required to be repurchased by the Seller consequent to its inability to rectify a
     material misrepresentation with respect to that Receivable; or
     The Servicer recognizing a contract as a defaulted contract and hence repossessing the underlying
      Asset and selling the same

In the event of prepayments, investors may be exposed to changes in tenor and yield.

Bankruptcy of the Originator or Seller
If originator becomes subject to bankruptcy proceedings and the court in the bankruptcy proceedings
concludes that the sale from originator to Trust was not a sale then an Investor could experience losses
or delays in the payments due. All possible care is generally taken in structuring the transaction so as to
minimize the risk of the sale to Trust not being construed as a “True Sale”. Legal opinion is normally
obtained to the effect that the assignment of Receivables to Trust in trust for and for the benefit of the
Investors, as envisaged herein, would constitute a true sale.

Bankruptcy of the Investor’s Agent
If Investor’s agent, becomes subject to bankruptcy proceedings and the court in the bankruptcy
proceedings concludes that the recourse of Investor’s Agent to the assets/receivables is not in its
capacity as agent/Trustee but in its personal capacity, then an Investor could experience losses or
delays in the payments due under the swap agreement. All possible care is normally taken in
structuring the transaction and drafting the underlying documents so as to provide that the
assets/receivables if and when held by Investor’s Agent is held as agent and in Trust for the Investors
and shall not form part of the personal assets of Investor’s Agent. Legal opinion is normally obtained to
the effect that the Investors Agent’s recourse to assets/receivables is restricted in its capacity as agent
and trustee and not in its personal capacity.

Credit Rating of the Transaction / Certificate
The credit rating is not a recommendation to purchase, hold or sell the Certificate in as much as the
ratings do not comment on the market price of the Certificate or its suitability to a particular investor.
There is no assurance by the rating agency either that the rating will remain at the same level for any
given period of time or that the rating will not be lowered or withdrawn entirely by the rating agency.

Risk of Co-mingling
The Servicers normally deposit all payments received from the Obligors into the Collection Account.
However, there could be a time gap between collection by a Servicer and depositing the same into the
Collection account especially considering that some of the collections may be in the form of cash. In
this interim period, collections from the Loan Agreements may not be segregated from other funds of
the Servicer. If the Servicer fails to remit such funds due to Investors, the Investors may be exposed to
a potential loss.




                                                                                                        15
Due care is normally taken to ensure that the Servicer enjoys highest credit rating on stand alone
basis to minimize Co-mingling risk.

Investors are urged to study the terms of the Offer Document carefully before investing in this Scheme,
and to retain this Offer Document for future reference.

•   Investors in the Scheme are not being offered any guaranteed returns.
•   Investors are advised to consult their Legal /Tax and other Professional Advisors in regard
    to tax/legal implications relating to their investments in the Scheme and before making
    decision to invest in the Scheme or redeem the Units in the Scheme.




                                                                                                    16
Sponsors
ICICI Bank Limited
Landmark,
Race Course Circle,
Vadodara 390 007, India
Prudential plc
Laurence Pountney Hill,
London EC4R 0HH,
United Kingdom

Asset Management Company
ICICI Prudential Asset Management Company Limited
Registered Office
12th Floor, Narain Manzil,
23, Barakhamba Road,
New Delhi – 110 001
Telephone: 011 - 23752515-18 Fax: 011-23358582
Corporate Office
8th Floor, Peninsula Tower, Peninsula Corporate Park,
Ganpatrao Kadam Marg, Off Senapati Bapat Marg,
Lower Parel, Mumbai 400 013.
Telephone: 022 – 24997000, Fax : 022 - 24997029

Trustee
ICICI Prudential Trust Limited
Registered Office
12th Floor, Narain Manzil,
23, Barakhamba Road,
New Delhi – 110 001
Telephone: 011 - 23752515-18 Fax: 011-23358582

Registrar
Computer Age Management Services Private Limited
Unit: ICICI Prudential Mutual Fund
A&B Lakshmi Bhavan
609 Anna Salai, Chennai 600 006

Auditors to the Scheme
N. M. Raiji & Company
Universal Insurance Building
Sir Phiroze Shah Mehta Road
Mumbai 400 001

Custodian
HDFC Bank Limited
Sandoz House
Dr. Annie Besant Road
Worli, Mumbai 400 018

Legal Advisors
A.R.A. LAW
Advocates & Solicitors
3/F, Mahatma Gandhi Memorial Building,
7, Netaji Subhash Road,
Charni Road (West), Mumbai – 400 004




                                                        17
                                              SECTION I

                                 DUE DILIGENCE CERTIFICATE

It is confirmed that:

i)     The draft Offer Document forwarded to SEBI is in accordance with the SEBI (Mutual Funds)
       Regulations, 1996 and the guidelines and directives issued by SEBI from time to time.

ii)    All legal requirements connected with the launching of the Scheme and also the guidelines,
       instructions, etc. issued by the Government of India and any other competent authority in this
       behalf, have been duly complied with.

iii)   The disclosures made in the Offer Document are true, fair and adequate to enable the investors to
       make a well-informed decision regarding investment in the proposed Scheme.

iv)    The intermediaries named in the Offer Document, according to the information given to the
       AMC, are registered with SEBI and till date such registration is valid.




Place :     Mumbai
Date :      July 06, 2007.
                                                                                  Ranganth Athreya
                                                         Executive Vice President – Legal, Compliance
                                                                              And Company Secretary



Note: The Due Diligence Certificate as stated above was submitted to SEBI on _______.




                                                                                                     18
                                            Definitions
In this Offer Document, the following words and expressions shall have the meaning specified herein,
unless the context otherwise requires:

Asset Management Company or               ICICI Prudential Asset Management Company Ltd. (formerly
AMC or Investment Manager                 Prudential ICICI Asset Management Company Limited), the
                                          Asset Management Company incorporated under the
                                          Companies Act, 1956, and registered with SEBI to act as an
                                          Investment Manager for the schemes of ICICI Prudential
                                          Mutual Fund
Applicable NAV for purchase               Applicable NAV is the Net Asset Value per Unit at the close of
                                          the Business Day on which the application is accepted.
Applicable NAV for redemption             Applicable NAV is the Net Asset Value per Unit at the close of
                                          the Business Day on which the application is accepted.
Business Day                              A day other than: (i) Saturday and Sunday; (ii) a day on which
                                          the Stock Exchange, Mumbai and National Stock Exchange are
                                          closed whether or not the banks in Mumbai are open; (iii) a day
                                          on which the Sale and Redemption of Units is suspended by
                                          the Trustee/AMC.
                                          However, the AMC reserves the right to declare any day as a
                                          non-business day at any of its locations at its sole-discretion.

Call Option                               An agreement that gives an investor the right (but not the
                                          obligation) to buy a stock/bond at a specified price within a
                                          specific time period. Call Option gives you the right to “call
                                          in” (buy) an asset. An investor gets profit on a call when the
                                          underlying asset increases in price.

                                          The seller of the option undertakes to sell the underlying in
                                          exchange.
Money Market Instruments                  Commercial papers, commercial bills, treasury bills,
                                          Government securities having an unexpired maturity upto one
                                          year, certificate of deposit, usance bill and any other like
                                          instruments as specified by the- Reserve Bank of India from
                                          time to time including mibor linked securities, call products
                                          having unexpired maturity upto one year.
Custodian                                 HDFC Bank Limited, Mumbai, acting as Custodian to the
                                          Scheme, or any other custodian who is approved by the
                                          Trustee.
FII                                       Foreign Institutional Investors registered with SEBI under
                                          Securities and Exchange Board of India (Foreign Institutional
                                          Investors) Regulations, 1995, as amended from time to time.
ICICI Bank                                ICICI Bank Limited
Investment Management Agreement           The Agreement dated September 3, 1993 entered into between
                                          ICICI Prudential Trust Limited (formerly Prudential ICICI
                                          Trust Limited) and ICICI Prudential Asset Management
                                          Company Limited (formerly Prudential ICICI Asset
                                          Management Company Limited) as amended from time to
                                          time.
NAV                                       Net Asset Value of the Units of the Scheme and the Schemes
                                          and Options, if any, thereunder, calculated on every Business
                                          Day in the manner provided in this Offer Document or as may
                                          be prescribed by Regulations from time to time.
NRI                                       Non-Resident Indian.
Offer Document                            This document issued by ICICI Prudential Mutual Fund,
                                          offering Units of Infrastructure Fund
Prudential                                Prudential plc (formerly known as Prudential Corporation plc),
                                          of the U.K. and includes, wherever the context so requires, its
                                          wholly owned subsidiary Prudential Corporation Holdings
                                          Limited.


                                                                                                   19
ICICI Prudential Infrastructure Fund   ICICI Prudential Infrastructure Fund and the options and
                                       investment plans, if any, offered there under.
Put Option                             Put option is a financial contract between two parties, the buyer
                                       and the seller of the option. The put allows the buyer the right
                                       (but not the obligation) to sell a financial instrument (the
                                       underlying instrument) to the seller of the option at a certain
                                       time for a certain price (the strike price). The seller assumes
                                       the corresponding obligations.
                                       The seller of the option undertakes to buy the underlying in
                                       exchange
RBI                                    Reserve Bank of India, established under the Reserve Bank of
                                       India Act, 1934, as amended from time to time.
SEBI                                   Securities and Exchange Board of India established under
                                       Securities and Exchange Board of India Act, 1992, as amended
                                       from time to time.
The Fund or The Mutual Fund            ICICI Prudential Mutual Fund (formerly ICICI Mutual Fund),
                                       a trust set up under the provisions of the Indian Trusts Act,
                                       1882. The Fund is registered with SEBI vide Registration
                                       No.MF00393/6 dated October 13, 1993 as ICICI Mutual Fund
                                       and has obtained approval from SEBI for change in name to
                                       ICICI Prudential Mutual Fund vide SEBI’s letter dated April
                                       16, 1998.
The Trustee                            ICICI Prudential Trust Limited (formerly ICICI Trust
                                       Limited), a company set up under the Companies Act, 1956,
                                       and approved by SEBI to act as the Trustee for the schemes of
                                       ICICI Prudential Mutual Fund
The Regulations                        Securities and Exchange Board of India (Mutual Funds)
                                       Regulations, 1996, as amended from time to time.
Source scheme                          Source scheme means the scheme from which the investor is
                                       seeking to switch-out his investments to enable switch-in under
                                       the Scheme (ICICI Prudential Infrastructure Fund), under the
                                       Systematic Transfer Plan or otherwise.
Trust Deed                             The Trust Deed dated August 25, 1993 establishing ICICI
                                       Mutual Fund (subsequently renamed ICICI Prudential Mutual
                                       Fund), as amended from time to time.
Trust Fund                             Amounts settled/contributed by the Sponsors towards the
                                       corpus of the ICICI Prudential Mutual Fund and
                                       additions/accretions thereto.
Unit                                   The interest of an investor, which consists of one undivided
                                       share in the Net Assets of the Scheme.
Unit holder                            A holder of Unit(s) in the scheme of ICICI Prudential
                                       Infrastructure Fund as contained in this Offer Document.




                                                                                                 20
                       Summary – ICICI Prudential Infrastructure Fund

Name of the Scheme                ICICI Prudential Infrastructure Fund
Structure                         Open-ended equity scheme
Features                          ICICI Prudential Infrastructure Fund is an Open-ended equity
                                  Scheme that seeks to provide capital appreciation and income
                                  distribution to unitholders by investing predominantly in
                                  equity/equity related securities of companies belonging to the
                                  infrastructure sector and the balance portion in debt securities and
                                  money market instruments.
Minimum Application Amount        Growth & Dividned Option: Rs 5000/- per application (plus in
                                  multiples of Re.1).
                                  Institutional Option – I: Rs. 1,00,000 and in multiples of Re. 1
Additional Purchase Amount        Growth & Dividend Option: Rs. 500/- per application (plus in
                                  multiples of Re.1)
                                  Institutional Option – I: Rs. 10,000/- and in multiples of Re. 1
Offer     Price    for   on-going Based on the Applicable NAV of the Scheme subject to entry
subscriptions                     load provision for both the plans
New Fund Offer Expenses           The new fund offer expenses charged to the Scheme were limited
                                  to 3.75% of the amount mobilised under the New Fund Offer.
                                  Under the Regulations, the Fund is entitled to charge new fund
                                  offer expenses up to a maximum of 6% of initial resources raised
                                  under the Scheme. The new fund offer expenses charged to the
                                  Scheme may be amortised over a period not exceeding five years
                                  and would be included in the NAV.
Liquidity                         On an ongoing basis, an investor can purchase and redeem Units
                                  on every Business Day at NAV based prices, subject to the
                                  prevailing load structure. Please refer to page 78 for Redemption
                                  Price, page 73 for Purchase Price.
                                  The Units of the Scheme will not be listed on any exchange, for
                                  the present.
                                  The Fund will under normal circumstances, endeavor to despatch
                                  redemption cheques within T+3 Business Days from the date of
                                  acceptance of the redemption request at any of the Customer
                                  Service Centres. This service standard will apply only at the
                                  centers where RBI handles clearing directly and is able to transfer
                                  funds from Mumbai on a same-day-value basis. In respect of all
                                  non-RBI centers, for redemption payments AMC will take
                                  additional day(s) – not exceeding 3 Business Days over and
                                  above T+3 business days at such Non-RBI centers. This is
                                  however subject to the Offer Document limit that the Redemption
                                  proceeds will be dispatched to the unitholders within ten Business
                                  Days from the date of acceptance of the request for Redemption
                                  or repurchase proceeds. .
Transparency                      NAV will be determined on every Business Day, except in
                                  special circumstances described on page 110. NAV of the
                                  Scheme shall be made available at all Customer Service Centers
                                  of the AMC. The AMC shall also endeavor to have the NAV
                                  published in a daily newspaper and updated on AMC's website
                                  (www.icicipruamc.com).
                                   AMC shall update the NAVs on the website of Association of
                                  Mutual Funds in India - AMFI (www.amfiindia.com) by
                                  9.00-p.m. every Business Day. In case of any delay, the reasons
                                  for such delay would be explained to AMFI and SEBI by the next
                                  day. If the NAVs are not available before commencement of
                                  business hours on the following day due to any reason, the Fund
                                  shall issue a press release providing reasons and explaining when
                                  the Fund would be able to publish the NAVs.
                                  The Mutual Fund shall endeavour to disclose the full portfolio of
                                  the Scheme every half yearly.


                                                                                               21
Repatriation facility                 NRIs/PIOs/FIIs have been granted a general permission by RBI
                                      [Schedule 5 of the Foreign Exchange Management (Transfer or
                                      Issue of Security by a Person Resident Outside India)
                                      Regulations, 2000] for investing in / redeeming units of the
                                      schemes subject to conditions set out in the aforesaid regulations.
Eligibility for Trusts                Religious and Charitable Trusts are eligible to invest in the
                                      Scheme under the provisions of Section 11(5)(xii) of the Income-
                                      tax Act, 1961 read with Rule 17C of Income-tax Rules, 1962.
Options available under the Scheme.   Investors under the ICICI Prudential Infrastructure Fund have the
                                      choice of a Growth Option or a Dividend Option or Institutional
                                      Option – I. Dividend Option will have dividend payout and
                                      dividend reinvestment facility. Only Growth Option is available
                                      under Insitutinal Option –I. All the Options under the Scheme
                                      will have common portfolio. Dividend Option with dividend
                                      reinvestment facility will be the default option. Hence, if an
                                      investor fails to specify the option applied for, he will be allotted
                                      units under the Dividend option of the Scheme. Further if the
                                      investor fails to choose between dividend payout and
                                      reinvestment then by default the dividends declared will be
                                      reinvested. Hence the default option will be Dividend
                                      Reinvestment.
                                      The Trustees reserve right to introduce any other option(s) under
                                      the Scheme at a later date, by providing a notice to the investors
                                      on the AMC’s website and by issuing a press release, prior to
                                      introduction of such option(s).
                                      Growth Option
                                      Under this option the Scheme will not declare any dividends. The
                                      income earned by the Scheme will remain invested in the Scheme
                                      and will be reflected in the Net Asset Value.
                                      Dividend Option
                                      This option is suited for investors seeking regular income through
                                      dividends declared by the Scheme The Trustee may at their
                                      discretion and subject to availability of distributable surplus,
                                      approve the distribution of dividends by the AMC out of the net
                                      surplus of the Scheme. To the extent the net surplus is not
                                      distributed, the same will remain invested in the Scheme and be
                                      reflected. The Fund also offers dividend reinvestment facility.
                                      Institutional Option – I
                                      Under this option the scheme will not declare any dividends. The
                                      income earned by the Scheme will remain invested in the Scheme
                                      and will be reflected in the Net Asset Value.




                                                                                                   22
                            CONSTITUTION OF THE MUTUAL FUND
 ICICI Mutual Fund, which has been renamed as ICICI Prudential Mutual Fund (“the Mutual Fund” or
 “the Fund”) has been constituted as a Trust in accordance with the provisions of the Indian Trusts Act,
 1882 (2 of 1882). The Mutual Fund was registered with SEBI on October 13, 1993.

 ICICI Mutual Fund was established by erstwhile ICICI Ltd. (Since merged with ICICI Bank Ltd), by
 execution of a Trust Deed dated August 25, 1993. Prudential plc, through its wholly owned subsidiary,
 Prudential Corporation Holdings Limited, has contributed an amount of Rs.12.2 lacs to the corpus of
 the Fund and has received permission for such contribution from the RBI vide letter No: CO.FID (I)
 4940/10/I.07.02.200 (221) 97-98 dated April 25, 1998. SEBI has approved the change in name of the
 Fund to Prudential ICICI Mutual Fund vide its letter IIMARP / 88 / 98 dated April 16, 1998. A deed of
 amendment to the Trust Deed dated August 25, 1993 was executed and registered.

 An Amendatory Agreement was entered into between Prudential Plc. and ICICI Bank Ltd on May 27,
 2005 for transfer of 6% of the Shareholding of Prudential Plc. in ICICI Prudential Asset Management
 Co. Ltd (erstwhile Prudential ICICI Asset Management Co. Ltd.) (AMC) and ICICI Prudential Trust
 Ltd. (erstwhile Prudential ICICI Trust Limited) (Trustee Company) to ICICI Bank Ltd. Consequent to
 the said transfer, with effect from August 26, 2005 ICICI Bank Limited holds shares aggregating to
 51% of the share capital of AMC and Trustee Company, whereas the balance 49% is held by Prudential
 Plc. Of UK, through its wholly owned subsidiary, Prudential Corporation Holdings Limited.

 AMC has informed SEBI of the said transfer. SEBI has vide its letter IMD/RK/42692/05 dated June
 15, 2005 took note of the proposed transfer.

 Consequent to the said transfer the name of the Mutual Fund has been changed to ICICI Prudential
 Mutual Fund. The approval for the said change has been accorded from SEBI vide its letter no.
 IMD/PM/90168/07 dated April 02, 2007.

a)   Sponsors

 ICICI Bank Limited
 Securities and Exchange Board of India, vide its letter no. MFD/PM/567/02 dated June 4, 2002, has
 accorded its approval in recognizing ICICI Bank Ltd. As a co-sponsor consequent to the merger of
 ICICI Ltd. With ICICI Bank Ltd.

 ICICI Bank is India's second-largest bank with total assets of about Rs. 344,658 crores as at March 31,
 2007 and profit after tax of Rs. 3,110 crores for the year ended March 31, 2007 (Rs. 2,540 crores for
 the year ended March 31, 2006). ICICI Bank has a network of about 710 branches and 45 extension
 counters and over 3,271 ATMs. ICICI Bank offers a wide range of banking products and financial
 services to corporate and retail customers through a variety of delivery channels and through its
 specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance,
 venture capital and asset management. ICICI Bank set up its international banking group in fiscal 2002
 to cater to the cross border needs of clients and leverage on its domestic banking strengths to offer
 products internationally. ICICI Bank currently has subsidiaries in the United Kingdom, Russia and
 Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International Finance
 Centre and representative offices in the United States, United Arab Emirates, China, South Africa and
 Bangladesh. UK subsidiary of ICICI Bank has established a branch in Belgium. ICICI Bank is the most
 valuable bank in India in terms of market capitalisation. (Source: Overview at www.icicibank.com).

 ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was
 its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank was reduced to 46% through a public
 offering of shares in India in fiscal 1998, an equity offering in the form of ADRs listed on the NYSE in
 fiscal 2000, ICICI Bank's acquisition of Bank of Madura Limited in an all-stock amalgamation in fiscal
 2001, and secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002.
 ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and
 representatives of Indian industry.

 Pursuant to the Scheme of Amalgamation effective March 30, 2002, among ICICI, ICICI Personal
 Financial Services, ICICI Capital Services and ICICI Bank, sanctioned by the High Court of Gujarat
 and the High Court of Judicature at Bombay and approved by the Reserve Bank of India, ICICI, ICICI



                                                                                                      23
Personal Financial Services and ICICI Capital Services were merged with ICICI Bank in an all-stock
merger. ICICI Bank is the surviving legal entity in the amalgamation.

Given below is a brief summary of ICICI Bank’s financials:(Rs. in crores)
                                            Year ended           Year ended                  Year ended
                                             March 31,             March 31,                  March 31,
                                                   2005                 2006                       2007
Total Income                                  12,918.68             18,487.02                 28,923.46
Profit After Tax                                2,005.20             2,540.07                  3,110.22
Free Reserves                                 11,813.20             21,316.16                 23,413.92
Net Worth (Equity capital plus Free           12,549.98             22,205.99                 24,313.26
reserves)
Earnings per Share (Rs.) (diluted)                 27.33                32.15                      34.64
Book Value per Share (Rs.)                        170.33               249.55                     269.81
Dividend                                            85%                  85%                       100%
Paid Up Capital (Equity)                          736.78              889. 83                     899.34
(Preference) #                                       350                  350                        350

# For these preference shares, the notification dated April 17, 2002 from Ministry of Finance,
Government of India, issued on the recommendation of Reserve Bank of India (RBI), under Section 53
of the Banking Regulation Act, 1949 had exempted the Bank from the restriction of section 12(1) of the
Banking Regulation Act, 1949, which prohibits the issue of preference shares by banks, for a period of
five years. The Bank has applied to the RBI for making a recommendation to Central Government for
continuation of such exemption.

An Amendatory Agreement was entered into between Prudential Plc. And ICICI Bank Ltd on May 27,
2005 for transfer of 6% of the Shareholding of Prudential Plc. in ICICI Prudential Asset Management
Company Limited (erstwhile Prudential ICICI Asset Management Company Limited) (AMC) to ICICI
Bank Ltd. Consequent to the said transfer, with effect from August 26, 2005 ICICI Bank Limited holds
shares aggregating to 51% of the share capital of AMC, whereas the balance 49% is held by Prudential
Plc. Of UK, through its wholly owned subsidiary, Prudential Corporation Holdings Limited.

Prudential plc
Prudential plc is a leading international financial services group providing retail financial products and
services and fund management to many millions of customers worldwide. As a group Prudential plc
has, as of December 31, 2006, over GBP251 billion of funds under management, more than 20 million
customers and over 23,000 employees worldwide as of December 31, 2006.

Given below is a brief summary of Prudential’s financials
                                                    Year ended December 31 (Rs. Crores)
  Description                                 2004              2005            2006
 Total Income                          302,298.08         333,852.75      291,801.51
  Profit Before Tax                           5,276.70         17,413.11           16,812.38
  Profit After Tax and minority               3,474.50          6,072.26            7,095.13
  interests
  Shareholders’ Funds                       34,753.16          43,561.19          44,551.58
  Earnings per share (Rs.)                      16.32              25.65              29.39
  Equity Capital (5 Pence per share)           966.04             966.04             990.40
  Free Reserves                             33,787.12          42,595.15           43,561.19
  Net-worth                                 34,753.16          43,561.19           44,551.58
  Book Value per share (Rs.)                   146.02             183.03              182.59
  Dividend per share (in Pence)                 15.84              16.32               17.14
  Percentage of dividend per share               3.17               3.26                3.43




                                                                                                       24
b) The Trustee Company (The Trustee) –ICICI Prudential Trust Limited (erstwhile Prudential
ICICI Trust Limited)

ICICI Prudential Trust Limited, a company incorporated under the Companies Act, 1956 is the Trustee
to the Fund vide Trust Deed dated August 25, 1993 as amended from time to time.

An Amendatory Agreement was entered into between Prudential Plc. And ICICI Bank Ltd on May 27,
2005 for transfer of 6% of the Shareholding of Prudential Plc. in ICICI Prudential Trust Ltd. (erstwhile
Prudential ICICI Trust Ltd.) (Trustee Company) to ICICI Bank Ltd. Consequent to the said transfer,
with effect from August 26, 2005 ICICI Bank Limited holds shares aggregating to 51% of the share
capital of the Trustee Company, whereas the balance 49% is held by Prudential Plc. of UK, through its
wholly owned subsidiary, Prudential Corporation Holdings Limited.

The Board and the Shareholders of the Trustee Company accorded their approval for the change of
name of the company to ICICI PRUDENTIAL TRUST LTD. Pursuant to applications made by the
Trustee Company the Ministry of Company Affairs (MCA) vide its letter dated January 17, 2007 and
the Securities & Exchange Board of India (SEBI) vide its letter no. IMD/PM/84968/07 dated January
23, 2007 have accorded appoval for the change of name of the Trustee Company to ICICI
PRUDENTIAL TRUST LTD.

i) The Directors of the Trustee Company are:

 Mr. Eruch .B. Desai                                   Partner
 (S/o. Mr. Byramsha Desai)                             Mulla & Mulla & Craigie Blunt & Caroe
 81, Sonarica                                          Director
 33-A, Pedder Road                                     Bekaert Industries Pvt.Ltd.
 Mumbai 400 026                                        The Century Textiles & Industries Ltd.
 Solicitor and Advocate                                Dolphin Fisheries & Trading Pvt.Ltd.
                                                       Hercules Hoists Ltd. (Alternate director)
                                                       Hindalco Industries Ltd.
                                                       Panasonic Battery India Ltd.
                                                       Kennametal India Ltd.
                                                       Supreme Industries Ltd.
                                                       Uni abex Alloy Products Ltd




                                                                                                     25
 Mr. Keki Bomi Dadiseth *                             Director
 (S/o. Bomi Kharshed Dadiseth)                        Prudential plc
 8-A, Manek,                                          ICICI Prudential Life Insurance Co. Ltd.
 L.D. Ruparel Marg, Malabar Hill,                     Siemens Ltd.
 Mumbai 400 006                                       Nicholas Pirmal India Ltd.
                                                      Indian Hotels Company Ltd.
                                                      Britannia Industries Ltd.
                                                      Omnicom India Marketing Advisory Services
                                                      Pvt. Ltd.
                                                      Times Global Broadcasting Co. Ltd.
                                                      Trustee
                                                      Sir Ratan Tata Trust
                                                      Bai Hirabai J.N. Tata Trust, Navsari Charitiable
                                                      Institution
                                                      Member
                                                      Indian School of Business - Member, Executive
                                                      Board
                                                      Marsh & Mclennan Companies Inc. – Member
                                                      International Advisory Board
                                                      Breach Candy Hospital Trust- Member,
                                                      Managging Committee & Finance Committee
                                                      Advisor
                                                      Goldman Sachs- International Advisor
 Mr. D. J. Balaji Rao                                 Director
 (S/o D. B. Jagannath Rao)                            Ashok Leyland Ltd. – Chennai
 D-103, Adarsh Residency                              Bajaj Auto Ltd. – Pune
 47th Cross (2nd Main)                                3M INDIA Ltd. – Bangalore
 Jayanagar, 8th Block                                 Graphite India Ltd. – Kolkata
 Bangalore – 560082                                   Ennore Foundries Ltd. – Chennai
                                                      JSW Energy Limited (erstwhile Jindal Thermal
                                                      Power Co. Ltd.) – Mumbai
 Mr. M S Parthasarathy                                Managing Trustee
 (S/o Late M.S. Tiruvenkatachari)                     SFL Shares Trust
 B2 Ashok Svasti, 33 Balakrishna Road
 Valmiki Ngr, Tiruvanmiyur                            Director
 Chennai – 600041                                     Sundaram Home Finance Ltd., Chennai

*Mr. Keki Bomi Dadiseth is a Nominee Director of Prudential plc U.K

ii) Rights and Obligations of the Trustee under the Trust Deed and the Regulations
Pursuant to the Deed of Trust dated August 25, 1993 constituting the Mutual Fund and in terms of the
Regulations the rights and obligations of the Trustee are as under:

1.       The Trustee shall have a right to obtain from the AMC such information as is considered
         necessary by it.

2.       The Trustee shall ensure before the launch of any scheme that the Asset Management
         Company has:

        i.   systems in place for its back office, dealing room and accounting;

       ii.   appointed all key personnel including fund manager(s) for the scheme(s) and submitted to
             the Trustee their bio-data which shall contain the educational qualifications, past
             experience in the securities market within fifteen days of their appointment;

      iii.   appointed auditors to audit the accounts of the schemes;

      iv.    appointed a compliance officer to comply with regulatory requirements and to redress
             investor grievances;




                                                                                                   26
       v.        appointed registrars and laid down parameters for their supervision;

      vi.        prepared a compliance manual which is updated by including all the provisions of
                 regulations and guidelines issued by SEBI from time to time and designed internal control
                 mechanisms including internal audit systems commensurate with the size of the mutual
                 fund.

      vii.       Specified norms for empanelment of brokers and marketing agents.

3.           The Trustee shall ensure that the AMC has been diligent in empanelling the brokers, in
             monitoring securities transactions with brokers and avoiding undue concentration of business
             with any broker.

4.           The Trustee is required to ensure that the AMC has not given any undue or unfair advantage
             to any associate or dealt with any of the associates of the AMC in any manner detrimental to
             the interests of the Unitholders.

5.           The Trustee is required to ensure that the transactions entered into by the AMC are in
             accordance with the Regulations and the provisions of the Scheme.

6.           The Trustee is required to ensure that the AMC has been managing the schemes independently
             of other activities and has taken adequate steps to ensure that the interest of investors of one
             Scheme are not compromised with those of any other Scheme or of other activities of the
             AMC.

7.           The Trustee is required to ensure that all the activities of the AMC are in accordance with the
             provisions of the Regulations and shall exercise general and specific due diligence as required
             under the Regulations.

8.           Where the Trustee has reason to believe that the conduct of the business of the Fund is not in
             accordance with these Regulations and the provisions of Scheme it is required to take such
             remedial steps as are necessary by it and to immediately inform SEBI of the violation and the
             action taken by it.

9.           Each Director of the Trustee is required to file with the Trust the details of each securities
             transaction, which exceed the value of Rs.1 lakh on a quarterly basis.

10.      The Trustee is accountable for and is required to be the custodian of the Fund’s property of the
         respective Scheme and to hold the same in trust for the benefit of the Unitholders in
         accordance with the Regulations and the provisions of the Trust Deed.

11.      The Trustee is required to take steps to ensure that the transactions of the Fund are in
         accordance with the provisions of the Trust Deed.

12.      The Trustee is responsible for the calculation of any income due to be paid to the Mutual Fund
         and also of any income received in the Mutual Fund for the holders of the units of any scheme
         in accordance the Regulations and the Trust Deed.

13.      The Trustee shall obtain the consent of the Unitholders:
         a)      whenever required to do so by SEBI, in the interest of Unitholders
         b)      whenever required to do so on the requisition made by three-fourths of the
                 Unitholders of the Scheme.
         c)      when the Trustee decides to wind up or prematurely redeem the units.

14.      The Trustees shall ensure that no change in the fundamental attributes of any scheme or the
         trust or fee and expenses payable or any other change which would modify the scheme and
         affects the interests of unit holders is carried out unless:
         - a written communication about the proposed change is sent to each Unitholder and




                                                                                                          27
      -  An advertisement is given in one English daily newspaper having nationwide circulation as
         well as in a newspaper published in the language of the region where the Head Office of
         the mutual fund is situated; and
      - the Unitholders are given an option to exit at the prevailing Net Asset Value without any
         exit load.
      Subject to the Regulations and the guidelines issued by SEBI, the consent of the Unitholders
      of the Scheme will be obtained through voting, by mail. Detailed modalities of the same,
      including the principles for entitlement of votes for each Unitholder will be finalized in
      consultation with and after obtaining the approval of SEBI and the Trustee.

15.   The Trustee is required to call for the details of transactions in securities by the key personnel
      of the AMC in their own names or on behalf of the AMC and report the same to SEBI as and
      when called for.

16.   The Trustee is required to review quarterly, all transactions carried out between the Fund, the
      AMC and its associates.

17.   The Trustee is required to review quarterly, the net worth of the AMC and in case of any
      shortfall ensure that the AMC makes up for the shortfall as per clause (f) of sub regulation (1)
      of Regulation 21 of the Regulations.

18.   The Trustee is required to periodically review all service contracts such as custody
      arrangements and transfer agency, and satisfy itself that such contracts are executed in the
      interest of the Unitholders.

19.   The Trustee is required to ensure that there is no conflict of interest between the manner of
      deployment of its net worth by the AMC and the interest of the Unitholders.

20.   The Trustee is required to periodically review the investor complaints received and the
      redressal of the same by the AMC.

21.   The Trustee is required to abide by the Code of Conduct as specified in the Fifth Schedule of
      the Regulations.

22.   The Trustee has to furnish to SEBI on a half yearly basis:-

      a)   a report on the activities of the Fund covering the details as prescribed by SEBI;

      b) a certificate stating that the Trustees have satisfied themselves that there have been no
         instances of self dealing or front running by any of the Trustee, directors and key
         personnel of the AMC;

      c)   a certificate to the effect that the AMC has been managing the schemes independently of
           any other activities and in case any activities of the nature referred to in sub Regulation
           (2) of Regulation 24 of the Regulations have been undertaken, the AMC has taken
           adequate steps to ensure that the interest of the Unitholders is protected.

23.   The independent Directors of the Trustee are required to give their comments on the report
      received from the AMC regarding the investments by the Mutual Fund in the securities of the
      group companies of the sponsors.

24.   No amendments to the Trust Deed shall be carried out without the prior approval of SEBI and
      Unitholders approval/ consent will be obtained where it affects the interests of Unitholders as
      per the procedure / provisions laid down in the Regulations.

25.   The Trustees shall exercise general and specific due diligence required under the Regulations.

26.   Trustee shall maintain high standards of integrity and fairness in all their dealings and in the
      conduct of their business.




                                                                                                     28
27.       Trustee shall render at all times high standards of service, exercise due diligence, ensure
          proper care and exercise independent professional judgement.

28.       The independent directors of the Trustee shall pay specific attention to the following as may
          be applicable, namely:
          a) The Investment Management Agreement and the compensation paid under the agreement.
          b) Service contracts with affiliates – whether the asset management company has charged
              higher fees than outside contractors for the same services.
          c) Selection of the asset management company’s independent directors
          d) Securities transactions involving affiliates to the extent such transaction are permitted.
          e) Selecting and nominating individuals to fill independent directors vacancies.
          f) Code of ethics must be designed to prevent fraudulent, deceptive or manipulative
              practices by insiders in connection with personal securities transactions.
          g) The reasonableness of fees paid to sponsors, asset management company and any others
              for services provided.
          h) Principal underwriting contracts and renewals
          i) Any service contracts with the associates of the asset management company.

29.       Notwithstanding anything contained in sub-regulations (1) to (25) of regulation 18 of the
          Regulations, the Trustees shall not be held liable for acts done in good faith if they have
          exercised adequate due diligence honestly.

30.       SEBI circular no. MFD/CIR/10/ 15895 /2002 dated August 20, 2002 provides that the
          meetings of the Trustees shall be held at least once in every two calendar months and at least
          six such meetings should be held every year. Further, as per the Regulations, for the purposes
          of constituting the quorum for the meetings of the Trustees, at least one Independent Trustee
          or Director should be present during such meetings.

 During the year 2006 – 2007, six meetings of the Directors of the Trustees were held. For the period
 from April 01, 2007 till June 30,2007 two meetings of the Directors of the Trustees were held. The
 Trustee’s supervisory role is discharged by reviewing the information and the operations of the Fund
 based on reports submitted at the Board Meetings of the Trustee, by reviewing the reports being
 submitted by the Internal Auditor and the bi-monthly, quarterly and half-yearly compliance reports.
 The Trustee also conducts a detailed review of the half-yearly and annual accounts of the schemes of
 the Fund and discusses the matters arising there from with the Statutory Auditors of the Fund.

iii) Trusteeship Fees

Pursuant to the Deed of Trust constituting the Fund, the Fund is authorized to pay the Trustee a fee for
its services in such capacity of a sum of Rs.5 million. The Trustee may charge further fees as permitted
from time to time under the Trust Deed and the Regulations.

SEBI has, in terms of its letter No.MFD/LV/059/00 dated January 31, 2000 approved an amendment to
Trust Deed. The amendment authorizes the Trustee to decide upon the Trusteeship Fee to be charged
from the Mutual Fund at the beginning of each financial year (April 1 to March 31), subject to the
maximum limit of Rs. 5 million. The amendment does not in any way, adversely impact or alter the
interests of Unitholders under the existing schemes of the Fund.

c)    Management Of Asset Management Company (AMC)

      ICICI Asset Management Company Limited (I-AMC), a company registered under the Companies
      Act, 1956, was established by ICICI as its wholly owned subsidiary, to act as the Investment
      Manager of the ICICI Mutual Fund vide the Investment Management Agreement dated September
      3, 1993. Consequent to a review of long-term business strategy of the AMC, it was decided to
      further strengthen commitment to the individual investor segment. As a part of this Scheme,
      Prudential plc. (formerly known as Prudential Corporation plc.) of the UK (Prudential) was
      inducted as the new joint venture partner.

      I-AMC was approved by SEBI to act as the Investment Manager of ICICI Mutual Fund vide its
      letter No.IIMARP/MF/22356 dated October 12, 1993. Consequent to the restructuring of



                                                                                                     29
     shareholding pattern as stated above, SEBI vide its letter No.IIMARP\631\98 dated March 11,
     1998 accorded its approval for the induction of Prudential plc (through its wholly own subsidiary,
     Prudential Corporation Holdings Limited) as a shareholder of the AMC. The AMC has applied and
     secured approval from the Registrar of Companies, Delhi and Haryana, for its change of name to
     ICICI Prudential Asset Management Company Limited, vide letter No.21/55-54135/320 dated
     March 26, 1998.

     An Amendatory Agreement was entered into between Prudential Plc. and ICICI Bank Ltd on May
     27, 2006 for transfer of 6% of the Shareholding of Prudential Plc. in I-AMC to ICICI Bank Ltd.
     Consequent to the said transfer, with effect from August 26, 2006 ICICI Bank Limited holds
     shares aggregating to 51% of the share capital of ICICI Prudential Asset Management Company
     Limited (AMC), whereas the balance 49% is held by Prudential Plc. of UK, through its wholly
     owned subsidiary, Prudential Corporation Holdings Limited.

     The AMC will manage the schemes of the Fund, including the Scheme mentioned in this Offer
     Document, in accordance with the provisions of Investment Management Agreement, the Trust
     Deed, the Regulations and the objectives of each of the schemes.

     AMC has obtained registration from SEBI vide Registration No.INP000000373 dated February 29,
     2000 read with a renewed certificate dated February 27, 2003, to act as a Portfolio Manager under
     SEBI (Portfolio Managers) Regulations, 1993. Further, the Mutual Funds Division of SEBI, vide
     its letter no. MFD/LV/248/2000 dated May 10, 2000, conveyed its no objection for the AMC
     undertaking PMS activities subject to the AMC complying with the requirements as envisaged in
     Regulation 24(2) of SEBI (Mutual Funds) Regulations, 1996. The AMC has commenced the
     Portfolio Management activities, after complying with the regulatory requirements. The same are
     not in conflict with the mutual fund activities. Further, SEBI vide its letter dated May 31, 2006
     having reference no. IMD/RK/41539/05 has conveyed its no objection for the AMC to undertake
     Advisory Services to Offshore Funds.

     Pursuant to the provisions of sections 77A, 77AA and 77B and other applicable provisions of the
     Companies Act, 1956 (the “Act”) and The Private Limited Company And Unlisted Public Limited
     Company (Buy-back of Securities) Rules, 1999 (the “Rules”), as amended from time to time and
     article 5(e) of the articles of association of the company, the Board of directors approved the buy-
     back in their meeting held on February 28, 2006. The Company has bought back 502,559 fully
     paid-up equity shares of Rs. 10/- each at a price of Rs. 482.53 per equity share. Consequent to the
     aforesaid buy-back the total paid up capital of the Company reduced to 18,018,552 fully paid up
     Equity shares of Rs 10 each.

     The Board of Directors had at their meeting held on December 12, 2006, approved further buyback
     of shares and accordingly, the Company has bought back 366,462 fully paid-up equity shares of
     Rs. 10/- each at a price of Rs. 525 per equity share. Consequent to the aforesaid buy-back the total
     paid up capital of the Company is reduced to 17,652,090 fully paid up Equity shares of Rs. 10/-
     each.

     The Board and the Shareholders of the AMC accorded their approval for the change of name of the
     company to ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD (AMC). Pursuant
     to applications made by the AMC the Ministry of Company Affairs (MCA) vide its letter dated
     January 17, 2007 and the Securities & Exchange Board of India (SEBI) vide its letter no.
     IMD/PM/84968/07 dated January 23, 2007 have accorded approval for the change of name of the
     AMC to ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD.

i)   Board of Directors of the AMC

     Mr. K. V. Kamath
     Radhika’, 930 TPS IV, Off Sayani Road, Opp. Ravindra Natya Mandir, Prabhadevi,
     Mumbai 400 025

     Mr. K. Vaman Kamath is the Managing Director and Chief Executive Officer of ICICI Bank
     Limited, India's largest bank by market capitalisation and the second largest bank by assets. Mr.
     Kamath has a degree in mechanical engineering and a master’s degree in business administration



                                                                                                      30
from the Indian Institute of Management, Ahmedabad. He started his career in 1971 at ICICI, an
Indian financial institution that founded ICICI Bank and merged with it in 2002. In 1988, he
moved to the Asian Development Bank and spent several years in South-East Asia before
returning to ICICI as its CEO in 1996. Over the next few years, the ICICI Group transformed itself
into a diversified, technology-driven financial services group, that includes India’s leading retail
credit provider as well the leading private sector insurance and asset management companies. Mr.
Kamath was named Business Standard’s “Banker of the Year” for 2006, CNBC-TV18's
“Outstanding Business Leader of the Year” in 2006, Business India's “Businessman of the Year”
in 2005 and CNBC’s “Asian Business Leader of the Year” in 2001. He has been conferred with an
honorary PhD by the Banaras Hindu University. Mr. Kamath is a member of the National Council
of the Confederation of Indian Industry, the Board of Directors of Visa International (Asia-Pacific)
and of the governing boards of several leading educational institutions.

Mr. Barry Stowe
Prudential Corporation Asia, One International Finance Centre 13 Floor, 1 Harbour View
Street, Central, Hong Kong

Mr. Barry Stowe is the Chief Executive of Prudential Corporation Asia. He is responsible for an
extensive network of over 30 life insurance and fund management operations spanning 13 diverse
markets.

Prior to joining Prudential, Mr. Barry was President of Accident & Health Worldwide for AIG Life
Companies, overseeing more than 100 operations across six continents. Mr. Barry was also pivotal
in building the Accident & Health unit into one of AIG’s most profitable businesses, accounting
for over 30% of AIG Life Companies’ total earnings by 2005. Mr. Barry has considerable
experience in the Asian market, having spent three years as the Regional Head for AIG Accident &
Health in Southeast Asia before his appointment to the Hong Kong-based role of President,
Accident & Health Worldwide. In addition to his eleven years with AIG, Mr. Barry’s extensive
career in the insurance industry includes his tenure as President & CEO of Nisus, a subsidiary of
the Pan American Life Insurance Company, and several leadership positions at Willis Corroon, a
global risk management and insurance brokerage based in the U.S.

Mr. Barry is actively involved with a number of charities and community organisations, with a
focus on the needs of children.

Mr. Ajay Srinivasan
Prudential Corporation Asia, One International Finance Centre 13 Floor, 1 Harbour View
Street, Central, Hong Kong

Mr. Ajay Srinivasan is the Chief Executive, Fund Management, Prudential Corporation Asia and is
responsible for Fund Management business in Asia. Under Mr. Srinivasan’s leadership the
business has grown considerably and ranks number 2 in terms of retail sourced assets in Asia ex-
Japan. Mr. Srinivasan has grown Prudential’s fund management operations in Asia both
organically as well as through acquisitions to over GBP 27 billion in terms of assets under
management.

Mr. Srinivasan was the Managing Director of the ICICI Prudential Asset Management Company
Ltd. (erstwhile Prudential ICICI Asset Management Company Ltd.) and was responsible for the
development of business of the Company and its day-to-day management.

Mr. Srinivasan has significant experience in managing asset management companies. As the
Deputy Chief Executive of ITC Threadneedle AMC. Mr. Srinivasan was part of the team
responsible for making policy for ITC Threadneedle AMC Ltd and was also head of the fund
management function. Prior to his tenure at ITC Threadneedle, Mr. Srinivasan was a member of
the ITC Group’s Financial Services Division and was responsible for establishing, planning and
running several businesses at ITC, including the stock broking business, Over the Counter
Exchange business, the private equity business and investment banking business. Mr. Srinivasan
began his career at ICICI where, as a part of project appraisal team, he assessed the feasibility of
several projects in various sectors.




                                                                                                 31
Mr. Srinivasan has a Post Graduate Diploma in Business Management from Indian Institute of
Management, Ahmedabad, specializing in finance. He has a Bachelor’s Degree in Economics
(Honours) from St. Stephens’ College, New Delhi.


Ms. Kalpana Morparia
B92, Ocean Gold CHS, Twin Tower Lane, Prabhadevi, Mumbai - 400 025.

Ms. Kalpana Morparia is the Chief Strategy & Communications Officer – ICICI Group of ICICI
Bank Limited. A graduate in law from Bombay University, Ms. Morparia joined ICICI Limited in
1975. She worked in the areas of planning, treasury, resources and corporate legal services. In
2001, she led the ICICI group’s major corporate structuring initiative, the merger of ICICI Limited
with ICICI Bank to create India’s second largest bank. Ms. Morparia has served on several
committees constituted by the Government of India. In November 2005, she was honoured with
the Economic Times `Business Women of the Year’ award along with colleagues. In September
2006, she was named one of `The 100 Most Powerful Women’ along with a colleague by Forbes
magazine.

Mr. K. S. Mehta
C-70 Panchsheel Enclave, New Delhi 11 0017

Mr. Mehta is a Managing Partner of S.S. Kothari & Co., Chartered Accountants, and heads the
firm’s management consultancy division. Mr. Mehta specializes in corporate financial planning &
restructuring, project financing, Business Valuation, Joint Venture Collaborations etc. He has an
in-depth knowledge of industry in his capacity as Director of some of the leading companies and
as a management consultant.

Mr. Mehta is a Member of the Executive Committee of Federation of Indian Chambers of
Commerce and Industry (FICCI). He is a former Member of the Advisory Committee on Primary
Markets set up by SEBI, a Former Director on the Board of the National Stock Exchange of India
Limited and is the past President of PHD Chamber of Commerce & Industry.

Mr. Mehta is a Fellow Member of the Institute of Chartered Accountants of India and has won
A.F. Ferguson Prize in C.A. Final from the Institute of Chartered Accountants of India.

Mr. Dadi Engineer
Flat no.4, 1st Floor, Shiv Shanti Bhuvan, 146 M. Karve Road, Opp. The Oval, Mumbai – 400
020.

Mr. Engineer is a Solicitor and Advocate and is a Senior Partner at Crawford Bayley & Co. He
has over 40 years experience in the legal profession and has expertise in various aspects of
Corporate Law, Indirect Taxation, Foreign Exchange, Imports, Trade Control Regulations and
Civil and Constitutional Law.

Mr. Engineer is the President of the Managing Committee of Bombay Incorporated Law Society
and served as the Representative Member of the Governing Council of the Bar Association of
India. He has also been associated with the various committees set up by Bombay Chamber of
Commerce and Industry and Associated Chambers of Commerce and Industry.

Mr. Engineer is on the Boards of several leading domestic and multi-national companies.

Mr. B. R. Gupta
6B, Sheetal Apartments, Lokhandwala Complex, Andheri (W), Mumbai400 053.

Mr. Gupta is the former Executive Director of the Life Insurance Corporation of India (LIC). He
was working as Consultant (Investment) to GIC of India till December 2000.

Mr. Gupta has worked with LIC for over 35 years in various capacities and has had extensive
experience in the operations of the life insurance industry, specifically in the areas of investment,
marketing, underwriting and administration. Mr. Gupta also worked in the investment department



                                                                                                  32
of the LIC for 10 years and headed the department as Executive Director. He was responsible for
managing LIC’s portfolio comprising a variety of investments. Subsequent to his retirement, till
May 1999, he functioned as the Investment Advisor to LIC.

Mr. Gupta is on the Boards of several companies and had been a Member of “The Administrative
Committee of Insurance Institute of India”, “The Committee of NSE on Development of the Debt
Market in India”, “The Executive Committee of the NSE” and “The Advisory Committee on
Secondary Market Operations of SEBI”. At present Mr. Gupta is an Advisor to IL&FS Academy
for Insurance & Finance Ltd., an initiative of IL&FS Group. Mr. Gupta is a M.A in English and
has a LL.B. degree besides being a Fellow of Insurance Institute of India.

Dr. (Mrs.) Swati A Piramal
95A, Benzer Terrace, Abdul Gaffar Khan Road, Worli Sea Face, Mumbai 400 018.

Dr. Swati A. Piramal, is a Medical Doctor (M.B.B.S.) from the University of Bombay. Dr.
Piramal graduated with a Masters Degree from Harvard School of Public Health, Boston USA,
where she had the unique honour of being selected Commencement Speaker at the 1992
Graduation Ceremony. Dr. Swati A. Piramal is the Director-Strategic Alliances &
Communications of Nicholas Piramal India Limited.

Under her leadership, Piramal Enterprises has made significant progress in Discovery Research for
discovering and patenting new NCEs, new Drug Delivery Systems, Clinical Research for planning
clinical trials, new drug protocols and pharmacokinetics labs, herbal Research for DNA
fingerprinting and standardization of Ayurveda, the setting up of a Business R & D programme in
the Company (BDRD).

Dr. Piramal was selected by the US Mission to meet with United States President Bill Clinton, to
talk about transforming India into a Knowledge Power.

Dr. Piramal is a Member of the Confederation of Indian Industries (CII), Knowledge Industries
Council, Chair of the Life Science & Biotech Committee and Economic Growth Committee, and
President of CII 2006 of the State of Maharashtra. In July 2006 The President of the French
Republic, Mr. Jacques Chirac has conferred on Dr. Swati Piramal the award of "Chevalier de
l'Ordre National du Merite (Knight of the Order of Merit).

Dr. Piramal has been awarded the BMA Management Woman Achiever of the Year Award (2004-
05). She has been nominated one of the 25 most powerful women in India thrice in succession
from 2002-2005. Dr. Piramal has received the Chemtech Pharma Award for "Outstanding
Contributions" in PHARMA + biotech Industries.

Dr. Piramal is a Member of the Core Group on Biotechnology of Federation of the Indian Chamber
of Commerce & Industry (FICCI). She is the recipient of the “Lakshmipat Singhania – IIM,
Lucknow National Leadership Award” in the category of Young Leader in the field of Science &
Technology for the year 2006, from the Prime Minister of India.

She has co-authored books on Health and Nutrition. One with Mrs. Tarla Dalal titled "Eat Your
Way to Good Health." She has published articles in many leading publications. She is the only
woman on the Prime Minister’s Science Advisory Committee.

Dr. Piramal has written the "Dance of Life", a dance ballet, about ancient science in India, a son-
et-lumiere show, called "The Light has Come to Me."

Ms. Shikha Sharma
16-A, Peregrine, 400, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025.

Ms Shikha Sharma is the Managing Director & CEO of ICICI Prudential Life Insurance Company.
ICICI Prudential was amongst the first private sector companies in India to be awarded a life
license in December 2000, and since its inception the company has established itself as India’s
leading private life insurer, offering a complete range of products to meet the varying needs of the
Indian customer.



                                                                                                 33
Ms Sharma, completed her Masters of Business Administration from the Indian Institute of
Management - Ahmedabad.

She began her career with ICICI, one of India's largest financial services providers, in 1980. She
has been instrumental in setting up various group businesses for the company, including
investment banking and retail finance.

Mr. Vikram B. Trivedi
MKA Chambers, (Crossely House), British Hotel Lane, Off. Bobmbay Samachar Marg,
Fort, Mumbai – 400 001

Mr. Vikram B. Trivedi is the Managing Partner of M/s. Manilal Kher Ambalal & Co., Advocates,
Solicitors & Notary.

Mr. Trivedi enjoys the confidence and patronage of leading corporate houses, financial public and
private sector institutions, banks, finance company, property developers, trust and private
individuals. He is also associated with various social and charitable activities and has travelled
around the World extensively. He also a Committee Member in several Associations including
“The Law, Review, Reforms & Rationalisation Committee” of Indian Merchant Chambers and
Bombay Chamber of Commerce & Industry and is also a Member of Editorial Board of M & A
Critique (The Mergers & Acquisitions update).

Mr. Vijay Thacker
1105, Embassy Centre, 207, Nariman Point, Mumbai – 400 021

Mr. Vijay Thacker is a Chartered Accountant and Cost Accountant and has been in professional
practice for over 22 years. He is a Fellow of the Institute of Chartered Accountants of India. Mr.
Thacker is the Managing Partner of V. P. Thacker & Co. Mr. Thacker’s professional skills and
experience cover diverse facets including Audit and assurance, Business consulting, Corporate
Law and taxation, Hotel and tourism consulting, Franchise consulting and Consulting for Family
and Owner managed businesses.

He is also a speaker and paper writer at international and domestic conferences.

Mr. Pankaj Razdan
Sherwin Ark, Bunglow No. 3, Bellscot Co-op Hsg. Society, Lokhandwala Complex, Andheri
(W), Mumbai 400058

Mr. Pankaj Razdan has been leading ICICI Prudential Mutual Fund as its Managing Director since
January 2004. At 39, Mr. Razdan is today amongst the younger CEOs/MDs of corporate India.

Mr. Razdan has been with the company since its inception and has worked in various capacities.
Prior to his current assignment, he was the Deputy Chief Executive Officer and was in-charge of
Strategic planning, Sales, Marketing and Customer Service. Prior to taking on this role he was
responsible for the Sales and Marketing functions. In this role Mr. Razdan was instrumental in
formulating and executing the sales strategy, communications strategy for the brand as well as the
customer service strategy.

Mr. Razdan’s experience and insights have been honed over 10 years of experience in the financial
services industry. In fact his skill of managing distributor relationships helped shape the growth
strategies for ICICI Prudential Mutual Fund.

He began his career as an engineer at Nelco Ltd. where he worked for a year. He later moved to
Karvy Consultants where he started his financial career and served various assignments.

Mr. Razdan is on the Board of AMFI (Association of Mutual Funds in India) and Financial
Planning Standards Board (FPSB) India.

Mr. Razdan has a B.Sc. degree in Electronics from Pune University and a graduate in Electronics



                                                                                               34
    Engineering from Bombay University. He has undergone management development programs
    from IIM Ahmedabad and leadership training from Centre of Leadership, USA.

    Powers, Duties and Responsibilities of the AMC

    The duties and responsibilities of the AMC shall be governed by the Regulations and the
    Investment Management Agreement. The AMC, in the course of managing the affairs of the
    Mutual Fund, has the power, inter-alia:
    (a) to invest in, acquire, hold, manage or dispose of all or any securities and to deal with, engage
        in and carry out all other functions and to transact all business pertaining to the Fund;
    (b) to keep the moneys belonging to the Trust with scheduled banks and Custodians as it may
        deem fit;
    (c) to issue, sell and purchase Units under any Scheme;
    (d) to repurchase the Units that are offered for repurchase and hold, reissue or cancel them;
    (e) to formulate strategies, lay down policies for deployment of funds under various Schemes and
        set limits collectively or separately for privately placed debentures, unquoted debt
        instruments, securitised debts and other forms of variable securities which are to form part of
        the investments of the Trust Funds;
    (f) to arrange for investments, deposits or other deployment as well as disinvestment or refund
        out of the Trust Funds as per the set strategies and policies;
    (g) to make and give receipts, releases and other discharges for moneys payable to the Trust and
        for the claims and demands of the Trust;
    (h) to get the Units under any scheme listed on any one or more stock exchanges in India or
        abroad;
    (i) to open one or more bank accounts for the purposes of the Fund, to deposit and withdraw
        money and fully operate the same;
    (j) to pay for all costs, charges and expenses, incidental to the administration of the Trust and the
        management and maintenance of the Trust property, Custodian and/or any other entities
        entitled for the benefit of the Fund, audit fee, management fee and other fees;
    (k) to furnish compliance reports to the Trustees as prescribed by SEBI.
    (l) to provide or cause to provide information to SEBI and the Unitholders as may be specified by
        SEBI and
    (m) to generally do all acts, deeds, matters and things which are necessary for any object, purpose
        or in relation to the ICICI Prudential Mutual Fund in any manner or in relation to any scheme
        of the ICICI Prudential Mutual Fund.

The Asset Management Company shall maintain high standards of integrity and fairness in all their
dealings and in the conduct of their business.

The Asset Management Company shall render at all times high standards of service, exercise due
diligence, ensure proper care and exercise independent professional judgement.

The independent directors of the Asset Management Company shall pay specific attention to the
following as may be applicable, namely :
i.      The Investment Management Agreement and the compensation paid under the agreement.
ii.     Service contracts with affiliates – whether the company has charged higher fees than outside
        contractors for the same services.
iii.    Securities transactions involving affiliates to the extent such transaction are permitted.
iv.     Code of ethics must be designed to prevent fraudulent, deceptive or manipulative practices by
        insiders in connection with personal securities transactions.
v.      The reasonableness of fees paid to sponsors, asset management company and any others for
        services provided.
vi.     Principal underwriting contracts and renewals
vii.    Any service contracts with the associates of the company.

In terms of the Investment Management Agreement and the Regulations, the AMC is entitled to an
investment management fee at 1.25% per annum of the average net assets for a corpus up to Rs.100
crores and at 1.00% per annum for the corpus amount in excess of Rs.100 crores. Further, as per the
Regulations, for the schemes launched on no load basis, the Asset Management Company is entitled to
collect an additional management fees not exceeding 0.50% of the average net assets outstanding in



                                                                                                      35
       each financial year. The Management Fee across all options/ sub options under the scheme will be
       same.

   i.      Key Employees of the AMC and relevant experience

 Name of the        Age      Designation         Educational        Total No. of         Assignments Held
  Employee        (Years)                       Qualifications      Years of             During the Last 10
                                                                    Experience /                Yrs
                                                                    Type & Nature
                                                                    of Experience
Mr.Pankaj         39         Managing       B.Sc. (Electronics)       15 – Sales and   Managing Director of
Razdan                       Director       B. Tech (Electronics       Distribution    ICICI      Prudential
                                            Engineering)                               AMC Ltd. since
                                                                                       January 2004.

                                                                                       Deputy CEO
                                                                                       ICICI       Prudential
                                                                                       AMC
                                                                                       Jan 2003 to Dec
                                                                                       2003.
                                                                                       Vice President /
                                                                                       Senior Vice President
                                                                                       & Head Sales &
                                                                                       Distribution - ICICI
                                                                                       Prudential AMC Jan
                                                                                       2001-Dec 2002

                                                                                       Vice President
                                                                                       West & North Zone
                                                                                       ICICI      Prudential
                                                                                       AMC
                                                                                       1998-2000

                                                                                       Head–Merchant
                                                                                       Banking-
                                                                                       Karvy    Consultants
                                                                                       Ltd
                                                                                       1997- 1998.

                                                                                       Head–Primary
                                                                                       Market Division
                                                                                       Karvy Securities Ltd
                                                                                       1993-1997.

Mr.      Nilesh   39         Executive      B.Com, A.C.A, Grad         15 – Fund        Executive Director
Shah                         Director       C.W.A,                   Management and     ICICI Prudential
                                                                        Portfolio       AMC Limited
                                                                      Management        April 2007 till date

                                                                                        Chief Investment
                                                                                        Officer
                                                                                        ICICI Prudential
                                                                                        AMC Limited
                                                                                        June 2004 to Mar
                                                                                        2007.

                                                                                        Director and Chief
                                                                                        Investment Officer –
                                                                                        Franklin Templeton
                                                                                        AMC India Pvt.



                                                                                                      36
 Name of the     Age     Designation       Educational        Total No. of       Assignments Held
  Employee     (Years)                    Qualifications      Years of           During the Last 10
                                                              Experience /              Yrs
                                                              Type & Nature
                                                              of Experience
                                                                                 Limited
                                                                                 1997-2004

                                                                                 Head – Structured
                                                                                 Products
                                                                                 ICICI Securities and
                                                                                 Finance Company
                                                                                 Limited
                                                                                 1993-1997

Mr. Manoj       43        Chief        BSC, Management         19 - Banking      Chief        Operating
Kumar                     Operating    Post Graduate            Operations,      Officer    -    ICICI
Agarwal                   Officer      Master’s degree in         Human          Prudential AMC Ltd.
                                       Financial                 Resource        February, 2007
                                       Management with a       Management,       onwards
                                       First Class from          and as a        Head of Operations
                                       Jamnalal Bajaj            Financial       & Technology
                                       Institute of               Analyst        HDFC           Chubb
                                       Management Studies.                       General     Insurance
                                                                                 Co. Ltd.
                                                                                 2002-2007

                                                                                 Director & Head
                                                                                 Banking Operation,
                                                                                 American    Express
                                                                                 Bank
                                                                                 1998-2007

                                                                                 Manager
                                                                                 Human Resource
                                                                                 Jardine Fleming
                                                                                 1996-1998
Mr. Vasant     47        Executive     BSc (Life Sciences),     21 – Human       Vice President /
Sanzgiri                 Vice          MMS       (Personnel      Resource        Senior Vice President
                         President &   Management)              Management       & Head Human
                         Head Human                                              Resources
                         Resources                                               ICICI Prudential
                                                                                 AMC, March 2000 to
                                                                                 date.

                                                                                 General Manager -
                                                                                 Human Resources -
                                                                                 Owens Cornning
                                                                                 India Limited
                                                                                 1998 – 2000.

                                                                                 General Manager
                                                                                 Human Resources –
                                                                                 DCW Home Products
                                                                                 -1996 – 1998.

Mr. Kalyan     41        Vice          PGDSM (NIIT), B.Sc     19 – Information   Vice President –
Prasath                  President –                            Technology       Information
                         Information                                             Technology



                                                                                              37
 Name of the      Age     Designation           Educational           Total No. of       Assignments Held
  Employee      (Years)                        Qualifications         Years of           During the Last 10
                                                                      Experience /              Yrs
                                                                      Type & Nature
                                                                      of Experience
                          Technology                                                     ICICI Prudential
                                                                                         AMC June 2001
                                                                                         onwards.

                                                                                         Assistant Vice
                                                                                         President
                                                                                         Birla Global Fin
                                                                                         1997-2001

                                                                                         Manager
                                                                                         DGP Windsor India
                                                                                         Ltd.
                                                                                         1994-1997

Mr. Ranganath   42        Executive        Associate - Institute of   19 – Compliance,   Sr. Vice President –
Athreya                   Vice             Company Secretaries            Legal and      Legal, Compliance
                          President –      of India.                      Company        and Company
                          Legal,           Bachelors Degree              Secretarial     Secretary, ICICI
                          Compliance       (General Laws),                functions      Prudential AMC
                          and Company      PGDCP                                         January 2002 to Mar
                          Secretary                                                      2007.

                                                                                         Head – Corporate
                                                                                         Communication and
                                                                                         Company Secretary -
                                                                                         IDBI Bank 1997-
                                                                                         2002

                                                                                         Chief Manager
                                                                                         Merchant Banking,
                                                                                         Karnataka Bank Ltd.
                                                                                         1992-1997

                                                                                         Company Secretary –
                                                                                         Lakshmi Motor
                                                                                         Credit (now TVS
                                                                                         Group) 1988-1992
Mr. Ashok       36        Sr.       Vice   MBA (Finance)              15 - Operations    Vice President –
Suvarna                   President        B. Com                                        Operations
                          Operations                                                     ICICI Prudential
                                                                                         AMC Limited
                                                                                         Jan 05 to Mar 07.

                                                                                         AVP-Operations
                                                                                         ICICI Prudential
                                                                                         AMC Ltd.
                                                                                         2002-2004

                                                                                         Manager/Assistant
                                                                                         Manager/Executive
                                                                                         Operations
                                                                                         ICICI Prudential
                                                                                         AMC Ltd.
                                                                                         1998-2002




                                                                                                      38
 Name of the      Age     Designation        Educational         Total No. of     Assignments Held
  Employee      (Years)                     Qualifications       Years of         During the Last 10
                                                                 Experience /            Yrs
                                                                 Type & Nature
                                                                 of Experience
                                                                                  Accounts Executive
                                                                                  Operations
                                                                                  SBI Funds
                                                                                  Management Limited
                                                                                  1994-1998
Mr.    Pankaj   54        Sr.     Fund   B.Com                   35 yrs           Sr. Fund Manager-
Kaji                      Manager                                                 ICICI Prudential
                                                                                  AMC- 2002 till date.

                                                                                  Deutsche Bank,
                                                                                  Mumbai (Vice-
                                                                                  President-Money
                                                                                  Market) 1994-2002.

                                                                                  ANZ Grindlays Bank
                                                                                  (Funds Manager)-
                                                                                  1986-1994
Mr. Chaitanya   35        Sr.     Fund   PGDM from IMI,          12 yrs           16th September 2002
Pande                     Manager        New Delhi,              Manager – Fund   till date – Sr. Fund
                                         BSc from St. Stephens   Management       Manager – ICICI
                                         College, New Delhi                       Prudential AMC
                                                                                  Limited

                                                                                  January 2000 to
                                                                                  September 2002
                                                                                  Manager –As Fund
                                                                                  Management
                                                                                  JF Asset
                                                                                  Management (India)
                                                                                  Pvt. Limited

                                                                                  May 1995 to January
                                                                                  2000
                                                                                  Investment Analyst
                                                                                  JF Asset
                                                                                  Management (India)
                                                                                  Pvt. Limited




                                                                                              39
 Name of the      Age      Designation       Educational      Total No. of       Assignments Held
  Employee      (Years)                     Qualifications    Years of           During the Last 10
                                                              Experience /              Yrs
                                                              Type & Nature
                                                              of Experience
Mr.   Yogesh    38        Vice           A.C.A. Grad C.W.A.   15 years as        ICICI Prudential
Bhatt                     President –                         Equity Dealer      Asset Management
                          Investments                                            Co. Ltd. From June
                                                                                 2004 to Mar 07 as
                                                                                 Associate Vice
                                                                                 President –
                                                                                 Investments

                                                                                 Sushil Finance
                                                                                 Consultants Ltd.
                                                                                 From 1999 to June
                                                                                 2004 as Equity
                                                                                 Dealer/ Strategist

                                                                                 Falcon Brokerage
                                                                                 Private Limited. –
                                                                                 From 1996 to 1999
                                                                                 as Equity Dealer

                                                                                 Sushil Finance
                                                                                 Consultants Ltd.
                                                                                 From 1991 to 1996
                                                                                 as Equity Dealer/
                                                                                 Strategist
Mr.        B.   41        Sr. Vice       B’Com, A.C.A Grad.   Over 13 Years      ICICI Prudential
Ramakrishna               President –    CWA                  of experience in   AMC Ltd. – CFO
                          Finance &                           Corporate          From September 23,
                          Risk                                Planning,          2004 till Mar 07.
                          Management                          Investor
                                                              Relations,         Marico Industries
                                                              Financial          Ltd. As General
                                                              Planning           Manager –
                                                                                 Corporate Finance
                                                                                 from September
                                                                                 1998 to September,
                                                                                 2004.

                                                                                 ITC Agrotech Ltd.
                                                                                 As Commercial
                                                                                 Manager from
                                                                                 February 1993 to
                                                                                 August 1998.




                                                                                             40
Name of the      Age      Designation        Educational     Total No. of    Assignments Held
 Employee      (Years)                      Qualifications   Years of        During the Last 10
                                                             Experience /           Yrs
                                                             Type & Nature
                                                             of Experience
Mr.    Rahul   34        Senior V.P. –   B. Sc.,             10 Years –      ICICI Prudential
Goswami                  Head of         M. B. A.            Fund            Asset Management
                         Fixed                               Management      Co. Ltd. From July
                         Income                              Debt.           6, 2004 till Mar 07
                                                                             as Senior Fund
                                                                             Manager

                                                                             Franklin Templeton
                                                                             Asset Management
                                                                             (I) Pvt. Ltd. From
                                                                             October 2002 to
                                                                             July 2004 as Fund
                                                                             Manager.

                                                                             UTI Bank Ltd.
                                                                             From January 2000
                                                                             to October 2002 to
                                                                             July 2004 as Fund
                                                                             Manager.

                                                                             UTI Bank Ltd.
                                                                             From January 2000
                                                                             to October 2002 as
                                                                             Manager –
                                                                             Investments and
                                                                             Merchant Banking.

                                                                             SMIFS Securities
                                                                             Ltd. From June
                                                                             1998 to January
                                                                             2000 as Senior
                                                                             Dealer – Debt
                                                                             Sales.

                                                                             Khandwala
                                                                             Finances Ltd. From
                                                                             October 1997 to
                                                                             June 1998 as Senior
                                                                             Dealer – Debt
                                                                             Sales.

                                                                             RR Financial
                                                                             Consultants Limited
                                                                             from December
                                                                             1995 to October
                                                                             1997 as Manager –
                                                                             Debt Sales.




                                                                                          41
 Name of the     Age     Designation         Educational       Total No. of         Assignments Held
  Employee     (Years)                      Qualifications     Years of             During the Last 10
                                                               Experience /                Yrs
                                                               Type & Nature
                                                               of Experience
Mr. S Naren    40        Sr. V.P and     B.Tech – IIT Madras   Over 17 years of     ICICI Prudential
                         Head Equities   PGDM – IIM Calcutta   experience in        AMC Ltd. – Co-Head
                                                               Fund                 – Equities from
                                                               Management,          October, 2004 till
                                                               Equity Research,     Mar 07.
                                                               Operations etc.
                                                                                    Refco Sify Securities
                                                                                    India Pvt. Ltd. as
                                                                                    Head of Research
                                                                                    from November,
                                                                                    2003 to October,
                                                                                    2004

                                                                                    HDFC Securities Ltd.
                                                                                    as Vice President
                                                                                    from September,
                                                                                    2000 to March, 2002
                                                                                    and as Director &
                                                                                    COO from March,
                                                                                    2002 to November,
                                                                                    2003

                                                                                    Yoha Securities as
                                                                                    CEO from December,
                                                                                    1995 to September,
                                                                                    2000
Mr. Anand      31        Vice            B.COM, PGDBA          11 years in          June 2003 to May
Gupta                    President -     from Institute Of     execution, sales     2005 as AVP-
                         Investments     Technology &          trading and sales.   Institutional sales
                                         Management (ITM)                           with Refco-Sify
                                                                                    Securities Ltd.

                                                                                    June 1998 to May
                                                                                    2003 with Birla
                                                                                    Sunlife Securities Ltd
                                                                                    in Sales Trading And
                                                                                    Sales.

                                                                                    Nov. 1993 to May
                                                                                    1998 with Anagram
                                                                                    Securities ltd in
                                                                                    execution and sales
                                                                                    trading.
Mr. Prashant   26        Associate       PGDM                  3 Years as Equity    ICICI Prudential
Kothari                  Vice            IIMA                  Analyst and Fund     AMC Limited – Fund
                         President -                           Manager              Manager from
                         Investments                                                September 2004 to
                                                                                    Mar 07

                                                                                    ICICI Prudential
                                                                                    AMC Limited –
                                                                                    Equity Analyst from
                                                                                    May 2003




                                                                                                 42
 Name of the     Age     Designation        Educational     Total No. of        Assignments Held
  Employee     (Years)                     Qualifications   Years of            During the Last 10
                                                            Experience /               Yrs
                                                            Type & Nature
                                                            of Experience
Mr. Deven      36        Senior Fund   B.E. (Electronics)   Over all 11        ICICI Prudential
Sangoi                   Manager       M.B.A. (Finance)     years of equity    AMC Limited –
                                                            market             September 2005 as
                                                            experience. (5     Senior Fund
                                                            years of Fund      Manager.
                                                            management
                                                            experience.)       Birla Sun Life AMC
                                                                               Ltd. – From
                                                                               February 2000 to
                                                                               September 2005 as
                                                                               Manager, Assistant
                                                                               Vice President,
                                                                               Fund Manager

                                                                               Alchemy Share and
                                                                               stock Brokers Pvt.
                                                                               Ltd. From June 1994
                                                                               to February 2000 – as
                                                                               Senior Analyst
Mr. Chintan    24        Assistant     M.Com, ACA,          Holding            ICICI Prudential
A. Haria                 Manager –     ICWA                 position as an     AMC October 2005
                         Investments                        Asst. to the       till date.
                                                            Dealer in ICICI
                                                            Prudential Asset
                                                            Management
                                                            Company Ltd.
Mr Pranay      26        Credit        PGDM, Institute of   Over 1 year        ICICI Prudential
Sinha                    Research      Management           experience in      AMC Limited –
                         Analyst       Calcutta (IIMC)      Credit research    Nov 2005 till date
                                                            and credit risk    as Credit Research
                                                            analysis           analyst

                                                                               UTI Bank- June 2005
                                                                               till Oct 2005 in credit
                                                                               risk side.
Mr. Prashant   26        Research      PGDBM, Indian        More than 1        ICICI Prudential
Poddar                   Analyst       Institute of         years in           AMC Limited –
                                       Management           ICICIPru           Nov 2005 till date
                                       (Lucknow)                               as Research analyst
                                                            5 months in
                                                            AIG                AIG – 5 months as
                                                            (Insurance)        Management
                                                                               Trainee (General
                                                                               Management role)
                                                                               in Insurance




                                                                                             43
 Name of the     Age     Designation       Educational     Total No. of      Assignments Held
  Employee     (Years)                    Qualifications   Years of          During the Last 10
                                                           Experience /             Yrs
                                                           Type & Nature
                                                           of Experience
Mr. Munzal     34        Associate     Chartered            6 years in       DSP Merrill Lynch
Shah                     Vice          Accountant           Equity           Ltd - From December
                         President                          Research         2005 till September
                                                            Analyst in the   2006
                                                            mid-cap space
                                                                             Emkay Shares and
                                                                             Stock Brokers Ltd
                                                                             From October 2004
                                                                             till November 2005

                                                                             IDBI Capital Markets
                                                                             Ltd
                                                                             From November
                                                                             2003 till September
                                                                             2004

                                                                             Sushil Finance
                                                                             Consultants Ltd
                                                                             From April 2003 till
                                                                             October 2003

                                                                             Advani Share
                                                                             Brokers Pvt Ltd
                                                                             From July 2002 till
                                                                             March 2003

                                                                             Quest Securities Co
                                                                             Pvt Ltd
                                                                             From October 2000
                                                                             till June 2002




                                                                                          44
 Name of the     Age     Designation       Educational     Total No. of       Assignments Held
  Employee     (Years)                    Qualifications   Years of           During the Last 10
                                                           Experience /              Yrs
                                                           Type & Nature
                                                           of Experience
Mr.            33        Associate     MBA, B.Tech          6 years in        ICICI Prudential
Pushpinder               Vice                               equity research   AMC Limited – Oct
Singh                    President                          and fund          2006 till date as
                                                            management        Associate vice
                                                                              president-
                                                                              Investments.

                                                                              Kotak Mahindra
                                                                              AMC Ltd -Oct 2004
                                                                              to Sept2006 as
                                                                              Associate vice
                                                                              president -funds
                                                                              management.

                                                                              Refco-sify Securities
                                                                              India (P) Ltd - From
                                                                              September 2001 to
                                                                              October 2004 as
                                                                              equity research
                                                                              analyst.

                                                                              Asit C. Mehta
                                                                              Investment
                                                                              Intermediates ltd -
                                                                              from June 2000 to
                                                                              September 2001 as
                                                                              equity research
                                                                              analyst




                                                                                           45
 Name of the     Age      Designation        Educational       Total No. of        Assignments Held
  Employee     (Years)                      Qualifications     Years of            During the Last 10
                                                               Experience /               Yrs
                                                               Type & Nature
                                                               of Experience
Mr. Nimesh     29        Fund           MMS (Finance) from      6 years 5          Fund Manager with
K. Chandan               Manager        Somaiya Institute of    months in the      ICICI Prudential
                                        Mgmt and Research       Indian Capital     Mutual Fund -
                                        (University of          Markets            October 2006 till
                                        Mumbai)                                    date

                                                                                   Jr. Fund Manager
                                                                                   with SBI Mutual
                                                                                   Fund - from February
                                                                                   2006 to September
                                                                                   2006

                                                                                   Asst. Manager
                                                                                   Investments with
                                                                                   Birla Sunlife Mutual
                                                                                   Fund - from
                                                                                   September 2005 to
                                                                                   January 2006

                                                                                   AVP Equity with
                                                                                   Stratcap Securities -
                                                                                   from January 2001 to
                                                                                   September 2005

                                                                                   Executive - Equity
                                                                                   Institutional Desk
                                                                                   with Darashaw and
                                                                                   Co. - from June 2000
                                                                                   to December 2000
Mr. Amit       25        Assistant      B. Tech, PGDM (IIM       2.5 years in      1 year with Thermax
Mehta                    Manager        Ahmedabad)               Engineering
                                                                 and Banking       1.5 years with
                                                                                   Citibank
Mr. Anand       32        Senior         PGDBM, Indian           6.5 years in      Fund Manager with
Shah                      Fund           Institute of            equity research   ICICI Prudential
                          Manager        Management              and funds         Mutual Fund -
                                         (Lucknow)               management.       January 2007 till
                                                                                   date

                                                                                   Kotak Mahindra
                                                                                   AMC Limited –
                                                                                   May 2000 to
                                                                                   January 2007 as
                                                                                   Vice President
                                                                                   (funds management,
                                                                                   Equity).

                                                                                   Kirloskar Oil
                                                                                   Engines Ltd -Aug
                                                                                   1996 to July 1998
                                                                                   as (Sr Engg, Maint).

    As indicated above, at present a team comprising of Twelve Fund Managers are involved in fund
    management/ research activities. The past experience of these employees is indicated above.
    All the above key personnel are based at the Corporate Office of AMC



                                                                                                46
iv) Fund Manager
The investments under the Scheme will be managed by the Fund Manager, Mr. S. Naren. His
qualification and experience is as under:

 Scheme Name           Fund Manager                           Qualification            Experience
 ICICI Prudential      Mr. S. Naren                           B.Tech – IIT Madras      Over 17 years of experience in
 Infrastructure                                               PGDM – IIM Calcutta      Fund    Management,       Equity
 Fund                                                                                  Research, Operations etc.



v) Compliance Officer
   The Compliance Officer for the Fund is:
   Mr. Ranganath Athreya
   Executive Vice President- Compliance, Legal and Company Secretary
   ICICI Prudential Asset Management Company Ltd.
   8th Floor, Peninsula Tower, Peninsula Corporate Park,
   Ganpatrao Kadam Marg, Off Senapati Bapat Marg,
   Lower Parel, Mumbai 400 013.

vi) Investor Relations Officer
    Investor Relations Officer for the Fund is Ms. Molly Kapoor and she may be contacted at the
    corporate office of the AMC at Mumbai.

D) AUDITORS

N. M. Raiji & Co., Chartered Accountants, Mumbai have expressed their willingness to act as Auditors
for the Scheme offered under this Offer Document and have been appointed as Auditors by the Trustee.

E) REGISTRAR
Computer Age Management Services Private Limited, Unit: ICICI Prudential Mutual Fund, r A&B
Lakshmi Bhavan, 609 Anna Salai, Chennai 600 006 as Registrar for the Scheme. The Registrar is
registered with SEBI under registration No: INR000002813. As Registrar to the Scheme, CAMS will
handle communications with investors, perform data entry services and dispatch Account Statements.
The AMC and the Trustee have satisfied themselves that the Registrar can provide the services required
and has adequate facilities and the system capabilities.

F) CUSTODIAN
HDFC Bank Limited, Mumbai has been appointed as Custodian for the Scheme mentioned in the Offer
Document. The Custodian has been registered with SEBI and has been awarded registration
No.IN/CUS/001 dated February 2, 1998. The Trustee propose to enter into a Custodian Agreement
with the Custodian and the salient features of the said Agreement would be as under:
(a) Provide post-trading and custodial services to the Mutual Fund.
(b) Ensure benefits due on the holdings are received.
(c) Provide detailed management information and other reports as required by the AMC.
(d) Maintain confidentiality of the transactions.
(e) Be responsible for the loss or damage to the assets belonging to the Scheme due to negligence on
    its part or on the part of its approved agents and
(f) Segregate assets of each Scheme.
Further, the Custodian shall not assign, transfer, hypothecate, pledge, lend, use or otherwise dispose
any assets or property, except pursuant to instruction from the Trustee/AMC or under the express
provisions of the Custodian Agreement.
The Custodian shall also not deal, on its own account, in securities purchased or sold by the Mutual
Fund without making an adequate disclosure to SEBI and the Trustee/AMC.
The Custodian will be entitled to remuneration for its services in accordance with the terms of the
Custodian Agreement.




                                                                                                   47
                            SECTION II
                INVESTMENT OBJECTIVES & POLICIES
FUNDAMENTAL ATTRIBUTES OF THE SCHEME

a)   Type of the Scheme
     An open-ended Equity fund

b) Investment Objectives
   The Scheme is an open-ended equity Scheme seeking to provide capital appreciation and income
   distribution to unitholders by investing predominantly in equity/equity related securities of the
   companies belonging to infrastructure development and the balance in debt securities and money
   market instruments.
   However, there can be no assurance that the investment objective of the Plan will be realized

c)   Investment Pattern and investment policies
     The Scheme is an open-ended equity scheme investing in infrastructure sector for capital
     appreciation and income distribution to unitholder. Infrastructure is one of the thrust areas for the
     overall growth of the economy today. Government of India, Planning Commission and various
     other authorities have explicitly recognized the need for improving the infrastructure to a world-
     class level in order to sustain high economic growth. Infrastructure includes broadly segments such
     as roads, railways, ports, telecommunication, power and so on. The Scheme is named as ICICI
     Prudential Infrastructure Fund as the fund would be looking at investing in those companies that
     are expected to get favourable impact, directly or indirectly, by the large expected investments in
     the infrastructure sector.

     Infrastructure sector plays important role in country’s development and GDP growth. India has
     already negotiated the difficult transition from public infrastructure creation to a market-
     determined model. An ambitious reform programme initiated involving a shift from a controlled to
     an open market economy has opened doors for private sector / foreign investment in infrastructure
     projects such as energy, petroleum, telecommunications transportation sectors etc. And in the
     Indian context, removal of regulatory and availability constraints on any product or service, has
     catalyzed investments, attracted competition and rationalized costs leading to a new growth
     trajectory. The infrastructure sector in the country is thus poised for accelerated growth in the
     coming years. There is already momentum in highways, power generation and ports, where a
     successful track record has fostered a virtuous cycle of more success.

     India is already the fastest growing mobility market in the world. Telecom is one of the sectors
     where significant progress has been made. As India has emerged as a global sourcing base for
     manufactured products and is gearing up to carve a share of the textile opportunity post-quota
     removal in 2005, it is imperative that ports be modernized. The macrolevel fiscal budget-linked
     solution for the overdues of SEBs to utilities (NTPC, NHPC), the successful implementation of the
     Accelerated Power Development & Reforms Programme (APDRP) to modernize the overloaded
     T&D network and the legislation of comprehensive reforms by way of the Electricity Act 2003 all
     have paved way for large investment in the Power sector. The biggest trigger for the oil & gas
     sector is the large gas finds. Besides, with the sector put on the reform track beginning with
     dismantling of Administered Pricing Mechanism (APM) in April 2002, competitive pressures are
     set to intensify and refinery upgradation to meet Euro-II & III fuel norms are a given.

     The ICICI Prudential Infrastructure Fund will inter-alia invest in companies, which are engaged in
     the area of infrastructure across the following industries. Please note that the list is indicative
     and the Investment Manager may add such other sector/group industries which broadly
     satisfy the category of infrastructure industries:
     • Banking & Financial Services
          Cement & Cement Products
          Coal
          Construction & related Industry
          Electrical & Electronic components
          Energy
          Engineering
          Metals/Mining/Minerals



                                                                                                       48
     Housing
     Industrial Capital Goods
     Industrial Products
     Oil & Gas and Allied Industries
     Petroleum & Related Industry
     Ports
     Power and Power Equipment
     Telecom
     Transportation
The Scheme will invest in companies, which, in the opinion of the Fund Manager, offer an
attractive investment opportunity to participate in the growth of the infrastructure sector. These
may be across the above-mentioned sectors or other areas of Infrastructure as may be identified by
the Fund. The stocks may be at any levels of market capitalization and Fund Manager will use
growth investment styles. There will be no restrictions on the level of participation in any of the
above industries, except for the Seventh Schedule restriction as prescribed under the SEBI (Mutual
Fund) Regulations, 1996. These sectors are only indicative and this could undergo change based
on future reforms and developments.

Subject to the Regulations, the corpus of the Scheme can be invested in any (but not exclusively)
of the following securities:

1) Equity and equity related securities including convertible bonds and debentures and warrants
   carrying the right to obtain equity shares.

2) Securities created and issued by the Central and State Governments and/or repos/reverse repos
   in such Government Securities as may be permitted by RBI (including but not limited to
   coupon bearing bonds, zero coupon bonds and treasury bills)

3) Securities guaranteed by the Central and State Governments (including but not limited to
   coupon bearing bonds, zero coupon bonds and treasury bills)

4) Debt securities issued by domestic Government agencies and statutory bodies, which may or
   may not carry a Central/State Government guarantee

5) Corporate debt securities (of both public and private sector undertakings)

6) Securities issued by banks (both public and private sector) as permitted by SEBI from time to
   time and development financial institutions

7) Money market instruments permitted by SEBI/RBI, having maturities of up to one year or in
   any alternative investment as may be provided by the RBI to meet the liquidity requirements.

8) Certificate of Deposits (CDs)

9) Commercial Paper (CPs)

10) Indian Securitised Debt. The Scheme will not invest in foreign securitised debt.

11) The non-convertible part of convertible securities

12) Any other domestic fixed income securities

13) Derivative instruments like Interest Rate Swaps, Forward Rate Agreements, Stock Index
Futures and such other derivative instruments permitted by SEBI.

14) ADRs / GDRs / Foreign Debt Securities as permitted by Reserve Bank of India and Securities
and Exchange Board of India

Subject to the Regulations, the securities mentioned above could be listed, unlisted, privately
placed, secured, unsecured, rated or unrated and of varying maturity. The securities may be



                                                                                                49
     acquired through New Fund Offerings (NFOs), secondary market operations, private placement,
     rights offers or negotiated deals. The Scheme may also enter into repurchase and reverse
     repurchase obligations in all securities held by it as per the guidelines and regulations applicable to
     such transactions.

     Under normal circumstances, the asset allocation under the Scheme will be as follows:
      Type of security                               Approx. Allocation Risk Profile
                                                            (% of corpus)**
      Equity & equity related securities                      70% to 100%          High
      Debt, Money Market Instruments*                          0% to 30%           Low to Medium
     Note: *Including securitised debt of upto 20% of the net assets
         ** Including derivatives instruments to the extent of 50% of the net assets.

     Under normal circumstances at least 95 % of the Scheme will be invested in equity and equity
     related instruments of companies engaged in the infrastructure sector, while the rest will be kept in
     cash and cash equivalents. The Scheme may move upto 30% in the debt securities if the risk –
     reward ratio is favorable to such allocation.

     The above percentages would be adhered to at the point of investment in a stock. The portfolio
     would be reviewed regularly to address any deviations from the aforementioned allocations due to
     market changes.

     Considering the inherent characteristics of the scheme, equity positions would have to be built-up
     gradually, and also sold off gradually. This would necessarily entail having large cash position
     before the portfolio is fully invested and during periods when equity positions are being sold off to
     book profits/losses or to meet redemption needs.

     It may be noted that no prior intimation/indication would be given to investors when the
     composition/asset allocation pattern under the scheme undergo changes within the permitted band
     as indicated above or for a defensive positioning of the portfolio with a view to protect the interest
     of the unitholders on a temporary basis. The investors/unitholders can ascertain details of asset
     allocation of the scheme as on the last date of each month on AMC’s website at
     www.icicipruiamc.com.

     The securities mentioned in the asset allocation pattern could be listed, unlisted, privately placed,
     secured or unsecured. The securities may be acquired through secondary market purchases, Initial
     Public Offering (IPO), other public offers, Private Placement, right offers (including renunciation)
     and negotiated deals.

d) Change in Investment Pattern
   Subject to the Regulations, the asset allocation pattern indicated above may change from time to
   time, keeping in view market conditions, market opportunities, applicable regulations and political
   and economic factors. It must be clearly understood that the percentages stated above are only
   indicative and not absolute and that they can vary substantially depending upon the perception of
   the Investment Manager, the intention being at all times to seek to protect the interests of the Unit
   holders. Such changes in the investment pattern will be for short term and defensive
   considerations.

     Provided further and subject to the above, any change in the asset allocation affecting the
     investment profile of the Scheme shall be effected only in accordance with the provisions of sub
     regulation (15A) of Regulation 18 of the Regulations, as detailed later in this document.

e)   Terms of the Scheme
     1) Liquidity:
        On an ongoing basis, an investor can purchase and redeem Units on every Business Day at
        NAV based prices, subject to the applicable load structure.




                                                                                                         50
a)   Redemption of Units:
     The Units can be redeemed (i.e. sold back to the Fund) on every Business Day at the
     Redemption Price (hereinafter defined). The redemption request can be made for any amount
     of minimum of Rs. 500 and multiples thereof under Growth and Dividend Option and in case
     of Institutional Option – I redemption requests can be made for any amount in multiples of Re.
     1. Redemption can also be made for the total number of units standing to the credit of investor
     at the time of closure of account, even though such redemption is for less than Rs.500.

b) Redemption Price
   The redemption will be at Applicable NAV based prices subject to exit load. Please refer to
   “Redemption Price” on page 78.

c)   Payment of Proceeds
     All redemption requests received prior to the cut-off time (please refer to “Payment of
     Proceeds” on Page 79) on any Business Day at the Official Point of Acceptance of
     Transactions will be considered accepted on that Business Day, subject to the redemption
     requests being complete in all respects, and will be priced on the basis of Redemption Price
     for that day. Requests received after the cut-off time will be treated as though they were
     accepted on the next Business Day. Please refer to (Page 81) “Right to Limit Redemptions”
     and (page 81) “Suspension of Sale and Redemption of Units”.

     As per the Regulations, the Fund shall dispatch redemption proceeds within 10 Business Days
     (working days) of receiving the redemption request. However, under normal circumstances,
     the Fund will endeavour to dispatch the redemption proceeds within 3 Business Days of
     acceptance of the redemption request. This service standard will apply only at the centers
     where RBI handles clearing directly and is able to transfer funds from Mumbai on a same-
     day-value basis. In respect of all non-RBI centers, for redemption payments, AMC will take
     additional day(s) – not exceeding 3 Business Days- that would essentially be linked to the
     time taken by banks to clear funds at such Non-RBI centers.

     Trustees reserve the right to alter or modify the number of days taken for redemption of Units
     under the Fund after taking into consideration the actual settlement cycle, when announced, as
     also the changes in the settlement cycles that may be announced by the Principal Stock
     Exchanges from time to time.

     As per the guidelines issued by SEBI, in the event of failure to dispatch the redemption or
     repurchase proceeds within 10 working days, the AMC is liable to pay interest to the Unit
     holders @ 15% p.a. SEBI has further advised the mutual funds that in the event of payment of
     interest to the Unit holders, such Unit holders should be informed about the rate and the
     amount of interest paid to them.

     If the Unitholder fails to provide the Bank mandate, the request for redemption would be
     considered as not valid and the Fund retains the right to reject/withhold the redemption until a
     proper bank mandate is furnished by the Unitholder and the provision with respect of penal
     interest in such cases will not be applicable/ entertained.

     Listing
     Being the open-ended fund, the Units of the Scheme will not be listed on any stock exchange,
     at present. The Trustee may, at its sole discretion, cause the Units under the Scheme to be
     listed on one or more Stock Exchanges. Notification of the same will be made through
     Customer Service Centres of the AMC and as may be required by the respective Stock
     Exchanges.

2. Fees and Expenses
a. New Fund Offer expenses
   The new fund offer expenses charged to the Scheme were limited to 3.75% of the amount
   mobilised under the New Fund Offer. Under the Regulations, the Scheme is entitled to charge
   new fund offer expenses up to a maximum of 6% of initial resources raised under the Scheme.
   The new fund offer expenses charged to the Scheme may be amortised over a period not



                                                                                                  51
          exceeding five years and would be included in the NAV.
     b.   Recurring Expenses
          The details of recurring expenses of the Scheme, on an annual basis, have been stated on Page
          85. As per the Regulations, the maximum recurring expenses that can be charged to the
          Scheme shall be subject to a percentage limit of weekly net assets as in the table below:

              First Rs. 100 crore     Next Rs. 300 crore         Next Rs. 300 crore     Over Rs. 700 crore
                      2.50%                  2.25%                      2.00%                 1.75%

          Subject to Regulations and this Offer Document, expenses over and above the prescribed limit
          shall be borne by the Asset Management Company.

     c.   Load
          • Entry Load:
                  For transactions                                                          Entry load
                     1      For all purchases of less than Rs.5 crore per transaction         2.25%
                     2      For Purchases of Rs.5 crores and above per transaction              Nil
          •      Institutional Option – I: NIL
          •      Exit Load: Nil
          However, the Trustee shall have a right to prescribe or modify the load structure with
          prospective effect subject to a maximum prescribed under the Regulations.

          Subject to the Regulations, the Trustee reserves the right to modify/alter the load
          structure and may decide to introduce a differential load structure on the Units
          subscribed/redeemed on any Business Day. Such changes will be applicable for
          prospective investments. The Trustee shall arrange to display a notice in the Customer
          Service Centers of the AMC before the change of the then prevalent load structure. The
          addendum detailing the changes in load structure will be attached to offer documents
          and abridged offer documents. The addendum will also be circulated to all the
          distributors / brokers so that the same can be attached to all the offer documents and
          abridged offer documents in stock. This addendum will also be sent along with the
          newsletter to the unitholders immediately after the changes. Changes in the load
          structure may be stamped in the acknowledgement slip issued by the Fund after the
          changes in load structure. The load collected from the Unitholders will be credited to a
          separate account and will be offset against distribution and marketing expenses. Surplus
          of load, if any, charged over planned marketing and distribution expenses to be defrayed
          will be credited to the Scheme whenever felt appropriate by the AMC.

f)   Changes in Fundamental Attributes
     The Trustees shall ensure that no change in the fundamental attributes of the Scheme or the trust or
     fee and expenses payable or any other change, which would modify the Scheme and affects the
     interests of Unit holders is carried out unless:
          •      a written communication about the proposed change is sent to each Unit holder and an
                 advertisement is given in one English daily newspaper having nationwide circulation as
                 well as in a newspaper published in the language of the region where the Head Office
                 of the mutual fund is situated; and
          •      the Unitholders are given an option to exit at the prevailing Net Asset Value without
                 any exit load.

g) Investment Strategy
   The ICICI Prudential Infrastructure Fund will inter-alia invest in companies, which are engaged in
   the area of infrastructure across the following industries. Please note that the list is indicative
   and the Investment Manager may add such other sector/group industries which broadly
   satisfy the category of infrastructure industries:
   • Banking & Financial Services
        Cement & Cement Products



                                                                                                      52
     Coal
     Construction & related Industry
     Electrical & Electronic components
     Energy
     Engineering
     Metals/ Mining/Minerals
     Housing
     Industrial Capital Goods
     Industrial Products
     Oil & Gas and Allied Industries
     Petroleum & Related Industry
     Ports
     Power and Power Equipment
     Telecom
     Transportation
The Scheme will invest in companies which, in the opinion of the Fund Manager, offer an
attractive investment opportunity to participate in the growth of the infrastructure sector. These
may be across the above-mentioned sectors or other areas of Infrastructure as may be identified by
the Fund. Hence the above list is not an exhaustive list. The stocks may be at any levels of market
capitalization and Fund Manager will use growth investment styles. There will be no restrictions
on the level of participation in any of the above industries, except for the Seventh Schedule
restriction as prescribed under the SEBI (Mutual Fund) Regulations, 1996. These sectors are only
indicative and this could undergo change based on future reforms and developments.

The Fund Manager will focus on companies which offer an attractive opportunity to participate in
the growth of the infrastructure sector. An investment in infrastructure has the potential of creating
long-term value over a longer period of time although at a higher risk as such projects take a long
time to materialize, hence this Scheme will be have a high exit load for first one year to discourage
redemption. The Investment Manager will be adopting a combination of the top down approach
and bottom up stock selection approach. From a top down perspective, the focus would be on an
analysis of macro economic factors, economic changes & trends, key policy changes,
infrastructure spending, etc. The Scheme will concentrate on business and economic fundamentals
driven by in-depth research techniques, employing strong stock selection. Stock-picking process
utilizes a "bottom-up" approach, seeking to identify companies with high profitability and
scalability supported by sustainable competitive advantages. These companies will have a long-
term growth prospect and will be measured on price-to-earnings ratios, dividend income potential
and earnings power.

Securitisation and Portfolio Sale
The Scheme will seek to invest in securitised debt upto 20% of the net assets of the scheme only
when the returns from such portfolio are expected to be higher than the other available securities at
the time of making an investment. In making the decision to invest upto 20% in securitised debt, it
will be ensured that the ratings, risk profiles and the returns of securitised debt instruments are
compared with other equivalent eligible debt securities before making an investment decision. In
case the scheme intends to make investment upto 20% in securitised debt instruments, the Trustees
will be informed of the same with due justification prior to making an investment decision.

The Scheme will adhere to the per issuer exposure limits with reference to securitised debt as
specified under the SEBI Regulations. Also in terms of SEBI Regulations, the issuer of the
securitised debt would be considered to be the originator of underlying receivables of assets and
not the Trust/SPV.

Asset securitisation is a process whereby commercial or consumer credits are packaged and sold in
the form of financial instruments. A typical process of asset securitisation involves sale of specific
Receivables to a Special Purpose Vehicle (SPV) set up in the form of a trust or a company. The
SPV in turn issues financial instruments (e.g., promissory notes, pass through certificates or other
debt instruments) to investors, such instruments evidencing the beneficial ownership of the
investors in the Receivables. The financial instruments are rated by an independent credit rating
agency. An Investor’s Agent is normally appointed for providing trusteeship services for the
transaction.



                                                                                                   53
On the recommendation of the credit rating agency, additional credit support (Credit
Enhancement) may be provided in order that the instrument may receive the desired level of rating.
Typically the servicing of the Receivables is continued by the seller in the capacity of the Servicer.
Cash flows, as and when they are received, are passed onto the investors. Features of securitisation
transactions include:
     Absolute true sale of assets to an SPV (with defined purposes and activities) in trust for the
     investors;
     Reliance by the investors on the performance of the assets for repayment - rather than the
      credit of the Originator (the seller) or the Issuer (the SPV);
      Consequent to the above, "Bankruptcy Remoteness" from the Originator;
       Support for timely payments, inter-alia, in the form of suitable credit enhancements, if
       required;
       Securitised debt paper usually achieves a high investment grade credit rating;
        There is a diversification of economic risks as credit risk is spread over a diversified group of
        obligors.
Investment strategy for securitised debt
The Scheme will predominantly invest only in those securitisation issuances, which have AAA
rating indicating the highest level of safety from credit risk point of view at the time of making an
investment.

Risk Analysis on underlying asset classes in Securitisation:
Generally available Asset Classes for securitisation in India
Commercial Vehicles
Auto and Two wheeler pools
Mortgage pools(residential housing loans)
Personal Loan, credit card and other retail loans
Corporate loans/receivables

In terms of specific risks attached to securitisation, each asset class would have different
underlying risks, however, residential mortgages are supposed to be having lower default rates as
an asset class. On the other hand, repossession and subsequent recovery of commercial vehicles
and other auto assets is fairly easier and better compared to mortgages. Some of the asset classes
such as personal loans, credit card receivables etc., being unsecured credits in nature, may witness
higher default rates. As regards corporate loans/receivables, depending upon the nature of the
underlying security for the loan or the nature of the receivable the risks would correspondingly
fluctuate. However, the credit enhancement stipulated by rating agencies for such asset class pools
is typically much higher and hence their overall risks are comparable to other AAA rated asset
classes.

Investment exposure of the Scheme with reference to Securitised Debt:
The Scheme will predominantly invest only in those securitisation issuances which have AAA
rating indicating the highest level of safety from credit risk point of view at the time of making an
investment.

The Scheme may invest in various type of securitisation issuances, including but not limited to
Asset Backed Securitisation, Mortgage Backed Securitisation, Personal Loan Backed
Securitisation, Collateralized Loan Obligation / Collateralized Bond Obligation and so on.

The Scheme does not propose to limit its exposure to only one asset class or to have asset class
based sub-limits as it will primarily look towards the AAA rating of the offering.

The Scheme will conduct an independent due diligence on the cash margins, collateralisation,
guarantees and other credit enhancements and the portfolio characteristic of the securitisation to
ensure that the issuance fits in to the overall objective of the investment in high investment grade
offerings irrespective of underlying asset class.




                                                                                                      54
h) Position of debt market in India
   The debt market in India is estimated at about Rs.15,00,000 crores as of now. A bulk of the debt
   market consists of Government Securities. Other instruments available currently include Corporate
   Debentures, Bonds issued by Financial Institutions, Commercial Paper, Certificates of Deposits
   and Securitized Debt. Securities in the Debt market typically vary based on their tenure and rating.
   Government Securities have tenures from one year to thirty years whereas the maturity periods of
   the Corporate Debt varies from one year to Fifteen years. Recently some banks have also issued
   perpetual bonds. Securities may be both listed and unlisted and increasingly most securities of
   maturities of over one year are being listed by issuers. While in the corporate bond market, deals
   are conducted over telephone and are entered on principal-to-principal basis, due to the
   introduction of the Reserve Bank of India's NDS- Order Matching system a significant proportion
   of the government securities market is trading on the new system. The yields and liquidity on
   various securities, currently, are as under:

       Issuer        Instrument                Maturity             Yields                 Liquidity
       GOI           Treasury Bill             91 days              7.35-7.45%*            High
       GOI           Treasury Bill             364 days             7.65-7.75%*            High
       GOI           Short Dated               1-3 Yrs              7.80-7.90%**           High
       GOI           Medium Dated              3-5 Yrs              7.85-7.95%**           High
       GOI           Long Dated                5-10 Yrs             8.15-8.25%**           High
       Corporates    Taxable Bonds (AAA)       1-3 Yrs              9.70-10.2%***          Medium
       Corporates    Taxable Bonds (AAA)       3-5 Yrs              10.1-10.4%***          Low to medium
       Corporates    CPs (P1+)                 3 months             8.2-8.6%*              Medium to High
       Corpo         CPs (P1+)                 1 Yr                 9.50-9.90%*            Medium
       rates

     *Money Market yield
     **Semi-annual yield
     ***Annualized yield

ii) Fixed Income securities:
    The AMC aims to identify securities, which offer superior levels of yield at lower levels of risks.
    With the aim of controlling risks rigorous in depth credit evaluation of the securities proposed to
    be invested in will be carried out by the investment team of the AMC. The credit evaluation
    includes a study of the operating environment of the issuer, the past track record as well as the
    future prospects of the issuer, the short as well as longer-term financial health of the issuer. Rated
    debt instruments in which the Scheme invests will be of investment grade as rated by a credit
    rating agency. The AMC will be guided by the ratings of Rating Agencies such as CRISIL, CARE,
    ICRA and Duff and Phelps Credit Rating India Limited or any other agency approved by SEBI, for
    this purpose. In case a debt instrument is not rated, such investments shall be made by an internal
    committee constituted by AMC to approve the investment in un-rated debt securities in terms of
    the parameters approved by the Board of Trustees and the Board of Asset Management Company.
    In addition, the investment team of the AMC will study the macro economic conditions, including
    the political, economic environment and factors affecting liquidity and interest rates. The AMC
    would use this analysis to attempt to predict the likely direction of interest rates and position the
    portfolio appropriately to take advantage of the same.

     The Scheme could invest in Fixed Income Securities issued by government, quasi government
     entities, corporate issuers, structured notes and multilateral agencies in line with the investment
     objectives of the Scheme as permitted by SEBI from time to time

i)   Portfolio Turnover
     Portfolio turnover is defined as the aggregate of purchases and sales after reducing all
     subscriptions and redemptions and derivative transactions therefrom and calculated as a percentage
     of the average assets under management of the Scheme during a specified period of time.
     The AMC’s portfolio management style is conducive to a low portfolio turnover rate. However,
     the AMC will take advantage of the opportunities that present themselves from time to time
     because of the inefficiencies in the securities markets. The AMC will endeavour to balance the
     increased cost on account of higher portfolio turnover with the benefits derived therefrom.


                                                                                                       55
j) Procedure followed for investment decisions:
a) The Fund Manager of each scheme is responsible for making buy/sell decisions in respect of the
   securities in the respective scheme portfolios, subject to final approval by the Chief Investment
   Officer. The investment decisions are made and approved on daily basis keeping in view the
   market conditions and all relevant aspects.
b) The AMC has an Internal Investment Committee comprising of the Managing Director, the Chief
   Investment Officer, Fund Managers and the Research Analyst who meet at periodic intervals. The
   Investment Committee, at its meetings, reviews the performance of the schemes and general
   market outlook and formulates broad investment strategy.
   The Chief Executive Officer who chairs the Investment Committee Meetings guides the
   deliberations at Investment Committee. He, on an ongoing basis, reviews the portfolios of the
   schemes and gives directions to the Chief Investment Officer, where considered necessary. It is
   the ultimate responsibility of the Chief Investment Officer to ensure that the investments are made
   as per the internal/Regulatory guidelines, Scheme investment objectives and in the best interest of
   the unitholders of the respective schemes.

     The AMC has a team comprising of twleve Fund Managers.             All of these are involved in
     preparation of research reports.

c)   The Managing Director makes a presentation to the Board of AMC at each of its meetings
     indicating the performance of the schemes. The performance of the schemes is reviewed by the
     Board with reference to the appropriate benchmarks as also the performance of the schemes of the
     competition.

     The benchmark for the Scheme will be S&P CNX Nifty Index.
     The performance will be placed before the Investment Committee as well as the Board of Directors
     of the AMC and the Trustee Company in each of their meetings.

     The Managing Director brings to the notice of the Board specific factors, if any, which are
     impacting the performance of any individual scheme. The Board on consideration of all relevant
     factors may, if necessary, give directions to AMC. Similarly, the performance of the schemes is
     submitted to the Trustees. The Managing Director explains to the Trustees the details on Schemes’
     performance vis-à-vis the benchmark returns.

d) Subsequent to the issue of Circular No.MFD/CIR/9/120/2000 dated November 24, 2000, the AMC
   constituted an internal committee to approve the investment in un-rated debt securities. All such
   investments, as and when are made, will be placed before the Board of Directors of AMC for its
   review.

e)   The AMC has been recording investment decisions since the receipt of instructions from SEBI, in
     terms of SEBI’s circular no. MFD/CIR/ 6 / 73 /2000 dated July 27, 2000.

k) Exposure to Derivatives
   The Scheme may use derivatives instruments like Stock/ Index Futures, Interest Rate Swaps,
   Forward Rate Agreements or such other derivative instruments as may be introduced from time to
   time for the purpose of hedging and portfolio balancing, within a permissible limit of portfolio,
   which may be increased as permitted under the Regulations and guidelines from time to time.

     Equity Derivatives:

     The Scheme intends to use derivatives for purposes that may be permitted by SEBI Mutual Fund
     Regulations from time to time. Derivatives instruments may take the form of Futures, Options,
     Swaps or any other instrument, as may be permitted from time to time. SEBI has vide its Circular
     DNPD/Cir-29/2005 dated September 14, 2005, Circular no. DNPD/Cir-30/2006 dated January 20,
     2006 and DNPD/Cir-31/2006 dated September 22, 2006 specified the guidelines pertaining to
     trading by Mutual Fund in Exchange trades derivatives. All Derivative positions taken in the
     portfolio would be guided by the following principles:

     i. Position limits for the Mutual Fund in Equity Index Option Contracts:



                                                                                                   56
 a. The Mutual Fund position limits in equity index option contracts shall be higher of:
         • Rs. 500 crores
         or
         • 15% of the total open interest in the market in equity index option contracts.

 b. This limit would be applicable on open positions in all option contracts on a particular
 underlying index.

 ii. Position limit for the Mutual Fund in Equity Index Futures Contracts:

 a. The Mutual Fund position limits in equity index futures contracts shall be higher of:
         • Rs. 500 crores
         or
         • 15% of the total open interest in the market in equity index futures contracts.

 b. This limit would be applicable on open positions in all futures contracts on a particular
 underlying index.

iii. Additional position limit for hedging

                In addition to the position limits at point (i) and (ii) above, Fund may take exposure in
                equity index derivatives subject to the following limits:

                a.       Short positions in index derivatives (short futures, short calls and long puts)
                         shall not exceed (in notional value) the Fund’s holding of stocks.

                b.       Long positions in index derivatives (long futures, long calls and short puts)
                         shall not exceed (in notional value) the Fund’s holding of cash, government
                         securities, T-Bills and similar instruments.

iv.             Position limit for the Fund for stock based derivative contracts

                The Fund position limit in a derivative contract on a particular underlying stock, i.e.
                stock option contracts and stock futures contracts:-

            a. For stocks having applicable market-wise position limit (MWPL) of Rs. 500 crores or
                more, the combined futures and options position limit shall be 20% of applicable
                MWPL or Rs. 300 crores, whichever is lower and within which stock futures
                position cannot exceed 10% of applicable MWPL or Rs. 150 crores, whichever is
                lower.

           b.   For stocks having applicable market-wise position limit (MWPL) less than Rs. 500
                 crores, the combined futures and options position limit would be 20% of applicable
                 MWPL and futures position cannot exceed 20% of applicable MWPL or Rs. 50 crore
                 which ever is lower.

v.              Position limit for the Scheme

                The position limits for the Scheme and disclosure requirements are as follows–

      a.        For stock option and stock futures contracts, the gross open position across all
                derivative contracts on a particular underlying stock of a scheme of a Fund shall not
                exceed the higher of:

      1% of the free float market capitalisation (in terms of number of shares).
      Or
      5% of the open interest in the derivative contracts on a particular underlying stock (in terms of
      number of contracts).




                                                                                                      57
           b.      This position limit shall be applicable on the combined position in all derivative
                   contracts on an underlying stock at a Stock Exchange.

          c.       For index based contracts, the Fund shall disclose the total open interest held by its
                   scheme or all schemes put together in a particular underlying index, if such open
                   interest equals to or exceeds 15% of the open interest of all derivative contracts on that
                   underlying index.

           The following section describes some of the more common equity derivatives
           transactions along with their benefits:

     1.    Basic Structure of a Stock Index Future
           The Stock Index futures are instruments designed to give exposure to the equity markets
           indices. The Stock Exchange, Mumbai (BSE) and The National Stock Exchange (NSE) have
           recently started trading in index futures of 1, 2 and 3 month maturities. The pricing of an
           index future is the function of the underlying index and short term interest rates.

           Example using hypothetical figures:
           1 month S & P CNX NIFTY Future
           Say, Fund buys 1,000 futures contracts, each contract value is 200 times futures index price
           Purchase Date               :        January 7, 2005
           Spot Index                  :        2000.00
           Future Price                :        2010.00
           Say, Date of Expiry         :        January 29, 2005
           Say, Margin                 :        10%
           Assuming the exchange imposes total margin of 10%, the Investment Manager will be
           required to provide total margin of approx. Rs.40, 200,000 (i.e.10% * 2010 * 1000 * 200)
           through eligible securities and cash.

           Date of Expiry
           Assuming on the date of expiry, i.e. Jan 29,2005, S&P CNX Nifty Index closes at 2025,the net
           impact will be a profit of Rs 30,00,000 for the fund i.e. (2025–2010)*1000*200

           Futures price              =       Closing spot price = 2025.00
           Profits for the Fund       =       (2025.00–2010.00) * 1000*200 = Rs. 30,00,000
           Please note that the above example is given for illustration purposes only. Some assumptions
           have been made for the sake of simplicity.

           The net impact for the Fund will be in terms of the difference of the closing price of the index
           and cost price.Thus, it is clear from the example that the profit or loss for the Fund will be the
           difference of the closing price (which can be higher or lower than the purchase price) and the
           purchase price. The risks associated with index futures are similar to those associated with
           equity investments. Additional risks could be on account of illiquidity and potential mis–
           pricing of the futures.

2.        Basic Structure of an Equity Option
           An option gives a person the right but does not cast the obligation to buy or sell something.
           An option is a contract between two parties wherein the buyer receives a privilege for which
           he pays a fee (premium) and the seller accepts an obligation for which he receives a fee. The
           premium is the price negotiated and set when the option is bought or sold. A person who buys
           an option is said to be long in the option. A person who sells (or writes) an option is said to be
           short in the option.

           In India, National Stock Exchange (NSE) became the first exchange to launch trading in
           options on individual securities. Trading in options on individual securities commenced from
           July 2, 2001. Option contracts are American style and cash settled and are currently available
           on 52 securities (as on February 14, 2005) as stipulated by the Securities and Exchange Board
           of India (SEBI).
           Example using hypothetical figures:
           Market type        :                 N



                                                                                                          58
         Instrument Type :                  OPTSTK
         Underlying         :               XYZ Ltd. (XYZ)
         Purchase date     :                February 7, 2005
         Expiry date               :        February 24, 2005
         Option Type                 :      Put Option (Purchased)
         Strike Price                :      Rs. 5,750.00
         Spot Price                  :      Rs. 5,800.00
         Premium                     :      Rs. 200.00
         Lot Size                    :      100
         No. of Contracts          :        50
         Say, the Fund purchases on February 7, 2005, 1 month Put Options on XYZ Ltd. (XYZ) on
         the NSE i.e. put options on 5000 shares (50 contracts of 100 shares each) of XYZ Ltd.

         Date of Exercise
         As these are American style options, they can be exercised on or before the exercise date i.e.
         February 24,2005. If the share price of XYZ Ltd. falls to Rs.5,500 on February 14, 2005 and
         the Investment Manager decides to exercise the option, the net impact will be as follows:
         Premium expense =          Rs.200 * 50 * 100 = Rs. 10,00,000
         Option Exercised at        =       Rs.5,500
         Profits for the Fund       =       (5,750.00–5,500.00) * 50*100 = Rs. 12,50,000
         Net Profit                 =       Rs. 12,50,000 – Rs. 10,00,000 = Rs. 2,50,000
         In the above example, the Investment Manager hedged the market risk on 5000 shares of XYZ
         Ltd. by purchasing Put Options.

         Please note that the above example is given for illustration purposes only. Some assumptions
         have been made for the sake of simplicity. Certain factors like margins have been ignored.
         The purchase of Put Options does not increase the market risk in the fund as the risk is already
         in the fund's portfolio on account of the underlying asset position (in this example XYZ Ltd.
         shares). The premium paid for the option is treated as an expense and added to the holding
         cost of the relevant security. Additional risks could be on account of illiquidity and potential
         mis–pricing of the options.

Risk Factor: The risk arising out of uses of derivative strategy may be as under:
• Lack of opportunities available in the market.
• The risk of mispricing or improper valuation and the inability of derivatives to correlate perfectly
    with underlying assets, rates and indices.
• Execution Risk: The prices which are seen on the screen need not be the same at which execution
    will take place

     Valuation of Derivative Products :
     a) The traded derivatives shall be valued at market price in conformity with the stipulations of
         sub clauses (i) to (v) of clause 1 of the Eighth Schedule to the Securities and Exchange Board
         of India (Mutual Funds) Regulations, 1996, as amended from time to time.
     b) The valuation of un-traded derivatives shall be done in accordance with the valuation method
         for un-traded investments prescribed in sub clauses (i) and (ii) of clause 2 of the Eighth
         Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as
         amended from time to time.

l)        Investment Restrictions for the Scheme
     Pursuant to the Regulations and amendments thereto, the following investment restrictions are
     presently applicable to the Scheme:

     1) The New Fund Offer Expenses in respect of any Scheme will not exceed 6% of the Funds
        raised under that Scheme.
     2) A mutual fund scheme shall not invest more than 15% of its NAV in debt instruments issued
        by a single issuer, which are rated not below investment grade by a credit rating agency
        authorised to carry out such activity under the SEBI Act. Such investment limit may be
        extended to 20% of the NAV of the scheme with the prior approval of the Board of Trustees
        and the Board of Asset Management Company. Provided that, such limit shall not be
        applicable for investments in government securities and money market instruments. Provided



                                                                                                      59
    further that investment within such limit can be made in mortgage backed securitised debt,
    which are rated not below investment grade by a credit rating agency, registered with SEBI.
    With respect to investments in securitized debt (mortgage backed securities/asset backed
    securities), issuer would be considered to be the originator of underlying receivables of assets
    such as mortgage backed securities / asset backed securities / collaterialised debt obligations
    etc. in which the scheme/plan has invested and not the Trust/SPV.
3) A mutual fund scheme shall not invest more than 10% of its NAV in un rated debt instruments
    issued by a single issuer and the total investment in such instruments shall not exceed 25% of
    the NAV of the scheme. All such investments shall be made by an internal committee
    constituted by AMC to approve the investment in un-rated debt securities in terms of the
    parameters approved by the Board of Trustees and the Board of Asset Management Company.
    Debentures, irrespective of any residual maturity period (above or below one year), shall
    attract the investment restrictions as applicable for debt instruments as specified under Clause
    2 & 3 above.
4) The Fund under all its schemes shall not own more than 10% of any company’s paid up
    capital carrying voting rights.
5) Transfer of investments from one scheme to another scheme in the same Mutual Fund is
    permitted provided:
    a) Such transfers are done at the prevailing market price for quoted instruments on spot basis
         (spot basis shall have the same meaning as specified by a Stock Exchange for spot
         transactions); and
    b) The securities so transferred shall be in conformity with the investment objective of the
         scheme to which such transfer has been made.
6) The Scheme may invest in other schemes under the same AMC or any other Mutual Fund
    without charging any fees, provided the aggregate inter-scheme investment made by all the
    schemes under the same management or in schemes under management of any other asset
    management company shall not exceed 5% of the Net Asset Value of the Fund. No investment
    management fees shall be charged for investing in other schemes of the Fund or in the
    schemes of any other mutual fund.
7) The Fund shall get the securities purchased transferred in the name of the Fund on account of
    the concerned scheme, wherever investments are intended to be of a long-term nature.
8) The Fund may buy and sell securities on the basis of deliveries and shall in all cases of
    purchases, take delivery of relative securities and in all cases of sale, deliver the securities and
    will not make any short sales or engage in carry forward transaction or badla finance.
    Provided that mutual funds shall enter into derivatives transactions in a recognised stock
    exchange for the purpose of hedging and portfolio balancing, in accordance with the
    guidelines issued by SEBI.
9) All the Scheme’s investments will be in transferable securities (whether in capital markets or
    money markets) or bank deposits or in money at call as in privately placed debentures as
    securitised debt.
10) No loans for any purpose can be advanced by the Scheme.
11) No mutual fund scheme shall make any investments in;
    a) any unlisted security of an associate or group company of the sponsor; or
    b) any security issued by way of private placement by an associate or group company of the
         Sponsor; or
    c) the listed securities of group companies of the Sponsor which is in excess of 25% of the
    net assets of the scheme of the Mutual Fund.
13) No mutual fund scheme shall invest more than 10% of its NAV in equity shares of any one
    company.
14) No open-ended mutual fund scheme shall invest more than 5% of its NAV in unlisted equity
    shares or equity related instruments.
15) The Fund shall not borrow except to meet temporary liquidity needs of the Fund for the
    purpose of repurchase/ redemption of units or payment of interest and dividend to the
    Unitholders. Such borrowings shall not exceed more than 20% of the net assets of the
    individual scheme and the duration of the borrowing shall not exceed a period of 6 months.
16) Pending deployment of funds of a scheme in securities in terms of investment objectives of the
    Scheme, the AMC can invest the funds of the Scheme in short term deposits of scheduled
    commercial banks or in call deposits.
17) In accordance with SEBI Circular no SEBI/IMD/CIR No. 1/91171/07 dated 16th April 2007,
         following guidelines shall be followed for Parking of funds in short term deposits of



                                                                                                     60
              Scheduled commercial Banks pending deployment
         a.   “Short Term” for such parking of funds by mutual funds shall be treated as a period not
              exceeding 91 days.
         b.    Such short term deposits shall be held in the name of the concerned scheme.
         c.     No mutual fund scheme shall park more than 15% of the net assets in Short term
               deposit(s) of all the scheduled commercial banks put together. However, it may be raised
               to 20% with prior approval of the trustees. Also, parking of funds in short term deposits
               of associate and sponsor scheduled commercial banks together shall not exceed 20% of
               total deployment by the mutual fund in short term deposits.
         4. No mutual fund scheme shall park more than 10% of the net assets in short term
              deposit(s), with any one scheduled commercial bank including its subsidiaries.
         5. Trustees shall ensure that no funds of a scheme may be parked in short term deposit of a
              bank which has invested in that scheme.
         6. Asset Management Company (AMC) shall not be permitted to charge any investment
              management and advisory fees for parking of funds in short term deposits of scheduled
              commercial banks in case of liquid and debt oriented schemes.
         7. All funds parked in short term deposit(s) shall be disclosed in half yearly portfolio
              statements under a separate heading. Details such as name of the bank, amount of funds
              parked, percentage of NAV may be disclosed.
         8. Trustees shall certify in the half-yearly reports that the provision of the Regulation
              pertaining to parking of funds in short term deposits - pending deployment is being
              complied with at all points of time. Further the AMC shall also certify the same in its bi-
              monthly compliance test report.
     18) The Scheme may also use various hedging and derivative products from time to time, as are
         available and permitted by SEBI, in an attempt to protect and enhance the interests of the
         Unitholders at all times.
     19) The Mutual Fund having an aggregate of securities which are worth Rs.10 crores or more, as
         on the latest balance sheet date, shall subject to such instructions as may be issued from time
         to time by the Board, settle their transactions entered on or after January 15, 1998 only
         through dematerialised securities. Further, all transactions in government securities shall be in
         dematerialised form.

m) Underwriting by the Fund
   Subject to the Regulations, the Scheme may enter into underwriting agreements after the Fund
   obtains a certificate of registration in terms of the Securities and Exchange Board of India
   (Underwriters) Rules and the Securities and Exchange Board of India (Underwriters) Regulations,
   1993, authorizing it to carry on activities as underwriters.
   The capital adequacy norms for the purpose of underwriting shall be the net assets of the Scheme
   and the underwriting obligation of the Scheme shall not at any time exceed the total net asset value
   of the Scheme.

n) Computation of Net Asset Value
The NAV of the Units of the Scheme will be computed by dividing the net assets of the Scheme by the
number of Units outstanding on the valuation date. The Fund shall value its investments according to
the valuation norms, as specified in Schedule VIII of the Regulations, or such norms as may be
prescribed by SEBI from time to time. The broad valuation norms are detailed below:

1.   Traded Securities:
     (i)    The securities shall be valued at the last quoted closing price on the stock exchange.
     (ii)    When the securities are traded on more than one recognised stock exchange, the
            securities shall be valued at the last quoted closing price on the stock exchange where the
            security is principally traded.
     (iii)  When on a particular valuation day, a security has not been traded on the Principal stock
            exchange, the value at which it is traded on another stock exchange may be used.
     (iv)   When a security (other than debt securities) is not traded on any stock exchange on a
            particular valuation day, the value at which it was traded on the selected stock exchange,
            as the case may be, on the earliest previous day may be used provided such date is not
            more than thirty days prior to valuation date.
            When a debt security (other than Government Securities) is not traded on any stock
            exchange on any particular valuation day, the value at which it was traded on the



                                                                                                       61
              principal stock exchange or any other stock exchange, as the case may be, on the earliest
              previous day may be used provided such date is not more than fifteen days prior to
              valuation date. When a debt security (other than Government Securities) is purchased by
              way of private placement, the value at which it was bought may be used for a period of
              fifteen days beginning from the date of purchase.

2. Thinly Traded Securities:

     (i) Thinly Traded Equity/Equity Related Securities:
         "When trading in an equity/equity related security (such as convertible debentures, equity
           warrants, etc.) in a month is both less than Rs. 5 lacs and the total volume is less than 50,000
           shares, it shall be considered as a thinly traded security and valued accordingly".

         For example, if the volume of trade is 100,000 and value is Rs. 400,000, the share does not
          qualify as thinly traded. Also if the volume traded is 40,000, but the value of trades is Rs.
          600,000, the share does not qualify as thinly traded.

         In order to determine whether a security is thinly traded or not, the volumes traded in all
          recognised stock exchanges in India may be taken into account.

     (ii) Thinly Traded Debt Securities:
          A debt security (other than Government Securities) shall be considered as a thinly traded
           security if on the valuation date, there are no individual trades in that security in marketable
           lots (currently Rs 5 crore) on the principal stock exchange or any other stock exchange.

          A thinly traded debt security as defined above would be valued as per the norms set for non-
          traded debt security.

3.   Non Traded Securities:
     When a security (other than Government Securities) is not traded on any stock exchange for a
     period of thirty days prior to the valuation date, the scrip must be treated as a ‘non traded’ security.
Valuation Of Non-Traded / Thinly Traded Securities
Non traded/ thinly traded securities shall be valued "in good faith" by the asset management company
on the basis of the valuation principles laid down below:
(i) Non-traded / thinly traded equity securities:
(a) Based on the latest available Balance Sheet, net worth shall be calculated as follows:
(b) Net Worth per share = [share capital + reserves (excluding revaluation reserves) – Misc.
     expenditure and Debit Balance in P&L A/c] Divided by number of Paid up Shares.
(c) Average capitalisation rate (P/E ratio) for the industry based upon either BSE or NSE data (which
     should be followed consistently and changes, if any noted with proper justification thereof) shall be
     taken and discounted by 75% i.e. only 25% of the Industry average P/E shall be taken as
     capitalisation rate (P/E ratio). Earnings per share of the latest audited annual accounts will be
     considered for this purpose.
(d) The value as per the net worth value per share and the capital earning value calculated as above
     shall be averaged and further discounted by 10% for ill-liquidity so as to arrive at the fair value per
     share.
(e) In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at capitalised
     earning.
(f) In case where the latest balance sheet of the company is not available within nine months from the
     close of the year, unless the accounting year is changed, the shares of such companies shall be
     valued at zero.
(g) In case an individual security accounts for more than 5% of the total assets of the scheme, an
     independent valuer shall be appointed for the valuation of the said security.
      To determine if a security accounts for more than 5% of the total assets of the scheme, it should be
     valued by the procedure above and the proportion which it bears to the total net assets of the
     scheme to which it belongs would be compared on the date of valuation.
(ii)(a) Non Traded /Thinly Traded Debt Securities of Upto 182 Days to Maturity:
     As the money market securities are valued on the basis of amortization (cost plus accrued interest
     till the beginning of the day plus the difference between the redemption value and the cost spread
     uniformly over the remaining maturity period of the instruments) a similar process should be



                                                                                                         62
     adopted for non-traded debt securities with residual maturity of upto 182 days, in the absence of
     any other standard benchmarks in the market. Debt securities purchased with residual maturity of
     upto 182 days are to be valued at cost (including accrued interest till the beginning of the day) plus
     the difference between the redemption value (inclusive of interest) and cost spread uniformly over
     the remaining maturity period of the instrument. In case of a debt security with maturity greater
     than 182 days at the time of purchase, the last valuation price plus accrued interest should be used
     instead of purchase cost. All other non traded Non Government debt instruments shall be valued
     using the method suggested in (ii)(b).
ii)(b) Non Traded/ Thinly Traded Debt Securities of Over 182 Days to Maturity.
     For the purpose of valuation, all Non Traded Debt Securities would be classified into "Investment
     grade" and "Non Investment grade" securities based on their credit ratings. The non-investment
     grade securities would further be classified as "Performing" and "Non Performing" assets
       •     All Non Government investment grade debt securities, classified as not traded, shall be
             valued on yield to maturity basis as described in the applicable SEBI circular.
       •     All Non Government non investment grade performing debt securities would be valued at a
             discount of 25% to the face value
       •     All Non Government non-investment grade non-performing debt securities would be
             valued based on the provisioning norms.

Valuation of Unlisted Equity Shares:
Unlisted equity shares of a company shall be valued "in good faith" on the basis of the valuation
principles laid down below:
    a. Based on the latest available audited balance sheet, net worth shall be calculated as lower of
         (i) and (ii) below:
             i.    Net worth per share = [share capital plus free reserves (excluding revaluation
                   reserves) minus Miscellaneous expenditure not written off or deferred revenue
                   expenditure, intangible assets and accumulated losses] divided by Number of Paid up
                   Shares.
            ii.    After taking into account the outstanding warrants and options, Net worth per share
                   shall again be calculated and shall be = [share capital plus consideration on exercise
                   of Option/Warrants received/receivable by the Company plus free reserves(excluding
                   revaluation reserves) minus Miscellaneous expenditure not written off or deferred
                   revenue expenditure, intangible assets and accumulated losses] divided by {Number
                   of Paid up Shares plus Number of Shares that would be obtained on
                   conversion/exercise of Outstanding Warrants and Options}
                   The lower of (i) and (ii) above shall be used for calculation of net worth per share
                   and for further calculation in (c) below.

                  (b) Average capitalisation rate (P/E ratio) for the industry based upon either BSE or
                  NSE data (which should be followed consistently and changes, if any, noted with
                  proper justification thereof) shall be taken and discounted by 75% i.e. only 25% of
                  the Industry average P/E shall be taken as capitalisation rate (P/E ratio). Earnings per
                  share of the latest audited annual accounts will be considered for this purpose.
                  (c) The value as per the net worth value per share and the capital earning value
                  calculated as above shall be averaged and further discounted by 15% for illiquidity so
                  as to arrive at the fair value per share.

         The above methodology for valuation shall be subject to the following conditions:
   i.    All calculations as aforesaid shall be based on audited accounts.
  ii.    In case where the latest balance sheet of the company is not available within nine months from
         the close of the year, unless the accounting year is changed, the shares of such companies shall
         be valued at zero.
 iii.    If the net worth of the company is negative, the share would be marked down to zero.
 iv.     In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at
         capitalised earning.
  v.     In case an individual security accounts for more than 5% of the total assets of the scheme, an
         independent valuer shall be appointed for the valuation of the said security. To determine if a
         security accounts for more than 5% of the total assets of the scheme, it should be valued in
         accordance with the procedure as mentioned above on the date of valuation.




                                                                                                       63
  vi.    At the discretion of the AMC and with the approval of the trustees, an unlisted equity share
         may be valued at a price lower than the value derived using the aforesaid methodology.

Valuation of securities with Put/Call Options
The option embedded securities would be valued as follows:

Securities with call option:
The securities with call option shall be valued at the lower of the value as obtained by valuing the
security to final maturity and valuing the security to call option.
In case there are multiple call options, the lowest value obtained by valuing to the various call dates
and valuing to the maturity date is to be taken as the value of the instrument.

Securities with Put option:
The securities with put option shall be valued at the higher of the value as obtained by valuing the
security to final maturity and valuing the security to put option
In case there are multiple put options, the highest value obtained by valuing to the various put dates and
valuing to the maturity date is to be taken as the value of the instruments.

Securities with both Put and Call option on the same day:
The securities with both Put and Call option on the same day would be deemed to mature on the
Put/Call day and would be valued accordingly.

(i) Government securities.
    Government securities will be valued at yield to maturity based on the prevailing market rate
Illiquid Securities:
(a) Aggregate value of "illiquid securities" of scheme, which are defined as non-traded, thinly traded
     and unlisted equity shares, shall not exceed 15% of the total assets of the scheme and any illiquid
     securities held above 15% of the total assets shall be assigned zero value.
     Provided that in case any scheme has illiquid securities in excess of 15% of total assets as on
     September 30, 2000 then such a scheme shall within a period of two years bring down the ratio of
     illiquid securities within the prescribed limit of 15% in the following time frame:
     (i) all the illiquid securities above 20% of total assets of the scheme shall be assigned zero value on
           September 30, 2001.
     (ii) All the illiquid securities above 15% of total assets of the scheme shall be assigned zero value
           on September 30, 2002.
 (b)All funds shall disclose as on March 31 and September 30 the scheme-wise total illiquid securities
     in value and percentage of the net assets while making disclosures of half yearly portfolios to the
     unitholders. In the list of investments, an asterisk mark shall also be given against all such
     investments, which are recognised as illiquid securities.
(c) Mutual Funds shall not be allowed to transfer illiquid securities among their schemes              w.e.f.
     October 1, 2000.
(d) In respect of closed ended funds, for the purposes of valuation of illiquid securities, the limits of
     15% and 20% applicable to open-ended funds should be increased to 20% and 25% respectively.
(e) Where a scheme has illiquid securities as at September 30, 2001 not exceeding 15% in the case of
     an open-ended fund and 20% in the case of closed fund, the concessions of giving time period for
     reducing the illiquid security to the prescribed limits would not be applicable and at all time the
     excess over 15% or 20% shall be assigned nil value.
v) Value of “Rights” entitlement
     a) Until they are traded, the value of the “rights” entitlement would be calculated as:
           Vr = n/m x (Pex – Pof)
           where
           Vr = Value of rights
           n = no. of rights Offered
           m = no. of original shares held
           Pex = Ex-Rights price
           Pof = Rights Offer price
     b) Where the rights are not traded pari-passu with the existing shares, suitable adjustments would
           be made to the value of rights. Where it is decided not to subscribe for the rights but to
           renounce them and renunciations are being traded, the rights would be valued at the
           renunciation value.


                                                                                                          64
vi) Expenses and Incomes Accrued
     All expenses and incomes accrued up to the valuation date shall be considered for computation of
     NAV. For this purpose, major expenses like management fees and other periodic expenses would
     be accrued on a day-to-day basis. The minor expenses and income will be accrued on a periodic
     basis, provided the non daily accrual does not affect the NAV calculations by more than 1%.
vii) Changes in securities and in number of units :
     Any changes in securities and in the number of units will be recorded in the books not later than
     the first valuation date following the date of transaction. If this is not possible, given the frequency
     of NAV disclosure, the recording may be delayed up to a period of seven days following the date
     of the transaction, provided as a result of such non recording, the NAV calculation shall not be
     affected by more than 2%.
     The valuation guidelines as outlined above are as per prevailing Regulations and are subject to
     change from time to time in conformity with changes made by SEBI.
viii) Valuation of Derivative Products :
          (i)       The traded derivatives shall be valued at market price in conformity with the
                    stipulations of sub clauses (i) to (v) of clause 1 of the Eighth Schedule to the
                    Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
          (ii)      The valuation of untraded derivatives shall be done in accordance with the valuation
                    method for untraded investments prescribed in sub clauses (i) and (ii) of clause 2 of
                    the Eighth Schedule to the Securities and Exchange Board of India (Mutual Funds)
                    Regulations, 1996.

    NAV of units under the Scheme shall be calculated as shown below :

                       Market or Fair Value of Scheme’s investments + Current Assets
                                      - Current Liabilities and Provision
    NAV (Rs.) =_____________________________________________________
                                  No. of Units outstanding under Scheme

    The NAV of the Scheme will be calculated as of the close of every Business Day. The valuation of
    the Scheme’s assets and calculation of the Scheme’s NAV shall be subject to audit on an annual
    basis and such regulations as may be prescribed by SEBI from time to time.

o) Accounting Policies & Standards
In accordance with the Regulations, the AMC will follow the accounting policies and standards, as
detailed below:
a) The AMC, for each Scheme, shall keep and maintain proper books of account, records and
    documents, so as to explain its transactions and to disclose at any point of time the financial
    position of the Scheme and, in particular, give a true and fair view of the state of affairs of the
    Fund.
b) For the purposes of the financial statements, the Scheme shall mark all investments to market and
    carry investments in the balance sheet at market value. However, since the unrealized gain arising
    out of appreciation on investments cannot be distributed, provision shall be made for exclusion of
    this item when arriving at distributable income.
c) Dividend income earned by the Scheme shall be recognized, not on the date the dividend is
    declared, but on the date the share is quoted on an ex-dividend basis. For investments which are
    not quoted on the stock exchange, dividend income would be recognized on the date of declaration
    of dividend.
d) In respect of all interest-bearing investments, income shall be accrued on a day to day basis as it is
    earned. Therefore, when such investments are purchased, interest paid for the period from the last
    interest due date up to the date of purchase should not be treated as a cost of purchase but shall be
    debited to Interest Recoverable Account. Similarly, interest received at the time of sale for the
    period from the last interest due date up to the date of sale must not be treated as an addition to sale
    value but shall be credited to Interest Recoverable Account.
e) In determining the holding cost of investments and the gains or loss on sale of investments, the
    “average cost” method shall be followed for each security.
f) Transactions for purchase or sale of investments shall be recognized as of the trade date and not as
    of the settlement date, so that the effect of all investments traded during a financial year are
    recorded and reflected in the financial statements for that year. Where investment transactions take
    place outside the stock market, for example, acquisition through private placement or purchases or



                                                                                                          65
     sales through private treaty, the transaction would be recorded, in the event of a purchase, as of the
     date on which the Scheme obtains an enforceable obligation to pay the price or, in the event of a
     sale, when the Scheme obtains an enforceable right to collect the proceeds of sale or an
     enforceable obligation to deliver the instruments sold.
g)   Bonus shares to which the Scheme becomes entitled shall be recognized only when the original
     shares on which the bonus entitlement accrues are traded on the stock exchange on an ex-bonus
     basis. Similarly, rights entitlements shall be recognized only when the original shares on which the
     right entitlement accrues are traded on the stock exchange on an ex-right basis.
h)   Where income receivable on investments has been accrued and has not been received for a period
     as specified in the Regulation/guidelines issued by SEBI, provision shall be made by debit to the
     revenue account for the income so accrued in the manner specified by SEBI.
i)   When units are sold in the Scheme, an appropriate part of the sale proceeds shall be credited to an
     Equalization Account and when units are repurchased an appropriate amount shall be debited to
     Equalization Account. The net balance on this account shall be credited or debited to the Revenue
     Account. The balance on the Equalization Account debited or credited to the Revenue Account
     shall not decrease or increase the net income of the Fund but is only an adjustment to the
     distributable surplus. It shall therefore be reflected in the Revenue Account only after the net
     income of the Fund is determined.
j)   When units are sold, after considering the equalization as above, the difference between the sale
     price and the face value of the Unit, if positive, shall be credited to reserves and if negative, shall
     be debited to reserve, the face value being credited to Capital Account. Similarly, when the Units
     are repurchased, after considering the equalization as above, the difference between the purchase
     price and face value of the Unit, if positive, shall be debited to reserves and, if negative, shall be
     credited to reserves, the face value being debited to the Capital Account.
k)   The cost of investments acquired or purchased shall include brokerage, stamp charges and any
     charge customarily included in the broker’s bought note. In respect of privately placed debt
     instruments any front-end discount offered shall be reduced from the cost of the investment.
l)   Underwriting commission shall be recognized as revenue only when there is no devolvement on
     the Scheme. Where there is devolvement on the Scheme, the full underwriting commission
     received and not merely the portion applicable to the devolvement shall be reduced from the cost
     of the investment.
m)   An asset shall be classified as non-performing if the interest and/or principle amount have not been
     received or remained outstanding for one quarter from the date such income/installment have
     fallen due and relevant guidelines for identification and provisioning for non-performing assets for
     mutual fund will be applicable.
     The accounting policies and standards outlined above are as per the existing Regulations and are
     subject to change as per changes in the Regulations.

Guidelines For Identification and Provisioning for Non Performing Assets (Debt Securities) For
Mutual Funds:

(A) Definition of a Non Performing Asset (NPA)

     An ‘asset’ shall be classified as non performing, if the interest and/or principal amount have not
     been received or remained outstanding for one quarter from the day such income / installment has
     fallen due.

(B) Effective date for classification and provisioning of NPAs:

     The definition of NPA may be applied after a quarter past due date of the interest. For e.g. if the
     due date for interest is 30.06.2002, it will be classified as NPA from 01.10.2002.

(C) Treatment of income accrued on the NPA and further accruals
    After the expiry of the 1st quarter from the date the income has fallen due, there will be no further
    interest accrual on the asset i.e. if the due date for interest falls on 30.06.2002 and if the interest is
    not received, accrual will continue till 30.09.2002 after which there will be no further accrual of
    income. In short, taking the above example, from the beginning of the 2nd quarter there will be no
    further accrual on income.
    On classification of the asset as NPA from a quarter past due date of interest, all interest accrued
    and recognized in the books of accounts of the Fund till the date, should be provided for. For e.g. if



                                                                                                           66
    interest income falls due on 30.06.2002, accrual will continue till 30.09.2002 even if the income as
    on 30.06.2002 has not been received. Further, no accrual will be done from 01.10.2002 onwards.
    Full provision will also be made for interest accrued and outstanding as on 30.06.2002.

(D) Provision for NPAs – Debt Securities.
    Both secured and unsecured investments once they are recognized as NPAs call for provisioning in
    the same manner and where these are related to close ended scheme the phasing would be such that
    to ensure full provisioning prior to the closure of the scheme or the scheduled phasing which ever
    is earlier.
    The value of the asset must be provided in the following manner or earlier at the discretion of the
    fund. Fund will not have discretion to extend the period of provisioning. The provisioning against
    the principal amount or instalments should be made at the following rates irrespective of whether
    the principal is due for repayment or not.
    • 10% of the book value of the asset should be provided for after 6 months past due date of
         interest i.e. 3 months form the date of classification of the asset as NPA.
    • 20% of the book value of the asset should be provided for after 9 months past due date of
         interest i.e. 6 months from the date of classification of the asset as NPA.
    • Another 20% of the book value of the assets should be provided for after 12 months past due
         date of interest i.e. 9 months form the date of classification of the asset as NPA.
    • Another 25% of the book value of the assets should be provided for after 15 months past due
         date of interest i.e. 12 months from the date of classification of the asset as NPA.
    • The balance 25% of the book value of the asset should be provided for after 18 months past
         due date of the interest i.e. 15 months form the date of classification of the assets as NPA.
Book value for the purpose of provisioning for NPAs shall be taken as a value determined as per the
prescribed valuation method.

(E) Reclassification of assets:
Upon reclassification of assets as ‘performing assets’:
1. In case a company has fully cleared all the arrears of interest, the interest provisions can be written
     back in full.
2. The asset will be reclassified as performing on clearance of all interest arrears and if the debt is
     regularly serviced over the next two quarters.
3. In case the company has fully cleared all the arrears of interest, the interest not credited on accrual
     basis would be credited at the time of receipt.
4. The provision made for the principal amount can be written back in the following manner:
     • 100% of the asset provided for in the books will be written back at the end of the 2nd quarter
          where the provision of principal was made due to the interest defaults only.
     • 50% of the asset provided for in the books will be written back at the end of the 2nd quarter
          and 25% after every subsequent quarter where both installments and interest were in default
          earlier.
5. An asset is reclassified as 'standard asset' only when both overdue interest and overdue
     installments are paid in full and there is satisfactory performance for a subsequent period of 6
     months.

(F) Receipt of past dues :
   When the fund has received income/principal amount after their classifications as NPAs;
   For the next 2 quarters, income should be recognized on cash basis and thereafter on accrual basis.
   The asset will be continued to be classified as NPA for these two quarters.

   During this period of two quarters although the asset is classified as NPA no provision needs to be
   made for the principal if the same is not due and outstanding

   If part payment is received towards principal, the asset continues to be classified as NPA and
   provisions are continued as per the norms set at (D) above. Any excess provision will be written
   back.

   Some of the investments made by mutual funds may become non-performing (NPAs) or illiquid at
   the time of maturity/closure of schemes. In due course of time, these NPAs and illiquid securities
   may be realised by the mutual funds i.e. after the winding up of the schemes.




                                                                                                       67
   Such amount would be distributed, if it is substantial and is realised within two years, to the old
   investors. In case the amount is not substantial or it is realised after two years, it may be transferred
   to the Investor Education Fund maintained by each mutual fund as specified in SEBI circular
   MFD/CIR/9/120/2000 dated November 24, 2000. The decision as to the determination of
   substantial amount shall be taken by the trustees of mutual funds after considering the relevant
   factors.

(G) Classification of Deep Discount Bonds as NPAs :
    Investments in Deep Discount Bonds can be classified as NPAs, if any two of the following
    conditions are satisfied:
    • If the rating of the Bond comes down to grade ‘BB’ or below.
    • If the company is defaulting in their commitments in respect of other assets, if available.
    • Full Net worth erosion.
    Provision should be made as per the norms set at (D) above as soon as the asset is classified as
    NPA. Full provision can be made if the rating comes down to grade ‘D’

(H) Reschedulement of an asset :
    In case any company defaults either interest or principal amount and the fund has accepted a
    Reschedulement of the schedule of payments, then the following practice may be adhered to:
    (i) In case it is a first Reschedulement and only interest is in default, the status of the asset
    namely, ‘NPA’ may be continued and existing provisions should not be written back. This
    practice should be continued for two quarters of regular servicing of the debt. Thereafter, this
    be classified as ‘performing asset’ and the interest provided may be written back.
    (ii) If the Reschedulement is done due to default in interest and principal amount, the asset
    should be continued as non-performing for a period of 4 quarters, even though the asset is
    continued to be serviced during these 4 quarters regularly. Thereafter, this can be classified as
    ‘performing asset’ and all the interest provided till such date should be written back.
          (iii) If the Reschedulement is done for a second/third time or thereafter, the characteristic
                of NPA should be continued for eight quarters of regular servicing of the debt. The
                provision should be written back only after it is reclassified as ‘performing asset’.

(I) Disclosure in the Half Yearly Portfolio Reports :
    The mutual funds shall make scripwise disclosures of NPAs on half yearly basis along with the
    half yearly portfolio disclosure.

    The total amount of provisions made against the NPAs shall be disclosed in addition to the total
    quantum of NPAs and their proportion of the assets of the mutual fund scheme. In the list of
    investments an asterisk mark shall be given against such investments, which are recognized as
    NPAs. Where the date of redemption of an investment has lapsed, the amount not redeemed shall
    be shown as ‘Sundry Debtors’ and not investment provided that where an investment is
    redeemable by installments that will be shown as an investment until all installments have become
    overdue.




                                                                                                         68
                                         SECTION III
                                UNITS & THE NEW FUND OFFER
GENERAL INFORMATION
a) Minimum Subscription Amount
   During the New Fund Offer period of the Scheme, the total minimum subscription amount
   prescribed in terms of the earlier offer document was Rs.1 lakh.

b) Offer Price
   The Units under the Scheme are available for subscription at Applicable NAV based prices,
   subject to entry load provisions, if any.

c) Minimum Amount for Application
       • Growth and Dividend Option : Rs. 5,000 (plus in multiples of Re. 1)
       • Institutional Option-I: Rs. 1,00,000/- and in multiples of Re. 1

d) New Fund Offer Expenses
   The new fund offer expenses charged to the Scheme were limited to 3.75% of the amount
   mobilised under the New Fund Offer (NFO). Under the Regulations, the Scheme is entitled to
   charge new fund offer expenses up to a maximum of 6% of initial resources raised under the
   Scheme. The new fund offer expenses charged to the Scheme may be amortised over a period not
   exceeding five years and would be included in the NAV. However, the same would not be
   included in the NAV for determination of Investment management and Trustee fees. The above is
   as per the SEBI Regulations. The same is illustrated as under:
                                                        Investment less than Investment of 5
                                                        Rs. 5 Crs            Crs. And above
     Face value                                 A       Rs. 10.00            Rs. 10.00
     Entry Load                                  B      0.225 (2.25%)        Nil
     Issue Price (A+B)                           C      10.225               10.00
     NFO Expenses (3.75% of A)                   D      Re.0.3750            Re. 0.3750
     Maximum NFO Expenses (B+D)                  E      Re.0.60              Re. 0.3750
     NFO expenses borne out of Entry load       F       Re. 0.225            Nil
     Balance NFO expenses to be charged to G            Re. 0.3750           0.3750
     the Scheme (E-F)
       Amount available for investment for H             Rs. 9.625                9.625
       every Rs. 10 (C-E)
       Amortisation of new fund offer expenses I         Re.0.0002                Re.0.0002
       per unit per day for 5 years (G/1825
       days)
       Balance NFO expenses to be carried J              Re. 0.3748               Re. 0.3748
       forward (G-I)
       NAV on first day (A-I)                      K     9.9998                    9.9998
     The above example is for the illustration purpose only. The actual NAV will vary depending on the
     extent of actual NFO expenses being charged to the Scheme within the permitted range as defined
     in this offer document and whether the new fund offer expenses are amortised or are charged to the
     Scheme without amortisation. The above example is also subject to rounding-off.

e)   Options and Investment plans offered under the Scheme
     Investors under the ICICI Prudential Infrastructure Fund have the choice of a Growth Option or a
     Dividend Option or Institutional Option – I. Dividend Option will have dividend payout and
     dividend reinvestment facility. Only Growth Option is available under Insitutinal Option –I. All
     the Options under the Scheme will have common portfolio. Dividend Option with dividend
     reinvestment facility will be the default option. Hence, if an investor fails to specify the option
     applied for, he will be allotted units under the Dividend option of the Scheme. Further if the
     investor fails to choose between dividend payout and reinvestment then by default the dividends
     declared will be reinvested. Hence the default option will be Dividend Reinvestment.

     The Trustees reserve right to introduce any other option(s) under the Scheme at a later date, by
     providing a notice to the investors on the AMC’s website and by issuing a press release, prior to
     introduction of such option(s).



                                                                                                     69
     i)   Growth Option – For Capital Appreciation
          The Scheme will not declare any dividends under this option. The income earned by the
          Scheme will remain invested in the Scheme and will be reflected in the Net Asset Value. This
          Option is suitable for investors who are not looking for regular income.

     ii) Dividend Option – For Regular Income
         This option is suited for investors seeking regular income through dividends declared by the
         Scheme. The Trustee may approve the distribution of dividends by the AMC out of the net
         surplus of the Plan. To the extent the net surplus is not distributed, the same will remain
         invested in the Plan and be reflected in the NAV.

     iii) Instiutional Option – I
          The Scheme will not declare any dividends under this option. The income earned by the
          Scheme will remain invested in the Scheme and will be reflected in the Net Asset Value

     iv) Dividend Reinvestment facility
          The investors opting for Dividend Option may choose to reinvest the dividend to be received
          by them in additional Units of the Scheme. Under this provision, the dividend due and payable
          to the Unitholders will be compulsorily and without any further act by the Unitholders
          reinvested in the Scheme (under the Dividend Option, at the first ex-dividend NAV). The
          dividends so reinvested shall be constructive payment of dividends to the Unitholders and
          constructive receipt of the same amount from each Unitholder for reinvestment in Units.

          On reinvestment of dividends, the number of units to the credit of Unitholder will increase to
          the extent of the dividend reinvested divided by the NAV applicable as explained above.
          There shall, however, be no entry load on the dividends so reinvested.

          The AMC has been advised by the Statutory Auditors to the Fund that such dividends, which
          are reinvested, will be tax exempt in the hands of the Unitholders.

f)   Pledge of Units for loans
     The Units can be pledged by the Unitholders as security for raising loans subject to the conditions
     of the lending institution. The Registrar will take note of such pledge / charge in its records.


g) Systematic Investment Plan (SIP)
   The Unitholders of the Scheme can benefit by investing specific Rupee amounts periodically, for a
   continuous period. The SIP allows the investors to invest a fixed amount of Rupees (subject to
   minimum of Rs. 1,000/- p.m.) every month for purchasing additional Units of the Scheme at NAV
   based prices. Investors can enroll themselves for SIP in the Scheme by ticking appropriate box on
   the application form or by subsequently making a written request to that effect to the Registrar.

     The Unitholders opting for SIP may begin their investment with minimum amount of Rs.1,000/- in
     the Scheme, subject to the offering of the Units for Purchase after the Initial Offer Period as stated
     in “Purchase of Units on an on-going basis” at page 73. The Unitholders who wish to opt for SIP
     can start his /her investments with a minimum of Rs.1,000 or multiples thereof plus 5 post dated
     cheques for a minimum of Rs. 1000, for a block of 5 months in advance. The First SIP
     installment amount and the second SIP installment amount need not be the same, however,
     investor should note that Second and subsequent SIP Installments should be of the same amount.
     SIP cheques should be dated 1st or 7th or 10th or 15th or 25th of the respective months. The SIP date
     selected by an investor should fall at least 20 calendar days after the date of fist SIP installment.
     Investors can subscribe through SIP by using Auto Debit/Standing Instruction facilities offered by
     the Banks.

     Entry Load will be charged on the SIP amount invested into the Scheme @ 2.25% of applicable
     NAV. Exit Load @ 0.25% of the applicable NAV will be charged if the redemption is made
     within 6 months from the date of allotment of units. Further, if any of the SIP Cheques bounces
     or the Fund fails to receive the subscription amount as agreed, the redemption will be subjected to
     a exit load of 1.25% of applicable NAV irrespective of redemption request being made within 2
     years from the date of allotment of units.



                                                                                                        70
     The cheques/Standing Instructions should be in favour of “ICICI Prudential Infrastructure
     Fund” and crossed “Account Payee Only”, and the cheque must be payable at the centre where
     the applications are submitted to the Customer Service Centre. Units will be allotted for the
     amount net of the bank charges, if any. On receipt of the post-dated cheques, the Registrar/AMC
     will send a letter to the Unitholder confirming that his/her name has been included in the
     Systematic Investment Plan. The cheques will be presented on the dates mentioned on the cheque
     and Units will be allotted accordingly. Within 3 Business Days of such allotment, a fresh Account
     Statement / Transaction Confirmation will be mailed to the Unitholder, indicating the new balance
     to his/her credit in the Account. An investor will have the right to discontinue the Systematic
     Investment Plan, subject to giving 14 day(s) prior notice to the Registrar/AMC.

h) Micro Systematic Investment Plan (MicroSIP)

     The unitholder will have the facility of MicroSIP under the current Systematic Investment Plan
     facility. The Minimum Investment amount will be Rs. 50 and in multiples thereof. The minimum
     redemption amount will be Rs. 500. The load structure under MicroSIP will be as under:

      a) Entry Load:      2.25% of the applicable NAV
      b) Exit Load:       If MicroSIP Installment amount is Rs. 50 or more but    3% of the applicable
                          less than Rs.100 and if the amount is sought to be      NAV
                          redeemed within a period of 5 years from the date of
                          the MicroSIP Installment.
                          If MicroSIP Installment amount is Rs. 100 or more        3% of the applicable
                          but less than Rs.1000 and if the amount is sought to     NAV
                          be redeemed within a period of 3 years from the date
                          of the MicroSIP Installment.


     The Trustees shall have a right to modify the load structure with prospective effect subject to the
     maximum prescribed under the Regulations.

     The MicroSIP facility will only be applicable to the Group Systematic Investment Plan facility.
     Investors should note that units under the MicroSIP facility would be issued only under the Growth
     Option of the Schemes.

i)   Systematic Withdrawal Plan (SWP)
     Unitholders of the Scheme have the benefit of enrolling themselves in the Systematic Withdrawal
     Plan. The SWP allows the Unitholder to withdraw a specified sum of money each month from his
     investments in the Scheme. SWP is ideal for investors seeking a regular inflow of funds for their
     needs. It is also ideally suited to retirees or individuals who wish to invest lump-sum and withdraw
     from the investment over a period of time. The minimum amount, which the Unitholder can
     withdraw, is Rs.500 and in multiples of Re. 1. The Unitholder may avail of this facility by sending
     a written request to the Registrar.

     The amount thus withdrawn by Redemption will be equated into Units at Applicable NAV based
     prices and the number of Units so arrived at will be subtracted from the Units balance to the credit
     of that Unitholder. The Fund may close a Unitholder’s account if the balance falls below Rs.5,000
     and the investor fails to invest sufficient funds to bring the value of the account up to Rs.5,000
     within 30 days, after a written intimation in this regard is sent to the Unitholder.

     Unitholders may change the amount indicated in the SWP, subject to a minimum amount of
     Rs.500 and in multiples of Re. 1. The SWP may be terminated on a written notice by a Unitholder
     of the Scheme and it will terminate automatically if all Units are liquidated or withdrawn from the
     account or upon the Funds receipt of notification of death or incapacity of the Unitholder.




                                                                                                      71
j)  Systematic Transfer Plan (STP)
    Systematic Transfer Plan (STP) is an option wherein Unit holders of designated open-ended debt
    schemes can opt to transfer a fixed amount at regular intervals and provide standing instructions to
    the AMC to switch the same into the scheme. The amount transferred under STP from Source
    scheme to the Scheme shall be done by redeeming Units of Source scheme at Applicable NAV,
    subject to exit load of 0.25% if the redemption is made within 6 months from the date of allotment
    of units. If any; and subscribing to the Units of the Scheme at Applicable NAV as on specified
    date of a month or a quarter. In case these dates fall on a holiday or book closure period, the next
    Business Day will be considered for this purpose. STP will be automatically terminated if all
    Units are liquidated or withdrawn from the Source scheme or pledged or upon receipt of intimation
    of death of the Unit holder. Further STP would not be applicable in case of insufficient balance
    under the Source Scheme.
    The provision of “Minimum Redemption Amount” specified in the offer document(s) of the
    respective Designated Source schemes and “Minimum Application Amount” applicable to the
    Scheme as specified in this document on page 69 will not be applicable for Systematic Transfer
    Plan.
    Designated schemes from which Systematic Transfer Plan (STP) can be availed of are as
    under:
      Any of the designated debt schemes “from” which the transfer will take place are:
      (Source Scheme)
      - ICICI Prudential Liquid Plan
      - ICICI Prudential Income Plan
      - ICICI Prudential Floating Rate Plan
      - ICICI Prudential Flexible Income Plan
      - ICICI Prudential Short Term Plan
      - ICICI Prudential Gilt Fund- Investment Plan and Treasury Plan
      - ICICI Prudential Monthly Income Plan (An open-ended fund. Monthly Income is not assured and is
          subject to the availability of distributable surplus)
      - ICICI Prudential Income Multiplier Fund
         The minimum amount that can be transferred from one scheme to another is Rs 1,000/- for a
         minimum of 6 installments.
         STP will be available at monthly and quarterly rests as per the standing instructions of the
         Unit holder.
         This facility will ensure that the Unit Holder is able to systematically invest into equity
         schemes and balanced scheme without having to give any post dated cheque, unlike under
         Systematic Investment Plan.
         No entry load will be charged on the STP amount into the Scheme but exit loads as per the
         Source Scheme features will be charged.
         Amount so invested into the Scheme will have an exit load equivalent to 2% if the units are
         redeemed before 365 days.
         STP facility is subject to 7 days advance notice for commencement or discontinuance.
The Fund reserves the right to include/remove any of its Schemes under the category of ‘Designated
Schemes available for STP’ from time to time by suitable display of notice on AMC’s Website.

k) How to Switch
   On an on-going basis the Unitholders will have the option to switch all or part of their investment
   from the Scheme to any of the other schemes offered by the Fund provided the offer document of
   the scheme to which the holdings are to be switched in, permits such switch.

     To effect a switch, a Unitholder must provide clear instructions. A request for a switch may be
     specified either in terms of amount or in terms of the number of units of the scheme from which
     the switch is sought. Such instructions may be provided in writing or by completing the Switch
     Request Slip provided in the transaction booklet and lodging the same on any Business Day at any
     of the Customer Service Centers. An Account Statement reflecting the new holdings is proposed to
     be despatched to the Unitholders within 3 Business Days of completion of switch transaction,
     except in case of switch transactions during the New Fund Offer of the Scheme.

     The switch will be effected by redeeming Units from the scheme in which the Units are held and
     investing the net proceeds in the other scheme(s), subject to the minimum balance applicable for



                                                                                                   72
     the respective scheme(s).

     The price at which the Units will be switched out of the scheme will be based on the Applicable
     NAV of the relevant scheme(s) and considering any exit/entry/ combination of entry and exit loads
     that the Trustee may approve from time to time.

     The Switch In from existing equity schemes into the ICICI Prudential Infrastructure Fund will not
     be charged any entry load on ongoing basis.

     For switches on an ongoing basis, the Applicable NAV for effecting the switch out of the existing
     open-ended funds will be the NAV of the Business Day on which the switch request, complete in
     all respects, is received by the AMC, subject to the cut-off time and other terms specified in the
     offer document of the respective existing open-ended schemes.

l)   Who can Invest?
     The following persons are eligible and may apply for subscription to the Units of the Scheme
     (subject, wherever relevant, to purchase of units of Mutual Funds being permitted under respective
     constitutions and relevant statutory regulations):
     • Resident adult individual either singly or jointly (not exceeding three)
     • Minor through parent/lawful guardian
     • Companies, Bodies Corporate, Public Sector Undertakings, association of persons or bodies of
         individuals and societies registered under the Societies Registration Act, 1860 (so long as the
         purchase of units is permitted under the respective constitutions)
     • Religious and Charitable Trusts under the provisions of 11(5)(xii) of Income-tax Act, 1961
         read with Rule 17C of Income-Tax Rules, 1962
     • Partnership Firms
     • Karta of Hindu Undivided Family (HUF)
     • Banks & Financial Institutions
     • Non-resident Indians/Persons of Indian origin residing abroad (NRIs) on full repatriation basis
         or on non-repatriation basis
     • Foreign Institutional Investors (FIIs) registered with SEBI on full repatriation basis (subject to
         RBI approval, if any)
     • Army, Air Force, Navy and other para-military funds
     • Scientific and Industrial Research Organizations
     • Mutual fund schemes, as may be permitted by SEBI from time to time.
     • Any other category of investor who may be notified by Trustees from time to time by display
         on the website of the AMC.

m) How to apply?
i. Purchase of Units on an on-going basis:
   The scheme is open for fresh subscriptions on an on-going basis. Applications by new Applicants
   (i.e. other than existing Unitholders) must be for a minimum amount of Rs.5,000 and in multiples
   of Re.1 existing Unitholders under the scheme can, however, purchase additional Units for any
   amount, subject to the minimum additional amount of Rs.500 (plus in multiples of Re.1). In case
   of Institutional Option the minimum additional application amount is Rs. 10,000 and in multiples
   of Re. 1.

     The Trustee shall have absolute discretion to accept/reject any application for purchase of Units, if
     in the opinion of the Trustee, increasing the size of Scheme’s Unit capital is not in the general
     interest of the Unitholders, or the Trustee for any other reason believes it would be in the best
     interest of the Scheme or its Unitholders to accept/reject such an application.

ii. Purchase Price
    The purchase price of the Units, on an ongoing basis, will be based on the Applicable NAV. For
    the present, the Trustee intends to charge entry load as follows:




                                                                                                       73
        •    Entry Load:
              For transactions                                                               Entry load
                 1      For all purchases of less than Rs.5 crore per transaction              2.25%
                 2      For Purchases of Rs.5 crores and above per transaction                   Nil
        •    Institutional Option – I: NIL
        •    Exit Load: Nil
    However, the Trustee reserves the right to modify the entry load or a combination of entry and exit
    loads or differential loads based on the tenor and the amount of investment with prospective effect
    under the Plans. The maximum load (entry/exit) under the Scheme and the Plans thereunder will
    not exceed the limits as prescribed under the Regulations.

iii. How to Purchase the Units on an on-going basis?
     The application forms for the purchase of Units of the Scheme and the Plans thereunder will be
     available at the office of the AMC and the Customer Service Centres. New investors can purchase
     Units by completing an Application Form. Payment for purchase of Units will be accepted only
     through a cheque or demand draft drawn payable at the centre where the application is lodged,
     drawn in favour of “ICICI Prudential Infrastructure Fund”. All such cheques/drafts must be
     crossed “Account Payee Only”.

    The cheque/demand draft should be payable at the Centre where the application is lodged. The
    cheque/demand draft should be drawn on any Bank which is situated at and is a member/sub-
    member of the Bankers’ Clearing House. Cheques/demand drafts drawn on a Bank not
    participating in the Clearing House will not be accepted.

    Payments by Stock invest and out-station and/or post-dated cheques will not be accepted.
    The Fund will bear the demand draft charges subject to maximum of Rs. 50,000/- per transaction
    for purchase of units by investors residing at location where the Asset Management Company
    (AMC’s) Customer Service Centers/ Collection Centers are not located as mentioned in the table
    below:

      Amount of Investment                 Rate of Charges for Demand Draft(s)
      Upto Rs.10,000/-                     At actual, subject to a maximum of Rs. 50/-
      Above Rs.10,000/-                    Rs. 3/- per Rs. 1000/-
      Maximum Charges                      Rs. 50,000/-
    AMC reserves the right to refuse bearing of demand draft charges, in case of investments made by
    the same applicant(s) through multiple applications at its own discretion which will be final and
    binding on the investor.

    Investors residing at places other than where the AMC Customer Service Centers/ Collection
    Centers are located, are requested to make the payment by way of demand draft(s) after deducting
    charges as per the rates indicated in the above table. It may be noted that additional charges, if any,
    incurred by the investor over and above the levels indicated above will not be borne by the Fund.

    No demand draft charges will be borne by the Fund for purchase of Units by investors residing at
    such locations where the Customer Service Centers/Collection Centers of the AMC are located.
    The Trustee shall have absolute discretion to accept/reject any application for purchase of Units, if
    in the opinion of the Trustee, increasing the size of Scheme’s Unit capital is not in the general
    interest of the Unitholders, or the Trustee for any other reason believes it would be in the best
    interest of the Schemes or its Unitholders to accept/reject such an application.
    As per the directives issued by SEBI, it is mandatory for applicants to mention their bank account
    numbers in their applications for purchase or redemption of Units. If the Unit-holder fails to
    provide the Bank mandate, the request for redemption would be considered as not valid and the
    Fund retains the right to withhold the redemption until a proper bank mandate is furnished by the
    Unit-holder and the provision with respect of penal interest in such cases will not be applicable/
    entertained.



                                                                                                        74
    Payments by Stock invests and out-station and/or post-dated cheques will not be accepted.
    Bank charges for out-station demand drafts (as defined herein) will not be borne by the AMC.

iv) Issuance of Units/Account Statement
    Under normal circumstances, an Account Statement/Transaction Confirmation will be mailed to
    the investor, indicating the number of Units purchased within 3 Business Days of the acceptance of
    a valid application for purchase of Units.
    With the prior consent of the Unitholder, the account statement will be sent by e-mail only. In the
    event of non-realization of any cheque or other instrument remitted by the investor, the transaction
    of crediting the Unitholder’s account will be reversed.

    In accordance with SEBI Circular No. IMD/CIR/12/80083/2006 dated November 20, 2006 the
    Fund may, dispatch the statement of accounts to the unit holders under SIP/STP/SWP once every
    quarter ending March, June, September and December within 10 working days of the end of the
    respective quarter. However, the first account statement under SIP/STP/SWP shall be issued
    within 10 working days of the initial investment.
    In case of specific request received from investors, the Fund shall provide the account statement to
    the investors within 5 working days from the receipt of such request without any charges. Further,
    soft copy of the account statement shall be mailed to the investors under SIP/STP/SWP to their e-
    mail address on a monthly basis, if so mandated.

   The Fund shall provide the account statements to the unit holders who have not transacted during
   the last six months prior to the date of generation of account statements. The account statements
   may be generated and issued along with the Portfolio Statement or Annual Report of the scheme.
   Further, soft copy of the account statements shall be mailed to the investors’ e-mail address,
   instead of physical statement, if so mandated
v) NRIs, FIIs:
   NRIs:
   In terms of Schedule 5 of Notification no. FEMA 20/2000 dated May 3, 2000, RBI has granted
   general permission to NRIs to purchase, on a repatriation basis units of domestic mutual funds.
   Further, the general permission is also granted to NRIs to sell the units to the mutual funds for
   repurchase or for the payment of maturity proceeds, provided that the units have been purchased in
   accordance with the conditions set out in the aforesaid notification.
   For the purpose of this section, the term “mutual funds” is as referred to in Clause (23D) of Section
   10 of Income-Tax Act 1961.
   However, NRI investors, if so desired, also have the option to make their investment on a non-
   repatriable basis.
   In case of NRI investments, the applications and the rupee draft have to be accompanied by the
   debit certificate from the bank on which cheque is drawn.
   In case the debit certificate is not provided, the AMC reserves the right to reject the application of
   the NRI investors.
   FIIs:
   In terms of Schedule 5 of Notification no. FEMA 20/2000 dated May 3, 2000. RBI has granted
   general permission to a registered FII to purchase on a repatriation basis units of domestic mutual
   funds subject to the conditions set out in the aforesaid notification. Further, the general permission
   is also granted to FIIs to sell the units to the mutual funds for repurchase or for the payment of
   maturity proceeds, provided that the units have been purchased in accordance with the conditions
   set out in the aforesaid notification.
   For the purpose of this section, the term “mutual funds” is as referred to in Clause (23D) of Section
   10 of Income-Tax Act 1961.

vi) Mode of Payment on Repatriation basis
    FIIs may pay their subscription amounts either by way of inward remittance through normal
    banking channels or out of funds held in Foreign Currency Account or Non-resident Rupee
    Account maintained by the FII with a designated branch of an authorized dealer with the approval
    of the RBI subject to the terms and conditions set out in the aforesaid notification.

    In case Indian rupee drafts are purchased abroad or from Foreign Currency Accounts or Non-
    resident Rupee Accounts an account debit certificate from the Bank issuing the draft confirming
    the debit shall also be enclosed.



                                                                                                      75
    In case of NRIs and persons of Indian origin residing abroad, payment may be made by way of
    Indian Rupee drafts purchased abroad and payable at Mumbai or by way of cheques drawn on
    Non-Resident (External) (NRE) Accounts payable at par at Mumbai. Payments can also be made
    by means of rupee drafts payable at Mumbai and purchased out of funds held in NRE Accounts /
    FCNR Accounts.

    All cheques/drafts should be made out in favour “ICICI Prudential Infrastructure Fund -
    NRI/FII Subscription”/ “ICICI Prudential Infrastructure Fund -NRI /FII Subscription”/ and
    crossed “Account Payee Only”. In case Indian Rupee drafts are purchased abroad or from
    FCNR/NRE A/c. an account debit certificate from the Bank issuing the draft confirming the debit
    shall also be enclosed.

vii) Mode of payment on Non-Repatriation basis
     In case of NRIs/PIOs/FIIs applying for Units on a non-repatriation basis, payments may be made
     by cheques/demand drafts drawn out of Non-Resident Ordinary (NRO)/ Non Resident Special
     Rupee (NRSR) accounts and Non Resident Non-Repatriable (NRNR) accounts payable at the city
     where the Application Form is accepted.

viii)Investments of the minor investor on attaining majority:
     Upon attaining majority, a minor has to write to the fund, giving his specimen signature duly
     authenticated by his banker as well his new bank mandate, PAN details, UIN details (if applicable
     as per prevalent SEBI Guidelines) in order to facilitate the Fund to update its records and permit
     the erstwhile minor to operate the account in his own right. In case the necessary details are not
     provided, then the prevalent provision of the SEBI Regulations shall apply.

ix) Application under Power of Attorney/ Body Corporate/ Registered Society/ Partnership
     Every investor, depending on the category under which he/she/ it falls, is required to provide the
     relevant documents alongwith the application form as may be prescribed by AMC.

    Documentations in case of Companies/Bodies Corporate/Public Sector Undertaking/Religious and
    Charitable Trusts/Banks and Financial Institutions

    In terms of the provisions of the offer document of all schemes of the Fund, all Bodies
    Corporate/Public Sector Undertaking/Religious and Charitable Trusts/Banks and Financial
    Institutions investing in the Schemes will have to submit the originals or the certified true Copy of
    the following documents along with the application Form:

    (a) Board Resolution authorizing the investment;

    (b) List of Authorized Officials to make such investment along with the Specimen signature of
        such Authorized Officials;

    (c) Memorandum and Articles of Association/Trust Deed/Bye-laws including Certificate of
        Registration/any other incorporation or foundation documents.

    It is observed that in some cases the copies of the documents submitted are not specifically
    authenticated to be certified true copies but are attached to the application form.

    It is hereby clarified that the onus for authentication of the documents so submitted shall be on
    such investors and the AMC/Fund will accept and act on these in good faith wherever the
    documents are not expressly authenticated.

    Submission of these documents by such investors shall be full and final proof of the corporate
    investor’s authority to invest and the AMC/Fund shall not be liable under any circumstances for
    any defects in the documents so submitted.

    In cases where there is a change in the name of the Company, such a change will be effected by the
    AMC/Fund only upon receiving the duly certified copy of the revised Certificate of Incorporation
    issued by the relevant Registrar of Companies. In cases where the changed PAN Number reflecting



                                                                                                      76
     the name change is not submitted, such transactions accompanied by duly certified copy of the
     revised Certificate of Incorporation with a copy of the Old Pan Card and confirmation of
     application made for new PAN Card will be required as a documentary proof.

     In case an investor has issued Power of Attorney (POA) for making investments, switches,
     redemptions etc. under his folio, both the signature of the investor and the POA holder have to be
     clearly captured in the POA document to be accepted as a valid document. At the time of making
     redemption / switches the fund would not be in a position to process the transaction unless, POA
     holder's signature is available in the POA or proof of identity alongwith signature is produced
     along with the POA.

x) Joint Applicants
   In the event an Account has more than one registered owner, the first-named holder (as determined
   by reference to the original Application Form) shall receive the Account Statement, all notices and
   correspondence with respect to the Account, as well as the proceeds of any redemption requests or
   dividends or other distributions. In addition, such Unitholders shall have the voting rights, as
   permitted, associated with such Units, as per the applicable guidelines.
   Applicants can specify the ‘mode of holding’ in the Application Form as ‘Jointly’ or ‘Anyone or
   Survivor’. In the case of holding specified as ‘Jointly’, redemptions and all other requests relating
   to monetary transactions would have to be signed by all joint holders. However, in cases of
   holding specified as ‘Anyone or Survivor’, any one of the Unitholders will have the power to make
   redemption requests, without it being necessary for all the Unitholders to sign. However, in all
   cases, the proceeds of the redemption will be paid to the first-named holder.

xi) Nomination Facility
     The AMC has provided this nomination facility as an additional feature. By provision of this
     facility the AMC is not in any way attempting to grant any rights other than those granted by law
     to the nominee. A nomination in respect of the Units does not create an interest in the property
     after the death of the Unit holder.

     The nominee shall receive the Units only as an agent and trustee for the legal heirs or legatees as
     the case may be.

     All other issues pertaining to nomination facility and nominee/s shall be subject to the Nomination
     Rules as prescribed by AMC from time to time.

l)   Account Statements
     Under normal circumstances, an Account Statement will be mailed to the investor indicating the
     units purchased within 3 business days of acceptance of a valid application for purchase of units
     and in case the investor has provided his/her e-mail address, the Account Statement will be sent by
     e-mail message only.

     The Account Statements shall be non-transferable. If the Unitholder so desires, non-transferable
     unit certificates will be issued within six weeks of the receipt of request for the certificate.

     In accordance with SEBI Circular No. IMD/CIR/12/80083/2006 dated November 20, 2006 the
     Fund may, dispatch the statement of accounts to the unit holders under SIP/STP/SWP once every
     quarter ending March, June, September and December within 10 working days of the end of the
     respective quarter. However, the first account statement under SIP/STP/SWP shall be issued
     within 10 working days of the initial investment.
     In case of specific request received from investors, the Fund shall provide the account statement to
     the investors within 5 working days from the receipt of such request without any charges. Further,
     soft copy of the account statement shall be mailed to the investors under SIP/STP/SWP to their e-
     mail address on a monthly basis, if so mandated.

     The Fund shall provide the account statements to the unit holders who have not transacted during
     the last six months prior to the date of generation of account statements. The account statements
     may be generated and issued along with the Portfolio Statement or Annual Report of the scheme.
     Further, soft copy of the account statements shall be mailed to the investors’ e-mail address,
     instead of physical statement, if so mandated



                                                                                                      77
     Allotment of Units and dispatch of Account Statements to FIIs will be subject to RBI approval.

m)   Redemption of Units
     The Units can be redeemed (i.e. sold back to the Fund) at the Applicable NAV (hereinafter
     defined) on an on-going basis, subject to levy of applicable Exit Load as specified in this offer
     document on page 85. Redemption requests can be made in amounts, with a minimum of Rs.500
     and multiples thereof under Growth and Dividend Option and in case of Institutional Option – I
     redemption request can be made for any amount in multiples of Re.1/-.

     In case Units have been purchased on more than one Business Day (either during the Initial Offer
     Period, or through subsequent purchases), the Units purchased prior in time (i.e. those Units which
     have been held for the longest period of time) will be deemed to have been redeemed first i.e. on a
     First-in-First-Out basis.
     Unitholders may also request for redemption of their entire holding and close the account by
     indicating the same at the appropriate place in the Redemption Request Form.
     As per the directives issued by SEBI, it is mandatory for applicants to mention their bank account
     numbers in their applications for purchase or redemption of Units. If the Unit-holder fails to
     provide the Bank mandate, the request for redemption would be considered as not valid and the
     Fund retains the right to withhold the redemption until a proper bank mandate is furnished by the
     Unit-holder and the provision with respect of penal interest in such cases will not be applicable/
     entertained.

     i)   Redemption Price
          The Redemption Price of the Units will be based on the Applicable NAV subject to the
          prevalent exit load provisions. The Redemption Price of the Units will be computed as
          follows:
          Redemption Price = Applicable NAV * (1-Exit Load, if any).
          Hence, if an investor redeems an amount of less than Rs. 5 Crores before the completion of 1
          year from the date of allotment of units and assuming that the applicable NAV of the Scheme
          is Rs. 12.00, the redemption price would be:

          Rs. 12.00 – (1.00% * Applicable NAV) = Rs. 11.88

          However, subject to the maximum load as permitted under the Regulations, the Trustee has a
          right to fix, from time to time, the exit load payable by the investors under the Scheme. Notice
          of the changes in the load structure shall be made by a suitable display in the Customer
          Service Centres of the AMC and will be communicated to the intermediaries and investors in
          the matter prescribed by SEBI.

     The Fund shall ensure that the Redemption Price is not lower than 93% of the NAV and the
     Purchase Price is not higher than 107% of the NAV, provided that the difference between the
     Redemption Price and Purchase Price of the Units shall not exceed the permissible limit of 7% of
     the Purchase Price, as provided for under the Regulations.

ii) Applicable NAV

     (a) Purchases: In respect of valid applications received upto the cut-off time by the Mutual Fund
         alongwith a local cheque or a demand draft payable at par at the place where the application is
         received, the closing NAV of the day on which application is received shall be applicable.
         In respect of valid applications received after the cut-off time by the Mutual Fund alongwith a
         local cheque or a demand draft payable at par at the place where he application is received, the
         closing NAV of the next business day shall be applicable.
         However, in respect of valid applications with outstation cheques/demand drafts not payable
         at par at the place where the application is received, closing NAV of the day on which
         cheque/demand draft is credited shall be applicable.
     (b) Redemptions: In respect of valid applications received upto the cut-off time by the Mutual
         Fund, same day’s closing NAV shall be applicable.
         In respect of valid applications received after the cut-off time by the Mutual Fund, the closing
         NAV of the next business day shall be applicable.



                                                                                                       78
    (c) Cut-off time for Purchases & Redemptions: 3.00 p.m.

    iii) Cooling-off period for web based transactions:
    For all web-based transactions under the schemes of ICICI Prudential Mutual Fund, entered
    through the website of the fund viz. www.icicipruamc.com, there would be a cooling off period of
    30 minutes before the respective cut-off times for purchase and sale transactions.

    For purchase transactions through the website of the Fund, following rules will apply:
    (a) Internet Banking: As stated above, provided the electronic bank confirmation is received
        simultaneously for web-based transactions using Internet banking.
    (b) Applications accompanied by physical cheques/ Demand Drafts: The units will be issued at
        par, on receipt of physical transaction request at the nearest official point of transaction of the
        AMC within 3 business days from the date of transaction.

    iv) How to Redeem?
    The redemption requests can be made on the transaction slip for redemption available at the
    Customer Service Centres. The redemption request can be made at any of the Customer Service
    Centres as listed in this Offer Document. Procedure for redemptions of the Units will be as
    follows:

    In case the Units are standing in the names of more than one Unitholder (in cases where the
    Unitholder after attaining majority requests the Fund to include the name of another individual as
    the Joint Holder-Please see "Joint Applicants" on Page 77) redemption requests will need to be
    signed by all such Joint Holders. However, in cases of holding specified as ‘Anyone or Survivor’,
    any one of the Unitholders will have the power to make redemption requests, without it being
    necessary for all the Unitholders to sign. However, in all cases, the proceeds of the redemption will
    be paid only to the first-named holder.

    The Unitholder may either request for mailing of the redemption proceeds to his/her/ its address or
    collection of the same from the Customer Service Center.

v) Payment of Proceeds
   All redemption requests received prior to 3.00 p.m. on any Business Day will be considered
   accepted on that Business Day, subject to the redemption request being complete in all respects,
   and will be priced on the basis of the Applicable NAV (subject to the applicable load) for that day.
   Where an application is received after the cut-off time, as above, the request will be deemed to
   have been received on the next Business Day. Please see page 81‘Right to Limit Redemption’ and
   page 81 ‘Suspension of Sale and Redemption of Units’.
   As per the Regulations, the Fund shall despatch the redemption proceeds within 10 (ten) Business
   Days (working days) from the date of acceptance of redemption request at any of the Customer
   Service Centres or the office of the Registrar, in case of a Redemption request being sent by post.
   Under normal circumstances, the Fund will endeavour to pay/dispatch the redemption proceeds
   within 3 Business Days from the date of acceptance of the redemption request.
   The default option for payment of redemption/dividend proceeds for all the investments would be
   Direct Credit into the 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.
   If a specific written request is received from the unit holder for change in method of
   payment/name of bank then the following mode of payment will be applicable (except for the
   mode of payment all other provisions are applicable to all modes of payment):
   The redemption cheque will be issued in favour of the sole/first Unitholder’s registered name and
   bank account number and will be sent to the registered address of the sole/first holder as indicated
   in the original Application Form. The redemption cheque will be payable at par at all the places
   where the Customer Service Centres are located. The bank charges for collection of cheques at all
   other places will be borne by the Unitholder.

    In order to protect interest of the Unitholders from fraudulent encashment of cheques the
    current SEBI Regulations has made it mandatory for Applicants to mention their bank name
    and account numbers of the Unitholders in their applications for purchase or redemption of
    Units. The normal processing time may not applicable in situations where such details are
    not provided by the Applicants/ Unitholders. The AMC will not be responsible for any loss



                                                                                                        79
    arising out of fraudulent encashment of cheques or any delay or loss in transit.
    The proceeds of redemption will be paid by a cheque/warrant drawn in favor of the Unitholder and
    payable to the Bank account of the said Unitholder. The Applicants are therefore advised to furnish
    the details of the bank account of the Unitholder along with the redemption application form.
    As per the directives issued by SEBI, it is mandatory for applicants to mention their bank account
    numbers in their applications for purchase or redemption of Units. If the Unit-holder fails to
    provide the Bank mandate, the request for redemption would be considered as not valid and the
    Fund retains the right to withhold the redemption until a proper bank mandate is furnished by the
    Unit-holder and the provision with respect of penal interest in such cases will not be applicable/
    entertained.

    A fresh Transaction Confirmation will be sent by the Registrar to the redeeming investors,
    indicating the new balance to the credit in the Account. With the prior consent of the Unitholder,
    the account statement will be sent by e-mail only.

    The Fund may close a Unitholder’s account if, as a consequence of redemption, the balance falls
    below Rs. 5,000 in case of Growth and Dividend Option and a period of 30 (thirty) days has
    elapsed after the issue of notice to the Unitholder/Applicant by the AMC requesting him to bring
    the amount in the account to the minimum described above and the Unitholder/Applicant fails to
    do so.

    If a Unitholder makes a redemption request immediately after purchase of Units, the Fund shall
    have a right to withhold the redemption request till sufficient time has elapsed to ensure that the
    amount remitted by him (for purchase of Units) is realized and the proceeds have been credited to
    the Scheme’s Account under Scheme. However, this is only applicable if the value of redemption
    is such that some or all of the freshly purchased Units may have to be redeemed to effect the full
    redemption.

vi) Non receipt of email communication by Investors:
    When an investor has communicated his/her e-mail address and has provided consent for sending
    communication only through email, the Mutual Fund / Registrars are not responsible for email not
    reaching the investor and for all consequences thereof.

    The Investor shall from time to time intimate the Mutual Fund / its transfer agents about any
    changes in the email address.

vii) Redemption by NRIs/FIIs
     Credit balances in the account of an NRI/ FIIs investor, may be redeemed by such investors in
     accordance with the procedure described above and subject to any procedures laid down by the
     RBI, if any. Such redemption proceeds will be paid by means of a Rupee cheque payable to the
     NRI’s/ FIIs or by a foreign currency draft drawn at the then current rates of exchange less bank
     charges thereof subject to RBI procedures/approvals and less tax deductions as may be applicable.

    In terms of the Schedule 5 of Notification no. FEMA 20/2000 dated May 3, 2000 issued under the
    Foreign Exchange Management Act, 1999 (FEMA) the RBI has granted general permission to
    NRIs and FIIS who have purchased units issued by mutual funds in accordance with the aforesaid
    notification to tender units to the mutual funds for repurchase or for the payment of maturity
    proceeds.

    For the purpose of this section, the term “Mutual Funds” is as referred to in Clause (23D) of
    Section 10 of Income-Tax Act 1961.

viii) Effect of Redemptions
     The Unit Capital and Reserves of the Plans will stand reduced by an amount equivalent to the
     product of the number of Units redeemed and the Applicable NAV as on the date of redemption.

ix) Fractional Units
     Since a request for redemption or purchase is generally made in Rupee amounts and not in terms of
     number of Units of the Scheme and the Plans thereunder, the Unitholder may be left with
     Fractional Units. Fractional Units will be computed and accounted for up to three decimal places.



                                                                                                    80
    However, Fractional Units will in no way affect the investor’s ability to redeem the Units, either in
    part or in full standing to the Unitholder’s credit.

x) Signature mismatch cases
     While processing the redemption / switch out request in case the AMC / Registrar come across a
     signature mismatch, then the AMC/ Registrar reserves the right to process the redemption only on
     the basis of supporting documents confirming the identity of the investors. List of such documents
     would be notified by AMC from time to time on its website.

xi) Right to Limit Redemptions
    After complying with the regulatory requirements, the Trustee and the Board of Directors of the
    AMC may, in the general interest of the Unitholders of the Scheme offered under this Offer
    Document and keeping in view the unforeseen circumstances/unusual market conditions, limit the
    total number of Units which may be redeemed on any Business Day to 5% of the total number of
    Units then in issue, or such other percentage as the Trustee may determine.
    Any Units, which by virtue of these limitations are not redeemed on a particular Business Day,
    will be carried forward for Redemption to the next Business Day, in order of receipt. Redemptions
    so carried forward will be priced on the basis of the Applicable NAV (subject to the prevailing
    load) of the Business Day on which Redemption is made. Under such circumstances, to the extent
    multiple Redemption requests are received at the same time on a single Business Day,
    Redemptions will be made on pro-rata basis, based on the size of each Redemption request, the
    balance amount being carried forward for Redemption to the next Business Day(s).
    Suspension or restriction of repurchase/ redemption facility under any scheme of the mutual fund
    shall be made applicable only after obtaining the approval from the Boards of Directors of the
    AMC and the Trustees. After obtaining the approval from the AMC Board and the Trustees,
    intimation would be sent to SEBI in advance providing details of circumstances and justification
    for the proposed action shall also be informed.

xii) Suspension of Sale and Redemption of Units
     The Trustee and the Board of Directors of the AMC may decide to temporarily suspend
     determination of NAV of the Scheme offered under this Document, and consequently sale and
     redemption of Units, in any of the following events:
     1. When one or more stock exchanges or markets, which provide basis for valuation for a
         substantial portion of the assets of the Scheme are closed otherwise than for ordinary holidays.
     2. When, as a result of political, economic or monetary events or any circumstances outside the
         control of the Trustee and the AMC, the disposal of the assets of the Scheme is not reasonable,
         or would not reasonably be practicable without being detrimental to the interests of the
         Unitholders.
     3. In the event of breakdown in the means of communication used for the valuation of
         investments of the Scheme, without which the value of the securities of the Scheme cannot be
         accurately calculated.
     4. During periods of extreme volatility of markets, which in the opinion of the AMC are
         prejudicial to the interests of the Unitholders of the Scheme.
     5. In case of natural calamities, strikes, riots and bandhs.
     6. In the event of any force, majeure or disaster that affects the normal functioning of the AMC
         or the Registrar.
     7. If so directed by SEBI.

    In the above eventualities, the time limits indicated above, for processing of requests for purchase
    and redemption of Units will not be applicable.

   Suspension or restriction of repurchase/ redemption facility under any scheme of the mutual fund
    shall be made applicable only after obtaining the approval from the Boards of Directors of the
    AMC and the Trustees. After obtaining the approval from the AMC Board and the Trustees, an
    intimation would be sent to SEBI in advance providing details of circumstances and justification
    for the proposed action shall also be informed.




                                                                                                      81
xiii) Permanent Account Number (PAN)
     As per SEBI Circular no. MRD/Dop/Cir/-05/2007 dated April 27, 2007; Permanent Account
     Number (PAN) has been made the sole identification number for all participants transacting in the
     securities market, irrespective of the amount of transaction, effective July 02, 2007.

    SEBI has further clarified vide its letter dated June 25, 2007 that existing and potential investors,
    who do not have PAN should apply for PAN immediately and application for the investment
    should be accompanied with the evidence of having applied for PAN until December 31,2007.
    Any application not accompanied with the PAN copy or proof of having applied of PAN is liable
    to be rejected

    In case of web-based transactions, a copy of PAN should be faxed to us before the cut-off time.
    The transactions would be rejected or considered to be invalid, if we do not receive the PAN
    details alongwith the documentary proof before the cut-off time.

    The original copy of PAN details should be submitted within 10 days from the date of execution of
    the transaction, if, we do not receive the same within 10 days, then we reserve the right to reject or
    reverse the transaction(s).

xiv) Dormant Account Locking
     Investment Folios under which there are no transactions for last 24 months shall be classified as
     dormant folios. Redemption, change of address and change of bank requests in such accounts will
     be put through only after secondary checks and such additional safeguards that may be stipulated
     from time to time.

xv) Prevention of Money Laundering
    Prevention of Money Laundering Act, 2002 came into effect from July 1, 2005 vide Notification
    No. GSR 436(E) dated July 1, 2005 issued by Department of Revenue, Ministry of Finance,
    Government of India. Further, SEBI vide its circular ISD/CIR/RR/AML/1/06 dated January 18,
    2006 mandated that all intermediaries including Mutual Funds should formulate and implement a
    proper policy framework as per the guidelines on anti money laundering measures and also to
    adopt a Know Your Customer (KYC) policy. SEBI again issued another circular reference no.
    ISD/CIR/RR/AML/2/06dated March 20, 2006 advising all intermediaries to take necessary steps to
    ensure compliance with the requirement of section 12 of the Act inter-alia maintenance and
    preservation of records and reporting of information relating to cash and suspicious transactions to
    Financial Intelligence Unit-India (FIU-IND), New Delhi.

    According to guidelines, the investor(s) should ensure that the amount invested in the scheme is
    through legitimate sources only and does not involve and is not designated for the purpose of any
    contravention or evasion of the provisions of the Income Tax Act, Prevention of Money
    Laundering Act, Prevention of Corruption Act and / or any other applicable law in force and also
    any laws enacted by the Government of India from time to time or any rules, regulations,
    notifications or directions issued thereunder.

    To ensure appropriate identification of the investor(s) under its KYC policy and with a view to
    monitor transactions for the prevention of money laundering, ICICI Prudential AMC / ICICI
    Prudential Mutual Fund reserves the right to seek information, record investor’s telephonic calls
    and / or obtain and retain documentation for establishing the identity of the investor, proof of
    residence, source of funds, etc. It may re-verify identity and obtain any incomplete or additional
    information for this purpose.

    The investor(s) and their attorney, if any, shall produce reliable, independent source documents
    such as photographs, certified copies of ration card/ passport/ driving license/PAN card, etc. and/or
    such documents or produce such information as may be required from time to time for verification
    of the identity, residential address and financial information of the investor(s) by the AMC/Mutual
    Fund. If the investor(s) or the person making payment on behalf of the investor(s), refuses / fails to
    provide the required documents/ information within the period specified in the communication(s)
    sent by the AMC to the investor(s) then the AMC, after applying appropriate due diligence
    measures, believes that the transaction is suspicious in nature within the purview of the Act and



                                                                                                       82
   SEBI circulars issued from time to time and/or on account of deficiencies in the documentation,
   shall have absolute discretion to report suspicious transactions to FIU-IND and / or to freeze the
   folios of the investor(s), reject any application(s) / allotment of units and effect mandatory
   redemption of unit holdings of the investor(s) at the applicable NAV subject to payment of exit
   load, if any, in terms of the said communication sent by the AMC to the investor(s) in this regard.
   The KYC documentation shall also be mandatorily complied with by the holders by virtue of
   operation of law e.g. transmission, etc. The ICICI Prudential Mutual Fund, ICICI Prudential Asset
   Management Company Limited, ICICI Prudential Trust Limited and their Directors, employees
   and agents shall not be liable in any manner for any claims arising whatsoever on account of
   freezing the folios / rejection of any application / allotment of units or mandatory redemption of
   units due to non-compliance with the provisions of the Act, SEBI circular(s) and KYC policy and /
   or where the AMC believes that transaction is suspicious in nature within the purview of the Act
   and SEBI circular(s) and reporting the same to FIU-IND.

xvi) PAN based KYC Process

   Investors who wish to invest in a mutual fund shall have to submit a KYC application form along
   with all the prescribed documents listed in the said Form, at any of the Point of Service ('POS').
   PAN shall be the basis of the said KYC process and once the KYC process is completed the PAN
   shall be quoted for all future reference.




                                                                                                   83
                                     SECTION IV
                          LOAD STRUCTURE, FEES AND EXPENSES

A) LOAD STRUCTURE OF THE SCHEME
   For the present, the Trustee, on an ongoing basis intends to charge an Entry and Exit loads as
   shown below:
   • Entry Load:
         For transactions                                                                 Entry load
           1     For all purchases of less than Rs.5 crore per transaction                  2.25%
           2     For Purchases of Rs.5 crores and above per transaction                      Nil
    •   Institutional Option – I: NIL
    •   Exit Load: Nil
    However, the Trustee shall have a right to prescribe or modify the load structure with prospective
    effect subject to a maximum prescribed under the Regulations.

Subject to the Regulations, the Trustee reserves the right to modify/alter the load structure and
may decide to introduce a differential load structure on the Units subscribed/redeemed on any
Business Day. Such changes will be applicable for prospective investments. The Trustee shall
arrange to display a notice in the Customer Service Centers of the AMC before the change of the
then prevalent load structure. The addendum detailing the changes in load structure will be
attached to offer documents and abridged offer documents. The addendum will also be circulated
to all the distributors / brokers so that the same can be attached to all the offer documents and
abridged offer documents in stock. This addendum will also be sent along with the newsletter to
the Unitholders immediately after the changes. Changes in the load structure may be stamped in
the acknowledgement slip issued by the Fund after the changes in load structure. The load
collected from the Unitholders under the Scheme will be credited to a separate account and will
be offset against distribution and marketing expenses. Surplus of load, if any, charged over
planned marketing and distribution expenses to be defrayed will be credited to the Scheme
whenever felt appropriate by the AMC.

B) FEES AND EXPENSES OF THE SCHEME
As per the provisions of the Regulations, read with the amendments thereto, the following fees and
expenses will be charged to the Scheme and the Plans thereunder:

i. New Fund Offer Expenses
   The new fund offer expenses charged to the Scheme were limited to 3.75% of the amount mobilised
   under the New Fund Offer. Under the Regulations, the Scheme is entitled to charge new fund offer
   expenses up to a maximum of 6% of initial resources raised under the Scheme. The new fund offer
   expenses charged to the Scheme may be amortised over a period not exceeding five years and
   would be included in the NAV. However, the same would not be included in the NAV for
   determination of Investment management and Trustee fees. The above is as per the SEBI
   Regulations. The same is illustrated as under:

                                                        Investment less than      Investment of          5
                                                        Rs. 5 Crs                 Crs. And above
    Face value                                   A      Rs. 10.00                 Rs. 10.00
    Entry Load                                   B      0.225 (2.25%)             Nil
    Issue Price (A+B)                            C      10.225                    10.00
    NFO Expenses (3.75% of A)                    D      Re.0.3750                 Re. 0.3750
    Maximum NFO Expenses (B+D)                   E      Re.0.60                   Re. 0.3750
    NFO expenses borne out of Entry load         F      Re. 0.225                 Nil
    Balance NFO expenses to be charged to        G      Re. 0.3750                0.3750
    the Scheme (E-F)
    Amount available for investment for          H      Rs. 9.625                 9.625
    every Rs. 10 (C-E)
    Amortisation of new fund offer expenses      I      Re.0.0002                 Re.0.0002



                                                                                                       84
    per unit per day (G/1825 days)
    Balance NFO expenses to be carried J                Re. 0.3748                Re. 0.3748
    forward (G-I)
    NAV on first day (A-I)                        K     9.9998                    9.9998
    The above example is for the illustration purpose only. The actual NAV will vary depending on the
    extent of actual NFO expenses being charged to the Scheme within the permitted range as defined
    in this offer document and whether the initial expenses are amortised or are charged to the Scheme
    without amortisation. The above example is also subject to rounding-off.

  ii.Estimated Recurring Expenses

    Description                                               (% per annum of average net assets)
    Investment Management Fee                                             1.25
    Trustee Fee                                                           0.05
    Custodian Fee                                                         0.20
    Marketing & Selling                                                   0.50
    Registrar & Transfer Agent                                            0.10
    Audit Costs                                                           0.01
    Costs of Investor Communications                                      0.12
    Cost of Funds Transfer                                                   0.14
    Costs for A/c Statements, Dividend etc.                                  0.11
    Cost of Statutory Advertisements                                         0.01
    Other Expenses                                                           0.01
    Total Recurring Expenses                                                 2.50

    The purpose of the above table is to assist the investor in understanding the various costs and
    expenses that an investor in the Scheme will bear. These estimates are based on a corpus size of
    Rs.1 crore under the Scheme and would change to the extent assets are lower or higher. If the
    corpus size is in excess of Rs.1 crore, the above mentioned recurring expenses in the Scheme
    would change. The above expenses are subject to inter-se change and may increase/decrease as per
    actual and/or any change in the Regulations.

    These estimates have been made in good faith as per information available to the AMC and the
    total expenses may be more than as specified in the table above. However, as per the Regulations,
    the total recurring expenses that can be charged to the Scheme in this Offer Document shall be
    subject to the applicable guidelines. Expenses over and above the permitted limits will be borne
    by the AMC.

    The recurring expenses of the Schemes, and the additional management fee shall be as per the
    limits prescribed under Sub-Regulations (6) of Regulations 52 of the Regulations and shall not
    exceed the limits prescribed thereunder.

    As per the Regulations, the maximum recurring expenses that can be charged to the Scheme shall
    be subject to a percentage limit of weekly net assets as in the table below:

     First Rs. 100 crore     Next Rs. 300 crore       Next Rs. 300 crore         Over Rs. 700 crore
     2.50%                   2.25%                    2.00%                      1.75%

    Subject to Regulations, expenses over and above the prescribed limit shall be borne by the Asset
    Management Company.

C) NEW FUND OFFER EXPENSES OF EXISTING SCHEMES
    I) During the last one fiscal year, ICICI Prudential Mutual Fund launched - - ICICI Prudential
   Fixed Maturity Plan – Series 32, ICICI Prudential Fixed Maturity Plan – Series 30 – 13 Months
   Plan, ICICI Prudential Hybrid Fixed Maturity Plan –13 Months Plan, ICICI Prudential Fixed
   Maturity Plan – Series 34 – One Year Plan A, ICICI Prudential Fixed Maturity Plan – Series 34 –
   18 Months Plan, ICICI Prudential Fixed Maturity Plan – Series 34 – 17 Months Plan, ICICI
   Prudential Fixed Maturity Plan – Series 34 – Three Months Plus Plan A, ICICI Prudential Fixed
   Maturity Plan – Series 34 – 16 Months Plan, ICICI Prudential Fixed Maturity Plan – Series 34 –


                                                                                                   85
     15 Months Plan, ICICI Prudential Fixed Maturity Plan – Series 34 – Six Months Plan, ICICI
     Prudential Fixed Maturity Plan – Series 34 – One Year Plan B, ICICI Prudential Fixed Maturity
     Plan – Series 35 – Three Months Plan A, ICICI Prudential Fixed Maturity Plan – Series 35 –One
     Month Plan, ICICI Prudential Fixed Maturity Plan – Series 35 – Three Months Plan C, ICICI
     Prudential Fixed Maturity Plan – Series 35 – Thirteen Months Plan A, ICICI Prudential Fixed
     Maturity Plan – Series 35 –Thireen Months Plan B, ICICI Prudential Fixed Maturity Plan –
     Series 37 – Three Months Plan A, ICICI Prudential Fixed Maturity Plan – Series 37 – Three
     Months Plus Plan A, ICICI Prudential Fixed Maturity Plan – Series 37 – Fourteen Months Plan,
     ICICI Prudential Fixed Maturity Plan – Series 37 – Three Months Plan B, ICICI Prudential Fixed
     Maturity Plan – Series 37 – One Year Plan A, ICICI Prudential Fixed Maturity Plan – Series 37 –
     One Month Plan, ICICI Prudential Fusion Fund Series II, ICICI Prudential Equity & Derivatives
     Fund.

     ii) New Fund Offer Expenses – Comparison Of Estimated To Actual
     The New Fund Offer Expenses of all the above Schemes except ICICI Prudential Fusion Fund
     Series – II were borne by the AMC. For ICICI Prudential Fusion Fund Series – II, the New Fund
     Offer expenses to be charged to the Scheme was limited to 6% of the amount mobilized during the
     New Fund Offer Period i.e. Rs. 61.41 crores. Actual Expenses paid as on date is Rs. 55.37 crores
     and the balance will be paid in due course.


 iii) Condensed Financial Information:

 a) Condensed Financial Information for the period ended March 31, 2004

                 Fixed       Fixed         Child       Child
                 Maturity    Maturity      Care        Care
                 Plan    –   Plan      -   Plan-Gift   Plan-
                 Yearly      Yearly 4^     Option      Study
                 3^                                    Option
Historical Per
Unit Statistics
Date            of June 21, Sept 20,       August   August
Allotment          2001     2001           31, 2001 31, 2001
NAV at the
beginning of the                           10.67       11.42
year (Rs.)
Growth Option 11.5055 11.1635              -           -
Dividend Option -            -             -           -
@@ Net Income
per unit         N.A.        N.A.          1.45        1.10
Dividends        0.7908      -             -           -
Transfer      to -           -             -           -
Reserves
Compounded
Annualised
Returns (Based
on NAVs of
Growth Option) N.A           N.A.          29.52%      14.32%
Benchmark        $           $             Nifty       Crisil
Index                                                  MIP
                                                       Blended
                                                       Index
Return compared $            $             1.81%       5.02%
to    Benchmark
Index
Net Assets end
of period (Rs.
Crore)          N.A          N.A.          25.10       21.87



                                                                                                  86
NAV at the end
of the period  -             -                  19.51           14.13

Growth Option     -          -                  -               -
                  -          -                  -               -
Dividend Option
Ratio         of
Recurring Exps
to Net Assets    0.60%       0.57%              2.00%           1.50%

                         Short           Fixed              Index           Long           Sweep         Fixed            Fixed
                         Term            Maturit            Fund            term           Plan          Maturity         Maturit
                         Plan            y Plan –                           Plan                         One Year         y    One
                                         Yearly 5                                                        Plan     –       Year
                                                                                                         Series 6         Plan –
                                                                                                         @                Series
                                                                                                                          7^
Historical Per Unit
Statistics
Date of Allotment        October         March              February        March          March
                         25,             22, 2002           26, 2002        28, 2002       6, 2002       July 21,         August,
                         2001                                                                            2003             19, 2002
NAV at the beginning                                                                                     10.6555          10.3140
of the year (Rs.)                                           8.3278                         10.5508
Growth Option              11.232        10.8643            -               11.3634
                           3                                                               -             -                -
 Dividend Option           10.756        -                  -               -              -             -                -
                           1
Institutional Option - 11.2345       -                  -               -              -             -                -
Growth
 @@ Net Income per                                                                                       1,269.560
 unit                      1.1672        0.4563             1.9315          1.2781         0.2800        3                NA
 Dividends                 0.8039        -                  -               -              -             -                -
Fortnightly Dividend 0.5644          -                  -               -              -             -                -
Option
Institutional Fortnightly 0.5995     -                  -               -              -             -                -
Dividend Option
Institutional Dividend 0.6027        -                  -               -              -             -                -
Option
 Transfer to Reserves      -             -                  -               -              -             -                -
 Compounded
 Annualised Returns
 (Based on NAVs of
 Growth Option)            7.58%         6.19%              22.07%       11.26%         4.53%            29.37%*          NA
 Benchmark Index           Crisil        $                  Nifty       Crisil         Crisil            $                $
                           Short                                        Composit       Liquid
                           term                                         e Bond         Fund
                           Bond                                         Fund           Index
                           Fund                                         Index
 Return compared to 0.51%                $                  1.13%        0.12%             -0.45%        $                $
 Benchmark Index
 Net Assets end of 1,176.9
 period (Rs. Crore)        3             5.72               21.88           245.28         59.90         0.02             N.A.
 NAV at the end of the
 period                    -             11.2941            15.1811         12.3924        10.9616       12.9370          N.A

Growth Option            11.9441         -                  -               -              -             -                -
                                         -                  -               -              -             -                -
Dividend Option          10.6050



                                                                                                                              87
Institutional     Option    11.9703   -           -           -           -           -           -
Growth
Institutional Option -      10.8415
Dividend
Institutional Fortnightly   10.8443   -           -           -           -           -           -
Option –Dividend
Dividend (Fortnightly)      10.6052   -           -           -           -           -           -
Ratio of Recurring
Exps to Net Assets          1.00%         0.60%       1.25%       0.60%       1.00%       0.60%       0.60%
Ratio of Recurring
Exps to Net Assets-
Institutional Plan-
Annualised                  0.80%         -           -           -           -           -           -




                                                                                                          88
                                 Flexible        Flexibl       Dynami         SPICE      Fixed          Floating         Fixed            Fixed
                                 Income          e             c Plan                    Maturit        Rate Plan        Maturity         Maturity
                                 Plan            Income                                  y Plan –                        Plan     –       Plan     –
                                                 Plus                                    Yearly                          NRI              NRI
                                                 Plan^                                   12                              Series 4 –       Series 4 –
                                                                                                                         Half             Quarterly
                                                                                                                         Yearly           ^
Historical Per Unit
Statistics
Date of Allotment                Septemb         May           October        January    March          March 28,        October          October
                                 er    27,       22,           31, 2002       10,        17, 2003       2003             21, 2003,        21, 2003,
                                 2002            2003                         2003
 NAV at the beginning            10.7745         #             10.2799        30.4342                   10.0046          #                #
 of the year (Rs.)
 Growth Option                   -               -             -              -          10.0191        -                -                -
 Institutional Option -      -               -             -              -             10.0208     -                -                -
Growth
@@ Net Income per                                                             19.3355    0.6369         0.1441           0.2498           N.A.
unit                          1.4298             N.A.          8.6880
 Dividends                    0.1200             -             -              -          -              0.0182                            0.1090
Dividend            Option   0.4000
(Quarterly)
Divide4nd           Option                                                                          -                -                -
(fortnightly)
 Transfer to Reserves            -               -             -              -          -              -                -                -
 Compounded
 Annualised        Returns
 (Based on NAVs of                         N.A.                               52.60%     5.97%          *5.04%           *2.50%           N.A.
 Growth Option)                  12.48%                        55.75%
 Benchmark Index                 I-Sec    N.A.                                BSE        $              CRISIL           $                $
                                 Composi                                      SENSE                     Liquid
                                 te Index                      Nifty          X                         Fund
 Return compared to              -2.26%    N.A.                1.06%          1.60%      $              0.66%            $                $
 Benchmark Index
 Net Assets end of                                                            15.67      44.90          512.71           65.10
 period (Rs. Crore)           822.16             N.A.          109.35                                                                     N.A.
 NAV at the end of the                                                        56.2998
 period                                          N.A.          -                         -              -                10.2498
 Growth Option                11.9432                          18.7310                   10.6156        10.5040
 Dividend Option              10.6894            -             8.0733         -          -              10.0421                           N.A.
Quarterly Option            10.6894          -             -              -             -           -                -                -
Institutional        Option -                -             -              -             10.6762     -                -                -
Growth
 Ratio of Recurring Exps
 to Net Assets                1.00%              0.50%         2.08%          0.80%      0.75%          0.75%            0.10%            0.55%
 Ratio of Recurring Exps
 to Net Assets-
 Institutional Plan-
 Annualised                   -                  -             -              -          0.20%          -


                                 Fixed               Gilt Fund     Fixed              Fixed       Gilt Fund         Income
                                 Maturity            Investme      Maturity           Maturit     Treasury          Multiplier
                                 Plan – NRI          nt Plan -     Plan     –         y Plan –    Plan - PF         Fund
                                 Series 6 –          PF            NRI                Series      Option
                                 Quarterly^          Option        Series 8 –         23
                                                                   Quarterly
                                                                   ^



                                                                                                                             89
     Historical Per Unit
     Statistics
     Date of Allotment           November      November         December        Decemb      February          March        30,
                                 21, 2003,     19, 2003         17, 2003        er   15,    11, 2004          2004
                                                                                2003
     NAV at the beginning        #             #                #               #           #                 #
     of the year (Rs.)
    @@ Net Income per            NA                             NA              0.1635      0.0435            -0.0132
    unit                                       0.1975
     Dividends                   0.1103        -                0.1121          -           -                 -
     Option A                    -             -                -               0.1375      -                 -
     Transfer to Reserves        -             -                -               -           -                 -
     Compounded
     Annualised        Returns
     (Based on NAVs of           NA            *2.91%           NA              *1.53%      *1.63%            *-0.76%
     Growth Option)
     Benchmark Index             $             I-Sec       Li   $               $           I-Sec       Si    CRISIL
                                               Bex                                          Bex               Composite
                                                                                                              Bond    Fund
                                                                                                              Index
     Return compared to          $             0.36%            $               $           0.64%             -0.80%
     Benchmark Index
     Net Assets end of           NA            111.14           NA              66.04       43.31             238.70
     period (Rs. Crore)
     NAV at the end of the       NA            10.2906          NA                          10.1633           9.9240
     period
     Option B                    -             -                -               10.1532     -                 -
     Option C                    -             -                -               10.1342     -                 -
     Option D                    -             -                -               10.1342     -                 -
     Option E                    -             -                -               10.1354     -                 -
     Option F                    -             -                -               10.1238     -                 -
     Option G                    -             -                -               10.1371     -                 -
     Option H                    -             -                -               10.1336     -                 -
     Ratio of Recurring
     Exps to Net Assets          0.56%         1.10%            0.55%           0.49%       1.50%             2.09%

                           Fixed          Fixed        Advisor          Advisor     Advisor         Advisor       Advisor
                           Maturity       Maturity     Series –         Series –    Series –        Series –      Series –
                           Plan     –     Plan    –    Aggressiv        Cautious    Moderat         Very          Very
                           Series 24      Series 24    e Plan           Plan        e Plan          Aggressiv     Cautious
                           – Yearly       -                                                         e Plan        Plan
                                          Quarterly
Historical Per Unit
Statistics
Date of Allotment          March 20,      March 20,    December         Decembe     Decembe         December      December
                           2004           2004         18, 2003         r    18,    r    18,        18, 2003      18, 2003
                                                                        2003        2003
 NAV at the beginning      #              #            #                #           #               #             #
 of the year (Rs.)
@@ Net Income per          0.0174         0.0163       0.0712           0.1110      0.0502          0.3141        0.2754
unit
 Dividends                 -              -            -                -           -               -             -
 Transfer to Reserves      -              -            -                -           -               -             -
 Compounded
 Annualised      Returns
 (Based on NAVs of         *0.18%         *0.17%       *-0.02%          *2.75%      *1.64%          *-1.41%       *1.42%
 Growth Option)
 Benchmark Index           $              $            $$               $$          $$              $$            $$
 Return compared to        $              $            -1.07%           1.53%       0.55%           -2.34%        0.20%


                                                                                                                  90
Benchmark Index
Net Assets end of 71.09                 91.95         30.12          130.00      49.39       28.41         25.24
period (Rs. Crore)
NAV at the end of the 10.0176           10.0169       9.9982         10.2753     10.1643     9.8586        10.1419
period
Dividend Plan – NRI -                   -             9.5898         9.9692      9.7985      -             -
Option
Ratio of Recurring                      0.22%         0.53%          0.33%       0.43%       0.66%         0.19%
Exps to Net Assets        0.20%
   Notes:
   1)       Returns since inception are for the growth plan in each case except in case of Fixed Maturity
            Plan – NRI Series 4 – Half Yearly where there is no Growth Option. For Fixed Maturity Plan
            – Yearly Series 23 the returns have been calculated on the basis of the NAV of Option H.
        2) While arriving at Net Income per unit, Income Equalisation Reserve and mark to market has
            not been considered and it is calculated on the basis of closing units as of March 31, 2004.
        3) The Compounded annualized returns of each scheme are computed from inception of the
            Scheme till the end of the period of the respective condensed financial information whereas
            the returns compared to benchmark index are computed for the financial year.
   *        Fixed Maturity One Year Plan – Series 6, Prudential ICICI Floating Rate Plan, Fixed Maturity
            Plan – NRI Series 4 – Half Yearly, Prudential ICICI Gilt Fund Investment Plan & Treasury
            Plan – PF Option, Fixed Maturity Plan – NRI Series 8 – Quarterly, Fixed Maturity Plan –
            Yearly Series 23, Prudential ICICI Income Multiplier Fund, Fixed Maturity Plan – Series 24 –
            Quarterly and Yearly and Prudential ICICI Advisor Series – Aggressive, Cautious, Moderate,
            Very Aggressive and Very Aggressive Plans have not completed one year since the date of
            their launch. Returns are computed in absolute terms and for Growth Options only from the
            date of allotment. The NAV on the date of allotment is taken as Rs.10 for computation of
            returns
   **       Un-audited.
   #        These Schemes were launched during the year and these schemes were not in existence at the
            beginning of the year.
   $        Appropriate benchmark index is not available.
   @        All the unitholders under Prudential ICICI Fixed Maturity Plan – One Year Plus Series – 6
            have redeemed their units on July 14, 2003 and there was fresh subscription on July 21, 2003
            at Rs. 10.00, hence, simple absolute returns have been calculated.
   @@ The Net Income per unit mentioned has excluded Income equalisation & marked to market
            calculated on the basis of market value of net assets of the Scheme on the valuation date,
            divided by the number of units outstanding on that date. It may be noted that, as it merely
            indicates the net income per unit on the valuation date calculated based upon outstanding units
            of the scheme on the given date, it is subject to vary from time to time and does not reflect any
            income / loss of the scheme.
   ^        All the unit holders under Prudential ICICI Fixed Maturity Yearly Plan Series 3, 4 & 7, Fixed
            Maturity Plan – NRI Series 4, 6 & 8 –Quarterly Option and Prudential ICICI Flexible Income
            Plus Plan have redeemed their units and unit balance are nil as on the date of this report.
   $$       As provided in the offer document the Benchmark Indices for various Plans under Prudential
            ICICI Advisor Series are as given below:




                                                                                                         91
 Benchmark Indices                   Aggressive    Cautious    Moderate        Very           Very
                                     Plan          Plan        Plan            Aggressive     Cautious
                                                                               Plan           Plan
Nifty                      65 %                    20%         50 %           90 %            NA
Crisil Composite Bond Fund 30%                     60 %        35 %           NA             40%
Index
Crisil Liquid Fund Index   5%                      20 %        15 %           10 %            60%

b)      Financial Information for the period ended March 31, 2005

                                           Child Care Child Care Short      Term Index Fund Long       term
                                           Plan-Gift Plan-Study Plan                        Plan
                                           Plan       Plan

Historical Per Unit Statistics
Date of Allotment                          31-Aug-01 31-Aug-01 25-Oct-01         26-Feb-02   28-Mar-02

NAV at the beginning of the year (Rs.) 19.51         14.13                       15.1811
Growth Option / Plan A                                            11.9440                    12.3924
Dividend Option /Plan A                                           10.6050
Institutional Growth / Plan B                                     11.9703
Institutional Dividend / Plan B                                   10.8415
Institutional Fortnightly Dividend                                10.8443
Fortnightly Dividend                                              10.6052

@@ Net Income per unit                     4.99      1.82         0.78           48.92       32.83

Dividends (inclusive of distribution tax
if, any)
Dividend Option/Plan A Dividend                                   0.4571                     1.9999
Dividend Option Institutional/PlanB                               0.4865
Dividend Option
Fortnightly Dividend Option                                       0.4839
Institutional  Fortnightly     Dividend                           0.5204
Option

Compounded    Annualised    Returns 26.86%           12.11%       6.91%          19.24%      10.93%
(Based on NAVs of Growth Option)
                                    Nifty            Crisil MIP   Crisil    Short Nifty      Crisil
                                                     Blended      term      Bond             Composite
Benchmark Index                                      Index        Fund                       Bond Fund
Return compared to Benchmark Index 6.44%             4.55%        2.33%          -1.30%      10.25%

Net Assets end of period (Rs. Crore)       41.37     26.98        518.24         1.53        1.32

NAV at the end of the period
                                                     15.0645      12.5777        17.2347     13.6654
Growth Option / Plan A                     23.46
Dividend Option /Plan A                                           10.6981                    10.1893
Institutional Growth / Plan B                                     12.6301
Institutional Dividend / Plan B                                   10.9396
Institutional Fortnightly Dividend                                10.9069
Fortnightly Dividend                                              10.6706



                                                                                                92
Ratio of Recurring Exps to Net Assets 2.00            1.50              1.00            1.25           0.60
for Regular Plans/Plan A %
Ratio of Recurring Exps to Net Assets                                   0.8
for Institutional Plans/Plan B %
Transfer to Reserves                  Nil             Nil               Nil             Nil            Nil


                                           Sweep Plan             Fixed       Flexible         Dynamic
                                                                Maturity      Income Plan      Plan
                                                                One     Year
                                                                Plan – Series
                                                                6@
Historical Per Unit Statistics
Date of Allotment                          6-Mar-02         29-Jul-04          27-Sep-02       31-Oct-02

NAV at the beginning of the year (Rs.)     10.9616          *
Growth Option / Plan A                                                         11.9432         18.731
Dividend Option /Plan A                                                        10.6894         8.0733
Quarterly Option                                                               10.6894

@@ Net Income per unit                     1.12             0.35               0.36            1.31

Dividends (inclusive of distribution tax
if, any)
Dividend Option/Plan A Dividend                                                0.4000
Quarterly Option                                                               0.5000

Compounded Annualised Returns (Based 4.22%        3.43%                        8.14%           50.56%
on NAVs of Growth Option)
                                    Crisil Liquid $                            CRISIL          Nifty
                                    Fund                                       Composite
Benchmark Index                                                                Bond Fund
Return compared to Benchmark Index -0.59%         $                            1.66%           26.30%

Net Assets end of period (Rs. Crore)       10.81            224.49             101.71          266.72

NAV at the end of the period
Growth Option / Plan A                     11.3529          10.3433            12.1710         26.8776
Dividend Option /Plan A                                                        10.4863         11.5918
Quarterly Option                                                               10.4135

Ratio of Recurring Exps to Net Assets 1.00                  0.25               1.00            2.42
for Regular Plans/Plan A %
Transfer to Reserves                  Nil                   Nil                Nil             Nil

                                  SENSEX             Gilt     Fund Gilt Fund Income             Fixed
                                  Prudential         Investment    Treasury Multiplier           Maturity
                                  ICICI              Plan    - PF Plan - PF Fund                 Plan      –
                                  Exchange           Option        Option                        Series 24 –
                                  Traded Fund                                                    Yearly
Historical Per Unit Statistics
Date of Allotment                10-Jan-03           19-Nov-03          11-Feb-04 30-Mar-04     20-Mar-04
NAV at the beginning of the year 56.2998             10.2906            10.1633   9.924         10.0176
(Rs.)


                                                                                                             93
@@ Net Income per unit        830.77     0.18                         0.21        0.45         0.25
Compounded Annualised Returns 35.34%     3.08%                        3.93%       *8.84%       *5.14%
(Based on NAVs of Growth
Option)
                              BSE SENSEX I-Sec Li Bex                 I-Sec      Si Crisil MIP $
                                                                      Bex           Blended
Benchmark Index                                                                     Index
Return compared to Benchmark 0.74%                 3.48%              -0.97%        7.50%      $
Index
Net Assets end of period (Rs. 0.55                 118.23             111.20      128.08       142.77
Crore)
NAV at the end of the period
Growth Option / Plan A              65.7990        10.4224            10.4466     10.8862      10.5308
Ratio of Recurring Exps to Net 0.80                1.10               1.50        2.15         0.20
Assets for Regular Plans/Plan A
%
Ratio of Recurring Exps to Net
Assets for Institutional Plans/Plan
B%
Ratio of Recurring Exps to Net
Assets for Institutional Plus
Plan/Plan C %
Transfer to Reserves                Nil            Nil                Nil         Nil          Nil


                                       Advisor      Advisor             Advisor Advisor          Advisor
                                       Series     – Series            – Series  – Series       – Series       –
                                       Aggressive Cautious              Moderate Very            Very
                                       Plan         Plan                Plan      Aggressive     Cautious
                                                                                  Plan           Plan
Historical Per Unit Statistics
Date of Allotment                      18-Dec-03         18-Dec-03     18-Dec-03 18-Dec-03      18-Dec-03
                                       9.9982            10.2753       10.1643
NAV at the beginning of the year (Rs.)                                           9.8586         10.1419
Growth Option / Plan A                 9.9982            10.2753       10.1643
Dividend NRI Option                    9.5898            9.9692        9.7985
@@ Net Income per unit                 1.73              0.38          1.30      2.93           0.51
Compounded Annualised Returns 13.81%                     5.86%         8.58%     17.45%         4.69%
(Based on NAVs of Growth Option)
Benchmark Index                        $$                $$            $$          $$           $$
Return compared to Benchmark Index 8.53%                 2.14%         5.59%       11.10%       3.77%
Net Assets end of period (Rs. Crore) 10.82               46.11         15.87       10.59        13.97
NAV at the end of the period
Growth Option / Plan A                 11.8089           10.7587       11.1156     12.2955      10.6066
Dividend Option /Plan A                11.8089           10.7587       11.1156     12.2955      10.6066
Ratio of Recurring Exps to Net Assets 0.55               0.35          0.45        0.70         0.20
for Regular Plans/Plan A %
Transfer to Reserves                   Nil               Nil           Nil         Nil          Nil


                                              Discovery        Fixed          Fixed         Fixed        Fixed
                                              Fund             Maturity       Maturity      Maturity     Maturity
                                                               Plan-Series    Plan      –   Plan     –   Plan      –
                                                               25-            Series   25   Series 25    Series 26-
                                                               Quarterly      (15months)    Yearly       Quarterly
                                                               @                                         @
Historical Per Unit Statistics


                                                                                                         94
Date of Allotment                            16-Aug-04      10-Aug-04       17-Aug-04   10-Sep-04   31-Aug-04
NAV at the beginning of the year (Rs.)       #              #               #           #           #
@@ Net Income per unit                       1.58           0.27            0.48        0.49        0.24
Dividends (inclusive of distribution tax if,                0.2656                                  0.2522
any)
Compounded Annualised Returns (Based *33.30%                *3.44%          *3.03%      *2.67%      *3.04%
on NAVs of Growth Option)
                                             S&P CNX        $               $           $           $
Benchmark Index                              Nifty
Return compared to Benchmark Index           6%             $               $           $           $
Net Assets end of period (Rs. Crore)         214.92         279.88          174.09      35.17       279.64
NAV at the end of the period
Growth Option / Plan A                       13.33                          10.3025     10.2671     10.0493
Dividend Option /Plan A                      13.33                                                  10.0418
Quarterly Option                                            10.0748
Institutional Growth / Plan B                                               10.3248
Ratio of Recurring Exps to Net Assets for 2.41              0.15            0.60        0.40        0.15
Regular Plans/Plan A %
Ratio of Recurring Exps to Net Assets for                                   0.25
Institutional Plans/Plan B %
Ratio of Recurring Exps to Net Assets for
Institutional Plus Plan/Plan C %
Transfer to Reserves                         Nil            Nil             Nil         Nil         Nil


                                   Emerging             Fixed       Fixed         Prudential
                                   S.T.A.R. (Stocks     Maturity    Maturity Plan ICICI
                                   Targeted      At     Plan      – – Series 12   Plan I
                                   Returns) Fund        Series 5 @
Historical Per Unit Statistics
Date of Allotment                    28-Oct-04          31-Dec-04       14-Dec-04       24-Mar-05
NAV at the beginning of the year #                      #               #               #
(Rs.)
@@ Net Income per unit               2.08               0.19            0.21            0.02
Dividends (inclusive of distribution                    0.4400
tax if, any)
Compounded Annualised Returns *18.20%                   1.53%           1.55%           0.16%
(Based on NAVs of Growth Option)
                                     CNX Nifty Junior   $               $               Crisil
                                                                                        Composite
                                                                                        Bond    Fund
Benchmark Index                                                                         Index
Return compared to Benchmark -4.38%                     $               $               0.05757%
Index
Net Assets end of period (Rs. Crore) 131.14             127.99          406.39          183.03

NAV at the end of the period
Growth Option / Plan A                        11.82     10.1535         10.1549         10.0156
Dividend Option /Plan A                       11.82     10.1535                         10.0156
Institutional Growth / Plan B                           10.1587         10.1653         10.0160
Institutional Dividend / Plan B                         10.1587                         10.0160
Ratio of Recurring Exps to Net 2.42                     0.46            0.67            0.45
Assets for Regular Plans/Plan A %
Ratio of Recurring Exps to Net                          0.25            0.32            0.25
Assets for Institutional Plans/Plan B



                                                                                                    95
%


Transfer to Reserves                Nil                 Nil          Nil              Nil


                                                    Floating     Rate Long Term Floating
                                                    Plan               Rate Plan
Historical Per Unit Statistics
Date of Allotment                                    28-Mar-03           15-Sep-04
NAV at the beginning of the year (Rs.)                                   *
Growth Option / Plan A                               10.5040
Dividend Option /Plan A                              10.0421
@@ Net Income per unit                               0.35                0.15
Dividends (inclusive of distribution tax if, any)
Dividend Option/Plan A Dividend                      0.3082              0.25
Dividend Option Institutional/Plan B Dividend        0.4812              0.10
Option
Dividend Option Institutional Plus/Plan C Dividend 0.3308
option
Institutional Plus Daily/Plan C Dividend Daily       0.3122
Institutional Option Div (daily)/Plan B Dividend 0.3075
Daily
Dividend Option Daily/Plan A Dividend Daily          0.2941
Compounded Annualised Returns (Based on NAVs 4.95%                       2.65%
of Growth Option)
                                                     CRISIL       Liquid CRISIL Liquid Fund
Benchmark Index                                      Fund                Index
Return compared to Benchmark Index                   -5.94%              0.31%
Net Assets end of period (Rs. Crore)                 2877.70             668.00
NAV at the end of the period
Growth Option / Plan A                               10.3193             10.2649
Dividend Option /Plan A                              10.0069             10.0148
Institutional Growth / Plan B                        11.0208             10.2921
Institutional Dividend / Plan B                      10.0438             10.0105
Institutional Plus Growth Option / Plan C            10.3434
Institutional Plus Dividend / Plan C                 10.0072
Daily Dividend / Plan A Daily Dividend               10.0012
Institutional Dividend Daily / Plan B Daily 10.0012
Dividend
Institutional Plus Dividend daily / Plan C Daily 10.0013
Dividend
Ratio of Recurring Exps to Net Assets for Regular 1.00                   1.25
Plans/Plan A %
Ratio of Recurring Exps to Net Assets for 0.75                           0.75
Institutional Plans/Plan B %
Ratio of Recurring Exps to Net Assets for 0.65                           0.75
Institutional Plus Plan/Plan C %
Transfer to Reserves                                 Nil                 Nil
Notes:
1)        Returns since inception are for the growth plan in each case except under Fixed Maturity Plan
     – Quarterly Series 24, Fixed Maturity Plan – Quarterly Series 25, Fixed Maturity Plan – Quarterly
     Series 26 for which returns have been calculated after adjusting declaration of dividend.
2)        The additional Plan viz. Plan A, Plan B & Plan C were introduced in Prudential ICICI
     Floating Rate Plan on July 29, 2004. The existing option was assigned as Plan B and returns for



                                                                                                    96
   the scheme has been computed using Plan B - Growth Option. Similarly in case of Prudential
   ICICI Long Term Floating Rate Plan returns have been computed using Plan A - Growth Option.
3)      While arriving at Net Income per unit, Income Equalization Reserve and mark to market has
   not been considered and it is calculated on the basis of closing units as of March 31, 2005.
4)      The Compounded annualized returns of each scheme are computed from inception of the
   Scheme till the end of the period of the respective condensed financial information whereas the
   returns compared to benchmark index are computed for the financial year.
* Prudential ICICI Income Multiplier Fund, Fixed Maturity Plan Series 24 –Yearly Options and
   Prudential ICICI Discovery Fund, Prudential ICICI long Term Floating Rate Plan, Fixed Maturity
   Plan Series 25 – Quarterly, Yearly, 15 Months Plan, Fixed Maturity Plan Series 26 – Quarterly
   plan, Prudential ICICI Emerging S.T.A.R. (Stock Targeted At Return) Fund have not completed
   one year from the date of their launch. Returns are computed in absolute terms and for Growth
   Options only from the date of allotment. The NAV on the date of allotment is taken as Rs.10 for
   computation of returns
# These Schemes were launched during the year and these schemes were not in existence at the
   beginning of the year.
$ Appropriate benchmark index is not available.
@ All the unitholders under Prudential ICICI Fixed Maturity Plan – One Year Plus Series – 6,
   Prudential ICICI Fixed Maturity Plan – Series – 12, Prudential ICICI Fixed Maturity Plan –Series
   – 5, Prudential ICICI Fixed Maturity Plan - Quarterly Series – 25, Prudential ICICI Fixed Maturity
   Plan - Quarterly Series – 26 have redeemed their units on July 28, 2004 & September 21, 2004,
   April 5, 2004 & April 21, 2004 respectively and there was fresh subscription on July 29, 2004,
   September 28, 2004, December 14, 2004 & December 31, 2004 at Rs. 10.00, hence, simple
   absolute returns have been calculated by considering the date of reopening of the plan, as a date of
   allotment.
@@ The Net Income per unit mentioned has excluded Income equalization & marked to market
   calculated on the basis of market value of net assets of the Scheme on the valuation date, divided
   by the number of units outstanding on that date. It may be noted that, as it merely indicates the net
   income per unit on the valuation date calculated based upon outstanding units of the scheme on the
   given date, it is subject to vary from time to time and does not reflect any income / loss of the
   scheme.
^ All the unit holders under Prudential ICICI Fixed Maturity Plan Series 23 and Prudential ICICI
   Fixed Maturity Plan -Series 24 -Quarterly have redeemed their units and unit balance are nil as on
   the date of this report.
$$ As provided in the offer document the Benchmark Indices for various Plans under Prudential
   ICICI Advisor Series are as given below:

          Benchmark              Aggressive    Cautious     Moderate         Very               Very
          Indices                Plan          Plan         Plan             Aggressive         Cautious
                                                                             Plan               Plan
         Nifty                 70 %            15%          40 %               90 %             NA
         Crisil    Composite 25%               70 %         40 %            NA                 30%
         Bond Fund Index
         Crisil Liquid Fund 5 %                15 %          20 %              10 %             70%
         Index




                                                                                                      97
c) Financial Information for the period ended March 2006.
                                 Gilt Fund –    Gilt Fund –             Income          Fixed Maturity
                                Investment Plan Treasury                Multiplier Fund Plan Yearly
                                - PF Option     Plan - PF               – Regular Plan Series 24
                                                Option


Historical Per Unit Statistics

Date of Allotment                         19-Nov-03      11-Feb-04           30-Mar-04             20-Mar-04

NAV at the beginning of the
year (Rs.)
Growth Option / Plan A                      10.4224           10.4466            10.8862             10.5308
Dividend Option /Plan A                                                          10.8862
@@Net Income per unit                        0.6200            1.0776             1.0916              0.0954
Dividends (inclusive of
distribution tax if, any)
Dividend Option/Plan A
Dividend                                                                          1.5000              0.0439
Compounded Annualised             3.72%               4.16%             14.37%             5.49%
Returns (Based on NAVs of
Growth Option)
                                   I –Sec Li - BEX       I –Sec Li -       CRISIL MIP                     $
Benchmark Index                                               BEX         Blended Index
Return compared to Benchmark
Index                                        0.09%            (1.16%)             8.72%                   $
Net Assets end of period (Rs.
Crore)                                        79.12             36.92             256.50              847.50
NAV at the end of the period
Growth Option / Plan A                      10.9025           10.9080            13.0860             11.1469
Dividend Option /Plan A                                                          11.5049             10.0116
Ratio of Recurring Exps to Net
Assets for Regular Plans/Plan A
%                                              1.10              1.50               2.13                0.20

Transfer to Reserves                            Nil               Nil                Nil                 Nil

                                  Advisor Series – Advisor       Advisor Series Advisor                        Advisor
                                  Aggressive Plan Series –       – Moderate     Series – Very                  Series –
                                                   Cautious Plan Plan           Aggressive                     Very
                                                                                Plan                           Cautious
                                                                                                               Plan
Historical Per Unit Statistics
    Date of Allotment                       18-Dec-03         18-Dec-03          18-Dec-03         18-Dec-03    18-Dec-03

NAV at the beginning of the
year (Rs.)
Growth Option / Plan A                        11.8089           10.7587            11.1156           12.2955       10.6066
Dividend Option /Plan A                       11.8089           10.7587            11.1156           12.2955       10.6066
@@Net Income per unit                          3.6377            1.2388             3.2688            8.5400        0.3324
Compounded Annualised
Returns (Based on NAVs of
Growth Option)                                30.39%            10.21%             21.08%            40.82%         4.93%



                                                                                                          98
Benchmark Index                                   $$              $$              $$             $$           $$
Return compared to Benchmark
Index                                        46.25%        12.79%             28.10%        58.59%         4.50%
Net Assets end of period (Rs.
Crore)                                          8.75         12.92             10.74           7.98         18.48
NAV at the end of the period
Growth Option / Plan A                       18.3380       12.4867           15.4815        21.8614       11.1635
Dividend Option /Plan A                      18.3380       12.4867           15.4815        21.8614       11.1635
Ratio of Recurring Exps to Net
Assets for Regular Plans/Plan A
%                                               0.55          0.35               0.45          0.70          0.20

Transfer to Reserves                             Nil           Nil                Nil           Nil           Nil

                                    Discovery Fund Long Term           Fixed Maturity Fixed            Emerging
                                                  Floating Rate        Plan Series 25 – Maturity Plan S. T. A. R.
                                                  Plan                 15 Months Plan Series 25 -     (Stocks
                                                                                        Yearly Plan targeted at
                                                                                                      Returns)
                                                                                                      Fund
Historical Per Unit Statistics

Date of Allotment                        16-Aug-04         15-Sep-04         17-Aug-04      28-Dec-05     28-Oct-04

NAV at the beginning of the
year (Rs.)
Growth Option / Plan A                       13.33           10.2649           10.3025        10.2671         11.82
Dividend Option /Plan A                      13.33           10.0148                                          11.82
Institutional Growth / Plan B /
Direct                                                       10.2921           10.3248
Institutional Dividend / Plan B /
Direct                                                       10.0105
@@Net Income per unit                       4.1957            1.0489            0.3851         0.1800        3.2243
Dividends (inclusive of
distribution tax if, any)
Dividend Option/Plan A
Dividend                                      4.50            0.4402                            0.165          1.00
Dividend Option
Institutional/Plan B Dividend
Option                                                        0.4670
Dividend Option Institutional
Plus/Plan C Dividend option                                   0.1670
Compounded Annualised
Returns (Based on NAVs of
Growth Option)                             76.93%             5.14%              4.27%        *1.69%      89.20%
                                             Nifty     CRISIL Liquid                                    CNX Nifty
Benchmark Index                                          Fund Index                     $             $    Junior
Return compared to Benchmark
Index                                      20.00%             0.38%                     $             $     56.14%
Net Assets end of period (Rs.
Crore)                                     1103.21            514.30            251.23         630.05        606.49
NAV at the end of the period
Growth Option / Plan A                       25.23           10.8027           10.6998        10.1688         24.76
Dividend Option /Plan A                      19.30           10.0882                          10.0037         23.12
Institutional Growth / Plan B /                              10.8750           10.7597


                                                                                                 99
Direct
Institutional Dividend / Plan B /
Direct                                                         10.0976
Institutional Plus Dividend / Plan
C                                                              10.0652
FII Growth                                    10.61
Ratio of Recurring Exps to Net
Assets for Regular Plans/Plan A
%                                               2.15              1.25           0.60          0.20       2.34
Ratio of Recurring Exps to Net
Assets for Institutional
Plans/Plan B %                                                    0.85           0.25
Ratio of Recurring Exps to Net
Assets for Institutional Plus
Plan/Plan C %                                                     0.75
Ratio of Recurring Exps to Net
Assets for FII Option                           1.00

Transfer to Reserves                             Nil                Nil           Nil           Nil        Nil


                                     Fixed Maturity    Fixed Maturity        Plan I Blended Plan    Blended
                                        Plan Yearly Plan – 1 Year Plus                  – Plan A Plan – Plan
                                            Series 5          Series 12                                    B
Historical Per Unit Statistics

Date of Allotment                         31-Dec-04          14-Dec-04    24-Mar-05     31-May-05 31-May-05

NAV at the beginning of the
year (Rs.)
Growth Option / Plan A                      10.1535            10.1549      10.0156
Dividend Option /Plan A                     10.1535                         10.0156
Institutional Growth / Plan B /
Direct                                      10.1587            10.1653      10.0160
Institutional Dividend / Plan B /
Direct                                      10.1587                         10.0160
@@Net Income per unit                        0.6382             0.5691       0.3734       -0.2130     0.4536
Dividends (inclusive of
distribution tax if, any)
Dividend Option/Plan A
Dividend                                                                                   0.2500     0.2300
Dividend Option
Institutional/Plan B Dividend
Option                                                                                                0.1300
Compounded Annualised
Returns (Based on NAVs of
Growth Option)                                5.55%             5.64%        5.53%      *5.37%   *4.73%
                                                                            CRISIL CRISIL Short  CRISIL
                                                                          Composite Term Bond Short Term
                                                                          Bond Fund       Fund Bond Fund
Benchmark Index                                    $                 $        Index
                                                                            CRISIL CRISIL Short  CRISIL
                                                                          Composite Term Bond Short Term
                                                                          Bond Fund       Fund Bond Fund
Benchmark Index                                    $                 $        Index



                                                                                             100
Return compared to Benchmark
Index                                               $                      $           2.04%            2.38%       1.64%
Net Assets end of period (Rs.
Crore)                                       133.42                 421.80            171.38            768.21     205.47

NAV at the end of the period
Growth Option / Plan A                      10.6961                10.7347           10.5635           10.5365    10.4731
Dividend Option /Plan A                     10.6961                                  10.5635           10.2803    10.2379
Quarterly Option
Institutional Growth / Plan B /
Direct                                      10.7230                10.7835           10.5851
Institutional Dividend / Plan B /
Direct                                      10.7230                                  10.5851                      10.2498

Transfer to Reserves                               Nil                 Nil                Nil              Nil         Nil

                                  Infrastructure          Services             Fixed Maturity     Fixed Maturity Plan
                                  Fund                   Industries Fund       Plan Series 28 - 4 Series 28 - 16 Months
                                                                               Months Plan        Plan


Historical Per Unit Statistics

Date of Allotment                        31-Aug-05              30-Nov-05               23-Jan-06                20-Jan-06

@@Net Income per unit                        2.1964                 0.7112                 0.1201                  0.1197

Dividends (inclusive of
distribution tax if, any)
Dividend Option/Plan A
Dividend                                       1.00                                       0.1173
Compounded Annualised
Returns (Based on NAVs of
Growth Option)                             *83.33%                *53.09%                 *6.60%                   *0.07%
Benchmark Index                               Nifty                  Nifty                     $                        $
Return compared to                                                                             $                        $
Benchmark Index                              5.04%                 (8.03%)
Net Assets end of period (Rs.
Crore)                                      1439.00                 532.12                 169.42                  135.26
NAV at the end of the
period
Growth Option / Plan A                        14.84                  11.76               10.1211                  10.0013
Dividend Option /Plan A                       13.81                  11.76               10.0037                  10.0013
Institutional Growth / Plan B /
Direct                                                                                                            10.0055
Institutional Dividend / Plan B
/ Direct                                                                                                          10.0055
Ratio of Recurring Exps to Net
Assets for Regular Plans/Plan
A%                                             1.91                 2.20                        0.20                  0.50
Ratio of Recurring Exps to Net
Assets for Institutional
Plans/Plan B %                                                                                                        0.25

Transfer to Reserves                               Nil                 Nil                       Nil                   Nil



                                                                                                          101
       Notes:
       1. Returns since inception are for the growth plan in each case.
       2. In case of Long Term Floating Rate Plan returns have been computed using Plan A - Growth
           Option.
       3. While arriving at Net Income per unit, Income Equalization Reserve and mark to market has not
           been considered and it is calculated on the basis of closing units as of March 31, 2006.
       4. The Compounded annualized returns of each scheme are computed from inception of the Scheme
           till the end of the period of the respective condensed financial information whereas the returns
           compared to benchmark index are computed for the financial year.
       5. Units for Fixed Maturity Plan –Series 25 - Quarterly, Fixed Maturity Plan –Series 6 – Yearly,
           Fixed Maturity Plan –Series 26 – Quarterly, were made nil on 11 August, 2005, 19 August 2005
           and 2 September, 2005, respectively.

       6.   For the schemes where all the units were redeemed during the year and fresh subscription were
            invited on a later date the date of allotment is considered to be the date of reopening and opening
            NAV is not stated.

       7.   Nomenclature for 'FII Option' for Discovery, Emerging Star and Fusion Schemes is changed to
            Institutional Option-I' w.e.f. 14th August, 2006.

       *  Fixed Maturity Plan Series 25 - Yearly Plan, Blended Plan-Plan A, Blended Plan-Plan B,
         Infrastructure Fund, Services Industries Fund, Fixed Maturity Plan –Series 28- 4 Months Plan
         and Fixed Maturity Plan Series 28 - 16 Months Plan have not completed one year from the date of
         their launch. Returns are computed in absolute terms and for Growth Options only from the date
         of allotment. The NAV on the date of allotment is taken as Rs.10 for computation of returns.
       $ Appropriate benchmark index is not available.
       @ All the units holder under the scheme Fixed Maturity Plan Yearly Series 12, Fixed Maturity Plan
         Yearly Series 5 have redeemed their units on 5/4/04, 21/4/04 respectively. There was fresh
         subscription on14/12/04, 31/12/04 at Rs.10 respectively. Thus returns have been calculated from
         this date.
       @@ The Net Income per unit mentioned has excluded Income equalization & marked to market
         calculated on the basis of market value of net assets of the Scheme on the valuation date, divided
         by the number of units outstanding on that date. It may be noted that, as it merely indicates the net
         income per unit on the valuation date calculated based upon outstanding units of the scheme on the
         given date, it is subject to vary from time to time and does not reflect any income / loss of the
         scheme.

       $$ As provided in the offer document the Benchmark Indices for various Plans under Advisor Series
          are as given below:

              Benchmark Indices          Aggressive       Cautious      Moderate       Very                Very
                                           Plan            Plan          Plan          Aggressive         Cautious
                                                                                       Plan                Plan
                       Nifty                 70 %           15%           40 %              90 %            NA
              Crisil Composite Bond          25%            70 %           40 %             NA              30%
                    Fund Index
             Crisil Liquid Fund Index        5%             15 %           20 %              10 %            70%

d) #Condensed Financial Information as on 11 June 2007
                               ICICI          ICICI         ICICI       ICICI      ICICI       ICICI
                               Prudential     Prudential    Prudential Prudential  Prudential Prudential
                               Discovery Fund Long    Term Emerging Blended Plan – Blended     Infrastructure
                                              Floating Rate S. T. A. R. Plan A     Plan – Plan Fund
                                              Plan          (Stocks                B
                                                            targeted at
                                                            Returns)
                                                            Fund
Historical Per Unit Statistics



                                                                                                          102
Date of Allotment                     16-Aug-04     15-Sep-04   28-Oct-04      31-May-05 31-May-05            31-Aug-05
NAV at the beginning of the
year (Rs.)
Growth Option / Plan A                     24.31      11.5186       26.61         11.5399     11.2428             17.65
Dividend Option /Plan A                    16.80      10.1083       19.39         10.9854     10.5697             13.71
Quarterly Option
Institutional Growth / Plan
B / Direct                                            11.6419
Institutional Dividend / Plan
B / Direct                                            10.1303                                 10.6355
Institutional Growth-I                     10.35                    10.44
Net Income per unit@                      0.8966       0.1738      0.0660         -0.1444      0.0367            0.9282
Dividends (inclusive of
distribution tax if, any)
Dividend Option/Plan A
Dividend                                               0.1330                      0.5000
Dividend Option
Institutional/Plan B
Dividend Option                                        0.1400
Compounded Annualised
Returns (Based on NAVs of
Growth Option)                           42.91%         5.96%    53.53%           8.18%     6.89%               0.48%
Benchmark Index                            Nifty CRISIL Liquid CNX Nifty    CRISIL Short   CRISIL                  Nifty
                                                   Fund Index     Junior Term Bond Fund Short Term
                                                                                   Index Bond Fund
                                                                                              Index
Return compared to
Benchmark Index                         1.35%         (0.20%)     (1.31%)         (0.74%)     (0.42%)            3.99%
 Net Assets end of period
(Rs. Crore)                               824.82        83.67    1,103.76          491.28       42.31          1,762.51
NAV at the end of the
period
Growth Option / Plan A                     27.36      11.7157       30.74         11.7309     11.4476             19.98
Dividend Option /Plan A                    18.91      10.1475       22.40         10.6608     10.7622             15.52
Institutional Growth / Plan
B / Direct                                            11.8505
Institutional Dividend / Plan
B / Direct / Institutional
Qtly                                                  10.1709
Institutional Growth-I                     11.67                    12.08
Ratio of Recurring Exps to
Net Assets for Regular
Plans/Plan A %                              2.10         1.25        2.09            1.50        1.49              1.92
Transfer to Reserves                         Nil          Nil         Nil             Nil         Nil               Nil

                                 ICICI           ICICI       ICICI       ICICI         ICICI         ICICI
                                 Prudential      Prudential  Prudential Prudential     Prudential    Prudential
                                 Services        Fusion Fund Fixed       Hybrid Fixed Fixed          Fixed
                                 Industries Fund             Maturity    Maturity Plan Maturity Plan Maturity Plan
                                                             Plan      - -13 MONTHS Series 34-18 Series 34 One
                                                             Series 30 - Plan**        Months        Year     Plan
                                                             13 months                 Plan**        A**
                                                             Plan**
Historical Per Unit Statistics
Date of Allotment                     30-Nov-05     25-Mar-06    18-Jul-06   31-Aug-06      25-Nov-06     11-Nov-06
NAV at the beginning of the


                                                                                                        103
year (Rs.)
Growth Option / Plan A                     14.96        11.38     10.5212      10.3916       10.0491         10.2309
Dividend Option /Plan A                    14.96        11.38     10.0043      10.0046       10.0052         10.0049
Quarterly Option                                                               10.0045
Institutional Growth / Plan
B / Direct                                                        10.5397      10.4189       10.0596         10.2427
Institutional Dividend / Plan
B / Direct                                                                                                   10.0050
Institutional Growth-I                                  11.51
Net Income per unit@                      0.2787       0.0217      0.1595       0.1260        0.1566          0.1210
Dividend Option/Plan A
Dividend                                    1.50
Compounded Annualised
Returns (Based on NAVs of
Growth Option)                            0.40%       27.90%     *6.68%        *5.57%     *2.69%     *4.05%
                                           Nifty    CNX Nifty    CRISIL CRISIL MIP CRISIL Short CRISIL Short
                                                       Junior Short Term Blended Index Term Bond  Term Bond
                                                              Bond Fund                Fund Index Fund Index
Benchmark Index                                                    Index
Return compared to
Benchmark Index                           2.14%         1.53%     (0.61%)      (1.44%)        0.17%          (0.31%)
 Net Assets end of period
(Rs. Crore)                               544.01       738.90      229.21       835.17        243.41          162.16
NAV at the end of the
period
Growth Option / Plan A                     16.76        13.48     10.6677      10.5575       10.2694         10.4054
Dividend Option /Plan A                    15.19        13.48     10.1436      10.1650       10.2245         10.1755
Quarterly Option                                                               10.1649
Institutional Growth / Plan
B / Direct                                                        10.6913      10.5947       10.2858         10.4232
Institutional Dividend / Plan
B / Direct / Institutional
Qtly                                                                           10.1735                       10.1813
Institutional Growth-I                                  13.66
Ratio of Recurring Exps to
Net Assets for Regular
Plans/Plan A %                              2.25         2.14        0.60          0.60         0.50            0.43
Ratio of Recurring Exps to
Net Assets for Institutional
Plans/Plan B/Institutional-I
%                                                        0.99        0.35          0.15         0.20            0.13
Transfer to Reserves                         Nil          Nil         Nil           Nil          Nil             Nil

                                 ICICI      PRU ICICI         ICICI       ICICI        ICICI         ICICI
                                 Fixed Maturity Prudential    Prudential Prudential    Prudential    Prudential
                                 Plan - Series 34 Equity    & Equity    & Fixed        Fixed         Fixed
                                 -     Seventeen Derivatives Derivatives Maturity Plan Maturity Plan Maturity Plan
                                 Months Plan** Income         Wealth      Series 34 - Series 34 - - Series 35 -
                                                  Optimiser   Optimiser Sixteen        Fifteen       Thirteen
                                                  Fund        Fund        Months       Months        Months Plan
                                                                          Plan**       Plan**        A**
Historical Per Unit Statistics
Date of Allotment                     23-Dec-06     30-Dec-06   30-Dec-06     22-Jan-07    26-Feb-07     09-Mar-07
NAV at the beginning of the
year (Rs.)
Growth Option / Plan A                   10.0585        10.24       10.15      10.0672       10.0728         10.0536


                                                                                                       104
Dividend Option /Plan A                 10.0044           10.24         10.15       10.0047      10.0048          10.0536
Institutional Growth / Plan
B / Direct                              10.0693           10.25                     10.0728      10.0756
Institutional Dividend / Plan
B / Direct                              10.0046           10.25
Net Income per unit@                     0.1550         -0.2133       -0.0937        0.1776       0.1752           0.1904
Dividends (inclusive of
distribution tax if, any)
Compounded Annualised
Returns (Based on NAVs of
Growth Option)                          *2.80%          *6.50%        *6.60%         *2.81%        *2.90%        *2.77%
                                   CRISIL Short    Crisil Liquid        Crisil CRISIL Short CRISIL Short CRISIL Short
                                Term Bond Fund      Fund Index       Balanced Term Bond     Term Bond     Term Bond
Benchmark Index                           Index                    Fund Index Fund Index    Fund Index    Fund Index
Return compared to
Benchmark Index                        0.20%             1.92%       (2.03%)         0.27%         0.14%           0.20%
 Net Assets end of period
(Rs. Crore)                                67.47       1,267.46      1,136.91        293.44       421.94           257.19
NAV at the end of the
period
Growth Option / Plan A                  10.2801           10.65         10.66       10.2808      10.2902          10.2770
Dividend Option /Plan A                 10.2248           10.65         10.66       10.2170      10.2207          10.2770
Institutional Growth / Plan
B / Direct                              10.2987           10.67                     10.2922      10.2986
Institutional Dividend / Plan
B / Direct / Institutional
Qtly                                    10.2325           10.67
Ratio of Recurring Exps to
Net Assets for Regular
Plans/Plan A %                              0.55           1.50          2.02          0.45          0.51            0.75
Ratio of Recurring Exps to
Net Assets for Institutional
Plans/Plan B/Institutional-I
%                                           0.15           1.20                        0.15          0.22
Transfer to Reserves                         Nil            Nil           Nil           Nil           Nil             Nil


                                ICICI            ICICI            ICICI       ICICI       ICICI         ICICI
                                Prudential       Prudential       Prudential Prudential Prudential      Prudential
                                Fixed Maturity Fixed Maturity Fixed           Fixed       Fixed         Fixed
                                Plan - Series 34 Plan Series 37 - Maturity    Maturity    Maturity Plan Maturity Plan
                                - Six Months 1 Year Plan A** Plan           - Plan Series - Series 37 - - Series 37 - 3
                                Plan**                            Series 34 - 35 - 13 14        Months Months Plus –
                                                                  One Year Months         Plan**        A**
                                                                  Plan – B** Plan B**
Historical Per Unit
Statistics
Date of Allotment                     09-Mar-07        30-Mar-07     29-Mar-07    16-Mar-07    23-Mar-07      23-Mar-07
NAV at the beginning of
the year (Rs.)

Growth Option / Plan A                  10.0635           10.0000      10.0000      10.0440      10.0273          10.0271

Dividend Option /Plan A                 10.0635           10.0000      10.0000      10.0440      10.0273          10.0271
Institutional Growth / Plan
B / Direct                                                                          10.0452      10.0280
Net Income per unit@                     0.2086            0.1991        0.1463      0.1543       0.1368           0.2235


                                                                                                            105
Dividends (inclusive of
distribution tax if, any)
Compounded Annualised
Returns (Based on NAVs
of Growth Option)                  *2.58%         *1.94%      *2.21%      *2.47%       *2.42%        *2.35%
Benchmark Index           CRISIL Liquid CRISIL Short     CRISIL      CRISIL      CRISIL Short CRISIL Liquid
                          Fund Index      Term Bond Fund Short Term Short Term Term Bond      Fund Index
                                          Index          Bond Fund Bond Fund Fund Index
                                                         Index       Index
Return compared to
Benchmark Index                         (0.10%)          (0.18%)      0.08%         0.00%         0.12%           0.19%
 Net Assets end of period
(Rs. Crore)                              178.11           276.30    1,327.69        752.34        216.83          355.63
NAV at the end of the
period
Growth Option / Plan A                  10.2580          10.1943     10.2209       10.2472       10.2418         10.2353
Dividend Option /Plan A                 10.2580          10.1943     10.2209       10.2472       10.2418         10.2353
Institutional Growth / Plan
B / Direct                                                           10.2268       10.2541       10.2481
Institutional Dividend / Plan
B / Direct / Institutional
Qtly                                                                 10.2268
Ratio of Recurring Exps to
Net Assets for Regular
Plans/Plan A %                             0.25             0.25        0.50          0.60          0.50            0.20
Ratio of Recurring Exps to
Net Assets for Institutional
Plans/Plan B/Institutional-I
%                                                                       0.20          0.30          0.20
Transfer to Reserves                         Nil             Nil         Nil           Nil           Nil             Nil

                                Fixed Maturity Fixed Maturity ICICI               Fixed         Fixed      Fixed
                                Plan - Series 37 Plan - Series 37 Prudential      Maturity Plan Maturity   Maturity
                                - 3 Months Plan - 3 Months Plan Fusion Fund     - - Series 38- Plan      - Plan     -
                                A**              B**              Series-II**     Three Months Series37- Series 35 -
                                                                                  Plan A**      3Months    One Year
                                                                                                Plus Plan Plan**
                                                                                                B**
Historical Per Unit
Statistics
Date of Allotment                     16-Mar-07       29-Mar-07     31-Mar-07        23-Apr-07   30-Apr-07 04-May-07
NAV at the beginning of
the year (Rs.)

Growth Option / Plan A                  10.0468          10.0000         10.00

Dividend Option /Plan A                 10.0468          10.0000         10.00
Net Income per unit@                     0.2114           0.2251        0.2579          0.1465      0.1322        0.1438
Compounded Annualised
Returns (Based on NAVs
of Growth Option)                       *2.44%           *2.19%       *7.80%      *1.32%      *1.18%     *1.44%
Benchmark Index                   CRISIL Liquid    CRISIL Liquid    S&P CNX CRISIL Liquid     CRISIL     CRISIL
                                    Fund Index       Fund Index          Nifty Fund Index Liquid Fund Short Term
                                                                                                Index Bond Fund
                                                                                                            Index
Return compared to                        0.08%           0.20%                    0.03%      1.06%
Benchmark Index                                                       (1.64%)                            (0.09%)


                                                                                                           106
 Net Assets end of period
(Rs. Crore)                            225.86            476.97        1,104.00         315.16        548.85        235.25
NAV at the end of the
period
Growth Option / Plan A               10.2436           10.2187            10.78        10.1323       10.1182       10.1435
Dividend Option /Plan A              10.2436           10.2187            10.78        10.1323       10.1182       10.1435
Institutional Growth / Plan
B / Direct                                                                10.79                                    10.1475
Institutional Dividend / Plan
B / Direct / Institutional
Qtly                                                                                                               10.1475
Ratio of Recurring Exps to
Net Assets for Regular
Plans/Plan A %                           0.22              0.22            2.50            0.22         0.20          0.50
Ratio of Recurring Exps to
Net Assets for Institutional
Plans/Plan B/Institutional-I
%                                                                          1.22                                       0.20
Transfer to Reserves                      Nil               Nil             Nil             Nil          Nil           Nil

        Notes:
            5) Returns since inception are for the growth plan in each case.
            6) In case of ICICI Prudential Long Term Floating Rate Plan returns have been computed using
                Plan A - Growth Option.
            7) While arriving at Net Income per unit, Income Equalization Reserve and mark to market has
                not been considered and it is calculated on the basis of closing units as of June 11, 2007.
            8) The Compounded annualized returns of each scheme are computed from inception of the
                Scheme till the end of the period of the respective condensed financial information whereas
                the returns compared to benchmark index are computed for the financial year.
            9) Units for ICICI Prudential Fixed Maturity Plan –Series 25 - Quarterly, ICICI Prudential Fixed
                Maturity Plan – Series 6 – Yearly, ICICI Prudential Fixed Maturity Plan –Series 26 –
                Quarterly, ICICI Prudential Long Term Floating Rate Plan – Institutional Plus Plan, ICICI
                Prudential Fixed Maturity Plan Series 28 - 4 Months Plan, ICICI Prudential Plan I, ICICI
                Prudential Fixed Maturity Plan Series 24, ICICI Prudential Fixed Maturity Plan Series 27 – 3
                Months Plan, ICICI Prudential Fixed Maturity Plan -Yearly –Series 25 , ICICI Prudential
                Fixed Maturity Plan Series 32 - 3 Months Plan- Plan A, ICICI Prudential Fixed Maturity
                Plan Series 32 - 3 Months Plan- Plan B, ICICI Prudential Fixed Maturity Plan Series 32 - 3
                Months Plan- Plan C, ICICI Prudential Fixed Maturity Plan Series 32 - 3 Months Plan- Plan
                D and ICICI Prudential Fixed Maturity Plan Series 32 - 3 Months Plan- Plan E, ICICI
                Prudential Fixed Maturity Plan Series 28 – 13 Months Plan, ICICI Prudential Fixed Maturity
                Plan Yearly Series 25, ICICI Prudential Fixed Maturity Plan Series 34 – Three Months Plus
                Plan A and ICICI Prudential Fixed Maturity Plan Series 35 – Three Months Plan A, ICICI
                Prudential Fixed Maturity Plan Yearly Series 5, ICICI Prudential Fixed Maturity Plan Yearly
                Series 12, ICICI Prudential Fixed Maturity Plan Series 28 - 16 Months Plan, ICICI Prudential
                Fixed Maturity Plan Series 35 - 3 Months Plan B and ICICI Prudential Fixed Maturity Plan
                Series 35 - 3 Months Plan C were made nil on 11 August, 2005, 19 August 2005, 2
                September, 2005, 5 May, 2006, 16 May, 2006, May 25, 2006, June 10, 2006, June 27,2006,
                July 20,2006 ,September 22, 2006, October 27,2006, December 29,2006, January 22,2007,
                February 9, 2007, April 04, 2007, April 09, 2007, April 19, 2007, April 24, 2007, April 27,
                2007 May 7,2007, May 14,2007, May 14, 2007 and May 29,2007 respectively.
            10) For the schemes where all the units were redeemed during the year and fresh subscription
                were invited on a later date the date of allotment is considered to be the date of reopening and
                opening NAV is not stated.
            11) Nomenclature for 'FII Option' for ICICI Prudential Discovery, ICICI Prudential Emerging Star
                and ICICI Prudential Fusion Schemes is changed to Institutional Option-I' w.e.f. 14th August
                2006.

        *    ICICI Prudential Fixed Maturity Plan – Series 30 - 13 Months Plan, ICICI Prudential Fixed
             Maturity Plan – Series 34 - 18 Months Plan, ICICI Prudential Fixed Maturity Plan – Series 34 - 1


                                                                                                           107
  Year Plan A, ICICI Prudential Hybrid Fixed Maturity Plan 13 Months Plan, ICICI Prudential
  Fixed Maturity Plan – Series 34 - 17 Months Plan, ICICI Prudential Fixed Maturity Plan – Series
  34 – Sixteen Months Plan, ICICI Prudential Fixed Maturity Plan – Series 34 - 15 Months Plan,
  ICICI Prudential Fixed Maturity Plan – Series 35 - Three Months Plan B, ICICI Prudential Fixed
  Maturity Plan – Series 35 - Three Months Plan C, ICICI Prudential Fixed Maturity Plan – Series
  35 – Thirteen Months Plan A, ICICI Prudential Fixed Maturity Plan – Series 34 - Six Months
  Plan, ICICI Prudential Fixed Maturity Plan – Series 37 – One Year Plan A, ICICI Prudential
  Fixed Maturity Plan – Series 34 – One Year Plan B, ICICI Prudential Fixed Maturity Plan – Series
  35 – Thirteen Months Plan B, ICICI Prudential Fixed Maturity Plan – Series 37 – Fourteen Months
  Plan, ICICI Prudential Fixed Maturity Plan – Series 37 – Three Months Plus Plan A, ICICI
  Prudential Fixed Maturity Plan – Series 37 – Three Months Plan             A & B, ICICI Prudential
  Fixed Maturity Plan – Series 38- 3 Months Plan A, ICICI Prudential Fixed Maturity Plan – Series
  37 – Three Months Plan plus Plan B, ICICI Prudential Fixed Maturity Plan – Series 35 – One Year
  Plan, ICICI Prudential Equity & Derivatives Fund – Income Optimiser Plan and Wealth
  Optimiser Plan, ICICI Prudential Fusion Fund Series – II have not completed one year from the
  date of their launch. Returns are computed in absolute terms and for Growth Options only from
  the date of allotment. The NAV on the date of allotment is taken as Rs.10 for computation of
  returns.
# Un-audited.
@ The Net Income per unit mentioned has excluded Income equalization & marked to market
  calculated on the basis of market value of net assets of the Scheme on the valuation date, divided
  by the number of units outstanding on that date. It may be noted that, as it merely indicates the net
  income per unit on the valuation date calculated based upon outstanding units of the scheme on the
  given date, it is subject to vary from time to time and does not reflect any income / loss of the
  scheme.

** Net Asset Value of the Units of the Scheme/Plans & Options are calculated on Weekly basis i.e. on
   every Wednesday. Hence Closing NAV per unit is calculated as on June 6, 2007.


    Return compared to Benchmark Index are calculated considering the NAV of April 02, 2007 and
    June 6, 2007 for all Fixed Maturity Plans as NAV of the Net Asset Value of the Units of the
    Scheme/Plans & Options are calculated on Weekly basis i.e. on every Wednesday.




                                                                                                  108
                                       SECTION VI
                              UNITHOLDERS RIGHTS & SERVICES

a) Investor Services
The Fund believes in providing the investors with a superior service to make the investors’ experience
in dealing with the Fund an efficient and satisfactory one. In order to achieve these goals, the Fund will
endeavour to continuously establish and upgrade systems to handle transactions efficiently and resolve
any investor grievances promptly.

b) Ease of Transactions
The Fund intends to make every transaction for the investor a simple and convenient one. The Fund
plans to provide the following services: -
i) Customer Service Centres in major metros
    The AMC presently has Customer Service Centres in various cities. Over a period of time, the
    AMC may add further Customer Service Centres and/or sales offices in other cities. Unitholders
    can go to these Service Centres / Sales Offices for enquiries and transactions during business
    hours.
ii) Process transactions in a timely manner
    Under the Regulations, the Fund/ the Registrar / AMC shall despatch to the Unitholders the
    dividend warrants, if any, within thirty days of the date of declaration of dividend and the
    Redemption proceeds within ten Business Days from the date of acceptance / deemed acceptance
    of the request for Redemption or repurchase proceeds, as the case may be.

     Under normal circumstances, the Fund will endeavour to complete all monetary transactions
     within T+3 Business Days from the date of acceptance of a transaction request. Ordinarily, non-
     monetary transactions or requests will be processed, (with the exception of issue of Unit
     certificates) within 7 Business Days. Investors should note that completion of monetary/ non-
     monetary transactions within 3/ 7 Business Days as indicated above would be done on “best
     efforts” basis and completion of all such transactions are subject to the time limits as prescribed
     under the Regulations.

c)   Problem Resolution
     The Fund will follow-up with Customer Service Centres and Registrar on complaints and enquiries
     received from investors for resolving them promptly.
     For this purpose, Ms. Molly Kapoor has been appointed the Investor Relations Officer. She can be
     contacted at the Corporate Office of the AMC. The address and phone numbers are:

     5th Floor, Peninsula Tower
     Peninsula Corporate Park
     Ganpatrao Kadam Marg,
     Off Senapati Bapat Marg
     Lower Parel Mumbai 400 013
     Phone: (91)(22) 24997000
     Fax: (91)(22) 24997029

     The Fund shall before the expiry of one month from the close of each half year, that is as on March
     31 and September 30, publish its unaudited financial results in one English daily newspaper
     circulating all India and in a newspaper published in the language of the region where the Head
     Office of the Fund is situated and update the same on AMC’s website at www.icicipruamc.com
     within 30 days and 60 days in two different formats prescribed in terms of SEBI’s circular dated
     April 20, 2001 and on AMFI web site (www.amfiindia.com) before the expiry of one month from
     the close of each half-year, in the prescribed format.

     Further the Fund shall also disclose the half-yearly scheme portfolios on its web site at
     www.icicipruamc.com and on AMFI web site (www.amfiindia.com) in the prescribed format
     before the expiry of one month from the close of each half-year.

     The Fund shall before the expiry of one month from the close of each half year (31st March and
     30th September) send to the Unitholders a complete statement of Scheme’s portfolios or if such
     statement is not sent to the Unitholders, it will be published by way of an advertisement in one



                                                                                                     109
      English daily circulating in the whole of India and in a newspaper published in the language of the
      region where the head office of the mutual fund is situated.

      The AMC will disclose the NAV of the Scheme on weekly basis. The AMC can send the annual
      report, portfolio statement, account statements and other correspondence using e-mail as an
      alternate mode of communication, with the consent of the unit holders.

d) Information about the Scheme
   The Fund will publish an abridged summary of an audited annual report of the Scheme as on
   March 31 of each year, and an abridged Scheme wise annual report shall be mailed to all
   Unitholders, not later than six months from March 31 of each year. The abridged annual report
   shall contain such details as are required under the Regulations.

      The Fund shall before the expiry of one month from the close of each half year, that is as on March
      31 and September 30, publish its unaudited financial results in one English daily newspaper
      circulating all India and in a newspaper published in the language of the region where the Head
      Office of the Fund is situated and update the same on AMC's website at www.icicipruamc.com
      within 60 days from the close of each half year, in the prescribed format.

      The AMC will disclose the NAV of each Plan on every Business Day.

      The Fund shall before the expiry of one month from the close of each half year (31st March and
      30th September) send to the Unitholders a complete statement of Scheme’s portfolio or if such
      statement is not sent to the Unitholders, it will be published by way of an advertisement in one
      English daily circulating in the whole of India and in a newspaper published in the language of the
      region where the head office of the mutual fund is situated.

e)    NAV Information
     The NAV of the Scheme will be calculated daily and announced by the Fund on each Business Day.
     The information on NAV may be obtained by the Unitholders, on any day, by calling the office of
     the AMC or any of the Customer Service Centres or on the Website of the AMC
     www.icicipruamc.com The Fund will use its best endeavour to publish NAVs daily, in at least two
     daily newspapers. Further, the AMC shall endeavour to publish Purchase and Redemption prices of
     Units daily in a newspaper with all India circulation.

     AMC shall update the NAVs on the website of Association of Mutual Funds in India - AMFI
     (www.amfiindia.com) by 9.00-p.m. every Business Day. In case of any delay, the reasons for such
     delay would be explained to AMFI and SEBI by the next day. If the NAVs are not available before
     commencement of business hours on the following day due to any reason, the Fund shall issue a
     press release providing reasons and explaining when the Fund would be able to publish the NAVs.

f)    Disclosure of information under the Regulations

     The Fund will, not later than six months after the close of each financial year (March 31), mail to
     the Unitholders an abridged scheme wise annual report. Further, the full text of the Annual Report
     will be available for inspection at the office of the Fund. A copy of the Annual Report will be sent
     to Unit holders, free of cost, on specific request.

     The Fund shall before the expiry of one month from the close of each half year, that is as on March
     31 and September 30, publish its unaudited financial results in one English daily newspaper having
     all India circulation and in a newspaper published in the language of the region where the Head
     Office of the Fund is situated and update the same on AMC's website at www icicipruamc.com
     within 30 days and 60 days in two different formats prescribed in terms of SEBI’s circular dated
     April 20, 2001 and on AMFI's website at www.amfiindia.com within 30 days from the close of each
     half year, in the prescribed formats.

     Further the Fund shall also disclose the half-yearly scheme portfolios on its web site at
     www.icicipruamc.com and on AMFI web site (www.amfiindia.com) in the prescribed format before
     the expiry of one month from the close of each half-year.




                                                                                                    110
g) Rights of Unitholders of the Scheme:
   1. Unitholders of the Scheme have a proportionate right in the beneficial ownership of the assets
        of that Scheme.
   2. The Trustee is bound to make such disclosures to the Unitholders as are essential in order to
        keep them informed about any information known to Trustee which may have an adverse
        bearing on their investments.
   3. The appointment of an AMC for the Fund can be terminated by majority of the Trustee or by
        75% of the Unitholders of the Scheme of the Fund and any change in the appointment of the
        AMC shall be subject to the prior approval of SEBI and the Unitholders of the Scheme.
   4. The Trustee is obliged to convene a meeting on a requisition of 75% of the Unitholders of the
        Scheme.
   5. 75% of the Unitholders of a Scheme and the Plan thereunder can pass a resolution to wind up
        the Scheme.
   6. Unitholders have the right to inspect all the documents listed under “Documents Available for
        Inspection”.
   7. The Trustee shall obtain the consent of the Unitholders:
             a)        whenever required to do so by SEBI, in the interest of Unitholders
             b)        whenever required to do so on the requisition made by three-fourths of the
                       Unitholders of the Scheme.
             c)        when the Trustee decides to wind up or prematurely redeem the units.
   8. The Trustees shall ensure that no change in the fundamental attributes of any scheme or the
        trust or fee and expenses payable or any other change which would modify the scheme and
        affects the interests of unit holders is carried out unless:
        i. a written communication about the proposed change is sent to each Unitholder and
       ii. an advertisement is given in one English daily newspaper having nationwide circulation
             as well as in a newspaper published in the language of the region where the Head Office
             of the mutual fund is situated; and
      iii. the Unitholders are given an option to exit at the prevailing Net Asset Value without any
             exit load.
   b.             Subject to the Regulations and the guidelines issued by SEBI, the consent of the
        Unitholders of the Scheme will be obtained through voting, by mail. Detailed modalities of the
        same, including the principles for entitlement of votes for each Unitholder will be finalized in
        consultation with and after obtaining the approval of SEBI and the Trustee.
   c.             Annual report containing accounts of the AMC would be displayed on the websites
        of the Fund (i.e.icicipruamc.com) Unitholders, if they so desire, may request for the annual
        report of the AMC.

h) Duration of the Scheme /Winding up
    The duration of the Scheme is perpetual. The AMC, the Fund and the Trustee reserve the right to
    make such changes/alterations the Scheme (including the charging of fees and expenses) offered
    under this Offer Document to the extent permitted by the applicable Regulations. However, in
    terms of the Regulations, a Scheme may be wound up after repaying the amount due to the
    Unitholders:
    1. On happening of any event, which in the opinion of the Trustee, requires the Scheme to be
         wound up, OR
    2. If seventy five percent (75%) of the Unitholders of the Schemes pass a resolution that the
         Scheme be wound up, OR
    3. If SEBI so directs in the interest of the Unitholders, OR
    4. In case of non-fulfillment of condition prescribed in terms of minimum number of investors
         vide SEBI circular dated December 12, 2003 and June 14, 2005 having ref SEBI/IMD/CIR
         No. 10/22701/03 and SEBI/IMD/CIR No. 1/42529/05 respectively

Where the Scheme is so wound up, the Trustee shall give notice of the circumstances leading to the
winding up of the Scheme to:
1. SEBI and,
2. In two daily newspapers with circulation all over India and in one vernacular newspaper with
    circulation in Mumbai.
On and from the date of the publication of notice of winding up, the Trustee or the Investment
Manager, as the case may be, shall:



                                                                                                   111
1. Cease to carry on any business activities in respect of the Scheme so wound up;
2. Cease to create or cancel Units in the Scheme;
3. Cease to issue or redeem Units in the Scheme.

i)   Procedure and manner of Winding up
     The Trustee shall call a meeting of the Unitholders of the Scheme to approve by simple majority of
     the Unitholders present and voting at the meeting for authorizing the Trustee or any other person to
     take steps for the winding up of the Scheme.

     The Trustee or the person authorized above shall dispose of the assets of the Scheme in the best
     interest of the Unitholders of the Scheme.

     The proceeds of sale realized in pursuance of the above, shall be first utilized towards discharge of
     such liabilities as are due and payable under the Scheme and after meeting the expenses connected
     with such winding up, the balance shall be paid to Unitholders in proportion to their respective
     interest in the assets of the Scheme, as on the date the decision for winding up was taken.

     On completion of the winding up, the Trustee shall forward to SEBI and the Unitholders a report
     on the winding up, detailing the circumstances leading to the winding up, the steps taken for
     disposal of the assets of the Scheme before winding up, net assets available for distribution to the
     Unitholders and a certificate from the auditors of the Fund.

     Notwithstanding anything contained herein above, the provisions of the Regulations in respect of
     disclosures of half-yearly reports and annual reports shall continue to be applicable until winding
     up is completed or the Scheme ceases to exist.

     After the receipt of the report referred to above, if SEBI is satisfied that all measures for winding
     up of the Scheme have been complied with, the Scheme shall cease to exist.

j)   Tax benefits of investing in the Mutual Fund

     The following information is provided only for general information purpose. In view of the
     individual nature of tax benefits each investor is advised to consult with his or her own tax
     consultant with respect to the specific tax implications arising out of their participation in the
     scheme. Please note that, when the child is minor, the provisions of Section 64(1A) of the Income
     Tax Act, 1961 will be applicable in respect of clubbing of income.

     Based on the law in force and after considering the amendments made in the Income Tax Act,
     1961 ("the Act") by the Finance Act, 2007, the Scheme’s auditors, N. M. Raiji and Co. have
     confirmed that the following benefits may accrue to the respective assesses:

     1.   TO THE FUND

          Income of the Fund registered under the Securities and Exchange Board of India Act, 1992 (15 of
          1992) or regulations made there under will be exempt from income tax in accordance with the
          provisions of section 10(23D) of the Act. The income received by the Fund is not liable for
          deduction of tax at source under section 196.

          Finance Act, 2007 has revised the rates of additional income tax payable on the income distributed
          by domestic companies & mutual funds.

          As per section 115R, Mutual Funds are liable to pay additional income tax on the income distributed
          by them.

          Under the provisions of section 115R(2) of the Act, additional income tax is payable at different
          rates on income distributed by different types of Mutual Funds. Money Market Mutual Funds &
          Liquid Funds are liable to pay additional income tax at the rate of 25% plus applicable surcharge in
          the case of all investors. Other Mutual Funds are liable to pay additional income tax at the rate of
          12.50% plus applicable surcharge on the income distributed by a Fund to Individuals and HUFs and
          at the rate of 20% plus applicable surcharge on the income distributed to any other assessees. Levy



                                                                                                     112
        of education cess at the rate of 3% is also applicable on total tax payable. However, in respect of
        Equity Oriented Funds, no additional income tax is payable on income distributed by such Funds.

        The term “Equity Oriented Fund” has been defined to mean a fund where the investible funds are
        invested by way of equity shares in domestic companies to the extent of more than 65% of the total
        proceeds of such fund. Further, it is provided that the percentage of equity share holding of the fund
        shall be computed with reference to the annual average of the monthly averages of the opening and
        closing figures.

        As per sub-section 3, Mutual Funds are liable to pay the additional tax to the credit of the Central
        Government within 14 days from the date of distribution or payment of such income, whichever is
        earlier.

2.   SECURITIES TRANSACTION TAX

        Securities Transaction Tax (“STT”) is applicable on transactions of purchase or sale of units of
        Equity Oriented Fund entered into on a recognized stock exchange or sale of units of Equity
        Oriented Fund to the Mutual Fund.

        The applicable S.T.T. rates are given in following table:

                          Taxable Securities Transaction                        Rate         Payable by

          Purchase of a unit of an equity oriented fund, where -               0.125%     Purchaser
          • the transaction of such purchase is entered into in a
              recognised stock exchange; and
          • the contract for the purchase of such unit is settled by the
              actual delivery or transfer of such unit.


          Sale of a unit of an equity oriented fund, where -
          • the transaction of such sale is entered into in a recognised       0.125%           Seller
              stock exchange; and
          • the contract for the sale of such unit is settled by the actual
              delivery or transfer of such unit.


          Sale of a unit of an equity oriented fund, where -
          • the transaction of such sale is entered into in a recognised       0.025%           Seller
              stock exchange; and
          • the contract for the sale of such unit is settled otherwise
              than by the actual delivery or transfer of such unit.

          Sale of a derivative, where the transaction of such sale is          0.017%           Seller
          entered into in a recognized stock exchange.
          Sale of unit of an equity oriented fund to the Mutual Fund itself.
                                                                             0.25%          Seller *
        * Mutual Fund is responsible for collecting the STT from every person who sells the unit to it.

3.   TO THE UNITHOLDERS

3.1 INCOME RECEIVED FROM MUTUAL FUND
    According to section 10(35) of the Act, any income received in respect of units of Mutual Fund specified
    under section 10(23D) is exempt from income tax in the hands of the unit holders. It has, however, been
    clarified that income arising from transfer of units of Mutual Fund shall not be exempt.

3.2 LONG TERM CAPITAL GAINS ON TRANSFER OF UNITS
    Under Section 10(38), Long Term Capital Gain on sale of units of Equity Oriented Funds are exempt
    from Income Tax in the hands of unit holders, provided such transactions are entered into a recognised
    stock exchange or such units are sold to the Mutual Fund and are chargeable to STT.


                                                                                                   113
    In respect of capital gains that are not exempted under section 10(38), the provisions for taxation of
    long-term capital gains for different categories of assessees are explained hereunder:

        i)     For Individuals and HUFs
               Long-term Capital Gains in respect of Units of Mutual Fund held for a period of more than
               12 months will be chargeable under section 112 of the Act, at a rate of 20% plus surcharge,
               as applicable and cess. Capital Gains would be computed after taking into account cost of
               acquisition as adjusted by Cost Inflation Index notified by the Central Government and
               expenditure incurred wholly and exclusively in connection with such transfer. In the case
               where taxable income as reduced by long term capital gains is below the exemption limit, the
               long term capital gains will be reduced to the extent of the shortfall and only the balance long
               term capital gains will be charged at the flat rate of 20% plus surcharge, as may be applicable
               and cess.

               It is further provided that in case of listed securities & units of a mutual fund, an assessee will
               have an option to apply concessional rate of 10% plus applicable surcharge and cess,
               provided the long term capital gains are computed without substituting indexed cost in place
               of cost of acquisition.

        ii)    For Partnership Firms, Non-Residents, Indian Companies/Foreign Companies
               Long-term Capital Gains in respect of Units held for a period of more than 12 months will be
               chargeable under section 112 of the Act at a rate of 20% plus surcharge, as may be applicable
               and cess. Capital gains would be computed after taking into account cost of acquisition as
               adjusted by Cost Inflation Index notified by the Central Government and expenditure
               incurred wholly and exclusively in connection with such transfer.
               It is further provided that in case of listed securities & units of a mutual fund, an assessee will
               have an option to apply concessional rate of 10% plus applicable surcharge and cess,
               provided the long term capital gains are computed without substituting indexed cost in place
               of cost of acquisition.

        iii)   For Non-resident Indians
               Under section 115E of the Act for non-resident Indians, income by way of long-term capital
               gains in respect of specified assets is chargeable at the rate of 10% plus applicable surcharge
               and cess. Such long-term capital gains would be calculated without indexation of cost of
               acquisition.
               Non-resident Indians may opt for computation of long term capital gains as per section 112
               (explained earlier), which seems to be more beneficial.

        iv)    For Overseas Financial Organisations, including Overseas Corporate Bodies and
               Foreign Institutional Investors fulfilling conditions laid down under section 115AB
               (Offshore Fund)
               Under section 115AB of the Act, income received on units purchased in foreign currency or
               income by way of long-term capital gains in respect of units purchased in foreign currency
               held for a period of more than 12 months will be chargeable to tax at the rate of 10%, plus
               applicable surcharge and cess. Such gains would be calculated without indexation of cost of
               acquisition.

3.3 SHORT TERM CAPITAL GAINS ON TRANSFER OF UNITS
       Section 111A provides that short-term capital gains arising on sale of units of Equity Oriented
       Funds are chargeable to income tax at a concessional rate of 10% plus applicable surcharge and
       cess, provided such transactions are entered into on a recognized stock exchange or such units are
       sold to the Mutual Funds and are chargeable to STT. Further, Section 48 provides that no deduction
       shall be allowed in respect of STT paid for the purpose of computing Capital Gains. In the case
       where taxable income as reduced by short term capital gains is below the exemption limit, the short
       term capital gains will be reduced to the extent of the shortfall and only the balance short term
       capital gains will be charged at the flat rate of 10% plus surcharge, as may be applicable and cess.
       In respect of capital gains not chargeable under section 111A, the provisions for taxation of short-
       term capital gains for different categories of assessees is explained hereunder:




                                                                                                       114
      Short term Capital Gains in respect of Units held for a period of not more than 12 months is added
      to the total income. Total income including short-term capital gains is chargeable to tax as per the
      relevant slab rates.
      Income Tax Rates
      The maximum income tax rates for various categories of assessees for AY 2008-09 are as under:
      Resident individuals and HUF                30% plus surcharge and cess
      Partnership Firms                           30% plus surcharge and cess
      Domestic companies                          30% plus surcharge and cess
      Non Resident Indians                        30% plus surcharge and cess
      Other than Domestic Companies 40% plus surcharge and cess

      With regards to individuals and HUF having a total income exceeding Rs. 10,00,000 a surcharge of
      10% on the income tax is applicable.

      The maximum marginal rate of tax applicable for individuals is for the total income exceeding
      Rs.2,50,000.

      Partnership Firms and Domestic Companies having a total income exceeding Rs.1,00,00,000 a
      surcharge of 10% on the income tax is applicable.

      A surcharge of 2.5% on the income tax would be applicable in the case of Foreign Companies
      having a total income exceeding Rs.1,00,00,000.

      Further, education cess at the rate of 3% on the income tax (including applicable surcharge) would
      be applicable for all categories of assessees.

3.4 CAPITAL LOSSES

      Losses under the head "Capital Gains" cannot be set off against income under any other head.
      Further within the head "Capital Gains", losses arising from the transfer of long-term capital assets
      cannot be adjusted against gains arising from the transfer of a short-term capital asset. However,
      losses arising from the transfer of short-term capital assets can be adjusted against gains arising
      from the transfer of either a long-term or a short-term capital asset.

      Under Section 10(38), Long Term Capital Gains on sale of units of Equity Oriented Fund are
      exempt from Income Tax provided certain conditions are fulfilled. Hence, losses arising from such
      type of transaction of sale of units of Equity Oriented Fund would not be eligible for set-off against
      taxable capital gains.

      Unabsorbed long-term capital loss (other than that relating to sale of equity shares and units of
      Equity Oriented Fund as stated in para above) can be carried forward and set off against the long-
      term capital gains arising in any of the subsequent eight assessment years.

      Unabsorbed short-term capital loss can be carried forward and set off against the income under the
      head Capital Gains in any of the subsequent eight assessment years.

      According to section 94(7) of the Act, if any person buys or acquires units within a period of three
      months prior to the record date fixed for declaration of dividend or distribution of income and sells
      or transfers the same within a period of nine months from such record date and dividend or income
      arising from such securities or unit received or receivable is exempt, then losses arising from such
      sale to the extent of income received or receivable on such units shall be ignored for the purpose of
      computing income chargeable to tax.

      Further, Sub-section (8) of Section 94 provides that, where additional units have been issued to any
      person without any payment, on the basis of existing units held by such person then the loss on sale
      of original units shall be ignored for the purpose of computing income chargeable to tax, if the
      original units were acquired within three months prior to the record date fixed for receipt of
      additional units and sold within nine months from such record date. However, the loss so ignored
      shall be considered as cost of acquisition of such additional units held on the date of sale by such
      person.



                                                                                                 115
3.5        Section 80C of the Act provides that from the total income of an individual and HUF, deduction for
           an amount paid or deposited in certain eligible schemes or investments would be available, subject
           to a maximum amount of Rs. 1,00,000.

           According to clause (xiii) and clause (xx) to sub-section 2, any subscription to any units of Mutual
           Fund notified under Section 10(23D) would qualify for deduction under the aforesaid section
           provided

                      the plan is formulated in accordance with a scheme notified by the Central Government; or

                      approved by CBDT on an application made by the Mutual Fund and the amount of subscription
                      to such units is subscribed only in eligible issue of capital of any company.

4.     TAX DEDUCTION AT SOURCE

      4.1 FOR INCOME IN RESPECT OF UNITS:
          No tax shall be deducted at source in respect of any income credited or paid in respect of units of the
          Fund as per the provisions of section 10(35), section 194K and section 196A.

      4.2 FOR CAPITAL GAINS:
          (i)   In respect of Resident Unit holders:

                           No tax is required to be deducted at source on capital gains arising to any resident unit
                           holder (under section 194K) vide circular no. 715 dated August 8, 1995 issued by the
                           Central Board for Direct Taxes (CBDT).

           (ii)            In respect of Non- Resident Unit holders:

                           Under section 195 and section 196B of the Act, tax shall be deducted at source in respect of
                           capital gains as under:

                      a.   In case of non resident other than a company -
                                Long term capital gains1                  20% plus surcharge and cess
                                Short term capital gains                  30% plus surcharge and cess

                      b.   In case of foreign company -
                                Long term capital gains1                  20% plus surcharge and cess
                                Short term capital gains                  40% plus surcharge and cess

                      c.   In case of Offshore Fund as defined in 115AB –
                                Long term capital gains1                10% plus surcharge and cess
                  1
                Except for gains arising from sale of unit of Equity Oriented Funds, which are exempt under
                     section 10(38) of the Act.
           As per circular no. 728 dated October 1995 by CBDT, in the case of a remittance to a country with
           which a Double Taxation Avoidance Agreement (DTAA) is in force, the tax should be deducted at
           the rate provided in the Finance Act of the relevant year or at the rate provided in DTAA whichever
           is more beneficial to the assessee.

5.         EXEMPTION FROM TAX ON CAPITAL GAINS ARISING ON TRANSFER OF UNITS
           HELD FOR MORE THAN 12 MONTHS

           Under section 54EC of the Act
           As provided under section 54EC, and subject to the conditions specified therein, where an assessee
           has made capital gains from the transfer of units held in Mutual Fund Scheme for a period
           exceeding 12 months and the assessee has any time within a period of 6 months after the date of
           such transfer, invested the whole of the capital gains in the long term specified assets i.e., in bonds
           redeemable after 3 years issued by the National Highways Authority of India or by the Rural
           Electrification Corporation Limited, such capital gains shall be exempted from tax on capital gains



                                                                                                            116
         under section 54EC of the Income Tax Act, 1961. However, if the assessee has invested only a part
         of the capital gains, he will be eligible for the proportionate exemption. According to the Finance
         Act, 2007, the investment in the abovementioned securities will be restricted to the maximum of Rs.
         50 lacs for the calculation of exemption amount.

         Section 54EC provides that where any investment has been allowed as a deduction under this
         section the same shall not be allowed as deduction in Section 80C.

6.   REBATE UNDER SECTION 88E
     Section 88E provides that where the total income of a person includes income chargeable under the head
     ‘Profits and Gains of business or profession’ arising from sale of units of equity oriented funds, the
     person shall get rebate equal to the STT paid by him in the course of his business. Such rebate is to be
     allowed from the amount of income tax in respect of transactions calculated by applying average rate of
     income tax.

7.   INVESTMENTS BY CHARITABLE AND RELIGIOUS TRUSTS
     Units of a Mutual fund Scheme referred to in clause 23D of section 10 of the Income Tax Act, 1961,
     constitute an eligible avenue for investment by charitable or religious trusts per rule 17C of the Income
     Tax Rules, 1962, read with clause (xii) of sub-section (5) of section 11 of the Income Tax Act, 1961.

8.   WEALTH TAX
     Units held under the Mutual Fund Scheme are not treated as assets within the meaning of section 2(ea)
     of the Wealth Tax Act, 1957 and are, therefore, not liable to Wealth-Tax.

k) Unclaimed redemption amount
   The unclaimed Redemption amount may be deployed by the Mutual Fund in call money market or
   money market instruments only and the investors who claim these amounts during a period of
   three years from the due date shall be paid at the prevailing Net Asset Value. After a period of
   three years, this amount will be transferred to a pool account and the investors can claim the
   amount at NAV prevailing at the end of the third year. The income earned on such funds will be
   used for the purpose of investor education. The AMC will make a continuous effort to remind the
   investors through letters to take their unclaimed amounts. Further, the investment management fee
   charged by the AMC for managing unclaimed amounts shall not exceed 50 basis points.

     Unclaimed Dividend / Redemptions in respect of the open ended funds normally represent the time
     lag between funding of the respective accounts (with bank) by the AMC and the time taken for
     presentation of redemption/dividend warrants by the investors. No significant delay in the process
     is noticed. Hence the details in respect of open-ended funds is not mentioned.

Details in respect of ICICI Premier are given below –
                                  As of March 31, 2007                  As of June 11, 2007
 Unclaimed          Redemption     Rs. 4.70 crores of 22,361             Rs. 4.68 crores of 22,214
 Amount – Premier Redeemed        Investors                             Investors
 Unclaimed          Redemption Rs. 2.31 Crores of 3,960                 Rs. 2.28 Crores of 3,910
 Amount – Premier Rolled Investors                                      Investors
 Over Redeemed
 Unclaimed Dividend Amount        Rs. 0.03 Crores                       Rs. 0.03 Crores




                                                                                                   117
                                             SECTION VI
                                          OTHER MATTERS

a) UNITHOLDER GRIEVANCES REDRESSAL MECHANISM
Investor grievances are normally received at AMC office or at the Customer Service Centres or directly
by the Registrar. All grievances are forwarded to the Registrar for their necessary action. The
complaints are closely followed up with the Registrar to ensure timely redresses and prompt investor
service. Given below is the complaint history for the last three fiscal years:

                                                                      ICICI Premier           ICICI Power #
 01/04/2004 to 31/03/2005
 Complaints/ Requests received during the period                                   565         Not applicable
 Redressed during the period                                                       562         Not applicable
 Pending as on March 31, 2005                                                        6         Not applicable
 01/04/2005 to 31/03/2006
 Complaints/ Requests received during the period                                   284         Not applicable
 Redressed during the period                                                       287         Not applicable
 Pending as on March 31, 2006                                                        3         Not applicable
 01/04/2006 to 31/03/2007
 Complaints/ Requests received during the period                                   167         Not applicable
 Redressed during the period                                                       167         Not applicable
 Pending as on March 31, 2007                                                        3         Not applicable
 01/04/2007 to 11/06/2007
 Complaints/ Requests received during the period                                    18         Not applicable
 Redressed during the period                                                        17         Not applicable
 Pending as on June 11, 2007                                                         4         Not applicable

 #Status reported till the Record Date of Conversion. Name changed to ICICI Power with effect
 from September 27, 2001. The status on investor complaints consequent to conversion is
 reported separately.

 The above two funds were launched in 1994. ICICI Power has been converted in to an open-ended
 fund w.e.f. September 27, 2001. Consequent to conversion its name is changed to ICICI Power.
 Further, ICICI Premier was rolled over for a further period of 5 years in February 1999 and is open
 for repurchase w.e.f. February 7, 2001 and redeemed in February 2005. The pending investor
 complaints / requests pertain to, inter-alia, Issue of duplicate certificates, non receipt of certificates,
 non receipt of redemption/dividend warrants, revalidation of dividend warrants, name correction,
 change of address of the Unitholder, registration of death cases, registration of Power of Attorney,
 transfer/transmission of Units etc. All investor grievances are normally redressed within a period of
 15 days of their receipt, subject to the information furnished by the Unitholder is complete and
 accurate. If such information is not provided/not available with the Registrars to the above Schemes,
 the matter is further followed up with the investors. Investor complaints are continuously monitored
 with the Registrar to the Schemes.




                                                                                                       118
Data relating to the period April 2003 to June 11, 2007
Scheme                               Opening           Complaints   Complaints Complaints
                                     Pending            Received     redressed pending
ICICI Prudential Growth Plan              NIL             253           253         NIL
ICICI Prudential Income Plan              NIL             197           197         NIL
ICICI Prudential Liquid Plan              NIL              14            14         NIL
ICICI Prudential FMCG Fund                NIL             101           101         NIL
ICICI Prudential Tax Plan                 NIL            1726          1726         NIL
ICICI Prudential Gilt Fund                NIL              26            26         NIL
ICICI Prudential Balanced Fund            NIL             229           229         NIL
ICICI Prudential Technology Fund          NIL              53            53         NIL
ICICI Prudential Monthly Income                                                     NIL
Plan                                      NIL             264           264
ICICI Prudential Fixed Monthly                                                      NIL
Plan                                      NIL               1            1
ICICI Prudential Child Care Plan          NIL              18            18         NIL
ICICI Prudential Power                    NIL             398           398         NIL
ICICI Prudential Short Term Plan          NIL               1            1          NIL
ICICI Prudential Long Term Plan           NIL               8            8          NIL
ICICI Prudential Index Fund               NIL               3            3          NIL
ICICI Prudential Sweep Plan               NIL               0            0          NIL
ICICI Prudential Flexible Income                                                    NIL
Plan                                      NIL              24            24
ICICI Prudential Dynamic Plan             NIL             452           452         NIL
Sensex Prudential ICICI Exchange                                                    NIL
Traded Fund                               NIL               1            1
ICICI Prudential Floating Rating                                                    NIL
Plan                                      NIL               4            4
ICICI Prudential Advisory Series          NIL               7            7          NIL
ICICI Prudential Income Multiplier                                                  NIL
Fund                                      NIL             131           131
ICICI Prudential Long Term                                                          NIL
Floating Rate Plan                        NIL              31            31
ICICI Prudential Emerging Star            NIL             658           658         NIL
ICICI Prudential Discovery Fund           NIL             421           421         NIL
ICICI Prudential Plan I Year Plus         NIL               2            2          NIL
ICICI Prudential Blended Plan             NIL              71            71         NIL
ICICI Prudential Infrastructure                                                     NIL
Fund                                      NIL             572           572
ICICI Prudential Services Industries                                                NIL
Fund                                      NIL              22            22
ICICI Prudential Fusion Fund              NIL              18            18         NIL
ICICI Prudential Equity &                                                           NIL
Derivatives Fund                          NIL               5            5
Total                                     NIL            5711          5711         NIL




                                                                                       119
  Details of investor complaints received from SEBI
    For the Period                                    Complaints        Complaints     Complaints
                                                       Received          redressed     pending
    Financial Year 2003-2004                              30                33                2
    Financial Year 2004-2005                              48                45                5
    Financial Year 2005-2006                              45                42                8
    April 1, 2006 to June 20, 2006*                       12                 7               13

  *The details of investor complaints received from SEBI for the period June 21,2006 onwards is not
  available from MCS Ltd.( The agency appointed by SEBI for handling investor’s grievances).The same
  has been brought to the notice of SEBI vide our letter dated Augu-st 8, 2006 and January 4, 2007.

b) ASSOCIATE TRANSACTIONS
  Investment in Group Companies
  Details of investments made by the schemes in securities of Sponsor i.e. ICICI Bank Ltd. (erstwhile
  ICICI Ltd.) during the previous three financial years is as follows:

                                                                        (Amount in Rupees)
   Scheme name/Nature of             F.Y 2004-      F.Y 2005- F.Y. 2006-2007      As on June 11, 2007
   investment                             2005           2006
   Investment in Bonds of ICICI Bank Ltd.
   ICICI Prudential Liquid Plan              --    15,084,779                --                     --
   ICICI Prudential FMP Yearly               --   187,441,157                --                     --
   Series 12
   ICICI Prudential Long Term                --    49,588,850         49161185
   Floating Rate Plan                                                                      49,546,633
   Investment in NSE Linked Mibor Deposits /Term Deposit of ICICI Bank Ltd
   ICICI Prudential Balanced                  -   255,200,000         86100000
   Fund                                                                                        75,800
   ICICI Prudential Blended Plan             -- 1,380,600,000        830800000
   - Plan A                                                                               715,000,000
   ICICI Prudential Blended Plan             --   288,100,000         52300000
   - Plan B                                                                                31,900,000
   ICICI Prudential Child Care               --    67,400,000           500000                500,000
   Gift Plan
   ICICI Prudential Child Care               --    54,100,000           200000                      --
   Study Plan
   ICICI Prudential Discovery                --    36,500,000        310600000
   Fund                                                                                   335,000,000
   ICICI Prudential Dynamic                  --    31,500,000       1114200000
   Plan                                                                                 2,279,900,000
   ICICI Prudential Equity &                 --              --     2198900000
   Derivatives Fund – Income
   Optimizer Plan                                                                       2,048,000,000
   ICICI Prudential Equity &                 --              --     1314200000
   Derivatives Fund – Wealth
   Optimizer Plan                                                                       1,156,900,000
   ICICI Prudential Emerging                 --              --      206800000            792,600,000
   S.T.A.R. (Stocks Targeted At
   Returns) Fund
   ICICI     Prudential     Fixed            -- 1,270,000,000                --                     --
   Maturity Plan – Series 27 –
   Monthly Plan
   ICICI     Prudential     Fixed            -- 1,335,000,000          4700000                      --
   Maturity Plan – Series 28 – 13
   months Plan




                                                                                                 120
Scheme name/Nature of            F.Y 2004-       F.Y 2005-    F.Y. 2006-2007    As on June 11, 2007
investment                            2005            2006
ICICI     Prudential     Fixed           --              --         28500000                     --
Maturity Plan – Series 28
ICICI     Prudential     Fixed           --              --           600000                     --
Maturity Plan – Series 30 – 13
Months Plan
ICICI     Prudential     Fixed           --     70,000,000                 --                    --
Maturity Plan – Series 31 – 4
Months Plan
ICICI     Prudential     Fixed           --   1,500,000,000                --                    --
Maturity Plan – Yearly Series
24
ICICI     Prudential     Fixed           --     65,000,000           1300000                     --
Maturity Plan – Yearly Series
25
ICICI     Prudential     Fixed           --              --           700000                     --
Maturity Plan – Yearly Series
5
ICICI     Prudential     Fixed           --              --          2000000                     --
Maturity Plan – Series 34 – 17
Months Plan
ICICI     Prudential     Fixed           --              --                --          800,000,000
Maturity Plan – Series 34 – 15
Months Plan
ICICI     Prudential     Fixed           --              --        566900000           564,000,000
Maturity Plan – Series 34 – 16
Months Plan
ICICI     Prudential     Fixed           --              --          3100000                     --
Maturity Plan – Series 34 – 18
Months Plan
ICICI     Prudential     Fixed           --              --        254500000           250,000,000
Maturity Plan – Series 34 – 1
Year Plan A
ICICI     Prudential     Fixed           --              --                --         2,000,000,000
Maturity Plan – Series 34 – 1
Year Plan B
ICICI     Prudential     Fixed           --              --       1517700000                     --
Maturity Plan – Series 34 – 3
Months Plan A
ICICI     Prudential     Fixed           --              --        832900000                     --
Maturity Plan – Series 34 – 15
Months Plan
ICICI     Prudential     Fixed                                     350000000           350,000,000
Maturity Plan – Series 34 – 6
Months Plan
ICICI     Prudential     Fixed           --              --          9200000                     --
Maturity Plan – Series 35– 1
Months Plan
ICICI     Prudential     Fixed           --              --       1502800000                     --
Maturity Plan – Series 35– 3
Months Plan A
ICICI     Prudential     Fixed           --              --       1300500000
Maturity Plan – Series 35– 3
Months Plan B                                                                                    --
ICICI     Prudential     Fixed           --              --       1151500000                     --
Maturity Plan – Series 35– 3
Months Plan C
ICICI     Prudential     Fixed           --              --        504700000           500,000,000



                                                                                      121
Scheme name/Nature of                F.Y 2004-       F.Y 2005-    F.Y. 2006-2007    As on June 11, 2007
investment                                2005            2006
Maturity Plan – Series 35– 13
Months Plan A
ICICI     Prudential     Fixed               --              --        572500000                     --
Maturity Plan – Series 35– 13
Months Plan B
ICICI     Prudential     Fixed               --              --        431100000
Maturity Plan – Series 37–3
Months Plan A                                                                              430,000,000
ICICI     Prudential     Fixed               --              --                --
Maturity Plan – Series 37–3
Months Plan B                                                                              925,000,000
ICICI     Prudential     Fixed               --              --        474700000           456,000,000
Maturity Plan – Series 37–14
Months Plan
ICICI     Prudential     Fixed               --              --        700000000           700,000,000
Maturity Plan – Series 37–3
Months Plus Plan A
ICICI Prudential Flexible          100,000,000      66,500,000        1538300000                     --
Income Plan
ICICI Prudential Floating Rate               --   4,450,000,000           900000                     --
Plan
ICICI Prudential FMCG Fund                   --              --         53500000              9,000,000

ICICI Prudential Fusion Fund                 --    180,000,000         125900000
                                                                                            51,000,000
Prudential ICICI Fusion Fund-                --              --       1387600000
Series II                                                                                  874,000,000
ICICI Prudential Growth Plan                 --     12,000,000         107900000            62,100,000

ICICI Prudential Hybrid Fixed                --              --       1503400000          1,497,000,000
Maturity -13 Months Plan
ICICI Prudential Income                            150,100,000         117200000            42,700,000
Multiplier Plan                     80,000,000
ICICI Prudential Infrastructure              --    182,000,000         812600000          1,758,100,000
Fund
ICICI Prudential Income Plan                 --              --           700000                     --

ICICI Prudential Index Fund                                              3700000                     --
ICICI Prudential Liquid Plan      1,680,000,000   12,050,000,00      11387900000
                                                              0                         10,958,000,000
ICICI Prudential Long Term         140,000,000     463,500,000         204000000
Floating Rate Plan                                                                                   --
ICICI Prudential Long Term                   --    320,000,000            200000                     --
Plan
ICICI Prudential Monthly           500,000,000     425,400,000          81200000            81,100,000
Income Plan
ICICI Prudential Power                       --     10,100,000         119800000           181,300,000
ICICI Prudential Services                    --     29,500,000          46800000
Industries Fund                                                                             40,200,000
SENSEX Prudential ICICI                      --              --           500000                     --
Exchange Traded Fund
ICICI Prudential Short term                  --              --        220000000
Plan                                                                                                 --
ICICI Prudential Sweep Plan                  --   1,500,000,000        511100000           500,000,000

ICICI Prudential Technology                  --              --         18100000                     --



                                                                                          122
 Scheme name/Nature of                F.Y 2004-       F.Y 2005-    F.Y. 2006-2007        As on June 11, 2007
 investment                                2005            2006
 Fund
 ICICI Prudential Tax Plan                    --      1,000,000          100900000               34,900,000
 Investment in Equity Shares of ICICI Bank Ltd
 ICICI Prudential Balanced            4,418,418      96,471,664         133641436.8             141,252,586
 Fund
 ICICI Prudential Child Care                  --              --           25600500
 Gift Plan                                                                                       27,058,500
 ICICI Prudential Dynamic                59,000      52,053,170         986941942.5
 Plan                                                                                           776,714,243
 ICICI Prudential Equity &                    --              --        205846793.7
 Dérivatives Fund- Wealth
 Optimiser Plan                                                                                 229,861,958
 ICICI Prudential Growth Plan        29,443,706               --        173168608.8             183,030,910
 ICICI Prudential Income                      --              --          55638420
 Multiplier Plan                                                                                 58,807,140
 ICICI Prudential Index Fund            264,135         876,506          7564947.75               5,643,501
 ICICI Prudential Infrastructure              --             ---        594544305.3
 Fund                                                                                           673,231,715
 ICICI Prudential Monthly             5,884,612               --         24107137.5              61,152,210
 Income Plan
 ICICI Prudential Power              35,328,722     273,686,767         571104487.5             603,630,038
 ICICI Prudential Services                    --     65,092,970          192003750              202,938,750
 Industries Fund
 SENSEX Prudential ICICI                      --        705,922              648356                  683,640
 Exchange Traded Fund
 ICICI Prudential Fusion Fund-                                             85335000              90,195,000
 Series II
 ICICI Prudential Tax Plan       --              --                       256005000             270,494,805
 TOTAL                            2,581,224,610 28,064,501,78         38,028,011,871         33,874,241,627
                                                              6
 % to the net assets of the              1.69%          11.91%              10.03%                    7.01%
 Mutual Fund

Transactions with Associate Companies:

                                                 F.Y.          F.Y.             F.Y.
                                                                                                     April 1, 2007 to
                                            2004-2005     2005-2006        2006-2007
                                                                                                      June 11, 2007
ICICI Bank Limited – Bank Charges
ICICI Prudential Aggressive Plan              15,367.90      21,642                Nil
                                                                                                                  Nil
ICICI Prudential Balanced Fund               815,320.88     648,226
                                                                          2,998,127.15                     262831.34
ICICI Prudential Blended Plan – Plan A              Nil 11,725,865
                                                                         23,306,739.20                   88407756.61
ICICI Prudential Blended Plan – Plan B              Nil   4,013,924
                                                                          2,420,912.51                         82888.85
ICICI Prudential Cautious Plan                30,164.02      18,569              Nil
                                                                                                                    Nil
ICICI Prudential Child Care Plan-Gift        189,274.57      68,485         520,359.59                         1,961.46
Plan
ICICI Prudential Child Care Plan-Study        54,234.48      39,252
Plan                                                                   22,566.31                                 205.06

ICICI Prudential Discovery Fund              420,883.85   1,381,548                                       1205103.05
                                                                          2,983,964.97



                                                                                               123
                                              F.Y.         F.Y.        F.Y.
                                                                                       April 1, 2007 to
                                         2004-2005    2005-2006   2006-2007
                                                                                        June 11, 2007
ICICI Prudential Dynamic Plan            596,182.19   1,095,786
                                                                  5,013,598.25             29794684.79
ICICI Prudential Emerging S.T.A.R.       276,590.68     329,998
Fund                                                              2,761,832.19               621515.64

ICICI Prudential Fixed Maturity Plan –          Nil       4,357          Nil
Quarterly Series 25                                                                                  Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil
Series 25 – 15 Months Plan                                           8,268.00                        Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         3,367
Series 32 – 3 Months Plan
                                                                                                     Nil
ICICI Prudential Fixed Maturity Plan –    23,902.59      36,018         5,324
Yearly Series 12                                                                                     Nil
ICICI Prudential Fixed Maturity Plan –    23,902.59      36,018         9,754
Yearly Series 24                                                                                     Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         3,126
Yearly Series 25
                                                                                                     Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         1,684
Yearly Series 28
                                                                                                     Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         1,663
Yearly Series 5
                                                                                                     Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         7,948
Series 27 – Three Months Plan
                                                                                                     Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         2,111
Series 28 – 4 Months Plan                                                                            Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil           178
Series 31 – 4 Months Plan                                                                            Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil
Series 32 – 1 Month Plan - B                                            56.12                        Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil
Series 32 – 3 Months Plan- C                                           112.24                        Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil           786
Series 32 – 3 Months Plan D                                                                          Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         56.12
Series 34 – 16 Months Plan                                                                           Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil        224.48
Series 34 – 18 Months Plan                                                                           Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil            Nil
Series 34 – 15 Months Plan                                                                        56.12
ICICI Prudential Fixed Maturity Plan –          Nil         Nil        112.24
Series 34 – 1 Year Plan A                                                                            Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil            Nil                 1,066.28
Series 34 – 1 Year Plan B
ICICI Prudential Fixed Maturity Plan –          Nil         Nil            Nil
Series 34 –6 Months Plan                                                                          56.12
ICICI Prudential Fixed Maturity Plan –          Nil         Nil        112.24                    264.66
Series 35 – 3 Months Plan- A




                                                                                 124
                                               F.Y.           F.Y.         F.Y.
                                                                                           April 1, 2007 to
                                          2004-2005      2005-2006    2006-2007
                                                                                            June 11, 2007
ICICI Prudential Fixed Maturity Plan –             Nil         Nil             Nil                    280.60
Series 35 – 13 Months Plan- B
ICICI Prudential Fixed Maturity Plan –             Nil         Nil             Nil                  1196.48
Series 35– 1 Year Plan A
ICICI Prudential Fixed Maturity Plan –             Nil         Nil             Nil                   112.24
Series 37– 14 Months Plan

ICICI Prudential Fixed Maturity Plan –             Nil         Nil             Nil                   112.24
Series 37– 3 Months Plus Plan A
ICICI Prudential Fixed Maturity Plan –             Nil         Nil             Nil                   168.36
Series 37– 1 Month

ICICI Prudential Fixed Maturity Plan –             Nil         Nil             Nil                   718.34
Series 37– 3 Months Plan B
ICICI Prudential Fixed Maturity Plan –             Nil         Nil             Nil                   224.48
Series 38– 1 Year Plan A
ICICI Prudential Fixed Maturity –                  14          Nil          Nil
Quarterly Plan - Series 24                                                                              Nil
ICICI Prudential Flexible Income Plan      664,748.93      165,119
                                                                         9,752.30                  7,489.43
ICICI Prudential Floating Rating Plan      778,929.20    1,438,606
                                                                       188,635.62                  6,405.60
ICICI Prudential FMCG Fund                 125,546.25       76,381      84,752.34
                                                                                                  35,993.44
ICICI Prudential Fusion Fund                       Nil      91,313   1,985,461.77
                                                                                                 254,655.17
ICICI Prudential Fusion Fund Series II             Nil         Nil             Nil
                                                                                                 414,115.86

ICICI Prudential Gilt Fund – Investment    563,502.79      122,315
                                                                        14,461.04                       600
ICICI Prudential Gilt Fund – Investment    355,160.83          Nil            Nil
- PF Option                                                                                             Nil
ICICI Prudential Gilt Fund – PF Option             Nil      53,787
                                                                         8,210.51                       453
ICICI Prudential Gilt Fund – Treasury      343,961.51       20,404
                                                                         5,894.32                       353
ICICI Prudential Gilt Fund – Treasury -    351,541.67       46,581
PF Option                                                                3,122.00
                                                                                                        189
ICICI Prudential Growth Plan               796,978.96      564,739
                                                                     1,307,623.59
                                                                                                 361,258.88
ICICI Prudential Hybrid Fixed Maturity             Nil         Nil
Plan –13 Months Plan                                                     1,167.29
                                                                                                        Nil
ICICI Prudential Income Multiplier Fund    391,109.02      210,387
                                                                       473,105.79
                                                                                                 125,175.59
ICICI Prudential Income Plan              1,025,720.67     258,956
                                                                        28,473.51                  1,265.74
ICICI Prudential Index Fund                        Nil      22,902
                                                                        75,449.40                 29,045.60
ICICI Prudential Infrastructure Fund               Nil   2,871,823
                                                                     5,595,841.35             73,826,908.31


                                                                                     125
                                                F.Y.          F.Y.         F.Y.
                                                                                           April 1, 2007 to
                                           2004-2005     2005-2006    2006-2007
                                                                                            June 11, 2007
ICICI Prudential Liquid Plan              1,797,358.07   7,464,838                            1,039,137.44
                                                                      8,519,417.93
ICICI Prudential Long Term Floating          52,070.35     200,806
Rate Plan                                                               36,162.46                   544.00
ICICI Prudential Long Term Plan              63,709.85      47,010
                                                                         7,617.22                  8,567.00
ICICI Prudential Moderate Plan               44,826.81      21,546          Nil
                                                                                                        Nil
ICICI Prudential Monthly Income Plan      1,322,413.33   1,155,792
                                                                      2,453,699.49               306,675.01
ICICI Prudential Plan I                       3,449.00         367             Nil                      Nil
ICICI Prudential Power                    1,136,605.09   1,914,016                             2,907,107.23
                                                                      3,930,499.21
ICICI Prudential Services Industries               Nil     645,774
Fund                                                                   555,565.93               230,915.51
ICICI Prudential Short Term Plan           601,179.91      489,371
                                                                        87,108.61
                                                                                                   1,312.97
ICICI Prudential Sweep Plan                        Nil      59,980
                                                                        13,507.99                  3,322.36

SENSEX Prudential ICICI Exchange                   Nil         Nil         1.45
Traded Fund                                                                                             Nil
ICICI Prudential Tax Plan                  218,904.50      310,323
                                                                       636,994.11               565,540.11
ICICI Prudential Technology Fund           757,591.16      365,636      18,809.64
                                                                                                   2,348.20
ICICI Prudential Very Aggressive Plan        11,955.03      11,973           Nil
                                                                                                        Nil
ICICI Prudential Very Cautious Plan          20,906.92      18,941
                                                                           354.00
                                                                                                        Nil
ICICI Prudential Equity & Derivatives              Nil         Nil
Fund – Income Optimizer Fund                                          7,300,511.46             75418118.74
ICICI Prudential Equity & Derivatives              Nil         Nil
Fund – Wealth Optimizer Fund                                          3,306,977.83              8659171.48
 ICICI Bank Limited – Brokerage
 ICICI Prudential Agressive Plan             191,735        49,415         36023
                                                                                                  6315.66
 ICICI Prudential Balanced Fund          2,104,082.04     1,156,500     5271948
                                                                                                877826.21
 ICICI Prudential Blended Plan – Plan             Nil     5,233,573     1411578
 A                                                                                              164038.30
 ICICI Prudential Blended Plan – Plan             Nil     1,498,176      475200
 B                                                                                               23553.33
 ICICI Prudential Cautious Plan              637,190        74,094         24220                  4125.45

 ICICI Prudential Child Care Plan-Gift    740,634.98      1,023,519      813461
 Plan                                                                                            70691.03
 ICICI Prudential Child Care Plan-        365,272.39       339,457       270315
 Study Plan                                                                                     166841.64
 ICICI Prudential Discovery Fund         4,288,947.01    18,155,450    11867942
                                                                                                810466.86
 ICICI Prudential Dynamic Plan           2,647,414.31    11,895,404    15561553
                                                                                               2960651.88



                                                                                     126
                                              F.Y.        F.Y.        F.Y.
                                                                                   April 1, 2007 to
                                         2004-2005   2005-2006   2006-2007
                                                                                    June 11, 2007
ICICI Prudential Emerging S.T.A.R.       10659160    6,891,839   10117262               651717.94
(Stock Targeted At Returns) Fund
ICICI Prudential Fixed Maturity Plan –      65,716         Nil         Nil
Series 24 – Quarterly                                                                         Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      44630                24725.29
Series 24 – Yearly
ICICI Prudential Fixed Maturity Plan –      54,933         Nil         Nil
Series 25 – 15 Months Plan                                                                     Nil
ICICI Prudential Fixed Maturity Plan –      13,497      46,100         Nil
Series 25 – Quarterly Plan                                                                     Nil
ICICI Prudential Fixed Maturity Plan –      21,300      61,334      45374
Series 25 – Yearly Plan                                                                        Nil
ICICI Prudential Fixed Maturity Plan –         Nil       7,369         Nil
Series 26                                                                                      Nil
ICICI Prudential Fixed Maturity Plan –      50,035      17,057         Nil
Series 26 – Quarterly Plan                                                                     Nil
ICICI Prudential Fixed Maturity Plan –         Nil      14,832      95711
Series 27 – Monthly Plan                                                                       Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil       1336
Series 28                                                                                      Nil
ICICI Prudential Fixed Maturity Plan –         Nil     165,440         Nil
Series 28 – 16 Months Plan                                                                     Nil
ICICI Prudential Fixed Maturity Plan –         Nil     254,176      10503
Series 28 – 4 Months Plan                                                                      Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      -66821
Series 28 Institutional                                                                        Nil
ICICI Prudential Fixed Maturity Plan –         Nil        122       77280
Series 30                                                                                      Nil
ICICI Prudential Fixed Maturity Plan –         Nil        122       12089
Series 31                                                                                      Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      68178
Series 32 – Plan A                                                                             Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil        615
Series 32 –1 Month Plan B                                                                      Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil          2
Series 32 –1 Month Plan A                                                                      Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil       8133
Series 32 –1 Month Plan D                                                                      Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      98311
Series 32 – Plan C                                                                             Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      30892
Series 32 –Plan B                                                                              Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      23518
Series 32 –Plan D                                                                              Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      15016
Series 32 –Plan E                                                                              Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil         Nil
Series 34 – 6 Months Plan                                                                21753.26
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      13400
Series 34 –18 Months                                                                           Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      48828
Series 34 –1 Year Plan                                                                         Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      23364
Series 34 –3 Months Plan A                                                                     Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      28159
Series 34 –3 Months Plus Plan A                                                          15153.43



                                                                             127
                                                 F.Y.         F.Y.        F.Y.
                                                                                       April 1, 2007 to
                                            2004-2005    2005-2006   2006-2007
                                                                                        June 11, 2007
ICICI Prudential Fixed Maturity Plan –             Nil         Nil      91818
Series 34 –15 Months Plan                                                                          Nil
ICICI Prudential Fixed Maturity Plan –             Nil         Nil     109628
Series 34 –16 Months Plan                                                                          Nil
ICICI Prudential Fixed Maturity Plan –             Nil         Nil      54921
Series 34 –17 Months Plan                                                                          Nil
ICICI Prudential Fixed Maturity Plan –             Nil         Nil       1613
Series 35 – 1 Month Plan                                                                           Nil
ICICI Prudential Fixed Maturity Plan –             Nil         Nil        403
Series 35 –3 Months Plan                                                                     25672.39
ICICI Prudential Fixed Maturity Plan –             Nil         Nil      52269                52406.28
Series 35 –3 Months Plan A
ICICI Prudential Fixed Maturity Plan –             Nil         Nil      12601
Series 35 –3 Months Plan B                                                                   23763.78
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil               23559.91
Series 35 –3 Months Plan C
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil
Series 35 – One Year Plan (Retail and                                                       209754.34
Institutional)
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil              502184.94
Series 36 – 18 Months Plan A- Retail
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil
Series 37 –1 Month Plan                                                                      13779.70
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil               41938.84
Series 37 –3 Months Plan B
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil               31233.82
Series 37 –3 Months Plus Plan A
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil               48083.12
Series 37 –3 Months Plus Plan B
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil
Series 38 –3 Month Plan A                                                                    23264.97
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil
Series 38 –1 Year Plan Institutional
Option                                                                                      195799.22
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil
Series 38 –1 Year Plan – Retail
Option                                                                                      597184.05
ICICI Prudential Fixed Maturity Plan –             Nil         Nil         Nil
Series 38 –3 Month Plan C - Retail                                                               79.72
ICICI Prudential Fixed Maturity Plan           24,300          Nil         Nil
Yearly series 1                                                                                    Nil
ICICI Prudential Fixed Maturity Plan          468,993          Nil       3053
Yearly series 12
                                                                                                   Nil
ICICI Prudential Fixed Maturity Plan          100,771          Nil      28956
Yearly series 12 – Institutional Option                                                            Nil
ICICI Prudential Fixed Maturity Plan           93,300          Nil      13046
Yearly series 5                                                                                    Nil
ICICI Prudential Fixed Maturity Plan           21,506       17,154         Nil
Yearly series 6                                                                                    Nil
ICICI Prudential Fixed Maturity Plan           12,610          Nil         Nil
Yearly series 6 – Institutional Option                                                            Nil
ICICI Prudential Flexible Income Plan     2,125,857.63     253,006      88463                40194.36

ICICI Prudential Floating Rate Plan         4,664,522    5,289,959    3281983               267896.31




                                                                                 128
                                                 F.Y.         F.Y.         F.Y.
                                                                                        April 1, 2007 to
                                            2004-2005    2005-2006    2006-2007
                                                                                         June 11, 2007
ICICI Prudential FMCG Fund                  67,475.31      739,181      401635                 35525.87

ICICI Prudential Fusion Fund                       Nil     103,832     4671073              1342508.63

ICICI Prudential Fusion Fund Series II             Nil          Nil         Nil             2592770.14

ICICI Prudential Gilt Fund –                3,127,133     1,527,409     613015
Investment                                                                                    84805.51
ICICI Prudential Gilt Fund – Treasury         151,169      183,267      213047                 9577.16
ICICI Prudential Gilt Fund Investment         623,790      559,290      346679
Plan – PF Option                                                                              44707.02
ICICI Prudential Gilt Fund Treasury –         209,973      180,970      112280
PF Option                                                                                      8403.60
ICICI Prudential Growth Plan              2,222,891.29    1,826,055    2218196               203615.87
ICICI Prudential Hybrid Fixed                      Nil          Nil     212456
Maturity Plan                                                                                       Nil
ICICI Prudential Income Multiplier            575,892     1,152,144     423589
Fund                                                                                          62623.17
ICICI Prudential Income Plan                4,341,734     1,082,410     511206                83948.41
ICICI Prudential Income Plan –                110,819           Nil     267384
Institutional Option                                                                               Nil
ICICI Prudential Index Fund                        Nil       32,226      69594                18589.82
ICICI Prudential Infrastructure Fund               Nil   56,632,289   19747489              2796435.64

ICICI Prudential Interval Fund –                   Nil          Nil         Nil
Monthly Plan I                                                                                  3797.61
ICICI Prudential Interval Fund –                   Nil          Nil         Nil
Monthly Plan II                                                                                    4.52
ICICI Prudential Interval Fund –                   Nil          Nil         Nil
Quarterly Interval Plan-II                                                                     7764.77
ICICI Prudential Liquid Institutional              Nil    5,027,090    1230347               147695.81
Plus
ICICI Prudential Liquid Plan                5,385,319     6,043,235    3164982               402143.78

ICICI Prudential Liquid Plan –             10,862,559           Nil     439723                31454.30
Institutional Option
ICICI Prudential Liquid Super                      Nil          Nil    3808080               750661.63
Institutional Plan
ICICI Prudential Long Term Floating         1,073,757     3,316,102    1734901                79829.01
Rate Plan
ICICI Prudential Long Term Plan                   589      104,195          Nil
                                                                                                    Nil
ICICI Prudential Moderate Plan                150,881       47,480       31681                  4948.54

ICICI Prudential Monthly Income Plan        3,974,498     2,245,495     842992                95802.49

ICICI Prudential Power                   13,886,378.13    6,920,010   11316858              1396271.98
ICICI Prudential Services Industries               Nil    2,173,653    3105900
Fund                                                                                         861136.79
ICICI Prudential Short Term Plan              825,812     2,077,474     671616
                                                                                              22618.55
ICICI Prudential Short Term Plan –            880,662           Nil     559245
Institutional Option                                                                            1643.56
ICICI Prudential Sweep Plan                        Nil       3,595      128807                  8778.55

ICICI Prudential Tax Plan                  692,570.09     8,608,194    5366282               506963.92
ICICI Prudential Technology Fund           749,131.93       711,159     726805               149309.72


                                                                                  129
                                                F.Y.          F.Y.        F.Y.
                                                                                       April 1, 2007 to
                                           2004-2005     2005-2006   2006-2007
                                                                                        June 11, 2007
 ICICI Prudential Very Agressive Plan         91,386        31,977      25440                  4809.05

ICICI Prudential Equity & Derivatives              Nil         Nil    18479913               617899.61
Fund – Wealth Optimizer Fund
ICICI Prudential Equity & Derivatives              Nil         Nil    583183
Fund – Income Optimizer Fund – Retail                                                          86867.08
& Inst
 ICICI Prudential Very Cautious Plan         239,660        83,076      85134                  6185.44

 ICICI Infotech Services Limited – Service Charges
 ICICI Prudential Balanced Fund             94,838.66          Nil         Nil                     Nil
 ICICI Prudential Discovery Fund             2,270.82          Nil         Nil                     Nil
 ICICI Prudential Dynamic Plan             202,725.69          Nil         Nil                     Nil
 ICICI Prudential Flexible Income Plan     132,305.83          Nil         Nil                     Nil
 ICICI Prudential Floating Rate Plan       113,464.72          Nil         Nil                     Nil
 ICICI Prudential FMCG Fund                 36,543.47          Nil         Nil                     Nil
 ICICI Prudential Child Care Plan –        100,344.93          Nil         Nil
 Gift Option                                                                                       Nil
 ICICI Prudential Gilt fund –               50,661.05          Nil         Nil
 Investment Option                                                                                 Nil
 ICICI Prudential Gilt Fund Investment       9,356.83          Nil         Nil
 Plan – PF Option                                                                                  Nil
 ICICI Prudential Gilt Fund –Treasury       11,885.67          Nil         Nil
 Option                                                                                            Nil
 ICICI Prudential Gilt Fund – Treasury       5,862.14          Nil         Nil
 Option–PF Option                                                                                  Nil
 ICICI Prudential Growth Plan              267,988.55          Nil         Nil                     Nil
 ICICI Prudential Income Multiplier        162,342.54          Nil         Nil
 Fund                                                                                              Nil
 ICICI Prudential Income Plan              947,307.36          Nil         Nil                     Nil
 ICICI Prudential Liquid Plan              608,337.90          Nil         Nil                     Nil
 ICICI Prudential Long Term Plan             2,746.06          Nil         Nil                     Nil
 ICICI Prudential Monthly Income Plan      596,595.37          Nil         Nil                     Nil
 ICICI Prudential Power                    804,016.71          Nil         Nil                     Nil
 ICICI Premier Redeemed                     25,922.52          Nil         Nil                     Nil
 ICICI Prudential Short Term Plan           74,132.94          Nil         Nil                     Nil
 ICICI Prudential Child Care Plan –         39,095.52          Nil         Nil
 Study Plan                                                                                        Nil
 ICICI Prudential Tax Plan                 271,738.07          Nil         Nil                     Nil
 ICICI Prudential Technology Fund          255,000.52          Nil         Nil                     Nil
 ICICI Prudential Fixed Maturity Plan-         618.83          Nil         Nil
 Quarterly Series 24                                                                               Nil
 ICICI Prudential Fixed Maturity Plan –        112.35          Nil         Nil
 Yearly Series 1                                                                                   Nil
 ICICI Prudential Fixed Maturity Plan –        151.86          Nil         Nil
 Yearly Series 12                                                                                  Nil
 ICICI Prudential Fixed Maturity Plan –         32.98          Nil         Nil
 Yearly Series 2                                                                                   Nil
 ICICI Prudential Fixed Maturity Plan-         259.89          Nil         Nil
 Yearly Series 24                                                                                  Nil
 ICICI Prudential Fixed Maturity Plan –         48.60          Nil         Nil
 Yearly Series 5                                                                                   Nil
 ICICI Prudential Agressive Plan            33,223.68          Nil         Nil                     Nil
 ICICI Prudential Cautious Plan             34,199.76          Nil         Nil                     Nil
 ICICI Prudential Moderate Plan             34,421.13          Nil         Nil                     Nil
 ICICI Prudential Very Aggressive Plan     187,383.70          Nil         Nil                     Nil


                                                                                 130
                                                F.Y.         F.Y.              F.Y.
                                                                                            April 1, 2007 to
                                           2004-2005    2005-2006         2006-2007
                                                                                             June 11, 2007
ICICI Prudential Very Cautious Plan        12,328.63           Nil              Nil                      Nil
ICICI Brokerage Service Limited – Brokerage on secondary market transactions
ICICI Prudential Balanced Plan            762,989    1,047,893        1169117
                                                                                                     41,385
ICICI Prudential Blended Plan – Plan              Nil     2,20,230          760111
A                                                                                                    45,236
ICICI Prudential Blended Plan – Plan              Nil       61,489          164108
B                                                                                                       Nil
ICICI Prudential Child Care Plan –           163,412       103,311          104743                   46,373
Gift Plan
ICICI Prudential Child Care Plan –              1,917       14,397            6360
Study Plan                                                                                              Nil
ICICI Prudential Discovery Fund              678,319     1,640,708         3349143                   25,510
ICICI Prudential Dynamic Plan                555,997     2,444,858         3237473                  228,547
ICICI Prudential Emerging S.T.A.R.           304,029       538,355          577102                  169,170
Fund
ICICI Prudential FMCG Fund                    74,022       331,539          236726                   26,100

ICICI Prudential Fusion Fund                     Nil       149,310          405361                   94,750
ICICI Prudential Growth Plan                 725,906     1,439,160          689814                  102,252
ICICI Prudential Income Multiplier            46,684       207,255          236698
Fund                                                                                                    Nil
ICICI Prudential Infrastructure Fund              Nil    4,847,831         1725519                  127,359

ICICI Prudential Monthly Income Plan         738,221       505,407          339803                      Nil
ICICI Prudential Power                     1,282,221     2,361,526         3408873                      Nil
ICICI Prudential Services Industries             Nil       903,971          171228
Fund                                                                                                 63,750
ICICI Prudential Tax Plan                     36,354       468,718          672398                  290,166
ICICI Prudential Technology Plan             387,399       100,194          119248                   50,120

ICICI     Prudential     E&D-Wealth                Nil         Nil          515208
Optimiser Plan                                                                                      355,420
ICICI     Prudential     E&D-Income                Nil         Nil          170024
Optimiser Plan                                                                                      155,412
ICICI Prudential Fusion Fund Series II             Nil         Nil              Nil                   6,750
ICICI Securities Ltd. (erstwhile ICICI Securities and Finance Co. Ltd.)
ICICI Prudential Growth Plan                        15         Nil              Nil                     Nil
ICICI Prudential FMCG Fund                         566         855              Nil                  184.21

ICICI Prudential Balanced Fund                72,177           391              Nil                   71.12

ICICI Prudential Tax Plan                         25            40              Nil                    7.28

ICICI Prudential Technology Fund              23,338         9,823              Nil                    9.41

ICICI Prudential Power                           Nil            22              Nil                     Nil
ICICI Prudential Child Care Plan –               349           149              Nil
Gift Plan                                                                                               Nil
ICICI Prudential Dynamic Plan                       4           10              Nil                    0.21

ICICI Prudential Income Plan                 378,844            18              Nil                    2.91

ICICI Prudential Monthly Income Plan            1,254          239              Nil                   38.08

ICICI Prudential Liquid Plan                  30,197        30,701              Nil                   16.21



                                                                                      131
                                              F.Y.        F.Y.          F.Y.
                                                                                      April 1, 2007 to
                                         2004-2005   2005-2006     2006-2007
                                                                                       June 11, 2007

ICICI Prudential Gilt Fund –                37,663      12,469            Nil                 2218.51
Investment
ICICI Prudential Gilt Fund – Treasury          Nil       1,144            Nil
Investment Plan                                                                                   Nil
ICICI Prudential Short Term Plan               Nil        143             Nil                   22.59

ICICI Prudential Gilt Fund Investment        7,572        17,140          Nil                  220.13
Plan– PF
ICICI Prudential Liquid Plan –              98,801           Nil          Nil
Institutional Option                                                                              Nil
ICICI Prudential Liquid Plan –                 Nil        25,497          Nil
Institutional Plus Option                                                                         Nil
ICICI Prudential Liquid Plan – Super           Nil           Nil          Nil                  122.05
Institutional Plus Option
ICICI Prudential Floating Rate Plan         21,583        46,957          Nil                     Nil
ICICI Prudential Fixed Maturity Plan –       6,205           Nil          Nil
Series 25 – Quarterly Option                                                                      Nil
ICICI Brokerage Service Limited – Brokerage (erstwhile ICICI Web Trade Ltd)
ICICI Prudential Agressive Plan             31,686        67,261        79427               16615.40
ICICI Prudential Balanced Fund            103,015        231,984       240594               34175.27
ICICI Prudential Blended Plan – Plan           Nil        46,908        20065
A                                                                                             1860.77
ICICI Prudential Blended Plan – Plan           Nil        18,995         6141
B                                                                                             510.24
ICICI Prudential Cautious Plan               6,944         5,426         9826                 557.26
ICICI Prudential Discovery Pla            393,245        683,992       590944               43237.96
ICICI Prudential Dynamic Plan              101292        599,468     1511689               543421.55
ICICI Prudential Emerging S.T.A.R.        519,226      1,507,325     1474635                84933.41

ICICI Prudential Fixed Maturity Plan –         Nil          5             32
Series 27 – Monthly Plan                                                                          Nil
ICICI Prudential Fixed Maturity Plan –         Nil       3,819            Nil
Series 28 – 16 Months Plan                                                                        Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil           588
Yearly Series 5                                                                                   Nil
ICICI Prudential Flexible Income Plan       12,243       9,011          3561                   819.99

ICICI Prudential Floating Rate Plan         27,972     108,315        127674                  8334.60

ICICI Prudential FMCG Fund                  65,161   1,272,743        536438                25725.05

ICICI Prudential Fusion Fund                   Nil       7,604        277033                67128.43

ICICI Prudential Gilt Investment             7715        2,626          2996                  1173.22

ICICI Prudential Gilt Treasury                4004       3,300          2596                  362.37
ICICI Prudential Growth Plan               167,620     269,415        221885                28446.68
ICICI Prudential Income Multiplier          13,158     146,838        159206                26366.07
Fund
ICICI Prudential Income Plan                29,367      30,581         33237                  2217.70

ICICI Prudential Infrastructure Fund           Nil   4,089,369       3025617               345994.91

ICICI Prudential Interval Fund –               Nil         Nil            Nil
Monthly Plan I                                                                                  12.95



                                                                                132
                                              F.Y.         F.Y.        F.Y.
                                                                                    April 1, 2007 to
                                         2004-2005    2005-2006   2006-2007
                                                                                     June 11, 2007
ICICI Prudential Interval Fund –                Nil         Nil         Nil
Monthly Plan II                                                                                0.77
ICICI Prudential Interval Fund –                Nil         Nil         Nil
Quarterly Interval Plan-II                                                                    0.42
ICICI Prudential Liquid Plan                99,228      182,593     240762                80366.77
ICICI Prudential Liquid Plan –              40,105        8,337        Nil
Institutional Option
                                                                                                Nil
ICICI Prudential Liquid Plan –                  Nil         Nil       8158                   751.59
Institutional Option-Plus
ICICI Prudential Moderate Plan              16,814       17,245      15179                  1076.51

ICICI Prudential Monthly Income Plan        32,105       37,956      66727                 5236.62
ICICI Prudential Power                     199,823      353,286     649923               147819.73
ICICI Prudential Services Industries           Nil      150,413     661992
Fund                                                                                     563145.24
ICICI Prudential Short Term Plan            12,816       72,371      57273                 7963.36
ICICI Prudential Sweep Plan                    Nil          Nil        Nil                   30.39

ICICI Prudential Tax Plan                  205,137    2,442,972    2115651               189531.01
ICICI Prudential Technology Plan           167,897      240,350     488341               208625.00
ICICI Prudential Very Aggressive Plan       69,192      108,854     168208                15265.24
ICICI Prudential Very Cautious Plan          1,513        2,652       5625                  609.71
ICICI Prudential E&D-Income                    Nil          Nil    1444373
Optimiser Plan                                                                                 1837
ICICI Prudential E&D-Wealth                     Nil         Nil    1444373
Optimiser Plan                                                                            15817.91
ICICI Prudential Fixed Maturity Plan –          Nil         Nil       1194
Series 34 –15 Months Plan                                                                       Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil       1224
Series 34 –16 Months Plan                                                                       Nil
ICICI Prudential Fixed Maturity Plan –          Nil         Nil       1224                   148.26
Series 34 –6 Months Plan
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         Nil                  103.24
Series 35 –Three Months Plan A
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         Nil               19700.64
Series 35 –One Year Plan
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         Nil
Series 37 –3 Months Plus Plan B                                                              135.83
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         Nil
Series 37 –3 Months Plan B                                                                     0.70
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         Nil
Series 37 –3 Months Plus Plan A                                                               51.57
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         Nil
Series 38 –3 Months Plan C -Retail                                                            1.90
ICICI Prudential Fixed Maturity Plan –          Nil         Nil         Nil               25774.30
Series 38 –1 Year Plan -Retail

Way2Wealth Securities Pvt. Ltd. – Brokerage
ICICI Prudential Agressive Plan              16,786       4,750       2458                      Nil
ICICI Prudential Balanced Fund              157,923     100,755      82201                      Nil
ICICI Prudential Blended Plan – Plan            Nil       9,231
A                                                                     1558                      Nil
ICICI Prudential Blended Plan – Plan            Nil       1,609
B                                                                     1646                      Nil
ICICI Prudential Cautious Plan               90,797       7,302       1975                      Nil



                                                                              133
                                              F.Y.        F.Y.        F.Y.
                                                                                   April 1, 2007 to
                                         2004-2005   2005-2006   2006-2007
                                                                                    June 11, 2007
ICICI Prudential Child Care Plan –          45,117      71,595
Gift Plan                                                           49670                      Nil
ICICI Prudential Child Care Plan –          34,364      26,284
Study Plan                                                          13891                      Nil
ICICI Prudential Discovery Plan            648.989     547,056     287258                      Nil
ICICI Prudential Dynamic Plan              235,528     364,765     204846                      Nil
ICICI Prudential Emerging Star             435,476     380,804     353950                      Nil
ICICI Prudential Fixed Maturity Plan –         125         Nil        Nil
Series 24 – Quarterly Plan                                                                     Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil       2061
Series 24 – Yearly Plan                                                                        Nil
ICICI Prudential Fixed Maturity Plan –         Nil       2,968       3110
Series 25 – Yearly Plan                                                                        Nil
ICICI Prudential Fixed Maturity Plan –         Nil        249          Nil
Series 28                                                                                      Nil
ICICI Prudential Fixed Maturity Plan –         Nil      30,257      -13479
Series 28 – Institutional Plan                                                                 Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil      25303
Series 30                                                                                      Nil
ICICI Prudential Fixed Maturity Plan –       2,516        125          Nil
Yearly Series 12                                                                               Nil
ICICI Prudential Fixed Maturity Plan –        400          Nil         Nil
Yearly series 6                                                                                Nil
ICICI Prudential Hybrid Fixed                  Nil         Nil         47
Maturity Plan                                                                                  Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil        143
Yearly series 32 -3 Months Plan- C                                                             Nil
ICICI Prudential Fixed Maturity Plan –         Nil         Nil        746
Yearly series 32 -3 Months Plan- D                                                             Nil
ICICI Prudential Flexible Income Plan      109,030       5,914       2464                      Nil
ICICI Prudential Floating Rate Plan        224,269      30,036       9113                      Nil
ICICI Prudential FMCG Fund                   7,166      27,157      35879                      Nil
ICICI Prudential Fusion Fund                   Nil         683      21576                      Nil
ICICI Prudential Gilt Fund Treasury             39      14,474       8418
Plan – PF Option                                                                              Nil
ICICI Prudential Gilt Investment           400,147     137,818       6388                     Nil
ICICI Prudential Gilt Investment – PF        4,670       4,257       2590                     Nil
ICICI Prudential Gilt Treasury               5,030       4,955       3054                     Nil
ICICI Prudential Growth Plan               165,071     103,755      73246                28446.68
ICICI Prudential Income Multiplier          62,779      61,152      24843                26366.07
Fund
ICICI Prudential Income Plan               316,945     119,328      31405                 2217.70
ICICI Prudential Index Fund                    Nil       1,740       1701                     Nil
ICICI Prudential Infrastructure Fund           Nil     904,235     250691               345994.91

ICICI Prudential Liquid Plan               123,568      71,848      92349                      Nil
ICICI Prudential Liquid Plan –              33,188       6,545      15446
Institutional Option                                                                           Nil
ICICI Prudential Liquid Super                  Nil         Nil      15299
Institutional Plan                                                                             Nil
ICICI Prudential Long Term Floating          9,650      14,317         60
Rate Plan                                                                                      Nil
ICICI Prudential Moderate Plan              29,563       8,985       3573                      Nil
ICICI Prudential Monthly Income Plan       272,730     116,307      67847                      Nil
ICICI Prudential Power                     639,208     166,147     183588                      Nil




                                                                             134
                                                    F.Y.          F.Y.             F.Y.
                                                                                                          April 1, 2007 to
                                               2004-2005     2005-2006        2006-2007
                                                                                                           June 11, 2007
 ICICI Prudential Services Industries                 Nil        21,978            34726
 Fund                                                                                                                 Nil
 ICICI Prudential Short Term Plan                102,357         90,442             6273                              Nil
 ICICI Prudential Short Term Plan –               31,585            Nil              Nil
 Institutional Option                                                                                                 Nil
 ICICI Prudential Sweep Plan                         Nil            Nil             187                               Nil
 ICICI Prudential Tax Plan                        57,442        450,826          223709                               Nil
 ICICI Prudential Technology Plan                140,889         70,903           42484                               Nil
 ICICI Prudential Very Agressive Plan              5,876          1,677            1300                               Nil
 ICICI Prudential Very Cautious Plan              19,732            955             103                               Nil
 Stock Holding Corporation of India Ltd.
 ICICI Prudential Child Care Plan –                   Nil           Nil               Nil
 Study                                                                                                             71.22
 ICICI Prudential Dynamic Plan                        Nil           Nil               Nil                       13328.28

 ICICI Prudential Discovery Fund                      Nil           Nil               Nil                          877.18

 ICICI Prudential E&D – Wealth                        Nil           Nil               Nil                          890.91
 Optimiser Plan
 ICICI Prudential Emerging S.T.A.R.                   Nil           Nil               Nil                         2012.81

 ICICI Prudential FMCG Fund                           Nil           Nil               Nil                          142.51

 ICICI Prudential Growth Plan                         Nil           Nil               Nil                          1781.9

 ICICI Prudential Index Fund                          Nil            Nil               Nil                         44.55
 ICICI Prudential Infrastructure Fund                 Nil            Nil               Nil                      16743.61
 ICICI Prudential Monthly Income Plan                 Nil            Nil               Nil                        400.93
 ICICI Prudential Power                               Nil            Nil               Nil                        613.44
 ICICI Prudential Services Industries                 Nil            Nil               Nil
 Fund                                                                                                             4640.35
 ICICI Prudential Tax Plan                            Nil            Nil               Nil                        4836.74
 ICICI Prudential Fixed Maturity Plan                 Nil            Nil               Nil                           80.1
 Series 36- 18 Months Plan A
 ICICI Prudential Fixed Maturity Plan                 Nil            Nil               Nil                          160.2
 Series 38- 1 Year Plan A
The percentage of brokerage paid to ICICI Brokerage Services Limited (IBSL) was @0.26% and for
ICICI Web Trade Ltd. @0.15% of transaction value and the same was in line with the norms relating to
brokerage payments for secondary market transactions of the Fund. The total business given to IBSL
amounted to Rs. 31,943 lakhs, Rs. 92,575 lakhs and Rs. 1,38,243 lakhs during the year 2004-2005,
2005-2006 and 2006-2007 respectively. From the period April 1, 2007 to June 11, 2007 the total
business given to IBSL amounted to Rs. 24,907 lakhs. Further, IBSL was paid a sum of Rs. 307,712 in
connection with the rollover of ICICI Premier scheme towards service charges, in the year 1998-99.
Underwriting obligations with respect to issues of Associate Companies:
The AMC has, till date, not entered into any underwriting contracts in respect of any public issue made
by any of its associate companies.

Subscription in issues lead managed by ICICI Securities Primary Dealership Ltd {erstwhile
ICICI Securities Ltd.}

Subscription in issues lead            F.Y. 2004-2005         F.Y. 2005-      F.Y. 2006- April 1, 2007
managed by ICICI Securities                                      2006**             2007     till June
Primary Dealership Ltd {erstwhile                                                             11,2007
ICICI Securities Ltd.}
ICICI Prudential Balanced Fund              75,974,024        71,225,852      25,763,224              Nil




                                                                                                  135
Subscription in issues lead            F.Y. 2004-2005          F.Y. 2005-    F.Y. 2006- April 1, 2007
managed by ICICI Securities                                       2006**           2007     till June
Primary Dealership Ltd {erstwhile                                                            11,2007
ICICI Securities Ltd.}
ICICI Prudential Blended Plan - Plan              Nil         57,267,107     43,582,271           Nil
A
ICICI Prudential Child Care Plan –         28,922,878         16,564,696      7,085,836           Nil
Gift Plan
ICICI Prudential Child Care Plan –          5,704,228          4,017,449      2,810,233           Nil
Study Plan
ICICI Prudential Discovery Fund            35,137,272        369,817,593     45,778,667           Nil
ICICI Prudential Dynamic Plan              57,794,214        141,085,626     57,728,542           Nil
ICICI Prudential Emerging S.T.A.R.        22,932,282          44,959,476     42,067,181           Nil
Fund
ICICI Prudential Flexible Income          250,000,000                 Nil           Nil           Nil
Plan
ICICI Prudential Floating Rate Plan       250,000,000                 Nil           Nil           Nil
ICICI Prudential FMCG                             Nil          5,722,798            Nil           Nil
ICICI Prudential Fusion Fund                      Nil                 Nil    28,047,467           Nil

ICICI Prudential Growth Plan              161,791,526         34,390,937     18,160,313           Nil

ICICI Prudential Income Multiplier        126,604,402         33,087,034     17,048,009           Nil
Fund
ICICI Prudential Infrastructure Fund              Nil        278,952,608     61,453,375           Nil
ICICI Prudential Liquid Plan              750,000,000                 Nil           Nil           Nil

ICICI Prudential Long Term Plan           150,000,000                 Nil           Nil           Nil
ICICI Prudential MIP                               Nil        52,825,249            Nil           Nil
ICICI Prudential Monthly Income           430,256,768         35,128,784     27,706,088           Nil
Plan
ICICI Prudential Power                    240,827,754        472,038,034     60,707,032           Nil

ICICI Prudential Services Industries              Nil        170,418,405      6,729,114           Nil
Fund
ICICI Prudential Short Term Plan          250,000,000                 Nil           Nil           Nil
ICICI Prudential Tax Plan                  10,312,874         33,441,780     12,039,724           Nil

ICICI Prudential Technology Fund            6,613,818          1,049,760       940,862            Nil

ICICI Prudential Equity &                         Nil                 Nil    14,826,080           Nil
Derivatives - Income Optimiser Fund
ICICI Prudential Equity &                         Nil                 Nil    16,893,033           Nil
Derivatives - Wealth Optimiser Fund

TOTAL                                   2,852,872,040       1,821,993,188   489,367,051           Nil

** Includes primary market applications pending allotment

The above investments were considered sound. Before making an investment, AMC evaluated the
same on merits and on arms’ length basis and in accordance with the objectives of the scheme.




                                                                                               136
    C) Details of investments in companies that hold more than 5% of NAV of Schemes
       managed by the AMC, as on June 11, 2007

                                              CESC Limited
Scheme Name                                            Units                Value      % to Nav
Equity
ICICI Prudential Equity and
Derivative Income Optimiser Plan                       150,700          53,747,155       0.42%


                                              Cipla Limited
Scheme Name                                             Units               Value      % to Nav
Equity
ICICI Prudential Blended Plan A                         68,750           14,502,813      0.30%
ICICI Prudential Dynamic Plan                          717,000          151,251,150      0.66%
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                       150,000           31,642,500      0.28%
ICICI Prudential Index Fund                              5,411            1,141,450      0.74%
Sensex Prudential ICICI Exchange
Traded Fund                                                426               89,971      1.16%

                                       Firstsource Solutions Limited
Scheme Name                                               Units             Value      % to Nav
Equity
ICICI Prudential Fusion Fund                         1,444,053         118,917,765       1.61%
ICICI Prudential Monthly Income
Plan                                                   474,348          39,062,558       0.68%
ICICI Prudential Child Care Study
Plan                                                    41,837           3,445,277       1.15%
ICICI Prudential Tax Plan                              708,000          58,303,800       0.85%

                                        Grasim Industries Limited
Scheme Name                                             Units               Value      % to Nav
Equity
ICICI Prudential Balanced Fund                          40,789           95,766,454      2.25%
ICICI Prudential Dynamic Plan                           82,184          192,955,704      0.84%
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                        60,375          141,751,444      1.25%
ICICI Prudential Growth Plan                            51,185          120,174,702      2.68%
ICICI Prudential Index Fund                                634            1,488,537      0.96%
ICICI Prudential Infrastructure Fund                   147,000          345,133,950      1.96%
ICICI Prudential ICICI Prudential
Power Plan                                             183,975          431,945,704      2.93%
Sensex Prudential ICICI Exchange
Traded Fund                                                 57              133,756      1.72%
        Debt
ICICI Prudential Income Multiplier
Fund                                                        11         58,899,183.66     1.30%
ICICI Prudential Liquid Fund                                19          187,553,529      0.11%




                                                                                          137
ICICI Prudential Short Term Plan                           10          49,025,823     1.86%



                                   Gujarat Ambuja Cement Limited
Scheme Name                                         Units                 Value     % to Nav
Equity
ICICI Prudential Equity and
Derivative Income Optimiser Plan                    2,773,390        303,131,527      2.39%
ICICI Prudential Growth Plan                          709,557         77,554,580      1.73%
ICICI Prudential Index Fund                            10,550          1,153,115      0.74%
Sensex Prudential ICICI Exchange
Traded Fund                                               895            97,734       1.26%

                                          Hero Honda Limited
Scheme Name                                           Units               Value     % to Nav
Equity
ICICI Prudential Index Fund                             1,389           970,355       0.63%
Sensex Prudential ICICI Exchange
Traded Fund                                                84            58,708       0.75%

                                          Hero Motors Limited
Scheme Name                                            Units              Value     % to Nav
Debt
ICICI Prudential Floating Rate Plan                        45         45,000,000      0.36%
ICICI Prudential Income Multiplier
Fund                                                      100        100,000,000      2.20%
ICICI Prudential Liquid Fund                               55         55,000,000      0.03%
ICICI Prudential Monthly Income
Plan                                                      120        120,000,000      2.08%

                                       Hindalco Industries Limited
                                                        Units             Value     % to Nav
Equity
ICICI Prudential Equity and
Derivative Income Optimiser Plan                    1,587,025         195,231,429            2
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                      896,390         144,229,151     1.27%
ICICI Prudential Index Fund                               229              24,171     0.02%
ICICI Prudential Index Fund                             8,394           1,350,595     0.87%
Sensex Prudential ICICI Exchange
Traded Fund                                               233              24,593     0.32%
Sensex Prudential ICICI Exchange
Traded Fund                                               595              95,765     1.23%
Debt
ICICI Prudential Flexible Income
Plan                                                       20         198,265,517    36.20%
ICICI Prudential Floating Rate Plan                        20         198,531,706     1.61%
ICICI Prudential Fixed Maturity Plan
Series 34 Plan A                                           20         197,501,204    12.18%
ICICI Prudential Liquid Fund                               70         697,501,204     0.40%



                                                                                       138
                                        Hindustan Lever Limited
                                                       Units             Value     % to Nav
Equity
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                     450,000          84,330,000     0.74%
ICICI Prudential FMCG Fund                           151,000          28,297,400     3.62%
ICICI Prudential Index Fund                           15,354           2,877,340     1.85%
Sensex Prudential ICICI Exchange
Traded Fund                                             930              175,166     2.25%

                                           ICI India Limited
                                                       Units             Value     % to Nav
Equity
ICICI Prudential FMCG Fund                           268,931       137,692,672      17.62%
ICICI Prudential Child Care Gift Plan                 48,112        24,633,344       2.17%
ICICI Prudential Income Multiplier
Fund                                                 142,913        73,171,456       1.61%
ICICI Prudential Monthly Income
Plan                                                  97,712        50,028,544       0.87%
ICICI Prudential Tax Plan                            722,847       370,097,664       5.41%


                                          ICICI Bank Limited
                                                      Units              Value     % to Nav
Equity
ICICI Prudential Balanced Fund                       156,608       141,252,586       3.32%
ICICI Prudential Dynamic Plan                        861,150       776,714,243       3.40%
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                     254,850       229,861,958       2.02%
ICICI Prudential Fusion Fund Series
- II                                                 100,000        90,195,000       0.82%
ICICI Prudential Child Care Gift Plan                 30,000        27,058,500       2.38%
ICICI Prudential Growth Plan                         202,928       183,030,910       4.09%
ICICI Prudential Income Multiplier
Fund                                                  65,200        58,807,140       1.29%
ICICI Prudential Index Fund                            6,257         5,643,501       3.64%
ICICI Prudential Infrastructure Fund                 746,418       673,231,715       3.82%
ICICI Prudential Monthly Income
Plan                                                  67,800        61,152,210       1.06%
ICICI Prudential ICICI Prudential
Power Plan                                           669,250       603,630,038       4.10%
ICICI Prudential Service Industries
Fund                                                 225,000       202,938,750       3.73%
Sensex Prudential ICICI Exchange
Traded Fund                                             758            683,640       8.79%
ICICI Prudential Tax Plan                            299,900       270,494,805       3.96%
        Debt
ICICI Prudential Growth Plan                         621,000        62,100,000       1.00%
ICICI Prudential Hybrid Fixed
Maturity Plan 13 Months Plan                      14,970,000      1,497,000,000     17.92%


                                                                                      139
ICICI Prudential Income Multiplier
Fund                                        427,000       42,700,000    1.00%
ICICI Prudential Infrastructure Fund     17,581,000    1,758,100,000   10.00%
ICICI Prudential Liquid Fund            109,580,000   10,958,000,000    6.35%
ICICI Prudential Monthly Income
Plan                                       811,000       81,100,000    1.00%
ICICI Prudential ICICI Prudential
Power Plan                                1,813,000     181,300,000    1.00%
ICICI Prudential Service Industries
Fund                                       402,000       40,200,000    1.00%
ICICI Prudential Sweep Plan               5,000,000     500,000,000    24.44%
ICICI Prudential Tax Plan                   349,000      34,900,000     1.00%
ICICI Prudential Long Term Floating
Rate Plan                                   10,000       49,546,633    5.92%
ICICI Prudential Balanced Fund             758,000       75,800,000        2
ICICIs Prudential Blended Plan A          7,150,000     715,000,000    14.55%
ICICI Prudential Blended Plan B             319,000      31,900,000     7.54%
ICICI Prudential Discovery Fund           3,350,000     335,000,000     4.06%
ICICI Prudential Dynamic Plan            22,799,000    2,279,900,000   10.00%
ICICI Prudential Equity and
Derivative Income Optimiser Plan         20,480,000    2,048,000,000   16.16%
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan         11,569,000    1,156,900,000   10.00%
ICICI Prudential Emerging Star Fund       7,926,000      792,600,000    7.18%
ICICI Prudential Fixed Maturity Plan
Series 34 -1year Plan B                  20,000,000    2,000,000,000   15.06%
ICICI Prudential Fixed Maturity Plan
Series 35 – 13 Months Plan A              5,000,000     500,000,000    19.44%
ICICI Prudential Fixed Maturity Plan
Series 37- 14 months Plan                  360,000       36,000,000    1.66%
ICICI Prudential Fixed Maturity Plan
Series 37 - 14 months Plan                4,200,000     420,000,000    19.37%
ICICI Prudential Fixed Maturity Plan
Series 37 - 14 months Plan                4,560,000     456,000,000    21.03%
ICICI Prudential Fixed Maturity Plan
Series 37- 3 months Plan - A              7,000,000     700,000,000    19.68%
ICICI Prudential Fixed Maturity Plan
Series 34-15 months Plan                  8,000,000     800,000,000    18.96%
ICICI Prudential Fixed Maturity Plan
Series 34 – 16 months Plan                5,640,000     564,000,000    19.22%
ICICI Prudential Fixed Maturity Plan
Series 34 – 6 months Plan                 3,500,000     350,000,000    19.65%
ICICI Prudential Fixed Maturity Plan
Series 37 - 3 months Plan A               4,300,000     430,000,000    19.04%
ICICI Prudential Fixed Maturity Plan
Series 37 – 3 months Plan B               9,250,000     925,000,000    19.39%
ICICI Prudential FMCG Fund                   90,000       9,000,000     1.15%
ICICI Prudential Fixed Maturity
Plan34 months Plan A                      2,500,000     250,000,000    15.42%
ICICI Prudential Fusion Fund                510,000      51,000,000     0.69%
ICICI Prudential Fusion Fund Series
- II                                      8,740,000     874,000,000    8.00%
ICICI Prudential Child Care Gift Plan         5,000         500,000    0.04%




                                                                        140
                                        India Nippon Elect limited
                                                        Units              Value    % to Nav
Equity
ICICI Prudential Discovery Fund                       472,727         86,036,314      1.04%


                              Indian Petrochemicals Corporation Limited
                                                      Units                Value    % to Nav
Equity
ICICI Prudential Index Fund                             2,093             702,725     0.45%

                              Indian Petrochemicals Corporation Limited
                                                      Units                Value    % to Nav
Debt
ICICI Prudential Balanced Fund                            150        143,152,382      3.37%
icici prudential blended plan a                           100         95,434,922      1.94%
ICICI Prudential Fixed Maturity Plan
Series 35 – 13 Moths Plan B                                60        404,678,413      5.38%
ICICI Prudential Fixed Maturity Plan
Series 37 – 14 months Plan                                350        316,867,108     14.61%
ICICI Prudential Fixed Maturity Plan
Series 34 – 15 Months Plan                                500        384,471,372      9.11%
ICICI Prudential Fixed Maturity Plan
Series 34 – 16 Months Plan                                300        297,888,439     10.15%
ICICI Prudential Fixed Maturity Plan
Series 38 – 3 Months Plan C                               906        444,025,552     35.97%
ICICI Prudential Hybrid Fixed
Maturity Plan 13 Months Plan                            1,000        993,278,155     11.89%
ICICI Prudential Income Multiplier
Fund                                                      150        143,152,382      3.15%
ICICI Prudential Income Plan                              200        190,869,843      8.53%
ICICI Prudential Liquid Fund                            1,124        834,496,956     49.00%
ICICI Prudential Monthly Income
Plan                                                      250        238,587,304      4.13%

                                              ITC Limited
                                                       Units               Value    % to Nav
Equity
icici prudential dynamic plan                       4,738,162        729,203,132      3.19%
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                      672,000        103,420,800      0.91%
ICICI Prudential FMCG Fund                            182,375         28,067,513      3.59%
ICICI Prudential Fusion Fund                          777,487        119,655,249      1.62%
ICICI Prudential Child Care Gift Plan                 127,770         19,663,803      1.73%
ICICI Prudential Growth Plan                          580,480         89,335,872      2.00%
ICICI Prudential Index Fund                            26,179          4,028,948      2.60%
ICICI Prudential Monthly Income
Plan                                                  241,175         37,116,833      0.64%
Sensex Prudential ICICI Exchange
Traded Fund                                             2,220             341,658     4.39%


                                                                                       141
                                       Larsen & Toubro Limited
                                                      Units                Value    % to Nav
Equity
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                    100,000           189,165,000     1.66%
ICICI Prudential Growth Plan                         92,153           174,321,222     3.89%
ICICI Prudential Income Multiplier
Fund                                                 18,075            34,191,574     0.75%
ICICI Prudential Index Fund                           1,964             3,715,201     2.39%
ICICI Prudential Infrastructure Fund                199,750           377,857,088     2.14%
ICICI Prudential Monthly Income
Plan                                                 13,790            26,085,854     0.45%
Sensex Prudential ICICI Exchange
Traded Fund                                            214               404,439      5.20%
Debt
ICICI Prudential Fixed Maturity Plan
Series 35 – 13 Months Plan A                              5            49,521,107     1.93%
ICICI Prudential Fixed Maturity Plan
Series 34 – 16 Months Plan                               30           297,126,643    10.13%

                                        Maruti Udyog Limited
                                                     Units                 Value    % to Nav
Equity
ICICI PRUDENTIAL DYNAMIC
PLAN                                                844,200           619,094,070     2.71%
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                    119,000            87,268,650     0.77%
ICICI Prudential Growth Plan                         75,000            55,001,250     1.23%
ICICI Prudential Index Fund                           2,010             1,474,034     0.95%
ICICI Prudential ICICI Prudential
Power Plan                                          378,100           277,279,635     1.88%
Sensex Prudential ICICI Exchange
Traded Fund                                              97               71,188      0.92%

                                          Raymond Limited
                                                    Units                  Value    % to Nav
Equity
ICICI Prudential Discovery Fund                     696,679           216,214,328     2.62%
ICICI Prudential Tax Plan                           300,000            93,105,000     1.36%
         Debt
ICICI Prudential Liquid Fund                             47           470,000,000     0.27%

                                          Sesa Goa Limited
                                                     Units                 Value    % to Nav
Equity
ICICI Prudential Equity and
Derivative Income Optimiser plan                     80,650           137,193,715     1.08%

                                  Tata Consultancy Services Limited
                                                      Units                Value    % to Nav



                                                                                       142
Equity
ICICI Prudential Balanced Fund                    85,771    104,756,411      2.46%
ICICI Prudential Blended plan A                   80,000     97,708,000      1.99%
ICICI Prudential Dynamic Plan                  1,358,900   1,659,692,515     7.26%
ICICI Prudential Equity and
Derivative Income Optimiser Plan                 294,250    359,382,238      2.84%
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                 254,503    310,837,239      2.73%
ICICI Prudential Fusion Fund Series
- II                                             355,000    433,579,250      3.93%
ICICI Prudential Child Care Gift Plan             21,025     25,678,884      2.26%
ICICI Prudential Growth Plan                     162,973    199,047,074      4.45%
ICICI Prudential Income Multiplier
Fund                                              79,440     97,024,044      2.14%
ICICI Prudential Index Fund                        6,807      8,313,729      5.36%
ICICI Prudential Monthly Income
Plan                                              52,440     64,047,594      1.11%
ICICI Prudential ICICI Prudential
Power Plan Plan                                  499,928    610,587,063      4.15%
ICICI Prudential Service Industries
Fund                                              82,624    100,912,822      1.85%
Sensex Prudential ICICI Exchange
Traded Fund                                         165         201,432      2.59%
ICICI Prudential Tax Plan                        250,000    305,337,500      4.46%
ICICI Prudential Technology Fund                  93,866    114,643,239      6.28%

                                        Tata Motors Ltd.
                                                   Units          Value    % to Nav
Equity
ICICI Prudential Equity and
Derivative Income Optimiser Plan                 311,060    203,184,392      1.60%
ICICI Prudential Index Fund                        2,680      1,750,576      1.13%
Sensex Prudential ICICI Exchange
Traded Fund                                         194         126,449      1.63%
         Debt
ICICI Prudential Floating Rate Plan                  15     750,000,000      6.07%
ICICI Prudential Liquid Fund                        200      65,192,915      0.04%
ICICI Prudential Long term Plan                      15     750,000,000      8.09%


                                        Thermax Limited
                                                  Units           Value    % to Nav
Equity
ICICI Prudential Child Care Gift Plan             65,000     30,247,750      2.66%
ICICI Prudential ICICI Prudential
Power Plan                                       750,000    349,012,500      2.37%




                                                                              143
                                            Trent Limited
                                                      Units              Value    % to Nav
Equity
ICICI Prudential FMCG Fund                          139,640          84,784,920    10.85%
ICICI Prudential Income Multiplier
Fund                                                 84,439          51,268,630     1.13%
ICICI Prudential Monthly Income
Plan                                                 48,000          29,144,000     0.51%
ICICI Prudential Child Care Study
Plan                                                  3,600           2,185,800     1.97%
ICICI Prudential Tax Plan                           319,200         193,807,600     2.84%
Warrants
ICICI Prudential FMCG Fund                            8,000           1,599,600     0.20%
Debt
ICICI Prudential Child Care Study
Plan                                                  8,000           3,700,115     1.24%

                                    Ultra Cement Company Limited
                                                     Units               Value    % to Nav
Equity
ICICI Prudential Blended Plan A                      27,000          21,652,650     0.44%
    Debt
ICICI Prudential Fixed Maturity Plan
Series 34 – 17 months Plan                               90          87,464,373    12.96%
ICICI Prudential Fixed Maturity Plan
Series 34 – 15 months Plan                               60          58,309,582     1.38%

                                     Videsh Sanchar Nigam Limited
                                                       Units             Value    % to Nav
Equity
ICICI Prudential Index Fund                           1,983            922,690      0.59%



                                            Wipro Limited
                                                     Units               Value    % to Nav
Equity
ICICI Prudential Index Fund                           1,983            922,690      0.59%
ICICI Prudential Balanced Fund                      125,676          68,216,933     1.61%
ICICI Prudential Equity and
Derivative Wealth Optimiser Plan                     79,000          42,881,200     0.38%
ICICI Prudential Child Care Gift Plan                30,000          16,284,000     1.43%
ICICI Prudential Growth Plan                        205,147         111,353,792     2.49%
ICICI Prudential Income Multiplier
Fund                                                 45,000          24,426,000     0.54%
ICICI Prudential Index Fund                          10,051           5,455,683     3.52%
ICICI Prudential Monthly Income
Plan                                                 35,000          18,998,000     0.33%



                                                                                     144
ICICI Prudential ICICI Prudential
Power Plan Plan                                      495,000          268,686,000               1.82%
Sensex Prudential ICICI Exchange
Traded Fund                                              246               133,430              1.72%
ICICI Prudential Technology Fund                      63,000            34,196,400              1.87%


D) PENALTIES & PENDING LITIGATIONS

I.   CASES OF PENALTIES AWARDED BY SEBI UNDER THE SEBI ACT OR ANY OF ITS
      REGULATIONS OR ANY OTHER REGULATORY BODY AGAINST THE SPONSOR OF
      THE MUTUAL FUND OR ANY COMPANY ASSOCIATED WITH THE SPONSOR IN ANY
      CAPACITY SUCH AS THE ASSET MANAGEMENT COMPANY, TRUSTEE
      COMPANY/BOARD OF TRUSTEES, OR ANY OF THE DIRECTORS OR KEY
      PERSONNEL OF THE ASSET MANAGEMENT COMPANY AND TRUSTEE COMPANY:

ICICI Bank: Nil
Prudential Plc. & its associates:

Date             Company               Description of Sanction
27 January       Prudential Personal   PPEPL was reprimanded and fined £75,000 by IMRO for
1997             Equity Plans          breaches of IMRO rules relating to its PEP business:
                 Limited (PPEPL)       - failed to carry out reconciliations and corrections of PEP
                                       client money accounts
                                       - failed to notify IMRO that these had not been done
                                       - failed to have adequate compliance arrangements in specific
                                       areas of its business.
April 1999       M&G Financial         Following a regular Inland Revenue PEP audit, M&GFSL
                 Services Limited      have reached agreement to pay the following:
                 (M&GFSL)              - missing application forms - £550
                                       - incorrect handling of void PEPs - £3,250
                                       - accepting "paid for" as well as "free" shares during the take-
                                       on of Norwich Union windfall shares - £600 plus repayment
                                       of any wrongly claimed tax credits.
29 October       The Prudential        PAC was fined £650,000 by PIA for failures in its pensions
2001             Assurance             review procedures relating specifically to delays in making
                 Company Limited       payments of redress to supplement pension policy benefits of
                 (PAC)                 those who had retired and beneficiaries of those who had died;
                                       and its record-keeping.
6 March 2003 Scottish Amicable         SAL was fined £750,000 by the FSA in respect of sales of
                 Life plc (SAL)        mortgage endowments by its tied agents in 2000. Advisers
                                       did not place appropriate emphasis on identifying whether
                                       customers were prepared to take the risk that the endowment
                                       might not perform well enough to pay off the mortgage.
NB: Some fines and cost orders of $1000 and below made by State Insurance Departments in the US
are excluded from the above


Associates of ICICI Bank
ICICI Securities Limited (ICICI Securities)
1. ICICI Securities was awarded two penalty points by SEBI for non-submission of the Letter of
    Offer in the Rights issues of Siroplast Limited and Thane Electricity Company Limited during
    1995 and one penalty point for non-submission of post-issue report in the public issue for Shree
    Rajasthan Texchem Limited.
2. Two warning letters were issued by SEBI on October 2, 1998 in the public issue of Hindustan
    Motors Limited and on July 11, 2000 in the public issue of Cadilla Healthcare Limited
    respectively.
ICICI Brokerage Services Limited (ICICI brokerage)
1. The NSE had, in its letter dated November 26, 2002 reference no NSE/INSP/ACT/2001-02/31487,


                                                                                                 145
     reprimanded ICICI Brokerage and levied a penalty of Rs. 30,000/- subsequent to an inspection
     done by it. The penalty was with respect to the purported violations of short sales (three instances
     on March 9, 2001 and one instance on March 12, 2001) and the transfer of client shares to own
     account (12 instances during February-March 2001). However, ICICI Brokerage had made a
     representation to NSE requesting a waiver of the penalties, since these arose from genuine
     technical difficulties in the internet trading systems of ICICI Web Trade Limited, which had been
     using ICICI Brokerage to execute the trades on NSE. ICICI Brokerage had therefore requested
     NSE for a review of the penalty and submitted all necessary documents in support of this. NSE
     accepted ICICI Brokerage’s representation and waived the above penalty.
2.        SEBI had issued a show cause notice to ICICI Brokerage with regard to the agency business
     done on behalf of one of its clients in the shares of Global Trust Bank. ICICI Brokerage replied to
     the show cause notice denying the allegations and findings of SEBI. Thereafter, SEBI granted a
     personal hearing on November 24, 2003. Subsequent to the hearing, SEBI vide its letter dated
     February 5, 2004 issued a show cause notice to ICICI Brokerage as to why the penalty of
     suspension of registration of ICICI Brokerage Services Limited for a period of four months as
     recommended by the enquiry officer should not be imposed. ICICI Brokerage had vide its letter
     dated February 23, 2004 submitted its reply to the said show cause notice denying all the
     allegations and the findings of the enquiry officer and that the charges against ICICI Brokerage
     stated in the show cause notice of February 5, 2004 be accordingly withdrawn. Further, ICICI
     Brokerage was granted a personal hearing before the Chairman, SEBI on March 18, 2004 wherein
     ICICI Brokerage was represented by its legal counsels. ICICI Brokerage re-iterated that it denied
     the allegations and findings of SEBI as stated in their show cause notice and also that the findings
     of SEBI were based merely on inferences and surmises without any proof of guilt or market
     manipulation part of ICICI Brokerage. A written submission of the arguments presented at the
     personal hearing was also forwarded to SEBI. The Chairman, SEBI vide order dated September 9,
     2004 discharged ICICI Brokerage from the proceedings in the said matter.
3.   As per normal practise, the BSE/NSE and SEBI from time to time conduct inspections of its
     member/registered brokers. Accordingly, a regular inspection was conducted by SEBI of ICICI
     Brokerage’s books for the period April, 2001 to March, 2003. The inspection report had brought
     out certain irregularities such as difference of trade details in under separate accounts maintained
     by us; PAN not being quoted on contract notes in some cases and non-segregation of clients and
     our own funds. In this regard SEBI has vide its letter dated March 23, 2004 advised ICICI
     Brokerage to rectify the irregularities and warned it not to repeat the same in future.
4.   The NSE levied a penalty of Rs. 1,22,500/- on ICICI Brokerage for delayed submission of the
     ‘WDM segment’ Annual Compliance Report for 2002-2003. Whilst the fine has been debited,
     ICICI Brokerage has replied to the NSE stating its factual position and requested a reversal of the
     above penalty. The NSE thereafter placed the matter before its Disciplinary Action Committee,
     which has reduced the penalty to Rs. 1 lakh. ICICI Brokerage has sought a review of the said
     penalty. Upon review, NSE vide letter dated February 15, 2005 has absolved ICICI Brokerage of
     the iregularity and has waived the penalty.

ICICI venture Funds Management Company Limited (ICICI Venture)
1. ICICI Equity Fund (the “Fund”), a fund managed by the ICICI Venture was originally registered
    with the SEBI as a Venture Capital Fund under the SEBI (Venture Capital Funds) Regulations,
    1996 (hereinafter the “Regulations”). The Fund de-registered from SEBI in the year 2002. In this
    process, the Fund first amended its Private Placement Memorandum (PPM) and pursued
    investment objectives permitted under the amended PPM before completing the de-registration
    formalities. During the course of its investment activity, the Fund invested in certain securities,
    which were in excess of the limitations and restrictions imposed by the then prevailing
    Regulations. SEBI was of the view that the Fund should have completed the de-registration
    formalities before pursuing investments in the aforesaid securities. The Fund suo moto
    communicated these developments to SEBI and initiated a dialogue to conclude and regularize this
    matter. Upon consideration of the voluntary disclosures and representations made by ICICI
    Venture, SEBI vide its letter dated January 9, 2003 communicated that the above procedural lapse
    had been viewed seriously and advised ICICI Venture to take due care in future and improve its
    compliance mechanisms and standards to avoid recurrence of such incidents.
2. SEBI, Madras had issued a show cause notice dated May 31, 2002 to ICICI Venture alleging
    contravention of sub-Regulation 1 and sub-regulation 3 of Regulation 6 (for the year 1997) and
    sub-regulation 1 and sub-regulation 2 of Regulation 8 (for the years 1998, 1999, 2000 and 2001) of
    the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)



                                                                                                    146
         Regulation, 1997 for failure/delay in making the disclosure of its shareholding in Vimta Labs
         Limited. Adjudication proceedings were held. Based on the submissions made by ICICI Venture,
         SEBI vide order dated November 1, 2002 exonerated ICICI Venture from liability.
     ICICI Investment Management Company Limited (ICICI Investment Management)
     1. ICICI Investment Management is the asset management company of “ICICI Securities Fund”, a
         mutual fund registered with the SEBI. SEBI had issued on May 22, 2000, a warning letter to ICICI
         Investment Management Limited for the lack of due diligence while submitting the offer document
         for ICICI CBO Fund.

     AMC: Nil
     The Trustee: Nil

     II.   ANY PENDING MATERIAL LITIGATION PROCEEDINGS INCIDENTAL TO THE
           BUSINESS OF THE MUTUAL FUND TO WHICH THE SPONSOR OF THE MUTUAL FUND
           OR ANY COMPANY ASSOCIATED WITH THE SPONSOR IN ANY CAPACITY SUCH AS
           THE AMC, BOARD OF TRUSTEES/TRUSTEE COMPANY OR ANY OF THE DIRECTORS
           OR KEY PERSONNEL IS A PARTY. ANY PENDING CRIMINAL CASES OR ECONOMIC
           OFFENCE CASES AGAINST THE SPONSOR OR ANY COMPANY ASSOCIATED WITH
           THE SPONSOR IN ANY CAPACITY SUCH AS AMC, BOARD OF TRUSTEES/TRUSTEE
           COMPANY OR ANY OF THE DIRECTORS OR KEY PERSONNEL.

     Criminal Cases Against ICICI Bank and / or its Directors
1.   A criminal complaint (614 of 2001) was filed before the 4th Additional Chief Metropolitan Magistrate,
         Bangalore against ICICI Bank by Pelicorp Limited upon termination of the Direct Selling Agent
         Agreement between itself and ICICI Bank pursuant to certain RBI guidelines. ICICI Bank filed a
         criminal petition for quashing the complaint in the Karnataka High Court, which has granted
         interim stay in the matter. The matter is pending disposal.
2.   A criminal complaint (1648 of 2001) was filed against ICICI Bank by Rajiv Aggarwal before the Chief
         Judicial Magistrate, Jaipur for wrongful dishonour of cheques. ICICI Bank has filed a revision
         petition in the High Court at Jaipur for quashing the order passed by the lower court. The High
         Court has stayed the proceedings of the lower court. Final arguments in the revision are yet to take
         place.
3.   A criminal complaint (353 of 2003) was filed before the Additional Chief Metropolitan Magistrate,
         New Delhi by Mr. Anoop G. Chaudhury against ICICI Bank’s Managing Director & Chief
         Executive Officer Shri K.V.Kamath, for sale of a vehicle, which had been involved in an accident.
         The investigation officer has filed the investigation report in the Court. The matter is pending
         hearing.
4.   A criminal complaint (64 of 2002) was filed against 36 individuals including Mr. K. V. Kamath M.D.
         and CEO before the Court of the Chief Metropolitan Magistrate, Patiala House, New Delhi by Mr.
         M. M. Sehgal, the promoter of Sehgal Papers Limited (SPL). ICICI as part of a consortium of
         lenders led with IFCI Limited as lead institution had extended financial assistance to SPL. No
         summons has been issued to ICICI so far. Only a copy of the complaint filed by the Complainant
         has been served on ICICI.
5.   Five criminal complaints (9419/S/2002 to 9423/S/2002) were filed against ICICI Bank before the 39th
         Court of Presidency Metropolitan Magistrate at Mumbai by the Municipal Corporation of Greater
         Mumbai (BMC) for violation of Section 471 of the BMC Act read with Section 328-A thereof on
         grounds of non-payment of licence fees for the illuminated signboards at its ATM centres. ICICI
         Bank filed a writ petition (2377 of 2002) in the Bombay High Court challenging the applicability
         of the provisions of Sections 328 & 328-A of the BMC Act in respect of the ATM centres. The
         writ petition was dismissed. In appeal, ICICI Bank filed an SLP (24215 of 2002) in the Supreme
         Court. The Supreme Court has granted a stay against all prosecutions and proceedings by BMC in
         this regard. The Metropolitan Magistrate stayed the proceedings before it till the final disposal of
         SLP.

         Further, the BMC has also filed two similar complaints (88/M/2003 and 89/M/2003) before the
         27th Court of Presidency Metropolitan Magistrate at Mumbai, against ICICI Bank. ICICI Bank
         submitted a copy of the Supreme Court’s order to the Magistrate. The matter is pending disposal.
6.   A criminal complaint (1472/ of 2002) was filed against ICICI Home Finance Company Limited (ICICI
         HFC) and also against some of ICICI Bank’s Directors before the Metropolitan Magistrate’s 26th
         Court at Borivli, Mumbai, by Ms. Dipali Gopani for alleged wrongful recovery of Rs. 3,150/- and



                                                                                                        147
        non-return of title deeds. The complaint has been subsequently withdrawn against certain
        directors and is now pending against Ms. Lalita D. Gupte, Ms. Kalpana Morparia. An application
        for discharge of the Directors has been filed in the trial court, which is pending disposal.
7. A complaint (752 of 1997) was filed against 3i Infotech Services Ltd (erstwhile ICICI Infotech
        Services Limited) in the Consumer Redressal Forum, Hyderabad District, by a shareholder of
        ICICI, Shri. M.P.Jain regarding transfer of five shares inspite of a stop transfer request having been
        made by him which has since been disposed off. A crime number 152 of 2001 was also filed
        against ICICI and 3i Infotech Ltd (erstwhile ICICI Infotech Limited) before the XI Metropolitan
        Magistrate, Secunderabad by the shareholder. The Magistrate has referred the matter to
        Marredpally Police Station, Secunderabad for investigation. ICICI filed a petition in the Andhra
        Pradesh High Court for quashing the criminal complaint filed before the XI Metropolitan
        Magistrate, Secunderabad and the High Court has granted a stay on the investigations being
        undertaken by the police department till further orders.
8. A criminal complaint was filed before the Judicial Magistrate First Class, Bhiwandi by Shri Sheikh
        Mohd. Khalid Munnavar a car insurance policy holder, for the alleged non-cognizable offences of
        criminal intimidation etc., against three officers of ICICI Lombard General Insurance Company
        Limited. Shri K V Kamath, MD & CEO of ICICI Bank Limited has also been named as accused in
        the complaint though no specific allegations are made against him except describing him as one of
        the officers of ICICI Lombard, and making an allegation that all four officers conspired in
        committing the offences. Shri K.V Kamath is a Non Executive Director on the board of ICICI
        Lombard. A writ petition was filed before the High Court, Mumbai seeking quashing of the
        criminal complaint on the grounds, inter alia, that it is false and baseless and the facts are
        contradictory. The High Court passed an Order, staying the proceedings before the Judicial
        Magistrate First Class, Bhiwandi. Thus, the proceedings in Criminal Complaint No. 2887 of 2002
        filed against Shri K.V. Kamath and others are stayed.
9. Vijay Shankar Prasad the complainant – one of the debenture holder of Lloyds Finance & Investment
        Company Limited (LFICL) had filed a criminal complaint (Case No. - 2064(C) of 2000) for non
        receipt of interest and redemption amount from the aforesaid company, in the Court of Chief
        Judicial Magistrate, Patna (CJM). As ICICI Bank Ltd is acting as Trustees he has inter alia,
        impleaded Mr. K.V.Kamath, Managing Director, ICICI Ltd. The CJM court had taken
        cognizance of the offence and issued summons for appearance of the accused. Aggrieved by such
        direction, a criminal revision application was filed before the Sessions Judge, Patna. Upon hearing,
        the revision application was admitted and directions were issued staying the proceedings before
        CJM court and records were also called from the lower Court. The matter is fixed for hearing on
        April 29, 2005
10. Shri Madan Gopal,. the complainant - one of debenture holder of Modern Denim Limited (MDL) had
        filed a criminal complaint (Case No. - 2175(C) of 2001) for non receipt of interest and redemption
        amount from the aforesaid company, in the Court of Chief Judicial Magistrate, Patna (CJM). As
        ICICI Bank Ltd is acting as Trustees he has inter alia, impleaded Shri Narayan Vaghul, Chairman
        ICICI Ltd. The CJM court had taken cognizance of the offence and issued summons for
        appearance of the accused. Aggrieved by such direction, a criminal revision application was filed
        before the Sessions Judge, Patna. Upon hearing, the revision application was admitted and
        directions were issued for staying the proceedings before CJM court and records were also called
        from the lower Court. The mater is fixed for hearing on April 29, 2005. However, the company has
        since paid the outstanding dues of the debenture holder and to this effect a Memorandum of
        Understanding (MOU) has also been executed between the complainant and the Company
11.     The Enforcement Officer (Central) had filed a criminal complaint (Case No. - C/3606/03) before
        the Chief Metropolitan Magistrate, Kolkata (CMM) impleading Shri Prafulla Ranjan, Branch
        Manager and Shri K V Kamath, CEO & MD for violation of the provisions of Equal Remuneration
        Act 1976. ICICI Bank has already taken up the matter and replied to Labor Enforcement Officer
        (Central), Kolkata (LEO) and the Chief Labor Commissioner (Central), Ministry of Labor,
        Government of India, New Delhi for withdrawal of the complaint upon compliance of all the
        observations made by the LEO. Criminal revision application has been filed before High Court,
        Calcutta and the proceedings before CMM Court has been stayed till further order
12.      Seema Mungale has filed a criminal complaint (1876 of 2003) against ICICI Bank & all its
        Directors alleging that ICICI Bank has filed a false criminal complaint under section 138 of The
        Negotiable Instruments Act , against her by making false statements. ICICI Bank filed a writ
        petition in the Bombay High Court for quashing the complaint against the Directors and an interim
        order has been passed staying the criminal proceedings in the Magistrate’s court at Pune against
        eleven Directors. A separate writ petition for quashing of the complaint has been filed in The



                                                                                                         148
        Bombay High Court. The criminal case before the Magistrate at Pune and Writ Petitions filed at
        High Court, Bombay are pending disposal.
13.          Shri Deobrat Prasad has filed a criminal Complaint no. 153/04 before the Judicial Magistrate
        at Jamshedpur for taking forcible possession of his vehicle. In the complaint he has also inpleaded
        Shri K V Kamath, MD & CEO of ICICI Bank. Summons were issued in this regard. An
        application had been filed before the High Court of Jharkhand at Ranchi for quashing the
        proceedings in the said criminal complaint. The Ranchi High Court has passed an order staying
        further proceedings in the matter. Pursuant to such directionsthe Judicial Magistrate, Jamshedpur
        has also stayed further proceedings in the matter
14.          Three criminal complaints (2412/S/2003, 2413/S/2003 and 2414/S/2003) were filed by
        Inspectors, Security Guards Board, Greater Bombay & Thane District, in the year 2000 against
        erstwhile ICICI Limited (Since merged into ICICI Bank) (“ICICI”) and Shri K.V.Kamath, M.D. &
        CEO, before the Metropolitan Magistrate, Mumbai, under the Maharashtra Private Security Guards
        Act, 1981 on the grounds that security guards were engaged from exempted security agencies even
        though ICICI was registered with the Security Guards' Board. The earlier notices in this regard
        were replied to stating that registration is only in respect of residential quarters for employees and
        not in respect of other establishments. ICICI Bank has filed a writ petition in the Bombay High
        Court for quashing of the complaint, which is pending disposal.
15.          Two criminal complaints (2415/S/2003 and 2416/S/2003) were filed by Inspectors, Security
        Guards Board, Greater Bombay & Thane District, in the year 2000 against ICICI Bank before the
        Metropolitan Magistrate, Mumbai, under the Maharashtra Private Security Guards Act, 1981, on
        the grounds that security guards have been engaged from unexempted security agencies. ICICI
        Bank has taken a stand that the exemption of security agencies continued on account of a previous
        High Court Order in the writ petition filed by certain security agencies. The complaints are
        pending disposal.
16.             Two criminal complaints (2347/S/2003 and 2349/S/2003) were filed by Inspectors,
        Security Guards Board, Greater Bombay & Thane District, in the year 2001 against ICICI Bank
        before the Metropolitan Magistrate, Mumbai, under the Maharashtra Private Security Guards Act,
        1981 on the grounds that security guards have been engaged from unexempted security agencies.
        ICICI Bank has replied stating that the Security Guards were deployed on trial basis and are being
        replaced by Armed Guards. The complaints are pending disposal.
    17.      Dinesh Kumar Singh an advocate has filed Criminal Contempt Proceedings against Directors
        of ICICI Bank Ltd in the Hon’ble High Court of Allahabad. The complainant alleges that his car
        was repossessed enroute his journey to court and hence he was prevented from attending the court.
        The matter is pending disposal.

    Criminal Cases against associates of ICICI Bank
    ICICI Home Finance Company Limited (ICICI Home Finance)
    1. A criminal complaint (1472/ of 2002) was filed against ICICI Home Finance Company Limited
        (ICICI HFC) and also against some of ICICI Bank's Directors before the Metropolitan Magistrate's
        26th Court at Borivli, Mumbai, by Ms. Dipali Gopani for alleged wrongful recovery of Rs. 3,150/-
        and non-return of title deeds. The complaint has been subsequently withdrawn against certain
        directors and is now pending against Ms. Lalita D. Gupte, Ms. Kalpana Morparia. An application
        for discharge of the Directors has been filed in the trial court, which is pending disposal. There is a
        stay on this matter by the Bombay High Court hence no next date is given
    AMC
    1. One of the Investors under Prudential ICICI Growth Plan had made investment to the tune of Rs.
        50,00,000 under section 54EB of the Income Tax Act, 1961. In accordance with the legal opinion
        of the counsel of the Fund, the Fund is of the view that investments under section 54EB of the
        Income Tax Act, 1961 read with CBDT notification no. 10247 dated December 19, 1996 and the
        Offer Document of Prudential ICICI Growth Plan, the units had to be locked-in for a period of
        seven years from the date of investment. However, the Investor had disputed this stand and had
        filed a petition against Prudential ICICI Asset Management Company Limited as one of the
        respondents in the Honourable Delhi High court seeking the direction of the Court for premature
        redemption of units. SEBI vide its order dated September 4, 2000, rejected the petitioner's claim
        for premature redemption of units.
        The Petitioner has subsequently approached the Securities Appellate Tribunal seeking release of
        money due upon redemption of units and payment of interest there on. The matter has been heard
        by the Tribunal and the Tribunal dismissed the petition of the investor.




                                                                                                          149
     The investor has, once again, filed a writ in the High Court of Delhi challenging the order of the
     Tribunal. This matter was listed before Hon’ble Delhi High court for final arguments in the
     regular hearing list.
     The investor has, once again, filed a writ in the High Court of Delhi challenging the order of the
     Tribunal, the Hon’ble Delhi High court has dismissed the appeal vide its order dated 8th February
     2006.
     However, the Petitioner has redeemed the investment after completion of Lock-in period thereby
     making the writ in fractious. An Affidavit had been filed before the Court as per the legal advice
     stating the fact of the redemption and the consequent invalidity of the writ.
   The matter was listed for hearing before the Court on 8th February 2006. The appeal was dismissed
   in default as no one appeared on behalf of the investor.
The Trustee : Nil
III.      ANY DEFICIENCIES IN THE SYSTEMS AND OPERATIONS OF THE SPONSOR OF
          THE MUTUAL FUND OR ANY COMPANY ASSOCIATED WITH THE SPONSOR IN
          ANY CAPACITY SUCH AS THE AMC OR THE TRUSTEE COMPANY WHICH SEBI
          HAS SPECIFICALLY ADVISED TO BE DISCLOSED IN THE OFFER DOCUMENT, OR
          WHICH HAS BEEN NOTIFIED BY ANY OTHER REGULATORY AGENCY.

ICICI Bank & Its associates: Nil

Prudential plc. & Its associates

Date                Company               Description of Sanction
1995           Prudential Corporation     PC was publicly criticised by the London Stock Exchange
               plc (PC)                   for the manner in which it dealt with authorisation of a
                                          dealing in Prudential shares by its then Chief Executive.
December       The Prudential             The FSA issued a section 60 notice and a public
1997           Assurance Company          statement criticising PAC's compliance arrangements
               Limited (PAC)              with respect to its direct sales force.

AMC: Nil
The Trustee: Nil

IV.     ANY ENQUIRY/ADJUDICATION PROCEEDINGS UNDER THE SEBI ACT AND THE
        REGULATIONS MADE THERE UNDER, AGAINST THE SPONSOR OF THE MUTUAL
        FUND OR ANY COMPANY ASSOCIATED WITH THE SPONSOR IN ANY CAPACITY
        SUCH AS THE AMC, BOARD OF TRUSTEES/TRUSTEE COMPANY OR ANY OF THE
        DIRECTORS OR KEY PERSONNEL OF THE AMC:

ICICI Bank & Its Associates: Nil
Prudential Corporation plc & its associates:

Date           Company           Description of Sanction
April 1994/    The Prudential    In relation to The Prudential Assurance Company Limited (PAC).
March 1995     Assurance Company LAUTRO approached PAC in April 1994 with a request for its co-
               Limited (PAC)     operation in an informal review to validate LAUTRO’s pension
                                 rules for the future. Prudential agreed to co-operate. LAUTRO
                                 subsequently expressed various concerns about the Prudential’s
                                 approach to pension transfers. The review was placed on a formal
                                 footing in March 1995. Following further discussions with
                                 LAUTRO, LAUTRO agreed not to take any disciplinary action and
                                 no charges were brought.




                                                                                                  150
1995-1997     The Prudential    A number of writs were issued by SIB from 1995 to 1997 in
              Assurance Company connection with the mis-selling of personal pensions, mainly where
              Limited (PAC)     a personal pension was taken out in preference to occupational
                                scheme membership but in some cases where an occupational
                                scheme benefit was transferred to a personal pension.

                                  Some were for protective purposes pending review of the sale under
                                  the SIB guidance; others proceeded and many have reached
                                  settlement via consent orders on the basis of payment of full
                                  compensation but without an admission of liability.
November/     Pru Banking         ITC Advertising Complaints Reports. Complaints were received
December                          from 3 viewers. An advertisement for a Prudential 60 Day Notice
1997                              Account offered a rate of 7.5% gross per annum on £10,000 and
                                  included the statement "you won't find a better rate of interest for
                                  £10,000."

                                  Two viewers objected that a "better rate" of 7.6% could be obtained
                                  on £10,000 in a Legal & General 60 Day Notice Account. The
                                  third viewer objected that the rate of 7.5% in fact including a 1%
                                  loyalty bonus which only applied after £10,000 had been held in the
                                  account for 12 months.

                                  Assessment: Following a complaint on 17 October 1997, the ITC
                                  drew Teletext's attention to a higher rate of interest that was
                                  apparently being paid on a Legal & General account comparable to
                                  the Prudential's. Teletext immediately removed the Prudential
                                  advertisement from air pending investigations. These revealed that
                                  whilst Legal & General had introduced a rate of 7.6% on 10
                                  October 1997, Prudential had not matched this rate until 17 October
                                  1997. In addition, whilst Prudential's advertising agency had on 15
                                  October 1997 requested Teletext to amend the rate to 7.6% from 20
                                  October 1997, press advertising for the Prudential account had
                                  reflected the higher rate
                                  on 17 October 1997.

                                  Teletext confirmed that the headline rate was stated gross of a 1%
                                  loyalty bonus which was only paid if the account was still open
                                  after 12 months and only two withdrawals had been made. They
                                  agreed that this was a significant condition which should have been
                                  made clear and instructed that subsequent advertising for this
                                  Prudential account should include details.

                                  The ITC agreed that the advertising had been misleading during the
                                  period that Legal & General had been offering
                                  a higher rate than Prudential and considered that the omission of
                                  details about the 1% loyalty bonus had
                                  also rendered the advertisement misleading.

                                  Teletex had already removed the advertisement from air and would
                                  not permit it to return until the
                                  relevant amendments were made.

                                Decision: Complaints upheld.
August 1998   The Prudential    Following an article in The Guardian concerning possible pensions
              Assurance Company mis-selling, the PIA will be investigating 2 cases.
              Limited (PAC)




                                                                                                151
1998           The Prudential    An objection was received via the Trading Standards Department to
               Assurance Company a leaflet that claimed "Save around £100 on home insurance". The
               Limited (PAC)     complainant, who was given a quote for £16 more than his existing
                                 policy, challenged whether the savings were generally attainable.

                                     Adjudication: The complaint was upheld. The advertisers
                                     submitted a summary of their research which showed that nine-
                                     tenths of customers who had switched their home insurance to
                                     Prudential had saved an average of £97.99. They argued that the
                                     claim was neither a price promise nor a guarantee that Prudential
                                     would always be the cheapest. The Authority noted that the leaflet
                                     stated elsewhere that "You could save money ...". It considered,
                                     however, that the claim implied that switching to the advertisers'
                                     household insurance policies always saved customers money.
                                     Because that was not true, the Authority asked the advertisers not to
                                     use the claim again.
1998           The Prudential        2 Complaints about advertisements in the national press:
               Assurance Company
               Limited (PAC)
                1. An objection to a national press advertisement that was headlined “Prudential
               announce a rate change of great interest to savers” and featured a table of interest rates
               for the advertisers’ 60 Day Notice Account . One column of the table was headed
               “Monthly Rates (inc loyalty bonus)” and quoted annual interest rates for those who have
               their interest paid monthly. A footnote stated “The rates include a loyalty bonus of 1%
               gross pa (0.8% net pa) calculated daily and paid annually on the anniversary date. This
               is paid provided the account is still open and in the preceding 12 months no more than
               two withdrawals have been made and the balance has not been less than £2,000.” The
               complainant objected that the advertisement was misleading because the loyalty bonus
               was not paid until the anniversary date.
               Adjudication: Complaint upheld. The advertisers said they believed the footnote
               explained that monthly interest was calculated excluding the loyalty bonus but accepted
               that the presentation of the advertisement could be confusing. The Authority considered
               that the advertisement was misleading and it welcomed the advertisers’ intention to
               amend
               future advertisements to state monthly interest rates without the loyalty bonus, which
               they will show separately.
                2. An objection to a national press advertisement that was headlined “Why you’ll be
               better off with Prudential because we’re No. 1 in our field”. The complainant challenged
               the claim.

             Adjudication: Complaint upheld. The advertisers submitted evidence that showed they
             were number one in some but not all the aspects of their pension and life insurance
             business. The Authority accepted that the advertisers claim was acceptable in relation to
             pensions and life insurance but considered that their information did not adequately
             substantiate the general claim that the advertisers were “No. 1” in their field. The
             Authority asked the advertisers to specify in future the sectors in which they could show
             they were “No. 1”.
May 2001     National Planning State of Florida (Division of Securities & Finance) fined NPC
             Corporation (NPC) $10,000 for failing to register two branch offices. NPC were also
                                   required to sign a Stipulation and Consent Agreement.
December     National Planning NPC have established a $6m claimants' fund after agreement with
2001         Corporation (NPC) New York Attorney General (NYAG). This follows HYAG
                                   investigation into sale of payphones and leaseback arrangements of
                                   ETS payphones by representatives of NPC. NYAG allege that the
                                   sale constituted an unregistered securities offering.
January 2002 Prudential            PNL was fined £5,000 by OPRA following a determination
             Nominees Limited regarding the Ledo Limited Pension Plan (a SSAS) for which PNL
             (PNL)                 is pensioner trustee. The fine is in respect of failing to appoint an
                                   auditor and other procedural failures.



                                                                                                    152
January 2002 Jackson National        JNL have reached a settlement of Haggan case and the Andrews,
             Life (JNL)              Dunn and Gales cases linked to it for a sum of $10m. Finalised in
                                     January 2002, the terms of the settlement are confidential and
                                     should not be disclosed to third parties.
                                     - Despite the Haggan settlement above, further litigation regarding
                                     Ultimate interest sensitive policies continues in Michigan, Illinois,
                                     Mississippi and Louisiana. JNL continue to try and resolve
                                     Ultimate 'vanishing premium' complaints on a fair and reasonable
                                     basis in order to avoid litigation where possible.

AMC:
1. Notice received from SEBI under Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing
   Penalties by Adjudicating Officer) Rules, 1995.

AMC has received a notice from SEBI under Rule 4 of SEBI (Procedure for Holding Inquiry &
Imposing Penalties by Adjudicating Officer) Rules, 1995. It has been alleged that Mutual Fund had
switched the investments of some Provident Funds from Gilt schemes and failed to adhere to the norms
pertaining to the systems, organisation, risk management, customer service etc. as laid down in the
circulars issued by SEBI. AMC is in the process of submitting its reply to SEBI.
The Trustee: Nil

E) BORROWING BY THE MUTUAL FUND
Under the Regulations, the Fund is allowed to borrow to meet its temporary liquidity needs of the Fund
for the purpose of repurchase, redemption of units or payment of interest or dividend to the
Unitholders. Further, as per the Regulations, the Fund shall not borrow more than 20% of the Net
Assets of the Scheme and the duration of such borrowing shall not exceed a period of six months. The
Fund may raise such borrowings after approval by the Trustee from any of its
Sponsors/Associate/Group Companies/Commercial Banks in India or any other entity at market related
rates prevailing at the time and applicable to similar borrowings. The security for such borrowings, if
required, will be as determined by the Trustee. Such borrowings, if raised, may result in a cost, which
would be dealt with in consultation with the Trustees.
No borrowings have been raised under any of the Schemes of the Fund, as of the date of this Offer
Document.

F) STOCK LENDING BY THE MUTUAL FUND
   The Scheme will not do any ‘Stock Lending’ activity

G) POLICY ON OFFSHORE INVESTMENTS BY THE SCHEME

SEBI vide Circular No. SEBI/ IMD/CIR No. 7/ 73202/ 06 Dated August 02,2006, SEBI/IMD/CIR
No.13/83589/07 dated January 4,2007 and SEBI/IMD/CIR No.3/93334/07 dated May 14, 2007
currently permit mutual funds to invest in ADRs/GDRs/ Foreign Securities issued by Indian companies
and notified foreign securities subject to certain prescribed limits.

Pursuant to SEBI Circular. The Mutual Fund can make investments in;

   i. ADRs/ GDRs issued by Indian Companies
  ii. Equity of overseas companies listed on recognized stock exchanges overseas
 iii. Foreign debt securities in the countries with fully convertible currencies, short term as long term
      debt instruments with highest rating (foreign currency credit rating) by accredited / registered
      credit rating agencies (like A- 1 / AAA by Standard & Poor, P- 1 / AAA by Fitch, IBCA etc.
 iv. Government securities where the countries are AAA rated
  v. Units / Securities issued by overseas mutual funds or unit trusts which invest in the aforesaid
      securities or are rated as mentioned above and are registered with overseas regulations.

Mutual Funds can invest in ADRs/GDRs/Foreign Securities within overall limit of US$4 bn. This will
be a with a sub-ceiling for individual mutual funds which should not exceed 10% of the net assets
managed by them as on March 31 of each relevant year and subject to a maximum of US$200 mn. per
mutual fund.




                                                                                                     153
It is the Investment Manager’s belief that investment in ADRs/GDRs/ overseas securities offer new
investment and portfolio diversification opportunities into multi-market and multi-currency products.
However, such investments also entail additional risks. Such investment opportunities may be pursued
by the Investment Manager provided they are considered appropriate in terms of the overall investment
objectives of the Scheme and the Plans thereunder. Since the Scheme and the Plans thereunder would
invest only partially in ADRs/GDRs/overseas securities, there may not be readily available and widely
accepted benchmarks to measure performance of the Scheme and the Plans thereunder. To manage
risks associated with foreign currency and interest rate exposure, the Fund may use derivatives for
efficient portfolio management including hedging and in accordance with conditions as may be
stipulated by SEBI/RBI from time to time.

Offshore investments will be made subject to any/all approvals, conditions thereof as may be stipulated
by SEBI/RBI and provided such investments do not result in expenses to the Fund in excess of the
ceiling on expenses prescribed by and consistent with costs and expenses attendant to international
investing. The Fund may, where necessary, appoint other intermediaries of repute as advisors,
custodian/ sub-custodians etc. for managing and administering such investments. The appointment of
such intermediaries shall be in accordance with the applicable requirements of SEBI and within the
permissible ceilings of expenses. The fees and expenses would illustratively include, besides the
investment management fees, custody fees and costs, fees of appointed advisors and sub-managers,
transaction costs, and overseas regulatory costs.

• Risks attached with investments in ADRs/GDRs/ overseas securities:
To the extent that the assets of the Schemes will be invested in securities denominated in foreign
currencies, the Indian Rupee equivalent of the net assets, distributions and income may be adversely
affected by the changes in the value of certain foreign currencies relative to the Indian Rupee. The
repatriation of capital also may be hampered by changes in regulations concerning exchange controls or
political circumstances as well as the application to it of the other restrictions on investment.

 H)      INTER-SCHEME TRANSFERS
The Fund may undertake inter-Scheme transfers under the Scheme. If such transfers are done they will
be effected based on the closing prices of the Principal Stock Exchange and in conformity with
Regulations. In case of securities which are not traded on the Principal Stock Exchange / any other
exchange, the inter-Scheme transfers will be affected based on fair valuation to be arrived at by the
AMC with the approval of the Trustee.

The inter scheme transfer of equity shares will be done at the weighted average traded price of the day
of transfer either on the National Stock Exchange or the Bombay Stock Exchange, where ever the
volumes are higher.

I) GENERAL INFORMATION
• Power to make Rules
    Subject to the Regulations, the Trustee may, from time to time, prescribe such terms and make
    such rules for the purpose of giving effect to the Scheme with power to the AMC to add to, alter or
    amend all or any of the terms and rules that may be framed from time to time.
• Power to remove Difficulties
    If any difficulties arise in giving effect to the provisions of the Scheme, the Trustee may, subject to
    the Regulations, do anything not inconsistent with such provisions, which appears to it to be
    necessary, desirable or expedient, for the purpose of removing such difficulty.
• Scheme to be binding on the Unitholders:
    Subject to the Regulations, the Trustee may, from time to time, add or otherwise vary or alter all or
    any of the features of investment plans and terms of the Scheme after obtaining the prior
    permission of SEBI and Unitholders (where necessary), and the same shall be binding on all the
    Unitholders of the Scheme and any person or persons claiming through or under them as if each
    Unitholder or such person expressly had agreed that such features and terms shall be so binding.

•    DOCUMENTS AVAILABLE FOR INSPECTION
1.   Memorandum and Articles of Association of the Trustee Company and the AMC
2.   Custodian Agreement between Trustee and HDFC Bank
3.   Investment Management Agreement
4.   Trust Deed and amendments thereto



                                                                                                      154
5.   Mutual Fund Registration Certificate
6.   Consent of Registrar to act in the said capacity
7.   Consent of Auditors to act in the said capacity
8.   Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments
     thereof from time to time.
9.   Indian Trust Act, 1882.

Notwithstanding anything contained in this document, the provisions of the SEBI (Mutual
Funds) Regulations, 1996 and the Guidelines thereunder shall be applicable.

Note: The Scheme under this Offer Document was approved by the Directors of ICICI Prudential Trust
Limited by circulation on April 8, 2005


                                                    For and on behalf of the Board of Directors of
                                         ICICI Prudential Asset Management Company Limited

                                                                                           Sd/-
                                                                                Pankaj Razdan
                                                                              Managing Director
Place : Mumbai
Date : July 06, 2007




                                                                                              155
              FORM FOR NOMINATION / CANCELLATION OF NOMINATION
                           (to be filled in by individual (s) applying singly or jointly)
I / We ___________ and ____________________ * do hereby nominate the person more particularly
described hereunder/ and / cancel the nomination made by me / us on the ___________ day of
___________ in respect of the units bearing No. __________ .

(* strike out which is not applicable)

Name and Address of Nominee
Name: …………………………………………………………………….
Address: ………………………………………………………………….
Date of Birth : …………………………………………………………….
( to be furnished in case the Nominee is a minor)
* The Nominee is a minor whose guardian is : …………………………….
Address of the Guardian……………………………………………………..
.………………………………………………………………………………
…………………………………………………………………………………
Signature of the guardian : ……………………………………………………
(* to be deleted if not applicable)
Unit holder (s) 1) Signature : ………………………………..
Name : ……………………………………
Address : …………………………………
Date : …………………………………….
              1. Signature : ………………………………
                                                   Name : …………………………………..
                                                   Address : ……………………………….
                                                    Date : …………………………………..


______________________________________________________________________
Instructions :
    1. The nomination can be made only by individuals applying for / holding units on their own
         behalf singly or jointly. Non-individuals including society, trust, body corporate, partnership
         firm, Karta of Hindu Undivided Family, holder of Power of Attorney cannot nominate. If the
         units are held jointly, all joint holders will sign the nomination form. Space is provided as a
         specimen, if there are more joint holders more sheets can be added for signatures of holders of
         units and witnesses.
    2. A minor can be nominated and in that event, the name and address of the guardian of the
         minor nominee shall be provided by the unit holder.
    3. The Nominee shall not be a trust, society, body corporate, partnership firm, Karta of Hindu
         Undivided Family or a Power of Attorney holder. A non-resident Indian can be a Nominee
         subject to the exchange controls in force, from time to time.
    4. Nomination in respect of the units stands rescinded upon the transfer of units.
    5. Transfer of units in favour of a Nominee shall be valid discharge by the asset management
         company against the legal heir.
    6. The cancellation of nomination can be made only by those individuals who hold units on their
         own behalf singly or jointly and who made the original nomination.
    7. On cancellation of the nomination, the nomination shall stand rescinded and the asset
         management company shall not be under any obligation to transfer the units in favour of the
         Nominee."




                                                                                                   156
                Official Points of acceptance of transactions under all the schemes of ICICI Prudential Mutual Fund
Branches of ICICI Prudential Asset Management                        834 001. Tel: (0651) 2201455/ 2201456/2201457 • Surat: HG-30,        (04344) 321 002 / 321 004 • Hubli: 206 & 207, 1st Floor, ‘A’
Company Ltd. located at:                                             Block-B, International Trade Centre, Majura Gate, Surat-395002.      Block, Kundagol Complex, Opp. Court, Club Road, Hubli 580
• Ahmedabad: 401, Sears Towers, Nr. Panchawati, Gulbai Tekra,        Tel: (0261) 2460362/2475467 • Thane: Ground Floor, Mahavir           029. Tel: (0836) 329 3374/320 0114 • Jabalpur: 975, Chouksey
Ahmedabad 380 006. Tel: (079) 26421095/96, 26408960 / 9029 •         Arcade, Ghantali Road, Naupada, Thane West-400 602. Tel: (022)       Chambers, Near Gitanjali School, 4th Bridge, Napier Town,
Amritsar: 2nd Floor, Eminent Malt, 10, Kennedy Avenue, The Mall,     25300700 Fax: 25300707 • Trichy: G1, Ground Floor,Royal              Jabalpur 482001. Tel: 0761-5017146, 2402064 • Jalgaon: 70
Amritsar 143 001. Tel: (0183) 5009347, 5014503 • Bangalore:          Towers, Thillai Nagar, 1st Cross West, Trichy- 620018. Tel: (0431)   Navipeth, Opp. Old Bus Stand, Jalgaon-425 001. Tel. No. 0257-
15/16, Vayudooth Chambers, Ground Floor, Trinity Circle, M. G.       4021505 • Trivandrum: Haji M Bava Sahib Commercial Complex,          3207118 / 3207119 • Jammu: 660-A, Gandhi Nagar, Jammu -
Road, Bangalore 560 001. Tel: (080) 25323789, 25323675/76,           Ambujavilasam Road, Near Old GPO, Trivandrum-695001 Tel:             180004. Tel: 09906082698 • Jamnagar: 207/209, K.P. Shah
25323680 • Bangalore (Jayanagar): 757/11, 2nd Floor, Oceana          (0471) 3919007 • Udaipur: SHUKRANA, 6, Durga Nursery Road,           House I, K.V. Road, Jamnagar 361 001. Tel: 0288-255 8467/
Chambers, 13th Cross Road, 7th Block, Jayanagar, Bangalore -560      Near Sukhadia Memorial, Udaipur 313001. Tel: (0294) 5103160,         3111909 • Junagadh: Circle Chowk, Near Choksi Bazar Kaman,
082. Tel.: 080-26715152 / 53 / 54 • Baroda (Vadodara): 3rd Floor,    9928906555 • Varanasi: D58/2, Unit No. 52 & 53, First Floor,         Junagadh-362001, Gujarat. Tel. (0285) 3200909/ 3200908 •
West Wing, Landmark Building, Race Course Circle, Vadodara 390       Kuber Complex, Rathyatra Crossing, Varanasi - 221010. Mobile:        Kalyani: A-1/50, Block A, Kalyani 741 235. Tel: (033) 32422711,
007. Tel: (0265) 2322283/84 • Bhubaneswar: 2nd Foor, Epari           9839177665 • Vijayawada: 40-1-129, 2nd Floor Centurian Plaza,        32422712 • Kolhapur: AMD Sofex office No. 7, 3rd Floor,
Plaza, Plot No. C-653, Unit-3, Janpath, Bhubaneswar, Orissa. Tel:    Opp. to ICICI Bank, Near Benz Circle, M.G. Road, Vijayawada,         Ayodhya Towers, Station Road, Kolhapur - 416 001. Tel No. :
(0674) 2535805, 2535806 • Chandigarh: SCO 137-138 Ist Floor,         Andhra Pradesh - 520010. Tel: 0866-6616662/6618882 •                 0231- 3209732 • Kollam: Kochupilamoodu Junction, Near VLC,
Sector 9-C, Chandigarh 160 017. Tel: (0172) 2745302/3/2746195 •      Visakhapatanam: G-8, Rams Plaza, Diamond Park Lane,                  Beach Road, Kollam-691001. Tel: (474) 3248376 / 3248377 •
Chennai: No. 22/4, Aashika Chambers, Chamiers Road, Teynampet,       Dwarkanagar, Visakhapatanam 530 016. Tel: (0891) 6666 333,           Kottayam: Door No. IX / 1276, Amboorans Building, Manorama
Chennai 600018. Tel: (044) 2433 8228/9 • Coimbatore: Old No:58,      6666 318.                                                            Junction, Kottayam - 686 001. Tel No. 0481- 3207011 •
New No.126, 1st floor, TV Swamy Road (West), R.S. Puram,             Branches of Computer Age Management                                  Manipal: Academy Annex, First Floor, Opposite Corporation
Coimbatore 641 002. Tel: (0422) 2543380/2543382/2543384 •            Services Pvt. Ltd. (CAMS) located at:                                Bank, Upendra Nagar, Manipal 576 104. Tel: 0820-257 3333,
Dehradun: 1st Floor, Opp. St Joseph School Back Gate, 33, Subhash    • Agra: F-39/203, Sky Tower, Sanjay Place, Agra 282 002. Tel:        529 2033 • Mathura: 159/160, Vikas Bazar, Mathura -281001
Road, Dehradun-249001. Tel: (0135) 2712302, 3209051, 2713376         0562-252 1812 • Ajmer: Shop no. S-5, 2nd Floor, Swami Complex,       (U.P.). Tel: (0565) 3207007, 3206959 • Meerut: 108, 1st Floor,
• Durgapur: Mezzanine Floor, Lokenath Mansion, Sahid Khudiram        Ajmer, Rajasthan 305 001. Tel: 0145-3092040 • Allahabad: 1st         Shivam Plaza, Opposite Eves Cinema, Hapur Road,
Sarani, City Centre, Durgapur, Dist: Burdwan, West Bengal -          Floor, Chandra Shekhar Azad Complex (Near Indira Bhawan), 5,         Meerut 250 002. Tel: 0121-2400 700 • Muzafferpur: Brahman
713216. Tel: (0343) 2544682. Fax: (0343) 2544683 • Gurgaon:          S.P. Marg, Civil Lines, Allahabad 211 001. Tel: 0532-260 1602 •      Toil, Durga Asthan, Gola Road, Muzaffarpur-842001, Tel: 0621-
Unit No. 109, First Floor, Vipul Agora, M.G.Road, Gurgaon-122002,    Alwar: 256-A Scheme No.1, Arya Nagar, Alwar (Raj.) - 301 001.        3207504/3207052 • Mysore: No.3, 1st Floor, CH.26 7th Main,
Haryana. Tel: (0124) 2567761/63 • Guwahati: Jadavbora Complex,       Tel: (0144) 2702324 • Amaravati: 81, Gulsham Tower, Near             5th Cross (Above Trishakthi Medicals), Saraswati Puram,
M. Dewan Path, Ullubari, Guwahati 781007. Tel: (0361)                Panchsheel, Amaravati 444 601 • Amritsar: 378-Majithia               Mysore 570 009. Tel: 0821-309 1244/ 234 2182 • Navasari: 103
2462153/52 • Hyderabad: L.B. Bhavan, 6-3-550 Somajiguda, (Opp.       Complex, 1st Floor, M. M. Malviya Road, Amritsar 143 001. Tel:       - Harekrishna Complex, above IDBI Bank, Nr. Vasant Talkies,
Medinova), Hyderabad 500082. Tel: (040) 66510099/100. •              0183-221 1194 • Anand: Rupal Consultancy, C/o Jinesh Shah &          Chimnabai Road, Navsari - 396445. Tel: (02637) 327709,
Indore: 310-311 Starlit Tower, 29/1 Y N Road, Indore-452 001. Tel:   Associates (C.A.), 101, AP Towers, B/h Sardar Ganj, Next to          329238 • Nellore: 9/756, First Floor, Immadisetty Towers,
(0731) 4043003 / 04 • Jaipur: 305, 3rd floor, Ganpati Plaza, M.I.    Nathwani Chambers, Anand 388 001. Tel: 02692-325071, 320704          Ranganayakulapet Road, Santhapet, Nellore - 524 001 •
Road, Jaipur 302 001. Tel: (0141) 2389326, 2389257, 2389126 •        • Ankleshwar: G-34, Ravi Complex, Valia Char Rasta, G. I. D. C.,     Panipat: 13, 1st Floor, Gaushala Mandi Market, G.T. Road,
Jalandhar: 102, First Floor, Arora Prime Tower, G T Road,            Ankleshwar, Bharuch-393002. Tel: (02646) 310206 / 310207 •           Panipat 192 103 • Patiala: 35, New Lalbagh Colony, Patiala
Jalandhar 144001. Tel. No. : 0181-5054697 • Jamshedpur: Office       Asansol: Block-G 1st Floor, P C Chatterjee Market Complex,           147 001 • Pondicherry: 25, First Floor, Jawaharlal Nehru Street,
# 7, II Floor, Bharat Business Centre, Holding # 2, Ram Mandir       Rambandhu Talab P O Ushagram, Asansol 713 303. Tel: 0341-329         Pondicherry 605 001. Tel: 0413-222 0575 / 233 5722 •
Area, Bistupur, Jamshedpur-831 001. Tel: (0657) 2756150/51 •         5235 • Aurangabad: Office No. 1, 1st Floor, Amodi Complex, Juna      Rajahmundry: D.No 7-27-4 Krishna Complex, Baruvari Street,
Jodhpur: Plot No. 3, Sindhi Colony, Shastri Nagar, Jodhpur -         Bazar, Aurangabad 431 001. Tel: 0240-2363 664 • Balasore: B C        T Nagar, Rajahmundry 533 101. Tel: 0883-5565531 • Ratlam:
342003. Tel: (0291) 5101906/2772551 • Kanpur: 516-518, Krishna                                                                            Dafria & Co., 81, Bajaj Khanna, Ratlam-457001, Madhya
                                                                     Sen Road, Balasore - 756 001. Tel: 06782-326808 • Bellary:
Tower, 15/63 Civil Lines, Opp. U.P. Stock Exchange, Kanpur-                                                                               Pradesh. Tel: 07412 - 324829 & 324817 • Rohtak: 205, 2nd
                                                                     No.18A, 1st Floor, Opp. Ganesh Petrol Pump, Parvathi Nagar,
208001. Tel: (0512) 2303505/ 2303520 • Kochi: No. 6, 3rd floor,                                                                           Floor, Blg. No. 2, Munjal Complex, Delhi Road, Rohtak-124001,
                                                                     Main Road, Bellary - 583 101. Tel: (0839) 326848, 326065 •
Emgee Square, M.G. Road, Kochi 682 035. Tel: (0484) 2353                                                                                  Harayana. Tel: 01262-318687/ 318589 • Rourkela: 1st Floor,
                                                                     Berhampur: Gandhi Nagar Main Road, 1st Flr., Upstairs of Aroon
199/2371 809 & 3097 458 • Kolkata: 124, Lords, 1st Floor, 7/1                                                                             Mangal Bhawan, Phase II, Power House Road,
                                                                     Printers, Dist. Ganjam, Berhampur-760 001, Orissa. Tel: 0680-
Lord Sinha Road, Kolkata 700 071. Tel: (033) 2282 4077/82 •                                                                               Rourkela 769 001 • Salem: No.2, I Floor, Vivekananda Street,
                                                                     320923/ 3205855 • Bhagalpur: Dr. R P Road, Khalifabag Chowk,
Kolkata: "JARDINE", 2nd Floor, 4, Rajendra Prasad Sarani (Clive                                                                           New Fairlands, Salem-636 016 Sambalpur: C/o Raj Tibrewal &
                                                                     Bhagalpur-812 001, Bihar. Tel: 641-3209093 / 3209094 •
Road), Kolkata - 700001. Tel : (033) 22305865 / 22305866 •                                                                                Associates, Opp.Town High School, Sansarak, Sambalpur-
                                                                     Bhavnagar: 305-306, Sterling Point, Waghawadi Road, Opp. HDFC
Lucknow: Office No.6, Ground Floor, Saran Chambers-I, 5 Park                                                                              768001, Orissa. Tel: 0663-329 0591 • Satara: 117 / A / 3 / 22,
                                                                     Bank, Bhavnagar 364 002. Tel. No.: (Off) 0278 - 3004641. Fax:
Road, Lucknow 226 001. Tel: (0522) 2237923/717/711 • Ludhiana:                                                                            Shukrawar Peth, Sargam Apartment, Satara- 415002,
                                                                     0278-2567020 • Bhilwara: C/o. Kodwani & Associates, F-20-21
SCO 121, Ground Floor, Feroze Gandhi Market, Ludhiana 141 001.                                                                            Maharashtra. Tel: (2162) 320926/ 320989 • Siliguri: No 8,
                                                                     Apsara Complex, Azad Market, Bhilwara - 311 001. Tel: (01482)
Tel: (0161) 2413101/2/5015200 • Madurai: No.1, First Floor, Suriya                                                                        Swamiji Sarani, Ground Floor, Hakimpara, Siliguri 734 401. Tel:
                                                                     226832, 231808 Bokaro: HC-3, Ist Floor, CityCentre,Sector-4,
Towers, 272/273,Goodshed Street, Madurai-625001. Tel: (0452)                                                                              0353-221 6065 • Solapur: 4, Lokhandwala Tower, 144,
                                                                     Bokaro Steel City, Bokaro - 827004, Jharkhand. Tel: 06542-324
2346811/12 • Mangalore: Maximus Commercial Complex, UG-                                                                                   Sidheshwar Peth, Near Z.P. Opp. Pangal High School, Solapur
                                                                     881/326 322 • Belgaum: No. 21, Ground Floor, Arvind Complex,
3&4, Lighthouse, Hill Road, Mangalore 575 001. Tel: (0824)                                                                                413001. Tel.: (0217) 3204201, 3204200 • Thrissur: Adam
                                                                     1552 Maruti Galli, Belgaum 590 002. Tel: 0831-2425 305 •
2492179, 2491666 • Moradabad: 1st Floor, Plot No. 409, Mohalla                                                                            Bazar, Room No.49, Ground Floor, Rise Bazar (East), Thrissur-
                                                                     Bhavnagar: 305-306, Sterling Point, Waghawadi Road, Opp. HDFC
Chawani, Near Mahila Thana, Civil Lines, Moradabad-244 001. Tel:                                                                          680 001. Tel: 0487-242 0646 Tirunelveli: III Floor, Nellai Plaza,
                                                                     Bank, Bhavnagar-364002. Tel: 0278-3004641 • Bhilai: 209 ,
(0591) 3201240, 2420054 • Mumbai-Corporate Office: Peninsula                                                                              64-D, Madurai Road, Tirunelveli-627 001. Tel: 0462-233 3688
                                                                     Khichariya Complex, Opp IDBI Bank, Nehru Nagar Square,
Tower, 5th Floor, 503, Peninsula Corporate Park, Ganpatrao Kadam                                                                          Tirupati: Shop No. 14, Boligata Complex, 1st Floor, Door No.
                                                                     Bhilai 490 020. Tel: 0788-505 0568 • Bhopal: C-12, 1st Floor,
Marg, Off. Senapati Bapat Marg, Lower Parel, Mumbai-400 013.                                                                              18-8-418, Near Leela Mahal Circle, Tirumala Bye Pass Road,
                                                                     Above Life Line Hospital, Zone-I, M.P.Nagar, Bhopal 462011
Tel: (022) 24999777 Fax No.: 022-2499 7029 • Mumbai - Branch                                                                              Tirupati 517 201. Tel: (0877) 3206887, 3209257 • Tirupur: 1(1),
                                                                     (M.P.). Tel: 0755-528 5266 • Burdwan: 398, G. T. Road,
Office (Fort): Yeshwant Chambers, Shop No. 6, Ground Floor,                                                                               Binny Compound, Second Street,Kumaran Road, Tirupur-641
                                                                     (Basement of TALK OF THE TOWN), Burdwan - 713101, West
14/18, Burjoji Bharuch Marg, Kalaghoda, Fort, Mumbai-400 023.                                                                             601. Tel: (0421) 320 1271 / 1272 • Trichy: No 8, I Floor, 8th
                                                                     Bengal.Tel. No. 0342 - 2567338 • Calicut: 17/28 H 1st Floor,
Tel: (022) 22649260/22613952/22614987 • Mumbai - Branch                                                                                   Cross West Extn., Thillainagar, Trichy 620 018. Tel: 0431-274
                                                                     Manama Towers, Marvoor Road, Calicut 673 001. Tel: 0495-272
Office (Bandra): 101, Deccan House, Off Turner Road, Behind                                                                               1717 • Valsad: C/o. CAD House, Suddhivinayak Complex, F-1,
                                                                     3173 • Cuttack: Near Allahabad Bank, Cantonment Road, Cuttack
Copper Chimney, Near Bandra Station, Bandra (W), Mumbai-400                                                                               First Floor, Avenue Building, Near R.J.J. School, Tithal Road,
                                                                     753 001. Tel: 0671-3299572 • Davengere: 13,First Floor, Akka
050. Tel: (022) 26404065/66 • Mumbai - Branch Office (Borivali):                                                                          Valsad 396 001 • Vashi: Mahavir Centre, Office No 17, Plot No
                                                                     Mahadevi Samaj Complex, Church Road,P J Extension, Davengere,
Ground Floor, Suchitra Enclave, Maharashtra Lane, Borivali (West),                                                                        77 Sector 17, Vashi, Navi Mumbai-400703. Tel: (022) 32598154
                                                                     Karnataka - 577 002. Tel: (08192) 326226/326227 • Dhanbad:
Mumbai 400 092. Tel: 022-28919911/13 • Nagpur: Shop No.1,                                                                                 / 55      Vellore: No.54, Ist Floor, Pillayar Kiol Street,
                                                                     Urmila Towers, Room No: 111 (1st Floor), Bank More, Dhanbad
Mahalaxmi Apartment, Opp Bhagwaghar Complex, Near Ajit                                                                                    Thottapalayam, Vellore - 632 004. Tel: 0416-3209017/3209018
                                                                     826 001. Tel: 0326-329 0217 • Dhule: H. No. 1793 / A, J.B. Road,
bakery, Khare Town, Dharampeth, Nagpur-440 010. Tel: (0712)                                                                               • Warangal: F13, 1st Floor, BVSS Mayuri Complex, Opp. Public
                                                                     Near Tower Garden, Dhule-424001, Maharashtra, Tel: (2562)
6630801/3258409 • Nashik: Shop No. 1, Rajive Enclave, Near Old                                                                            Garden, Lashkar Bazar, Hanamkonda, Warangal-506 001, Tel:
                                                                     329902/329903 • Erode: 171-E, Sheshaiyer Complex, First Floor,
Municipal Corporation, New Pandit Colony, Nashik-422 002. Tel:                                                                            0870-2554888.
                                                                     Agraharam Street, Erode 638 001. Tel: (0424) 3207730/3207733 •
(0253) 6517440, 3298224 • New Delhi: 12th Floor, Narain Manzil,      Faridabad: B-49, First Floor Nehru Ground, Behind Anupam Sweet       In addition to the existing Official Point of Acceptance of
23, Barakhamba Road, New Delhi 110 001. Tel: (011)                   House, NIT, Faridabad - 121 001. Tel: (0129) 3241148-47 •            transactions, Computer Age Management Services Pvt. Ltd.
23752515/16/17/18 • Panjim: Shop No. 6&7, Sandeep Apartment,         Ghaziabad: 113/6, First Floor, Navyug Market, Ghaziabad - 201        (CAMS), the Registrar and Transfer Agent of ICICI Prudential
Dr. Dada Vaidya Road, Panjim 403 001, Goa. Tel: (0832)               001 • Gorakhpur: Shop No. 3, Second Floor, Cross Road, A.D.          Mutual Fund, having its office at Rayala Towers, 158, Anna Salai,
2424520/11 • Patna: 1st Floor, Kashi Palace, Dak Bungalow Road,      Chowk, Bank Road, Gorakhpur 273 001. Tel: 0551- 329 4771 •           Chennai – 600 002 shall be an official point of acceptance for
Patna-800 001. Tel: (0612) 2230483, 2204164, 2213632 • Pune:         Guntur: D. No. 5-38-44, 5/1, Brodipet, Near Ravi Sankar Hotel,       electronic transactions received from the Channel Partners with
1205/4/6, Shivaji Nagar, Chimbalkar House, Opp. Sambhaji Park,       Guntur 522 002. Tel: 0863-5580 838 Gurgoan: Gurgaon SCO -17,         whom ICICI Prudential Asset Management Company Limited has
J.M. Road, Pune 411004. Tel: (020) 66028844, 66202604 • Rajkot:      3rd Floor, Sector-14, Gurgaon-122 001. Tel: 0124-3263833 •           entered or may enter into specific arrangements for all financial
4th Floor, Plus Point, Opp. Haribhai Hall, Near Ramkrishna Ashram,   Gwalior: 1st floor, Singhal Bhavan, Behind Royal Plaza, Daji         transactions relating to the units of mutual fund schemes.
Yagnik Road, Rajkot 360 001. Tel: 0281-6640315/313 • Raipur:         Vitthal Ka Bada, Old High Court Road, Gwalior – 474 001, Madhya      Additionally, the secure Internet sites operated by CAMS will also
Office # 2-3, II Floor, Millenium Plaza Complex, Beside Indian       Pradesh. Tel. No. 0751-3202873 / 320 2311 • Hosur: Shop No. 8,       be official point of acceptance only for the limited purpose of all
Coffee House, Raipur-492 001. Tel: (0771) 4038472, 4013857 •         JD Plaza, Opp. TNEB Office, Royakotta Road, Hosur - 635 109.Tel:     channel partners transactions based on agreements entered into
Ranchi: 107-108, First Floor, Shrilok Complex, 4-H.B. Road, Ranchi                                                                        between IPMF and such authorized entities.

								
To top