|                                               | **Pages** |
|----------------------------------------------------|-----------|
|                                               |      |
| Statements of Income                               | 2         |
|                                               |      |
| Balance Sheets                                     | 3         |
|                                               |      |
| Statements of Cash Flows                           | 5         |
|                                               |      |
| Statements of Changes in Shareholders’ Equity | 7         |
|                                               |      |
| Notes to Financial Statements                      | 8         |

----

| **For the quarter endedJune 30,****(Rs. in thousands, except per share data)**   | **2009**     | **2010**     | **2010****Convenience translation into US$** |
|--------------------------------------------------------------------------------------------|--------------|--------------|----------------------------------------------|
| **Revenues:**                                                                              |         |         |                                         |
| Commission income                                                                          | 297,832      | 380,366      | 8,196                                        |
| Proprietary trading, net                                                                   | 316,238      | 246,746      | 5,317                                        |
| Distribution income, net                                                                   | 6,382        | 15,815       | 341                                          |
| Interest and dividends                                                                     | 57,468       | 50,342       | 1,085                                        |
| Other income                                                                               | 1,153        | 584          | 13                                           |
| **Total revenues**                                                                         | **679,073**  | **693,853**  | **14,952**                                   |
| **Expenses:**                                                                              |         |         |                                         |
| Exchange, clearing andbrokerage fees                                                       | 313,958      | 261,895      | 5,643                                        |
| Employee compensation andbenefits                                                          | 191,811      | 283,045      | 6,099                                        |
| Information andcommunication                                                               | 31,135       | 21,653       | 467                                          |
| Advertisement expenses                                                                     | 50,183       | 17,820       | 384                                          |
| Depreciation andamortization                                                               | 27,306       | 39,211       | 845                                          |
| Interest expense                                                                           | 17,073       | 29,796       | 642                                          |
| General and administrativeexpenses                                                         | 62,916       | 105,472      | 2,273                                        |
| **Total expenses**                                                                         | **694,382**  | **758,892**  | **16,353**                                   |
| **Earningsbefore income taxes**                                                            | **(15,309)** | **(65,039)** | **(1,401)**                                  |
| Incometaxes                                                                                | (5,113)      | (17,489)     | (377)                                        |
| **Earningsafter income taxes**                                                             | **(10,196)** | **(47,550)** | **(1,024)**                                  |
| Sharein profits of equity investee                                                         | (1,514)      | (1,429)      | (31)                                         |
| **Earningsbefore extraordinary gain**                                                      | **(11,710)** | **(48,979)** | **(1,055)**                                  |
| Extraordinary gain                                                                         | —       | —       | —                                       |
| Non controlling interest                                                                   | 774          | (12,778)     | (275)                                        |
| **Netincome**                                                                              | **(12,484)** | **(36,201)** | **(780)**                                    |
| **Earningsper share:**                                                                     |         |         |                                         |
| Basic Earnings before extraordinary gain                                                   | (1.13)       | (3.45)       | (0.07)                                       |
| Basic Extraordinary gain                                                                   | —       | —       | —                                       |
| Basic Net income                                                                           | (1.13)       | (3.45)       | (0.07)                                       |
| Weighted average number of shares used to computebasic and diluted earnings per share      | 10,758,783   | 10,478,387   | 10,478,387                                   |
| Diluted Earnings before extraordinary gain                                                 | (1.13)       | (3.31)       | (0.07)                                       |
| Diluted Extraordinary gain                                                                 | —       | —       | —                                       |
| Diluted Net income                                                                         | (1.13)       | (3.31)       | (0.07)                                       |
| Weighted average number of shares used to computebasic and diluted earnings per share      | 10,758,783   | 1,094,5758   | 10,945,758                                   |

----

| ** As of****(Rs. in thousands)**                                                                                                | **March 31, 2010** | **June 30, 2010** | **June 30, 2010****Convenience translation into US$** |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------|-------------------------------------------------------|
| **Assets**                                                                                                                                |               |              |                                                  |
| Cash and cash equivalents                                                                                                                 | 78,447             | 88,772            | 1,913                                                 |
| Receivables from clearingorganizations (net of allowance fordoubtful debts of Rs Nil as of March 31, 2010 and Rs Nil as of June 30, 2010) | 126,462            | 55,735            | 1,201                                                 |
| Receivables from customers(net of allowance for doubtful debts of Rs.76,384 as of March 31, 2010 andRs. 76,384 as of June 30, 2010)       | 1,275,797          | 1,283,358         | 27,653                                                |
|                                                                                                                                      |               |              |                                                  |
| Due from related parties                                                                                                                  | 125,697            | 114,581           | 2,469                                                 |
|                                                                                                                                      |               |              |                                                  |
| Securities owned:                                                                                                                         |               |              |                                                  |
|                                                                                                                                      |               |              |                                                  |
|           Marketable, at market value                                                   | 1,751,136          | 1,728,637         | 37,247                                                |
|                                                                                                                                      |               |              |                                                  |
| Commodities, at market value                                                                                                              | 453,551            | 431,451           | 9,297                                                 |
|                                                                                                                                      |               |              |                                                  |
| Derivativesassets held for trading                                                                                                        | 17,208             | 271,413           | 5,848                                                 |
|                                                                                                                                      |               |              |                                                  |
| Investments                                                                                                                               | 586,417            | 561,447           | 12,098                                                |
|                                                                                                                                      |               |              |                                                  |
| Deposits with clearingorganizations and others                                                                                            | 1,377,289          | 1,727,750         | 37,227                                                |
|                                                                                                                                      |               |              |                                                  |
| Property and equipment (netof accumulated depreciation of Rs. 281,420 as of March 31, 2010 and Rs.311,982 as of June 30, 2010)            | 375,735            | 361,100           | 7,781                                                 |
| Intangible assets (net ofaccumulated amortization of Rs. 79,197 as of March 31, 2010 and Rs. 86,603 asof June 30, 2010)                   | 75,082             | 137,534           | 2,963                                                 |
|                                                                                                                                      |               |              |                                                  |
| Deferred taxes, net                                                                                                                       | 173,945            | 206,326           | 4,446                                                 |
|                                                                                                                                      |               |              |                                                  |
| Other assets                                                                                                                              | 1,287,778          | 1,326,848         | 28,590                                                |
| **Total Assets**                                                                                                                          | **7,704,544**      | **8,294,952**     | **178,733**                                           |
| **Liabilities andShareholder’s Equity**                                                                                              |               |              |                                                  |
| Payable to broker-dealersand clearing organizations                                                                                       | 37,746             | 175,815           | 3,788                                                 |
|                                                                                                                                      |               |              |                                                  |
| Payable to customers                                                                                                                      | 1,964,270          | 2,327,583         | 50,153                                                |
|                                                                                                                                      |               |              |                                                  |
| Derivatives held for trading                                                                                                              | 8,652              | —            | —                                                |
|                                                                                                                                      |               |              |                                                  |
| Accounts payable, accruedexpenses and other liabilities                                                                                   | 219,160            | 281,659           | 6,069                                                 |
|                                                                                                                                      |               |              |                                                  |
| Due to related parties                                                                                                                    | 3,521              | 6,191             | 133                                                   |
|                                                                                                                                      |               |              |                                                  |
| Overdrafts and long termdebt                                                                                                              | 1,162,983          | 1,251,292         | 26,962                                                |
| **Total Liabilities**                                                                                                                     | **3,396,332**      | **4,042,540**     | **87,105**                                            |
| Commitments and contingencies (Note 23)                                                                                                   |               |              |                                                  |

----

| **As of****(Rs. in thousands)**                                                                                                                         | **March 31, 2010** | **June 30, 2010** | **June 30, 2010****Convenience translation into US$**  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------|-------------------------------------------------------------|
| **Shareholders' Equity**                                                                                                                                     |               |              |                                                        |
| Common Stock                                                                                                                                                 | 104,784            | 104,784           | 2,258                                                       |
|                                                                                                                                                         |               |              |                                                        |
| (15,000,000 common stock authorized; 10,478,387 and 10,478,387 equity shares issued and outstanding as of March31, 2010 and June 30, 2010; par value Rs. 10) |               |              |                                                        |
|                                                                                                                                                         |               |              |                                                        |
| Subscription received inadvance                                                                                                                              | 10,536             | 6,000             | 129                                                         |
|                                                                                                                                                         |               |              |                                                        |
| Additional paid in capital                                                                                                                                   | 2,779,175          | 2,779,175         | 59,883                                                      |
|                                                                                                                                                         |               |              |                                                        |
| Retained earnings                                                                                                                                            | 1,020,798          | 984,597           | 21,216                                                      |
|                                                                                                                                                         |               |              |                                                        |
| Other reserves                                                                                                                                               | 123,998            | 123,998           | 2,672                                                       |
|                                                                                                                                                         |               |              |                                                        |
| Accumulated othercomprehensive income / (loss)                                                                                                               | 8,020              | 5,735             | 124                                                         |
| **Total Shareholders'Equity**                                                                                                                                | **4,047,311**      | **4,004,289**     | **86,282**                                                  |
| Noncontrolling interest                                                                                                                                      | 260,901            | 248,123           | 5,346                                                       |
| **Total Liabilities and Shareholders'Equity**                                                                                                                | **7,704,544**      | **8,294,952**     | **178,733**                                                 |

----

| **For the quarter ended June 30,****(Rs. in thousands)**                                 | **2009**  | **2010**  | **2010Conveniencetranslationinto US$** |
|-----------------------------------------------------------------------------------------------|----------------|----------------|----------------------------------------|
| **Cash flows from operating activities**                                                      |           |           |                                   |
| Net profit                                                                                    | (12,484)       | (36,201)       | (780)                                  |
| **Adjustments to reconcile net profit to net cash provided/ (used) in operating activities:** |           |           |                                   |
| Depreciation and amortization                                                                 | 27,306         | 39,211         | 845                                    |
| Deferred tax expense / (benefit)                                                              | (40,023)       | (32,381)       | (698)                                  |
| Share of loss in equity investee and extraordinary gain                                       | 1,514          | 1,429          | 31                                     |
| (Gain)/Loss on sale of property and equipment                                                 | —         | (383)          | (8)                                    |
| (Gain) / Loss on sale of investment                                                           | —         | (3,996)        | (86)                                   |
| Fair value (gain) / loss on investment                                                        | —         | 3,160          | 67                                     |
| Fair value (gain) / loss on trading securities                                                | 48,501         | 4,245          | 90                                     |
| Minority Interest                                                                             | 774            | (12,778)       | (275)                                  |
| Provision for gratuity                                                                        | 691            | 2,403          | 52                                     |
| **Changes in assets and liabilities:**                                                        |           |           |                                   |
| Receivables from clearing organizations                                                       | 14,075         | 70,727         | 1,524                                  |
| Receivables from customers                                                                    | 753,857        | (7,561)        | (163)                                  |
| Dues froim related parties                                                                    | (168,243)      | 11,116         | 240                                    |
| Dues to related parties                                                                       | (639,683)      | 2,671          | 58                                     |
| Securities owned                                                                              | 43,898         | 18,255         | 393                                    |
| Commodities                                                                                   | (118,934)      | 22,099         | 476                                    |
| Derivatives held for trading                                                                  | (142,370)      | (262,858)      | (5,663)                                |
| Deposits with clearing organizations and others                                               | (91,897)       | (350,463)      | (7,551)                                |
| Other assets                                                                                  | (114,106)      | (39,070)       | (842)                                  |
| Membership in exchange                                                                        | (2,790)        | (65,510)       | (1,412)                                |
| Payable to broker-dealers and clearing organizations                                          | 51,666         | 138,069        | 2,975                                  |
| Payable to customers                                                                          | 163,919        | 363,313        | 7,828                                  |
| Accrued expenses                                                                              | 89,274         | 60,096         | 1,295                                  |
| **Net cash used in operating activities**                                                     | **(135,055)**  | **(74,407)**   | **(1604)**                             |
| **Cash flows from investing activities**                                                      |           |           |                                   |
| Purchase of property and equipment                                                            | (30,889)       | (17,377)       | (374)                                  |
| Proceeds from sale of property and equipment                                                  | 1,233          | 557            | 12                                     |
| Purchase of investments                                                                       | 27,036         | (53,214)       | (1,147)                                |
| Proceeds from sale of investments                                                             | —         | 77,593         | 1,672                                  |
| Acquisition of intangible assets                                                              | (4,856)        | (4,347)        | (94)                                   |
| Acquisition of business, net of cash acquired                                                 | (10,000)       | —         | —                                 |
| **Net cash used in/from investing activities**                                                | **(17,476)**   | **3,212**      | **69**                                 |

----

| **For the quarter endedJune 30,****(Rs. in Thousands)**           | **2009**  | **2010**  | **2010****Conveniencetranslationinto US$** |
|-----------------------------------------------------------------------------|----------------|----------------|--------------------------------------------|
| **Cash flows from financingactivities**                                     |           |           |                                       |
|                                                                        |           |           |                                       |
| Net movement in overdraftsand long term debt                                | 163,329        | 88,310         | 1903                                       |
|                                                                        |           |           |                                       |
| Movement in othercomprehensive income / (loss)                              | (9,152)        | (2,285)        | (49)                                       |
|                                                                        |           |           |                                       |
| Subscription refunded                                                       | —         | (4,536)        | (98)                                       |
| **Net cash provided byfinancing activities**                                | **154,177**    | **81,489**     | **1,756**                                  |
| Effect of exchange ratechanges on cash and cash equivalents                 | 1,114          | 31             | 1                                          |
| **Net Increase / (decrease)in cash and cash equivalents during the period** | **2,760**      | **10,325**     | **222**                                    |
| Add : Balance as ofbeginning of the period                                  | 51,727         | 78,447         | 1,745                                      |
| **Balance as of end of theperiod**                                          | **54,487**     | **88,772**     | **1,913**                                  |

----

| **(Rs. in thousands)**                                         | **Common Stock** | **Subscription received in advance** | **Additional Paid in Capital** | **Retained earnings** | **Other reserves** | **Accumulated other comprehensive income / (loss)** | **Non controlling interest** | **Total**  |
|---------------------------------------------------------------------|------------------|--------------------------------------|--------------------------------|-----------------------|--------------------|-----------------------------------------------------|------------------------------|------------|
| **Shares**                                                          | **Par value**    |
| **Balance as of March 31, 2009**                                    | **8,992,146**    | **89,921**                           | **—**                     | **1,999,726**         | **746,913**        | **—**                                          | **(1041)**                   | **36,853** | **2,872,372** |
|                                                                |             |                                 |                           |                  |               |                                                |                         |       |   |
| Issue of common share                                               | 1,375,240        | 13,753                               | —                         | 100,280               | —             | —                                              | (9,152)                      | —     | 104.881 |
|                                                                |             |                                 |                           |                  |               |                                                |                         |       |   |
| Addition on amalgamation                                            | —           | —                               | —                         | 353,953               | 454,020            | —                                              | —                       | —     | 807,973 |
|                                                                |             |                                 |                           |                  |               |                                                |                         |       |   |
| Net income for the period                                           | —           | —                               | —                         | —                | (12,484)           | —                                              | 4,688                        | 774        | (7,022) |
| **Balance as of June 30, 2009**                                     | **10,367,386**   | **103,674**                          | **—**                     | **2,453,959**         | **1,188,449**      | **—**                                          | **(5,505)**                  | **37,627** | **3,778,204** |
| **Balance as of June 30, 2009****Convenience translation into US$** |             | **2,172**                            | **—**                     | **51,403**            | **24,894**         | **—**                                          | **(116)**                    | **788**    | **79,141** |

| **(Rs. in thousands)**                                             | **Common Stock** | **Subscription received in advance** | **Additional Paid in Capital** | **Retained earnings** | **Other reserves** | **Accumulated other comprehensive income / (loss)** | **Non controlling interest** | **Total**   |
|-------------------------------------------------------------------------|------------------|--------------------------------------|--------------------------------|-----------------------|--------------------|-----------------------------------------------------|------------------------------|-------------|
| **Shares**                                                              | **Par value**    |
| **Balance as of March 31, 2010**                                        | **10,478,387**   | **104,784**                          | **10,536**                     | **2,779,175**         | **1,020,798**      | **123,998**                                         | **8,020**                    | **260,901** | **4,308,212** |
|                                                                    |             |                                 |                           |                  |               |                                                |                         |        |   |
| Subscription refunded                                                   | —           | **—**                           | (4,536)                        | —                | —             | —                                              | —                       | —      | **(4,536)** |
|                                                                    |             |                                 |                           |                  |               |                                                |                         |        |   |
| Net income for the period                                               | —           | **—**                           | —                         | —                | (36,201)           | —                                              | (2,285)                      | (12,778)    | **(51,264)** |
| **Balance as of June 30, 2010**                                         | **10,478,387**   | **104,784**                          | **6,000**                      | **2,779,175**         | **984,597**        | **123,998**                                         | **5,735**                    | **248,123** | **4,252,412** |
| **Balance as of June 30, 2010****Conve****nience translation into US$** |             | **2,258**                            | **129**                        | **59,883**            | **21,216**         | **2,672**                                           | **124**                      | **5,346**   | **91,628** |

----

    - Description of Business
    - Summary of Significant Accounting Policies

| Buildings                             | 50 years |
|---------------------------------------|----------|
| Equipment,vehicles and furniture      | 5 years  |
| Computerhardware                      | 3 years  |
| Satelliteequipment (“VSAT”) | 10 years |

    - Business Combination

| **Quarter ended, June 30**                  | **2009** | **2010** | **2010** |
|---------------------------------------------|----------|----------|----------|
|                                        |     |     | **US $** |
| Totalrevenue                                | 679,073  | 693,853  | 14,952   |
| Earningsbefore extraordinary gain           | (7,472)  | (36,201) | (780)    |
| Netincome                                   | (7,472)  | (36,201) | (780)    |
| Earningsper share before extraordinary gain | (0.83)   | (3.45)   | (0.07)   |
| Earningsper share                           | (0.83)   | (3.45)   | (0.07)   |

    - Deposits with Clearing Organizations and Others
    - Receivables from Exchange and Clearing Organizations

| **As of**                             |    | **March 31, 2010** | **June 30,        2010** | **June 30, 2010** |
|---------------------------------------|---------|--------------------|--------------------------|-------------------|
|                                  |    |               |                     | **US $**          |
| Receivable from clearingorganizations | 126,462 | 55,735             | 1,201                    |
| **Total**                             |    | **126,462**        | **55,735**               | **1,201**         |

    - Securities Owned

| **As of**     | **March 31, 2010** | **June 30, 2010** | **June 30, 2010** |
|---------------|--------------------|-------------------|-------------------|
|          |               |              | **US $**          |
| Equity shares | 1,751,136          | 1,728,637         | 37,247            |
| **Total**     | **1,751,136**      | **1,728,637**     | **37,247**        |

    - Derivatives assets held for trading

| **As of**                                   | **March 31, 2010** | **June 30, 2010** | **June 30, 2010** |
|---------------------------------------------|--------------------|-------------------|-------------------|
|                                        |               |              | **US $**          |
| Exchange traded derivativesheld for trading | 17,208             | 271,413           | 5,848             |
| **Total**                                   | **17,208**         | **271,413**       | **5,848**         |

    - Other Assets

| **As of**         | **March 31, 2010** | **June 30, 2010** | **June 30, 2010** |
|-------------------|--------------------|-------------------|-------------------|
|              |               |              | **US $**          |
| Advance to BCCL   | 602,736            | 592,108           | 12,758            |
| Prepaid expenses  | 27,215             | 26,270            | 566               |
| Security deposits | 59,144             | 69,881            | 1,506             |
| Advance tax, net  | 109,178            | 4,374             | 94                |
| Others            | 489,505            | 634,215           | 13,666            |
| **Total**         | **1,287,778**      | **1,326,848**     | **28,590**        |

    - Property and Equipment

| **As of**                             | **March 31, 2010** | **June 30, 2010** | **June 30, 2010****US $** |
|---------------------------------------|--------------------|-------------------|---------------------------|
| Land                                  | 10,022             | 10,022            | 216                       |
| Building                              | 64,637             | 64,637            | 1,393                     |
| Equipment                             | 95,396             | 99,141            | 2,136                     |
| Furniture and Fixture                 | 167,659            | 169,065           | 3,643                     |
| Computer Hardware                     | 255,750            | 263,164           | 5,671                     |
| Vehicle                               | 27,516             | 30,648            | 660                       |
| Satellite Equipment                   | 36,175             | 36,405            | 784                       |
| **Total property and equipment**      | **657,155**        | **673,082**       | **14,503**                |
| Less: Accumulated depreciation        | 281,420            | 311,982           | 6,722                     |
| **Total property and equipment, net** | **375,735**        | **361,100**       | **7,781**                 |

| **As of**                                   | **March 31, 2010** | **June 30, 2010** | **June 30, 2010****US $** |
|---------------------------------------------|--------------------|-------------------|---------------------------|
| Vehicle                                     | 4,775              | 8,790             | 190                       |
| **Total leased property and equipment**     | **4,775**          | **8,790**         | **190**                   |
| Less: Accumulated depreciation              | 915                | 1,285             | 28                        |
| **Total leased property and equipment,net** | **3,860**          | **7,505**         | **162**                   |

    - Intangible Assets

| **As of**                                        | **March 31, 2010** | **June 30, 2010** | **June 30, 2010****US $** |
|--------------------------------------------------|--------------------|-------------------|---------------------------|
| **Intangible assets subject toamortization**     |               |              |                      |
| Software                                         | 115,105            | 119,453           | 2,574                     |
| Customer relationship                            | 7,500              | 7,500             | 162                       |
| **Intangible assets not subject toamortization** |               |              |                      |
| Goodwill                                         | 1,500              | 1,500             | 32                        |
| Membership in exchanges                          | 30,174             | 95,684            | 2,061                     |
| **Total intangible assets**                      | **154,279**        | **224,137**       | **4,829**                 |
| Less: Accumulated amortization                   | 79,197             | 86,603            | 1,866                     |
| **Total intangible assets, net**                 | **75,082**         | **137,534**       | **2,963**                 |

    - Investments

| **As of**                                 | **March 31, 2010** | **June 30, 2010** | **June 30, 2010****US $** |
|-------------------------------------------|--------------------|-------------------|---------------------------|
| Investments accounted forby equity method | 170,440            | 169,011           | 3,642                     |
| Trading Investment                        | 372,671            | 302,593           | 6,520                     |
| Other investment                          | 43,306             | 89,843            | 1,936                     |
| **Total**                                 | **586,417**        | **561,447**       | **12,098**                |

    - Overdrafts and Long Term Debt
    - Net Capital Requirements
    - Exchange, Clearing and Brokerage fees
    - Payable to Broker Dealers and Clearing Organizations

| **As of**                        | **March 31, 2010** | **June 30, 2010** | **June 30, 2010****US $** |
|----------------------------------|--------------------|-------------------|---------------------------|
| Payable to clearingorganizations | 29,224             | 121,080           | 2,609                     |
| Commission payable               | 8,522              | 54,735            | 1,179                     |
| **Total**                        | **37,746**         | **175,815**       | **3,788**                 |

    - Accounts Payable, Accrued Expenses and Other Liabilities

| **As of**              | **March 31, 2010** | **June 30, 2010** | **June 30, 2010****US $** |
|------------------------|--------------------|-------------------|---------------------------|
| Security deposits      | 25,974             | 25,994            | 560                       |
| Accrued expenses       | 95,952             | 104,194           | 2,245                     |
| Other liabilities      | 20,924             | 39,287            | 847                       |
| Provision for gratuity | 16,599             | 19,002            | 409                       |
| Salary payable         | 44,913             | 42,320            | 912                       |
| Others                 | 14,798             | 50,862            | 1,096                     |
| **Total**              | **219,160**        | **281,659**       | **6,069**                 |

    - Distribution Income

| **As of**                                              | **June 30, 2009** | **June 30, 2010** | **June 30, 2010****US $** |
|--------------------------------------------------------|-------------------|-------------------|---------------------------|
| Gross distribution revenue                             | 20,190            | 54,349            | 1,171                     |
| Less: Distribution revenuesattributable to sub-brokers | 13,808            | 38,534            | 830                       |
| **Net distribution income**                            | **6,382**         | **15,815**        | **341**                   |

    - Employee benefits

| **Quarter ended June 30,** | **2009**  | **2010**  | **2010****US $** |
|----------------------------|----------------|----------------|------------------|
| Service cost               | 1375           | 2,263          | 49               |
| Interest cost              | 161            | 198            | 4                |
| Amortization               | (845)          | (58)           | (1)              |
| **Net gratuity costs**     | **691**        | **2,403**      | **52**           |

    - Income Taxes
    - Collateral and Significant Covenants

| **As of**        | **March 31, 2010**  | **June 30, 2010**  | **June 30, 2010****US $** |
|------------------|--------------------------|-------------------------|---------------------------|
| Fixed deposits   | 1,301,329                | 1,636,101               | 35,254                    |
| Securities owned | 960,062                  | 784,796                 | 16,910                    |
| **Total**        | **2,261,391**            | **2,420,897**           | **52,164**                |

    - Concentration 

| **Quarter ended June 30,****(in %)** | **2009**  | **2010**  |
|--------------------------------------|----------------|----------------|
| Revenue from top twocustomers        | 1.68           | 1.63           |
| Revenue from top fivecustomers       | 3.16           | 3.07           |
| Revenue from top tencustomers        | 4.44           | 4.94           |

    - Segment

| **Quarter ended June 30,**                               | **2010**                            |
|----------------------------------------------------------|-------------------------------------|
|                                                     | **Capital and derivatives markets** | **Commodities** | **Insurance** | **Wealth Management** | **NBFC Services** | **Merchant Banking** | **ARC** | **Elimination** | **Total** | **US $** |
| Revenue from external customer excluding interest income | 437,562                             | 104,130 | 80,905 | 17,370 | (3,499) | 9,506 | 835 | (3,298) | 643,511 | 13,867 |
| Earnings after taxes                                     | (12,843)                            | 10,850 | (17,939) | (25,555) | (1,901) | (401) | 239 | — | (47,550) | (1,024) |
| Total assets                                             | 7,498,715                           | 1,000,292 | 250,638 | 519,102 | 538,677 | 66,179 | 25,377 | (1,604,028) | 8,294,952 | 178,733 |

| **Quarter ended June 30,**                               |                                | **2009**        |
|----------------------------------------------------------|-------------------------------------|-----------------|
|                                                     | **Capital and derivatives markets** | **Commodities** | **Insurance** | **Wealth Management** | **NBFC Services** | **Merchant Banking** | **Elimination** | **Total** | **US $** |
| Revenue from external customer excluding interest income | 516,879                             | 58,204          | 33,902 | 1,455 | 9,628 | 1,537 | — | 621,605 | 13,021 |
| Earnings after taxes                                     | 39,771                              | (1,534)         | (39,252) | (8,475) | 6,851 | (7,557) | — | (10,196) | (214) |
| Total assets                                             | 6,263,449                           | 606,652         | 142,853 | 43,667 | 418,958 | 57,712 | (737,182) | 6,796,109 | 133,598 |

    - Commitments and Contingent Liabilities
    - Subsequent Events