1. The audited financial statements were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company at its Meeting held on May 11, 2009. There are no qualifications in the auditors report for these periods. The information presented above is extracted from audited financial statement as stated.

2. The issue proceeds of Rs. 24,607 lacs, has been fully utilized as per the Objects of the Issue. In accordance with the objects of the issue the excess amount of Rs 1,307 Lacs in respect of Purchase / lease of new office space for business expansion has been utilised for General Corporate Purpose.

3. The Company is engaged in single segment as defined in AS-17, hence segment reporting is not applicable to the Company.

4. Other income during the year includes dividend amount of Rs. 1,136.25 lacs received from subsidiary Company Motilal Oswal Investment Advisors Pvt. Ltd.

5. The Board of Directors recommended dividend of Rs. 0.80 per share. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company.

6. The previous financial quarter /year figures have been regrouped/rearranged wherever necessary to make them comparable.

Motilal Oswal
Chairman & Managing Director