Worst Case Scenario: The Law Of Diminishing Returns

Scenario on Value Research Intelligent Investor Jan 2002 Calculations Calculations_______________________________________________________________________________________________________________Scenario 1 NAV Estimate: Rs 11.17. NAV Estimate: Rs 9.59Sensex up by 25% Impact ofredemption Impact: Rs 129.41 crore deficit under limited exit plan— Rs 13.73 crore surplus_______________________________________________________________________________________________________________Scenario 2 NAV Estimate: Rs 8 NAV Estimate: Rs 6.86Sensex down by 25% Impact: Rs 142 crore deficit Impact: Rs 263.24 crore deficit_______________________________________________________________________________________________________________Scenario 3 NAV Estimate: Rs 9.58 NAV Estimate: Rs 8.23Sensex unchanged Impact: Rs 64.22 crore deficit Impact: Rs 196.08 crore deficit

Scheme NPA* Non-invst. Equity(%)* Nav Capital Shortfall Redemption grade debt (%)* (Rs)** Date (as %)*MIP ’96 (IV) 69.98 7.81 20.57 8.18 741.22 134.90 Dec 12, ‘01MIP ’95 173.44 37.66 16.77 7.47 471.09 119.19 Jun 30, ‘02MIP ’97 175.08 15.29 18.31 6.75 1,447.80 470.54 Apr 30, ‘02MIP ’97 (II) 284.37 11.33 18.23 7.11 2,022.48 584.50 Jun 30, ‘02MIP ’97 (III) 43.43 20.69 24.64 7.44 976.99 250.11 Aug 31, ‘02MIP ’97 (IV) 110.14 10.84 14.06 8.25 1,092.01 191.10 Oct 31, ‘02MIP ’97 (V) 55.62 13.13 23.23 7.41 516.16 133.69 Oct 31, ‘02