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					Prudential ICICI Fixed Maturity Plan - Series 27
- Monthly Plan
A Close-Ended Debt Fund
Offer Document




New Fund Offer of Units of Face
Value of Rs.10 per unit at par.
        New Fund Offer opens on            16 March, 2006
        New Fund Offer closes on           20 March, 2006*
        Earliest Closing on                20 March, 2006

* The Trustee reserves the right to extend the closing date by suitable
notification subject to the condition that the New Fund Offer shall not
be kept open for more than 30 days.




   Prudential ICICI Fixed Maturity Plan Series 27 - Monthly Plan, 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.




  SMS INVEST to 8558
  CALL 1800 22 2273
Or, apply online at www.pruicici.com
    Prudential ICICI Mutual Fund


                                                        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.

    The Prudential ICICI Mutual Fund (the Fund) and the Prudential ICICI 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.

    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 Prudential ICICI 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.43.91 and UK£ and Indian Rupee at 1£=Rs.79. 28.

    This Offer Document is dated March 13, 2006.




2
                                                                                                         Prudential ICICI Fixed Maturity Plan – Series 27



                                                           TABLE OF CONTENTS

1.   Highlights -----------------------------------------------------------------------------------------------------------------------------       6
2.   Risk Factors ---------------------------------------------------------------------------------------------------------------------------       7
3.   Due Diligence Certificate --------------------------------------------------------------------------------------------------------           13
4.   Definitions ----------------------------------------------------------------------------------------------------------------------------     14
5.   Summary – Prudential ICICI Fixed Maturity Plan – Series 27 ---------------------------------------------------------                         16
6.   Constitution of the Mutual Fund -----------------------------------------------------------------------------------------------              18
     a)    The Sponsors -------------------------------------------------------------------------------------------------------------------       18
     b)    The Trustee Company --------------------------------------------------------------------------------------------------------           19
           i.     Directors ------------------------------------------------------------------------------------------------------------------    20
           ii.    Rights and Obligations of the Trustee -----------------------------------------------------------------------------             20
           iii.   Trusteeship Fees --------------------------------------------------------------------------------------------------------       23
     c)    Management of Asset Management Company (AMC) ---------------------------------------------------------------                           23
           i.     Board of Directors of the AMC --------------------------------------------------------------------------------------            23
           ii.    Powers, Duties & Responsibilities of the AMC -------------------------------------------------------------------                26
           iii.   Key Employees of AMC & relevant experience -------------------------------------------------------------------                  27
           iv.    Fund Manager ----------------------------------------------------------------------------------------------------------         33
           v.     Compliance Officer ----------------------------------------------------------------------------------------------------         33
           vi.    Investor Relations Officer ---------------------------------------------------------------------------------------------        33
     d)    Auditors -------------------------------------------------------------------------------------------------------------------------     33
     e)    Registrar -------------------------------------------------------------------------------------------------------------------------    33
     f)    Custodian -----------------------------------------------------------------------------------------------------------------------      33

7.   Investment Objectives & Policies ----------------------------------------------------------------------------------------------              34
     Fundamental Attributes of the Scheme -----------------------------------------------------------------------------------------               34
     a)    Type of the Scheme -----------------------------------------------------------------------------------------------------------         34
     b)    Investment Objective ---------------------------------------------------------------------------------------------------------         34
     c)    Investment Pattern ------------------------------------------------------------------------------------------------------------        34
     d)    Change in Investment Pattern ----------------------------------------------------------------------------------------------            35
     e)    Terms of the Plans -------------------------------------------------------------------------------------------------------------       35
     f)    Change in Fundamental Attributes ---------------------------------------------------------------------------------------               36
     g)    Investment Strategy -----------------------------------------------------------------------------------------------------------        37
     h)    Procedure followed for investment decisions ---------------------------------------------------------------------------                38
     i)    Trading in Derivatives ---------------------------------------------------------------------------------------------------------       38
     j)    Investment Restrictions ------------------------------------------------------------------------------------------------------         39
     k)    Portfolio Turnover -------------------------------------------------------------------------------------------------------------       40
     l)    Underwriting by the Fund ---------------------------------------------------------------------------------------------------           40
     m)    Computation of Net Asset Value ------------------------------------------------------------------------------------------              40
     n)    Accounting Policies & Standards ------------------------------------------------------------------------------------------             43

8.   Units & The New Fund Offer ---------------------------------------------------------------------------------------------------               46
     General Information -----------------------------------------------------------------------------------------------------------------        46
     a)    Minimum Subscription Amount -------------------------------------------------------------------------------------------                46
     b)    New Fund Offer Price ---------------------------------------------------------------------------------------------------------         46
     c)    New Fund Offer Period -------------------------------------------------------------------------------------------------------          46

                                                                                                                                                            3
    Prudential ICICI Mutual Fund



           d)     Extension or Termination of New Fund Offer Period ------------------------------------------------------------------                  46
           e)     Minimum Amount for Application ----------------------------------------------------------------------------------------               46
           f)     New Fund Offer Issue Expenses --------------------------------------------------------------------------------------------            46
           g)     Options and Investment plans offered under the Scheme -----------------------------------------------------------                     46
           h)     Pledge of Units for loans ----------------------------------------------------------------------------------------------------        46
           i)     Who can Invest? ---------------------------------------------------------------------------------------------------------------       47
           j)     How to Apply? -----------------------------------------------------------------------------------------------------------------       47
                  i.     New Fund Offer ---------------------------------------------------------------------------------------------------------       47
                  ii.    Resident Investors - Mode of Payment ----------------------------------------------------------------------------              47
                  iii.   NRIs & FIIs ----------------------------------------------------------------------------------------------------------------   48
                  iv.    Mode of Payment on Repatriation Basis --------------------------------------------------------------------------               48
                  v.     Mode of Payment on Non-Repatriation Basis --------------------------------------------------------------------                 48
                  vi.    Investment of the minor investor on attaining majority -------------------------------------------------------                 48
                  vii.   Application under Power of Attorney/Body Corporate/Registered Society/Trust/Partnership ----------                             48
                  viii. Joint Applicants ---------------------------------------------------------------------------------------------------------      49
                  ix.    Nomination Facility -----------------------------------------------------------------------------------------------------      49
           k)     Issuance of Units --------------------------------------------------------------------------------------------------------------      49
           l)     Account Statements ----------------------------------------------------------------------------------------------------------         49
           m)     Refunds -------------------------------------------------------------------------------------------------------------------------     49
           n)     Redemption of Units ---------------------------------------------------------------------------------------------------------         49
                  i.     Redemption Price -------------------------------------------------------------------------------------------------------       50
                  ii.    Applicable NAV ---------------------------------------------------------------------------------------------------------       50
                  iii.   Cooling-off period for web based transactions -----------------------------------------------------------------                50
                  iv.    How to Redeem? -------------------------------------------------------------------------------------------------------         50
                  v.     Payment of Proceeds ---------------------------------------------------------------------------------------------------        51
                  vi.    Non receipt of email communication by investors --------------------------------------------------------------                 51
                  vii.   Redemption by NRIs /FIIs ----------------------------------------------------------------------------------------------        51
                  viii. Effect of Redemptions -------------------------------------------------------------------------------------------------         52
                  ix.    Fractional Units ---------------------------------------------------------------------------------------------------------     52
                  x.     Signature mismatch cases --------------------------------------------------------------------------------------------          52
                  xi.    Right to Limit Redemptions ------------------------------------------------------------------------------------------          52
                  xii.   Suspension of Sale and Redemption of Units -------------------------------------------------------------------                 52
                  xiii. Permanent Account Number (PAN) ---------------------------------------------------------------------------------                53
                  xiv. Unique Identification Number (UIN) --------------------------------------------------------------------------------              53
                  xv. Dormant Account Locking --------------------------------------------------------------------------------------------              53
     9.    Load Structure, Fees and Expenses -------------------------------------------------------------------------------------------                54
           a)     Load Structure of the Scheme ----------------------------------------------------------------------------------------------           54
           b)     Fees and Expenses of the Scheme -----------------------------------------------------------------------------------------             54
                  i.     New Fund Offer Expenses --------------------------------------------------------------------------------------------           54
                  ii.    Estimated Recurring Expenses ---------------------------------------------------------------------------------------           54
           c)     New Fund Offer Expenses of the Past Schemes -------------------------------------------------------------------------                 55
                  i.     New Fund Offer Expenses - Comparison of Estimated to Actual --------------------------------------------                       55
                  ii.    Condensed Financial Information ----------------------------------------------------------------------------------             55




4
                                                                                                          Prudential ICICI Fixed Maturity Plan – Series 27



10. Unitholders Rights and Services -----------------------------------------------------------------------------------------------                70
     a)     Investor Services ---------------------------------------------------------------------------------------------------------------      70
     b)     Ease of Transactions ----------------------------------------------------------------------------------------------------------        70
            i.    Customer Service Centers in major metros -----------------------------------------------------------------------                 70
            ii.   Process transactions in a timely manner ---------------------------------------------------------------------------              70
     c)     Problem Resolution -----------------------------------------------------------------------------------------------------------         70
     d)     Information about the Scheme --------------------------------------------------------------------------------------------              70
     e)     NAV Information --------------------------------------------------------------------------------------------------------------         71
     f)     Disclosure of information under the Regulations ---------------------------------------------------------------------                  71
     g)     Rights of Unitholders of the Scheme -------------------------------------------------------------------------------------              71
     h)     Duration of the Scheme/Winding up -------------------------------------------------------------------------------------                72
     i)     Procedure and manner of Winding up -----------------------------------------------------------------------------------                 72
     j)     Tax Benefits ---------------------------------------------------------------------------------------------------------------------     72
            1.    To the Mutual Fund ----------------------------------------------------------------------------------------------------          72
            2.    To the Unitholders -----------------------------------------------------------------------------------------------------         73
            2.1 Income received from mutual fund ---------------------------------------------------------------------------------                 73
            2.2 Long term capital gains on transfer of units ---------------------------------------------------------------------                 73
                  i.     For Individuals and HUFs ---------------------------------------------------------------------------------------          73
                  ii.    For Partnership Firms, Non-Residents, Indian Companies/Foreign Companies --------------------                             73
                  iii.   For Non-resident Indians ---------------------------------------------------------------------------------------          73
                  iv.    For Overseas Financial Organisations, including Overseas Corporate Bodies and
                         Foreign Institutional Investors fulfilling conditions laid down under section
                         115AB (Offshore Fund ------------------------------------------------------------------------------------------           73
            2.3 Short term capital gains on transfer of units ---------------------------------------------------------------------                73
            2.4 Capital Losses -----------------------------------------------------------------------------------------------------------         74
            3.    Tax deduction at source -----------------------------------------------------------------------------------------------          74
            4.    Exemption from tax on capital gains arising on transfer of units held for more than 12 months ---                                75
            5.    Investments by charitable and religious trusts in the plan ----------------------------------------------------                  75
            6.    Wealth Tax ---------------------------------------------------------------------------------------------------------------       75
     k)     Unclaimed redemption amount -------------------------------------------------------------------------------------------                76

11. Other Matters -----------------------------------------------------------------------------------------------------------------------          77
     a)     Unitholders Grievances Redressal Mechanism -------------------------------------------------------------------------                   77
     b)     Associate Transactions -------------------------------------------------------------------------------------------------------         78
     c)     Details of Investment in Companies that hold more than 5%
            of NAV of Schemes managed by the AMC ------------------------------------------------------------------------------                    90
     d)     Penalties and Pending Litigations -----------------------------------------------------------------------------------------            94
     e)     Borrowing by the Mutual Fund --------------------------------------------------------------------------------------------            101
     f)     Stock Lending by the Mutual Fund ----------------------------------------------------------------------------------------            101
     f)     Policy on Offshore Investments by the Scheme -------------------------------------------------------------------------               101
     g)     Inter-Scheme Transfers -------------------------------------------------------------------------------------------------------       101
     h)     General Information ----------------------------------------------------------------------------------------------------------       101
            •     Power to make Rules --------------------------------------------------------------------------------------------------         101
            •     Power to remove Difficulties -----------------------------------------------------------------------------------------         101
            •     Scheme to be binding on the Unitholders ------------------------------------------------------------------------               101
            •     Documents available for Inspection --------------------------------------------------------------------------------            101

                                                                                                                                                             5
    Prudential ICICI Mutual Fund


                                                               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, 2004, over
    GBP187 billion of funds under management, more than 16 million customers and over 22,500 employees worldwide as of
    December 31, 2003.
    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.1,67,659 crore at March 31, 2005 and profit after tax of
    Rs. 2,005 crore for the year ended March 31, 2005 (Rs. 1,637 crore in fiscal 2004). ICICI Bank has a network of about 573
    branches and extension counters and over 2000 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, Canada and
    Russia, branches in Singapore and Bahrain and representative offices in the United States, China, United Arab Emirates,
    Bangladesh and South Africa. (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.
    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 manage-
    ment to many millions of customers worldwide. As a group Prudential plc has, as of December 31, 2004, over GBP187 billion of
    funds under management, more than 16 million customers and over 22,500 employees worldwide.
    Prudential ICICI Asset Management Company Limited, the Investment Manager to the Prudential ICICI Mutual Fund, manages
    assets over Rs. 21,366 crores as of February 28, 2006 through 26 schemes. It is one of the largest asset management companies
    in the country.
    ●     Prudential Fixed Maturity Plan Series 27 -Monthly Plan is a close-ended scheme, seeking to generate regular returns
          by investing in a portfolio of fixed income securities/ debt instruments normally maturing in line with the time profile of the
          Scheme. However, there can be no assurance that the investment objective of the Scheme will be realized.
    ●     Liquidity - To provide liquidity to investors, the Fund proposes to provide repurchase facility on the 15th day from the
          date of allotment (for details, please refer to page no.35). The investors may redeem the units on the stipulated dates
          for redemption as mentioned in this offer document on page no.35 at NAV based prices, subject to the prevalent exit
          load provisions. The Fund will, under normal circumstances, endeavour to dispatch redemption cheques within 1 Business
          Day from the date of acceptance of the redemption request at any of the official point(s) of transaction(s). This service
          standard will apply only at the centers where RBI handles clearing directly and is able to transfer funds from Mumbai on
          the 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.
    ●     The entire New Fund Offer Expenses under the Scheme will be borne by the Asset Management Company.
    ●     For Tax benefits, please refer page 72.

            ●    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.




6
                                                                                         Prudential ICICI Fixed Maturity Plan – Series 27


                                    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 Plans 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 Plans of the Fund.
●   The Sponsors are not responsible or liable for any loss resulting from the operation of the Plans 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.
●   Prudential ICICI Fixed Maturity Plan Series 27 Monthly Plan 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 Plans 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 any of the Plan’s
    portfolio, there may be delays in the redemption of Units. Please see Page 52 for “Right to Limit Redemptions” in this Offer
    Document.
●   The liquidity of the Plans’ investments is inherently restricted by trading volumes in the securities in which it invests.
●   The Plans may use derivative instruments like 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 Plans to certain risks inherent to such derivatives. Please see page 7 for the relevant Risk factors.
●   Changes in Government policy in general and changes in tax benefits applicable to mutual funds may impact the returns
    to Investors in the Plans.
●   Investors in the Scheme are not being offered any guaranteed/indicated returns.
●   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 either directly or
    indirectly in the Scheme. The funds managed by these affiliates, associates, the Sponsors, subsidiaries of the Sponsors and
    /or the AMC may acquire a substantial portion of the Scheme’s Units and collectively constitute a major investor in the
    Scheme. Accordingly, redemption of Units held by such funds, affiliates/associates and Sponsors might 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. 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.
    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.
●   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 the Schemes. The various factors which impact the value of the Plan’s investments
    include, but are not limited to, fluctuations in the bond markets, fluctuations in interest rates, prevailing political and
    economic environment, changes in government policy, factors specific to the issuer of the securities, tax laws in various
    countries, liquidity of the underlying instruments, settlement periods, trading volumes overseas etc.
●   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, the investor’s money would be refunded, in full, immediately after the close of the IPO.
●   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.

                                                                                                                                            7
    Prudential ICICI Mutual Fund


    Scheme Specific Risk Factors
    Fixed Income Securities:
    ●     Interest Rate Risk: As with all debt securities, changes in interest rates may affect the Schemes’ Net Asset Value as the
          prices of securities generally increase as interest rates 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 Plans
          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.
    ●     Settlement risk: The inability of the Plan to make intended securities purchases due to settlement problems could cause
          the Plan to miss certain investment opportunities. By the same rationale, the inability to sell securities held in the Plan’s
          portfolio due to the extraneous factors that may impact liquidity would result, at times, in potential losses to the Plan, in
          case of a subsequent decline in the value of securities held in the Plan’s portfolio.
    ●     Regulatory Risk: Changes in government policy in general and changes in tax benefits applicable to Mutual Funds may
          impact the returns to investors in the Scheme.
    ●     Risks associated with investment in unlisted securities: Except for any security of an associate or group company, the
          scheme has the power to invest in securities which are not listed on a stock exchange (“unlisted Securities”) which in
          general are subject to greater price fluctuations, less liquidity and greater risk than those which are traded in the open
          market. Unlisted securities may lack a liquid secondary market and there can be no assurance that the Scheme will realise
          their investments in unlisted securities at a fair value.
    ●     Risks attached with the use of derivatives: As and when the Scheme trades 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 also 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
          mispricing 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.
          Also please refer to Page 38 for example on Derivatives.
    •     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

8
                                                                                       Prudential ICICI Fixed Maturity Plan – Series 27

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 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'is fulfilled by filtering the underlying asset classes and applying selection criteria, which further diminishes
the risk 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 are short of the contractual payouts 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.
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 Fund 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 Fund will not invest in foreign
securitised debt.


                                                                                                                                          9
     Prudential ICICI Mutual Fund

           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 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;



10
                                                                                        Prudential ICICI Fixed Maturity Plan – Series 27

•       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.
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.




                                                                                                                                           11
     Prudential ICICI Mutual Fund


     Sponsors
     Prudential plc
     Laurence Pountney Hill,
     London EC4R DHH,
     United Kingdom

     ICICI Bank Limited
     Landmark,
     Race Course Circle,
     Vadodara 390 007,
     India

     Asset Management Company
     Prudential ICICI Asset Management Company Limited

     Registered Office
     206 Ashoka Estate, 2nd Floor,
     24 Barakhamba Road,
     New Delhi – 110 001
     Telephone: 022 - 24997000
     Fax : 022 - 24997029

     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
     Prudential ICICI Trust Limited
     206 Ashoka Estate, 2nd Floor,
     24 Barakhamba Road,
     New Delhi – 110 001

     Registrar
     Computer Age Management Services Private Limited
     Unit : Prudential ICICI 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
     1st Floor, Agra Building,
     121, M.G. Road,
     Fort, Mumbai - 400 023

12
                                                                                         Prudential ICICI Fixed Maturity Plan – Series 27


                                              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                                                                                   Ranganth Athreya
Date : December 12, 2005.                                                              Sr. Vice President – Legal, Compliance
                                                                                                & Company Secretary


Note: The Due Diligence Certificate as stated above was submitted to SEBI on December 12, 2005




                                                                                                                                            13
     Prudential ICICI Mutual Fund


                                                     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                       Prudential ICICI Asset Management Company Limited (formerly ICICI
      AMC or Investment Manager                         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 Prudential ICICI Mutual Fund.
      Applicable NAV (for purchases)                    Being a Close-ended Scheme, units can be purchased at par during
                                                        New Fund Offer period only.
                                                        The NAV applicable for purchase, based on the time of the Business
                                                        Day on which the application is accepted as evidenced by the
                                                        electronic date / time stamp affixed at any Collection Centre.
      Applicable NAV (for redemptions)                  In respect of valid applications received upto the cut-off time on
                                                        the business day on which repurchase facility is provided as
                                                        prescribed on page no 35 by the Mutual Fund, same day’s closing
                                                        NAV shall be applicable.
                                                        No applications will be accepted after the cut-off time on the
                                                        business day on which repurchase facility is provided by the Mutual
                                                        Fund, as stated above.
      Business Day                                      A day other than: (i) Saturday and Sunday; (ii) a day on which the
                                                        Banks in Mumbai or NSE or RBI are closed; (iii) a day on which there
                                                        is no Bank clearing/ settlement of securities or (iv) a day on which
                                                        the Sale and Redemption of Units is suspended by the Trustee.
                                                        However, the AMC reserves the right to declare any day as a non-
                                                        business day at any of its locations at its sole-discretion.
      Custodian                                         HDFC Bank Ltd., 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
                                                        Prudential ICICI Trust Limited (formerly ICICI Trust Limited) and
                                                        Prudential ICICI Asset Management Company Limited (formerly ICICI
                                                        Asset Management Company Limited) as amended from time to
                                                        time.
      NAV                                               Net Asset Value of the Units of the Plan /Plans and Options therein,
                                                        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 Prudential ICICI Mutual Fund, offering Units
                                                        of Prudential ICICI Fixed Maturity Plan Series 27 - Monthly Plan.
      Prudential                                        Prudential plc of the U.K. and includes, wherever the context so
                                                        requires, its wholly owned subsidiary Prudential Corporation
                                                        Holdings Limited.
      RBI                                               Reserve Bank of India, established under the Reserve Bank of India
                                                        Act, 1934, as amended from time to time.




14
                                                                               Prudential ICICI Fixed Maturity Plan – Series 27



SEBI                                              Securities and Exchange Board of India established under Securities
                                                  and Exchange Board of India Act, 1992, as amended from time to
                                                  time.
Prudential ICICI Fixed Maturity Plan Series 27-   Prudential ICICI Fixed Maturity Plan-Series 27 - Monthly Plan
Monthly Plan/ The Plan/The Scheme/                 including sub-plan thereunder if any, as the context permits, any
The Series.                                        Options/ sub-options as may be launched under the Series.
The Fund or Mutual Fund                           Prudential ICICI 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.MF/003/93/6 dated
                                                  October 13, 1993 as ICICI Mutual Fund and has obtained approval
                                                  from SEBI for change in name to Prudential ICICI Mutual Fund vide
                                                  SEBI’s letter dated April 16, 1998.
The Trustee                                       Prudential ICICI 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 Prudential ICICI Mutual
                                                  Fund.
The Regulations                                   Securities and Exchange Board of India (Mutual Funds) Regulations,
                                                  1996, as amended from time to time.
Trust Deed                                        The Trust Deed dated August 25, 1993 establishing ICICI Mutual
                                                  Fund, (subsequently renamed Prudential ICICI Mutual Fund) as
                                                  amended from time to time.
Trust Fund                                        Amounts settled/contributed by the Sponsors towards the corpus
                                                  of the Prudential ICICI Mutual Fund and additions/accretions thereto.
Unit                                              The interest of an Investor, which consists of, one undivided shares
                                                  in the Net Assets of a Plan.
Unitholder                                        A holder of Units in the Scheme of Prudential ICICI Fixed Maturity
                                                  Plan Series 27 – Monthly Plan.




                                                                                                                                  15
     Prudential ICICI Mutual Fund


                          Summary – Prudential ICICI Fixed Maturity Plan Series 27 - Monthly Plan

      Name of the Scheme                                 Prudential ICICI Fixed Maturity Plan Series 27 – Monthly Plan
      Structure                                          Close-ended debt fund.
      Features                                           A close-ended debt Scheme seeking to generate regular returns by
                                                         investing in a portfolio of fixed income securities/ debt instruments
                                                         normally maturing in line with the time profile of the Scheme
      Application Amount                                 Minimum Rs.5,000 per application and in multiples of Re. 1
                                                         thereafter
      New Fund Offer Expenses                            The entire New Fund Offer expenses under the Scheme will be borne
                                                         by the Asset Management Company.
      Liquidity                                          Purchase of Units
                                                         Being a close-ended Scheme, investors can subscribe to the Units
                                                         of the Scheme at par during the New Fund Offer Period only.
                                                         To provide liquidity to investors, the Fund proposes to provide
                                                         repurchase facility on the 15th day from the date of allotment. The
                                                         investors may redeem the units on the date on which repurchase
                                                         facility is available, at NAV based prices, subject to the prevalent
                                                         exit load provisions.
                                                         The Units of the Scheme will not be listed on any exchange, for the
                                                         present.
                                                         The Fund will, under normal circumstances, endeavour to dispatch
                                                         redemption cheques within 1 Business Day from the date of
                                                         acceptance of the redemption request at any of the official point(s)
                                                         of transaction(s). This service standard will apply only at the centers
                                                         where RBI handles clearing directly and is able to transfer funds
                                                         from Mumbai on the 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.
      Transparency                                       NAV will be normally determined for all business days and published
                                                         atleast once a week and the AMC shall also endeavor to have the
                                                         NAV updated on AMC’s website (www.pruicici.com) on weekly basis.
                                                         NAV of the Scheme shall be made available at all Customer Service
                                                         Centers of the AMC.
                                                         AMC shall update the NAVs on the website of Association of Mutual
                                                         Funds in India - AMFI (www.amfiindia.com) on weekly basis. 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 disclose the full portfolio of Scheme under
                                                         the Scheme atleast every half-year on the website of AMC.
      Maturity                                           The scheme shall be fully redeemed at the end of the maturity period
                                                         unless rolled over as per SEBI guidelines.
                                                         The Fund will, under normal circumstances, endeavour to dispatch
                                                         redemption cheques within 1 Business Day from the date of
                                                         acceptance of the redemption request at any of the official point(s)
                                                         of transaction(s). This service standard will apply only at the centers
                                                         where RBI handles clearing directly and is able to transfer funds
                                                         from Mumbai on the 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.

16
                                                                      Prudential ICICI Fixed Maturity Plan – Series 27


Roll Over Facility                    At the time of maturity, if it is perceived that the market outlook for
                                      the similar securities/ instruments is positive and investment in the
                                      similar kind of instruments would likely to fetch better returns for
                                      the investors, then in the interest of the Investor, the Trustees may
                                      decide to roll-over the scheme. This would be based on demand/
                                      request of the investors for the same. All other material details of
                                      the scheme/plans including the likely composition of assets
                                      immediately before the roll over, the net assets and net asset value
                                      of the scheme, will be disclosed to the unitholders and a copy of
                                      the same filed with the SEBI. Such rollover will always be permitted
                                      only in case of those unitholders who express their consent in writing.
Conversion of Close ended Scheme to   Subject to the Regulations, the Trustee may choose to convert the
Open ended Scheme                     scheme to an open ended Scheme for the benefit of providing
                                      investors the facililty of daily purchase and redemptions.
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    Units under the Schemes will be allotted under Prudential ICICI Fixed
                                      Maturity Plan Series 27-Monthly Plan.
                                      However, the Trustees reserve the right to launch additional plans
                                      under the Scheme.
                                      Presently, there are two options available under the Plan
                                      i.e.Cumulative Option and Dividend Reinvestment option.
                                      The Trustee reserves the right to declare dividend under the Dividend
                                      Re-investment Option of the Scheme depending on the net
                                      distributable surplus available under the Plan.
                                      It should, however, be noted that actual distribution of dividends
                                      and the frequency of distribution will depend, inter-alia, on the
                                      availability of distributable surplus and will be entirely at the discretion
                                      of the Trustee. The Dividends declared, if any, will be compulsorily
                                      reinvested into the Scheme.
                                      The Trustee may, at a later date, decide to introduce any other options
                                      including Dividend Option under the Plan, as is considered necessary.




                                                                                                                         17
     Prudential ICICI Mutual Fund


                                              CONSTITUTION OF THE MUTUAL FUND

     ICICI Mutual Fund, which has been renamed as Prudential ICICI 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 Prudential ICICI Asset Management Co. Ltd (AMC) and Prudential ICICI Trust Co. 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 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 taken note of the
     proposed transfer.
     a)    Sponsors
           Prudential plc (formerly known as Prudential Corporation 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, 2004, over
           GBP187 billion of funds under management, more than 16 million customers and over 22,500 employees worldwide as of
           December 31, 2003.
           Given below is a brief summary of Prudential’s financials
                                                                                                                            (Rs. crores)
                                                                                             Year ended December 31
              Description                                                                 2004               2003                2002

              Total Income                                                            295,223            249,391             272,644

              Profit Before Tax                                                          5,153              2,775               3,837
              Profit After Tax                                                           3,393              1,649               3,560
              Shareholders’ Funds                                                       33,940             25,988              29,080
              Earnings per share (Rs.)                                                   15.94                8.57              18.63
              Equity Capital (5 Pence per share)                                           943                793                 793
              Free Reserves                                                             32,996             25,195              28,287
              Net-worth                                                                 33,940             25,988              29,080
              Book Value per share (Rs.)                                                142.60             129.94              145.40
              Percentage of dividend per share                                       316.80%                320%                520%
              Dividend per share (in Pence)                                             15.84P             16.00P              26.00P

     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.1,67,659 crore at March 31, 2005 and profit after tax of Rs.
     2,005 crore for the year ended March 31, 2005 (Rs. 1,637 crore in fiscal 2004). ICICI Bank has a network of about 573 branches
     and extension counters and over 2000 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, Canada and Russia, branches in Singapore
     and Bahrain and representative offices in the United States, China, United Arab Emirates, Bangladesh and South Africa. (Source:
     Overview at www.icicibank.com).

18
                                                                                           Prudential ICICI Fixed Maturity Plan – Series 27


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.

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.

Given below is a brief summary of ICICI Bank’s financials                                                                (Rs. in crores)

                                                     *Year ended         *Year ended          *Year ended             * Year ended
                                                   March 31, 2002      March 31, 2003       March 31, 2004           March 31, 2005

     Total Income                                          2726.59            12,526.88            11,958.96                12,826.04
     Profit After Tax                                         258.3            1,206.18              1,637.10                 2,005.20
     Free Reserves @                                       5632.41             6,320.65              7,394.16               11,813.20
     Net Worth                                             6244.96              6933.31              8,010.56               12,549.98
     Earnings per Share (Rs.) (diluted)                       11.61               19.65                  26.44                    27.33
     Book Value per Share (Rs.)                             101.95               113.10                129.96                   170.33
     Dividend                                                  20%                 75%                    75%                      85%
     Paid Up Capital (Equity) $                             612.55               612.66                616.40                   736.78
     (Preference) #                                             350                 350                    350                      350

*      The results include the result of erstwhile ICICI Limited and its subsidiaries, ICICI Personal Financial Services Limited and
       ICICI Capital Services Limited, amalgamated with the Bank w.e.f. March 30, 2002. The financials for the current periods are
       not comparable with the earlier periods.
@      Excludes revaluation reserve
$      Includes in 2002, Rs. 392.67 crores for shares to be issued to shareholders of ICICI Limited on amalgamation, further,
       during the year ended March 31, 2003, the Bank allotted 3,000 shares pursuant to exercise of employee stock options.
#      Represents in 2002, face value of 350 preference shares to be issued to shareholders of ICICI Ltd on amalgamation,
       redeemable at par on April 20, 2018. As per the notification received from Ministry of Finance, the restriction of section
       12(1) of the Banking Regulation Act, 1949, prohibiting banks established after 1944 from holding preference shares, is
       not applicable to the Bank for a specified period.
Note: ICICI Bank has raised Rs. 324600 Crores of equity in April 2004 (including a green shoe option)
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 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.

b)     The Trustee Company (The Trustee) - Prudential ICICI Trust Limited
       Prudential ICICI 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 Prudential ICICI Trust Co. 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.




                                                                                                                                              19
     Prudential ICICI Mutual Fund

           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                                  Birla Global Finance Ltd.
                       Mumbai 400 026                                     Bekaert Industries Pvt.Ltd.
                       Solicitor and Advocate                             The Century Textiles & Industries Ltd.
                                                                          Dolphin Fisheries & Trading Pvt.Ltd.
                                                                          Hercules Hoists Ltd. (Alternate director)
                                                                          Hindalco Industries Ltd.
                                                                          Panasonic Battery India Company Limited. Earstwhile know as
                                                                          Matsushita Lakhanpal Battery India Ltd.
                                                                          Kennametal Widia (India) Ltd. (Alternate)
                                                                          Supreme Industries Ltd.
                       Mr. Nagesh D. Pinge*                               Nominee Director (on behalf of ICICI Bank Limited)
                       (S/o. Dinkar Shripad Pinge)                        The India Cements Limited.
                       D-408/1, Viman Darshan                             Rama Newsprint and Papers Ltd.
                       28-29 Swami Nityanand Marg
                       Andheri (East)
                       Mumbai 400069
                       Senior General Manager – Compliance and
                       Audit Group – ICICI Bank Ltd.
                       Mr. Sham P. Subhedar*                              Senior Advisor
                       (S/o. Mr. Pandharinath Subhedar)                   Prudential Corporation Asia Ltd.
                       1, Gulmohar                                        Director
                       S.V. Road                                          Peter Pan Travels Services Pvt. Ltd.
                       Vile Parle (W)                                     SAS Management Consultants and Office Services Pvt. Ltd.
                       Mumbai 400 056                                     Prudential Process Management Services Pvt. Ltd.
                       Consultant
                       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                               South East Asia Marine Engg. & Construction Ltd. – Mumbai
                       Bangalore – 560082                                 Graphite India Ltd. – Kolkata
                                                                          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               Director
                       Valmiki Ngr, Tiruvanmiyur                          Sundaram Home Finance Ltd., Chennai
                       Chennai – 600041

                  *Mr. Nagesh Pinge is a Senior General Manager – Compliance and Audit Group of ICICI Bank Limited and Mr. S.P.
                  Subhedar is a Senior Advisor to the Prudential Corporation Asia Limited, a wholly owned subsidiary of Prudential plc.
           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;

20
                                                                                  Prudential ICICI Fixed Maturity Plan – Series 27

     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
     –      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.

                                                                                                                                     21
     Prudential ICICI Mutual Fund

                  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.
                  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 2003 – 2004, six meetings of the Directors of the Trustees were held and during the period from
                        April 1, 2005 to February 27, 2006 six meetings of the Directors of the Trustee 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.

22
                                                                                           Prudential ICICI Fixed Maturity Plan – Series 27

     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, presently computed at the rate of upto 0.05% of the amount, being the aggregate of the Trust
            Fund and Unit Capital of all the Schemes put together on April 1 of each year or a sum of Rs.5 lacs, whichever is higher.
            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 0.05% to be arrived at as
            indicated above. 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 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 Prudential ICICI 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, 2005 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, 2005 ICICI Bank Limited holds shares aggregating to 51% of the share capital of Prudential ICICI 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, 2005 having reference no. IMD/RK/41539/05 has conveyed its no objection for the AMC to
     undertake Advisory Services to Offshore Funds.
     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. Kamath has a degree in mechanical engineering and a master’s degree in business administration from the Indian
            Institute of Management Ahmedabad.
            Mr.Kamath is the Managing Director and Chief Executive Officer of ICICI Bank Limited. Mr. Kamath has a degree in
            mechanical engineering and a master’s degree in business administration from the Indian Institute of Management,
            Ahmedabad. He started his career in 1971 at ICICI, an Indian financial institution that later founded ICICI Bank, and
            merged with it in 2002. In ICICI, Mr. Kamath worked in project finance and corporate strategy and was involved with
            setting up new businesses and institutions in the areas of leasing, venture capital and credit rating. In 1988, he moved
            to the Asian Development Bank and spent several years in south-east Asia before returning to ICICI as its Managing
            Director and CEO in 1996. Over the next few years, the ICICI group transformed itself into a diversified, technology-
            driven universal banking group, that includes India’s leading retail bank as well its leading private sector insurance
            companies. ICICI Bank was named the “Best Managed Bank in Asia” by Euro money in 2002. Mr. Kamath was named
            Asian Business Leader of the Year by CNBC in 2001.
            Mr. Kamath is currently a Member of the National Council of the Confederation of Indian Industry, the apex chamber
            of commerce of Indian industry. He is also a member of the Board of Directors of Visa International (Asia-Pacific). Mr.
            Kamath is also a Member of the Governing Boards of prestigious educational institutions including the Indian Institute
            of Management - Ahmedabad, Indian School of Business - Hyderabad and Manipal Academy of Higher Education -
            Manipal

                                                                                                                                              23
     Prudential ICICI Mutual Fund

                  Mr. Mark Norbom
                  Prudential Corporation Asia, One International Finance Centre 13 Floor, 1 Harbour View Street, Central,
                  Hong Kong.
                  Mr. Mark Norbom graduated from Pennsylvania State University with a B.S. degree in Economics in 1980.
                  Mr. Norbom began his career at GE in 1980 and served in a number of senior management positions in the US and in
                  Asia. Prior to joining Prudential, Mr. Norbom was President and CEO for GE Japan with responsibility for all of GE’s
                  activities in Japan. Mr. Norbom’s ten years experience in Asia also included being Head of GE Capital Taiwan, Country
                  President of GE Capital Indonesia, CEO of GE Capital Thailand, and National Executive of GE Thailand. Presently, Mr.
                  Norbom is a Chief Executive of Prudential Corporation Asia with responsibility for Prudential’s business interests across
                  the region. Mr. Norbom oversees Prudential’s extensive network of 23 life insurance, general insurance, retail mutual
                  funds and institutional asset management operations across 12 countries in Asia: China, India, Taiwan, Hong Kong,
                  Singapore, Malaysia, Korea, Japan, Vietnam, Indonesia, the Philippines, and Thailand.
                  Mr. Ajay Srinivasan
                  Prudential Corporation Asia, One International Finance Centre 13 Floor, 1 Harbour View Street, Central,
                  Hong Kong
                  Mr. Srinivasan is Chief Executive, Fund Management, Prudential Corporation Asia responsible for its mutual funds /
                  Institutional Funds business in Asia. Mr. Srinivasan was the Managing Director of the Prudential ICICI Asset Management
                  Company Ltd. during the period March 1998 to December 2000 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.
                  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 a graduate in law from Bombay University.
                  Ms. Kalpana Morparia is the Deputy Managing Director of ICICI Bank Limited. Ms. Morparia is responsible for the
                  Corporate Centre at ICICI Bank. The Corporate Centre comprises the finance and treasury, planning and strategy, risk
                  management, human resources management, legal and corporate communications and corporate brand management
                  functions and is responsible for ensuring strategic consistency across the ICICI group. Ms. Morparia is the official
                  spokesperson for ICICI Bank. 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.
                  Mr. K. S. Mehta
                  C-70 Panchsheel Enclave, New Delhi 11 0017
                  Mr. Mehta is a Senior 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 and working capital
                  control. 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 Managing 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 FCA and has a Bachelor of Commerce (Hons.) Degree.
                  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
24
                                                                               Prudential ICICI Fixed Maturity Plan – Series 27

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 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.
Mr. Pradip P. Shah
72A, Embassy Apartments, 46, Nepean Sea Road, Bombay 400 006.
Mr. Pradip P. Shah started IndAsia, a private equity investment and corporate finance advisory company in April 1998,
following his separation from the management of the Indocean Fund which he helped establish in October 1994, in
association with affiliates of Soros Fund Management and Chemical Venture Partners (now Chase Capital Partners).
Prior to starting Indocean, he was the Managing Director of the Credit Rating and Information Services of India Limited
(‘CRISIL’), India’s first and the largest credit rating agency. Mr. Shah was one of the team members, which assisted in
founding CRISIL in 1988. While at CRISIL, Mr. Shah was instrumental in technology transfer to and the training of
personnel of Rating Agency Malaysia Berhad and The Israeli Securities Rating Company.
Prior to founding of CRISIL, Mr. Shah assisted as a member of the project team in founding the Housing Development
Finance Corporation (HDFC) in 1977. Before joining HDFC, Mr. Shah was a Project Officer at the Industrial Credit and
Investment Corporation of India Limited (‘ICICI’). Mr. Shah has also served as a consultant to USAID, the World Bank
and the Asian Development Bank.
Mr. Shah holds an MBA from Harvard Business School and is a qualified Chartered Accountant as well as a Cost
Accountant and ranked first in India in the Chartered Accountancy examination.
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. Her current
responsibilities include Research & Development, Information Technology, Medical Services, and Knowledge Management
for the Healthcare Group of Piramal Enterprises.
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 is a Member of the Drugs Technical Advisory Board and the Maharashtra Biotechnology Council, Council of
Scientific & Industrial Research (CSIR), State Bank of India Life Insurance Company, Confederation of Indian Industries
(CII), WHO IPR Committee - Commission on Intellectual Property Rights, Innovation and Public Health. (CIPIH) and
Chair of the Life science & Biotech Committee and Economic Growth Committee. She heads the “Mahabioyatra” an
initiative by the Confederation of Indian Industry a Biotechnology network in Maharashtra. She is also on the Board of
Directors of the Indian Council for Research on International Economic Relations. (ICRIER).
Dr. Piramal has co-authored books on Health and Nutrition. One with Mrs. Tarla Dalal titled “Eat Your Way to Good
Health.” She has also published articles in many leading publications.
Ms. Shikha Sharma
16-A, Peregrine, 400, Veer Savarkar Marg, Prabhadevi, Mumbai 400 025.
Ms. Sharma completed her Masters of Business Administration from the Indian Institute of Management - Ahmedabad.


                                                                                                                                  25
     Prudential ICICI Mutual Fund

                  Ms. Shikha Sharma is the Managing Director & CEO of ICICI Prudential Life Insurance Company (“I-Pru”). 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 I-Pru 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.
                  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 ICICI, including investment banking and retail finance.
                  Ms. Sharma was awarded for India’s most Powerful Woman in Business by Business Today, CEO of the year by Indira
                  Group of Institutes, India’s greatest brand builders, and Institute of Marketing and Management Award for Excellence
                  in the year 2004.
                  Mr. Pankaj Razdan
                  Sherwin Ark, Bunglow No. 3, Bellscot Co-op Hsg. Society, Lokhandwala Complex, Andheri (W),
                  Mumbai 400058
                  Mr. Razdan is the Managing Director of the Prudential ICICI Asset Management Company Ltd. and is responsible for
                  development of the business of the Company and its day-to-day management.
                  Mr. Razdan has rich experience and knowledge in Sales, Distribution and Marketing. He began his career with the
                  HMG Financial Services Limited as a Marketing Manager. He then joined Karvy Securities Limited where he worked for
                  5 years in its Distribution and Merchant Banking Division. Mr. Razdan joined Prudential ICICI Asset Management Co.
                  Ltd. in April 1998, as Vice President & Head – Sales and Distribution of West Zone of the Company. In 1999, he headed
                  the Sales and Distribution of the Company in West and North Zone. He was promoted to become the Senior Vice
                  President – Sales and Distribution in February 2000 and Senior Vice President – Sales and Marketing in 2001. In March
                  2003 he took over the post of Deputy CEO with a responsibility to oversee Sales, Distribution and Marketing for all
                  India, Strategic Planning, Development and Customer Service.
                  Mr. Razdan has a Bachelors degree in Electronics and has graduated in Engineering specializing in electronics.
     a.    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
               Prudential ICICI Mutual Fund in any manner or in relation to any scheme of the Prudential ICICI 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 :
26
                                                                                            Prudential ICICI Fixed Maturity Plan – Series 27

          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 transactions 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 each financial year.
b.   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
                                                                                            Experience /         10 Yrs
                                                                                            Type & Nature
                                                                                            of Experience

     Mr. Pankaj Razdan             36      Managing Director    BSc. (Electronics)          Over 13 years of     Managing Director –
                                                                B. Tech (Electronics        experience in        Prudential ICICI AMC
                                                                Engineering)                sales and            since January 2004
                                                                                            distribution.        Deputy CEO –
                                                                                                                 Prudential ICICI AMC –
                                                                                                                 March 2003 to
                                                                                                                 December 2003.
                                                                                                                 Vice President / Senior
                                                                                                                 Vice President & Head
                                                                                                                 - Sales & Distribution -
                                                                                                                 Prudential ICICI AMC -
                                                                                                                 2000 February 2003.
                                                                                                                 Vice President - West &
                                                                                                                 North Zone Prudential
                                                                                                                 ICICI AMC -
                                                                                                                 1999 – 2000.
                                                                                                                 Head -Distribution -
                                                                                                                 Karvy Securities
                                                                                                                 Limited - 1997 – 1998.
                                                                                                                 Marketing Manager -
                                                                                                                 HMG Financial Services
                                                                                                                 Limited - 1992 – 1993.

     Mr. Nilesh Shah               35      Chief Investment     B.Com, A.C.A.               Over 13 years of     Chief Investment
                                           Officer              Grad C.W.A.                 experience           Officer – Prudential
                                                                                            IN fund              ICICI AMC Limited –
                                                                                            management           June 2004 till date.
                                                                                            and portfolio        Director and Chief
                                                                                            management           Investment Officer –
                                                                                                                 Franklin Templeton
                                                                                                                 AMC India Pvt. Ltd. –
                                                                                                                 Sept 2002 to May
                                                                                                                 2004.
                                                                                                                 Chief Investment
                                                                                                                 Officer – Frankline
                                                                                                                 Templeton AMC India
                                                                                                                 Pvt. Ltd. – January
                                                                                                                 2000 to September
                                                                                                                 2002.
                                                                                                                 Portfolio Manager –
                                                                                                                 Fixed Income – Franklin
                                                                                                                 Templeton AMC India
                                                                                                                 Pvt. Ltd. – March 1997
                                                                                                                 to January 2000.

                                                                                                                                               27
     Prudential ICICI Mutual Fund


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

                                                                                                          Head – Structured
                                                                                                          Products – ICICI
                                                                                                          Securities and Finance
                                                                                                          Company Limited –
                                                                                                          April 1992 to February
                                                                                                          1997.

           Mr. Vasant Sanzgiri        44       Senior             BSc ( Life Sciences),   Over 18 years   Vice President / Senior
                                               Vice President &   MMS (Personnel          experience in   Vice President & Head
                                               Head Human         Management)             area of Human   Human Resources
                                               Resources                                  Resources       Prudential ICICI AMC -
                                                                                          Management      2000 to date.
                                                                                                          General Manager -
                                                                                                          Human Resources -
                                                                                                          Owens Cornning India
                                                                                                          Limited - 1998 – 2000.
                                                                                                          General Manager
                                                                                                          Human Resources –
                                                                                                          DCW Home Products -
                                                                                                          1996 – 1998.
                                                                                                          Regional Human
                                                                                                          Resource &
                                                                                                          Quality Manager -
                                                                                                          Modi Xerox -
                                                                                                          1995 –1996.
                                                                                                          Manager, Human
                                                                                                          Resources
                                                                                                          Cyanamid India -
                                                                                                          1992 – 1995.
                                                                                                          Manager – Human
                                                                                                          Resources - Indian
                                                                                                          Hotels Limited -
                                                                                                          1990 – 1992.

           Mr. Kalyan Prasath         38       Vice President –   PGDSM (NIIT), B.Sc      Over 19 years   Vice President –
                                               Information                                of work         Information
                                               Technology                                 experience in   Technology - Prudential
                                                                                          areas of        ICICI AMC June 2001
                                                                                          Information     onwards.
                                                                                          Technology      Birla Global – Assistant
                                                                                                          Vice President from
                                                                                                          Feb’97 to April, 2001.
                                                                                                          DGP Windsor India
                                                                                                          Ltd. – Manager from
                                                                                                          Sept ’94 to Jan’97.
                                                                                                          Universal Luggage
                                                                                                          Mfg. Co. Ltd. - Asst.
                                                                                                          Manager from Nov’90
                                                                                                          to Sept’94.
                                                                                                          NIIT/CCIT – Course
                                                                                                          Conductor from May
                                                                                                          ‘89 to Oct’90
                                                                                                          ECIL – System
                                                                                                          Developer from June
                                                                                                          ’88 to April ‘89
                                                                                                          Associated Systems –
                                                                                                          Software Developer
                                                                                                          from July’85 to
                                                                                                          April ’88.




28
                                                                                    Prudential ICICI Fixed Maturity Plan – Series 27


Name of the               Age      Designation            Educational               Total No. of         Assignments Held
Employee                (Years))                          Qualifications            Years of             During the Last
                                                                                    Experience /         10 Yrs
                                                                                    Type & Nature
                                                                                    of Experience
Mr. Ranganath Athreya     39       Sr. Vice President –   Associate Company         Over 16 yrs of       Sr. Vice President –
                                   Legal, Compliance      Secretary -Institute of   experience in        Legal, Compliance and
                                   and Company            Company Secretaries       Compliance and       Company Secretary,
                                   Secretary              of India.                 Company              Prudential ICICI AMC
                                                          Bachelors Degree          Secretarial          Jan 14, 02 onwards.
                                                          (General Laws), PGDCP     functions            Head Corporate
                                                                                                         Communication and
                                                                                                         Company Secretary -
                                                                                                         IDBI Bank June 1997 to
                                                                                                         12th Jan 2002
                                                                                                         Chief Manager
                                                                                                         Merchant Banking and
                                                                                                         Company Secretary -
                                                                                                         Karnataka Bank Ltd.
                                                                                                         from 1992-97
                                                                                                         Company Secretary
                                                                                                         Lakshmi Motor Credit
                                                                                                         (Now TVS Finance)
                                                                                                         1989-92

Mr. Ashok Suvarna         33       Vice President         MBA (Finance)             Over 12 yrs of       January 2005:
                                   Operations             B. Com.                   experience in        Vice President -
                                                                                    Operations           Operations Prudential
                                                                                                         ICICI AMC Limited
                                                                                                         April 98 till
                                                                                                         December 04
                                                                                                         Prudential ICICI AMC
                                                                                                         Ltd. handling
                                                                                                         Operations, Projects &
                                                                                                         Quality Assurance
                                                                                                         March 94 till March 98
                                                                                                         SBI Funds
                                                                                                         Management Limited
                                                                                                         handling Operations


Mr. Pankaj Kaji           52       Senior                 B.Com                     34 yrs               Fund Manager-
                                   Fund Manager                                                          Prudential ICICI AMC-
                                                                                                         2002 till date.
                                                                                                         Deutsche Bank,
                                                                                                         Mumbai (Vice-
                                                                                                         President-Money
                                                                                                         Market) 1994-2002,
                                                                                                         ANZ
                                                                                                         Grindlays Bank (Funds
                                                                                                         Manager)-1986-1994


Mr. Chaitanya Pande       33       Fund Manager           PGDM from IMI,            10 Years             Manager – Fund
                                                          New Delhi,                                     Management
                                                          BSc from St. Stephens                          Sept 16th 2002 till
                                                          College, New Delhi                             date – Fund Manager
                                                                                                         Prudential ICICI AMC
                                                                                                         Limited
                                                                                                         Jan 2000 to Sep 2002
                                                                                                         Manager – Fund
                                                                                                         Management
                                                                                                         JF Asset Management
                                                                                                         (India) Pvt. Limited
                                                                                                         May 1995 to Jan 2000
                                                                                                         Investment Analyst
                                                                                                         JF Asset Management
                                                                                                         (India) Pvt. Limited




                                                                                                                                       29
     Prudential ICICI Mutual Fund


          Name of the                 Age      Designation        Educational              Total No. of       Assignments Held
          Employee                  (Years))                      Qualifications           Years of           During the Last
                                                                                           Experience /       10 Yrs
                                                                                           Type & Nature
                                                                                           of Experience
           Mr. Anil Sarin             38       Senior             PGDBM, Institute of      11 years as Fund   Prudential ICICI AMC
                                               Fund Manager       Management               Management         Limited – April 2004
                                                                  Technology (IMT)         and Portfolio       till date as Senior
                                                                                           Management          Fund Manager.
                                                                                                              Kotak Securities,
                                                                                                              Private Client Group –
                                                                                                              From October 2003 to
                                                                                                              March 2004 as Vice
                                                                                                              President – Portfolio
                                                                                                              Manager
                                                                                                              Birla Sun Life AMC Ltd.
                                                                                                              – From January 1996
                                                                                                              to September 2003 as
                                                                                                              Manager, Assistant
                                                                                                              vice-President, Fund
                                                                                                              Manager
                                                                                                              SBI Funds
                                                                                                              Management Ltd.
                                                                                                              From March 1994 to
                                                                                                              December 1995 – as
                                                                                                              Asst. Manager, Fund
                                                                                                              Manager

           Mr. Yogesh Bhatt           36       Associate          A.C.A. Grad C.W.A.       13 years as        Prudential ICICI Asset
                                               Vice President –                            Equity Dealer      Management Co. Ltd.
                                               Investments                                                    From June 28, 2004 till
                                                                                                              date 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. Ramakrishna         39       Chief Financial    B’Com, A.C.A Grad. CWA   Over 13 years of   Prudential ICICI AMC
                                               Officer                                     experience in      Ltd. from September
                                                                                           Corporate          23, 2004 till date.
                                                                                           Planning,          Marico Industries Ltd.
                                                                                           Investor           as General Manager –
                                                                                           Relations,         Corporate Finance
                                                                                           Financial          from September 1998
                                                                                           Planning           to September 2004.
                                                                                                              ITC Agrotech Ltd. as
                                                                                                              Commercial Manager
                                                                                                              from February 1993 to
                                                                                                              August 1998.

           Mr. Rahul Goswami          32       Senior             B Sc.,                   9 years – Fund     Prudential ICICI Asset
                                               Fund Manager       M.B. A.                  Management -        Management Co. Ltd.
                                                                                           Debt               From July 6, 2004 till
                                                                                                              date as Senior Fund
                                                                                                              Manager
                                                                                                              Franklin Templeton
                                                                                                              Asset Management (I)
                                                                                                              Pvt. Ltd. from October
                                                                                                              2002 to July 2004 as
                                                                                                              Fund Manager.

30
                                                                       Prudential ICICI Fixed Maturity Plan – Series 27


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

                                                                                            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


Mr. S Naren          38       Vice President –   B.Tech – IIT Madras   Over 15 years        Prudential ICICI AMC
                              Investments        PGDM – IIM Calcutta   of experience        Ltd. from October,
                                                                       in Fund              2004 till date.
                                                                       Management,          Refco Sify Securities
                                                                       Equity Research,     India Pvt. Ltd. as Head
                                                                       Operations etc.       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 Gupta      30       Dealer &           B.COM, PGDBA          11 years in          June 2003 to May
                              Fund Manager       from Institute Of     execution,           2005 as AVP-
                                                 Technology &          sales trading        Institutional sales with
                                                 Management (ITM)      and sales.            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. Jignesh Shah     33       Sr. Fund Manager   B.Com, CFA            11 years as          Prudential ICICI AMC
                                                                       Equity Analyst        Limited – Joined
                                                                                            May 05
                                                                                            Reliance Capital – from
                                                                                            Jan 04 – August 04 as
                                                                                            Equity Analyst
                                                                                            Four Dimensions
                                                                                            Securities – from Sept
                                                                                            03 to Jan 04 as Equity
                                                                                            Analyst




                                                                                                                          31
     Prudential ICICI Mutual Fund


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

                                                                                                                         Refco-Sify Securities –
                                                                                                                         from July 02 to Sept 03
                                                                                                                         – as Equity Analyst
                                                                                                                         Nirmal Bang Securities
                                                                                                                         – as Equity Analyst
                                                                                                                         Presage Financial
                                                                                                                         Services – as Equity
                                                                                                                         Analyst
                                                                                                                         Mahesh Kothari Shares
                                                                                                                         & Stock Brokers – from
                                                                                                                         Aug 93 - as Equity
                                                                                                                         Analyst

           Mr. Prashant Kothari          25      Fund Manager          PGDM                         2Years as            Prudential ICICI AMC
                                                                                                    Equity Analyst       Limited – Fund
                                                                                                    and Fund             Manager from
                                                                                                    Manager              September 2004
                                                                                                                         Prudential ICICI AMC
                                                                                                                         Limited – Equity
                                                                                                                         Analyst from
                                                                                                                         May 2003
           Mr. Deven Sangoi              35      Senior Fund           B.E. (Electronics)           Over all 10 years    Prudential ICICI AMC
                                                 Manager               M.B.A. (Finance)             of equity market     Limited – September,
                                                                                                    experience.          2005 as Senior Fund
                                                                                                    (5 years of Fund     Manager.
                                                                                                    management           Birla Sun Life AMC Ltd.
                                                                                                    experience.)         – From February 2000
                                                                                                                         to September 2005 as
                                                                                                                         Manager, Assistant
                                                                                                                         Vice President,
                                                                                                                         Fund Manager
                                                                                                                         Alchemy Share and
                                                                                                                         tock Brokers Pvt. Ltd.
                                                                                                                         From June 1994 to
                                                                                                                         February 2000 – as
                                                                                                                         Senior Analyst

           Mr. Chintan A. Haria          23      Assistant to the      MCom, ACA, ICWA              Holding position     None
                                                 dealer                                             as an Asst. to the
                                                                                                    Dealer in
                                                                                                    Prudential ICICI
                                                                                                    Asset
                                                                                                    Management
                                                                                                    Company
           Mr. Manish Kumar              23      Research Analyst      PGDM, Indian Institute       3.5 months of        June 2005-August
                                                                       of Management,               experience of        2005: - Management
                                                                       Ahmedabad                    which 2 months       Associate at TATA AIG
                                                                                                    in the insurance      Life Insurance
                                                                                                    industry and
                                                                                                    1.5 months in
                                                                                                    Equity Research.
           Mr Pranay Sinha               25      Credit Research       PGDM, Institute Institute    6 months             Prudential ICICI AMC
                                                 Analyst               of Management Calcutta       experience in        Limited – Nov 2005 till
                                                                       (IIMC)                       Credit research      date as Credit
                                                                                                    and credit risk      Research analyst
                                                                                                    analysis             UTI Bank- Jube 2005
                                                                                                                         till Oct 2005 in credit
                                                                                                                         risk side.
           Mr. Prashant Poddar           25      Research Analyst      PGDBM, Indian Institute      5 months in AIG      AIG - 5 months as
                                                                       of Management (Lucknow)      (Insurance)          Management Trainee
                                                                                                                         (General Management
                                                                                                                         role) in Insurance

           As indicated above, at present a team comprising of eleven 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
32
                                                                                          Prudential ICICI Fixed Maturity Plan – Series 27


     iv)   Fund Manager
           The investments under the Scheme will be managed by the Fund Manager, Mr. Chaitanya Pande. His qualifications
           and experience are as under:

       Scheme Name                                  Fund Manager             Qualification                        Experience

       Prudential ICICI Fixed Maturity              Mr. Chaitanya Pande      PGDM from IMI, New Delhi,            10 Years
       Plan – Series 27 – Monthly Plan                                       BSc from St. Stephens                Manager – Fund
                                                                             College, New Delhi                   Management

     v)    Compliance Officer
           The Compliance Officer for the Fund is
           Mr. Ranganath Athreya
           Senior Vice President- Compliance, Legal and Company Secretary
           Prudential ICICI 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. Leena Johnson 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, A&B Lakshmi Bhavan, 609 Anna Salai, Chennai 600 006 (CAMS)
     have been appointed 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 have 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.




                                                                                                                                             33
     Prudential ICICI Mutual Fund


                                                                 SECTION II
                                               INVESTMENT OBJECTIVES & POLICIES

     FUNDAMENTAL ATTRIBUTES OF THE SCHEME
     a)    Type of the Scheme
           A close-ended debt Scheme seeking to generate regular returns by investing in a portfolio of fixed income securities/ debt
           instruments. Presently, the Scheme will have one plan viz. Monthly Plan. It is proposed to make investments in securities
           having tenure of approximately 30 days under Monthly Plan.
     b)    Investment Objectives
           The investment objective of the Scheme is to seek to generate regular returns by investing in a portfolio of fixed income
           securities/ debt instruments normally maturing in line with the time profile of the Scheme..
           However, there can be no assurance that the investment objectives of the Scheme and Plan launched there under will be
           realized. The Scheme/ Plans launched there under does not guarantee/indicate any returns.
     c)    Investment Pattern
           The corpus of the Plan(s) launched under the Scheme will be invested only in debt and money market instruments enabled
           under SEBI Regulations/ circulars as amended from time to time. Subject to the Regulations, the corpus of the Scheme can
           be invested in any (but not exclusively) of the following securities:
           1)     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).
           2)     Securities guaranteed by the Central and State Governments (including but not limited to coupon bearing bonds, zero
                  coupon bonds and treasury bills).
           3)     Debt securities of domestic Government agencies and statutory bodies, which may or may not carry a Central/State
                  Government guarantee.
           4)     Corporate debt (of both public and private sector undertakings).
           5)     Securities issued by banks (both public and private sector) and development financial institutions.
           6)     Money market instruments permitted under the Regulations, having maturities of up to one year, in call money market
                  or in alternative investment for the call money market as may be available to meet the liquidity requirements.
           7)     Certificate of Deposits (CDs).
           8)     Commercial Paper (CPs).
           9)     The non-convertible part of convertible securities.
           10) Any other domestic fixed income securities.
           11) Derivative instruments like Interest Rate Swaps, Forward Rate Agreements and such other derivative instruments
               permitted by SEBI/RBI.        The securities mentioned above could be listed or unlisted, secured or unsecured, rated or
               un-rated and of varying maturity, as enabled under SEBI Regulations/ circulars. The securities may be acquired through
               Initial Public Offerings (IPOs), 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                                     Indicative allocation (% of corpus)           Risk Profile
                                                                    under normal circumstances*
               Money Market instruments#, Short-term and            Up to 100 %                                   Low to medium
               medium term debt securities/debt instruments *

           Note: The investments in central and state government securities will be in normal circumstances limited to 50% of the
           net assets of the Scheme.
           *      Including derivatives instruments to the extent of 50% of the net assets of the Scheme.
           #      It is proposed to make investments in debt securities under the Scheme in the securities having tenure of approx. 30
                  days.
           $      The Scheme needs the flexibility to make investments in money market instrument till suitable investment opportunities
                  are identified. Further, the Scheme also needs to maintain liquidity, as it would be receiving redemption requests
                  regularly.
34
                                                                                         Prudential ICICI Fixed Maturity Plan – Series 27


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 Unitholders. 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 – Fundamental Attributes.
     1.   Liquidity
          Purchase of Units
          Being a close-ended Scheme, investors can subscribe to the Units of the Scheme at par during the New Offer Period
          only.
     a)   Repurchase facility
          To provide liquidity to investors, the Fund proposes to provide repurchase facility on the 15th day from the date of
          allotment. If such date happens to be the non-business day, repurchase facility would be available on following Business
          Day of the said date.
          The investors may redeem the units on the date stipulated above for NAV based prices (Please refer to “Redemption
          Price” on page 50), subject to exit load provisions as follows.
          i.    For redemptions made on Maturity – No Exit Load
          ii.   For redemptions made during repurchase facility period – 2% of the applicable NAV
                The redemption request can be made for amounts with a minimum of Rs.1000 or 100 units provided that the
                minimum balance under a particular folio should not fall below Rs. 5,000.
     b)   Redemption of Units on Maturity: The scheme will come to an end on maturity date of the Scheme i.e. on the 30th
          day from the date of allotment. On maturity of the Scheme, the outstanding Units shall be redeemed and proceeds will
          be paid to the Unitholder.
          If the Date stipulated for Repurchase facility/ Redemption/ Maturity is a day which is a non-business day for the
          scheme, the redemption requests shall be accepted or the scheme/plan will mature, as the case may be, on the next
          business day for the scheme.
     c)   Payment of Proceeds
          In respect of valid applications received upto the cut-off time on the business day on which repurchase facility is
          provided as prescribed on page no 35 by the Mutual Fund at any of the Official Points of transaction(s) notified by
          AMC from time to time, 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 based on applicable NAV of the said
          Business Day subject to the applicable exit load.
          No applications will be accepted after the cut-off time on the business day on which repurchase facility is provided by
          the Mutual Fund, as stated above.
          Please refer to Page 52 “Right to Limit Redemptions” and page 52 “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. The Fund will, under normal circumstances, endeavour to dispatch redemption
          cheques within 1 Business Day from the date of acceptance of the redemption request at any of the official point(s) of
          transaction(s). This service standard will apply only at the centers where RBI handles clearing directly and is able to
          transfer funds from Mumbai on the 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.
          Investors should note that it is the intention of the Fund to dispatch the redemption proceeds within one Business
          (working) Days as stated above and the Fund / AMC do not guarantee the same.
          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/ PAN no/ UIN (as the case may be applicable), as mandated by SEBI,
          the request for redemption would not be considered as valid and the Fund retains the right to withhold the redemption
          until a proper bank mandate/ PAN no./UIN (as the case may be applicable), is furnished by the Unitholder and the
                                                                                                                                            35
     Prudential ICICI Mutual Fund

                  provision with respect of penal interest in such cases will not be applicable/ entertained.
           d)     Roll-over facility
                  At the time of maturity, if it is perceived that the market outlook for the similar securities/ instruments is positive and
                  investment in the similar kind of instruments would likely to fetch better returns for the investors, then in the interest
                  of the Investor, the Trustees may decide to rollover the scheme. This would be based on demand/ request of the
                  investors for the same. All other material details of the scheme/plans including the likely composition of assets immediately
                  before the roll over, the net assets and net asset value of the scheme, will be disclosed to the unitholders and a copy
                  of the same filed with the SEBI. Such rollover will always be permitted only in case of those unitholders who express
                  their consent in writing
           2. Listing
                  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 on AMC’s website (www.pruicici.com) and as may be required by
                  the respective Stock Exchanges.
           3.      Fees and Expenses
                  i.     New Fund Offer Expenses
                         The entire New Fund Offer expenses of the Scheme will be borne by the Asset Management Company.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.
                  ii.    Recurring Expenses
                         The estimated recurring expenses under the Scheme are currently at 2.25% p.a. The details of recurring expenses,
                         on an annual basis, have been stated on Page 54.
                         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
                           2.25%                            2.00%                         1.75%                      1.50%

                         Subject to Regulations, expenses over and above the prescribed limit shall be borne by the Asset Management
                         Company.
                  iii.   Load
                         Entry Load: Being a close ended Scheme; investors can subscribe to the units of the Scheme during the New
                         Fund offer period only. Presently, the Trustees do not intend to charge any entry load on subscription received.
                         Exit Load: The investors may redeem the units on the stipulated dates on which Repurchase facility is provided,
                         at NAV based prices (Please refer to “Redemption Price” on page 50), subject to exit load provisions.
                         It is proposed to charge an exit load for the present at 2.00% on the amount sought to be redeemed by the Unit
                         holders under the Scheme for the redemption made before the Maturity Date i.e redemptions made during the
                         repurchase facility period.
                         The load collected from the Investors under the Scheme will be credited to a separate account in the Scheme
                         accounts 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 Unitholder 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.
                  Position of Debt Market in India
                  The debt market in India is estimated at about Rs.700, 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.


36
                                                                                       Prudential ICICI Fixed Maturity Plan – Series 27

     Government Securities have tenures from one year to thirty years whereas the maturity periods of the Corporate Debt
     varies from one month to twenty years. Securities may be both listed and unlisted but this does not impact liquidity of
     the instruments. Most of the transactions in the debt market are conducted over telephone and are entered on
     principal-to-principal basis. The yields and liquidity on various securities, currently, are as under:

      Issuer                     Instrument                  Maturity              Yields                     Liquidity
      GOI                        Treasury Bill               91 days               5.25-5.45%*                High
      GOI                        Treasury Bill               364 days              5.45-5.60%*                High
      GOI                        Short Dated                 1-3 Yrs               5.70-6.00%**               High
      GOI                        Medium Dated                3-5 Yrs               5.90-5.86.40%**            High
      GOI                        Long Dated                  5-10 Yrs              6.10-6.46.75%**            High
      Corporates                 Taxable Bonds (AAA)         1-3 Yrs               5.85-6. 50%***             Medium
      Corporates                 Taxable Bonds (AAA)         3-5 Yrs               6.50-7.20%***              Low to medium
      Corporates                 CPs (P1+)                   3 months              5.60-5.75%*                Medium to High
      Corporates                 CPs (P1+)                   1 Yr                  5.80-6.10%*                Medium

     *Money Market yield
     **Semi-annual yield
     ***Annualised yield
     Fixed Income securities
     The AMC aims to identify securities that 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 Plan 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 Fitch Ratings 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 Plans under the Scheme can 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.
g)   Investment Strategy
     Investment Philosophy
     The AMC will follow a disciplined investment process to meet Fund specific investment objectives. It will aim to
     develop a well-diversified, quality portfolio that minimises liquidity risk and credit risk. The scheme shall construct all
     portfolios to ensure that obligations to investors are met on time under all circumstances.
     Investment Process
     The Investment process would be intensely research oriented. It would comprise of qualitative as well as quantitative
     measures.
     Macro economic call on interest rate direction would be taken by doing detailed analysis of various influencing factors
     like Inflation, Money supply, Private sector borrowing, Government borrowing, Currency market movement, Central
     Bank policy, Local fiscal and monetary policy, Global interest rate scenario and Market sentiment.
     Credit research would be conducted on a regular basis for corporate having high investment grade (AA-/P1+ and
     above) rating. Credit research includes internal analysis of financial reports as well as rating rationale and other inputs
     from external agencies.
     Internal credit rating is a pre-requisite for all our investments. Credit research would be conducted to minimize credit
     migration risk and for generating relative value trade ideas. Stable to higher rating on maturity vis-à-vis issuance is the
     guiding factor for investment decisions.
     Asset allocation is determined based on holding period return analysis of spread movement across different asset class.


                                                                                                                                          37
     Prudential ICICI Mutual Fund

           h)     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 eleven 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 benchmarksand /or the performance of the schemes of the competition.
                        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.
                        For Prudential ICICI Fixed Maturity Plan- Series 27-Monthly Plan, the performance of the scheme will be
                        benchmarked with CRISIL Liquid Index.
                  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.
           i)     Trading in Derivatives
                  The Scheme may use derivatives instruments like 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 and as may be
                  permitted under the Regulations and guidelines.
                  The Scheme shall under normal circumstances not have exposure of more than 50% of its net assets in derivative
                  instruments. The AMC may, in times of market volatility and other abnormal market conditions increase such exposure
                  in derivative instruments upto a maximum of 50% of net assets under the Scheme, with a view to protecting the
                  interests of the Investors under the said Scheme.
                  i)    Advantages of Derivatives
                        The volatility in Indian debt markets has increased over last few months. Derivatives provide unique flexibility to
                        the Plans to hedge part of their portfolio. Some of the advantages of specific derivatives are as under:
                  ii)   Interest Rate Swaps and Forward rate Agreements
                        Bond markets in India are not very liquid. Investors run the risk of illiquidity in such markets. Investing for short-
                        term periods for liquidity purposes has its own risks. Investors can benefit if the Fund remains in call market for
                        the liquidity and at the same time take advantage of fixed rates by entering into a swap. It adds certainty to the
                        returns without sacrificing liquidity.
                        The following is an illustration how derivatives work. :
                        Basic Details: Fixed to floating swap
                        Notional Amount: Rs. 5 Crores
                        Benchmark: NSE MIBOR
                        Deal Tenor: 3 months (say 91 days)
                        Documentation: International Securities Dealers Association (ISDA).
                        Let us assume the fixed rate decided was 10%
                        At the end of three months, the following exchange will take place:

38
                                                                                       Prudential ICICI Fixed Maturity Plan – Series 27

          Counter party 1 pays: compounded call rate for three months, say 9.90%
          Counter party 2 pays fixed rate: 10%
          In practice, however, the difference of the two amounts is settled. Counter party 2 will pay Rs 5 Crores *0.10%*
          91/365 = Rs. 12,465.75
          Thus the trade off for the Fund will be the difference in call rate and the fixed rate payment and this can vary with
          the call rates in the market. Please note that the above example is given for illustration purposes only and the
          actual returns may vary depending on the terms of swap and market conditions.
j)   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 the 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 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 unrated 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)   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.
     5)   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.
     6)   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.
     7)   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.
     8)   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.
     9)   No loans for any purpose can be advanced by the Scheme.
     10) 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.


                                                                                                                                          39
     Prudential ICICI Mutual Fund

                        11) 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.
                        12) 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, as permitted
                            in terms of SEBI circular no. SEBI/IMD/CIR No.9/20306/03 dated November 12, 2003.
                        13) 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.
                        14) 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.
     j)    Portfolio Turnover
           Portfolio turnover is defined as the aggregate of purchases and sales as a percentage of the corpus of the Plan 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.
     k)    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.
     l)    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 in terms of the Regulations are detailed below:
           1.     Traded Securities:
                  1)    The securities shall be valued at the last quoted closing price on the stock exchange.
                  2)    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.
                  3)    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.
                  4)    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 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 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.




40
                                                                                            Prudential ICICI Fixed Maturity Plan – Series 27

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:
(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 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).
(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 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.
(c)   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.

                                                                                                                                               41
     Prudential ICICI Mutual Fund

           (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.
     d)    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.
     4.    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%.
     5.    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 1%.
           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.
     6.    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.




42
                                                                                         Prudential ICICI Fixed Maturity Plan – Series 27

m) 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 and its Plans, 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 and its Plans 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 and its Plans 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 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 and the Plans thereunder 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 accrued but has not been received for the period specified in the guidelines
         issued by the Board, provision shall be made by debiting to the revenue account the income so accrued in the manner
         specified by guidelines issued by the Board.

    i)   When units are sold in the Scheme and its Plans, 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 and its
         Plans. Where there is devolvement on the Scheme and the Plans thereunder, the full underwriting commission received
         and not merely the portion applicable to the devolvement shall be reduced from the cost of the investment.
    The accounting policies and standards outlined above are as per the existing Regulations and are subject to change as per
    changes in the Regulations.



                                                                                                                                            43
     Prudential ICICI Mutual Fund

     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 / instalment 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 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 instalments and interest were in default earlier.
           5.     An asset is reclassified as ‘standard asset’ only when both overdue interest and overdue instalments are paid in full and
                  there is satisfactory performance for a subsequent period of 6 months.


44
                                                                                              Prudential ICICI Fixed Maturity Plan – Series 27

(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.
      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.




                                                                                                                                                 45
     Prudential ICICI Mutual Fund


                                                                 SECTION III
                                                  UNITS & THE NEW FUND OFFER

     GENERAL INFORMATION
     a)    Minimum Subscription Amount
           During the New Fund Offer period, the Scheme seeks to raise a minimum subscription of Rs.35 crores.
     b)    New Fund Offer Price
           The corpus of the Scheme will be divided into Units having an initial value of Rs.10 each. Units can be purchased at this
           price during the New Fund Offer Period.
     c)    New Fund Offer Period
           The New Fund Offer Period for the Scheme will be from the commencement of banking hours from _______________ 2006
           to the close of banking hours on _________________ 2006.
     d)    Extension or Termination of New Fund Offer Period
           The Trustee reserves the right to extend the closing date, subject to the condition that the subscription list shall not be kept
           open for more than 30 days.
     e)    Minimum Amount per application
           The minimum application amount for each application available under the Scheme is Rs. 5,000/- and in multiples of Re. 1
           thereafter
     f)    New Fund Offer Expenses
           The entire new fund offer expenses for the Scheme will be borne by the Asset Management Company. Thus, for every
           Rs.100 subscribed, an amount of Rs. 100 will be invested in the Scheme.
           The total new fund offer expenses chargeable to the Scheme as per the current Regulations are subject to a maximum of
           6% of the amount collected during the New Fund Offer Period.
           Estimated new fund offer expenses are proposed to be as under:

             Category of expenses                                                      % to target mobilisation

             Advertisement, Marketing, Printing, Distribution expenses
             and Selling Commissions                                                               5.75
             Collection and Registrar                                                              0.10
             Bank charges & other expenses                                                         0.15
             Total                                                                                 6.00

           The above percentages have been arrived at based on a target mobilisation of Rs. 1 crore under the Scheme. The above
           estimates are subject to change as per actuals.
     g)    Options offered under the Scheme

           Presently, there are Cumulative Option and Dividend Re-investment Option available under the Scheme .The
           Trustee reserves the right to declare dividends under the Dividend Re-investment option. The Scheme may declare dividends
           depending on the net distributable surplus available under the Scheme.

           It should, however, be noted that actual distribution of dividends and the frequency of distribution will depend, inter-alia,
           on the availability of distributable surplus and will be entirely at the discretion of the Trustee. The Dividends declared, if any,
           would be complusarily reinvested into the Scheme.

           The Trustee may, at a later date, decide to introduce any other options under the Scheme, as is considered necessary.

     h)    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.




46
                                                                                             Prudential ICICI Fixed Maturity Plan – Series 27

i)   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 individuals 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
     ●    Army, Air Force, Navy and other para-military funds
     ●    Scientific and Industrial Research Organizations
     ●    Mutual fund Schemes
          Every investor, depending on any of the above category under which he/she/ it falls, is required to provide the relevant
          documents alongwith the application form as may be prescribed by AMC.
j)   How to apply?
     i)   New Fund Offer
          Applications complete in all respects, may be submitted before closure of the New Fund Offer Period at the designated
          branches of collecting bankers, at locations mentioned in the Application Form
          Kindly retain the acknowledgement slip initialled/stamped by the collecting agency.
     (ii) Resident Investors - Mode of Payment
          Investors may make payments for subscription to the Units of the Scheme by local cheque/bank draft, drawn on any
          bank branch which is a member of Bankers Clearing House located in the centre where the application is lodged.
          Cheques/demand drafts should be drawn in favour of “Prudential ICICI Fixed Maturity Plan – Series 27 – Monthly
          Plan” and must be crossed “Account Payee Only”. Cash will not be accepted for subscription. Bank collection
          centres will accept applications only during the New Fund Offer Period.
          Payments by Stock invest and out-station and/or post-dated cheques will not be accepted.
          The Fund will reimburse demand draft charges subject to maximum of Rs. 10,000/- per transaction for purchase of
          units by investors residing at location where the AMC Customer Service Centers/ Collection Centers are not located as
          per 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. 2/- per Rs. 1000/-

          AMC reserves the right to refuse the reimbursement 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 bank 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 reimbursed 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.
                                                                                                                                                47
     Prudential ICICI Mutual Fund

           (iii) 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 cheque 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.
     iv)   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 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.
           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.
           All cheques/drafts should be made out in favour of“Prudential ICICI Fixed Maturity Plan – Series 27 – Monthly
           Plan” as the case may be 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.
     v)    Mode of payment on Non-Repatriation basis
           In case of NRIs/ Persons of Indian origin seeking to apply for Units on a non-repatriation basis, payments may be made by
           cheques/demand drafts drawn out of Non-Resident Ordinary (NRO) accounts/ Non-Resident Special Rupee (NRSR) accounts
           and Non Resident Non-Repatriable (NRNR) accounts payable at the city where the Application Form is accepted.
     vi)   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.
     vii) Application under Power of Attorney/ Body Corporate/ Registered Society/ Trust/ 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.
           In case of an application under the Power of Attorney or by a limited company, body corporate, registered society, trust or
           partnership etc., the relevant Power of Attorney or the relevant resolution or authority to make the application as the case
           may be, or duly certified copy thereof, along with the memorandum and articles of association/bye-laws must be lodged at
           the Registrar’s Office at the time of submission of application.
           In case an investor has issued Power of Attorney (POA) for making investments, 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 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.


48
                                                                                           Prudential ICICI Fixed Maturity Plan – Series 27

viii) 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.
ix)   Nomination Facility
      The Scheme provides for the nomination facility as permitted under the Regulations.
      Nomination Forms are available alongwith the application forms at any of the Customer Service Centres of the AMC.
      It may, however, be noted that in the event of death of the Unitholder and in the event a nominee has been named, the
      nominee shall stand transposed in respect of the Units held by the Unit holder. Such nominee (new Unit holder) will hold the
      Units in trust for and on behalf of the estate of the original Unit holder and his / her legal heirs. Such payments made by the
      AMC shall be full and valid discharge of the AMC / Fund from all further liabilities in respect of the sums so paid.
      The AMC shall have the right to ask for any additional information / documentation as it may deem necessary to satisfy itself
      as to the identity of the Nominee/ Claimant including but not limited to procuring an Indemnity Bond.
      Where the units are held by more than one person jointly, the joint unitholders may together nominate a person in whom
      all the rights in the units shall vest in the event of death of all the joint unit holders.
k)    Issuance of Units
      Subject to receipt of minimum subscription amount, full allotment will be made to all valid applications received during the
      New Fund Offer Period. Allotment of units will be completed not later than 30 days after the close of the New Fund Offer
      Period
l)    Account Statements
      An Account Statement will be sent by ordinary post to each Unitholder, stating the number of Units allotted, not later than
      30 days from the close of New Fund Offer Period. In case the investor provides the e-mail address, the Fund will provide the
      Account Statement only through e-mail message. 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.
      Allotment of Units and despatch of Account Statements to FIIs will be subject to RBI approval.
      Any addition/ deletion of name from the folio of the unitholder is deemed as transfer of units. But the Units of the Scheme
      are not transferable.
      In view of the same, additions/ deletion of names will not be allowed under any folio of the Scheme.
      The above provisions in respect of deletion of names will not be applicable in case of death of unitholder (in respect of joint
      holdings) as this is treated as transmission of units and not transfer.
m) Refunds
      In accordance with the Regulations, if the Scheme fails to collect the minimum subscription amount specified on Page 46,
      the Fund shall be liable to refund the money to the applicants.
      In addition to the above, refund of subscription money to applicants who have not been allotted the Units due to
      oversubscription/ applicants whose applications are invalid for any reason whatsoever will commence immediately after the
      allotment process is completed. Refunds will be completed within six weeks of the close of the New Fund Offer Period. If the
      Fund refunds the amount after six weeks, interest @ 15% per annum shall be paid by the AMC. Refund orders will be
      marked “A/c. Payee only” and drawn in the name of the applicant in the case of sole applicant and in the name of the first
      applicant in all other cases. All refund cheques will be sent by Registered Post A.D.
      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.
n)    Redemption of Units
      The Units can be redeemed (i.e., sold back to the Fund), at the Applicable NAV (hereinafter defined) commencing from not
      later than 30 days after the close of the New Fund Offer Period on the 15th day from the date of allotment. (the stipulated
      date).

                                                                                                                                              49
     Prudential ICICI Mutual Fund

           If this date happens to be the non-business day, repurchase facility would be available on following Business Day of the
           said date.
           Unit holders in amounts can make the Redemption requests, with a minimum of Rs 1,000 and in multiples thereof or 100
           units provided that minimum balance under a particular folio should not fall below Rs. 5,000
           A Unit holder may request redemption of a specified amount or a specified number of Units, (subject to the minimum
           redemption amount as mentioned above) the number of Units specified will be considered for deciding the redemption
           amount. If only the redemption amount is specified by the Unit holder, the Fund will divide the redemption amount so
           specified by the Applicable NAV based price to arrive at the number of Units.
           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.
           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).
                  The redemption will be at Applicable NAV based prices subject to applicable load structure. Please see section “ Load
                  Structure” on page 54 for details of exit load
                  As there is no entry load in the proposed Scheme and the exit load is 2% of the applicable NAV if investments are
                  repurchased before the maturity of the Scheme, the Fund will ensure that the Repurchase Price is not lower than 97%
                  of the NAV and the Sale Price is not higher than 101% of the NAV and will thus ensure that the difference between the
                  repuchase price and the sale price of the unit shall not exceed 7% calculated on the sale price.
           ii)    Applicable NAV
                  i.    Purchases
                        Investors can subscribe to the Units of the Scheme at par during the New Fund Offer Period only.
                        In respect of valid applications received upto closing business hours of the last day of New Fund Offer Period by
                        the Mutual Fund alongwith a local cheque or a demand draft payable at par at the place where the application
                        is received, the units will be issued at par.
                        No applications will be accepted after the cut-off time by the Mutual Fund
                        In respect of valid applications with outstation cheques/ demand drafts not payable at par at the place where the
                        application is received also, the units will be issued at par.
                  ii.   Redemptions
                        In respect of valid applications received upto the cut-off time on the business day on which repurchase facility is
                        provided as prescribed on page no 35 by the Mutual Fund, same day’s closing NAV shall be applicable.
                        No applications will be accepted after the cut-off time on the business day on which repurchase facility is
                        provided by the Mutual Fund, as stated above.
                        Cut-off time for redemptions: 3.00 p.m.
           iii)   Cooling-off period for web based transactions
                  For all web-based transactions under the schemes of Prudential ICICI Mutual Fund, entered through the website of
                  the fund viz. www.pruicici.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 official point of transaction of the AMC as listed in this Offer Document
                  In case the Units are standing in the names of more than one Unitholder, where mode of holding is specified as
                  ‘Jointly’, redemption requests will 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 only to the
                  first-named holder.
50
                                                                                      Prudential ICICI Fixed Maturity Plan – Series 27

      The Unitholder may either request for mailing of the redemption proceeds to his/her address or collection of the same
      from AMC.
      The Units can be redeemed (i.e., sold back to the Fund), at the Applicable NAV (hereinafter defined) commencing from
      not later than 30 days after the close of the New Fund Offer Period on the 15th day from the date of allotment (the
      stipulated date).
v)    Payment of Proceeds
      In respect of valid applications received upto the cut-off time on the business day on which repurchase facility is
      provided as prescribed on page no 35 by the Mutual Fund, same day’s closing NAV shall be applicable.
      Please see page 52 ‘Right to Limit Redemption’ and page 52 ‘Suspension of Sale and Redemption of Units’.
      As per the Regulations, the Fund shall despatch the redemption proceeds within 10 (ten) Business Days from the date
      of acceptance of redemption request at any of official point of transaction of the AMC.
      The Fund will, under normal circumstances, endeavour to dispatch redemption cheques within 1 Business Day from
      the date of acceptance of the redemption request at any of the official point(s) of transaction(s). This service standard
      will apply only at the centers where RBI handles clearing directly and is able to transfer funds from Mumbai on the
      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.
      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 case of fresh investments, the account statement and in case of redemptions the cheque(s) would be sent by courier.
      In case, the courier is returned undelivered; the AMC will send the same by Registered Post A D. The courier and Postal
      Department as the case may be shall be treated as agents of the investor / unitholders. Delivery of the accounts
      statements and cheques to the courier/ Postal Department as the case may be shall be treated as delivery to the
      investor. The Mutual fund/Registrars are not responsible for any delayed delivery or non-delivery of any consequences
      thereof.
      The AMC shall not be liable to pay for the penal interest, in such cases where AMC has handed over the correspondence
      / cheque to courier Agent / Postal Department within the period stipulated in the Offer Document.
      As per the directives issued by SEBI, it is mandatory for applicants to mention their bank account numbers/ PAN no./
      UIN as mandated by SEBI, in their applications for purchase or redemption of Units. If the Unitholder fails to provide the
      Bank mandate/ PAN no./ UIN as mandated by SEBI, 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 Unitholder and
      the provision with respect of penal interest in such cases will not be applicable/ entertained.
      A fresh Account Statement/ Transaction Confirmation Statement will be sent by the Registrar to the redeeming investors,
      indicating the new balance to the credit in the Account.
      The Fund may close a Unitholder’s account if, as a consequence of redemption, the balance falls below Rs.10,000 and
      a period of 30 (thirty) days has elapsed after the issue of notice to the Unitholder by the AMC requesting him to bring
      the amount in the account to the minimum described above and the Unitholder fails to do so.
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.


                                                                                                                                         51
     Prudential ICICI Mutual Fund

                  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 Scheme 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, an investor may be left with Fractional Units. Fractional Units will be computed and accounted for up
                  to two decimal places. 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 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.



52
                                                                                   Prudential ICICI Fixed Maturity Plan – Series 27

xiii) Permanent Account Number (PAN)
    If the application is for 50,000 or more, then the PAN and IT Circle/Ward/District (if available) of the applicant should
    be mentioned and a copy of PAN Card/Form 60 should be attached with the application form. In case of any person
    who does not have a permanent account number shall make a declaration in Form No.60. Any application form
    without these details will not be accepted by the fund.
xiv) Unique Identification Number (UIN)
    As per the directives issued by SEBI, obtaining / quoting UIN has been temporarily suspended. If it is made mandatory
    in future, for applicants who are termed as specified investor, to quote UIN (Unique Identification Number) (allotted
    under SEBI MAPIN Regulation) in the application form, any application form without these details may not be accepted
    by the fund.
xv) 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.




                                                                                                                                      53
     Prudential ICICI Mutual Fund


                                                               SECTION IV
                                             LOAD STRUCTURE, FEES AND EXPENSES

     A)    LOAD STRUCTURE OF THE SCHEME
           i) Entry Load: Being a close ended Schme; investors can subscribe to the units of the Scheme during the New Fund
              Offer Period only. Presently, the Trustees do not intend to charge any entry load on subscription received.
           ii)    Exit Load: The investors may redeem the units on the stipulated dates on which Repurchase facility is provided, at
                  NAV based prices (Please refer to “Redemption Price” on page 50), subject to exit load provisions.
                  For the present, redemptions made on maturity, do not attract any exit load.
                  It is proposed to charge an exit load for the present at 2.00% on the amount sought to be redeemed by the Unit
                  holders under the Scheme for the redemptions made before the Maturity Date i.e redemptions made during the
                  repurchase facility period.
                  All loads including CDSC for the scheme shall be maintained in a separate account and may be utilised
                  towards meeting the selling and distribution expenses. Any surplus in this account may 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:
           i)     New Fund Offer Expenses
                  The total new fund offer expenses chargeable under Scheme as per the current Regulations are subject to a maximum
                  of 6% of the amount collected during the New Fund Offer Period. The entire new fund offer expenses under the
                  Scheme will be borne by the Asset Management Company.
           ii)    Estimated Recurring Expenses
                    Description                                                            (% per annum of average net assets)
                    Investment Management Fee                                                                1.00
                    Trustee Fee                                                                              0.05
                    Custodian Fee                                                                            0.20
                    Marketing & Selling                                                                      0.47
                    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                                                                           0.04
                    Total Recurring Expenses                                                                 2.25
                  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
                            2.25%                    2.00%                           1.75%                          1.50%
                  Subject to Regulations, expenses over and above the prescribed limit shall be borne by the Asset Management
                  Company.
54
                                                                                                                    Prudential ICICI Fixed Maturity Plan – Series 27

C)   NEW FUND OFFER EXPENSES OF THE PAST SCHEMES
     During the last one fiscal year, ICICI Mutual Fund launched Prudential ICICI Fixed Maturity Plan Series 25 – Quarterly Plan,
     Prudential ICICI Discovery Fund, Prudential ICICI Fixed Maturity Plan Series 25 – 15 Months Plan, Prudential ICICI Fixed
     Maturity Plan – Series 26 – Quarterly Plan, Prudential ICICI Fixed Maturity Plan – Series 25 – Yearly Plan, Prudential ICICI
     Long Term Floating Rate Plan, Prudential ICICI Emerging S.T.A.R. (Stock Targeted At Returns) Fund and Prudential ICICI Plan
     I (a close ended scheme) on, August 10, 2004, August 16, 2004, August 17, 2004, August 31, 2004, September 9, 2004,
     September 15, 2004, October 28, 2004 and March 24, 2005 respectively.
     New Fund Offer Expenses – Comparison Of Estimated To Actual
     The New Fund Offer Expenses relating to Prudential ICICI Fixed Maturity Plan Series 25 – Quarterly Plan, Prudential ICICI
     Discovery Fund, Prudential ICICI Fixed Maturity Plan Series 25 – 15 Months Plan, Prudential ICICI Fixed Maturity Plan – Series
     26 – Quarterly Plan, Prudential ICICI Fixed Maturity Plan – Series 25 – Yearly Plan, Prudential ICICI Long Term Floating Rate
     Plan and Prudential ICICI Plan I were borne by the AMC.
                                    Emerging S.T.A.R       Blended Plan – Plan A        Blended Plan – Plan B        Infrastructure Fund           Services Industries Fund
       Description             Estimated –    Actuals – Estimated –        Actuals – Estimated –      Actuals –    Estimated –     Actuals – Estimated –         Actuals –
                                     % to        % to         % to            % to         % to           % to           % to         % to         % to             % to
                                    Target     Subscri-      Target         Subscri-      Target       Subscri-         Target      Subscri-      Target          Subscri-
                                   Amount        ption      Amount            ption      Amount          ption         Amount         ption      Amount             ption

       Advertising,
       printing and other
       marketing expenses               *       0.0000            *         0.0922               *      0.0921               *       0.2063                 *      0.3615

       Collection, Registrar
       and Bank charges                 *       0.0300            *         0.0020               *      0.0028               *       0.0414                 *      0.0379

       Selling Commissions              *       0.2700            *         0.0000               *      0.0000               *       0.7264                 *      0.6787
       Total                       3.7500       0.3000       3.7500         0.0942       3.7500         0.0950         3.7500        0.9741           3.7500       1.0782

       Target Amount/
       Amount Mobilised         Rs.1 Lakh    Rs.198.38    Rs.1 Lakh   Rs. 963.80       Rs.1 Lakh     Rs.365.07       Rs.1 Lakh Rs. 1397.92          Rs.1 Lakh Rs. 656.57
                                                 crores                    crores                        crores                      crores                        crores

     Note:
     * The New Fund Offer expenses charged to the Scheme, as per Offer Document were limited to 3.75% of the amount mobilized during the New Fund Offer
       Period

     iii)      Condensed Financial Information:
               a)    Condensed Financial Information for the period ended March 31, 2003.
                                                              Monthly          Fixed Maturity            Fixed Maturity      Fixed Maturity                 Gilt Treasury
                                                          Income Plan            Plan – Qtly 1       Plan – Half Yearly 1    Plan – Yearly 1         1 Year Plus Plan***
       Historical Per Unit Statistics
       Date of Allotment                                  November 10,           December 20,              December 20,          December 20,                    April 30,
                                                                2000                    2000                      2000                  2000                        2001

       NAV at the beginning of the year (Rs.)

       Growth Option                                           11.7643                11.2079                     11.1988            11.2644                             -

       Dividend Option                                                 -              10.0378                     10.2373            10.1970                      10.0213
       Monthly Option                                          10.1792                       -                           -                                               -

       Quarterly Option                                        10.2228                       -                           -                     -                         -

       Half Yearly Option                                      10.2187                       -                           -                     -                         -

       Net Income per unit                                         1.02                  0.14                        5.90                  13.82                      N.A.
       Dividends                                                                             -                           -                     -                         -

       Monthly option                                           0.6692                       -                           -                     -                         -

       Quarterly option                                         0.6963                       -                           -                     -                         -

       Half-Yearly Option                                       0.7346                       -                           -                     -                         -
       Transfer to Reserves                                            -                     -                           -                     -                         -

       Compounded Annualised Returns
       (Based on NAVs of Growth Option)                        10.69%                  7.99%                       7.97%               8.27%                             -

       Benchmark Index                                        Crisil MIP                    $                           $                     $                          -
                                                          Blended Index

       Return compared to Benchmark Index                        1.60%                       #                          #                     #                          -
       Net Assets end of period (Rs. Crore)                     275.36                  34.98                        0.51                   0.43                         -


                                                                                                                                                                              55
     Prudential ICICI Mutual Fund


                                                                     Monthly          Fixed Maturity            Fixed Maturity         Fixed Maturity              Gilt Treasury
                                                                 Income Plan            Plan – Qtly 1       Plan – Half Yearly 1       Plan – Yearly 1      1 Year Plus Plan***
             NAV at the end of the period
             Growth Option                                               12.7427             11.9131                     11.9083               11.9840                            -
             Dividend Option                                                   -             10.6695                     10.8855               10.8482                            -

             Monthly Option                                              10.3323                    -                          -                        -                         -

             Quarterly Option                                            10.3550                    -                          -                        -                         -

             Half Yearly Option                                          10.3177                    -                          -                        -                         -
             Institutional Option – Monthly Dividend                                         10.6701

             Ratio of Recurring Exps to Net Assets                        1.58%                0.55%                      0.55%                  0.60%                      0.30%

             Ratio of Recurring Exps to Net Assets-
             Institutional Plan- Annualised                                                    0.25%



                                            Fixed              Fixed               Fixed        Fixed           Fixed        Fixed      Child                 Child          Short
                                         Maturity           Maturity           Maturity      Maturity        Maturity     Maturity Care Plan -          Care Plan -      Term Plan
                                            Plan –             Plan –             Plan –       Plan –          Plan –       Plan –        Gift               Study
                                       Quarterly 2        Quarterly 3      Half Yearly 2     Yearly 2        Yearly 3     Yearly 4    Option               Option
             Historical Per
             Unit Statistics

             Date of Allotment          January 22,       February 20,        March 22,      March 22,        June 21,     Sept 20, August 31,          August 31, October 25,
                                              2001               2001             2001           2001            2001         2001      2001                2001         2001

             NAV at the beginning
             of the year (Rs.)                                                                                                               11.16            10.89
             Growth Option                  11.0390          11.0555               10.8363    11.0292         10.6753      10.4381        10.3915

             Dividend Option                10.1450          10.0855               10.0388    10.0110         10.6753      10.4381                  -               -      10.0433

             Net Income per unit                3.00             1.69                 2.25       0.61            0.69       269.99             0.20             0.57          1.14

             Dividends                       0.1847            0.1788                    -              -            -             -               -                -       0.0924
             Transfer to Reserves                     -              -                   -              -            -             -                -               -             -

             Compounded
             Annualised Returns
             (Based on NAVs
             of Growth Option)               7.68%             7.86%                6.84%      8.44%           8.22%        7.48%           4.16%            8.76%          8.47%

             Benchmark Index                         $              $                   $           $               $              $           Crisil           Crisil       Crisil
                                                                                                                                          Balanced               MIP     Composite
                                                                                                                                               Fund         Blended          Bond
                                                                                                                                              Index            Index         Fund

             Return compared to
             Benchmark Index                         $              $                   $           $               $              $       -0.76%           -1.88%         -2.49%
             Net Assets end of
             period (Rs. Crore)                 0.92             5.51                 0.04      10.51           20.41         0.01           10.72            12.36        1078.83

             NAV at the end of
             the period                                                                                                                      10.67            11.42

             Growth Option                  11. 7551         11.7293               11.4328    11.7817         11.5055      11.1635        11.2323

             Dividend Option                10.6074          10.5122               10.5916    10.6939         11.5055      11.1635                  -               -      10.7561
             Institutional
             Option Growth                            -              -                   -              -            -             -               -                -      11.2345

             Ratio of Recurring
             Exps to Net Assets              0.55%             0.55%                0.55%      0.60%           0.60%        0.60%           2.00%            1.50%          1.00%

             Ratio of Recurring
             Exps to Net Assets-

             Institutional Plan-
             Annualised                               -              -                   -              -            -             -               -                -       0.80%




56
                                                                                                Prudential ICICI Fixed Maturity Plan – Series 27


                                 Fixed Maturity          Index Fund         Long term       Sweep Plan      Fixed Maturity      Fixed Maturity
                                 Plan – Yearly 5                                  Plan                      One Year Plan –    One Year Plan –
                                                                                                                   Series 6            Series 7
Historical Per Unit Statistics

Date of Allotment                March 22, 2002    February 26, 2002    March 28, 2002    March 6, 2002       June 28, 2002    August, 19, 2002

NAV at the beginning of
the year (Rs.)                                               9.5200                            10.0520                    #                   #

Growth Option                           10.0354                               10.0096

Dividend Option                                -                    -                 -                 -                  -                   -
Net Income per unit                        0.85               (0.44)              0.79              0.20               0.66                0.32

Dividends                                      -                    -                 -                 -                  -                   -

Transfer to Reserves                           -                    -                 -                 -                  -                   -

Compounded Annualised
Returns (Based on NAVs
of Growth Option)                        8.43%             -15.45%            13.52%             5.15%              6.55%*             3.14%*
Benchmark Index                               $                 Nifty            Crisil            Crisil                 $                   $
                                                                            Composite            Liquid
                                                                            Bond Fund        Fund Index

Return compared to
Benchmark Index                               #              0.89%              3.16%           -1.10%                    #                   #

Net Assets end of period
(Rs. Crore)                               93.77               13.51            234.34             22.86              139.96                1.27

NAV at the end of the period                                 8.3278           11.3634          10.5508              10.6555            10.3140
Growth Option                           10.8643                     -                 -                 -                  -                   -

Dividend Option                         10.8643                     -                 -                 -                  -                   -

Ratio of Recurring Exps to
Net Assets                               0.60%               1.25%              0.60%            1.03%               0.60%              0.60%

Ratio of Recurring Exps to
Net Assets-
Institutional Plan- Annualised                 -                    -                 -                 -                  -                   -

                                 Fixed Maturity            Flexible          Dynamic              SPICE     Fixed Maturity            Floating
                                         Plan –        Income Plan              Plan                        Plan – Yearly 12         Rate Plan
                                    Yearly 8***
Historical Per Unit Statistics

Date of Allotment                 September 17,       September 27,        October 31,      January 10,           March 21,          March 29,
                                         2002                 2002               2002             2003                2003               2003
NAV at the beginning of the
year (Rs.)                                    #                    #                 #                 #                  #                   #
Net Income per unit                          NA                 0.73             (0.15)           (0.04)               0.01               0.004
Dividends                                      -                    -                 -                 -                  -                   -
Transfer to Reserves                           -                    -                 -                 -                  -
Compounded Annualised
Returns (Based on NAVs
of Growth Option)                            Nil            7.74%*            2.80%*           -9.40%*              0.19%*             0.05%*
Benchmark Index                               $          I-Sec Si-Bex             Nifty         SENSEX                    $        CRISIL Liquid
                                                                                                                                    Fund Index
Return compared to
Benchmark Index                               #              4.20%              0.14%           -0.16%                    #                 @@
Net Assets end of period
(Rs. Crore)                                0.00              587.77              78.31            19.35               42.23             528.11
NAV at the end of the period                   -            10.7745           10.2799          30.4342                                 10.0046
Growth Option                                                                                                       10.0191
Dividend Option                                -                    -                 -                 -                  -                   -
nstitutional Option Growth                                                                                          10.0208
Ratio of Recurring Exps to
Net Assets                               0.60%               1.00%              2.00%            0.80%               0.75%              0.75%
Ratio of Recurring Exps to
Net Assets-
Institutional Plan-
Annualised                                                          -                 -                 -            0.20%                     -

                                                                                                                                                   57
     Prudential ICICI Mutual Fund

     Notes:
     1.    Returns since inception are for the growth plan in each case.
     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, 2003.
     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, 7, 8, Fixed Maturity Plan – Yearly 12, Prudential ICICI Flexible Income Plan, Prudential ICICI Dynamic Plan, SENSEX
                   Prudential ICICI Exchange Traded Fund and Prudential ICICI Floating Rate Plan 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
           ***     All the units holders under the schemes- Prudential ICICI Gilt Fund Treasury 1 Year Plus Plan and Prudential ICICI Fixed Maturity Yearly Plan Series 8 have
                   redeemed their unit holdings and units are nil as on 31/03/03
           #       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.
           @@      Since the units under Scheme were allotted on March 29, 2003 the return compared to Benchmark Index detail is not provided.

     b)    Condensed Financial Information for the period ended March 31, 2004
                                                                  Fixed Maturity                 Fixed Maturity                 Child Care Plan –            Child Care Plan –
                                                                 Plan – Yearly 3^               Plan – Yearly 4^                     Gift Option                Study Option
               Historical Per Unit Statistics
               Date of Allotment                                    June 21, 2001                   Sept 20, 2001                 August 31, 2001              August 31, 2001
               NAV at the beginning of the year (Rs.)                                                                                       10.67                            11.42
               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 Index                                                    $                                 $                        Nifty                       Crisil MIP
                                                                                                                                                                     Blended Index
               Return compared to Benchmark Index                                 $                                 $                      1.81%                            5.02%
               Net Assets end of period (Rs. Crore)                            N.A                            N.A.                          25.10                            21.87
               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 Term         Fixed            Index         Long term      Sweep                Fixed           Fixed
                                                                             Plan      Maturity            Fund               Plan       Plan           Maturity        Maturity
                                                                                         Plan –                                                         One Year        One Year
                                                                                       Yearly 5                                                            Plan –          Plan –
                                                                                                                                                       Series 6 @       Series 7^
               Historical Per Unit Statistics
               Date of Allotment                                      October 25,      March 22,    February 26,        March 28,     March 6,            July 21,     August, 19,
                                                                            2001           2002            2002             2002         2002               2003            2002
               NAV at the beginning of the year (Rs.)                                                    8.3278                       10.5508            10.6555          10.3140
               Growth Option                                              11.2323       10.8643                 -         11.3634              -                 -                -
               Dividend Option                                            10.7561               -               -                 -            -                 -                -
               Institutional Option - Growth                              11.2345               -               -                 -            -                 -                -
               @@ Net Income per unit                                       1.1672       0.4563          1.9315            1.2781       0.2800         1,269.5603              NA
               Dividends                                                    0.8039              -               -                 -            -                 -                -
               Fortnightly Dividend Option                                  0.5644              -               -                 -            -                 -                -
               Institutional Fortnightly Dividend Option                    0.5995              -               -                 -            -                 -                -
               Institutional Dividend Option                                0.6027              -               -                 -            -                 -                -
               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 Term                                      Composite        Liquid
                                                                        Bond Fund                                       Bond Fund         Fund
                                                                                                                            Index
               Return compared to Benchmark Index                           0.51%              $         1.13%              0.12%      -0.45%                   $                $

58
                                                                                                                 Prudential ICICI Fixed Maturity Plan – Series 27


                                                          Short Term            Fixed            Index      Long term           Sweep             Fixed            Fixed
                                                                 Plan        Maturity             Fund            Plan            Plan        Maturity         Maturity
                                                                               Plan –                                                         One Year         One Year
                                                                             Yearly 5                                                            Plan –           Plan –
                                                                                                                                             Series 6 @        Series 7^

Net Assets end of period (Rs. Crore)                        1,176.93              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                     -             -               -               -                 -              -

Institutional Option Growth                                  11.9703                     -             -               -               -                 -              -
Institutional Option - Dividend                              10.8415

Institutional Fortnightly Option –Dividend                   10.8443                     -             -               -               -                 -              -

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%                      -             -               -               -                 -              -



                                               Flexible    Flexible          Dynamic           SPICE           Fixed        Floating             Fixed             Fixed
                                                Income      Income              Plan                       Maturity             Rate         Maturity           Maturity
                                                   Plan         Plus                                          Plan –            Plan        Plan – NRI        Plan – NRI
                                                              Plan^                                        Yearly 12                        Series 4 –         Series – 4
                                                                                                                                           Half Yearly       Quarterly ^
Historical Per Unit Statistics
Date of Allotment                      September 27,       May 22,         October 31, January 10,         March 17,       March 28,       October 21,        October 21,
                                               2002          2003                2002        2003              2003            2003              2003               2003

NAV at the beginning of
the year (Rs.)                                 10.7745            #           10.2799        30.4342                        10.0046                 #                  #

Growth Option                                         -            -                 -             -        10.0191                -                 -                  -
Institutional Option - Growth                         -            -                 -             -        10.0208                -                 -                  -

@@ Net Income per unit                          1.4298         N.A.            8.6880        19.3355         0.6369          0.1441            0.2498               N.A.

Dividends                                       0.1200             -                 -             -               -         0.0182                               0.1090

Dividend Option (Quarterly)                     0.4000
Divide4nd Option (fortnightly)                                                                                                     -                 -                  -

Transfer to Reserves                                  -            -                 -             -               -               -                 -                  -

Compounded Annualised Returns
(Based on NAVs of Growth Option)               12.48%          N.A.           55.75%         52.60%           5.97%         *5.04%            *2.50%                N.A.

Benchmark Index                                   I-Sec        N.A.              Nifty          BSE               $           CRISIL                $                  $
                                             Composite                                       SENSEX                           Liquid
                                                 Index                                                                         Fund
Return compared to
Benchmark Index                                -2.26%          N.A.            1.06%          1.60%               $           0.66%                 $                  $

Net Assets end of period
(Rs. Crore)                                     822.16         N.A.            109.35          15.67          44.90          512.71             65.10               N.A.

NAV at the end of the period                                   N.A.                  -       56.2998               -               -          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 Growth                           -            -                 -             -        10.6762                -                 -                  -

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%                -




                                                                                                                                                                            59
     Prudential ICICI Mutual Fund


                                                                         Fixed           Gilt Fund                 Fixed              Fixed         Gilt Fund            Income
                                                                     Maturity          Investment              Maturity           Maturity           Treasury          Multiplier
                                                                   Plant – NRI           Plan – PF            Plan – NRI               Plan         Plan – PF               Fund
                                                                    Series 6 –             Option             Series 8 –          Series 23            Option
                                                                   Quarterly^                                Quarterly^
              Historical Per Unit Statistics
              Date of Allotment                                 November 21,          November 19,          December 17,       December 15,       February 11,         March 30,
                                                                       2003                  2003                  2003               2003               2004              2004

              NAV at the beginning of the year (Rs.)                         #                    #                    #                 #                      #              #

              @@ Net Income per unit                                        NA              0.1975                   NA             0.1635             0.0435             -0.0132

              Dividends                                                0.1103                      -             0.1121                      -                  -                  -
              Option A                                                        -                    -                   -            0.1375                      -                  -

              Transfer to Reserves                                            -                    -                   -                     -                  -                  -

              Compounded Annualised Returns
              (Based on NAVs of Growth Option)                             NA              *2.91%                    NA             *1.53%            *1.63%             *-0.76%

              Benchmark Index                                                $          I-Sec Li Bex                   $                 $         I-Sec Si Bex            CRISIL
                                                                                                                                                                       Composite
                                                                                                                                                                       Bond Fund
                                                                                                                                                                            Index
              Return compared to Benchmark Index                             $              0.36%                      $                 $             0.64%              -0.80%

              Net Assets end of period (Rs. Crore)                         NA               111.14                   NA               66.04             43.31             238.70

              NAV at the end of the period                                 NA             10.2906                    NA            10.1633             9.9240

              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 –        Aggressive             Cautious        Moderate             Very                 Very
                                                       Series 24 –     Series 24 –              Plan                 Plan            Plan        Aggressive            Cautious
                                                           Yearly       Quarterly                                                                      Plan                Plan
              Historical Per Unit Statistics
              Date of Allotment                         March 20,       March 20,       December 18,         December 18, December 18, December 18,                 December 18,
                                                            2004            2004               2003                 2003         2003         2003                         2003

              NAV at the beginning of the year (Rs.)              #               #                     #                  #             #                 #                  #

              @@ Net Income per unit                        0.0174         0.0163              0.0712              0.1110           0.0502           0.3141              0.2754
              Dividends                                           -               -                     -                  -             -                  -                  -

              Transfer to Reserves                                -               -                     -                  -             -                  -                  -

              Compounded Annualised Returns
              (Based on NAVs of Growth Option)             *0.18%         *0.17%             *-0.02%              *2.75%           *1.64%          *-1.41%               *1.42%

              Benchmark Index                                     $               $                    $$              $$               $$                $$                 $$
              Return compared to Benchmark Index                  $               $           -1.07%               1.53%            0.55%           -2.34%                0.20%

              Net Assets end of period (Rs. Crore)           71.09           91.95              30.12              130.00            49.39            28.41                25.24

              NAV at the end of the period                10.0176         10.0169              9.9982             10.2753          10.1643           9.8586             10.1419

              Dividend Plan – NRI Option                          -               -            9.5898              9.9692           9.7985                  -                  -
              Ratio of Recurring Exps to Net Assets         0.20%           0.22%              0.53%               0.33%            0.43%            0.66%                0.19%


     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.

60
                                                                                                                  Prudential ICICI Fixed Maturity Plan – Series 27

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:

       Benchmark Indices                          Aggressive Plan            Cautious Plan           Moderate Plan          Very Aggressive          Very Cautious
                                                                                                                                       Plan                   Plan
       Nifty                                                65 %                       20%                      50 %                    90 %                      NA

       Crisil Composite Bond Fund Index                       30%                      60 %                     35 %                       NA                   40%

       Crisil Liquid Fund Index                               5%                       20 %                     15 %                    10 %                    60%


     c)        Condensed Financial Information for the period ended March 31, 2005
                                                                 Child Care Plan-      Child Care Plan-     Short Term Plan        Index Fund        Long term Plan
                                                                        Gift Plan           Study 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/Plan B Dividend Option                                                            0.4865
       Fortnightly Dividend Option                                                                                     0.4839
       Institutional Fortnightly Dividend Option                                                                       0.5204
       Compounded Annualised Returns (Based on NAVs
       of Growth Option)                                                  26.86%                12.11%                 6.91%            19.24%               10.93%
       Benchmark Index                                                        Nifty            Crisil MIP                Crisil            Nifty                Crisil
                                                                                                Blended            Short term                              Composite
                                                                                                   Index           Bond 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
       Growth Option / Plan A                                                23.46              15.0645               12.5777          17.2347               13.6654
       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
       Ratio of Recurring Exps to Net Assets for
       Regular Plans/Plan A %                                                 2.00                  1.50                  1.00              1.25                 0.60
       Ratio of Recurring Exps to Net Assets for
       Institutional Plans/Plan B %                                                                                        0.8
       Transfer to Reserves                                                     Nil                   Nil                   Nil               Nil                  Nil


                                                                                                                                                                           61
     Prudential ICICI Mutual Fund


                                                                           Sweep Plan                Fixed Maturity            Flexible Income           Dynamic Plan
                                                                                                    One Year Plan –                        Plan
                                                                                                         Series 6 @
             Historical Per Unit Statistics

             ate 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 on NAVs of Growth Option)                                    4.22%                         3.43%                    8.14%                 50.56%

             Benchmark Index                                           Crisil Liquid Fund                           $         CRISIL Composite                   Nifty
                                                                                                                                     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 for
             Regular Plans/Plan A %                                                   1.00                       0.25                     1.00                   2.42

             Transfer to Reserves                                                      Nil                         Nil                      Nil                    Nil



                                                                         SENSEX                Gilt Fund            Gilt Fund             Income                Fixed
                                                                 Prudential ICICI            Investment              Treasury            Multiplier         Maturity
                                                                       Exchange                 Plan – PF           Plan – PF                Fund               Plan –
                                                                    Traded Fund                   Option               Option                              Series 24 –
                                                                                                                                                               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 (Rs.)                      56.2998                10.2906                  10.1633              9.924          10.0176

             @@ Net Income per unit                                       830.77                     0.18                   0.21                  0.45           0.25
             Compounded Annualised Returns
             (Based on NAVs of Growth Option)                            35.34%                   3.08%                   3.93%            *8.84%             *5.14%

             Benchmark Index                                         BSE SENSEX               I-Sec Li Bex         I-Sec Si Bex           Crisil MIP                $
                                                                                                                                      Blended Index

             Return compared to Benchmark Index                           0.74%                   3.48%                  -0.97%              7.50%                  $

             Net Assets end of period (Rs. Crore)                            0.55                 118.23                  111.20            128.08             142.77
             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 Assets for
             Regular Plans/Plan A %                                          0.80                    1.10                   1.50                  2.15           0.20

             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




62
                                                                                     Prudential ICICI Fixed Maturity Plan – Series 27


                                                        Advisor         Advisor       Advisor             Advisor          Advisor
                                                        Series –       Series –       Series –           Series –          Series –
                                                      Aggressive       Cautious      Moderate      Very Agressive    Very Cautious
                                                            Plan           Plan           Plan               Plan              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.)                    9.9982        10.2753        10.1643             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
(Based on NAVs of Growth Option)                         13.81%          5.86%           8.58%            17.45%             4.69%

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 for
Regular Plans/Plan A %                                      0.55           0.35            0.45              0.70              0.20
Transfer to Reserves                                          Nil            Nil             Nil               Nil               Nil

                                                       Discovery          Fixed           Fixed            Fixed             Fixed
                                                            Fund      Maturity        Maturity         Maturity          Maturity
                                                                          Plan –          Plan –           Plan –            Plan –
                                                                     Series 25 –     Series 25 –      Series 25 –       Series 26 –
                                                                    Quarterly @    (15 months)            Yearly       Quarterly @

Historical Per Unit Statistics

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, any)                        0.2656                                             0.2522

Compounded Annualised Returns
(Based on NAVs of Growth Option)                        *33.30%         *3.44%         *3.03%             *2.67%           *3.04%

Benchmark Index                                     S&P CNX 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
Regular Plans/Plan A %                                      2.41           0.15            0.60              0.40              0.15

Ratio of Recurring Exps to Net Assets for
Institutional Plans/Plan B %                                                               0.25
Ratio of Recurring Exps to Net Assets for
Institutional Plus Plan/Plan C %

Transfer to Reserves                                          Nil            Nil             Nil               Nil               Nil




                                                                                                                                        63
     Prudential ICICI Mutual Fund


                                                                            Emerging S.T.A.R          Fixed Maturity     Fixed Maturity     Prudential ICICI
                                                                            (Stocks Targeted                  Plan –             Plan –              Plan I
                                                                            At Returns) Fund              Series 5 @        Series 12 @
             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 tax if, any)                                                 0.4400
             Compounded Annualised Returns
             (Based on NAVs of Growth Option)                                         *18.20%                  1.53%             1.55%                0.16%
             Benchmark Index                                                    CNX Nifty Junior                    $                $      Crisil Composite
                                                                                                                                            Bond Fund Index
             Return compared to Benchmark Index                                         -4.38%                      $                $            0.05757%
             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 Assets for
             Regular Plans/Plan A %                                                         2.42                 0.46              0.67                 0.45
             Ratio of Recurring Exps to Net Assets for
             Institutional Plans/Plan B %                                                                        0.25              0.32                 0.25
             Transfer to Reserves                                                            Nil                   Nil              Nil                   Nil


                                                                                                   Floating Rate Plan          Long Term Floating 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 Option                                              0.4812                                   0.10
             Dividend Option Institutional Plus/Plan C Dividend option                                         0.3308
             Institutional Plus Daily/Plan C Dividend Daily                                                    0.3122
             Institutional Option Div (daily)/Plan B Dividend Daily                                            0.3075
             Dividend Option Daily/Plan A Dividend Daily                                                       0.2941
             Compounded Annualised Returns (Based on NAVs of Growth Option)                                    4.95%                                  2.65%
             Benchmark Index                                                                        CRISIL Liquid Fund               CRISIL Liquid 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 Dividend                                            10.0012
             Institutional Plus Dividend daily / Plan C Daily Dividend                                       10.0013
             Ratio of Recurring Exps to Net Assets for Regular Plans/Plan A %                                    1.00                                   1.25
             Ratio of Recurring Exps to Net Assets for Institutional Plans/Plan B %                              0.75                                   0.75
             Ratio of Recurring Exps to Net Assets for Institutional Plus Plan/Plan C %                          0.65                                   0.75
             Transfer to Reserves                                                                                  Nil                                    Nil



64
                                                                                                                          Prudential ICICI Fixed Maturity Plan – Series 27

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 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 Aggressive                Very Cautious
         Indices                                              Plan                        Plan                   Plan                        Plan                         Plan
         Nifty                                                70 %                        15%                     40 %                          90 %                       NA

         Crisil Composite Bond Fund Index                      25%                        70 %                    40 %                           NA                      30%

         Crisil Liquid Fund Index                               5%                        15 %                    20 %                          10 %                     70%


d)   Condensed Financial Information for the period ended February 24, 2006. **
                                                                                                   Floating         Gilt Fund       Gilt Fund      Income                Fixed
                                                                                                  Rate Plan       Investment        Treasury      Multiplier         Maturity
                                                                                                                    Plan – PF       Plan – PF         Fund               Plan –
                                                                                                                      Option          Option                        Series 24 –
                                                                                                                                                                        Yearly
         Historical Per Unit Statistics
         Date of Allotment                                                                        28-Mar-03         19-Nov-03       11-Feb-04     30-Mar-04          20-Mar-04

         NAV at the beginning of the year (Rs.)

         Growth Option / Plan A                                                                     10.3193           10.4224        10.4466           10.8862         10.5308
         Dividend Option /Plan A                                                                    10.0069                                            10.8862

         Institutional Growth / Plan B                                                              11.0208

         Institutional Dividend / Plan B                                                            10.0438

         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 Dividend                                       10.0012

         Institutional Plus Dividend daily / Plan C Daily Dividend                                  10.0013
         Net Income per unit                                                                         0.6451             0.5992         0.4738           0.9655          0.4807

         Dividends (inclusive of distribution tax if, any)

         Dividend Option/Plan A Dividend                                                             0.4643                                             0.5000

         Dividend Option Institutional/Plan B Dividend Option                                        0.4884
         Dividend Option Institutional Plus/Plan C Dividend option                                   0.4954

         Dividend Option Super Institutional Plus/Plan D Fortnightly Dividend option                 0.1453

         Super Institutional Plus Daily/Plan D Dividend Daily                                        0.1580

         Institutional Plus Daily/Plan C Dividend Daily                                              0.5022

                                                                                                                                                                                    65
     Prudential ICICI Mutual Fund


                                                                                                    Floating        Gilt Fund           Gilt Fund        Income                  Fixed
                                                                                                   Rate Plan      Investment            Treasury        Multiplier           Maturity
                                                                                                                     Plan – PF          Plan – PF           Fund                 Plan –
                                                                                                                       Option             Option                            Series 24 –
                                                                                                                                                                                Yearly
             Institutional Option Div (daily)/Plan B Dividend Daily                                  0.4843

             Dividend Option Daily/Plan A Dividend Daily                                             0.4798

             Compounded Annualised Returns (Based on NAVs of Growth Option)                          5.16%                3.80%              3.89%        13.48%                5.42%
             Benchmark Index                                                                        CRISIL            I-Sec Li Bex     I-Sec Si Bex      Crisil MIP                  $
                                                                                               Liquid Fund                                                Blended
                                                                                                                                                             Index

             Return compared to Benchmark Index                                                      0.53%                -0.53%            -1.01%         7.08%                     $

             Net Assets end of period (Rs. Crore)                                                   2061.95                85.72              75.85        248.26                74.76

             NAV at the end of the period
             Growth Option / Plan A                                                                 10.8170              10.8822            10.8093       12.7267              11.0744

             Dividend Option /Plan A                                                                10.0142                                               12.1679

             Quarterly Option

             Institutional Growth / Plan B                                                          11.5783
             Institutional Dividend / Plan B                                                        10.0514

             Institutional Plus Growth Option / Plan C                                              10.8765

             Institutional Plus Dividend / Plan C                                                   10.0146

             Daily Dividend / Plan A Daily Dividend                                                 10.0020
             Institutional Dividend Daily / Plan B Daily Dividend                                   10.0020

             Institutional Plus Dividend daily / Plan C Daily Dividend                              10.0020

             Super Institutional Plus /Plan D Growth                                                10.1619

             Super Institutional Plus /Plan D Dividend                                              10.0139
             Super Institutional Plus /Plan D Daily Dividend                                        10.0000

             Ratio of Recurring Exps to Net Assets for Regular Plans/Plan A %                          1.00                  1.10              1.50           2.13                0.20

             Ratio of Recurring Exps to Net Assets for Institutional Plans/Plan B %                    0.75

             Ratio of Recurring Exps to Net Assets for Institutional Plus Plan/Plan C %                0.65
             Ratio of Recurring Exps to Net Assets for Super Institutional Plan/Plan D %               0.50

             Transfer to Reserves                                                                        Nil                   Nil              Nil                Nil              Nil


                                                                                    Advisor              Advisor             Advisor                  Advisor                  Advisor
                                                                                    Series –            Series –             Series –                Series –                  Series –
                                                                                  Aggressive            Cautious            Moderate           Very Agressive            Very Cautious
                                                                                        Plan                Plan                 Plan                    Plan                      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                                                          3.1731          1.4716               2.4839                   5.9484                  0.3758
             Compounded Annualised Returns
             (Based on NAVs of Growth Option)                                          26.48%             9.01%               18.32%                   34.99%                   4.92%
             Benchmark Index                                                                 $$                 $$                    $$                     $$                     $$
             Return compared to Benchmark Index                                        34.34%            10.28%               21.25%                   43.19%                   4.06%
             Net Assets end of period (Rs. Crore)                                           8.08               9.46             10.30                      7.40                  11.52
             NAV at the end of the period
             Growth Option / Plan A                                                    16.7250           12.0783              14.4516                  19.2847                 11.1079
             Dividend Option /Plan A                                                   16.7250           12.0783              14.4516                  19.2847                 11.1079
             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


66
                                                                                                            Prudential ICICI Fixed Maturity Plan – Series 27


                                                                  Discovery Fund                Long Term        Fixed Maturity Plan      @ FIxed Maturity
                                                                                        Floating Rate Plan       Series 25-15 months       Plan Series 25 -
                                                                                                                                                    Yearly
Historical Per Unit Statistics

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

NAV at the beginning of the year (Rs.)

Growth Option / Plan A                                                        13.33               10.2649                     10.3025

Dividend Option /Plan A                                                       13.33               10.0148

Institutional Growth / Plan B                                                                     10.2921                     10.3248

Institutional Dividend / Plan B                                                                   10.0105

Net Income per unit                                                       3.2351                   0.6998                      0.3249               0.1097

Dividends (inclusive of distribution tax if, any)

Dividend Option/Plan A Dividend                                                2.50                0.4032

Dividend Option Institutional/Plan B Dividend Option                                               0.4280

Dividend Option Institutional Plus/Plan C Dividend option                                          0.1260

Compounded Annualised Returns (Based on NAVs of
Growth Option)                                                           68.84%                     5.13%                      4.62%               *1.06%

Benchmark index                                                         S&P CNX               CRISIL Liquid                          $                   $
                                                                            Nifty              Fund Index

Return compared to Benchmark Index                                       15.18%                     0.43%                            $                   $

Net Assets end of period (Rs. Crore)                                     1021.42                   710.83                      251.42               663.17

NAV at the end of the period

Growth Option / Plan A                                                        22.24               10.7492                     10.7117              10.1058

Dividend Option /Plan A                                                       18.86               10.0751                                          10.1058

Institutional Growth / Plan B                                                                     10.8170                     10.7681

Institutional Dividend / Plan B                                                                   10.0827

Institutional Plus Dividend / Plan C                                                              10.0515

Ratio of Recurring Exps to Net Assets for
Regular Plans/Plan A %                                                         2.16                      1.25                    0.60                 0.20

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

Transfer to Reserve                                                             Nil                       Nil                       Nil                 Nil


                                                          Emerging S.T.A.R.           @Fixed Maturity            @Fixed Maturity                    Plan I
                                                            (Stock Targeted            Plan – Series 5           Plan – Series 12
                                                           at Returns) Fund

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.)

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

Net Income per unit                                                 2.5208                     0.5671                      0.5162                  0.3254

Dividends (inclusive of distribution tax if, any)

Dividend Option/Plan A Dividend                                       1.00

Compounded Annualised Returns
(Based on NAVs of Growth Option)                                   79.61%                      5.64%                        5.58%                 *4.94%

                                                                                                                                                               67
     Prudential ICICI Mutual Fund


                                                                     Emerging S.T.A.R.                 @Fixed Maturity              @Fixed Maturity            Prudential ICICI
                                                                      (Stock Targeted                   Plan – Series 5              Plan – Series 12                   Plan I
                                                                      at Returns)Fund
              Historical Per Unit Statistics

              Benchmark                                                        CNX Nifty                                 $                         $           Crisil Composite
                                                                             Index Junior                                                                      Bond Fund Index

              Return compared to Benchmark index                                 47.77%                                  $                         $                    1.15%

              Net Assets end of period (Rs. Crore)                                489.12                             133.08                   422.07                    191.25

              NAV at the end of the period

              Growth Option / Plan A                                               21.74                            10.6514                  10.6712                   10.4941

              Dividend Option /Plan A                                              20.31                            10.6514                                            10.4941

              Institutional Growth / Plan B                                                                         10.6761                  10.7161                   10.5135

              Ratio of Recurring Exps to Net Assets for
              Regular Plans/Plan A %                                                 2.36                              0.45                     0.67                      0.45

              Ratio of Recurring Exps to Net Assets for I
              nstitutional Plans/Plan B %                                                                              0.25                     0.32                      0.25

              Ratio of Recurring Exps to Net Assets for
              Institutional Plus Plan/Plan C %

              Transfer to Reserve                                                         Nil                           Nil                       Nil                       Nil


                                                                        Blended Plan               Blended Plan         Infrastructure           Services       FMP Series 28-
                                                                            – Plan A                   – Plan B                   Fund         Industries            4 Months
                                                                                                                                                    Fund                  Plan
              Historical Per Unit Statistics

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

              Net Income per unit                                              0.0407                    0.5579                  1.5694           0.3060                 0.0611

              Dividends (inclusive of distribution tax if, any)

              Dividend Option/Plan A Dividend                                    0.25                       0.23

              Dividend Option Institutional/Plan B
              Dividend Option                                                                               0.13

              Compounded Annualised Returns
              (Based on NAVs of Growth Option)                                *4.89%                    *4.36%                *29.90%            *7.60%                 *0.61%

              Benchmark Index                                                    Crisil                    Crisil                  CNX               CNX                      $
                                                                           Short term                Short term                    Nifty             Nifty
                                                                           Fund Index           Bond Fund Index                   Index             Index

              Return compared to benchmark index                               2.04%                     1.40%                   1.53%            -5.09%                      $

              Net Assets end of period (Rs. Crore)                             860.42                    248.62                1274.72            565.42                 168.71

              NAV at the end of the period

              Growth Option / Plan A                                         10.4888                    10.4356                   12.99            10.76               10.0611

              Dividend Option /Plan A                                        10.2338                    10.2012                   12.99            10.76               10.0611

              Institutional Dividend / Plan B                                                           10.2082

              Ratio of Recurring Exps to Net Assets for
              Regular Plans/Plan A %                                             1.50                       1.50                   1.91                 2.15               0.20

              Ratio of Recurring Exps to Net Assets for
              Institutional Plans/Plan B %                                                                  1.00

              Transfer to Reserves                                                  Nil                       Nil                    Nil                 Nil                 Nil
     Notes:
     1)    Returns since inception are for the growth plan in each case.
     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 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 February 24, 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 Prudential ICICI Fixed Maturity Plan –Series 25 - Quarterly, Prudential ICICI Fixed Maturity Plan –Series 6 – Yearly, Prudential ICICI Fixed Maturity Plan
           –Series 26 - Quarterly were made nil on 11 August, 2005, 18 August 2005 and 1 September, 2005 respectively.
68
                                                                                                                    Prudential ICICI Fixed Maturity Plan – Series 27

*           Prudential ICICI Plan I, Prudential ICICI Blended Plan A & B, Prudential ICICI Infrastructure Fund, Prudential ICICI Services Industries Fund, Prudential ICICI
            Fixed Maturity Plan –Series 25 - Yearly and Prudential ICICI Fixed Maturity Plan –Series 28- 4 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.
**          Un-audited.
$           Appropriate benchmark index is not available.
@           All the unitholders under Prudential ICICI Fixed Maturity Plan –Series – 12, Prudential ICICI Fixed Maturity Plan –Series – 5 and Prudential ICICI Fixed
            Maturity Plan –Series 25 - Yearly have redeemed their units on April 5, 2004, April 21, 2004 & September 27, 2005 respectively and there was fresh
            subscription on December 14, 2004, December 31, 2004 & December 28, 2005 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.
$$          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 Aggressive           Very Cautious
    Indices                                                Plan                      Plan                     Plan                      Plan                    Plan

    Nifty                                                   70 %                      15%                       40 %                      90 %                      NA

    Crisil Composite Bond Fund Index                         25%                     70 %                       40 %                        NA                    30%

    Crisil Liquid Fund Index                                 5%                      15 %                       20 %                      10 %                    70%




                                                                                                                                                                              69
     Prudential ICICI Mutual Fund


                                                                  SECTION V
                                                 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 Scheme to provide the
           following services:-
           i)     Customer Service Centres in major metros
                  The AMC presently has Customer Service Centres in five main cities and various other cities the details in respect of
                  which are stated on the last page of this Offer Document. Over a period of time, the AMC will endeavour to 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 three Business
                  Days from the date of acceptance of a transaction request at the Customer Service Centres.
                  Ordinarily, non-monetary transactions or requests will be processed, (with the exception of issue of Unit certificates)
                  within 7 (seven) Business Days. Investors should note that completion of monetary/ non-monetary transactions within
                  the 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. Leena Johnson has been appointed the Investor Relations Officer. He can be contacted at the Corporate
           Office of the AMC. The address and phone numbers are:
           503, 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

     d)    Information about the Scheme
           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.pruicici.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.pruicici.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 Plan’s portfolios 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.


70
                                                                                           Prudential ICICI Fixed Maturity Plan – Series 27


     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.
e)   NAV Information
     The NAV of the Scheme will be calculated and announced by the Fund on weekly basis. The information on NAV may be
     obtained by the Unitholders, on such day, by calling the office of the AMC or any of the Investor Service Centres. The Fund
     will use its best endeavour to publish NAVs, in at least two daily newspapers at weekly frequency.
     AMC shall update the NAVs on the website of Association of Mutual Funds in India - AMFI (www.amfiindia.com) on weekly
     basis. 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 week 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.pruicici.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.pruicici.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.
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.
     9.   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.
     10. Annual report containing accounts of the AMC would be displayed on the websites of the Fund (i.e. pruicici.com)
         Unitholders, if they so desire, may request for the annual report of the AMC.


                                                                                                                                              71
     Prudential ICICI Mutual Fund

     h)    Duration of the Scheme/ Winding up.
           The duration of the Scheme is limited till the maturity of the plan under the scheme unless rolled over. 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 two conditions prescribed in terms of minimum number of investors and minimum
                  holding by single investor vide SEBI circular No. SEBI/IMD/CIR No.10/22701/03 dated December 12, 2003, OR.
           5.     On Maturity of the Plan under the Scheme.
                  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:
                        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
           Other than for winding up of the Plan on the maturity, the Trustee shall call a meeting of the Unitholders to approve by
           simple majority of the Unitholders present and voting at the meeting for authorising the Trustee or any other person to take
           steps for the winding up of the Scheme.
           The Trustee or the person authorised above, shall dispose of the assets of the Scheme concerned in the best interest of the
           Unitholders of the Scheme.
           The proceeds of sale realised in pursuance of the above, shall be first utilised 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 above, the provisions of the Regulations in respect of disclosures of half-yearly reports
           and annual reports shall continue to be applicable.
           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
     1.    TO THE FUND
           The 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.
           As per section 115R, the Mutual Funds are liable to pay additional income tax on the income distributed by it.
           Under the provisions of section 115R of the Act, additional income tax is payable at different rates on income distributed to
           different class of unitholders. The Mutual Funds will be liable to pay additional income tax at the rate of 12.50% plus
           applicable surcharge on the income distributed by the Fund to Individuals and HUFs and at the rate of 20% plus applicable
           surcharge on the income distributed to any other assessees. Levy of education cess at the rate of 2% is also applicable on
           total tax payable. However, in respect of open-ended equity oriented funds, no additional income tax is payable on income
           distributed by the Fund.


72
                                                                                        Prudential ICICI Fixed Maturity Plan – Series 27

2.   TO THE UNITHOLDERS
     2.1 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) will be exempt from income tax in the hands of the unit holders. Further, it has been clarified that income
        arising from transfer of units of Mutual Fund shall not be exempt under section 10(35).
     2.2 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.
        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 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 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
               Units is chargeable at the rate of 20% 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, which is 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 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.
     2.3 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 recognised 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 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:
        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.



                                                                                                                                           73
     Prudential ICICI Mutual Fund

                  Income Tax Rates
                  The maximum income tax rates for various categories of assessees for AY 2006-07 are as under:
                  Resident individuals and HUF                              30% plus surcharge and cess
                  Partnership Firms                                         30% plus surcharge and cess
                  Indian companies                                          30% plus surcharge and cess
                  Non Resident Indians                                      30% plus surcharge and cess
                  Foreign Companies                                         40% plus surcharge and cess

                  With regards to individuals and HUF having a total income exceeding Rs. 10,00,000, Partnership Firms and Indian
                  Companies, a surcharge of 10% on the income tax is applicable. Individuals and HUFs having total income less than Rs.
                  10,00,000 are not liable to surcharge. A surcharge of 2.5% on the income tax would be applicable in the case of
                  Foreign Companies.
                  Further, education cess at the rate of 2% on the income tax (including applicable surcharge) would be applicable for
                  all categories of assessees.

           2.4 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, then losses arising from such sale to the extent of income received or receivable
                  on such units, which are exempt under the Act, will be ignored for the purpose of computing his 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.

           2.5 Section 80C as introduced by the Finance Act, 2005, 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 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.
     3.    TAX DEDUCTION AT SOURCE

           3.1 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.


74
                                                                                           Prudential ICICI Fixed Maturity Plan – Series 27

     3.2 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 gains                         20% plus surcharge and cess
                 ●    Short term capital gains                                30% plus surcharge and cess
          b.     In case of foreign company -
                 ●    Long term capital gains                                 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 gains                                 10% plus surcharge and cess
          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.

4.   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 Bank for Agriculture and Rural Development, or by the
     National Highways Authority of India or by the Rural Electrification Corporation Limited or by National Housing Bank or by
     the Small Industries Development Bank of India, such capital gains shall be exempted from tax on capital gains 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.
     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.
     Under section 54ED of the Act
     Under Section 54ED and subject to the conditions specified therein, capital gains arising from the transfer of units held in
     the Mutual Fund Scheme for a period exceeding 12 months will be exempt, if 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 acquiring equity shares forming part of
     an eligible issue of capital. However, if the assessee has invested only a part of the capital gains, he will be eligible for the
     proportionate exemption. An eligible issue of capital means an issue of equity shares offered for subscription to the public
     by a public company formed and registered in India.
     Section 54ED 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.
5.   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.
6.   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.




                                                                                                                                              75
     Prudential ICICI Mutual Fund

     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 efforts 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 Prudential ICICI Premier are given below -

                                                                        As of March 31, 2005              As of February 24, 2006
              Unclaimed Redemption Amount –                             Rs.5.74 crores of                 Rs. 5.14 crores of
              Premier Redeemed                                          26,249 Investors                  24,096 Investors
              Unclaimed Redemption Amount –                             Rs.3.42 Crores of                 Rs. 2.68 Crores
              Premier Rolled Over Redeemed                               5,212 Investors                  of 4,493 Investors
              Unclaimed Dividend Amount                                 Rs. 0.03 Crores                   Rs. 0.03 Crores




76
                                                                                               Prudential ICICI Fixed Maturity Plan – Series 27


                                                            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 #
      01/04/2002 to 31/03/2003
      Complaints/ Requests received during the period                                                    700                Not applicable
      Redressed during the period                                                                        699                Not applicable
      Pending as on March 31, 2003                                                                          5               Not applicable
      01/04/2003 to 31/3/2004
      Complaints/ Requests received during the period                                                    592                Not applicable
      Redressed during the period                                                                        594                Not applicable
      Pending as on March 31, 2004                                                                          3               Not applicable
      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 24/02/2006
      Complaints/ Requests received during the period                                                    268                Not applicable
      Redressed during the period                                                                        260                Not applicable
      Pending as on February 24, 2006                                                                      14               Not applicable

     #Status reported till the Record Date of Conversion. Name changed to Prudential 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 Prudential 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.
     Data relating to the period April 2002 to February 24, 2006
      Scheme                                                   Opening             Complaints            Complaints           Complaints
                                                               Pending               Received             redressed             pending

      Prudential ICICI Growth Plan                                     Nil                     6                      6                   Nil
      Prudential ICICI Income Plan                                     Nil                    33                     33                   Nil
      Prudential ICICI Liquid Plan                                     Nil                     0                      0                   Nil
      Prudential ICICI FMCG Fund                                       Nil                     1                      1                   Nil
      Prudential ICICI Tax Plan                                        Nil                    43                     43                   Nil
      Prudential ICICI Gilt Fund                                       Nil                     2                      2                   Nil
      Prudential ICICI Balanced Fund                                   Nil                    18                     18                   Nil
      Prudential ICICI Technology Fund                                 Nil                    18                     18                   Nil
                                                                                                                                                  77
     Prudential ICICI Mutual Fund


             Scheme                                              Opening          Complaints            Complaints          Complaints
                                                                 Pending            Received             redressed            pending

             Prudential ICICI Monthly Income Plan                      Nil                     13               13                   Nil
             Prudential ICICI Fixed Monthly Plan                       Nil                      0                   0                Nil
             Prudential ICICI Child Care Plan                          Nil                      4                   4                Nil
             Prudential ICICI Power                                    Nil                     28               28                   Nil
             Prudential ICICI Short Term Plan                          Nil                      0                   0                Nil
             Prudential ICICI Long Term Plan                           Nil                      0                   0                Nil
             Prudential ICICI Index Fund                               Nil                      1                   1                Nil
             Prudenial ICICI Sweep Plan                                Nil                      0                   0                Nil
             Prudential ICICI Flexible Income Plan                     Nil                      0                   0                Nil
             Prudential ICICI Dynamic Plan                             Nil                      9                   9                Nil
             Sensex Prudential ICICI Exchange Traded Fund              Nil                     0                    0                Nil
             Prudential ICICI Floating Rating Plan                     Nil                      0                   0                Nil
             Prudential ICICI Advisory Series                                                   3                   3                Nil
             Prudential ICICI Income Multiplier Fund                   Nil                     6                    6                Nil
             Prudential ICICI Long Term Floating Rate Plan             Nil                      0                   0                Nil
             Prudential ICICI Emerging Star                            Nil                     11               11                   Nil
             Prudential ICICI Discovery Fund                           Nil                     13               13                   Nil
             Prudential ICICI Plan I Year Plus                         Nil                      2                   2                Nil
             Prudential ICICI Blended Plan                             Nil                      0                   0                Nil
             Prudential ICICI Infrastructure Fund                      Nil                     14               14                   Nil
             Prudential ICICI Services Industries Fund                 Nil                     12               12                   Nil
             Total                                                     Nil                237                  237                   Nil

             Details of investor complaints received from SEBI
             For the Period                              Complaints Received       Complaints redressed        Complaints pending
             Financial Year 2002-2003                                        17                           15                          5
             Financial Year 2003-2004                                        30                           33                          2
             Financial Year 2004-2005                                        48                           45                          5
             April 1, 2005 to February 24, 2006                              33                           34                          4

     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 are as follows:
                                                                                                                 (Amount in Rupees)
             Scheme name/Nature of investment            F.Y 2002-2003       F.Y 2003-2004          F.Y 2004-2005       April 1, 2005 to
                                                                                                                          February 24,
                                                                                                                                   2006
             Prudential ICICI Income Plan                    818,794,702      15,00,00,000                      -                    Nil
             Prudential ICICI Liquid Plan                     10,891,898      10,00,00,000                      -                    Nil
             Prudential ICICI Short Term Plan                 58,913,072                   -                    -           50,062,283
             Prudential ICICI FMPY 25 –
             15 Months Option                                          -                   -                    -                    Nil
             Prudential ICICI FMP Yearly Series 12                     -                   -                    -          202,407,252
             Prudential ICICI Long Term
             Floating Rate Plan                                        -                   -                    -           49,879,907
78
                                                                                Prudential ICICI Fixed Maturity Plan – Series 27


 Scheme name/Nature of investment             F.Y 2002-2003     F.Y 2003-2004       F.Y 2004-2005         April 1, 2005 to
                                                                                                            February 24,
                                                                                                                     2006
 Investment in NSE Linked Mibor
 Deposits /Term Deposit of
 ICICI Bank Ltd
 Prudential ICICI Balanced Fund                            -                -                        -        285,200,000
 Prudential ICICI Blended Plan - Plan A                    -                -                        -      1,371,600,000
 Prudential ICICI Blended Plan - Plan B                    -                -                        -        375,100,000
 Prudential ICICI Discovery Fund                           -                -                        -          43,500,000
 Prudential ICICI Dynamic Plan                             -                -                        -          21,500,000
 Prudential ICICI FMCG Fund                                -                -                        -          12,000,000
 Prudential ICICI Child Care Gift Plan                     -                -                        -          73,500,000
 Prudential ICICI Growth Plan                              -                -                        -          19,000,000
 Prudential ICICI Child Care Study Plan                    -                -                        -          54,100,000
 Prudential ICICI Liquid Plan                   200,000,000    13,250,000,000       1,680,000,000         15,000,000,000
 Prudential ICICI Monthly Income Plan                      -                -         500,000,000             425,400,000
 Prudential ICICI Power                                    -                -                        -          52,000,000
 Prudential ICICI Services Industries Fund                 -                -                        -          33,500,000
 Prudential ICICI Tax Plan                                 -                -                   -               21,000,000
 Prudential ICICI Flexible Income Plan                     -                -         100,000,000                       Nil
 Prudential ICICI Short Term Plan                          -    1,250,000,000                        -                     Nil
 Prudential ICICI Income Multiplier Plan                   -                -           80,000,000            150,100,000
 Prudential ICICI Infrastructure Fund                      -                -                        -        166,000,000
 Prudential ICICI Long Term
 Floating Rate Plan                                        -                -         140,000,000                          Nil
 Prudential ICICI Fixed Maturity Plan –
 Yearly Series 23                             5,000,000,000       16,000,000                         -                     Nil
 Prudential ICICI Fixed Maturity Plan –
 Yearly Series 12                                50,000,000       21,700,000                         -                     Nil
 Prudential ICICI Fixed Maturity Plan –
 Yearly Series 6                                           -     200,000,000                         -                     Nil
 Prudential ICICI Fixed Maturity Plan –
 NRI Series 4 – Half Yearly                                -     127,000,000                         -                     Nil
 Investment in equity shares of
 ICICI Bank Ltd
 Prudential ICICI Index Fund                       3,491,370        4,094,680               264,135                 723,248
 SENSEX Prudential ICICI Exchange
 Traded Fund                                       6,327,798        4,144,321                        -              712,786
 Prudential ICICI Power                                    -                -           35,328,722            216,691,871
 Prudential ICICI Monthly Income Plan                      -                -            5,884,612                         Nil
 Prudential ICICI Growth Plan                              -                -           29,443,706              25,646,816
 Prudential ICICI Balanced Fund                            -                -            4,418,418              58,652,595
 Prudential ICICI Dynamic Plan                             -                -               59,000              52,472,918
 Prudential ICICI Infrastructure Fund                      -                -                        -        178,199,380
 Prudential ICICI Services Industries Fund                 -                -                        -        133,904,869
 TOTAL                                        6,148,418,840    15,122,939,001       2,581,224,610         19,072,853,925
 % to the net assets of the Mutual Fund               6.77%          10.55%                   1.69%                   9.12%

The above details are as on the last day of each period
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.
                                                                                                                                   79
     Prudential ICICI Mutual Fund

           Subscription in issues lead managed by ICICI Securities Ltd. [erstwhile ICICI Securities & Finance Company Limited
           (I-Sec)]

               ICICI Securities Ltd. (erstwhile            F.Y 2002-2003      F.Y 2003-2004      F.Y. 2004-2005           F.Y. 2005-
               ICICI Securities and                                                                                          2006**
               Finance Co. Ltd.)
               Prudential ICICI Power                                  Nil      *41,080,800         240,827,754        339,048,523
               Prudential ICICI Income Plan                  200,000,000                  Nil                 Nil                 Nil
               Prudential ICICI Liquid Plan                            Nil                Nil       750,000,000                   Nil
               Prudential ICICI Growth Plan                            Nil      *47,483,650         161,791,526          34,390,937
               Prudential ICICI Tax Plan                               Nil       *2,187,500          10,312,874          33,441,780
               Prudential ICICI Child Care Plan –
               Gift Plan                                               Nil                Nil        28,922,878          16,564,696
               Prudential ICICI Child Care Plan –
               Study Plan                                              Nil                Nil         5,704,228           4,017,449
               Prudential ICICI Monthly Income Plan                    Nil      *21,828,505         430,256,768          35,128,784
               Prudential ICICI Balanced Fund                          Nil      *12,968,855          75,974,024          71,225,852
               Prudential ICICI Dynamic Plan                           Nil      *11,610,665          57,794,214        141,085,626
               Prudential ICICI Technology Fund                        Nil                Nil         6,613,818           1,049,760
               Prudential ICICI Income Multiplier Fund                 Nil         3,932,175        126,604,402          33,087,034
               Prudential ICICI Discovery Fund                         Nil                Nil        35,137,272        236,828,082
               Prudential ICICI Flexible Income Plan                   Nil                Nil       250,000,000                   Nil
               Prudential ICICI Floating Rate Plan                     Nil                Nil       250,000,000                   Nil
               Prudential ICICI Short Term Plan                        Nil                Nil       250,000,000                   Nil
               Prudential ICICI Long Term Plan                         Nil                Nil       150,000,000                   Nil
               Prudential ICICI Emerging S.T.A.R. Fund                 Nil                Nil       22,932,282           44,959,476
               Prudential ICICI Infrastructure Fund          278,952,608
               Prudential ICICI Services Industries Fund     170,418,405
               Prudential ICICI MIP                           52,825,249
               Prudential ICICI Blended Plan - Plan A         57,267,107
               Prudential ICICI FMCG                            5,722,798
               TOTAL                                         200,000,000        141,092,150       2,852,872,040      1,556,014,166

               ** Includes primary market applications pending allotment
               During the period April 1, 2004 to February 24, 2006 no subscription was made in issues lead managed by its Associates:
           *      Includes Prudential ICICI Mutual Fund’s subscription to the issue of Manruti Udyog Ltd. through JM Morgan Stanley
                  ecurities Pvt. Ltd. This declaration has been made as a matter of disclosure to the investors.
               Subscription in issues lead managed by ICICI Bank Limited
                                                                                                                (Amount in Rupees)
               Name of the Scheme                          F.Y 2002-2003      F.Y 2003-2004      F.Y. 2004-2005      F.Y. 2005-2006
               Prudential ICICI Liquid Plan                1,450,000,000                  Nil                 Nil                 Nil
               Prudential ICICI Short Term Plan              603,220,568                  Nil                 Nil                 Nil
               Prudential ICICI Monthly Income Plan          445,762,855                  Nil                 Nil                 Nil
               Prudential ICICI Flexible Income Plan         300,000,000                  Nil                 Nil                 Nil

               Financial year 2003-2004 onwards no subscription was made in issues lead managed ICICI Bank Limited
           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.


80
                                                                         Prudential ICICI Fixed Maturity Plan – Series 27

Transactions with Associate Companies:
                                                                                                  (Amount in Rupees)
                                                     F.Y.         F.Y.                  F.Y.       April 1, 2005 to
                                               2002-2003    2003-2004             2004-2005          February 24,
                                                                                                              2006
 ICICI Bank Limited – Bank Charges
 Prudential ICICI Balanced Fund                  825,500      935,260            815,320.88                  558,130
 Prudential ICICI Discovery Fund                      Nil          Nil           420,883.85                1,002,530
 Prudential ICICI Dynamic Plan                       112      770,817            596,182.19                  883,295
 Prudential ICICI Emerging S.T.A.R. Fund              Nil          Nil           276,590.68                  244,516
 Prudential ICICI Flexible Income Plan           398,750      933,012            664,748.93                  145,767
 Prudential ICICI Floating Rating Plan                Nil     333,309            778,929.20                1,198,521
 Prudential ICICI FMCG Fund                      427,000       63,040            125,546.25                    58,087
 Prudential ICICI Fixed Maturity Plan –
 Quarterly Series 25                                  Nil          Nil                      Nil                 4,357
 Prudential ICICI Fixed Maturity Plan –
 Yearly Series 12                                     Nil          Nil            23,902.59                    36,018
 Prudential ICICI Fixed Maturity Plan –
 Yearly Series 24                                     Nil          Nil            23,902.59                    36,018
 Prudential ICICI Child Care Plan-Gift Plan          350       56,396            189,274.57                    52,675
 Prudential ICICI Gilt Fund – Investment         889,297      811,421            563,502.79                    96,673
 Prudential ICICI Gilt Fund – PF Option               Nil          Nil                      Nil                43,244
 Prudential ICICI Gilt Fund – Treasury           825,762      185,029            343,961.51                    16,513
 Prudential ICICI Gilt Fund – Treasury -
 PF Option                                            Nil          Nil           351,541.67                   40,299
 Prudential ICICI Growth Plan                    827,049      958,392            796,978.96                  519,642
 Prudential ICICI Income Multiplier Fund              Nil          Nil           391,109.02                  177,840
 Prudential ICICI Income Plan                  1,326,708    1,133,115         1,025,720.67                   225,388
 Prudential ICICI Liquid Plan                    889,394      688,562          1,797,358.07                6,571,339
 Prudential ICICI Long Term
 Floating Rate Plan                                   Nil          Nil            52,070.35                  120,144
 Prudential ICICI Long Term Plan                      Nil      68,619             63,709.85                    38,908
 Prudential ICICI Monthly Income Plan            825,665      945,772         1,322,413.33                   963,131
 Prudential ICICI Plan I                              Nil          Nil              3,449.00                      367
 Prudential ICICI Power                               15      958,588          1,136,605.09                1,461,391
 Prudential ICICI Short Term Plan                825,715    1,012,692            601,179.91                  395,315
 Prudential ICICI Child Care Plan-Study Plan         730       15,689             54,234.48                    31,903
 Prudential ICICI Tax Plan                          1501      470,030            218,904.50                  202,364
 Prudential ICICI Technology Fund                831,405      145,052            757,591.16                  318,588
 Prudential ICICI Cautious Plan                       Nil          Nil            30,164.02                    18,569
 Prudential ICICI Moderate Plan                       Nil          Nil            44,826.81                    21,546
 Prudential ICICI Very Aggressive Plan                Nil          Nil            11,955.03                    11,973
 Prudential ICICI Very Cautious Plan                  Nil          Nil            20,906.92                    18,941
 Prudential ICICI Aggressive Plan                     Nil          Nil            15,367.90                    21,642
 Prudential ICICI Blended Plan – Plan A               Nil          Nil                      Nil          10,340,800
 Prudential ICICI Blended Plan – Plan B               Nil          Nil                      Nil            3,647,028
 Prudential ICICI Services Industries Fund            Nil          Nil                      Nil              470,856


                                                                                                                            81
     Prudential ICICI Mutual Fund

                                                                                                      (Amount in Rupees)
                                                                F.Y.          F.Y.             F.Y.    April 1, 2005 to
                                                          2002-2003     2003-2004        2004-2005       February 24,
                                                                                                                  2006
             Prudential ICICI Infrastructure Fund                 Nil           Nil             Nil          2,309,019
             Prudential ICICI Index Fund                          Nil           Nil             Nil             22,012
             Prudential ICICI Gilt Fund – Investment -
             PF Option                                            Nil          200      355,160.83                  Nil
             Prudential ICICI Income Dividend Plan                Nil           Nil             Nil                 Nil
             Prudential ICICI Fixed Maturity –Quarterly
             Plan - Series 24                                     Nil           Nil             14                  Nil
             ICICI Premier                                        Nil       38,341              Nil                 Nil
             Prudential ICICI Index Fund                          Nil           73              Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Quarterly series 2                                   50            Nil             Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Yearly series 1                                      Nil           82              Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Yearly series 3                                     661            Nil             Nil                 Nil
             Prudential ICICI Sweep Plan                          Nil        1,174              Nil                 Nil
             Prudential ICICI Fixed Maturity Plan –
             Yearly Series 23                                     Nil           46              Nil                 Nil
             ICICI Bank Limited – Brokerage
             Prudential ICICI Growth Plan                   1287401      4,921,497     2,222,891.29          1,544,807
             Prudential ICICI FMCG Fund                       36,865       342,403       67,475.31             607,048
             Prudential ICICI Blended Plan – Plan A               Nil           Nil             Nil          4,772,696
             Prudential ICICI Blended Plan – Plan B               Nil           Nil             Nil          1,304,138
             Prudential ICICI Balanced Fund                  371,333     1,228,809     2,104,082.04            943,190
             Prudential ICICI Tax Plan                       182,185       317,554      692,570.09           4,457,429
             Prudential ICICI Technology Fund                688,780     1,141,174      749,131.93             596,616
             Prudential ICICI Power                           82,382    19,893,911    13,886,378.13          6,045,486
             Prudential ICICI Child Care Plan-
             Study Plan                                      240,792       331,695      365,272.39             283,295
             Prudential ICICI Child Care Plan-
             Gift Plan                                       368,251       440,987      740,634.98             829,865
             Prudential ICICI Dynamic Plan                 1,402,785     3,995,832     2,647,414.31         10,494,959
             Prudential ICICI Discovery Fund                      Nil           Nil    4,288,947.01         16,471,624
             Prudential ICICI Emerging S.T.A.R.
             (Stock Targeted At Returns) Fund                     Nil           Nil      10659160            5,137,700
             Prudential ICICI Income Plan                 18,404,188    19,652,833       4,341,734             945,080
             Prudential ICICI Index Fund                          Nil           Nil             Nil             18,039
             Prudential ICICI Infrastructure Fund                 Nil           Nil             Nil         52,800,460
             Prudential ICICI Monthly Income Plan          2,178,352     3,794,594       3,974,498           1,876,348
             Prudential ICICI Income Multiplier Fund              Nil     346,122          575,892             974,025
             Prudential ICICI Liquid Plan                 13,452,007    14,253,329       5,385,319           5,543,255
             Prudential ICICI Liquid Institutional Plus           Nil           Nil             Nil          4,313,556
             Prudential ICICI Short Term Plan             15,237,064     8,976,641         825,812           1,742,489
             Prudential ICICI Services Industries Fund            Nil           Nil             Nil          1,247,570
             Prudential ICICI Flexible Income Plan         2,512,861     6,755,437     2,125,857.63            228,904
             Prudential ICICI Long Term Floating
             Rate Plan                                            Nil           Nil      1,073,757           2,789,170



82
                                                                         Prudential ICICI Fixed Maturity Plan – Series 27


                                                                                                  (Amount in Rupees)
                                                     F.Y.         F.Y.                  F.Y.       April 1, 2005 to
                                               2002-2003    2003-2004             2004-2005          February 24,
                                                                                                              2006
Prudential ICICI Long Term Plan                      137          636                     589                104,195
Prudential ICICI Gilt Fund – Treasury            147,943       67,126                151,169                 162,154
Prudential ICICI Gilt Fund Treasury –
PF Option                                             Nil     157,604                209,973                 152,245
Prudential ICICI Gilt Fund – Investment        4,448,085    5,051,182              3,127,133               1,348,851
Prudential ICICI Gilt Fund Investment Plan –
PF Option                                             Nil   1,893,378                623,790                 477,195
Prudential ICICI Floating Rate Plan                  995      349,724              4,664,522               4,706,753
Prudential ICICI Fixed Maturity Plan –
Series 25 – Quarterly Plan                            Nil          Nil                 13,497                  46,100
Prudential ICICI Fixed Maturity Plan –
Series 25 – Yearly Plan                               Nil          Nil                      Nil                21,016
Prudential ICICI Fixed Maturity Plan –
Series 26                                             Nil          Nil                      Nil                 7,369
Prudential ICICI Fixed Maturity Plan –
Series 26 – Quarterly Plan                            Nil          Nil                 50,035                  17,057
Prudential ICICI Fixed Maturity Plan
Yearly series 6                                  378,438           Nil                 21,506                  17,154
Prudential ICICI Fixed Maturity Plan –
Series 28 – 4 Months Plan                             Nil          Nil                      Nil                 2,380
Prudential ICICI Fixed Maturity Plan –
Series 28 – 16 Months Plan                            Nil          Nil                      Nil                 7,175
Prudential ICICI Very Cautious Plan                   Nil     285,110                239,660                   72,487
Prudential ICICI Cautious Plan                        Nil     345,285                637,190                   66,656
Prudential ICICI Moderate Plan                        Nil   1,189,032                150,881                   39,932
Prudential ICICI Agressive Plan                       Nil   1,283,833                191,735                   34,925
Prudential ICICI Very Agressive Plan                  Nil   1,741,893                  91,386                  26,330
Prudential ICICI Income Plan –
Institutional Option                                  Nil          Nil               110,819                        Nil
Prudential ICICI Short Term Plan –
Institutional Option                                  Nil          Nil               880,662                        Nil
Prudential ICICI Liquid Plan –
Institutional Option                                  Nil          Nil           10,862,559                         Nil
Prudential ICICI Fixed Maturity Plan –
Series 24 – Quarterly                                 Nil       4,781                  65,716                       Nil
Prudential ICICI Fixed Maturity Plan –
Series 25 – 15 Months Plan                            Nil          Nil                 54,933                       Nil
Prudential ICICI Fixed Maturity Plan –
Series 25 – Yearly Plan                               Nil          Nil                 21,300                       Nil
Prudential ICICI Fixed Maturity Plan
Yearly series 5                                  156,198       46,342                  93,300                       Nil
Prudential ICICI Fixed Maturity Plan Yearly
series 6 – Institutional Option                       Nil          Nil                 12,610                       Nil
Prudential ICICI Fixed Maturity Plan
Yearly series 12                                      Nil          Nil               468,993                        Nil
Prudential ICICI Fixed Maturity Plan
Yearly series 12 – Institutional Option               Nil          Nil               100,771                        Nil
Prudential ICICI Fixed Maturity Plan Half-
Yearly series 1                                   39,558          809                       Nil                     Nil

                                                                                                                            83
     Prudential ICICI Mutual Fund


                                                                                                     (Amount in Rupees)
                                                                    F.Y.         F.Y.         F.Y.    April 1, 2005 to
                                                              2002-2003    2003-2004    2004-2005       February 24,
                                                                                                                 2006

             Prudential ICICI Fixed Maturity Plan Half-
             Yearly series 2                                        977          305           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Quarterly series 1                                  11,929        1,944           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Quarterly series 2                                  11,668        6,709           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Quarterly series 3                                    4676          270           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Yearly series 2                                      8,611          809           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Yearly series 3                                     98,754      145,555           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Yearly series 4                                         88           66           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Yearly series 7                                        600           Nil          Nil                 Nil
             Prudential ICICI Fixed Maturity Plan
             Yearly series 1                                    109,263        1,262       24,300                  Nil
             Prudential ICICI Index Fund                         29,945       33,828           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan –
             Deposit Plus NRI Series 4 – Quarterly Plan              Nil     107,638           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan –
             Deposit Plus NRI Series 6 – Quarterly Plan              Nil      46,897           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan –
             Deposit Plus NRI Series 8 – Quarterly Plan              Nil     123,529           Nil                 Nil
             Prudential ICICI Sweep Plan                             Nil     831,586           Nil                 Nil
             Prudential ICICI Fixed Maturity Plan –
             Series 24 – Yearly                                      Nil      26,250           Nil                 Nil
             ICICI Infotech Services Limited –
             Service Charges
             ICICI Premier                                    1,597,609    1,030,481           Nil                 Nil
             Prudential ICICI Balanced Fund                          Nil     202,835     94,838.66                 Nil
             Prudential ICICI Discovery Fund                   2,270.82           Nil
             Prudential ICICI Dynamic Plan                           Nil     426,905    202,725.69                 Nil
             Prudential ICICI Flexible Income Plan                   Nil     483,577    132,305.83                 Nil
             Prudential ICICI Floating Rate Plan                     Nil       8,765    113,464.72                 Nil
             Prudential ICICI FMCG Fund                              Nil      73,357     36,543.47                 Nil
             Prudential ICICI Child Care Plan –
             Gift Option                                             Nil      67,493    100,344.93                 Nil
             Prudential ICICI Gilt fund –
             Investment Option                                       Nil     112,830     50,661.05                 Nil
             Prudential ICICI Gilt Fund Investment Plan –
              PF Option                                              Nil      12,916      9,356.83                 Nil
             Prudential ICICI Gilt Fund – Investment Plan -
             Treasury Option                                         Nil      11,584     11,885.67                 Nil
             Prudential ICICI Gilt Fund – Treasury
             Option–PF Option                                        Nil      11,584      5,862.14                 Nil
             Prudential ICICI Growth Plan                            Nil     490,222    267,988.55                 Nil
             Prudential ICICI Income Multiplier Fund                 Nil          Nil   162,342.54                 Nil

84
                                                                       Prudential ICICI Fixed Maturity Plan – Series 27

                                                                                                (Amount in Rupees)
                                                   F.Y.         F.Y.                  F.Y.       April 1, 2005 to
                                             2002-2003    2003-2004             2004-2005          February 24,
                                                                                                            2006
Prudential ICICI Income Plan                        Nil          Nil           947,307.36                         Nil
Prudential ICICI Liquid Plan                        Nil    683,225             608,337.90                         Nil
Prudential ICICI Long Term Plan                     Nil         523               2,746.06                        Nil
Prudential ICICI Monthly Income Plan                Nil    630,504             596,595.37                         Nil
Prudential ICICI Power                              Nil   1,182,127            804,016.71                         Nil
ICICI Premier Redeemed                        671,043      376,805              25,922.52                         Nil
Prudential ICICI Short Term Plan                    Nil    233,911              74,132.94                         Nil
Prudential ICICI Child Care Plan –
Study Plan                                          Nil      60,391             39,095.52                         Nil
Prudential ICICI Tax Plan                           Nil     231,565            271,738.07                         Nil
Prudential ICICI Technology Fund                    Nil     519,188            255,000.52                         Nil
Prudential ICICI Fixed Maturity Plan –
Half Yearly                                         Nil         190                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
Half Yearly 2                                       Nil         552                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
Quarterly                                           Nil       1,216                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
Quarterly Series 2                                  Nil         281                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
Quarterly Series 3                                  Nil         467                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
Yearly Series 3                                     Nil         699                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
Yearly Series 4                                     Nil         109                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
Yearly Series 6                                     Nil         437                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
 Yearly Series 7                                    Nil          12                       Nil                     Nil
Prudential ICICI Income Plan                        Nil   1,809,367                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan –
Deposit Plus NRI Series 6 – Quarterly Plan          Nil         110                       Nil                     Nil
Prudential ICICI Flexible Income Plus Plan          Nil          56                       Nil                     Nil
Prudential ICICI Fixed Maturity Plan-
Quarterly Series 24                                Ni l          Nil                618.83                        Nil
Prudential ICICI Fixed Maturity Plan –
Yearly Series 1                                     Nil         247                 112.35                        Nil
Prudential ICICI Fixed Maturity Plan –
Yearly Series 12                                    Nil       3,946                 151.86                        Nil
Prudential ICICI Fixed Maturity Plan –
Yearly Series 2                                     Nil         972                   32.98                       Nil
Prudential ICICI Fixed Maturity Plan-
Yearly Series 24                                    Nil          Nil                259.89                        Nil
Prudential ICICI Fixed Maturity Plan –
Yearly Series 5                                     Nil       2,199                   48.60                       Nil
Prudential ICICI Agressive Plan                    Ni l          Nil            33,223.68                         Nil
Prudential ICICI Cautious Plan                                                  34,199.76                         Nil
Prudential ICICI Moderate Plan                     Ni l          Nil            34,421.13                         Nil

                                                                                                                          85
     Prudential ICICI Mutual Fund

                                                                                                     (Amount in Rupees)
                                                                   F.Y.          F.Y.         F.Y.    April 1, 2005 to
                                                             2002-2003     2003-2004    2004-2005       February 24,
                                                                                                                 2006

             Prudential ICICI Very Aggressive Plan                  Ni l          Nil   187,383.70                 Nil
             Prudential ICICI Very Cautious Plan                    Ni l          Nil    12,328.63                 Nil
             ICICI Capital Services Limited –
             Brokerage
             Prudential ICICI Power                                297            Nil          Nil                 Nil
             Prudential ICICI Income Plan                       54,912            Nil          Nil                 Nil
             Prudential ICICI Liquid Plan                           Nil           Nil          Nil                 Nil
             Prudential ICICI Growth Plan                       89,950            Nil          Nil                 Nil
             Prudential ICICI FMCG Fund                            508            Nil          Nil                 Nil
             Prudential ICICI Tax Plan                             774            Nil          Nil                 Nil
             Prudential ICICI Balanced Fund                      1,281            Nil          Nil                 Nil
             Prudential ICICI Technology Fund                    8,648            Nil          Nil                 Nil
             Prudential ICICI Monthly Income Plan                2,849            Nil          Nil                 Nil
             Prudential ICICI Child Care Plan – Gift Plan        1,656            Nil          Nil                 Nil
             Prudential ICICI Child Care Plan – Study Plan       2,176            Nil          Nil                 Nil
             ICICI Brokerage Service Limited –
             Brokerage on secondary
             market transactions
             Prudential ICICI Balanced Plan                    666,606       133,467      762,989             925,381
             Prudential ICICI Dynamic Plan                     148,729       933,145      555,997           1,884,689
             Prudential ICICI FMCG Fund                        181,297        90,180       74,022             224,901
             Prudential ICICI Child Care Plan –
             Gift Plan                                            4736        42,294      163,412              69,375
             Prudential ICICI Growth Plan                      958,939       800,418      725,906           1,276,812
             Prudential ICICI Income Multiplier Plan                Nil           Nil      46,684             182,291
             Prudential ICICI Monthly Income Plan              185,121       894,866      738,221             468,434
             Prudential ICICI Power                            188,388     1,199,499     1,282,221          1,857,697
             Prudential ICICI Child Care Plan –
             Study Plan                                          7,329         4,200         1,917             10,290
             Prudential ICICI Technology Plan                   70,270       131,250      387,399              75,858
             Prudential ICICI Tax Plan                         131,833        64,383       36,354             327,016
             Prudential ICICI Discovery Fund                        Nil           Nil     678,319           1,273,281
             Prudential ICICI Emerging S.T.A.R.                     Nil           Nil     304,029             354,773
             Prudential ICICI Blended Plan A                        Nil           Nil          Nil            218,805
             Prudential ICICI Infrastructure Fund                   Nil           Nil          Nil          4,217,137
             Prudential ICICI Blended Plan – Plan B                 Nil           Nil          Nil             24,715
             Prudential ICICI Services Industries Fund              Nil           Nil          Nil            794,904
             ICICI Securities Ltd. (erstwhile ICICI
             Securities and Finance Co. Ltd.)
             Prudential ICICI Growth Plan                       85,833           409           15                  Nil
             Prudential ICICI FMCG Fund                        350,693         3,690          566                 675
             Prudential ICICI Balanced Fund                  1,047,772        80,076       72,177                 319
             Prudential ICICI Tax Plan                              38            48           25                  32


86
                                                                         Prudential ICICI Fixed Maturity Plan – Series 27

                                                                                                  (Amount in Rupees)
                                                     F.Y.         F.Y.                  F.Y.       April 1, 2005 to
                                               2002-2003    2003-2004             2004-2005          February 24,
                                                                                                              2006

Prudential ICICI Technology Fund                  10,196       13,811                 23,338                    9,816
Prudential ICICI Power                           386,599           Nil                      Nil                     17
Prudential ICICI Child Care Plan – Gift Plan          Nil          Nil                    349                     116
Prudential ICICI Dynamic Plan                         Nil          Nil                       4                      10
Prudential ICICI Income Plan                   5,013,417      489,647               378,844                         15
Prudential ICICI Monthly Income Plan                 433        1,610                   1,254                     199
Prudential ICICI Liquid Plan                      61,087       14,792                 30,197                  30,693
Prudential ICICI Gilt Fund – Investment          488,396       89,250                 37,663                  10,242
Prudential ICICI Gilt Fund –
Treasury Investment Plan                              Nil          Nil                      Nil                 1,144
Prudential ICICI Short Term Plan                 556,652           Nil                      Nil                   113
Prudential ICICI Flexible Income Plan            113,550           Nil                      Nil                     Nil
Prudential ICICI Gilt Fund
Investment Plan– PF                                   Nil      54,000                   7,572                  16,016
Prudential ICICI Gilt Fund – Treasury            915,425           Nil                      Nil                     Nil
Prudential ICICI Liquid Plan –
Institutional Option                                  Nil          Nil                98,801                        Nil
Prudential ICICI Liquid Plan –
Institutional Plus Option                             Nil          Nil                      Nil                25,497
Prudential ICICI Floating Rate Plan                   Nil          Nil                21,583                   46,957
Prudential ICICI Fixed Maturity Plan –
Series 25 – Quarterly Option                          Nil          Nil                  6,205                       Nil
Prudential ICICI Fixed Maturity Plan
Quarterly Series 1                                    Nil          Nil                      Nil                     Nil
ICICI Web Trade Ltd. – Brokerage
Prudential ICICI Growth Plan                      65,558      164,231                167,620                 217,260
Prudential ICICI FMCG Fund                        17,816       71,497                 65,161                 931,690
Prudential ICICI Balanced Fund                    19,825      123,010                103,015                 164,211
Prudential ICICI Blended Plan – Plan A                Nil          Nil                      Nil                36,566
Prudential ICICI Blended Plan – Plan B                Nil          Nil                      Nil                14,392
Prudential ICICI Tax Plan                         18,649       54,802                205,137               1,687,659
Prudential ICICI Technology Plan                  96,558      280,824                167,897                 194,048
Prudential ICICI Power                            34,638      389,141                199,823                 253,331
Prudential ICICI Dynamic Plan                    116,879      222,863                 101292                 479,159
Prudential ICICI Discovery Plan                       Nil          Nil               393,245                 510,556
Prudential ICICI Emerging S.T.A.R.                    Nil          Nil               519,226               1,039,647
Prudential ICICI Income Plan                     100,224      133,875                 29,367                   25,416
Prudential ICICI Monthly Income Plan              14,535       54,933                 32,105                  27,153
Prudential ICICI Income Multiplier Fund               Nil       9,905                 13,158                 131,115
Prudential ICICI Infrastructure Fund                  Nil          Nil                      Nil            3,493,731
Prudential ICICI Liquid Plan                      30,358       54,016                 99,228                 145,648
Prudential ICICI Services Industries Fund             Nil          Nil                      Nil                62,969
Prudential ICICI Short Term Plan                   6,981       12,152                 12,816                  49,496
Prudential ICICI Flexible Income Plan              7,878       19,992                 12,243                    6,934
Prudential ICICI Gilt Treasury                     2,522        4,109                    4004                   2,417

                                                                                                                            87
     Prudential ICICI Mutual Fund

                                                                                                 (Amount in Rupees)
                                                                F.Y.         F.Y.         F.Y.    April 1, 2005 to
                                                          2002-2003    2003-2004    2004-2005       February 24,
                                                                                                             2006
             Prudential ICICI Gilt Investment                19,178       24,084         7715               2,117
             Prudential ICICI Liquid Plan –
             Institutional Option                                Nil          Nil      40,105               4,446
             Prudential ICICI Floating Rate Plan                 Nil          Nil      27,972              65,230
             Prudential ICICI Fixed Maturity Plan –
             Series 28 – 16 Months Plan                          Nil          Nil          Nil              1,445
             Prudential ICICI Very Cautious Plan                 Nil         374         1,513              1,378
             Prudential ICICI Cautious Plan                      Nil       3,126         6,944              3,061
             Prudential ICICI Moderate Plan                      Nil      48,414       16,814              13,787
             Prudential ICICI Agressive Plan                     Nil     107,480       31,686              53,161
             Prudential ICICI Very Aggressive Plan               Nil     153,655       69,192              75,773
             Way2Wealth Securities Pvt. Ltd. -
             Brokerage
             Prudential ICICI Growth Plan                   296,840      183,048    165,070.66             84,109
             Prudential ICICI FMCG Fund                       1,168        4,412      7,165.93             15,470
             Prudential ICICI Blended Plan – Plan A              Nil          Nil          Nil              8,277
             Prudential ICICI Blended Plan – Plan B              Nil          Nil          Nil              1,164
             Prudential ICICI Balanced Fund                  21,361       53,462    157,922.82             83,789
             Prudential ICICI Tax Plan                       19,215       31,402     57,441.66            306,373
             Prudential ICICI Technology Plan                310,26       73,652    140,888.74             58,798
             Prudential ICICI Power                          13,190    1,653,262    639,208.35            140,054
             Prudential ICICI Child Care Plan –
             Study Plan                                      38,778       31,800       34,364              21,964
             Prudential ICICI Child Care Plan –
             Gift Plan                                       46,186       33,307     45,117.25             55,440
             Prudential ICICI Dynamic Plan                   39,621      186,391    235,528.31            315,650
             Prudential ICICI Discovery Plan                     Nil          Nil   648.988.55            460,130
             Prudential ICICI Emerging Star                      Nil          Nil   435,476.06            206,585
             Prudential ICICI Income Plan                 2,179,850    1,115,698    316,944.95            109,149
             Prudential ICICI Infrastructure Fund                Nil          Nil          Nil            791,530
             Prudential ICICI Monthly Income Plan           870,075      433,742    272,730.29             98,873
             Prudential ICICI Income Multiplier Fund             Nil     142,919     62,779.49             51,046
             Prudential ICICI Index Fund                       9,167       1,161           Nil              1,386
             Prudential ICICI Liquid Plan                   334,862      256,382    123,567.98             58,961
             Prudential ICICI Services Industries Fund           Nil          Nil          Nil             10,919
             Prudential ICICI Short Term Plan               931,228    14,21,883    102,356.72             76,073
             Prudential ICICI Flexible Income Plan           38,849      930,438    109,029.52              5,096
             Prudential ICICI Gilt Treasury                    7730        8,058      5030.14               4,138
             Prudential ICICI Gilt Fund Treasury Plan –
             PF Option                                           Nil       7,075         38.86             12,096
             Prudential ICICI Gilt Investment               273,439      449,987    400,147.41            135,936
             Prudential ICICI Gilt Investment – PF               Nil          Nil     4,670.32              3,640
             Prudential ICICI Liquid Plan –
             Institutional Option                                Nil          Nil    33,188.02              6,545
88
                                                                                            Prudential ICICI Fixed Maturity Plan – Series 27


                                                                                                                     (Amount in Rupees)
                                                               F.Y.                F.Y.                    F.Y.       April 1, 2005 to
                                                         2002-2003           2003-2004               2004-2005          February 24,
                                                                                                                                 2006
      Prudential ICICI Short Term Plan –
      Institutional Option                                        Nil                 Nil            31,585.07                         Nil
      Prudential ICICI Floating Rate Plan                         Nil            64,734             224,269.33                    27,108
      Prudential ICICI Long Term Floating
      Rate Plan                                                   Nil                 Nil                  9,650                 14,198
      Prudential ICICI Fixed Maturity Plan –
      Series 25 – Yearly Plan                                     Nil                 Nil                      Nil                 1,099
      Prudential ICICI Fixed Maturity Plan –
      Series 24 – Quarterly Plan                                  Nil                 Nil                125.12                        Nil
      Prudential ICICI Fixed Maturity Plan –
      Yearly Series 12                                            Nil                 Nil               2515.82                      125
      Prudential ICICI Very Cautious Plan                         Nil            39,866              19,731.76                       831
      Prudential ICICI Cautious Plan                              Nil            44,693              90,796.75                     6,448
      Prudential ICICI Moderate Plan                              Nil           129,366              29,562.67                     7,623
      Prudential ICICI Agressive Plan                             Nil            68,075              16,786.39                     4,043
      Prudential ICICI Very Agressive Plan                        Nil            18,578                5,875.57                    1,409
      Prudential ICICI Fixed Maturity Plan –
      Yearly series 6                                             Nil                 Nil                400.00                        Nil
      Prudential ICICI Fixed Maturity Plan –
      Quarterly I                                           (14,409)               1,611                       Nil                     Nil
      Prudential ICICI Fixed Maturity Plan –
      Quarterly II                                                51                  21                       Nil                     Nil
      Prudential ICICI Fixed Maturity Plan –
      Quarterly III                                               29                  Nil                      Nil                     Nil

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.14.098 lakhs, Rs.12,927.72 lakhs, Rs. 15,603.41 lakhs and Rs.
31,943 lakhs during the year 2002-2003, 2003-2004 and 2004-2005 respectively. From the period April 1, 2005 to February 24,
2006 the total business given to IBSL amounted to Rs. 75,645 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.
During the period from April 1, 2000 to February 24, 2006, total business given to ICICI Web Trade Ltd. and ICICI Securities
Limited amounted to Rs. 1,252 lakhs and Rs. 994 lakhs respectively.
Dealings with Associate Companies
The AMC may, from time to time, for the purpose of conducting its normal business, use the services of the Sponsor, subsidiaries
of its Sponsors/ associate companies of AMC. Such entities as on the date of this document include ICICI Bank, a scheduled
commercial bank, ICICI Infotech Services Limited, a registrar and transfer agent; ICICI Brokerage Services Limited, a brokerage
house, ICICI Venture Funds Management Company Limited, a venture funds management company, ICICI Securities and Finance
Company Limited (I Sec), an investment bank, ICICI Prudential Life Insurance Company Limited carrying out insurance business,
ICICI Web Trade Limited an online brokerage firm and Way2Wealth Securities Private Limited. The AMC may utilize the services
of these group companies and any other subsidiary or associate company of the Sponsors/AMC established or to be established
at a later date in case such an associate company is in a position to provide the requisite services to the AMC. The AMC will
conduct its business with the aforesaid companies on commercial terms and on an arm’s length basis and at the then prevailing
market rates to the extent permitted under the applicable laws including the Regulations, after an evaluation of the competitiveness
of the pricing offered by the associate companies and the services to be provided by them.
Associate transactions, if any carried out, will be as per the Regulations and the limits prescribed there under. The Regulations
currently prescribe the following limits:
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

                                                                                                                                               89
     Prudential ICICI Mutual Fund

     3.    the listed securities of group companies of the Sponsor which is in excess of 25% of the net assets of such scheme.
           The above restrictions and limits are also applicable to this Scheme. The AMC will, before investing in the securities of the
           group companies of the sponsor, evaluate such investments, the criteria for the evaluation being the same as is applied to
           other similar investments to be made under the Scheme. Investments under the Scheme in the securities of the group
           companies will be subject to the limits under the Regulations.
     C)    Details of investments in companies that hold more than 5% of NAV of Schemes managed by the AMC, as on
           February 24, 2006
                                                         Deccan Chronicle Holdings Ltd.
             Name of Scheme                                                                  Quantity Amount (Rs.)         % of NAV
             Equity
             Prudential ICICI Technology Fund                                                 359,147      149,674,512          11.65
             Prudential ICICI Emerging S.T.A.R. (Stocks Targeted At Returns) Fund             693,698      289,098,642            5.91
             Prudential ICICI Income Multiplier                                                 19,609       8,172,051            0.33
             Prudential ICICI Monthly Income Plan                                               39,200      16,336,600            0.35
             Prudential ICICI Power                                                           703,746      293,286,146            3.13
             Prudential ICICI Dynamic Plan                                                   1,495,097     623,081,675            8.44


                                                             Gokaldas Exports Ltd.
             Name of Scheme                                                                  Quantity Amount (Rs.)         % of NAV
             Equity
             Prudential ICICI Services Industries Fund                                        164,577      108,612,591            1.92


                                                           Grasim Industries Limited
             Name of Scheme                                                                  Quantity Amount (Rs.)         % of NAV
             Equity
             Prudential ICICI Blended Plan - A                                                   4,025       6,635,615            0.08
             Prudential ICICI Index Fund                                                           126         207,724            0.71
             Prudential ICICI Infrastructure Fund                                             440,000      725,384,000            5.69
             Prudential ICICI Blended Plan - B                                                  18,900      31,158,540            1.25
             Prudential ICICI Dynamic Plan                                                    145,372      239,660,279            3.24
             Prudential ICICI Power                                                           177,245      292,206,107            3.11
             Prudential ICICI - MIP                                                             19,000      31,323,400            0.67
             Prudential ICICI Income Multiplier Fund                                             9,380      15,463,868            0.62
             Prudential ICICI Growth Plan                                                       64,450     106,252,270            3.56
             Prudential ICICI - Discovery Fund                                                185,000      304,991,000            2.99
             Prudential ICICI Spice Fund                                                             99        163,088            1.94
             Debt – Debentures / Bonds
             Prudential ICICI Short Term Plan                                                      200     201,408,087            2.69
             Prudential ICICI Income Multiplier                                                       1      9,943,875            0.40
             Prudential ICICI Income Plan                                                            12     58,412,705            2.09
             Prudential ICICI Long Term Plan                                                          8     38,941,803            1.97
             Prudential ICICI Fixed Maturity Plan – Series 28 – 16 Months Plan                       19    188,933,616          13.93




90
                                                                            Prudential ICICI Fixed Maturity Plan – Series 27


                                             HCL Technologies Limited
Name of Scheme                                                            Quantity Amount (Rs.)              % of NAV
Equity
Prudential ICICI Balanced Fund                                             107,186         65,404,897               1.99
Prudential ICICI Technology Fund                                             87,294        53,266,799               4.14
Prudential ICICI Power                                                     201,730       123,095,646                1.31
Prudential ICICI Dynamic Plan                                              238,605       145,596,771                1.97
Prudential ICICI Services Industries Fund                                  246,488       150,406,978                2.66
Prudential ICICI Index Fund                                                      439           267,878              0.92
Prudential ICICI Growth Plan                                                 95,258        58,126,432               1.95

                                                Hero Honda Limited
Name of Scheme                                                            Quantity Amount (Rs.)              % of NAV
Equity
Prudential ICICI Balanced Fund                                               55,986        49,796,748               1.52
Prudential ICICI Spice Fund                                                      135           120,035              1.43
Prudential ICICI Growth Plan                                                 68,406        60,843,718               2.04
Prudential ICICI Power                                                     181,202       161,170,119                1.72
Prudential ICICI Index Fund                                                      273           242,820              0.83
Prudential ICICI Discovery Fund                                            500,000       444,725,000                4.35
Prudential ICICI Income Multiplier                                           23,140        20,581,873               0.83

                                            Hindalco Industries Limited
Name of Scheme                                                            Quantity Amount (Rs.)              % of NAV
Equity
Prudential ICICI Infrastructure Fund                                      2,919,682      336,856,290                2.64
Prudential ICICI Discovery Fund                                           1,185,000      181,127,250                1.77
Prudential ICICI Monthly Income Plan                                       116,370         17,787,155               0.38
Prudential ICICI Balanced Fund                                             531,957         74,109,627               2.26
Prudential ICICI Child Care Gift Plan                                        58,644         8,963,735               1.19
Prudential ICICI Dynamic Plan                                             1,590,465      243,102,575                3.29
Prudential ICICI Growth Plan                                               573,211         87,615,301               2.94
Prudential ICICI Income Multiplier Fund                                      72,903        11,143,224               0.45
Prudential ICICI Index Fund                                                   1,691            241,981              0.83
Prudential ICICI Power                                                    2,294,355      343,492,162                3.66
Prudential ICICI Spice Fund                                                   1,266            176,577              2.10
Debt – Debentures / Bonds
Prudential ICICI Fixed Maturity Plan – Series 28 – 16 Months Plan                 19     187,974,211               13.86
Prudential ICICI Income Multiplier                                                11     108,827,175                4.31
Prudential ICICI Blended Plan - A                                                 20     197,867,590                2.30
Prudential ICICI Liquid Plan                                                      15     150,913,366                0.24
Prudential ICICI Short Term Plan                                                  15     150,935,604                2.01
Prudential ICICI Fixed Maturity Plan – 25 – 15 month option                       30     298,994,829               11.89




                                                                                                                               91
     Prudential ICICI Mutual Fund


                                                           Hindustan Lever Limited
             Name of Scheme                                                             Quantity Amount (Rs.)     % of NAV
             Equity
             Prudential ICICI Spice Fund                                                   1,489       360,561        4.29
             Prudential ICICI FMCG Fund                                                  245,000     59,339,000       5.80
             Prudential ICICI Index Fund                                                   3,018       730,960        2.50
             Prudential ICICI Emerging S.T.A.R. (Stocks Targeted At Returns) Fund        282,795    102,173,834       2.09

                                                                  ITC Limited
             Name of Scheme                                                             Quantity Amount (Rs.)     % of NAV
             Equity
             Prudential ICICI Balanced Fund                                              423,753     69,283,615       2.11
             Prudential ICICI Index Fund                                                   5,147       841,535        2.88
             Prudential ICICI Child Care Gift Plan                                        67,770     11,080,395       1.48
             Prudential ICICI FMCG Fund                                                  394,220     64,454,970       6.30
             Prudential ICICI Power                                                     1,226,645   200,556,456       2.14
             Prudential ICICI Monthly Income Plan                                         56,175      9,184,613       0.20
             Prudential ICICI Growth Plan                                                671,622    109,810,197       3.68
             Prudential ICICI Spice Fund                                                   3,549       579,907        6.90

                                                             Jet Airways India Ltd
             Name of Scheme                                                             Quantity Amount (Rs.)     % of NAV
             Equity
             Prudential ICICI Monthly Income Plan                                         19,200     18,568,320       0.40
             Prudential ICICI Blended Plan – Plan A                                      139,800    135,200,580       1.57
             Prudential ICICI Services Industries Fund                                   127,192    123,007,383       2.18
             Prudential ICICI Index Fund                                                     119       115,085        0.39
             Prudential ICICI Infrastructure Fund                                         86,295     83,455,895       0.65
             Prudential ICICI Blended Plan – Plan B                                       21,800     21,082,780       0.85

                                                            Maruti Udyog Limited
             Name of Scheme                                                             Quantity Amount (Rs.)     % of NAV
             Equity
             Prudential ICICI Spice Fund                                                     117        91,020        1.08
             Prudential ICICI Index Fund                                                     396       308,227        1.05

                                                         Motor Industries Company Ltd
             Name of Scheme                                                             Quantity Amount (Rs.)     % of NAV
             Equity
             Prudential ICICI Discovery Fund                                             150,929    444,251,965       4.35

                                                               Monnet Ispat Ltd
             Name of Scheme                                                             Quantity Amount (Rs.)     % of NAV
             Equity
             Prudential ICICI Infrastructure Fund                                        500,000    119,250,000       0.94



92
                                                                                 Prudential ICICI Fixed Maturity Plan – Series 27


                                                 Nahar Spinning Mills Ltd
Name of Scheme                                                                  Quantity Amount (Rs.)             % of NAV
Equity
Prudential ICICI Discovery Fund                                                 313,787         68,138,847               0.67

                            PTC India Limited (erstwhile Power Trading Corporation Ltd.)
Name of Scheme                                                                  Quantity Amount (Rs.)             % of NAV
Equity
Prudential ICICI Power                                                      2,029,589         118,629,477                1.26
Prudential ICICI Infrastructure Fund                                        1,245,966           72,826,713               0.57
Prudential ICICI Services Industries Fund                                   1,982,389         115,870,637                2.05

                                                    Raymond Limited
Name of Scheme                                                                  Quantity Amount (Rs.)             % of NAV
Equity
Prudential ICICI - Discovery Fund                                           1,114,578         477,763,860                4.68
Prudential ICICI Tax Plan                                                       221,725         95,042,421               3.45
Prudential ICICI Power                                                          166,557         71,394,658               0.76

                                            Tata Consultancy Services Limited
Name of Scheme                                                                  Quantity Amount (Rs.)             % of NAV
Equity
Prudential ICICI Spice Fund                                                           129           215,153              2.56
Prudential ICICI Services Industries Fund                                         71,977      120,205,189                2.13
Prudential ICICI Index Fund                                                           657        1,097,223               3.75
Prudential ICICI Income Multiplier                                                20,500        34,236,025               1.38
Prudential ICICI Technology Fund                                                  33,833        56,502,802               4.40


                                            Tata Iron & Steel Co. Limited
Name of Scheme                                                                  Quantity Amount (Rs.)             % of NAV
Equity
Prudential ICICI Growth Plan                                                    150,000         63,495,000               2.13
Prudential ICICI Spice Fund                                                           561           237,247              2.82
Prudential ICICI Monthly Income Plan                                            149,900         63,452,670               1.36
Prudential ICICI Discovery Fund                                                 400,000       169,320,000                1.66
Prudential ICICI Infrastructure Fund                                            600,000       253,980,000                1.99
Prudential ICICI Index Fund                                                           758           320,861              1.10
Prudential ICICI Power                                                          400,000       169,320,000                1.80

                                                    Tata Sons Limited
Name of Scheme                                                                  Quantity Amount (Rs.)             % of NAV
Debt – Debentures / Bonds
Prudential ICICI Fixed Maturity Plan Series 5 Yearly Plan                              10     100,062,287                7.52




                                                                                                                                    93
     Prudential ICICI Mutual Fund


                                                                  Thermax Limited
                Name of Scheme                                                                Quantity Amount (Rs.)        % of NAV
                Equity
                Prudential ICICI Balanced Fund                                                  40,572      47,106,121           1.43
                Prudential ICICI Emering S.T.A.R. (Stocks Targeted At Returns) Fund             68,089      79,054,733           1.62
                Prudential ICICI Child Care Gift Plan                                           20,000      23,221,000           3.09
                Prudential ICICI Power                                                         200,000    232,210,000            2.48

                                                             Videsh Sanchar Nigam Ltd.
                Name of Scheme                                                                Quantity Amount (Rs.)        % of NAV
                Equity
                Prudential ICICI Technology Fund                                                77,035      28,791,831           2.24
                Prudential ICICI Index Fund                                                        390         145,763           0.50
                Prudential ICICI Blended Plan – Plan A                                         578,550    216,233,063            2.51
                Prudential ICICI Blended Plan – Plan B                                         102,900      38,458,875           1.55

     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 Equity      PPEPL was reprimanded and fined £75,000 by IMRO for breaches of
      1997                  Plans Limited (PPEPL)           IMRO rules relating to its PEP business:
                                                            - 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 Services          Following a regular Inland Revenue PEP audit, M&GFSL have reached
                            Limited (M&GFSL)                agreement to pay the following:
                                                            - 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 Assurance        PAC was fined £650,000 by PIA for failures in its pensions review
      2001                  Company Limited (PAC)           procedures relating specifically to delays in making payments of redress
                                                            to supplement pension policy benefits of those who had retired and
                                                            beneficiaries of those who had died; and its record-keeping.
      6 March               Scottish Amicable Life plc      SAL was fined £750,000 by the FSA in respect of sales of mortgage
      2003                  (SAL)                           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




94
                                                                                          Prudential ICICI Fixed Maturity Plan – Series 27

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, 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
                                                                                                                                             95
     Prudential ICICI Mutual Fund

           the years 1998, 1999, 2000 and 2001) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and
           Takeovers) 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 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,
96
                                                                                               Prudential ICICI Fixed Maturity Plan – Series 27

      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 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
                                                                                                                                                  97
     Prudential ICICI Mutual Fund

            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.
            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 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 plc      PC was publicly criticised by the London Stock Exchange for the manner in
                            (PC)                            which it dealt with authorisation of a dealing in Prudential shares by its
                                                            then Chief Executive.
       December             The Prudential Assurance        The FSA issued a section 60 notice and a public statement criticising PAC’s
       1997                 Company Limited (PAC)           compliance arrangements 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:



98
                                                                                  Prudential ICICI Fixed Maturity Plan – Series 27

ICICI Bank & Its Associates: Nil
Prudential Corporation plc & its associates
 Date             Company                     Description of Sanction

 April 1994/      The Prudential Assurance    In relation to The Prudential Assurance Company Limited (PAC). LAUTRO
 March 1995       Company Limited (PAC)       approached PAC in April 1994 with a request for its co-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.
 1995-1997        The Prudential Assurance    A number of writs were issued by SIB from 1995 to 1997 in connection
                  Company Limited (PAC)       with the mis-selling of personal pensions, mainly where 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 from 3
 December                                      viewers. An advertisement for a Prudential 60 Day Notice Account offered
 1997                                         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 Assurance    Limited (PAC) Following an article in The Guardian concerning possible
                  Company                      pensions mis-selling, the PIA will be investigating 2 cases.
 1998             The Prudential Assurance    An objection was received via the Trading Standards Department to a leaflet
                  Company Limited (PAC)       that claimed “Save around £100 on home insurance”. The complainant,
                                              who was given a quote for £16 more than his existing policy, challenged
                                              whether the savings were generally attainable.


                                                                                                                                     99
      Prudential ICICI Mutual Fund


       Date                  Company                       Description of Sanction
                                                           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 Assurance      2 Complaints about advertisements in the national press:
                             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 $10,000 for
                             Corporation (NPC)             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               Prudential Nominees           PNL was fined £5,000 by OPRA following a determination regarding the
       2002                   Limited (PNL)                Ledo Limited Pension Plan (a SSAS) for which PNL is pensioner trustee. The
                                                           fine is in respect of failing to appoint an auditor and other procedural failures.
       January               Jackson National Life (JNL)   JNL have reached a settlement of Haggan case and the Andrews, Dunn
       2002                                                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.
100
                                                                                            Prudential ICICI Fixed Maturity Plan – Series 27

AMC: Nil
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.
F)   STOCK LENDING BY THE MUTUAL FUND
     The Scheme will not do any ‘Stock Lending’ activity.
G)   POLICY ON OFFSHORE INVESTMENTS BY THE SCHEME
     The Scheme will not invest in any ADR, GDR, foreign securities or offshore securities.
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 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.
     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.
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
           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 Prudential ICICI Trust Limited by circulation on
      December 9, 2005
                                                                                   For and on behalf of the Board of Directors of
                                                                       Prudential ICICI Asset Management Company Limited

                                                                                                         Sd/-
Place : Mumbai                                                                                      Pankaj Razdan
Date : March 13, 2006                                                                              Managing Director

                                                                                                                                               101
      Prudential ICICI Mutual Fund


                                     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 :




      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.

102
THIS PAGE IS INTENTIONALLY KEPT BLANK
             Official Points of acceptance of transactions under all the schemes of Prudential ICICI Mutual Fund

Branches of Prudential ICICI Asset                              •   New Delhi: 206, Ashoka Estate, 2nd floor, 24,            •   Jamshedpur: CAMS Transaction Point, Panch Bhawan,
Management Company Ltd. located at:                                 Barakhamba Road, New Delhi 110 001. Tel: (011)               ‘R’ Road, Bistupur, Gr. Floor, (Near Rajasthan Bhawan),
•   Ahmedabad: 401, Sears Towers, Nr. Panchawati,                   23752515/16/17/18                                            Jamshedpur 831 001. Tel: 0657-310 5930
    Gulbai Tekra, Ahmedabad 380 006. Tel: (079)                 •   Patna: 306, Ashiana Harnivas, Dak Bungalow Road,         •   Jodhpur: Cams Transaction Point, 1/5 Nirmal Tower,
    26421095/96, 26408960 / 9029                                    Patna 800 001. Tel: (0612) 2230 483, 2213632,                1st Chopasani Road, Jodhpur 342003. Tel: 0291-309
•   Bangalore: 15/16, Vayudooth Chambers, Ground Floor,             2204164                                                      2892 / 262 8039
    Trinity Circle, M. G. Road, Bangalore 560 001. Tel: (080)   •   Pune: 1184/4, 3& 4 Ground Foor, Gokul Nagar,
    25323789, 25323675/76, 25323680                                 Dyaneshwar Paduka Chowk, Fergusson college Road,         •   Madurai: CAMS Transaction Point, 86/71A,
                                                                    Pune 411005. Tel:(020) 56028844, 56023909                    Tamilsangam Road, Madurai 625 001.
•   Baroda: 203 Dwarkesh Complex, RC Dutt Road, Baroda
    390 007. Tel: (0265) 2322283 / 84                           •   Rajkot: 103, Star Plaza, Phul Chaab Chowk,               •   Manipal: CAMS Transaction Point, Academy Annex,
•   Bhubaneswar: 2nd Foor, Epari Plaza, Plot No. C-653,             Rajkot 360 001. Tel: (0281) 2294299                          First Floor, Opposite Corporation Bank, Upendra Nagar,
    Unit-3, Janpath, Bhubaneswar, Orissa. Tel: (0674)           •   Ranchi: C/o. Bytes Care, I / 103, Sainik Market, Main        Manipal 576 104. Tel: 0820-257 3333, 529 2033
    2535805, 2535806                                                Road, Ranchi-834 001. Mobile: 9835039770                 •   Meerut: CAMS Transaction Point, 108, 1st Floor,
•   Chandigarh: SCO 137-138 Ist Floor, Sector 9-C,              •   Surat: 419, Lalbhai Contractor Complex, Nanpura,             Shivam Plaza, Opposite Eves Cinema, Hapur Road,
    Chandigarh 160 017. Tel: (0172) 2745302/3/2746195               Surat 395001, Gujarat. Tel. (0261) 2460362,                  Meerut 250 002. Tel: 0121-2400 700
•   Chennai: No. 22/4, Aashika Chambers, Chamiers Road,             9824272250
                                                                                                                             •   Mysore: CAMS Transaction Point, No.3, 1st Floor,
    Teynampet, Chennai 600018. Tel: (044) 2433 8228/9           •   Vijayawada: 40-1-52/5,Ground Floor, Sai Nag                  CH.26 7th Main, 5th Cross (Above Trishakthi Medicals),
•   Coimbatore: Old No:58, New No.126, 1st floor, TV                Complex, Near Benz Circle, M.G.Road, Vijayawada 520          Saraswati Puram, Mysore 570 009. Tel: 0821-309 1244 /
    Swamy Road (West), R.S. Puram, Coimbatore 641 002.              010. Tel: (0866) 5518882, 5516662, 9848050868                234 2182
    Tel: (0422) 2543380/2543382/2543384                         •   Visakhapatanam: G-8, Rams Plaza, Diamond Park
                                                                    Lane, Dwarkanagar, Visakhapatanam 530 016. Tel:          •   Nagpur: CAMS Investor Service Centre, 145 Lendra
•   Durgapur: Mezzanine Floor, Lokenath Mansion, Sahid                                                                           Park, Behind Shabari, New Ramdaspeth, Nagpur 440
    Khudiram Sarani, City Centre, Durgapur, Dist: Burdwan,          (0891) 5566 333, 5566 318, 2762 660, 9848194249
                                                                                                                                 010. Tel: (0712) 253 2447, 253 7321
    West Bengal - 713216. Tel: (0343) 2544682. Fax: (0343)
    2544683                                                     Branches of Computer Age Management                          •   Nasik: CAMS Investor Service Centre, “Varsha
•   Goa: Shop No. 7, Ground Floor, Kamat Chambers, Opp.         Services Pvt. Ltd. (CAMS) located at:                            Bungalow”, 1st Floor, Near Rungtha High School, 493,
    Hotel Neptune, Menezes Braganza Road, Panjim 403                                                                             Ashok Stambh, Nasik 422 001.
                                                                •   Agra: CAMS Transaction Point, F-39/203, Sky Tower,
    001. Tel: (0832) 2424520/11                                     Sanjay Place, Agra 282 002. Tel: 0562-252 1812           •   Patiala: CAMS Transaction Point, 3, Ajit Nagar, Patiala
•   Guwahati: Jadavbora Complex, M. Dewan Path,                 •   Allahabad: CAMS Transaction Point, 1st Floor, Chandra        147 001.
    Ullubari, Guwahati 781007. Mobile: 9864025593                   Shekhar Azad Complex (Near Indira Bhawan), 5, S.P.       •   Pondicherry: CAMS Transaction Point, 25, First Floor,
•   Hyderabad: L.B. Bhavan, 6-3-550 Somajiguda, (Opp.               Marg, Civil Lines, Allahabad 211 001. Tel: 0532-260          Jawaharlal Nehru Street, Pondicherry 605 001. Tel:
    Medinova), Hyderabad 500082. Tel: (040)                         1602                                                         0413-222 0575 / 233 5722
    55510099/100                                                •   Amaravati: Cams Transaction Point, 81, Gulsham
•   Indore: 213-A City Center, 570 M.G. Road, Indore-452            Tower, Near Panchsheel, Amaravati 444 601                •   Raipur: CAMS Transaction Point, C-23, Sector 1,
    001. Tel: (0731) 5043003 / 5043004                                                                                           Devendra Nagar, Raipur 492004. Tel: 0771-309 0830
                                                                •   Amritsar: CAMS Transaction Point, 378-Majithia
•   Jaipur: 305, 3rd floor, Ganpati Plaza, M.I. Road, Jaipur        Complex, 1st Floor, M. M. Malviya Road,                  •   Rajahmundry: CAMS Transaction Point, D.No 7-27-4
    302 001. Tel: (0141) 2389326, 2389257, 2389126                  Amritsar 143 001. Tel: 0183-221 1194                         Krishna Complex, Baruvari Street, T Nagar,
•   Kanpur: 516-518, Krishna Tower, 15/63 Civil Lines,          •   Aurangabad: CAMS Transaction Point, Office No. 1, 1st        Rajahmundry 533 101. Tel: 0883-5565531
    Opp. U.P. Stock Exchange, Kanpur-208001. Tel: (0512)            Floor, Amodi Complex, Juna Bazar, Aurangabad             •   Rourkela: Cams Transaction Point, 1st Floor, Mangal
    2303505/ 2303520                                                431 001. Tel: 0240-2363 664                                  Bhawan, Phase II, Power House Road, Rourkela - 769
•   Kochi: No. 6, 3rd floor, Emgee Square, M.G. Road,           •   Belgaum: CAMS Transaction Point, No. 21, Ground              001.
    Kochi 682 035. Tel: (0484) 2353 199/2371 809 & 3097             Floor, Arvind Complex, 1552 Maruti Galli, Belgaum 590
    458                                                             002. Tel: 0831-2425 305                                  •   Salem: CAMS Transaction Point, 28, I Floor, Advytha
                                                                                                                                 Ashram Road, Salem 636 004. Tel: 0427-244 6338
•   Kolkata: 124, Lords, 1st Floor, 7/1 Lord Sinha Road,        •   Bhilai: CAMS Transaction Point, 209 , Khichariya
    Kolkata 700 071. Tel: (033) 2282 4077/82                        Complex, Opp IDBI Bank, Nehru Nagar Square,              •   Siliguri: CAMS Transaction Point, No 8, Swamiji Sarani,
•   Lucknow: Office No.6, Ground Floor, Saran Chambers-I,           Bhilai 490 020. Tel: 0788-505 0568                           Ground Floor, Hakimpara, Siliguri 734 401. Tel: 0353-
    5 Park Road, Lucknow 226 001. Tel: (0522)                   •   Bhopal: CAMS Transaction Point, C-12, 1st Floor,             221 6065
    237923/717/711                                                  Above Life Line Hospital, Zone-I, M.P.Nagar,             •   Thiruvananthapuram: CAMS Transaction Point,
•   Ludhiana: SCO 147, 4th Floor, Feroze Gandhi Market,             Bhopal 462011 (M.P.). Tel: 0755-528 5266                     15/2012, Sheelatha Building, Womens' College Lane,
    Ludhiana 141 001. Tel: (0161) 2413101/2/4                   •   Calicut: Cams Transaction Point, 17/28 H 1st Floor,          Vazuthacadu, Trivandrum 695014. Tel: 0471-3950 414
•   Mangalore: 1st Floor, S. L. Chambers, Near Bunt’s               Manama Towers, Marvoor Road, Calicut 673 001. Tel:
                                                                                                                             •   Trichur: CAMS Transaction Point, VIII/350/15, O K John
    Hostel Road, Karangalpady, Mangalore 575003. Tel:               0495-272 3173
                                                                                                                                 Memorial Building, Ekkanda Warrier Road,
    (0824) 2492179, 2491666                                     •   Dehradun: CAMS Transaction Point, 81, Chakrata               Trichur 686 001. Tel: 0487-242 0646
•   Mumbai-Corporate Office: Peninsula Tower, 5th                   Road, Dehradun 248 001. Tel: 0135-271 3233
                                                                                                                             •   Trichy: CAMS Transaction Point, No 8, I Floor, 8th Cross
    Floor, 503, Peninsula Corporate Park, Ganpatrao Kadam       •   Guntur: CAMS Transaction Point, Shyamsunder Golden
                                                                                                                                 West Extn., Thillainagar, Trichy 620 018. Tel: 0431-274
    Marg, Off. Senapati Bapat Marg, Lower Parel, Mumbai-            Towers, Ground Floor, 3rd Lane, Brodipet, Adjacent to
                                                                                                                                 1717
    400 013. Telephone No.: 022-24999777 Fax No.: 022-              Over-bridge, Guntur 522 002. Tel: 0863-5580 838
    2499 7029                                                   •   Hubli: CAMS Transaction Point, No. 208, ‘A’ Block, 1st   •   Udaipur: CAMS Transaction Point, 32, Ahinsapuri,
•   Mumbai - Branch Office (Fort): Yeshwant Chambers,               Floor, Kundagol Complex, Opp. Court, Club Road, Hubli        Fatehpura Circle, Udaipur 313 004. Tel: 0294-3091722
    Shop No. 6, Ground Floor, 14/18, Burjoji Bharuch Marg,          580 029.                                                 •   Valsad: C/o. CAD House, Suddhivinayak Complex, F-1,
    Kalaghoda, Fort, Mumbai-400 023. Tel: (022)                 •   Jalandhar: CAMS Transaction Point, 367/8, Central            First Floor, Avenue Building, Near R. J. J. School, Tithal
    22679676/22697989                                               Town, Opp. Gurudwara Diwan Asthan,                           Road, Valsad 396 001.
•   Mumbai - Branch Office (Bandra): 101, Deccan                    Jalandhar 144 001. Tel: 0181-2456336
    House, Off Turner Road, Behind Copper Chimney, Near                                                                      •   Varanasi: CAMS Transacation Point, C 27/249 - 22A,
                                                                •   Jamnagar: CAMS Transaction Point, 207/209, K.P. Shah
    Bandra Station, Bandra (W), Mumbai-400 050. Tel:                                                                             Vivekanand Nagar Colony, Maldhaiya,
                                                                    House I, K.V. Road, Jamnagar 361 001. Tel: 0288-255
    (022) 26404065/66                                                                                                            Varanasi 221 002. Tel: 0542-220 8546/ 311 3810.
                                                                    8467/ 3111909

				
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