Allocation based on PE & ROE (Ann)

SAMBA 1.12

51%

2002
31.1

35.1

13%

7%

SABB

1.21

51%

2003
44.5
43.5

(2%)

(1%) SABB

1.05

51%

2004
71.8

89.2

24%

12% RJHI

1.07

51%

SABB

1.10

49%

30.3

44.5

47%

23%

BSFR

1.16

49%

32.5

38.3

18%

9% RJHI

1.03

49%

57.7

85.8

49%

24% SABB

1.03

49%

BSFR

1.08

34.4

32.5

(5%)

0%

RJHI

1.04

29.4

38.3

30%

0% BSFR

1.02

67.8

86.6

28%

0% BSFR

0.99

RIBL

0.94

18.8

23.2

24%

0%

RIBL

0.97

23.2

27.7

19%

0% SAMBA 0.98

75.3

95.2

26%

0% SAMBA 0.97

RJHI

0.90

18.8

29.4

57%

0%

ARNB 0.96

25.0

29.7

19%

0% RIBL

0.98

44.2

54.5

23%

ARNB

0.86

17.9

25.0

40%

0%

SAMBA 0.83

35.1

43.5

24%

0% ARNB

0.96

47.4

62.4

32%

29.5%
Mkt
Sect

RIBL

1.05

50%

Q3 2005
70.8

RJHI

1.04

50%

SABB

7.6%

71.1%
31.4%

Mkt
Sect

BSFR

1.14

51%

ARNB 1.11

49%

78.2

10%

5%

139.7

230.8

65%

32%

1.03

138.3

137.3

(1%)

0%

SABB

ARNB

1.01

81.5

79.7

(2%)

BSFR

1.00

113.0

112.1

SAMBA 0.99

134.7

138.7

Q4 2005
112.1 101.8

88.6%
99.5%

Mkt
Sect

(9%)

(5%) RJHI

1.07

50%
50%

60.5

(24%)

(12%) ARNB

1.05

1.10

137.3

119.8

(13%)

0% SABB

0%

SAMBA 1.09

138.7

115.3

(17%)

0% BSFR

(1%)

0%

RJHI

1.07

230.8

126.3

(45%)

3%

0%
37.6%
23.9%
21.5%

RIBL

0.96

78.2

58.3

(25%)
Mkt
Sect

18%

9%

RJHI

1.04

49%

86.6

98.0

13%

0%

BSFR

95.2

117.3

23%

0%

0% ARNB 0.94

62.4

70.4

13%

0%

RIBL

0% RIBL

54.5

61.3

12%

0%

0.88

Q1 2006
126.3 138.8

36.6%
32.0%

10%

5% BSFR

Mkt
Sect

1.12

51%
49%

107.5

(10%)

1.05

101.8

90.6

0% SAMBA 1.02

115.3
58.3

0% RIBL
(16.5%)
(40.3%)
(30.2%)

0.91

ARNB 1.10

50%

Q1 2007
46.4
55.7

20%

10% RJHI

1.04

50%

RJHI

1.07

50%

89.6

74.5

(17%)

(8%)

BSFR

1.08

50%

58.3

70.0

20%

10% SAMBA 1.03

50%

ARNB

1.07

51.5

46.4

(10%)

0%

RJHI

1.05

74.5

75.8

2%

0% ARNB

SABB

1.03

73.0

59.5

(18%)

0%

SAMBA 0.98

89.7

82.0

(9%)

SAMBA 0.94

105.0

89.7

(15%)

0%

SABB

0.98

59.5

60.9

2%

32.4

25.1

(22%)

0%
(17.2%)
(5.9%)
(16.6%)

RIBL

0.96

25.1

30.3

21%

60.9

51%

Q1 2008
93.0

65.5

(30%)

(15%)

SAMBA 1.13

53%

Q2 2008
65.5
70.0

7%

4%

RJHI

0.96

49%

86.0

80.5

(6%)

(3%)

ARNB 1.01

47%

54.8

53.5

(2%)

(1%)

ARNB

0.96

66.5

54.8

(18%)

0%

BSFR

1.00

74.5

72.8

(2%)

0%

RIBL

0.94

42.8

31.8

(26%)

0%

SABB

0.99

85.5

83.8

(2%)

0%

BSFR

0.92

95.0

74.5

(22%)

0%

RJHI

0.96

80.5

83.0

3%

0%

SABB

0.90

101.0

85.5

(15%)

0%
(18.2%)
(14.5%)
(21.1%)

RIBL

0.91

31.8

33.0

4%

0%
2.5%
(3.6%)
0.6%

0%

1.02

95.9

89.6

(7%)

0%

95.9 (31%)

0%

ARNB 1.02

52.3

51.5

(1%)

0%

36.2 (18%)

0%
(16.4%)
(27.2%)
(26.2%)

RIBL

36.2

32.4 (10%)

0%
(1.9%)
(4.5%)
(3.5%)

44.2

Mkt
Sect

1.03

Q3 2007
93.2
99.8

0.89

Mkt
Sect

7%

4%

SAMBA 1.04

50%

ARNB 1.02

50%

(7%)

(3%)

66.5

2%

1%

1.02

85.0

95.0

12%

0%

RIBL

1.01

42.7

42.8

0%

0%

RJHI

0.99

93.4

86.0

(8%)

0%

SABB

0.95

91.9

101.0

10%

0%
(2.6%)
2.7%
2.5%

42.7

23%

12%

0% ARNB 1.03

65.1

65.5

1%

0%

BSFR

12%

0% RJHI

1.01

93.2

93.4

0%

0%

34.6

14%

0% BSFR

1.00

78.5

85.0

8%

0%

74.4

22%

0% SABB
18.3%
16.6%
17.3%

0.93

74.4

91.9

24%

0%
15.2%
3.0%
6.0%

Mkt
Sect

Q4 2007
99.8
93.0
65.5

34.6

Mkt
Sect

50%

Q3 2006
74.6
70.7

12.4%
22.2%

RJHI

0.94

50%

Mkt
Sect

0%

0% RIBL
5.8%
(2.7%)
(2.0%)

12% SAMBA 1.04

0%
30.9%

1%

(24%)

0.94

15%

16%

44.2

30.3

134.7

105.0

138.8

0.98

117.3

90.7

1.01

0% RIBL

0%

SAMBA 0.98

SAMBA 1.04

0% RJHI

78.5

15%

(3%)

(5%)

70.0

70.8

2%

109.7

1.00

61.3

(5%)

71.9 (33%)

0% BSFR

0%

0.99

73.0

107.5

17%

0%

16%

71.9

1.06

65.1

15%

81.5

49%

0% SABB

55.7

113.0

70.4

1.08

(11%)

1.02

98.0

SABB

0%

7% RIBL

1.01

ARNB 1.01

51%

90.7 (17%)

14%

15%

1.11

109.7

93.2

30%

BSFR

0% SAMBA 1.07

23%

16%

139.7

(9%)
(7%)

82.0

SAMBA 1.00

Q2 2006
90.6
74.6 (18%)
52.3 (15%)

Q2 2007
75.8
93.2

32%

107.3

20.0%
19.3%

61.5

Mkt
Sect

(9%)

0% SABB
20.1%
4.7%
4.1%

89.2

Q2 2005
105.2 138.3

21.6%

119.8

(18%)

Mkt
Sect

105.2

1.05

58.3

Mkt
Sect

51%

1% ARNB 1.08

Q4 2006
70.7

Mkt
Sect

1.08

2%

50%

Mkt
Sect

SABB

61.5

1.08

0.94

13%

60.5

BSFR

RIBL

25%

36.4%

79.7

Mkt
Sect

Q1 2005
85.8 107.3

Mkt
Sect

Prepared by
Anand Seshadri
Portfolio Manager