INDEX MARKET OUTLOOK EQUITY THEMATIC FUNDS HYBRID DEBT LIQUID GILT SOLUTIONS. Equity Debt

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2 INDEX MARKET OUTLOOK Equity Debt EQUITY Tata Large Cap Fund (Erstwhile known as Tata Pure Equity Fund; renamed w.e.f February 29, 2016) Tata Equity Opportunities Fund Tata Ethical Fund Tata Equity P/E Fund Tata Mid Cap Growth Fund Tata Dividend Yield Fund Tata India Tax Savings Fund (Erstwhile known as Tata Long Term Equity Fund; renamed w.e.f December 21, 2015) THEMATIC FUNDS Tata Banking & Financial Services Fund Tata Digital India Fund Tata India Consumer Fund Tata India Pharma & Healthcare Fund Tata Resources & Energy Fund Tata Infrastructure Fund HYBRID Tata Hybrid Equity Fund (Erstwhile known as Tata Balanced Fund; renamed w.e.f May 3, 2018) Tata Equity Savings Fund (Erstwhile known as Tata Savings Equity Fund; renamed w.e.f May 3, 2018) DEBT Tata Dynamic Bond Fund Tata Medium Term Fund (Erstwhile known as Tata Income Plus Fund; renamed w.e.f March 17, 2017) Tata Income Fund (Erstwhile known as Tata Long Term Debt Fund; renamed w.e.f May 3, 2018) Tata Short Term Bond Fund Tata Corporate Bond Fund (Erstwhile known as Tata Treasury Manager Fund; renamed w.e.f March 17, 2017) Tata Treasury Advantage Fund (Erstwhile known as Tata Ultra Short Term Fund; renamed w.e.f May 3, 2018) LIQUID Tata Liquid Fund (Erstwhile known as Tata Money Market Fund; renamed w.e.f May 16, 2018) Tata Money Market Fund (Erstwhile known as Tata Liquid Fund; renamed w.e.f May 16, 2018) GILT Tata Gilt Securities Fund Tata Gilt Mid Term Fund SOLUTIONS Tata Retirement Savings Fund - Progressive Tata Retirement Savings Fund - Moderate Tata Retirement Savings Fund - Conservative Tata Young Citizens Fund SCHEMES PERFORMANCE DIVIDEND / BONUS HISTORY HOW TO READ FACT SHEET

3 RISKOMETER Name of the Schemes Investment Objective Fixed Income for Short Term. Riskometer Tata Liquid Fund (Erstwhile known as Tata Money Market Fund; renamed w.e.f May 16, 2018) Investment in Debt/Money Market instruments/government Securities. Name of the Schemes Investment Objective Fixed Income for Short Term. Riskometer Tata Treasury Advantage Fund (Erstwhile known as Tata Ultra Short Term Fund; renamed w.e.f May 3, 2018) Investment in Debt/Money Market instruments/government Securities. Tata Short Term Bond Fund Investment Objective Fixed Income for Short Term. Investment in Debt/Money market instruments /Government Securities. Tata Money Market Fund (Erstwhile known as Tata Liquid Fund; renamed w.e.f May 16, 2018) Investment in Money Market instruments. 3

4 RISKOMETER Name of the Schemes Investment Objective Riskometer Tata Dynamic Bond Fund Investment Objective Short Term to Medium Capital Appreciation. Investment in Debt / Money Market Instruments / Government Securities Tata Gilt Mid Term Fund Investment Objective Medium Term Capital Appreciation. Investment predominantly in Government Securities (upto 1s maturity). Tata Gilt Securities Fund Investment Objective Long Term Capital Appreciation & Income. Investment predominantly in Government Securities. Tata Income Fund (Erstwhile known as Tata Long Term Debt Fund; renamed w.e.f May 3, 2018) Investment Objective Long Term Capital Appreciation & Income. Investment in Debt/Money Market instruments/government Securities. Tata Medium Term Fund (Erstwhile known as Tata Income Plus Fund; renamed w.e.f March 17, 2017) Investment Objective Income/Capital Appreciation over medium term. Investment in Debt / Money Market Instruments / Government Securities. Tata Corporate Bond Fund (Erstwhile known as Tata Treasury Manager Fund; renamed w.e.f March 17, 2017) Investment Objective Income for Medium Term. Predominant investment in corporate Debt securities. 4

5 RISKOMETER Name of the Schemes Investment Objective Long Term Capital Appreciation Riskometer Tata Hybrid Equity Fund (Erstwhile known as Tata Balanced Fund; renamed w.e.f May 3, 2018) Tata Dividend Yield Fund Tata Equity Opportunities Fund Tata Equity P/E Fund Long Term Capital Appreciation. Investment predominantly in equity & equity related instruments (65% - 80%) & some portion (between 20% to 35%) in fixed income instruments. Investment (minimum 70%) in equity & equity related instruments/stocks having dividend yield higher than dividend yield of stocks of BSE SENSEX. Investment in equity and equity related instruments of well researched value and growth oriented companies across all market capitalization. Investment (minimum 70%) in equity & equity related instruments of companies whose rolling P/E is lower than rolling P/E of BSE Sensex. Tata Mid Cap Growth Fund Tata Large Cap Fund (Erstwhile known as Tata Pure Equity Fund; renamed w.e.f February 29, 2016) Tata Retirement Savings Fund - Moderate Plan Tata Equity Savings Fund (Erstwhile known as Tata Savings Equity Fund; renamed w.e.f May 3, 2018) Tata Retirement Savings Fund - Progresive Plan Tata India Tax Savings Fund (Erstwhile known as Tata Long Term Equity Fund; renamed w.e.f December 21, 2015) Tata Young Citizens Fund Tata Retirement Savings Fund - Conservative Plan Investment predominantly in equity & equity related instruments of growth oriented mid cap companies. Investment predominantly in equity & equity securities related securities of large cap companies. A predominantly equity oriented (between 65%-85%) savings scheme which provides tool for retirement planning to individual investors. Predominantly investing in equity and equity related instruments, equity arbitrage opportunities and debt and money market instruments. An equity oriented (between 85%-100%) savings scheme which provides tool for retirement planning to individual investors. An equity linked savings scheme (ELSS) Investing predominantly in Equity & Equity related instruments. Investment Objective Long Term Capital Appreciation & Current Income. Long Term Capital Appreciation by investing predominantly in equity & equity related instruments. Investment Objective Long Term Capital Appreciation & Current Income. A debt oriented (between 70%-100%) savings scheme which provides tool for retirement planning to individual investors. 5

6 RISKOMETER Name of the Schemes Investment Objective Long Term Capital Appreciation. Riskometer Tata Banking & Financial Services Fund Tata India Consumer Fund Tata Digital India Fund Tata India Pharma & Healthcare Fund Tata Resources & Energy Fund Tata Infrastructure Fund Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Banking and Financial Services sector in India. Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Consumption Oriented sectors in India. Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Information Technology sector in India. Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Pharma & Healthcare sectors in India. Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Resources & Energy sectors in India. Investment Predominantly in equity / equity related instruments of the companies in the Infrastructure sector in India. Tata Ethical Fund Investment in equity and equity related instruments of Shariah Principles compliant companies and in other instruments allowed under Shariah principles. Name of the Schemes Tata Infrastructure Tax Saving Fund Investment objective Long term capital appreciation by investing in equity/equity related instruments of companies in the infrastructure sector in India Generate medium to long term capital gain by investing predominantly in equity / equity related instruments of the companies in infrastructure and infrastructure related sectors along with the income tax benefit to its unitholders. *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 6

7 MARKET OUTLOOK Equity market The Indian equity markets ended moderately higher in the month of May 2018, as the Sensex was up by 0.5%, whilst the Nifty was flat. The broader market; the BSE Midcap & the BSE 200 both underperformed the Sensex with a performance of -5.9% and -1.5% respectively. In terms of sectors; Banking was the major outperformer whilst, Auto, Consumer Durable, Capital Goods, FMCG, Healthcare, IT, Metals, Oil&Gas, Power and Real Estate were the major underperformers. FIIs were net sellers in May, with net outflows to the tune of ~USD 1.49 bn. Consequently, there have been net FII outflows CYTD of ~USD 85 mn. Net equity investments in May 2018 by domestic MFs in the market were ~USD 2.03 bn. Index Name Nifty 50 Index S&P BSE Sensex S&P BSE MID CAP S&P BSE SMALL CAP S&P BSE 200 S&P BSE AUTO S&P BSE Bankex S&P BSE Consumer Durable S&P BSE Capital Good S&P BSE FMCG S&P BSE Health Care S&P BSE IT S&P BSE METAL S&P BSE Oil & Gas S&P BSE Power Index S&P BSE Realty As on Return in % 31-May Apr May-17 1 Month The Macro picture WPI CPI Index of Industrial Production Repo rate Marginal Standing Facility Rate Source RBI, MOSPI April % 4.6% 4.4% (for March 2018) 6.0% (as on April 30, 2018) 6.25% (as on April 30, 2018) March % 4.3% 7.1% (for February 2018) 6.0% (as on March 31, 2018) 6.25% (as on March 31, 2018) Growth India s GDP growth improved to 7.74% YoY (provisional) in 4Q FY18 as compared to 7.0% in 3Q FY18; for the full year FY18 is now at ~6.7% YoY driven by a recovery in investment. The data underlines the recovery in the economy from the disruption of demonetization and GST (Goods & Services Tax) introduction in 2016 and Manufacturing growth (9.1% in 4Q) was strong. Construction growth of 11.5% was the highest recorded in the new GDP series and pushed industrial growth to ~8.8%. This improvement possibly reflects the momentum in housing and infrastructure schemes of the government. The growth in gross fixed capital formation continues, with a ~14.4% growth in 4QFY18. Private consumption growth recovered marginally to 6.7% (5.9% in 3Q), likely aided by rural demand. Inflation India s Wholesale Price Inflation (WPI) Index rose to 3.2% for the month of April 18 as an unfavorable base and faster rise in fuel inflation pushed up the index higher. Rise in cereal prices due to the minimum support price (MSP) increase and seasonal spike in food prices have the potential to push up the index further. Consumer Price Inflation (CPI) Index rose to 4.6% YoY in April from 4.3% in March 18 even as food and beverages inflation moderated slightly to 3%. Other macro developments Trade deficit came in at USD13.72bn in April 2018, largely unchanged from USD13.69bn in the previous month. For the month of April, exports grew 5.2% YoY while imports growth moderated at 4.6% YoY as compared to 7.1% YoY growth in March While gold imports rose sequentially to USD2.6bn in April, non-oil non-gold imports contracted 0.2% in April. Market Outlook Equity markets moved sideways (flat to moderate expansion) in the month of May driven by concerns on weakening macros driven by crude oil price increase, quarterly results which were impacted by accelerated NPA recognition by banks and political uncertainty in the Karnataka elections. In the latest quarterly results, the weakness in earnings was primarily led by NPA recognition in banks to comply with the new RBI norms on NPA recognition. Going forward, it is expected that consumption would remain one of the key growth drivers. Urban consumption has been strong so far, driven by moderate inflation and interest rates. Rural consumption, driven by increasing food prices and revival in sectors such as construction is also expected to see a gradual uptick, resulting in a broad-based consumption growth. Risk of significant FII outflows on account of a major global risk off event remains a concern. Crude oil prices and monthly GST collections would be key monitorable factors going forward. In terms of our portfolio positioning, we continue to remain overweight on direct and indirect beneficiaries of government push on sectors like roads, railways and housing. We continue to remain overweight on private sector banks on account of their ability to gain market share and maintain relatively higher growth rates. We are also diversifying exposure to consumption plays across multiple themes. Long-term structural drivers like demographic advantage, low household debt, limited penetration across different consumer categories, increased potential for financial savings and urbanization makes India a compelling equity story from medium to long term perspective. We believe investors would be well advised to invest with medium to long term perspective and systematically increase exposure to Indian equity markets. Disclaimer The views expressed are in no way trying to predict the markets or to time them. The views expressed are for information purpose only and do not construe to be any investment, legal or taxation advice. Please consult your Financial/Investment Adviser before investing. The views expressed may not reflect in the scheme portfolios of Tata Mutual Fund. This note has been prepared using information believed to be accurate at the time of its use. 7

8 MARKET OUTLOOK Debt market 31-May Apr-18 Change (bps) 10 Year Benchmark Yield (s.a) 10 Year AAA (PSU) (ann) AAA (PSU) (ann) 3 Month T Bill 3 Month CD 12 Month CD 10 Year AAA Spread AAA Spread 7.83% 8.55% 8.58% 6.40% 7.70% 8.08% 0.57% 0.60% 7.77% 8.41% 8.36% 6.19% 7.05% 7.58% 0.49% 0.44% Sovereign bond market remained under pressure during the month on the back of rising crude oil prices, depreciation rupee and increasing core inflation momentum. RBI announced Open market operations purchase of Government securities at Face value of Rs 10,000 Crores, when 10-year yields moved above 7.90 % levels. This capped the rise in Government bond yields. Subsequently, Government 10-year yield became range bound in the band of 7.70 % %. Globally bond yields remained volatile as Global Economic Growth and Inflation moved up. In the US, the average non-farm payroll additions for this calendar year is 200,000 and the unemployment rate has come down to 3.9 % versus 4.4 % levels. US CPI inflation for the month of April touched 2% due to higher energy prices and core CPI, which exclude energy and food prices, was at 1.8 %. This increases expectation of more than 3 rate hikes by US Fed in the CY18. US 10-year note touched a high of 3.11 % before closing at 2.86% versus 2.95% at the beginning of the month. US Federal Reserve Chairman stated its was to see CPI inflation sustaining at 2% levels after years of undershooting of CPI targets. In the Indian context, the 10-year G-Sec yields hardened by 6 bps and closed at 7.83 %. Corporate bonds also followed suite with 10-year and 5-year corporate bond yields hardening by 14 bps and 22 bps respectively. Money market instruments at the shorter end of the curve saw 3-month Treasury bill hardening by 21 bps and 3-month and 12-month CD yields rose by 65 bps and 50 bps respectively. Net FPI outflows in Indian debt market stood at 19,654 crores for the month of May Crude oil prices firmed up during the month due to falling Venezuelan output, due to rising political tensions. Downside risks to Iranian crude output and higher compliance by OPEC & non-opec on production cut led to a spike in crude prices. Brent Spot hit a high of 79.8 before closing at 77.6 from per barrel at the beginning of the period. On the macroeconomic data released during the period, April CPI inflation surprised on the higher side at 4.58% versus 4.30% for March. The rise in CPI inflation was mainly due to increasing momentum in core inflation. Core inflation jumped by 0.7% MoM pushing headline core inflation to the highest in this series at 5.84% YoY. Rise in core inflation was more broad based in the month of April with upside in Education, Health, Recreation, Household goods, Clothing and Services. IIP for the month of March moderated to 4.4% YoY from 7.1% YoY in February hitting a 5-month low. Deceleration in industrial growth was largely because of slowing momentum in core infrastructure, exports and automobile production. Systemic liquidity tightened during the month of May due to increasing currency in circulation. Short term rates spiked due to skewed liquidity condition wherein, PCA banks flushed with liquidity stopped lending due to capital constraints and deployed money in reverse repo. Whereas non-pca banks were facing liquidity crunch. This led to increased supply by non-pca banks and NBFCs to meet the increasing demand for credit. Banking system liquidity hit a low of negative Rs 40,900 crs during the month before closing the month at positive Rs 1,000 crs versus positive Rs 35,584 crs at the beginning of the month. Going forward, we expect the RBI to stay on hold in June monetary policy with a change in stance to withdrawal of monetary accommodation. Higher Oil Prices (RBI has taken Indian crude at 68 dollars per barrel versus 78 prevailing at present), depreciating rupee due to portfolio outflows, emerging markets selloff, may induce RBI to prepone repo rate hike. We expect a total of 50 bps hike by RBI in FY19. We expect 10-year G-sec yield to trade range-bound in near term, within a band of 7.75%-7.95% and 10-year Corporate bonds to trade in a range of 8.50%-8.70%. Short term rates which have increased due to tightened liquidity conditions should come down going forward as RBI may infuse liquidity in the system through Open Market Purchase of Government Securities. RBI is also expected to take delivery of forward purchase of dollars, which will add liquidity in the banking system. Disclaimer The views expressed are in no way trying to predict the markets or to time them. The views expressed are for information purpose only and do not construe to be any investment, legal or taxation advice. Please consult your Financial/Investment Adviser before investing. The views expressed may not reflect in the scheme portfolios of Tata Mutual Fund. This note has been prepared using information believed to be accurate at the time of its use. 8

9 Tata Large Cap Fund (Erstwhile known as Tata Pure Equity Fund; renamed w.e.f February 29, 2016) (An open-ended equity scheme predominantly investing in large cap stocks.) Primarily invests in equity and equity related instruments of large market cap companies. To provide income distribution and / or medium to long term capital gains while at all times emphasising the importance of capital appreciation. May 7, 1998 FUND MAGER Gopal Agrawal (Managing Since 27-Jun-17 and overall experience of 2s) S&P BSE Sensex TRI V - Growth - Dividend Reg - Growth Reg - Dividend ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) 8.75% 8.75% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio MINIMUM INVESTMENT / MULTIPLES FOR NEW INVESTMENT " 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 1% if redeemed on or before expiry of 365 days from the date of allotment. Equity & Equity Related Total Auto Maruti Suzuki India Ltd. Tata Motors Ltd. Auto Ancillaries Motherson Sumi Systems Ltd. Banks HDFC Bank Ltd. ICICI Bank Ltd. Kotak Mahindra Bank Ltd. State Bank Of India Yes Bank Ltd. Indusind Bank Ltd. Cement Ultratech Cement Ltd. Grasim Industries Ltd. Construction Project Larsen & Toubro Ltd. Consumer Non Durables ITC Ltd. Hindustan Unilever Ltd. Eveready Industries India Ltd. Finance Bajaj Finance Ltd. Housing Development Finance Ltd. Gas Gail ( India ) Ltd. Healthcare Services Max India Ltd. Industrial Capital Goods Bharat Electronics Ltd. Siemens Ltd. No. of Shares Lakhs % of Assets Industrial Products Cummins India Ltd. Media & Entertainment Zee Entertainment Enterprises Ltd. D.B.Corp Ltd. Petroleum Products Reliance Industries Ltd. Power Power Grid Corporation Of India Ltd. Retailing Future Retail Ltd. Software Infosys Ltd. HCL Technologies Ltd. Tata Elxsi Ltd. Textile Products Raymond Ltd. Transportation Container Corporation Of India Ltd. Interglobe Aviation Ltd. Other Equities^ Repo Cash / Net Current Asset SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B S&P BSE Sensex TRI B S&P BSE Sensex TRI 1,21, % 1,29, % 4,19, % 4,51, % 8,02, % 8,35, % 8,40,000 13,14, % 13,54, % 12,00,000 23,15, % 23,36, % 24,00,000 2,10,40, % 1,24,27, % (Inception date 07-May-1998) (First Installment date 01-Jun-1998) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer Top 10 Holdings Equity Issuer Name HDFC Bank Ltd. ICICI Bank Ltd. Reliance Industries Ltd. ITC Ltd. Infosys Ltd. HCL Technologies Ltd. Maruti Suzuki India Ltd. Kotak Mahindra Bank Future Retail Ltd. Tata Elxsi India Ltd. Total % to V No. of Shares Lakhs ^ Exposure less than 1% has been clubbed under Other Equities % of Assets Industry Allocation Banks 26.70% Software 11.79% Consumer Non Durables 9.21% Auto 6.67% Petroleum Products 5.35% Finance 3.77% Cement 3.57% Retailing 3.40% Industrial Capital Goods 3.21% Power 3.15% Transportation 3.06% Media & Entertainment 3.01% Construction Project 2.89% Textile Products 2.48% Auto Ancillaries 2.21% Gas 1.86% Industrial Products 1.67% Pharmaceuticals 1.42% Healthcare Services 1.11% Non - Ferrous Metals 0.76% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI % 6.39% 9.71% V Movement 140 Tata Large Cap Fund - Reg - Growth S&P BSE Sensex TRI May-15 May-16 May-17 May-18 9

10 Tata Equity Opportunities Fund (An Open-Ended Equity Scheme) VOLATILITY MEASURES^ FUND Sharpe Ratio Primarily focuses on investing in equity and equity related instruments of well researched value and growth oriented companies across all market capitalization. To provide income distribution and / or medium to long term capital gains while at all times emphasizing the importance of capital appreciation. February 25,1993 FUND MAGER Rupesh Patel (Managing Since 7-Jun-13 and overall experience of 17 years) S&P BSE 500 TRI V - Growth - Dividend Reg - Growth Reg - Dividend ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load % 48.56% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 1% if redeemed on or before expiry of 365 days from the date of allotment. Equity & Equity Related Total Auto Tata Motors Ltd. Maruti Suzuki India Ltd. TVS Motor Company Ltd. Auto Ancillaries Amara Raja Batteries Ltd. Banks HDFC Bank Ltd. ICICI Bank Ltd. Kotak Mahindra Bank Ltd. Yes Bank Ltd. State Bank Of India Cement Ultratech Cement Ltd. Shree Cement Ltd. Dalmia Bharat Ltd. The Ramco Cements Ltd. Commercial Services Security And Intelligence Services (India) Ltd. Construction KNR Constructions Ltd. Brigade Enterprises Ltd. Construction Project Larsen & Toubro Ltd. NCC Ltd. Sadbhav Engineering Ltd. Voltas Ltd. Consumer Durables Havells India Ltd. Bata India Ltd. Consumer Non Durables ITC Ltd. Tata Global Beverages Ltd. Asian Paints (India) Ltd. No. of Shares SIP - If you had invested INR every month Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B S&P BSE 500 TRI B S&P BSE 500 TRI Total Value of AB S&P BSE Sensex TRI AB S&P BSE Sensex TRI (Inception date 25-Feb-1993) (First Installment date 01-Mar-1993) Lakhs % of Assets Other Equities^ Repo Net Current Liabilities ^ Exposure less than 1% has been clubbed under Other Equities Lakhs Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Top 10 Holdings Equity Issuer Name HDFC Bank Ltd. ICICI Bank Ltd. Kotak Mahindra Bank Larsen & Toubro Ltd. ITC Ltd. Yes Bank Ltd. Knr Construction Future Retail Ltd. NCC Ltd. Tata Motors Ltd. Total % of Assets Year 10 Year 120, , , ,000 1,200,000 3,030, , , ,205 1,429,752 2,547,869 36,686, % 10.38% 13.59% 14.93% 14.41% 17.14% 125, , ,368 1,442,932 2,509,553 25,208, % 15.59% 15.34% 15.19% 14.13% 14.73% 129, , ,312 1,354,985 2,336,390 19,280, % 15.24% 13.21% 13.43% 12.79% 13.00% % to V No. of Shares Ferrous Metals Tata Steel Ltd Finance Housing Development Finance Ltd Muthoot Finance Ltd ICICI Prudential Life Insurance Company Ltd Equitas Holdings Ltd Mahindra And Mahindra Financial Services Ltd LIC Housing Finance Ltd Gas Gujarat State Petronet Ltd Petroleum Products Reliance Industries Ltd Indian Oil Corporation Ltd Hindustan Petroleum Corporation Ltd Pharmaceuticals Sun Pharmaceutical Industries Ltd Piramal Enterprises Ltd. (Ccd 18Mths) 1670 Divi Laboratories Ltd Laurus Labs Ltd Power Power Grid Corporation Of India Ltd Retailing Future Retail Ltd Software Infosys Ltd Transportation Interglobe Aviation Ltd Industry Allocation Banks 23.99% Construction Project 9.60% Finance 9.37% Auto 6.99% Consumer Non Durables 6.93% Cement 6.51% Petroleum Products 6.39% Pharmaceuticals 5.82% Construction 3.96% Consumer Durables 3.95% Retailing 2.72% Software 2.27% Ferrous Metals 2.06% Transportation 1.79% Power 1.74% Commercial Services 1.59% Gas 1.48% Auto Ancillaries 1.06% Media & Entertainment 0.01% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI % 17.96% 13.97% V Movement Tata Equity Opportunities Fund - Reg - Growth 150 S&P BSE 500 TRI May-15 May-16 May-17 May-18 10

11 Tata Ethical Fund (An open ended equity scheme following Shariah principles) VOLATILITY MEASURES^ FUND Sharpe Ratio An equity scheme which invests primarily in equities of Shariah compliant companies and other instrument if allowed under Shariah principles. To provide medium to long- term capital gains by investing in Shariah compliant equity and equity related instruments of well-researched value and growth - oriented companies. May 24,1996 FUND MAGER Pradeep Gokhale (Managing Since 2-Jan-12 and overall experience of 26 years) Nifty 500 Shariah TRI V - Growth - Dividend Reg - Growth Reg - Dividend ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load % 51.75% ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. 1% of the applicable V, if redeemed on or before 365 days from the date of allotment. (w.e.f. 6th April, 2015) Equity & Equity Related Total Auto Maruti Suzuki India Ltd. Hero Motocorp Ltd. Auto Ancillaries Wabco India Ltd. Amara Raja Batteries Ltd. Apollo Tyres Ltd. MRF Ltd. Cement Ultratech Cement Ltd. Ambuja Cements Ltd. Chemicals Tata Chemicals Ltd. Construction Project Voltas Ltd. NCC Ltd. Consumer Durables Bata India Ltd. Titan Company Ltd. Whirlpool Of India Ltd. Havells India Ltd. Bajaj Electricals Ltd. Consumer Non Durables Hindustan Unilever Ltd. Britannia Industries Ltd. Asian Paints (India) Ltd. Tata Global Beverages Ltd. Nestle India Ltd. Gas Gail ( India ) Ltd. Petronet Lng Ltd. Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI. No. of Shares Lakhs % of Assets No. of Shares Lakhs Other Equities^ Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities % of Assets SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Nifty 500 Shariah TRI B Nifty 500 Shariah TRI Total Value of AB Nifty 50 TRI AB Nifty 50 TRI 120, , % 123, % 127, % 360, , % 452, % 447, % 600, , % 897, % 835, % 840,000 1,393, % 1,515, % 1,351, % 1,200,000 2,621, % 2,665, % 2,320, % 2,610,000 27,537, % 7,453, % 15,692, % (Inception date 24-May-1996) (First Installment date 01-Sep-1996) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Top 10 Holdings Equity Issuer Name Hindustan Unilever Ltd. Maruti Suzuki India Ltd. Britannia Industries Ltd. Tech Mahindra Ltd. Asian Paints (India) Ltd. Ultratech Cement Ltd. WABCO India Ltd. Carborundum Universal Ltd. Future Retail Ltd. Bata India Ltd. Total % to V % 28.91% 17.15% Industrial Products Carborundum Universal Ltd. Finolex Cables Ltd. Cummins India Ltd. Schaeffler Ltd. Mahindra CIE Automotive Ltd. Industrial Capital Goods Siemens Ltd. Thermax Ltd. Pesticides UPL Ltd. Rallis India Ltd. Petroleum Products Castrol India Ltd. Indian Oil Corporation Ltd. Pharmaceuticals Cipla Ltd. IPCA Laboratories Ltd. Retailing Future Retail Ltd. Software Tech Mahindra Ltd. Textile Products Mayur Uniquoters Ltd. Transportation Gujarat Pipavav Port Ltd Industry Allocation Consumer Non Durables 18.94% Industrial Products 10.28% Auto 9.50% Consumer Durables 7.97% Auto Ancillaries 7.43% Cement 5.69% Industrial Capital Goods 4.57% Software 4.56% Pesticides 4.49% Gas 3.29% Construction Project 2.93% Petroleum Products 2.84% Pharmaceuticals 2.81% Retailing 2.56% Textile Products 1.85% Transportation 1.26% Chemicals 1.02% Construction 0.83% 0.00% 5.00% 10.00% 15.00% 20.00% V Movement 160 Tata Ethical Fund - Reg - Growth Nifty 500 Shariah TRI May-15 May-16 May-17 May-18 11

12 Tata Equity P/E Fund (An open ended equity scheme following a value investment strategy) Primarily invests at least 70% of the net assets in equity shares whose rolling P/E ratio on past four quarter earnings for individual companies is less than rolling P/E of the S&P BSE SENSEX stocks. To provide reasonable and regular income and/or possible capital appreciation to its Unitholder. June 29, 2004 FUND MAGER Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years) S&P BSE Sensex TRI V - Growth - Dividend (Trigger Option A 5%) - Dividend (Trigger Option B 10%) Reg - Growth Reg - Dividend (Trigger Option A 5%) Reg - Dividend (Trigger Option B 10%) ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 68.02% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio PE MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 1% if redeemed on or before 18 months from the date of allotment (w.e.f 5th April, 2018) Equity & Equity Related Total Auto Bajaj Auto Ltd. Mahindra & Mahindra Ltd. Ashok Leyland Ltd. Hero Motocorp Ltd. Tata Motors Ltd. Maruti Suzuki India Ltd. Auto Ancillaries Apollo Tyres Ltd. Banks Yes Bank Ltd. City Union Bank Ltd. Cement Grasim Industries Ltd. Chemicals Tata Chemicals Ltd. Construction Project Larsen & Toubro Ltd. Consumer Non Durables Hindustan Unilever Ltd. Radico Khaitan Ltd. Finance Housing Development Finance Ltd. Muthoot Finance Ltd. JM Financial Ltd. Gas Gail (India) Ltd. Industrial Capital Goods Bharat Electronics Ltd. Industrial Products Finolex Cables Ltd. No. of Shares Lakhs % of Assets Other Equities^ CBLO Repo Net Current Liabilities SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B S&P BSE Sensex TRI B S&P BSE Sensex TRI 120, , % 129, % 360, , % 451, % 600,000 1,034, % 835, % 840,000 1,769, % 1,354, % 1,200,000 3,244, % 2,336, % 1,670,000 6,571, % 4,365, % (Inception date 29-Jun-2004) (First Installment date 01-Jul-2004) Top 10 Holdings Equity Issuer Name HDFC Ltd. Yes Bank Ltd. Reliance Industries Ltd. Bajaj Auto Ltd. Power Grid Corporation Of India Ltd. Mahindra & Mahindra Ltd. Grasim Industries Ltd. Tech Mahindra Ltd. Larsen & Toubro Ltd. Zee Entertainment Enterprises Ltd. Total % to V Media & Entertainment Zee Entertainment Enterprises Ltd. Petroleum Products Reliance Industries Ltd. Indian Oil Corporation Ltd. Bharat Petroleum Corporation Ltd. Power Power Grid Corporation Of India Ltd. Retailing Future Retail Ltd. Software Tech Mahindra Ltd. Persistent Systems Ltd. Textile Products Raymond Ltd. No. of Shares ^ Exposure less than 1% has been clubbed under Other Equities Lakhs Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer Industry Allocation Finance Auto Banks Petroleum Products Cement 5.58% Software 5.13% Construction Project 4.03% Consumer Non Durables 3.94% Media & Entertainment 3.93% Power 3.85% Auto Ancillaries 2.68% Gas 2.67% Industrial Products 2.62% Chemicals 2.13% Industrial Capital Goods 1.80% Retailing 1.40% Textile Products 1.16% Fertilisers 0.54% Hotels, Resorts And Other Recreational 0.11% 14.44% 13.85% 10.42% 10.16% % of Assets 0.00% 5.00% 10.00% 15.00% 20.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI % 18.27% 8.95% V Movement 170 Tata Equity P/E Fund - Reg - Growth S&P BSE Sensex TRI May-15 May-16 May-17 May-18 12

13 Tata Mid Cap Growth Fund (An open-ended equity scheme predominantly investing in mid cap stocks.) An equity scheme with focus towards mid cap stocks. To provide income distribution and / or medium to long term capital gains. Investments would be focused towards mid-cap stocks. July 1, 1994 FUND MAGER Rupesh Patel (Managing Since 27-Jun-17 and overall experience of 17 years ) & Danesh Mistry (Assistant fund manager) (Managing Since 1-Apr-16 and overall experience of 14 years) Nifty Midcap 100 TRI V - Growth - Dividend Reg - Growth Reg - Dividend ( in Cr.) ( in Cr.) VOLATILITY MEASURES^ FUND TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) Sharpe Ratio MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter % 61.04% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 No. of Shares Equity & Equity Related Total Auto Ancillaries Exide Industries Ltd Amara Raja Batteries Ltd Apollo Tyres Ltd Banks Federal Bank Ltd City Union Bank Ltd Yes Bank Ltd Cement Dalmia Bharat Ltd Shree Cement Ltd The Ramco Cements Ltd J K Cement Ltd Chemicals Solar Industries India Ltd Navin Fluorine International Ltd Vinati Organics Ltd Construction Knr Constructions Ltd Nbcc India Ltd Brigade Enterprises Ltd Somany Ceramics Ltd Construction Project Voltas Ltd NCC Ltd Sadbhav Engineering Ltd Consumer Durables Bata India Ltd Havells India Ltd Consumer Non Durables Glaxo Smithkline Con Healthcar Ltd Tata Global Beverages Ltd Godrej Industries Ltd Finance Muthoot Finance Ltd Satin Creditcare Network Ltd Hotels, Resorts And Other Recreational Activities Indian Hotels Co. Ltd Lakhs % of Assets Gas Gujarat State Petronet Ltd. Petronet Lng Ltd. Indraprastha Gas Ltd. Industrial Products AIA Engineering Ltd. Mahindra Cie Automotive Ltd. Paper Tamilnadu Newsprint & Papers Ltd. Pesticides Pi Industries Ltd. Bayer Cropscience Ltd. Petroleum Products Indian Oil Corporation Ltd. Hindustan Petroleum Corporation Ltd. Pharmaceuticals Eris Lifesciences Ltd. Piramal Enterprises Ltd. (Ccd 18Mths) Retailing Future Retail Ltd. Future Consumer Ltd. Trent Ltd. Software Tata Elxsi Ltd. Textile Products Arvind Ltd. Other Equities^ Repo Net Current Liabilities No. of Shares ^ Exposure less than 1% has been clubbed under Other Equities Lakhs SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Nifty Midcap 100 TRI B Nifty Midcap 100 TRI Total Value of AB Nifty 50 TRI AB Nifty 50 TRI 1,18, % 1,18, % 1,27, % 4,28, % 4,48, % 4,47, % 9,53, % 9,59, % 8,35, % 8,40,000 17,14, % 16,12, % 13,51, % 12,00,000 32,41, % 29,11, % 23,20, % 28,70,000 2,01,06, % 2,06,86, % 1,36,99, % (Inception date 01-Jul-1994) (First Installment date 01-Jul-1994) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performace refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer % of Assets ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load 1% if redeemed on or before expiry of 365 days from the date of allotment (w.e.f. 6th April, 2015) Top 10 Holdings Equity Issuer Name Voltas Ltd. Bata India Ltd. Future Retail Ltd. Federal Bank Ltd. Knr Construction Arvind Ltd. Indian Hotels Co. Ltd. City Union Bank Ltd. Yes Bank Ltd. Glaxo Smithkline Con Healthcar Ltd. Total % to V Industry Allocation Banks 9.79% Construction Project 9.20% Retailing 8.64% Construction 8.12% Cement 7.37% Consumer Durables 6.20% Chemicals 5.59% Consumer Non Durables 5.44% Auto Ancillaries 5.12% Pharmaceuticals 4.59% Industrial Products 4.33% Gas 4.25% Pesticides 3.60% Textile Products 3.40% Finance 3.37% Hotels, Resorts And Other 3.22% Petroleum Products 2.92% Software 1.39% Paper 1.01% Non - Ferrous Metals 0.96% 0.00% 5.00% 10.00% 15.00% Market Capitalisation wise Exposure V Movement Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI % 67.30% 19.52% 180 Tata Mid Cap Growth Fund - Reg - Dividend Nifty Midcap 100 TRI May-15 May-16 May-17 May-18 13

14 Tata Dividend Yield Fund (An Open-Ended Equity Scheme) "Primarily focuses on investing in high dividend yield stocks. Minimum 70% of the net assets shall be invested in stocks having dividend yield higher than dividend yield of S&P BSE SENSEX stocks." To provide income distribution and / or medium to long term capital gains by investing predominantly in high dividend yield stocks. November 22, 2004 FUND MAGER Rupesh Patel (Managing Since 7-Jun-13 and overall experience of 17 years) Nifty 500 TRI V - Growth - Dividend Reg - Growth Reg - Dividend ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 1% VOLATILITY MEASURES^ FUND Sharpe Ratio Dividend Yield MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 * For S&P BSE Sensex 1% if redeemed on or before expiry of 365 days from the date of allotment. Equity & Equity Related Total Auto Bajaj Auto Ltd. Banks HDFC Bank Ltd. ICICI Bank Ltd. Construction Project Sadbhav Engineering Ltd. Consumer Non Durables Hindustan Unilever Ltd. ITC Ltd. Finance Manappuram Finance Ltd. ICICI Prudential Life Insuranc Company Ltd. Muthoot Finance Ltd. Industrial Products Finolex Industries Ltd. Swaraj Engines Ltd. Cummins India Ltd. Media & Entertainment Sun Tv Network Ltd. Minerals/Mining Coal India Ltd. Petroleum Products Hindustan Petroleum Corporation Ltd Lakhs Power Power Grid Corporation Of India Ltd. Software HCL Technologies Ltd. Infosys Ltd. NIIT Technologies Ltd. Mphasis Ltd. Other Equities^ Repo Net Current Liabilities No. of Shares Lakhs % of Assets SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Nifty 500 TRI B Nifty 500 TRI Total Value of AB Nifty 50 TRI AB Nifty 50 TRI 120, ,640 % 125, % 127, % 360, , % 452, % 447, % 600, , % 877, % 835, % 840,000 1,374, % 1,438, % 1,351, % 1,200,000 2,604, % 2,483, % 2,320, % 1,620,000 4,626, % 4,155, % 3,964, % (Inception date 22-Nov-2004) (First Installment date 01-Dec-2004) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Top 10 Holdings Equity Issuer Name HDFC Bank Ltd. Manappuram Finance Ltd. Power Grid Corporation Of India Ltd. HCL Technologies Ltd. Hindustan Unilever Ltd. Finolex Industries Ltd. Infosys Ltd. ICICI Bank Ltd. Sun Tv Network Ltd. NIIT Technologies Ltd. Total Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI. No. of Shares % of Assets % to V % 17.65% 17.33% ^ Exposure less than 1% has been clubbed under Other Equities Industry Allocation Software 18.84% Finance 13.63% Banks 12.00% Industrial Products 11.26% Consumer Non Durables 9.14% Power 6.00% Media & Entertainment 4.65% Auto 4.23% Petroleum Products 3.69% Minerals/mining 2.49% Construction Project 2.18% Pharmaceuticals 0.00% 0.00% 5.00% 10.00% 15.00% 20.00% V Movement 150 Tata Dividend Yield Fund - Reg - Growth Nifty 500 TRI May-15 May-16 May-17 May-18 V 14

15 Tata India Tax Savings Fund (Erstwhile known as Tata Long Term Equity Fund; renamed w.e.f December 21, 2015) (An open ended equity linked savings scheme with a statutory lock in of s and tax benefit) VOLATILITY MEASURES^ FUND Sharpe Ratio An equity linked tax savings scheme (ELSS) that aims to provide medium to long term capital gains along with income tax benefit under Section 80C of the Income Tax Act. To provide medium to long term capital gains along with income tax relief to its Unitholders, while at all times emphasising the importance of capital appreciation. March 31,1996 FUND MAGER Rupesh Patel (Managing Since 1-Apr-15 and overall experience of 17 years) S&P BSE Sensex TRI V - Dividend Reg - Dividend - Growth Reg- Growth ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 500/- and in multiples of 500/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 500/- and multiples of 500/- thereafter. Entry Load Not Applicable Exit Load % 23.00% ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 Nil (Compulsory lock-in period for 3 years) **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. Equity & Equity Related Total Auto Tata Motors Ltd. Auto Ancillaries MRF Ltd. Banks HDFC Bank Ltd. Kotak Mahindra Bank Ltd. ICICI Bank Ltd. Yes Bank Ltd. Cement Ncl Industries Ltd. Dalmia Bharat Ltd. Chemicals Gujarat Alkalies & Chemicals Ltd. Construction KNR Constructions Ltd. Construction Project Larsen & Toubro Ltd. NCC Ltd. Consumer Durables Havells India Ltd. Bata India Ltd. Consumer Non Durables Nestle India Ltd. ITC Ltd. Tata Global Beverages Ltd. Ferrous Metals Tata Steel Ltd. Finance Housing Development Finance Ltd. Mahindra And Mahindra Financial Services Ltd. IDFC Ltd. Bajaj Finance Ltd. Hotels, Resorts And Other Recreational Activities Indian Hotels Co. Ltd. Top 10 Holdings Equity Issuer Name HDFC Bank Ltd. Kotak Mahindra Bank ICICI Bank Ltd. HDFC Ltd. Reliance Industries Ltd. Tata Motors Ltd. Avenue Supermarts Ltd. Piramal Enterprises Ltd. Yes Bank Ltd. Future Retail Ltd. Total Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI. No. of Shares Lakhs % of Assets % to V % 25.49% 16.25% Industrial Products Mahindra Cie Automotive Ltd. Petroleum Products Reliance Industries Ltd. Hindustan Petroleum Corporation Ltd. Indian Oil Corporation Ltd. Pharmaceuticals Divi Laboratories Ltd. Eris Lifesciences Ltd. Piramal Enterprises Ltd. Retailing Avenue Supermarts Ltd. Future Retail Ltd. Future Consumer Ltd. Software HCL Technologies Ltd. Other Equities^ CBLO Repo Net Current Liabilities No. of Shares ^ Exposure less than 1% has been clubbed under Other Equities Lakhs SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B S&P BSE Sensex TRI B S&P BSE Sensex TRI (Inception date 31-Mar-1996) (First Installment date 01-Jul-1996) 1,22, % 1,29, % 4,52, % 4,51, % 9,46, % 8,35, % 8,40,000 16,19, % 13,54, % 12,00,000 29,54, % 23,36, % 26,30,000 3,58,30, % 1,50,33, % Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer % of Assets Industry Allocation Banks 20.26% Finance 11.97% Pharmaceuticals 6.80% Retailing 6.73% Petroleum Products 6.43% Industrial Products 4.43% Cement 4.30% Consumer Non Durables 4.22% Auto 4.13% Consumer Durables 4.00% Construction Project 3.83% Construction 2.92% Chemicals 2.34% Ferrous Metals 2.20% Auto Ancillaries 2.11% Power 1.49% Software 1.30% Hotels, Resorts And Other 1.21% Transportation 0.98% Healthcare Services 0.81% Paper 0.51% Gas 0.38% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% V Movement 160 Tata India Tax Savings Fund - Reg - Dividend S&P BSE Sensex TRI May-15 May-16 May-17 May-18 15

16 Tata Banking & Financial Services Fund (An open ended equity scheme investing in Banking & Financial Services Sector) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Banking and Financial Services sector in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the companies in the Banking and Financial Services sector in India. December 28, 2015 FUND MAGER Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years) & Pradeep Gokhale (Managing Since 28-Dec-15 and overall experience of 26 years) Nifty Financial Services TRI V - Dividend - Growth - Dividend - Growth ( in Cr.) ( in Cr.) TURN OVER ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and in multiples of Re. 1/- thereafter. **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 Entry Load Not Applicable Exit Load % of V if redeemed on or before expiry of 3 months from the date of allotment Equity & Equity Related Total Banks HDFC Bank Ltd. Kotak Mahindra Bank Ltd. Yes Bank Ltd. DCB Bank Ltd. City Union Bank Ltd. Bandhan Bank Ltd. Finance Housing Development Finance Ltd. Bajaj Finserv Ltd. Max Financial Services Ltd. Bajaj Finance Ltd. Muthoot Finance Ltd. ICICI Prudential Life Insurance Company Ltd. Jm Financial Ltd. Gruh Finance Ltd. SBI Life Insurance Company Ltd. Shriram City Union Finance Ltd. Geojit Financial Services Ltd. Repo Net Current Liabilities No. of Shares % of Lakhs Assets Portfolio Turnover (Total) Portfolio Turnover (Equity component only) 42.40% 42.40% MINIMUM INVESTMENT / MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. Tata Digital India Fund (An open ended equity scheme investing in Information Technology Sector) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Information Technology sector in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the companies in Information Technology Sector in India.However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved.the Scheme does not assure or guarantee any returns. December 28,2015 FUND MAGER Sonam Udasi (Managing Since 1-Apr - 16 and overall experience of 20 years) & Pradeep Gokhale (Managing Since 28-Dec-15 and overall experience of 26 years) S&P BSE IT TRI V - Dividend - Growth - Dividend - Growth ( in Cr.) ( in Cr.) MINIMUM INVESTMENT / MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and in multiples of Re. 1/- thereafter **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 Entry Load Not Applicable Exit Load % of V if redeemed on or before expiry of 3 months from the date of allotment Equity & Equity Related Total Software Tata Consultancy Services Ltd. Tech Mahindra Ltd. Infosys Ltd. Niit Technologies Ltd. Tata Elxsi Ltd. Persistent Systems Ltd. L&T Technology Services Ltd. Mindtree Ltd. Cyient Ltd. Sonata Software Ltd. Kpit Technologies Ltd. Info Edge (India) Ltd. Majesco Ltd. Oracle Financials Services Soft Ltd. HCL Technologies Ltd. Ramco Systems Ltd. Mphasis Ltd. Repo Net Current Liabilities No. of Shares % of Lakhs Assets TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) 22.34% 22.34% 16

17 Tata India Consumer Fund (An open ended equity scheme investing in Consumption Oriented Sector) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Consumption Oriented sectors in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its assets in equity/equity related instruments of the companies in the Consumption Oriented sectors in India.However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved.the Scheme does not assure or guarantee any returns. December 28, 2015 FUND MAGER Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years) & Rupesh Patel (Managing Since 28-Dec-15 and overall experience of 17 years) Nifty India Consumption TRI V - Dividend - Growth - Dividend - Growth ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT / MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter % 33.14% ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and in multiples of Re. 1/- thereafter **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg Entry Load Not Applicable Exit Load 1% if redeemed on or before 18 months from the date of allotment (w.e.f 5th April, 2018) Equity & Equity Related Total Auto Maruti Suzuki India Ltd. Mahindra & Mahindra Ltd. Bajaj Auto Ltd. Ashok Leyland Ltd. Auto Ancillaries MRF Ltd. Ceat Ltd. Consumer Durables Bata India Ltd. Havells India Ltd. Greenply Industries Ltd. Amber Enterprises India Ltd. Whirlpool Of India Ltd. Consumer Non Durables Hindustan Unilever Ltd. ITC Ltd. Glaxo Smithkline Con Healthcar Ltd. Radico Khaitan Ltd. Dabur India Ltd. Jubilant Foodworks Ltd. Britannia Industries Ltd. Tata Global Beverages Ltd. Nestle India Ltd. Asian Paints (India) Ltd. Media & Entertainment Zee Entertainment Enterprises Ltd. Sun Tv Network Ltd. Retailing Future Retail Ltd. Future Consumer Ltd. Trent Ltd. Avenue Supermarts Ltd. Textile Products Page Industries Ltd. Raymond Ltd. Other Equities^ CBLO Repo Net Current Liabilities No. of Shares % of Lakhs Assets Tata India Pharma & Healthcare Fund (An open ended equity scheme investing in Pharma and Healthcare Services Sector) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Pharma & Healthcare sectors in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the companies in the pharma & healthcare sectors in India.However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved.the Scheme does not assure or guarantee any returns. December 28, 2015 FUND MAGER Sonam Udasi (Managing Since 1-Apr - 16 and overall experience of 20 years) & Rupesh Patel (Managing Since 28-Dec-15 and overall experience of 17 years) Nifty Pharma TRI V - Dividend - Growth - Dividend - Growth ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT / MULTIPLES FOR NEW INVESTMENT % 59.58% ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and in multiples of Re. 1/- thereafter **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg Entry Load Not Applicable Exit Load 0.25% of V if redeemed on or before expiry of 3 months from the date of allotment Equity & Equity Related Total Healthcare Services Apollo Hospitals Enterprise Ltd. Pharmaceuticals Sun Pharmaceutical Industries Ltd. Piramal Enterprises Ltd. IPCA Laboratories Ltd. Syngene International Ltd. Dishman Carbogen Amcis Ltd. Sanofi India Ltd. Divi Laboratories Ltd. Abbott India Ltd. Cadila Healthcare Ltd. Alembic Pharmaceuticals Ltd. Lupin Ltd. Aurobindo Pharma Ltd. Cipla Ltd. Sun Pharma Advanced Research Co Ltd. FDC Ltd. Alkem Laboratories Ltd. Repo Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities No. of Shares % of Lakhs Assets ,000/- and in multiples of Re. 1/- thereafter. 17

18 Tata Resources & Energy Fund (An open ended equity scheme investing in Resources and Energy Sector) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Resources & Energy sectors in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the companies in the Resources & Energy sectors in India.However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved.the Scheme does not assure or guarantee any returns. December 28, 2015 FUND MAGER Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years) & Rupesh Patel (Managing Since 28-Dec-15 and overall experience of 17 years) Nifty Commodities TRI V - Dividend - Growth - Dividend - Growth ( in Cr.) ( in Cr.) TURNOVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 62.10% ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and in multiples of Re. 1/- thereafter **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 Entry Load Not Applicable Exit Load % of V if redeemed on or before expiry of 3 months from the date of allotment Equity & Equity Related Total Cement Ultratech Cement Ltd. Grasim Industries Ltd. Dalmia Bharat Ltd. J K Cement Ltd. Chemicals Tata Chemicals Ltd. Pidilite Industries Ltd. Vinati Organics Ltd. Ferrous Metals Tata Metaliks Ltd. APL Apollo Tubes Ltd. Ratnamani Metals & Tubes Ltd. Fertilisers Chambal Fertiliser & Chemicals Ltd. Gas Gail ( India ) Ltd. Petronet Lng Ltd. Minerals/mining Gujarat Mineral Dev Corp Ltd. Coal India Ltd. Non - Ferrous Metals Hindalco Industries Ltd. Pesticides Bayer Cropscience Ltd. Rallis India Ltd. UPL Ltd. Petroleum Products Reliance Industries Ltd. Indian Oil Corporation Ltd. Castrol India Ltd. Hindustan Petroleum Corporation Ltd. Bharat Petroleum Corporation Ltd. Power Power Grid Corporation Of India Ltd. No. of Shares % of Lakhs Assets MINIMUM INVESTMENT / MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. Other Equities^ Repo Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities

19 Tata Infrastructure Fund (An open ended equity scheme investing in Infrastructure sector.) Primarily focuses on equity / equity related instruments of the companies in the Infrastructure sector in India. To provide income distribution and / or medium to long term capital gains by investing predominantly in equity / equity related instruments of the companies in the infrastructure sector. December 31, 2004 FUND MAGER Rupesh Patel (Managing Since 1-Jan-14 and overall experience of 17 years) S&P BSE India Infrastructure TRI V - Growth - Dividend Reg - Growth Reg - Dividend ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 34.37% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg % of V if redeemed on or before expiry of 3 months from the date of allotment Equity & Equity Related Total Banks ICICI Bank Ltd. HDFC Bank Ltd. Yes Bank Ltd. Cement Shree Cement Ltd. The Ramco Cements Ltd. Ultratech Cement Ltd. J K Cement Ltd. Birla Corporation Ltd. Chemicals Solar Industries India Ltd. Construction KNR Constructions Ltd. Welspun Enterprises Ltd. NBCCIndia Ltd. Brigade Enterprises Ltd. Construction Project Larsen & Toubro Ltd. Sadbhav Engineering Ltd. NCC Ltd. Sadbhav Infrastructure Project Ltd. Consumer Non Durables Asian Paints (India) Ltd. Ferrous Metals Tata Steel Ltd. APL Apollo Tubes Ltd. Finance IDFC Ltd. No. of Shares SIP - If you had invested INR every month Lakhs % of Assets No. of Shares Lakhs 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B S&P BSE India Infrastructure TRI B S&P BSE India Infrastructure TRI Total Value of AB Nifty 50 TRI AB Nifty 50 TRI 1,19, % 1,17, % 1,27, % 4,29, % 4,38, % 4,47, % 8,74, % 8,28, % 8,35, % 8,40,000 13,66, % 13,41, % 13,51, % 12,00,000 21,11, % 20,68, % 23,20, % 1 33,36, % 27,27, % 38,40, % (Inception date 31-Dec-2004) (First Installment date 01-Feb-2005) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Top 10 Holdings Equity Issuer Name Larsen & Toubro Ltd. Sadbhav Engineering Ltd. ICICI Bank Ltd. KNRConstruction Astral Poly Technik Ltd. Power Grid Corporation Of India Ltd. Shree Cement Ltd. Tata Steel Ltd. NCC Ltd. HDFC Bank Ltd. Total % to V Gas Gujarat State Petronet Ltd. Industrial Capital Goods ABB India Ltd. Thermax Ltd. Bharat Electronics Ltd. Industrial Products Astral Poly Technik Ltd. Finolex Cables Ltd. Aia Engineering Ltd. Timken India Ltd. Schaeffler Ltd. Grindwell Norton Ltd. Cummins India Ltd. Ador Welding Ltd. Petroleum Products Indian Oil Corporation Ltd. Hindustan Petroleum Corporation Ltd. Power Power Grid Corporation Of India Ltd. Torrent Power Ltd. Kalpataru Power Transmission Ltd. Transportation Container Corporation Of India Ltd. Interglobe Aviation Ltd. Other Equities^ Repo Net Current Liabilities ^ Exposure less than 1% has been clubbed under Other Equities % of Assets Industry Allocation Industrial Products 17.60% Construction Project 16.34% Cement 11.23% Banks 10.88% Construction 9.87% Power 6.73% Ferrous Metals 5.32% Industrial Capital Goods 5.05% Petroleum Products 3.59% Transportation 3.15% Gas 2.56% Chemicals 1.86% Consumer Non Durables 1.69% Finance 1.67% 0.00% 5.00% 10.00% 15.00% 20.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI % 24.70% 32.82% V Movement 150 Tata Infrastructure Fund - Reg - Growth S&P BSE India Infrastructure TRI May-15 May-16 May-17 May-18 19

20 Tata Hybrid Equity Fund (Erstwhile known as Tata Balanced Fund; renamed w.e.f May 3, 2018) (An open ended hybrid scheme investing predominantly in equity & equity related instruments.) Invests 65% to 80% investment in Equity & equity related instruments & 20% to 35% in debt & money market instruments. For taxation purpose, it is treated as an equity scheme. (Monthly Income is not assured and is subject to availability of distributable surplus.) The investment objective of the Scheme is to provide income distribution and or capital appreciation over medium to long term. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any returns. October 8, 1995 FUND MAGER Pradeep Gokhale (Managing Since 1-Apr-16 and overall experience of 26 years) (Equity) & Murthy Nagarajan (Managing since 1-Apr-17 and overall experience of 21 years) (Debt) Crisil Hybrid Aggressive Index V - Growth Dividend Monthly Dividend Reg - Growth Reg - Dividend Reg - Monthly Dividend ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 33.15% VOLATILITY MEASURES^ FUND Sharpe Ratio **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 Portfolio Macauley Duration 2.7s Average Maturity 3.4s Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load 1% if redeemed on or before expiry of 365 days from the date of allotment (w.e.f. 6th April, 2015) 7.80% 7.99% Company Name Equity & Equity Related Total Auto Maruti Suzuki India Ltd. Tata Motors Ltd. Mahindra & Mahindra Ltd. Auto Ancillaries Exide Industries Ltd. Apollo Tyres Ltd. Banks HDFC Bank Ltd. ICICI Bank Ltd. Kotak Mahindra Bank Ltd. Yes Bank Ltd. State Bank Of India Indusind Bank Ltd. Cement Ultratech Cement Ltd. Construction Project Larsen & Toubro Ltd. Sadbhav Engineering Ltd. Consumer Non Durables ITC Ltd. Hindustan Unilever Ltd. Asian Paints (India) Ltd. United Spirits Ltd. Finance Housing Development Finance Ltd. Gas Gail ( India ) Ltd. Hotels, Resorts and Other Recreational Activities Indian Hotels Co. Ltd. Industrial Products Bharat Forge Ltd. Media & Entertainment Zee Entertainment Enterprises Ltd. Sun Tv Network Ltd. Petroleum Products Reliance Industries Ltd. Bharat Petroleum Corporation Ltd. Pharmaceuticals Sun Pharmaceutical Industries Ltd. Power Power Grid Corporation Of India Ltd. Software Infosys Ltd. HCL Technologies Ltd. Other Equities^ Market Capitalisation wise Exposure (Equity component only) Large Cap 81.43% Mid Cap 11.42% Small Cap 7.16% Market Capitalisation is as per list provided by AMFI. Lakhs % of Assets Name of the Instrument Ratings Lakhs Repo Cash / Net Current Asset SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Crisil Hybrid Aggressive Index B Crisil Hybrid Aggressive Index Total Value of AB S&P BSE Sensex TRI AB S&P BSE Sensex TRI (Inception date 08-Oct-1995) (First Installment date 01-Feb-1996) Top 10 Holdings Equity Issuer Name HDFC Bank Ltd. Reliance Industries Ltd. Larsen & Toubro Ltd. ITC Ltd. ICICI Bank Ltd. Kotak Mahindra Bank Yes Bank Ltd. Infosys Ltd. Hindustan Unilever Ltd. HDFC Ltd. Total No. of Shares , , % 124, % 129, % % to V , , % 436, % 451, % Debt Instruments Government Securities GOI % (08/01/2028) GOI % (25/05/2025) GOI % (19/12/2022) GOI % (22/06/2024) GOI % (21/09/2022) GOI % (03/05/2020) SDL Punjab 7.07% (28/12/2020) GOI % (15/02/2027) GOI % (11/01/2026) SDL Andhra Pradesh 7.51% (13/09/2037) GOI % (15/05/2027) GOI % (19/12/2034) GOI % (02/07/2040) GOI % (05/12/2033) GOI % (15/12/2023) SDL Tamilnadu 8.14% (27/05/2025) GOI % (26/12/2029) Non-Convertible Debentures/Bonds % HDFC Ltd % Indiabulls Housing Finance Ltd % Kotak Mahindra Investments Ltd % Power Finance Corporation % Talwandi Sabo Power Ltd % HDFC Ltd % HDFC Ltd % Rural Electrification Corp. Ltd % Reliance Jio Infocomm Ltd % Sikka Ports And Terminals Ltd % Housing & Urban Development Corporation Ltd % Power Finance Corporation % Power Finance Corporation % Andhra Bank % State Bank Of India % Blue Dart Express Ltd % Blue Dart Express Ltd. Privately Placed/Unlisted % Ongc Petro-Additions Ltd % Vodafone Mobile Services Ltd. Money Market Instruments BARD - CP Axis Bank Ltd. - CD Kotak Mahindra Bank - CD HDFC Ltd. - CP ^ Exposure less than 1% has been clubbed under Other Equities 600, , % 833, % 835, % Industry Allocation V Movement 840,000 1,381, % 1,346, % 1,354, % CRISIL- AA(SO) ICRA- AAA IND AA ICRA- AA ICRA- AA ICRA- AAA(SO) CRISIL- AA- 1,200,000 2,578, % 2,308, % 2,336, % % to V ,680,000 25,385, % 14,003, % 15,640, % Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer Banks Consumer Non Durables Construction Project Petroleum Products Software Auto Auto Ancillaries Finance Cement Media & Entertainment Industrial Products Pharmaceuticals Power Hotels, Resorts And Other Recreational Activities Gas Consumer Durables Industrial Capital Goods Non - Ferrous Metals Minerals/mining Retailing Ferrous Metals % 6.34% 6.03% 5.70% 5.11% 4.22% 3.81% 3.17% 2.76% 2.56% 2.19% 1.72% 1.14% 1.05% 0.79% 0.78% 0.75% 0.55% 0.22% 0.21% 19.39% 0.00% 5.00% 10.00% 15.00% 20.00% Tata Hybrid Equity Fund - Reg - Growth CRISIL Hybrid Aggressive Index May-15 May-16 May-17 May-18 V 20

21 Tata Equity Savings Fund (Erstwhile known as Tata Savings Equity Fund; renamed w.e.f May 3, 2018) (An open-ended scheme investing in equity, arbitrage and debt) Predominantly investing in equity and equity related instruments, equity arbitrage opportunities and debt and money market instruments. The investment objective of the scheme is to provide long term capital appreciation and income distribution to the investors by predominantly investing in equity and equity related instruments, equity arbitrage opportunities and investments in debt and money market instruments. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any returns. April 27, 2000 FUND MAGER Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years)(for equity portfolio) & Murthy Nagarajan (Managing since 1-Apr-17 and overall experience of 2s) (for Debt Portfolio) Nifty 50 TRI (35%),Nifty 50 Arbitrage Index (30%), Crisil Short Term Bond Fund Index (35%) V Monthly Dividend Growth Periodic Dividend - Growth - Monthly Dividend - Periodic Dividend ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) VOLATILITY MEASURES^ FUND Sharpe Ratio Portfolio Macauley Duration Average Maturity MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets 8.02% ii. Excluding Net Current Assets 8.41% ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer Pg 48 Total stock in Portfolio 32 Growth Option Rs 5,000/- and in multiple of Re.1/- thereafter Dividend Option Rs 5,000/- and in multiple of Re.1/- thereafter 0.25% of the applicable V, if redeemed on or before expiry of 90 days from the date of allotment. (w.e.f. Oct 1, 2016) % 91.95% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. 0.8s 1.06 Years Equity & Equity Related Total Unhedge Positions Auto Maruti Suzuki India Ltd. Ashok Leyland Ltd. Bajaj Auto Ltd. Auto Ancillaries Ceat Ltd. Banks HDFC Bank Ltd. Yes Bank Ltd. Kotak Mahindra Bank Ltd. Cement Grasim Industries Ltd. Construction Project Larsen & Toubro Ltd. Voltas Ltd. Consumer Durables Bata India Ltd. Havells India Ltd. Greenply Industries Ltd. Consumer Non Durables Hindustan Unilever Ltd. Nestle India Ltd. Radico Khaitan Ltd. Jubilant Foodworks Ltd. Glaxo Smithkline Con Healthcar Ltd. Finance Max Financial Services Ltd. Housing Development Finance Ltd. Muthoot Finance Ltd. Industrial Capital Goods Bharat Electronics Ltd. Industrial Products Finolex Cables Ltd. Media & Entertainment Sun Tv Network Ltd. Zee Entertainment Enterprises Ltd. Petroleum Products Reliance Industries Ltd. Hindustan Petroleum Corporation Ltd. Power Power Grid Corporation Of India Ltd. Retailing Future Consumer Ltd. Future Retail Ltd. Software Majesco Ltd. Textile Products Raymond Ltd. Hedge Positions Dewan Housing Finance Corporation Ltd. Dewan Housing Finance Corporation Ltd. - Future Tv18 Broadcast Ltd. Tv18 Broadcast Ltd. - Future SIP - If you had invested INR every month Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Nifty 50 TRI (35%),Nifty 50 Arbitrage Index (30%), Crisil Short Term Bond Fund Index (35%) B Nifty 50 TRI (35%),Nifty 50 Arbitrage Index (30%), Crisil Short Term Bond Fund Index (35%) Total Value of AB S&P BSE Sensex TRI AB S&P BSE Sensex TRI (Inception date 27-Apr-2000) (First Installment date 01-May-2000) Top 10 Holdings Equity Issuer Name HDFC Bank Ltd. Hindustan Unilever Ltd. Future Consumer Ltd. Bata India Ltd. Maruti Suzuki India Ltd. Yes Bank Ltd. Ashok Leyland Ltd. Max Financial Services Ltd. Bajaj Auto Ltd. Nestle India Ltd. Total % to V % to V % to V Derivative Year 10 Year 120, , % 127, % 129, % % to V % to V % to V Derivative Cesc Ltd. Cesc Ltd. - Future Tata Global Beverages Ltd. Tata Global Beverages Ltd. - Future Sun Tv Network Ltd. Sun Tv Network Ltd. - Future Granules India Ltd. Granules India Ltd. - Future IDFC Ltd. IDFC Ltd. - Future Jindal Steel & Power Ltd. Jindal Steel & Power Ltd. - Future BEML Ltd. BEML Ltd. - Future Sun Pharmaceutical Industries Ltd. Sun Pharmaceutical Industries Ltd. - Future DLF Ltd. DLF Ltd. - Future Bharat Financial Inclusion Ltd. Bharat Financial Inclusion Ltd. - Future Jain Irrigation Systems Ltd. Jain Irrigation Systems Ltd. - Future Bharat Electronics Ltd. Bharat Electronics Ltd. - Future NBCC India Ltd. NBCC India Ltd. - Future Federal Bank Ltd. Federal Bank Ltd. - Future Name of the Instrument Ratings % to V Non-Convertible Debentures/Bonds % Reliance Utilities And Power Private Ltd % Sikka Ports And Terminals Ltd % India Infradebt Ltd % National Highways Authority Of India % LIC Housing Finance Ltd % Indian Railways Finance Corporation Ltd % NHPC Ltd % Reliance Jio Infocomm Ltd % Rural Electrification Corp. Ltd % Power Finance Corporation % Exim 0.15 Margin Deposits Cash (Placed As Margin Money ) HDFC BANK LTD 2.18 Repo Cash / Net Current Asset 360, , % 422, % 451, % 600, , % 772, % 835, % 840,000 1,055, % 1,202, % 1,354, % 1,200,000 1,664, % 1,673, % 2,331, % Industry Allocation Consumer Non Durables 4.72% Banks 3.49% Auto 3.01% Consumer Durables 2.50% Retailing 2.27% Finance 2.22% Petroleum Products 1.40% Construction Project 1.25% Media & Entertainment 0.85% Power 0.84% Cement 0.50% Industrial Products 0.50% Industrial Capital Goods 0.47% Software 0.44% Auto Ancillaries 0.40% Textile Products 0.24% 0.00% % 2.00% 3.00% 4.00% 5.00% ,170,000 4,093, % 3,191,689 Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer 4.09% 9,885, % Market Capitalisation wise Exposure (Equity component only) Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI % 29.54% 9.37% V Movement Tata Equity Savings Fund - Reg - Mthly Dividend Nifty 50 TRI (35%),Nifty 50 Arbitrage Index (30%), Crisil Short Term Bond Fund Index (35%) Jul-15 Jul-16 Jun-17 May-18 21

22 Tata Dynamic Bond Fund (An open ended dynamic debt scheme investing across duration) [ICRA]AAAmfs rating by ICRA$ Aims to create a liquid portfolio of good quality debt as well as Money Market Instruments so as to provide reasonable returns and liquidity. To provide reasonable returns and high level of liquidity by investing in debt instruments including bonds, debentures and Government securities; and money market instruments such as treasury bills, commercial papers, certificates of deposit, including repos in permitted securities of different maturities, as permitted by regulation so as to spread the risk across different kinds of issuers in the debt markets. September 03,2003 FUND MAGER Akhil Mittal (Managing Since 26-Jun-14 and overall experience of 1s) CRISIL Composite Bond Fund Index V - Growth - Dividend Reg - Growth Reg - Dividend ( in Cr.) ( in Cr.) **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Portfolio Macauley Duration Average Maturity 4.18 Years 5.82 Years Gross Yield to Maturity (For Debt Component) MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter i. Including Net Current Assets ii. Excluding Net Current Assets 7.65% 7.83% ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer Pg 48 ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load 0.50% of V if redeemed on or before expiry of 30 days from the date of allotment (w.e.f 15th November, 2017). Name of the Instrument Debt Instruments Government Securities GOI % (11/01/2026) GOI % (08/01/2028) GOI % (17/09/2031) GOI % (19/03/2030) GOI % (26/10/2055) GOI 7.35% (22/06/2024) GOI % (16/04/2023) Non-convertible Debentures/bonds % Housing & Urban Development Corporation Ltd % Reliance Utilities And Power Private Ltd % Power Finance Corporation % Small Indust Devlop Bank Of India % Power Finance Corporation % Reliance Jio Infocomm Ltd. Privately Placed/unlisted Ratings ICRA- AAA % Ongc Petro-additions Ltd. ICRA- AAA(SO) Lakhs % to V Name of the Instrument CBLO Repo Cash / Net Current Asset Ratings Lakhs % to V SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns 1,19, % 3,87, % 7,12, % 8,40,000 11,05, % 12,00,000 17,80, % 17,60,000 30,79, % Total Value of B CRISIL Composite Bond Fund Index 1,20,114 3,91,399 7,24,446 11,11,143 17,94,142 30,98,401 B CRISIL Composite Bond Fund Index Total Value of AB CRISIL 10 Yr Gilt Index AB CRISIL 10 Yr Gilt Index 0.18% 1,17, % 5.52% 3,75, % 7.48% 6,88, % 7.87% 10,38, % 7.81% 16,27, % 7.32% 27,74, % (Inception date 03-Sep-2003) (First Installment date 01-Oct-2003) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Composition by Ratings 19.20% 49.36% Maturity Ladder 31.44% A1+ / AAA Cash & Cash Equivalents Instrument Wise Composition 19.20% 49.36% V Movement 31.44% NCD - Non Convertible Deb Government Securities Cash & Cash Equivalents Cash & Others 1.49% Abv 10 Yrs 13.70% 7-10 Yrs 35.57% 3-7 Yrs 13.70% 1-3 Yrs 17.84% 0-1 Yrs 17.70% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% Tata Dynamic Bond Fund - Reg - Growth CRISIL Composite Bond Fund Index 90 May-15 May-16 May-17 May-18 22

23 Tata Medium Term Fund (Erstwhile known as Tata Income Plus Fund; renamed w.e.f March 17, 2017) (An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between s and 4 years.) The aim of the Fund Manager is to identify and allocate the assets of the scheme between various fixed income securities with the objective of generate reasonable returns at moderate risk. The security will be identified based on various parameters such as issuer's credit rating history, financial track record of the issuer, corporate governance track record of the issuer, liquidity of the security, maturity of the security, interest rate scenario etc. Depending upon prevailing market conditions & interest rate scenario, the portfolio duration and average maturity can be increased or decreased within the range of three to seven years. In case of a rising interest rate environment the duration/average maturity of the fund may be reduced whereas in a falling interest rate scenario the holding in medium/long securities may be maximized. The investment objective of the scheme is to generate income and capital appreciation over a medium term. However, there can be no assurance that the investment objective of the scheme will be realized. November 11,2002 FUND MAGER Murthy Nagarajan (Managing Since 1-Apr-17 and overall experience of 2s) Crisil Medium Term Debt Index V - Growth - Bonus Reg - Growth Reg - Dividend ( in Cr.) ( in Cr.) VOLATILITY MEASURES^ FUND Portfolio Macauley Duration 3.30 Years Average Maturity 4.22 Years Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer Pg 48 MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load 1% of V if redeemed on or before expiry of 365 days from the date of allotment **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. 7.73% 8.11% Name of the Instrument Ratings Lakhs Debt Instruments Government Securities GOI % (19/12/2022) GOI % (08/01/2028) Non-convertible Debentures/bonds % Exim % Reliance Jio Infocomm Ltd % Power Finance Corporation % Petronet Lng Ltd % Sikka Ports And Terminals Ltd % India Infradebt Ltd % Andhra Bank IND AA % Rural Electrification Corp. Ltd % Power Finance Corporation % Indian Railways Finance Corporation Ltd. Privately Placed/unlisted % Sbi Cards & Payment Services Pvt. Ltd % to V Name of the Instrument Repo Cash / Net Current Asset Ratings Lakhs % to V SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B CRISIL Medium Term Debt Index B CRISIL Medium Term Debt Index Total Value of AB CRISIL 10 Yr Gilt Index AB CRISIL 10 Yr Gilt Index 1,21, % 1,21, % 1,17, % 3,91, % 3,96, % 3,75, % 7,13, % 7,33, % 6,88, % 8,40,000 10,95, % 11,38, % 10,38, % 12,00,000 17,60, % 18,79, % 16,27, % 18,50,000 32,50, % 36,76, % 29,76, % (Inception date 11-Nov-2002) (First Installment date 01-Jan-2003) Composition by Ratings Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer 28.97% 11.92% 5.59% 53.52% A1+ / AAA AA+ / AA Cash & Cash Equivalents Instrument Wise Composition 28.97% 11.92% 59.11% NCD - Non Convertible Deb Government Securities Cash & Cash Equivalents Maturity Ladder Cash & Others 4.63% Abv 10 Yrs 0.00% 7-10 Yrs 15.62% 3-7 Yrs 54.02% 1-3 Yrs 11.88% 0-1 Yrs 13.85% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% V Movement Tata Medium Term Fund - Reg - Growth Crisil Medium Term Debt Index 90 May-15 May-16 May-17 May-18 23

24 Tata Income Fund (Erstwhile known as Tata Long Term Debt Fund; renamed w.e.f May 3, 2018) (An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 4 year and 7 years) [ICRA]AAAmfs rating by ICRA$ An income scheme with exposure to rated debt instruments with medium to long term maturity. The investment objective of the Scheme is to provide income distribution/capital appreciation over medium to long term. April 28, 1997 FUND MAGER Akhil Mittal (Managing Since 26-Jun-14 and overall experience of 1s) Crisil Medium to Long Term Debt Index V - Growth - Half Yearly Dividend Dir- Periodic Dividend Reg - Growth Reg - Half Yearly Dividend Reg- Dividend ( in Cr.) ( in Cr.) **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Portfolio Macauley Duration 4.4s Average Maturity 5.9s Gross Yield to Maturity (For Debt Component) 7.41% i. Including Net Current Assets 8.05% ii. Excluding Net Current Assets ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer Pg 48 MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT Half Yearly Dividend Plan, Periodic Dividend Plan, rowth Plan, Bonus Plan 5,000/- and in multiples of Re. 1/- thereafter. Quarterly Dividend Plan 10,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load 1% if redeemed before expiry of 365 days from the date of allotment(w.e.f. 1st July, 2014) Name of the Instrument Debt Instruments Government Securities GOI % (08/01/2028) GOI % (20/05/2023) GOI % (19/12/2022) GOI % (19/03/2030) GOI % (26/12/2029) Non-convertible Debentures/bonds % Sikka Ports And Terminals Ltd % Reliance Utilities And Power Private Ltd. Ratings % Iot Utkal Energy Services (SO) Ltd % Rural Electrification Corp. Ltd. Privately Placed/unlisted % Sbi Cards & Payment Services Pvt. Ltd. Lakhs % to V Name of the Instrument Repo Cash / Net Current Asset Ratings Lakhs % to V SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B CRISIL Medium to Long Term Debt Index B CRISIL Medium to Long Term Debt Index Total Value of AB CRISIL 10 Yr Gilt Index AB CRISIL 10 Yr Gilt Index 1,19, % 1,20, % 1,17, % 3,84, % 3,92, % 3,75, % 7,03, % 7,28, % 6,88, % 8,40,000 10,83, % 11,22, % 10,38, % 12,00,000 17,32, % 18,36, % 16,27, % 25,00,000 55,44, % 69,53, % 49,35, % (Inception date 28-Apr-1997) (First Installment date 01-Aug-1997) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Composition by Ratings 16.84% 36.49% A1+ / AAA Cash & Cash Equivalents Instrument Wise Composition 16.84% 36.49% NCD - Non Convertible Deb Government Securities Cash & Cash Equivalents 46.67% Maturity Ladder Cash & Others 7.96% Abv 10 Yrs 0.28% 7-10 Yrs 43.43% 3-7 Yrs 33.77% 1-3 Yrs 3.53% 0-1 Yrs 11.03% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 46.67% V Movement Tata Income Fund - Reg - Growth Crisil Medium to Long Term Debt Index 90 May-15 May-16 May-17 May-18 24

25 Tata Short Term Bond Fund (An open ended short term debt scheme investing in instruments such that the Macaulay duration of portfolio is between and s.) [ICRA]AAAmfs rating by ICRA$ VOLATILITY MEASURES^ FUND A debt scheme that invests in short term debt instruments having high level of liquidity. The investment objective is to generate regular income/appreciation over a short term period. There can be no assurance that the investment objective of the Scheme will be realised. August 8, 2002 FUND MAGER Murthy Nagarajan (Managing Since 1-Apr-17 and overall experience of 2s) Crisil Short Term Bond Fund Index V - Growth - Monthly Dividend -Dividend Reg - Growth Reg - Monthly Dividend Reg -Dividend ( in Cr.) ( in Cr.) MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Nil (w.e.f. 7th July, 2017) Portfolio Macauley Duration Average Maturity 1.74 Years 2.04 Years Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer Pg **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. 8.13% 8.39% Name of the Instrument Debt Instruments Government Securities GOI % (19/12/2022) SDL Gujarat 8.99% (14/03/2022) GOI % (08/01/2028) GOI 7.35% (22/06/2024) SDL Punjab 7.07% (28/12/2020) GOI % (21/09/2022) SDL Punjab 6.90% (11/01/2021) SDL Punjab 6.99% (13/10/2020) SDL Punjab 8.34% (06/10/2020) SDL Gujarat 7.21% (09/08/2027) GOI % (25/05/2025) SDL Rajasthan Uday 8.15% (23/06/2021) SDL Kerala 8% (11/04/2028) GOI % (26/12/2029) GOI % (17/09/2031) GOI % (15/05/2027) SDL Maharashtra 7.33% (13/09/2027) GOI % (15/12/2023). GOI % (09/06/2020) Non-convertible Debentures/bonds % Nabard % Rural Electrification Corp. Ltd % Rural Electrification Corp. Ltd % Reliance Jio Infocomm Ltd % Nabha Power Ltd % Small Indust Devlop Bank Of India % Bajaj Finance Ltd % Gruh Finance Ltd % Reliance Jio Infocomm Ltd % Power Finance Corporation % HDFC Ltd % Kotak Mahindra Investments Ltd % HDFC Ltd % Hdb Financial Services Ltd % Reliance Jio Infocomm Ltd % Reliance Jio Infocomm Ltd % Exim % India Infradebt Ltd % Power Finance Corporation % Kotak Mahindra Investments Ltd % HDFC Ltd % LIC Housing Finance Ltd % LIC Housing Finance Ltd % Nabha Power Ltd % Kotak Mahindra Investments Ltd % Sikka Ports And Terminals Ltd % Kotak Mahindra Prime Ltd % Rural Electrification Corp. Ltd % Power Finance Corporation % Bajaj Finance Ltd % Power Finance Corporation % Rural Electrification Corp. Ltd % Indian Railways Finance Corporation Ltd % HDFC Ltd. Ratings ICRA- AAA(SO) ICRA- AAA(SO) Lakhs % to V Name of the Instrument Ratings Lakhs CBLO Repo Cash / Net Current Asset SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Crisil Short Term Bond Fund Index B Crisil Short Term Bond Fund Index Total Value of AB CRISIL 1 Yr T-Bill Index AB CRISIL 1 Yr T-Bill Index (Inception date 08-Aug-2002) (First Installment date 01-Sep-2002) 1,22, % 1,22, % 1,23, % 3,93, % 3,96, % 3,95, % 7,17, % 7,25, % 7,12, % 8,40,000 11,05, % 11,15, % 10,77, % 12,00,000 18,01, % 18,10, % 16,99, % 18,90,000 36,60, % 35,72, % 31,93, % Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Composition by Ratings 4.03% 11.54% A1+ / AAA Cash & Cash Equivalents % Power Finance Corporation % LIC Housing Finance Ltd % India Infradebt Ltd % IDFC Bank Ltd % Rural Electrification Corp. Ltd % Kotak Mahindra Prime Ltd % LIC Housing Finance Ltd % Orix Leasing & Financial Services India Ltd % LIC Housing Finance Ltd % Hdb Financial Services Ltd % Power Finance Corporation % LIC Housing Finance Ltd % HDFC Ltd % Rural Electrification Corp. Ltd % Power Finance Corporation % Iot Utkal Energy Services Ltd % Reliance Jio Infocomm Ltd % Indian Railways Finance Corporation Ltd % Exim % Power Finance Corporation % LIC Housing Finance Ltd % Exim % India Infradebt Ltd % Power Finance Corporation Privately Placed/unlisted % Daimler Financial Services India Private Ltd % Ongc Petro-additions Ltd % Sbi Cards & Payment Services Pvt. Ltd % Daimler Financial Services India Private Ltd % Daimler Financial Services India Private Ltd % Sbi Cards & Payment Services Pvt. Ltd % Daimler Financial Services India Private Ltd % Gruh Finance Ltd. Money Market Instruments HDFC Ltd. - CP Axis Bank Ltd. - CD Il&fs Ltd. - CP Axis Bank Ltd. - CD Axis Bank Ltd. - CD Small Indust Devlop Bank Of India - CD BARD - CP Yes Bank Ltd. - CD EXIM - CP Il&fs Ltd. - CP HDFC Ltd. - CP HDFC Bank Ltd. - CD Indusind Bank Ltd. - CD Yes Bank Ltd. - CD Indusind Bank Ltd. - CD Instrument Wise Composition 10.23% 8.69% 6.22% ICRA- AAA IND AAA (SO) ICRA- AAA(SO) CARE- A % 4.03% NCD - Non Convertible Deb 65.51% Government Securities Commercial Papers Certificate Of Deposit State Development Loans % to V Maturity Ladder Cash & Others Abv 10 Yrs 7-10 Yrs 3-7 Yrs 1-3 Yrs 0-1 Yrs 3.09% 0.07% 2.17% 84.43% 16.17% 41.89% 36.61% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% V Movement Cash & Cash Equivalents Tata Short Term Bond Fund - Reg - Growth Crisil Short Term Bond Fund Index May-15 May-16 May-17 May-18 25

26 Tata Corporate Bond Fund (An open-ended debt scheme predominantly investing in AA+ and above rated corporate bonds) (Erstwhile known as Tata Treasury Manager Fund; renamed w.e.f March 17, 2017) The Scheme endeavors to generate returns and capital appreciation by predominantly investing in corporate debt securities of varying maturities across the credit spectrum. The Scheme will seek opportunities across the credit curve and will endeavor to take benefit from superior yield available from time to time. The investment objective of the scheme is to generate returns over short to medium term by investing predominantly in corporate debt instruments. However, there is no guarantee or assurance that the investment objective of the scheme will be achieved. The scheme doesn't assure or guarantee any returns. July 13,2007 FUND MAGER Amit Somani (Managing Since 21-May-14 and overall experience of 16 years) Crisil Corporate Bond Composite Index V - Growth - Monthly Dividend - Weekly Dividend - Daily Dividend Reg - Growth Reg - Monthly Dividend Reg - Weekly Dividend Reg - Daily Dividend ( in Cr.) ( in Cr.) VOLATILITY MEASURES^ FUND ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer Pg 48 MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Nil **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. Portfolio Macauley Duration Average Maturity Years 1.02 Years Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets 8.08% ii. Excluding Net Current Assets 8.31% Name of the Instrument Ratings % to Name of the Instrument Ratings Lakhs V Debt Instruments Non-convertible Debentures/bonds % Power Finance Corporation % Small Indust Devlop Bank Of India % Mahindra Rural Housing Finance Ltd % Nabard % Indiabulls Housing Finance Ltd % J.m. Financial Products Ltd % Il & Fs Financial Ser Ltd % Trent Ltd % Housing & Urban Development Corporation Ltd % Rural Electrification Corp. Ltd % Vizag General Cargo Berth Pvt. Ltd % Tata Capital Financial Services Ltd % Nabard % Nabha Power Ltd % Reliance Jio Infocomm Ltd % Power Finance Corporation Repo Cash / Net Current Asset Lakhs % to V SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B CRISIL Corporate Bond Composite Index B CRISIL Corporate Bond Composite Index Total Value of AB CRISIL 1 Yr T-Bill Index AB CRISIL 1 Yr T-Bill Index 1,23, % 1,21, % 1,23, % (Inception date 13-Jul-2007) (First Installment date 01-Aug-2007) Composition by Ratings CRISIL- AA+ CRISIL- AA CARE- AAA CARE- AA+ ICRA- AAA CRISIL- AA(SO) CRISIL- AA+ ICRA- AAA(SO) ,96, % 3,98, % 3,95, % Privately Placed/unlisted % Ongc Petro-additions Ltd % Daimler Financial Services India Private Ltd % Sbi Cards & Payment Services Pvt. Ltd. Money Market Instruments National Housing Bank - CP Reliance Industries Ltd. - CP Dewan Housing Fin Corporation Ltd. - CP Yes Bank Ltd. - CD HDFC Ltd. - CP 7,19, % 7,37, % 7,13, % Instrument Wise Composition 8,40,000 11,01, % 11,43, % 10,77, % ICRA- AAA(SO) 12,00,000 17,91, % 18,99, % 16,99, % ,00,000 20,13, % 21,54, % 18,90, % Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer 19.53% 4.21% 3.64% A1+ / AAA 72.62% AA+ / AA Db Cash & Cash Equivalents 16.69% 4.07% 3.63% NCD - Non Convertible Deb 75.61% Commercial Papers Certificate Of Deposit Cash & Cash Equivalents Maturity Ladder Cash & Others Abv 5 Yrs 3-5 Yrs 2-3 Yrs 1-2 Yrs 6-12 Mths 3-6 Mths 1-3 Mths 0-1 Mths 2.78% 1.68% 0.00% 17.76% 29.68% 26.02% 8.38% 4.29% 9.43% 0.00% 7.00% 14.00% 2% 28.00% 35.00% V Movement Tata Corporate Bond Fund - Reg - Growth Crisil Corporate Bond Composite Index 100 May-15 May-16 May-17 May-18 26

27 Tata Treasury Advantage Fund (Erstwhile known as Tata Ultra Short Term Fund; renamed w.e.f May 3, 2018) (An open ended low duration debt scheme investing in instruments such that the Macaulay duration of portfolio is between 6 months and 12 months.) [ICRA]AAAmfs rating by ICRA$ The Scheme will invest in various money market and fixed income securities with objective of providing liquidity and generating reasonable returns with lower interest rate risk. The average maturity of the portfolio shall be between three months to one year The investment objective of the scheme is to generate regular income & capital appreciation by investing in a portfolio of debt & money market instruments with relatively lower interest rate risk. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any returns. September 06,2005 FUND MAGER Akhil Mittal (Managing Since 26-Jun-14 and overall experience of 1s) Crisil Low Duration Debt Index V - Growth - Dividend - Weekly Div - Daily Dividend Reg - Growth Reg - Dividend Reg - Weekly Div Reg - Daily Dividend ( in Cr.) ( in Cr.) **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. Name of the Instrument Debt Instruments Non-convertible Debentures/bonds % Rural Electrification Corp. Ltd % Tata Capital Financial Services Ltd % Indiabulls Housing Finance Ltd % Power Finance Corporation % HDFC Ltd % Small Indust Devlop Bank Of India % Rural Electrification Corp. Ltd % Nabard % Kotak Mahindra Prime Ltd % Vedanta Ltd % Tata Capital Housing Finance Ltd % Nabard % HDFC Ltd % HDFC Ltd % Orix Leasing & Financial Services India Ltd % Housing & Urban Development Corporation Ltd % Shriram Trans. Fin. Co. Ltd % Power Grid Corporation Of India Ltd % Rural Electrification Corp. Ltd % Reliance Jio Infocomm Ltd % Reliance Jio Infocomm Ltd % Tata Capital Financial Services Ltd % Power Finance Corporation % Kotak Mahindra Investments Ltd % Reliance Utilities And Power Private Ltd % LIC Housing Finance Ltd % Reliance Utilities And Power Private Ltd % Reliance Utilities And Power Private Ltd % HDFC Ltd % Reliance Utilities And Power Private Ltd. Privately Placed/Unlisted % Citicorp Finance Ltd. Shriram City Union Finance Ltd. - Frb % Mahindra Vehicle Manufacturers Ltd. Ratings CRISIL- AA+ CRISIL- AA CRISIL- AA+ IND AAA ICRA- AAA CRISIL- AA+ CRISIL- AA+ CRISIL- AA- ICRA- AAA Lakhs % to V Name of the Instrument % Gruh Finance Ltd % Daimler Financial Services India Private Ltd % Vodafone Mobile Services Ltd % Ongc Petro-additions Ltd % Daimler Financial Services India Private Ltd. Money Market Instruments Axis Bank Ltd. - CD Bandhan Bank Ltd. - CD Edelweiss Commodities Services Ltd. - CP Housing & Urban Development Corporation Ltd. - CP Piramal Enterprises Ltd. - CP Dewan Housing Fin Corporation Ltd. - CP HDFC Bank Ltd. - CD HDFC Ltd. - CP Il & Fs Financial Ser Ltd. - CP HDFC Bank Ltd. - CD HDFC Ltd. - CP Small Indust Devlop Bank Of India - CD Il&fs Securities Services Ltd. - CP BARD - CP Rural Electrification Corp. Ltd. - CP Indusind Bank Ltd. - CD Yes Bank Ltd. - CD Yes Bank Ltd. - CD Indusind Bank Ltd. - CD Reliance Industries Ltd. - CP Indusind Bank Ltd. - CD Indusind Bank Ltd. - CD Indusind Bank Ltd. - CD Yes Bank Ltd. - CD CBLO Repo Cash / Net Current Asset Ratings CRISIL- AA- ICRA- AAA(SO) CARE- A1+ CARE- A1+ Lakhs % to V VOLATILITY MEASURES^ FUND Portfolio Macauley Duration Average Maturity MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load NIL Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets Months 8.41 Months ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer Pg % 8.07% SIP - If you had invested INR every month Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Crisil Low Duration Debt Index B Crisil Low Duration Debt Index Total Value of AB CRISIL 1 Yr T-Bill Index AB CRISIL 1 Yr T-Bill Index (Inception date 06-Sep-2005) (First Installment date 01-Oct-2005) Composition by Ratings 7 Year 10 Year 8,40,000 12,00,000 15,20,000 1,23,974 4,01,036 7,29,327 11,21,942 18,32,997 26,12, % 7.15% 7.75% 8.14% 8.21% 8.17% 1,23,964 4,01,754 7,33,651 11,31,630 18,22,785 25,66, % 7.27% 7.99% 8.38% 8.11% 7.91% 1,23,637 3,95,589 7,13,004 10,77,234 16,99,339 23,43, % 6.23% 6.84% 7.00% 6.77% 6.57% Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer 3.01% 6.11% 8.66% A1+ / AAA 82.22% AA+ / AA AA- Cash & Cash Equivalents Instrument Wise Composition 20.22% 19.40% 2.41% 6.11% NCD - Non Convertible Deb 51.86% Commercial Papers Certificate Of Deposit Floating Rate Bonds Cash & Cash Equivalents Maturity Ladder Cash & Others Abv 5 Yrs 3-5 Yrs 2-3 Yrs 1-2 Yrs 6-12 Mths 3-6 Mths 1-3 Mths 0-1 Mths 2.25% 0% 0.12% 5.50% 10.45% 10.48% 15.58% 21.59% 34.04% 0.00% 10.00% 20.00% 30.00% 40.00% V Movement Tata Treasury Advantage Fund - Reg - Growth Crisil Low Duration Debt Index 100 May-15 May-16 May-17 May-18 27

28 Tata Liquid Fund (Erstwhile known as Tata Money Market Fund; renamed w.e.f May 16, 2018) (An open-ended liquid Scheme) [ICRA]A1+mfs rating by ICRA$ The investment objective is to generate reasonable returns with high liquidity to the unitholders FUND MAGER Amit Somani (Managing Since 16-Oct-13 and overall experience of 16 years) Crisil Liquid Fund Index VOLATILITY MEASURES^ FUND A high liquidity income scheme that aims to generate reasonable returns. September 01,2004 V - Growth - Daily Dividend Reg - Growth Reg - Daily Dividend ( in Cr.) ( in Cr.) **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes Borrowing cost of 0.23 in regular plan and 0.22 in plan and also excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Nil Portfolio Macauley Duration Average Maturity 1.25 Months 1.25 Months Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg % 7.47% Name of the Instrument Ratings Debt Instruments Money Market Instruments Treasury Bill 91 Days (30/08/2018) Treasury Bill 91 Days (05/07/2018) Treasury Bill 91 Days (12/07/2018) HDFC Ltd. - CP Treasury Bill 182 Days (28/06/2018) PNB Housing Finance Ltd. - CP Indiabulls Housing Finance Ltd. - CP Yes Bank Ltd. - CD Punjab & Sind Bank - CD Piramal Enterprises Ltd. - CP India Infoline Finance Ltd. - CP Indiabulls Housing Finance Ltd. - CP Stci Finance Ltd. - CP Piramal Enterprises Ltd. - CP Piramal Housing Finance Ltd. - CP Il&fs Ltd. - CP Nabha Power Ltd. - CP India Infoline Housing Finance Ltd. - CP Vedanta Ltd. - CP Reliance Jio Infocomm Ltd. - CP Reliance Jio Infocomm Ltd. - CP Pnb Housing Finance Ltd. - CP L&t Finance Ltd. - CP India Infoline Finance Ltd. - CP Il & Fs Financial Ser Ltd. - CP Il & Fs Financial Ser Ltd. - CP Essel Mining & Industries Ltd. - CP Il & Fs Financial Ser Ltd. - CP Dewan Housing Fin Corporation Ltd. - CP Rbl Bank Ltd. - CD HDFC Ltd. - CP Il&fs Securities Services Ltd. - CP BARD - CP Talwandi Sabo Power Ltd. - CP (SO) Ujjivan Small Finance Bank Ltd. - CD ECL Finance Ltd. - CP IDFC Bank Ltd. - CD Adani Ports & Special Economic Zone Ltd. - CP GIC Housing Finance Ltd. - CP Reliance Industries Ltd. - CP IDFC Bank Ltd. - CD BARD - CP Vedanta Ltd. - CP Axis Bank Ltd. - CD Deepak Fert.& Petrochem. Corp Ltd. - CP Deepak Fert.& Petrochem. Corp Ltd. - CP Repo Cash / Net Current Asset SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Crisil Liquid Fund Index B Crisil Liquid Fund Index Total Value of AB CRISIL 1 Yr T-Bill Index AB CRISIL 1 Yr T-Bill Index (Inception date 01-Sep-2004) (First Installment date 01-Oct-2004) Composition by Ratings 7.25% % to Name of the Instrument Ratings Lakhs V 120, , % 124, % 123, % 360, , % 400, % 395, % Cox & Kings Ltd. - CP CARE- A1+ T V Sundram Iyengar & Sons Private Ltd. - CP Dewan Housing Fin Corporation Ltd. - CP Kotak Mahindra Bank - CD Smartchem Technologies Ltd. - CP India Infoline Finance Ltd. - CP Network 18 Media & Investments Ltd. - CP BARD - CP Cooperatieve Rabobank U.a - CD Aadhar Housing Finance Ltd. - CP IIFL Facilities Services Ltd. - CP Jm Financial Asset Reconstruction Company Ltd. - CP Smartchem Technologies Ltd. - CP IDFC Bank Ltd. - CD Federal Bank Ltd. - CD Muthoot Homefin (india) Ltd. - CP Cox & Kings Ltd. - CP CARE- A1+ Cox & Kings Ltd. - CP CARE- A1+ Bharti Hexacom Ltd. - CP Jm Financial Asset Reconstruction Company Ltd. - CP Il&fs Securities Services Ltd. - CP HDFC Credila Financial Services Pvt Ltd. - CP Edelweiss Commodities Services Ltd. - CP Il&fs Securities Services Ltd. - CP Raymond Ltd. - CP Iifl Securities Ltd. - CP Edelweiss Commodities Services Ltd. - CP Fedbank Financial Services Ltd. - CP Reliance Industries Ltd. - CP Power Finance Corporation - CP Pnb Housing Finance Ltd. - CP Aditya Birla Finance Ltd. - CP Reliance Industries Ltd. - CP HDFC Ltd. - CP Treasury Bill 91 Days (07/06/2018) Treasury Bill 91 Days (26/07/2018) Treasury Bill 91 Days (23/08/2018) Treasury Bill 91 Days (19/07/2018) Treasury Bill 91 Days (09/08/2018) Fixed Deposit Yes Bank Ltd. RBL Bank Ltd. Bandhan Bank 600, , % 724, % 713, % Instrument Wise Composition 840,000 1,114, % 1,109, % 1,077, % 1,200,000 1,813, % 1,789, % 1,699, % Lakhs % to V ,640,000 2,899, % 2,821, % 2,607, % Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer 13.86% A1+ / AAA 11.82% 7.25% 13.86% Treasury Bills Commercial Papers Certificate Of Deposit 78.89% Cash & Cash Equivalents 67.07% Cash & Cash Equivalents Maturity Ladder Cash & Others 5.56% 2-3 Mths 19.33% 1-2 Mths 28.42% Abv Days 22.49% Abv 7-15 Days 14.97% 1-7 Days 9.23% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% V Movement Tata Liquid Fund - Reg - Growth Crisil Liquid Fund Index 100 May-15 May-16 May-17 May-18 28

29 Tata Money Market Fund (Erstwhile known as Tata Liquid Fund; renamed w.e.f May 16, 2018) (An open ended debt scheme investing in money market instruments.) [ICRA]A1+mfs rating by ICRA$ A money market scheme (liquid fund category) that invests 100% of its net assets in Money market securities. The investment objective is to generate returns with reasonable liquidity to the unitholders by investing in money market instruments. May 22, 2003 FUND MAGER Amit Somani (Managing Since 16-Oct-13 and overall experience of 16 years) Crisil Money Market Index V - Growth - Daily Dividend Reg - Growth Reg - Daily Dividend VOLATILITY MEASURES^ FUND MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Nil ( in Cr.) ( in Cr.) **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes Borrowing cost of 0.09 in regular plan and 0.10 in plan and also excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities Portfolio Macauley Duration Average Maturity 1.94 Months 1.94 Months Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets 7.67% 7.67% ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 Name of the Instrument Ratings Lakhs Debt Instruments Money Market Instruments Federal Bank Ltd. - CD Vijaya Bank - CD Kotak Mahindra Bank - CD Adani Ports & Special Economic Zone Ltd. - CP IDFC Bank Ltd. - CD Dewan Housing Fin Corporation Ltd. - CP Cox & Kings Ltd. - CP Il&fs Securities Services Ltd. - CP HDFC Ltd. - CP Raymond Ltd. - CP IIFL Securities Ltd. - CP Avanse Financial Services Ltd. - CP Smartchem Technologies Ltd. - CP Edelweiss Commodities Services Ltd. - CP Il&fs Ltd. - CP Sundaram Bnp Paribas Home Fin Ltd. - CP Axis Bank Ltd. - CD Piramal Finance Ltd. - CP Ujjivan Small Finance Bank Ltd. - CD Smartchem Technologies Ltd. - CP CARE- A1+ CARE- A Name of the Instrument Ratings Lakhs JM Financial Asset Reconstruction Company Ltd. - CP Treasury Bill 91 Days (14/06/2018) CBLO Repo Net Current Liabilities SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B Crisil Money Market Index B Crisil Money Market Index Total Value of AB CRISIL 1 Yr T-Bill Index AB CRISIL 1 Yr T-Bill Index 120, , % 124, % 123, % 360, , % 400, % 395, % 600, , % 726, % 713, % 840,000 1,112, % 1,115, % 1,077, % 1,200,000 1,809, % 1,809, % 1,699, % 1,800,000 3,337, % 3,309, % 2,975, % (Inception date 22-May-2003) (First Installment date 01-Jun-2003) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Composition by Ratings 0.02% 3.58% A1+ / AAA Cash & Cash Equivalents % to V Instrument Wise Composition 38.34% 0.02% 3.58% 58.06% Treasury Bills Commercial Papers Certificate Of Deposit Cash & Cash Equivalents % to V % Maturity Ladder Cash & Others 22.23% 2-3 Mths 13.98% 1-2 Mths 12.07% Abv Days 38.51% Abv 7-15 Days 8.16% 1-7 Days 5.05% 0.00% 10.00% 20.00% 30.00% 40.00% V Movement Tata Money Market Fund - Reg - Growth Crisil Money Market Index 100 May-15 May-16 May-17 May-18 29

30 Tata Gilt Securities Fund (An Open-Ended Debt Scheme investing predominantly in Government Securities across maturity) A debt scheme that invests in Government securities to generate reasonable returns emphasising the importance of captial preservation. Generate medium to long term capital appreciation and income distribution by investing predominantly in Government Securities. September 6, 1999 Name of the Instrument Ratings Lakhs Debt Instruments Government Securities GOI % (17/09/2031) GOI % (08/01/2028) GOI % (11/01/2026) SDL Tamilnadu 7.65% (06/12/2027) GOI 10.70% (22/04/2020) GOI 6.90% (13/07/2019) % to V Name of the Instrument Repo Cash / Net Current Asset Ratings Lakhs % to V FUND MAGER Naresh Kumar (Managing Since 1-Apr-17 and overall experience of 5.6 years) Crisil Dynamic Gilt Index V - Growth - Dividend Reg -Growth Reg -Dividend ( in Cr.) ( in Cr.) **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Portfolio Macauley Duration Average Maturity 5.9s 8.7s Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets *NCA - Net Current Assets 7.43% 7.57% SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B CRISIL Dynamic Gilt Index B CRISIL Dynamic Gilt Index Total Value of AB CRISIL 10 Yr Gilt Index AB CRISIL 10 Yr Gilt Index 1,16, % 1,19, % 1,17, % 3,77, % 3,85, % 3,75, % 6,97, % 7,13, % 6,88, % 8,40,000 10,78, % 10,94, % 10,38, % 12,00,000 17,23, % 17,66, % 16,27, % 22,40,000 45,78, % 48,40, % 41,26, % (Inception date 06-Sep-1999) (First Installment date 01-Oct-1999) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Composition by Ratings 19.74% Instrument Wise Composition 0.12% 19.75% Government Securities State Development Loans Exit Load 0.50% of V if redeemed on or before expiry of 180 days from the date of allotment. Cash & Cash Equivalents 80.26% Maturity Ladder Cash & Others 14.39% Abv 10 Yrs 34.54% 7-10 Yrs 45.61% 3-7 Yrs 0.00% 1-3 Yrs 0.11% 0-1 Yrs 5.35% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% V Movement % Tata Gilt Securities Fund - Reg - Growth Crisil Dynamic Gilt Index Cash & Cash Equivalents 90 May-15 May-16 May-17 May-18 30

31 Tata Gilt Mid Term Fund (An Open-Ended Debt Scheme investing predominantly in Government Securities) A debt scheme that invests in Government securities to generate returns. Under normal circumstances the average portfolio maturity shall not exceed 1s. To provide reasonable returns and high liquidity to the Unitholders by investing predominantly in Government Securities having residual maturity upto 1s. However, there can be no assurance that the investment objective of the scheme will be realized. June 24, 2010 FUND MAGER Naresh Kumar (Managing Since 1-Apr-17 and overall experience of 5.6 years) I-Sec Composite Index V - Growth Dividend # Reg - Growth Reg - Dividend # Plans are available for subscription under all open ended schemes of Tata Mutual Fund w.e.f 1st January Separate V will be calculated & published for respective option(s) of the Plan upon initial subscription ( in Cr.) ( in Cr.) **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Portfolio Macauley Duration Average Maturity Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets Years 6.29 Years ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load NIL 7.80% 7.90% Name of the Instrument Debt Instruments Government Securities GOI 8.35% 14/5/2022 GOI % (21/09/2027) GOI 8.24% 15/02/2027 GOI % (20/05/2023) SDL Maharashtra 8.94% (23/07/2024) GOI % (15/12/2023). GOI 7.35% (22/06/2024) SDL Karnataka 7.27% (28/12/2026) SDL Tamilnadu 8.06% (25/02/2025) SDL Maharashtra 8.44% (26/11/2024) Ratings Lakhs % to V Name of the Instrument Repo Cash / Net Current Asset % to V SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B I-Sec Composite Index B I-Sec Composite Index Total Value of AB CRISIL 10 Yr Gilt Index AB CRISIL 10 Yr Gilt Index 1,19, % 1,20, % 1,17, % 3,83, % 3,91, % 3,75, % 7,09, % 7,26, % 6,88, % 8,40,000 11,06, % 11,22, % 10,38, % 9,50,000 13,06, % 13,24, % 12,11, % (Inception date 24-Jun-2010) (First Installment date 01-Jul-2010) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Composition by Ratings 6.84% Instrument Wise Composition 6.84% 7.08% Ratings Lakhs Government Securities State Development Loans Cash & Cash Equivalents 93.16% Cash & Cash Equivalents 86.08% Maturity Ladder Cash & Others 1.23% Abv 10 Yrs 0.00% 7-10 Yrs 43.94% 3-7 Yrs 49.23% 1-3 Yrs 0.00% 0-1 Yrs 5.61% 0.00% 1% 22.00% 33.00% 44.00% 55.00% V Movement Tata Gilt Mid Term Fund - Reg - Growth I-Sec Composite Index 90 May-15 May-16 May-17 May-18 31

32 Tata Retirement Savings Fund - Progressive (An open ended retirement solution oriented scheme having a lock-in of s or till retirement age (whichever is earlier)) VOLATILITY MEASURES^ FUND Sharpe Ratio A Fund that aims to provide an investment tool for retirement planning to suit the risk profile of the investor. To provide a financial planning tool for long term financial security for investors based on their retirement planning goals. However, there can be no assurance that the investment objective of the fund will be realized, as actual market movements may be at variance with anticipated trends. November 1, 2011 FUND MAGER Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years) (Equity) & Murthy Nagarajan (Managing since 1-Apr-17 and overall experience of 21 years) (Debt) S&P BSE Sensex TRI V - Growth Reg - Growth ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 42.91% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load (A) If redeemed / switched-out on or after attainment of retirement age i.e. 60 years of age Nil. (B) In case of Auto switch-out of units on occurrence of Auto-switch trigger event NIL (C) If redeemed before 60 years of age 1%. Equity & Equity Related Total Auto Maruti Suzuki India Ltd. Bajaj Auto Ltd. Ashok Leyland Ltd. Auto Ancillaries Ceat Ltd. Banks HDFC Bank Ltd. Kotak Mahindra Bank Ltd. Yes Bank Ltd. Cement Grasim Industries Ltd. Dalmia Bharat Ltd. Construction Project Larsen & Toubro Ltd. Voltas Ltd. Engineers India Ltd. Consumer Durables Bata India Ltd. Havells India Ltd. Consumer Non Durables Hindustan Unilever Ltd. Radico Khaitan Ltd. Jubilant Foodworks Ltd. Nestle India Ltd. ITC Ltd. Tata Global Beverages Ltd. Heritage Foods Ltd. Finance Housing Development Finance Ltd. Max Financial Services Ltd. Bajaj Finserv Ltd. Bajaj Finance Ltd. ICICI Prudential Life Insurance Company Ltd. Muthoot Finance Ltd. No. of Shares SIP - If you had invested INR every month Total Amount Invested () Total Value as on May 31, 2018 () Returns Total Value of B S&P BSE Sensex TRI B S&P BSE Sensex TRI (Inception date 01-Nov-2011) (First Installment date 01-Dec-2011) Top 10 Holdings Equity Issuer Name HDFC Bank Ltd. Kotak Mahindra Bank Yes Bank Ltd. Larsen & Toubro Ltd. HDFC Ltd. Maruti Suzuki India Ltd. Hindustan Unilever Ltd. Power Grid Corporation Of India Ltd. Future Retail Ltd. Bata India Ltd. Total Lakhs % of Assets % to V Gas Gail ( India ) Ltd. Industrial Products Finolex Cables Ltd. Nilkamal Ltd. Media & Entertainment Sun Tv Network Ltd. Zee Entertainment Enterprises Ltd. Petroleum Products Reliance Industries Ltd. Power Power Grid Corporation Of India Ltd. Retailing Future Retail Ltd. Future Consumer Ltd. Avenue Supermarts Ltd. Software Tata Elxsi Ltd. Majesco Ltd. Kpit Technologies Ltd. Textile Products Raymond Ltd. Transportation Container Corporation Of India Ltd. Other Equities^ Repo Net Current Liabilities No. of Shares ^ Exposure less than 1% has been clubbed under Other Equities Industry Allocation Lakhs % of Assets Year 10 Year 120, , , , , , ,845 1,477, % 20.26% 20.27% 19.42% 129, , ,312 1,222, % 15.24% 13.21% 13.64% Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered For scheme performance refer pages *B Benchmark Source MFI Explorer Banks Consumer Non Durables Finance Auto Construction Project Retailing Software Consumer Durables Media & Entertainment Cement Power Industrial Products Gas Petroleum Products Textile Products Auto Ancillaries Transportation Pharmaceuticals Construction 7.12% 6.56% 5.95% 4.67% 3.99% 3.81% 3.59% 3.04% 2.86% 2.47% 2.46% 1.76% 1.57% 1.52% 0.87% 0.67% 14.71% 14.54% 13.77% 0.00% 5.00% 10.00% 15.00% 20.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI % 20.89% 13.78% V Movement 160 Tata Retirement Savings Fund - Progressive Plan - Reg S&P BSE Sensex TRI May-15 May-16 May-17 May-18 32

33 Tata Retirement Savings Fund - Moderate (An open ended retirement solution oriented scheme having a lock-in of s or till retirement age (whichever is earlier)) VOLATILITY MEASURES^ FUND Sharpe Ratio A Fund that aims to provide an investment tool for retirement planning to suit the risk profile of the investor. To provide a financial planning tool for long term financial security for investors based on their retirement planning goals. However, there can be no assurance that the investment objective of the fund will be realized, as actual market movements may be at variance with anticipated trends. November 1, 2011 FUND MAGER Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years) (Equity) & Murthy Nagarajan (Managing since 1-Apr-17 and overall experience of 21 years) (Debt) Crisil Hybrid Aggressive Index V - Growth Reg - Growth ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) 26.84% Portfolio Turnover (Equity component only) 26.84% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees.The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load (A) If redeemed / switched-out on or after attainment of retirement age i.e. 60 years of age Nil. (B) In case of Auto switch-out of units on occurrence of Auto-switch trigger event NIL (C) If redeemed before 60 years of age 1%. Equity & Equity Related Total Auto Maruti Suzuki India Ltd. Bajaj Auto Ltd. Ashok Leyland Ltd. Auto Ancillaries Ceat Ltd. Banks HDFC Bank Ltd. Kotak Mahindra Bank Ltd. Yes Bank Ltd. Cement Grasim Industries Ltd. Dalmia Bharat Ltd. Construction Project Larsen & Toubro Ltd. Voltas Ltd. Consumer Durables Bata India Ltd. Havells India Ltd. Consumer Non Durables Hindustan Unilever Ltd. Radico Khaitan Ltd. Nestle India Ltd. Jubilant Foodworks Ltd. ITC Ltd. Tata Global Beverages Ltd. Heritage Foods Ltd. Finance Housing Development Finance Ltd. Max Financial Services Ltd. Bajaj Finserv Ltd. Bajaj Finance Ltd. ICICI Prudential Life Insurance Company Ltd. Industrial Products Finolex Cables Ltd. No. of Shares Lakhs SIP - If you had invested INR every month Total Amount Invested () 120,000 Total Value as on May 31, 2018 () 126,595 Returns 10.40% Total Value of B Crisil Hybrid Aggressive Index 124,452 B Crisil Hybrid Aggressive Index 6.98% Total Value of AB S&P BSE Sensex TRI 129,137 AB S&P BSE Sensex TRI 14.49% (Inception date 01-Nov-2011) (First Installment date 01-Dec-2011) Top 10 Holdings Equity Issuer Name HDFC Bank Ltd. Kotak Mahindra Bank Yes Bank Ltd. Larsen & Toubro Ltd. HDFC Ltd. Maruti Suzuki India Ltd. Hindustan Unilever Ltd. Power Grid Corporation Of India Ltd. Reliance Industries Ltd. Bata India Ltd. Total % of Assets CBLO Repo Cash / Net Current Asset No. of Shares Lakhs % of Assets Year 10 Year % to V , , % 436, % 451, % Media & Entertainment Sun Tv Network Ltd. Zee Entertainment Enterprises Ltd. Petroleum Products Reliance Industries Ltd. Power Power Grid Corporation Of India Ltd. Retailing Future Retail Ltd. Future Consumer Ltd. Software Tata Elxsi Ltd. Textile Products Raymond Ltd. Transportation Container Corporation Of India Ltd. Other Equities^ Industry Allocation Name of the Instrument Ratings Lakhs Debt Instruments Government Securities GOI % (28/07/2024) Non-Convertible Debentures/Bonds/ZCB HDFC Ltd. - ZCB % Power Finance Corporation % Small Indust Develop Bank Of India % LIC Housing Finance Ltd % Rural Electrification Corp. Ltd % ICICI Home Finance Co.Ltd. ICRA- AAA ^ Exposure less than 1% has been clubbed under Other Equities 600, , % 833, % 835, % % to V ,000 1,461, % 1,214, % 1,222, % Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Banks Consumer Non Durables Finance Auto Construction Project Retailing Software Consumer Durables Media & Entertainment Cement Power Industrial Products Petroleum Products Gas Transportation Auto Ancillaries Textile Products Construction Pharmaceuticals 5.76% 5.57% 4.31% 3.74% 3.38% 3.28% 3.05% 2.55% 2.21% 2.12% 1.83% 1.21% 1.20% 1.07% 0.52% 0.46% 12.52% 11.79% 11.32% 0.00% 5.00% 10.00% 15.00% Market Capitalisation wise Exposure (Equity component only) Large Cap Mid Cap Small Cap Market Capitalisation is as per list provided by AMFI % 20.83% 13.17% V Movement Tata Retirement Savings Fund - Moderate Plan - Reg CRISIL Hybrid Aggressive Index May-15 May-16 May-17 May-18 33

34 Tata Retirement Savings Fund - Conservative Plan (An open ended retirement solution oriented scheme having a lock-in of s or till retirement age (whichever is earlier)) A Fund that aims to provide an investment tool for retirement planning to suit the risk profile of the investor To provide a financial planning tool for long term financial security for investors based on their retirement planning goals. However, there can be no assurance that the investment objective of the fund will be realized, as actual market movements may be at variance with anticipated trends. November 01, 2011 FUND MAGER Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years) (Equity) & Murthy Nagarajan (Managing since 1-Apr-17 and overall experience of 21 years) (Debt) CRISIL Short Term Debt Hybrid Fund Index V - Growth Reg - Growth ( in Cr.) ( in Cr.) Equity & Equity Related Total Auto Maruti Suzuki India Ltd. Banks HDFC Bank Ltd. Yes Bank Ltd. Kotak Mahindra Bank Ltd. Construction Project Larsen & Toubro Ltd. Finance Housing Development Finance Ltd. Other Equities^ No. of Shares Lakhs % of Assets Name of the Instrument Debt Instruments Government Securities GOI % (19/12/2022) GOI 8.24% 15/02/2027 GOI % (15/05/2027) GOI % (28/07/2024) GOI % (24/09/2025) GOI % (11/04/2021) GOI % (19/12/2034) SDL Maharashtra 8.44% (26/11/2024) Non-convertible Debentures/bonds % Food Corporation Of India Ltd % Power Finance Corporation Money Market Instruments Axis Bank Ltd. - CD Repo Cash / Net Current Asset Ratings (SO) ^ Exposure less than 1% has been clubbed under Other Equities Lakhs % to V **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND MINIMUM INVESTMENT/ MULTIPLES FOR NEW INVESTMENT 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Portfolio Macauley Duration Average Maturity 3.5s 4.78 Years Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg % 7.44% (A) If redeemed / switched-out on or after attainment of retirement age i.e. 60 years of age Nil. (B) In case of Auto switch-out of units on occurrence of Auto-switch trigger event NIL (C) If redeemed before 60 years of age 1%. SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () 7,80,000 Total Value as on May 31, 2018 () 1,22,172 4,11,492 7,74,317 10,96,565 Returns 3.39% 8.89% 10.15% 10.34% Total Value of B CRISIL Short Term Debt Hybrid 1,23,323 4,10,260 7,61,161 10,78, Fund Index B CRISIL Short Term Debt Hybrid Fund Index 5.21% 8.69% 9.46% 9.83% Total Value of AB CRISIL 10 Yr Gilt Index 1,17,274 3,75,508 6,88,289 9,45,631 AB CRISIL 10 Yr Gilt Index -4.21% 2.76% 5.44% 5.85% (Inception date 01-Nov-2011) (First Installment date 01-Dec-2011) Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Composition by Ratings 19.20% 42.92% 7.62% 30.26% A1+ / AAA Equity Cash & Cash Equivalents Instrument Wise Composition 0.34% 2.61% 0.37% 19.21% 40.31% 29.91% 7.25% Equity Shares NCD - Non Convertible Deb Government Securities Certificate Of Deposit State Development Loans Compulsory Convertible Debenture Cash & Cash Equivalents Maturity Ladder Cash & Others 30.97% Abv 10 Yrs 3.60% 7-10 Yrs 18.50% 3-7 Yrs 20.96% 1-3 Yrs 3.72% 0-1 Yrs 22.25% 0.00% 10.00% 20.00% 30.00% 40.00% V Movement Tata Retirement Savings Fund - Reg - Conservative Plan CRISIL Short Term Debt Hybrid Fund Index 90 May-15 May-16 May-17 May-18 34

35 Tata Young Citizens Fund (An open ended fund for investment for children having a lock-in for at least s or till the child attains age of majority (whichever is earlier)) An equity-oriented scheme that aims to create long term wealth through quality companies providing long term growth opportunities. The debt portion aims to generate regular income through quality debt securities. The investment objective of the Scheme is to generate long term capital growth. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any return. October 14, 1995 FUND MAGER Akhil Mittal (Managing Since 30-Jul-15 and overall experience of 1s) (Debt) & Sonam Udasi (Managing Since 1-Apr-16 and overall experience of 20 years) (Equity) Crisil Hybrid Aggressive Index V Reg ( in Cr.) ( in Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 17.78% **Note The rates specified are the actual weighted average expenses charged for the month of May The above ratio includes the Service tax on Investment Management Fees. The above ratio excludes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-30 cities assets, wherever applicable. VOLATILITY MEASURES^ FUND Sharpe Ratio Portfolio Macauley Duration Average Maturity Gross Yield to Maturity (For Debt Component) i. Including Net Current Assets ii. Excluding Net Current Assets Years 4.38 Years 7.91% 8.25% ^Risk-free rate based on the FBIL Overnight MIBOR rate of 6% as on May 31, 2018 For calculation methodology please refer to Pg 48 MINIMUM INVESTMENT/ MUL TIPLES FOR NEW INVESTMENT 500/- and in multiples of 500/- thereafter. ADDITIOL INVESTMENT/ MUL TIPLES FOR EXISTING INVESTORS 500/- and in multiples of 500/- thereafter. Entry Load Not Applicable Exit Load Compulsory Lock-in Option s or till the child attains age of majority (whichever is earlier). If redeemed before child attains 18 years of age, Exit load is 1% (Effective from May 3, 2018) No. of Shares Lakhs Equity & Equity Related Total Auto Maruti Suzuki India Ltd. Bajaj Auto Ltd. Hero Motocorp Ltd. Auto Ancillaries Ceat Ltd. Banks Yes Bank Ltd. Kotak Mahindra Bank Ltd. HDFC Bank Ltd. Cement Grasim Industries Ltd. Construction Project Voltas Ltd. Engineers India Ltd. Consumer Durables Bata India Ltd. Greenply Industries Ltd. Consumer Non Durables Radico Khaitan Ltd. ITC Ltd Glaxo Smithkline Con Healthcar Ltd. Hindustan Unilever Ltd. Jubilant Foodworks Ltd. P & G Hygiene & Health Care Ltd. Finance Max Financial Services Ltd. Muthoot Finance Ltd. Gas Gail ( India ) Ltd Hotels, Resorts And Other Recreational Activities Wonderla Holidays Ltd. Industrial Products Finolex Cables Ltd Ratings Lakhs ^ Exposure less than 1% has been clubbed under Other Equities SIP - If you had invested INR every month 7 Year 10 Year Total Amount Invested () 120,000 Total Value as on May 31, 2018 () 121,819 Returns 2.84% Total Value of B Crisil Hybrid Aggressive Index 124,452 B Crisil Hybrid Aggressive Index 6.98% Total Value of AB CRISIL 10 Yr Gilt Index 117,310 AB CRISIL 10 Yr Gilt Index -4.15% (Inception date 14-Oct-1995) (First Installment date 01-Feb-1996) 360, , % 436, % 375, % 600, , % 833, % 688, % 840,000 1,257, % 1,346, % 1,038, % 1,200,000 2,160, % 2,308, % 1,627, % % to V 2,680,000 13,613, % 14,003, % 5,495, % Past performance may or may not be sustained in the future. Returns greater than period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer Top 10 Holdings Equity Issuer Name Yes Bank Ltd. Kotak Mahindra Bank HDFC Bank Ltd. Future Retail Ltd. Reliance Industries Ltd. Maruti Suzuki India Ltd. Finolex Cables Ltd. Max Financial Services Ltd. Raymond Ltd. Container Corporation Of India Ltd. Total Mid Cap Small Cap % of Assets % to V Market Capitalisation wise Exposure (Equity component only) Large Cap 53.24% Market Capitalisation is as per list provided by AMFI % 16.11% No. of Shares Lakhs Media & Entertainment Zee Entertainment Enterprises Ltd. Sun Tv Network Ltd. Petroleum Products Reliance Industries Ltd. Power Power Grid Corporation Of India Ltd. Retailing Future Retail Ltd. Future Consumer Ltd. Avenue Supermarts Ltd. Textile Products Raymond Ltd. Transportation Container Corporation Of India Ltd. Other Equities^ Name of the Instrument Debt Instruments Government Securities GOI % (21/09/2027) GOI % (24/09/2025) GOI % (09/06/2020) Non-Convertible Debentures/Bonds % Reliance Jio Infocomm Ltd % Rural Electrification Corp. Ltd % Exim % India Infradebt Ltd % NHPC Ltd. Privately Placed/Unlisted % Sbi Cards & Payment Services Pvt. Ltd. Repo Cash / Net Current Asset Industry Allocation Banks Consumer Non Durables Auto Retailing Petroleum Products Finance Consumer Durables Media & Entertainment Construction Project Industrial Products Textile Products Auto Ancillaries Transportation Gas Hotels, Resorts And Other Recreational Activities Power Cement Software V Movement % of Assets % 10.75% 8.54% 6.61% 4.20% 4.20% 3.97% 2.90% 2.86% 2.71% 2.50% 2.45% 2.07% 1.87% 1.44% 1.16% 1.06% 0.92% 0.00% 5.00% 10.00% 15.00% Tata Young Citizens Fund - Reg CRISIL Hybrid Aggressive Index 80 May-15 May-16 May-17 May-18 35

36 SCHEME PERFORMANCE Lumpsum Performance of Open Ended Schemes Lumpsum Performance of schemes managed by Akhil Mittal Period Tata Dynamic Bond Fund 1.83% 6.39% 7.59% 6.76% Inception date 3-Sep-03 10,183 12,050 14,421 26,246 CRISIL Composite Bond Fund Index* 2.44% 7.36% 7.37% 6.40% 10,244 12,383 14,271 24,974 Crisil 10 Yr Gilt Index # -2.39% 5.51% 5.14% 5.21% 9,761 11,751 12,850 21,162 Managing since 26-Jun-14 Period Tata Treasury Advantage Fund 6.50% 7.62% 8.27% 7.97% Inception date 06-Sep-05 10,650 12,473 14,881 26,557 CRISIL Low Duration Debt Index* 6.52% 7.84% 8.43% 7.60% 10,652 12,550 14,993 25,417 Crisil 1 Yr T-Bill Index # 5.85% 6.73% 6.87% 6.17% 10,585 12,165 13,945 21,443 Managing since 26-Jun-14 Period Tata Income Fund 1.42% 6.11% 6.75% 8.11% Inception date 28-Apr-97 10,142 11,954 13,863 51,812 CRISIL Medium to Long Term Debt Index* 2.69% 7.57% 7.39% 10.36% 10,269 12,455 14,283 80,015 Lumpsum Performance of schemes managed by Amit Somani Crisil 10 Yr Gilt Index # -2.39% 5.51% 5.14% 9,761 11,751 12,850 Managing since 26-Jun-14 Period Tata Young Citizens Fund 7.86% 7.62% 11.84% 12.98% Inception date 14-Oct-95 (Manages debt portfolio) 10,786 12,472 17,502 1,58,687 CRISIL Hybrid Aggressive Index* 10.61% 10.37% 13.74% 11,061 13,455 19,039 Crisil 10 Yr Gilt Index # -2.39% 5.51% 5.14% 9,761 11,751 12,850 Managing since 30-Jul-15 Tata Corporate Bond Fund CRISIL Corporate Bond Composite Index* Crisil 1 Yr T-Bill Index # Tata Money Market Fund Crisil Money Market Index* Crisil 1 Yr T-Bill Index # Period 5.77% 7.07% 7.77% 7.91% Inception date 13-Jul-07 10,577 12,280 14,542 22, % 8.12% 8.17% 9.39% 10,444 12,647 14,811 26, % 6.73% 6.87% 6.31% 10,585 12,165 13,945 19,468 Managing since 21-May-14 Period 6.84% 7.28% 8.00% 7.35% Inception date 22-May-03 10,684 12,351 14,696 29, % 7.39% 8.02% 7.17% 10,692 12,386 14,708 28, % 6.73% 6.87% 5.90% 10,585 12,160 13,945 23,684 Managing since 16-Oct-13 Period Tata Liquid Fund Crisil Liquid Fund Index* Crisil 1 Yr T-Bill Index # 6.84% 7.32% 8.07% 7.66% Inception date 01-Sep-04 10,684 12,362 14,746 27, % 7.25% 8.03% 7.13% 10,688 12,337 14,714 25, % 6.73% 6.87% 6.07% 10,585 12,160 13,945 22,494 Managing since 16-Oct-13 Lumpsum Performance of schemes managed by Gopal Agrawal Tata Large Cap Fund S&P BSE Sensex TRI* Period 7.41% 7.80% 13.89% 20.93% Inception date 07-May-98 10,741 12,536 19,170 4,54, % 9.81% 13.88% 12.23% 11,508 13,251 19,163 1,01,481 Managing since 27-Jun-17 Note * Benchmark;# Additional benchmark; Amount in rupees denotes Value of Standard Investment of 10,000. Refer to page number 48 for disclaimer on scheme performance. 36

37 SCHEME PERFORMANCE Lumpsum Performance of Open Ended Schemes Lumpsum Performance of schemes managed by Murthy Nagarajan Period Tata Equity Savings Fund 3.13% 4.68% 5.86% 7.22% Inception date 27-Apr-00 (Manages debt portfolio) 10,313 11,474 13,297 35,308 Nifty 50 TRI (35%),Nifty 50 Arbitrage Index (30%), Crisil Short Term Bond Fund Index (35%)* 11.12% 8.65% 10.21% 11,112 12,835 16,264 S&P BSE Sensex TRI # 15.08% 9.81% 13.88% 12.78% 11,508 13,251 19,163 88,284 Managing since 01-Apr-17 Period Tata Retirement Savings Fund - Progressive Plan 18.95% 15.67% 20.30% 17.92% Inception date 1-Nov-11 (Manages debt portfolio) 11,895 15,496 25,208 29,608 S&P BSE Sensex TRI* 15.08% 9.81% 13.88% 12.90% 11,508 13,251 19,163 22,224 Managing since 01-Apr-17 Tata Hybrid Equity Fund CRISIL Hybrid Aggressive Index* S&P BSE Sensex TRI # Tata Retirement Savings Fund - Conservative Plan CRISIL Short Term Debt Hybrid Fund Index* Crisil 10 Yr Gilt Index # Period 4.71% 6.38% 15.80% 15.86% Inception date 08-Oct-95 (Manages debt portfolio) 10,471 12,045 20,832 2,81, % 10.37% 13.74% 11,061 13,455 19, % 9.81% 13.88% 11.37% 11,508 13,251 19,163 1,14,743 Managing since 01-Apr-17 Period 6.43% 8.50% 11.01% 10.35% Inception date 1-Nov-11 (Manages debt portfolio) 10,643 12,782 16,860 19, % 8.51% 10.16% 10.04% 10,706 12,786 16,228 18, % 5.51% 5.14% 7.06% 9,761 11,751 12,850 15,672 Managing since 01-Apr-17 Tata Medium Term Fund CRISIL Medium Term Debt Index* Crisil 10 Yr Gilt Index # Tata Short Term Bond Fund Crisil Short Term Bond Fund Index* Crisil 1 Yr T-Bill Index # Period 3.56% 6.66% 6.99% 6.53% Inception date 11-Nov-02 10,356 12,142 14,020 26, % 7.86% 8.35% 10,404 12,556 14, % 5.51% 5.14% 5.91% 9,761 11,751 12,850 24,431 Managing since 01-Apr-17 Period 4.47% 6.92% 7.79% 7.69% Inception date 8-Aug-02 10,447 12,231 14,551 32, % 7.41% 8.12% 7.08% 10,490 12,400 14,777 29, % 6.73% 6.87% 5.94% 10,585 12,165 13,945 24,932 Managing since 01-Apr-17 Tata Retirement Savings Fund - Moderate Plan CRISIL Hybrid Aggressive Index* S&P BSE Sensex TRI # Period 15.54% 12.87% 20.59% 18.24% 11,554 14,393 25,514 30, % 10.37% 13.74% 12.92% 11,061 13,455 19,039 22, % 9.81% 13.88% 12.90% 11,508 13,251 19,163 22,224 Inception date 1-Nov-11 Managing since 01-Apr-17 (Manages debt portfolio) Lumpsum Performance of schemes managed by Naresh Kumar Tata Gilt Mid Term Fund I-Sec Composite Index* Crisil 10 Yr Gilt Index # Tata Gilt Securities Fund CRISIL Dynamic Gilt Index* Crisil 10 Yr Gilt Index # Period 1.25% 6.24% 7.48% 8.05% Inception date 24-Jun-10 10,125 11,998 14,349 18, % 7.50% 7.52% 8.21% 10,301 12,432 14,374 18, % 5.51% 5.14% 5.94% 9,761 11,751 12,850 15,811 Managing since 01-Apr-17 Period -1.31% 5.40% 6.46% 8.78% Inception date 6-Sep-99 9,869 11,714 13,680 48, % 6.57% 6.41% 8.99% 10,060 12,111 13,647 50, % 5.51% 5.14% 9,761 11,751 12,850 Managing since 01-Apr-17 Note * Benchmark; # Additional benchmark; Amount in rupees denotes Value of Standard Investment of 10,000. Refer to page number 48 for disclaimer on scheme performance. 37

38 SCHEME PERFORMANCE Lumpsum Performance of Open Ended Schemes Lumpsum Performance of schemes managed by Pradeep Gokhale Period Tata Banking And Financial Services Fund $ 17.34% 27.80% Inception date 28-Dec-15 11,734 18,126 Nifty Financial Services TRI* 18.18% 22.15% 11,818 16, % 14.83% Nifty 50 TRI # 11,330 13,985 Managing since 28-Dec-15 Period Tata Digital India Fund $ S&P BSE IT TRI* S&P BSE Sensex # 50.81% 14.90% Inception date 28-Dec-15 15,081 14, % 10.37% 13,447 12, % 14.92% 11,508 14,009 Managing since 28-Dec-15 Period Tata Hybrid Equity Fund 4.71% 6.38% 15.80% 15.86% Inception date 08-Oct-95 (Manages equity portfolio) 10,471 12,045 20,832 2,81,122 CRISIL Hybrid Aggressive Index* 10.61% 10.37% 13.74% 11,061 13,455 19,039 S&P BSE Sensex TRI # 15.08% 9.81% 13.88% 11.37% 11,508 13,251 19,163 1,14,743 Managing since 01-Apr-16 Period 14.98% 6.94% 17.15% 11.87% Inception date 04-Oct-10 Tata Offshore India Sharia Scheme 11,498 12,237 22,070 23,612 Nifty 50 Shariah TRI* Nifty 50 TRI # 11.23% 10.84% 15.45% 9.48% 11,503 14,277 20,986 20, % 9.79% 13.78% 8.82% 11,701 13,640 19,286 19,079 Managing since 01-Jan-12 Period Tata Ethical Fund Nifty 500 Shariah TRI* Nifty 50 TRI # 13.38% 6.85% 16.51% 16.36% Inception date 24-May-96 11,338 12,205 21,474 2,81,909 Note $ Pradeep Gokhale is the co-fund manager 13.72% 12.82% 18.56% 11,372 14,373 23,436 Lumpsum Performance of schemes managed by Rupesh Patel 13.30% 9.79% 13.78% 12.29% 11,330 13,246 19,072 1,28,513 Managing since 02-Jan-12 Period Tata Dividend Yield Fund Nifty 500 TRI* Nifty 50 TRI # 5.49% 8.53% 16.27% 16.18% Inception date 22-Nov-04 10,549 12,792 21,257 76, % 11.54% 16.07% 15.41% 11,302 13,888 21,078 69, % 9.79% 13.78% 15.22% 11,330 13,246 19,072 67,974 Managing since 07-Jun-13 Period 12.29% 13.46% 20.54% 19.75% Inception date 31-Mar-96 Tata India Tax Savings Fund 11,229 14,620 25,459 5,44,591 S&P BSE Sensex TRI* 15.08% 9.81% 13.88% 11.96% 11,508 13,251 19,163 1,22,640 Managing since 01-Apr-15 Period 33.03% 28.17% Inception date 28-Dec-15 Tata India Consumer Fund $ 13,303 18,253 Nifty India Consumption TRI* 18.58% 16.52% 11,858 14, % 14.83% Nifty 50 TRI # 11,330 13,985 Managing since 28-Dec-15 Period Tata Infrastructure Fund 5.44% 9.58% 16.46% 13.88% Inception date 31-Dec-04 10,544 13,167 21,434 57,198 S&P BSE India Infrastructure Index TRI* 5.34% 8.36% 15.69% 10,534 12,732 20, % 9.79% 13.78% 14.42% Nifty 50 TRI # 11,330 13,246 19,072 60,980 Managing since 01-Jan-14 Period -4.20% -8.36% Inception date 28-Dec-15 Tata India Pharma And Healthcare Fund $ Nifty Pharma TRI* Nifty 50 TRI # 9,580 8, % % 9,164 6, % 14.83% Managing since 28-Dec-15 Period Tata Equity Opportunities Fund 7.21% 8.79% 16.91% 12.43% Inception date 25-Feb-93 10,721 12,884 21,849 1,93,426 S&P BSE 500 TRI* S&P BSE Sensex TRI # 13.34% 11.68% 16.24% Note $ Rupesh Patel is the co-fund manager Note * Benchmark;# Additional benchmark; Amount in rupees denotes Value of Standard Investment of 10,000. Refer to page number 48 for disclaimer on scheme performance. 11,330 13,985 11,334 13,941 21, % 9.81% 13.88% 11.24% 11,508 13,251 19,163 1,47,584 Managing since 07-Jun-13 38

39 SCHEME PERFORMANCE Lumpsum Performance of schemes managed by Rupesh Patel (contd.) Tata Mid Cap Growth Fund Nifty Midcap 100 TRI* Nifty 50 TRI # Tata Offshore India Infrastructure Scheme S&P BSE Sensex TRI* Period 8.61% 9.31% 24.07% 12.40% Inception date 01-Jul-94 10,861 13,072 29,418 1,64, % 14.09% 20.80% 10,904 14,867 25, % 9.79% 13.78% 10.56% 11,330 13,246 19,072 1,10,484 Managing since 27-Jun-17 Period 7.04% 10.99% 18.32% 11.97% Inception date 01-Aug-08 10,704 13,685 23,197 30, % 9.81% 13.88% 10.92% 11,900 13,572 19,387 27,512 Managing since 01-Jan-14 Tata Resources & Energy Fund $ Nifty Commodities TRI* Nifty 50 TRI # Tata Offshore India Opportunities Scheme S&P BSE Sensex TRI* Period 2.28% 17.01% Inception date 28-Dec-15 10,228 14, % 22.21% 10,742 16, % 14.83% 11,330 13,985 Managing since 28-Dec-15 Period 9.15% 9.01% 15.60% 13.75% Inception date 26-Jul-05 10,915 12,964 20,650 52, % 9.81% 13.88% 14.43% 11,900 13,572 19,387 54,700 Managing since 01-Apr-16 Note $ Rupesh Patel is the co-fund manager Lumpsum Performance of schemes managed by Sonam Udasi Tata Banking And Financial Services Fund Nifty Financial Services TRI* Nifty 50 TRI # Tata Index Fund - Nifty Plan Nifty 50 TRI* Period 17.34% 27.80% Inception date 28-Dec-15 11,734 18, % 22.15% 11,818 16, % 14.83% 11,330 13,985 Managing since 01-Apr-16 Period 12.33% 8.73% 12.36% 16.59% Inception date 25-Feb-03 11,233 12,861 17,913 1,04, % 9.79% 13.78% 18.05% 11,330 13,246 19,072 1,26,066 Managing since 01-Apr-16 Tata Digital India Fund S&P BSE IT TRI* S&P BSE Sensex TRI # Tata Index Fund - Sensex Plan S&P BSE Sensex TRI* Period 50.81% 14.90% Inception date 28-Dec-15 15,081 14, % 10.37% 13,447 12, % 14.92% 11,508 14,009 Managing since 01-Apr-16 Period 14.12% 8.71% 12.38% 16.33% Inception date 25-Feb-03 11,412 12,857 17,928 1,00, % 9.81% 13.88% 18.04% 11,508 13,251 19,163 1,25,882 Managing since 01-Apr-16 Tata Equity P/E Fund S&P BSE Sensex TRI* Tata India Consumer Fund Nifty India Consumption TRI* Nifty 50 TRI # Period 13.54% 15.45% 24.53% 20.80% Inception date 29-Jun-04 11,354 15,407 29,968 1,38, % 9.81% 13.88% 16.64% 11,508 13,251 19,163 85,334 Managing since 01-Apr-16 Period 33.03% 28.17% Inception date 28-Dec-15 13,303 18, % 16.52% 11,858 14, % 14.83% 11,330 13,985 Managing since 01-Apr-16 Nifty 50 TRI (35%),Nifty 50 Arbitrage Tata Equity Savings Fund Index (30%), Crisil Short Term Bond S&P BSE Sensex TRI # Fund Index (35%)* Tata India Pharma And Healthcare Fund Nifty Pharma TRI* Nifty 50 TRI # Period 3.13% 4.68% 5.86% 7.22% 10,313 11,474 13,297 35, % 8.65% 10.21% 11,112 12,835 16, % 9.81% 13.88% 12.78% 11,508 13,251 19,163 88,284 Inception date 27-Apr-00 Managing since 01-Apr-16 (Manages equity portfolio) Period -4.20% -8.36% Inception date 28-Dec-15 9,580 8, % % 9,164 6, % 14.83% 11,330 13,985 Managing since 01-Apr-16 Note * Benchmark;# Additional benchmark; Amount in rupees denotes Value of Standard Investment of 10,000. Refer to page number 48 for disclaimer on scheme performance. 39

40 SCHEME PERFORMANCE Lumpsum Performance of schemes managed by Sonam Udasi (contd.) Tata Resources & Energy Fund Nifty Commodities TRI* Nifty 50 TRI # Tata Retirement Savings Fund - Conservative Plan CRISIL Short Term Debt Hybrid Fund Index* Crisil 10 Yr Gilt Index # Period 2.28% 17.01% Inception date 28-Dec-15 10,228 14, % 22.21% 10,742 16, % 14.83% 11,330 13,985 Managing since 01-Apr-16 Period 6.43% 8.50% 11.01% 10.35% Inception date 01-Nov-11 (Manages equity portfolio) 10,643 12,782 16,860 19, % 8.51% 10.16% 10.04% 10,706 12,786 16,228 18, % 5.51% 5.14% 7.06% 9,761 11,751 12,850 15,672 Managing since 01-Apr-16 Tata Retirement Savings Fund - Moderate Plan CRISIL Hybrid Aggressive Index* S&P BSE Sensex TRI # Tata Young Citizens Fund CRISIL Hybrid Aggressive Index* Crisil 10 Yr Gilt Index # Period 15.54% 12.87% 20.59% 18.24% Inception date 01-Nov-11 Manages equity portfolio 11,554 14,393 25,514 30, % 10.37% 13.74% 12.92% 11,061 13,455 19,039 22, % 9.81% 13.88% 12.90% 11,508 13,251 19,163 22,224 Managing since 01-Apr-16 Period 7.86% 7.62% 11.84% 12.98% Inception date 14-Oct-95 (Manages equity portfolio) 10,786 12,472 17,502 1,58, % 10.37% 13.74% 11,061 13,455 19, % 5.51% 5.14% 9,761 11,751 12,850 Managing since 01-Apr-16 Tata Retirement Savings Fund - Progressive Plan S&P BSE Sensex TRI* Period 18.95% 15.67% 20.30% 17.92% Inception date 01-Nov-11 (Manages equity portfolio) 11,895 15,496 25,208 29, % 9.81% 13.88% 12.90% 11,508 13,251 19,163 22,224 Managing since 01-Apr-16 Lumpsum Performance of schemes co-managed by Danesh Mistry Tata Mid Cap Growth Fund $ Nifty Midcap 100 TRI* Nifty 50 TRI # Tata Offshore India Opportunities Scheme S&P BSE Sensex TRI* Period 8.61% 9.31% 24.07% 12.40% Inception date 01-Jul-94 10,861 13,072 29,418 1,64, % 14.09% 20.80% 10,904 14,867 25, % 9.79% 13.78% 10.56% 11,330 13,246 19,072 1,10,484 Managing since 01-Apr-16 Period 9.15% 9.01% 15.60% 13.75% Inception date 26-Jul-05 10,915 12,964 20,650 52, % 9.81% 13.88% 14.43% 11,900 13,572 19,387 54,700 Managing since 1-Apr-16 Note $ Danesh Mistry is the assistant fund manager Note * Benchmark;# Additional benchmark; Amount in rupees denotes Value of Standard Investment of 10,000. Refer to page number 48 for disclaimer on scheme performance. 40

41 SCHEME PERFORMANCE SIP Performance of Open Ended Schemes SIP Performance of schemes managed by Akhil Mittal Tata Dynamic Bond Fund CRISIL Composite Bond Fund Index* Crisil 10 Yr Gilt Index # Tata Treasury Advantage Fund CRISIL Low Duration Debt Index* Crisil 1 Yr T-Bill Index # Period Amt. Invested Period Amt. Invested -0.04% 1,19, % 1,20, % 1,17, % 1,23, % 1,23, % 1,23, % 3,87, % 3,91, % 3,75, % 4,01, % 4,01, % 3,95, % 7,12, % 7,24, % 6,88, % 7,29, % 7,33, % 7,13,004 17,60,000 Inception date 3-Sep % 30,79, % 30,98, % 27,74,422 First Installment date 1-Oct-03 Managing since 26-Jun-14 15,20,000 Inception date 6-Sep % 26,12, % 25,66, % 23,43,174 First Installment date 1-Oct-05 Managing since 26-Jun-14 Tata Income Fund CRISIL Medium to Long Term Debt Index* Crisil 10 Yr Gilt Index # Tata Young Citizens Fund CRISIL Hybrid Aggressive Index* Crisil 10 Yr Gilt Index # Period Amt. Invested Period Amt. Invested -1.08% 1,19, % 1,20, % 1,17, % 1,21, % 1,24, % 1,17, % 3,84, % 3,92, % 3,75, % 4,14, % 4,36, % 3,75, % 7,03, % 7,28, % 6,88, % 7,88, % 8,33, % 6,88,336 25,00,000 Inception date 28-Apr % 55,44, % 69,53, % 49,35,517 First Installment date 1-Aug-97 Managing since 26-Jun-14 26,80,000 Inception date 14-Oct % 1,36,13, % 1,40,03, % 54,95,932 First Installment date 1-Feb-96 Managing since 30-Jul-15 SIP Performance of schemes managed by Amit Somani Tata CRISIL Corporate Bond Crisil 1 Yr T-Bill Tata Crisil Money Corporate Bond Fund Composite Index* Index # Money Market Fund Market Index* Crisil 1 Yr T-Bill Index # Period Amt. Invested Period Amt. Invested 13,00, % 6.46% 7.19% 7.80% 1,23,282 3,96,956 7,19,147 20,13, % 6.66% 8.18% 8.98% 1,21,338 3,98,128 7,37,232 21,54, % 6.23% 6.84% 6.70% 1,23,637 3,95,589 7,13,004 18,90,723 18,00, % 7.02% 7.50% 7.78% 1,24,461 4,00,337 7,24,856 33,37, % 7.12% 7.61% 7.68% 1,24,454 4,00,876 7,26,958 33,09, % 6.24% 6.85% 6.39% 1,23,659 3,95,678 7,13,125 29,75,586 Inception date 13-Jul-07 First Installment date 1-Aug-07 Managing since 21-May-14 Inception date 22-May-03 First Installment date 01-Jun-03 Managing since 16-Oct-13 Period Amt. Invested 16,40,000 Inception date 01-Sep-04 Tata Crisil Liquid Fund Crisil 1 Yr T-Bill Liquid Fund Index* Index# 6.97% 1,24,451 7% 1,24, % 1,23, % 4,00, % 4,00, % 3,95, % 7,25, % 7,24, % 7,13, % 28,99, % 28,21, % 26,07,562 First Installment date 01-Oct-04 Managing since 16-Oct-13 SIP Performance of schemes managed by Gopal Agrawal Period Amt. Invested 24,00,000 Inception date 07-May-98 Tata Large Cap Fund S&P BSE Sensex TRI* 2.35% 1,21, % 1,29, % 4,19, % 4,51, % 8,02, % 8,35, % 2,10,40, % 1,24,27,152 First Installment date 01-Jun-98 Managing since 27-Jun-17 Note * Benchmark;# Additional benchmark; Amount invested denotes value of standard investment of 10,000 per month. Refer to page number 48 for disclaimer on scheme performance. 41

42 SCHEME PERFORMANCE SIP Performance of Open Ended Schemes SIP Performance of schemes managed by Danesh Mistry Period Amt. Invested 28,70,000 Inception date 1-Jul-94 Tata Nifty Midcap Mid Cap Growth Fund 100 TRI* Nifty 50 TRI # -1.91% 1,18, % 1,18, % 1,27, % 4,28, % 4,48, % 4,47, % 9,53, % 9,59, % 8,35, % 2,01,06, % 2,06,86, % 1,36,99,642 First Installment date 1-Jul-94 Managing since 1-Apr-16 SIP Performance of schemes managed by Pradeep Gokhale Tata Banking And Nifty Financial Financial Services Fund Services TRI* Nifty 50 TRI # Tata Ethical Fund Nifty 500 Shariah TRI* Nifty 50 TRI # Period Amt. Invested Period Amt. Invested 2,90, % 25.13% 1,28,424 3,88, % 25.18% 1,31,052 3,88, % 16.23% 1,27,190 3,51,689 26,10, % 9.76% 12.35% 18.41% 1,23,868 4,16,780 8,17,860 2,75,37, % 15.39% 16.14% 8.74% 1,23,073 4,52,117 8,97,755 74,53, % 14.60% 13.21% 14.33% 1,27,190 4,47,026 8,35,245 1,56,92,905 Inception date 28-Dec-15 First Installment date 1-Feb-96 Managing since 28-Dec-15 Inception date 24-May-96 First Installment date 1-Jan-16 Managing since 02-Jan-12 Period Amt. Invested 2,90,000 Inception date 28-Dec-15 Tata Digital India Fund S&P BSE IT TRI* S&P BSE Sensex TRI # 61.57% 28.66% 1,56,728 4,03, % 21.31% 1,47,751 3,72, % 17.31% 1,29,137 3,56,000 First Installment date 1-Jan-16 Managing since 28-Dec-15 Tata Hybrid Equity Fund CRISIL Hybrid Aggressive Index* S&P BSE Sensex TRI # Period Amt. Invested 26,80, % 7.72% 12.06% 17.14% 1,21,181 4,04,430 8,11,992 2,53,85, % 12.88% 13.12% 12.93% 1,24,451 4,36,114 8,33,547 1,40,03, % 15.24% 13.21% 13.72% 1,29,137 4,51,137 8,35,312 1,56,40,769 Inception date 08-Oct-95 First Installment date 1-Sep-96 Managing since 01-Apr-16 SIP Performance of schemes managed by Naresh Kumar Tata Gilt Mid Term Fund I-Sec Composite Index* Crisil 10 Yr Gilt Index # Tata Gilt Securities Fund CRISIL Dynamic Gilt Index* Crisil 10 Yr Gilt Index # Period Amt. Invested Period Amt. Invested -1.01% 1,19, % 1,20, % 1,17, % 1,16, % 1,19, % 1,17, % 3,83, % 3,91, % 3,75, % 3,77, % 3,85, % 3,75, % 7,09, % 7,26, % 6,88, % 6,97, % 7,13, % 6,88,289 9,50, % 13,06, % 13,24, % 12,11,491 22,40, % 45,78, % 48,40, % 41,26,443 Inception date 24-Jun-10 First Installment date 1-Jul-10 Managing since 1-Apr-17 Inception date 6-Sep-99 First Installment date 1-Oct-99 Managing since 1-Apr-17 SIP Performance of schemes managed by Murthy Nagarajan Tata Equity Nifty 50 TRI (35%),Nifty 50 Tata Hybrid CRISIL Hybrid Arbitrage Index (30%), Crisil Short S&P BSE Sensex TRI Savings Fund # Term Bond Fund Index (35%)* Equity Fund - Aggressive Index* S&P BSE Sensex TRI # Period Amt. Invested Period Amt. Invested 21,70, % 5.45% 5.99% 6.59% 1,21,634 3,91,038 6,97,844 40,93, % 10.63% 10.05% 4.09% 1,27,068 4,22,099 7,72,322 31,91, % 15.24% 13.20% 14.94% 1,29,137 4,51,137 8,35,074 98,85,625 26,80, % 7.72% 12.06% 17.14% 1,21,181 4,04,430 8,11,992 2,53,85, % 12.88% 13.12% 12.93% 1,24,451 4,36,114 8,33,547 1,40,03, % 15.24% 13.21% 13.72% 1,29,137 4,51,137 8,35,312 1,56,40,769 Inception date 27-Apr-00 First Installment date 1-Feb-96 Managing since 01-Apr-17 Inception date 08-Oct-95 First Installment date 1-Jan-03 Managing since 01-Apr-17 Note * Benchmark;# Additional benchmark; Amount invested denotes value of standard investment of 10,000 per month. Refer to page number 48 for disclaimer on scheme performance. 42

43 SCHEME PERFORMANCE SIP Performance of Open Ended Schemes SIP Performance of schemes managed by Murthy Nagarajan (contd.) Tata Medium Term Fund CRISIL Medium Term Debt Index* Crisil 10 Yr Gilt Index # Tata Retirement Savings Fund - Conservative Plan CRISIL Short Term Debt Hybrid Fund Index* Crisil 10 Yr Gilt Index # Period Amt. Invested Period Amt. Invested 18,50, % 5.57% 6.88% 6.93% 1,21,120 3,91,734 7,13,683 32,50, % 6.35% 8% 8.38% 1,21,141 3,96,291 7,33,869 36,76, % 2.76% 5.44% 5.89% 1,17,274 3,75,508 6,88,289 29,76,382 7,80, % 8.89% 10.15% 10.34% 1,22,172 4,11,492 7,74,317 10,96, % 8.69% 9.46% 9.83% 1,23,323 4,10,260 7,61,161 10,78, % 2.76% 5.44% 5.85% 1,17,274 3,75,508 6,88,289 9,45,631 Inception date 11-Nov-02 First Installment date 1-May-00 Managing since 01-Apr-17 Inception date 1-Nov-11 First Installment date 1-Dec-11 Managing since 1-Apr-17 Tata Retirement Savings CRISIL Hybrid Fund - Moderate Plan - Aggressive Index* S&P BSE Sensex TRI # Period Amt. Invested 7,80, % 17.17% 19.23% 19.10% 1,26,595 4,63,664 9,68,105 14,61, % 12.88% 13.12% 13.44% 1,24,451 4,36,114 8,33,547 12,14, % 15.24% 13.21% 13.64% 1,29,137 4,51,137 8,35,312 12,22,171 Inception date 01-Nov-11 First Installment date 1-Dec-11 Managing since 01-Apr-17 Tata Short Term Bond Fund Crisil Short Term Bond Fund Index* Crisil 1 Yr T-Bill Index # Period Amt. Invested 18,90, % 5.93% 7.11% 7.90% 1,22,142 3,93,840 7,17,680 36,60, % 6.42% 7.53% 7.62% 1,22,425 3,96,706 7,25,281 35,72, % 6.23% 6.84% 6.33% 1,23,637 3,95,589 7,12,998 31,93,948 Inception date 8-Aug-02 First Installment date 1-Sep-02 Managing since 1-Apr-17 Tata Retirement Savings Fund - Progressive Plan S&P BSE Sensex TRI* Period Amt. Invested 7,80, % 20.26% 20.27% 19.42% 1,27,800 4,84,209 9,92,845 14,77, % 15.24% 13.21% 13.64% 1,29,137 4,51,137 8,35,312 12,22,171 Inception date 1-Nov-11 First Installment date 1-Dec-11 Managing since 1-Apr-17 SIP Performance of schemes managed by Rupesh Patel Tata Dividend Yield Fund Nifty 500 TRI* Nifty 50 TRI # Tata India Pharma And Healthcare Fund Nifty Pharma TRI* Nifty 50 TRI # Period Amt. Invested Period Amt. Invested 1% 1,20, % 1,25, % 1,27, % 1,12, % 1,07, % 1,27, % 4,20, % 4,52, % 4,47, % 8,35, % 8,77, % 8,35,245 16,20,000 Inception date 22-Nov % 46,26, % 41,55, % 39,64,917 First Installment date 1-Dec-04 Managing since 7-Jun-13 2,90,000 Inception date 28-Dec % 2,59, % 2,34, % 3,51,689 First Installment date 1-Jan-16 Managing since 28-Dec-15 Period Amt. Invested 2,90,000 Inception date 28-Dec-15 Tata India Nifty India Consumer Fund Consumption TRI* Nifty 50 TRI # 23.99% 1,34, % 1,29, % 1,27, % 4,21, % 3,65, % 3,51,689 First Installment date 01-Jan-16 Managing since 28-Dec-15 Tata India Tax Savings Fund S&P BSE Sensex TRI* Period Amt. Invested 26,30, % 15.51% 18.30% 20.09% 1,22,736 4,52,885 9,46,459 3,58,30, % 15.24% 13.21% 13.85% 1,29,137 4,51,137 8,35,312 1,50,33,554 Inception date 31-Mar-96 First Installment date 01-Jul-96 Managing since 01-Apr-15 Note * Benchmark;# Additional benchmark; Amount invested denotes value of standard investment of 10,000 per month. Refer to page number 48 for disclaimer on scheme performance. 43

44 SCHEME PERFORMANCE SIP Performance of schemes managed by Rupesh Patel (contd.) S&P BSE India Tata Infrastructure Fund Infrastructure Index TRI* Nifty 50 TRI # Period Amt. Invested % 11.84% 15.08% 10.40% 1,19,144 4,29,631 8,74,836 33,36, % 13.33% 12.86% 7.63% 1,17,221 4,38,944 8,28,056 27,27, % 14.60% 13.21% 12.29% 1,27,190 4,47,026 8,35,245 38,40,031 Inception date 31-Dec-04 First Installment date 01-Feb-05 Managing since 01-Jan-14 Period Amt. Invested 28,70,000 Inception date 01-Jul-94 Tata Mid Cap Growth Fund Nifty Midcap 100 TRI* Nifty 50 TRI # -1.91% 1,18, % 1,18, % 1,27, % 4,28, % 4,48, % 4,47, % 9,53, % 9,59, % 8,35, % 2,01,06, % 2,06,86, % 1,36,99,642 First Installment date 01-Jul-94 Managing since 27-Jun-17 Tata Equity Opportunities Fund S&P BSE 500 TRI* S&P BSE Sensex TRI # Tata Resources & Energy Fund Nifty Commodities TRI* Nifty 50 TRI # Period Amt. Invested Period Amt. Invested 1.47% 1,20, % 1,25, % 1,29, % 1,16, % 1,17, % 1,27, % 4,20, % 4,53, % 4,51, % 8,43, % 8,80, % 8,35,312 30,30,000 Inception date 25-Feb % 3,66,86, % 2,52,08,398 13% 1,92,80,292 First Installment date 01-Mar-93 Managing since 07-Jun-13 2,90,000 Inception date 28-Dec % 3,27, % 3,48, % 3,51,689 First Installment date 1-Jan-16 Managing since 28-Dec-15 SIP Performance of schemes managed by Sonam Udasi Tata Banking And Financial Services Fund Nifty Financial Services TRI* Nifty 50 TRI # Period Amt. Invested 2,90, % 25.13% 1,28,424 3,88, % 25.18% 1,31,052 3,88, % 16.23% 1,27,190 3,51,689 Inception date 28-Dec-15 First Installment date 01-Jan-16 Managing since 01-Apr-16 Period Amt. Invested 21,70,000 Inception date 27-Apr-00 Tata Equity Nifty 50 TRI (35%),Nifty 50 Savings Fund Arbitrage Index (30%), Crisil Short Term Bond Fund Index (35%)* S&P BSE Sensex TRI # 2.55% 1,21, % 1,27, % 1,29, % 3,91, % 4,22, % 4,51, % 6,97, % 7,72, % 8,35, % 40,93, % 31,91, % 98,85,625 First Installment date 01-May-00 Managing since 01-Apr-16 Tata Digital India Fund S&P BSE IT TRI* S&P BSE Sensex TRI # Tata Index Fund - Nifty Plan Nifty 50 TRI* Period Amt. Invested Period Amt. Invested 61.57% 1,56, % 1,47, % 1,29, % 1,26, % 1,27, % 4,39, % 4,47, % 8,10, % 8,35,245 2,90,000 Inception date 28-Dec % 4,03, % 3,72, % 3,56,000 First Installment date 01-Jan-16 Managing since 01-Apr-16 18,20,000 Inception date 25-Feb % 51,01, % 57,62,297 First Installment date 1-Apr-03 Managing since 1-Apr-16 Tata Equity P/E Fund S&P BSE Sensex TRI* Tata Index Fund - Sensex Plan S&P BSE Sensex TRI* Period Amt. Invested Period Amt. Invested 6.45% 1,24, % 1,29, % 1,28, % 1,29, % 4,81, % 4,51, % 4,44, % 4,51, % 10,34, % 8,35, % 8,09, % 8,35,312 16,70,000 Inception date 29-Jun % 65,71, % 43,65,289 First Installment date 1-Jul-04 Managing since 1-Apr-16 18,20,000 Inception date 28-Dec % 49,26, % 57,82,989 First Installment date 1-Jan-16 Managing since 1-Apr-16 Note * Benchmark;# Additional benchmark; Amount invested denotes value of standard investment of 10,000 per month. Refer to page number 48 for disclaimer on scheme performance. 44

45 SCHEME PERFORMANCE SIP Performance of schemes managed by Sonam Udasi (contd.) Period Amt. Invested 2,90,000 Inception date 28-Dec-15 Tata India Consumer Fund Nifty India Consumption TRI* Nifty 50 TRI # 23.99% 1,34, % 1,29, % 1,27, % 4,21, % 3,65, % 3,51,689 First Installment date 1-Jan-16 Managing since 1-Apr-16 Tata Retirement Savings Fund - Progressive Plan S&P BSE Sensex TRI* Period Amt. Invested 7,80, % 20.26% 20.27% 19.42% 1,27,800 4,84,209 9,92,845 14,77, % 15.24% 13.21% 13.64% 1,29,137 4,51,137 8,35,312 12,22,171 Inception date 1-Nov-11 First Installment date 1-Dec-11 Managing since 1-Apr-16 Period Amt. Invested 2,90,000 Inception date 28-Dec-15 Tata India Pharma And Healthcare Fund Nifty Pharma TRI* Nifty 50 TRI # % 1,12, % 1,07, % 1,27, % 2,59, % 2,34, % 3,51,689 First Installment date 01-Jan-16 Managing since 01-Apr-16 Tata Retirement Savings Fund - Conservative Plan CRISIL Short Term Debt Hybrid Fund Index* Crisil 10 Yr Gilt Index # Period Amt. Invested 7,80, % 8.89% 10.15% 10.34% 1,22,172 4,11,492 7,74,317 10,96, % 8.69% 9.46% 9.83% 1,23,323 4,10,260 7,61,161 10,78, % 2.76% 5.44% 5.85% 1,17,274 3,75,508 6,88,289 9,45,631 Inception date 1-Nov-11 First Installment date 1-Dec-11 Managing since 1-Apr-16 Tata Resources & Energy Fund Nifty Commodities TRI* Nifty 50 TRI # Tata Young Citizens Fund CRISIL Hybrid Aggressive Index Crisil 10 Yr Gilt Index # Period Amt. Invested Period Amt. Invested -5.19% 1,16, % 1,17, % 1,27, % 1,21, % 1,24, % 1,17, % 4,14, % 4,36, % 3,75, % 7,88, % 8,33, % 6,88,336 2,90,000 Inception date 28-Dec % 3,27, % 3,48, % 3,51,689 First Installment date 01-Jan-16 Managing since 01-Apr-16 26,80,000 Inception date 14-Oct % 1,36,13, % 1,40,03, % 54,95,932 First Installment date 1-Feb-96 Managing since 1-Apr-16 Tata Retirement Savings CRISIL Hybrid Fund - Moderate Plan - Aggressive Index* S&P BSE Sensex TRI # Period Amt. Invested 7,80, % 17.17% 19.23% 19.10% 1,26,595 4,63,664 9,68,105 14,61, % 12.88% 13.12% 13.44% 1,24,451 4,36,114 8,33,547 12,14, % 15.24% 13.21% 13.64% 1,29,137 4,51,137 8,35,312 12,22,171 Inception date 01-Nov-11 First Installment date 01-Dec-11 Managing since 01-Apr-16 Note * Benchmark;# Additional benchmark; Amount invested denotes value of standard investment of 10,000 per month. Refer to page number 48 for disclaimer on scheme performance. 45

46 SCHEME PERFORMANCE Lumpsum Performance of Close Ended Schemes Lumpsum Performance of schemes managed by Rupesh Patel Tata Infrastructure Tax Saving Fund Nifty 500 TRI* Nifty 50 TRI # Period 4.06% 7.79% 14.13% 10.84% Inception date 30-Mar-09 10,406 12,531 19,374 25, % 11.54% 16.07% 18.03% 11,302 13,888 21,078 45, % 9.79% 13.78% 16.38% 11,330 13,246 19,072 40,216 Managing since 01-Jan-14 Note * Benchmark;# Additional benchmark; Amount in rupees denotes Value of Standard Investment of 10,000. Refer to page number 48 for disclaimer on scheme performance. 46

47 SCHEME PERFORMANCE Disclaimer 1) Scheme returns in terms of CAGR are provided for past, s, s and since inception. 2) Point-to-point returns on a standard investment of 10,000/- are in addition to CAGR for the schemes. 3) Different plans shall have a different expense structure. The performance details provided herein are of regular plan. 4 ) stands for schemes in existence for more than but less than s or s, or instances where benchmark data for for corresponding period not available. 5) Period for which schemes performance has been provided is computed basis last day of the month - end preceding the date of advertisement. 6) Past performance may or may not be sustained in future. For computation of since inception returns the allotment V has been taken as (Except for Tat Liquid Fund, Tata Treasury Advantage Fund, Tata Corporate Bond Fund & Tata Money Market Fund where V is taken as 1,000). *All payouts during the period have been reinvested in the units of the scheme at the then prevailing V. Load is not considered for computation of returns. While calculating returns dividend distribution tax is excluded. Schemes in existence for less than, performance details for the same are not provided. Mutual Fund Investments are subject to market risks, read all Scheme related documents carefully. 7) For Benchmark Indices Calculations, Total Return Index(TRI) has been used. Where ever TRI not available Composite CAGR has been disclosed.please refer Disclaimer sheet for composite CAGR disclosure. - data are not available for the period Scheme Name Index Name Tata Equity Opportunities Fund - Reg - Growth S&P BSE Sensex TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 25-Feb-1993 to date 31-May-2007 and TRI values since date 31-May-2007 Tata Hybrid Equity Fund - Reg - Growth (Earlier known as Tata Balanced Fund) S&P BSE Sensex TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 06-Oct-1995 to date 31-May-2007 and TRI values since date 31-May-2007 Tata Large Cap Fund - Reg - Growth S&P BSE Sensex TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 06-May-1998 to date 31-May-2007 and TRI values since date 31-May-2007 Tata Equity Savings Fund - Reg - Mthly Dividend (Earlier known as Tata Savings Equity Fund) S&P BSE Sensex TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 27-Apr-2000 to date 31-May-2007 and TRI values since date 31-May-2007 Tata Ethical Fund - Reg - Growth Nifty 50 TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of Nifty 50 PRI values from date 24-May-1996 to date 30-Jun-1999 and TRI values since date 30-Jun-1999 Tata India Tax Savings Fund - Reg - Dividend S&P BSE Sensex TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 29-Mar-1996 to date 31-May-2007 and TRI values since date 31-May-2007 Tata Index Fund - Sensex Plan - Reg S&P BSE Sensex TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 25-Feb-2003 to date 31-May-2007 and TRI values since date 31-May-2007 Tata Mid Cap Growth Fund - Reg - Dividend Nifty 50 TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of Nifty 50 PRI values from date 01-Jul-1994 to date 30-Jun-1999 and TRI values since date 30-Jun-1999 Tata Equity P/E Fund - Reg - Growth S&P BSE Sensex TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 29-Jun-2004 to date 31-May-2007 and TRI values since date 31-May-2007 Tata Offshore India Opportunities Scheme S&P BSE Sensex TRI As TRI data is not available since of the scheme, benchmark performance is calculated using composite CAGR of S&P BSE Sensex PRI values from date 26-Jul-2005 to date 31-May-2007 and TRI values since date 31-May

48 SCHEME PERFORMANCE Past performance may or may not be sustained in future. After payment of dividend the V will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-). Pursuant to allotment of bonus units, the V of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same. The Std. Dev., Sharpe Ratio, Jensen s Alpha,, & R-squared are based on one month return calculated using last s data. Price/Earning Ratio, Price/Book Value Ratio, are based on the historical earnings and accounting numbers, and have been computed only for the invested portion of the portfolio. Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (For schemes that have not completed one year, since inception is considered) Cash & Cash Equivalents includes CBLO, REPO, Fixed Deposits and Cash & Bank Balance. $-ICRA s mutual fund rating methodology is based on evaluating the inherent credit quality of the fund s portfolio. As a measure of the credit quality of a debt fund s assets. ICRA uses the concept of credit scores. These scores are based on ICRA s estimates of credit risk associated with each exposure of the portfolio taking into account its maturity. To quantify the credit risk scores, ICRA uses its database of historical default rates for various rating categories for various maturity buckets. The credit risk ratings incorporate ICRA s assessment of a debt fund s published investment objectives and policies, its management characteristics, and the creditworthiness of its investment portfolio. ICRA reviews relevant fund information on an ongoing basis to support its published rating opinions. If the portfolio credit score meets the benchmark of the assigned rating during the review, the rating is retained. In an event that the benchmark credit score is breached, ICRA gives a month s time to the debt fund manager to bring the portfolio credit score within the benchmark credit score. If the debt fund manager is able to reduce the portfolio credit score within the benchmark credit score, the rating is retained. If the portfolio still continues to breach the benchmark credit score, the rating is revised to reflect the change in credit quality. 48

49 DIVIDEND / BONUS HISTORY Tata Equity P/E Fund (Before 30th September 2009) Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V (After Split under Dividend Option w.e.f. 1st Oct Dividend Trigger Option A (5%)) (After Split under Dividend Option w.e.f. 1st Oct Dividend Trigger Option B (10%)) * * Tata Dividend Yield Fund Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V Tata Large Cap Fund Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V *as on 28 April, 2017 Past performance may or may not be sustained in future. After payment of dividend the V will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-). Pursuant to allotment of bonus units, the V of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same. 49

50 DIVIDEND / BONUS HISTORY Tata India Tax Savings Fund Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V Bonus History Bonus Units in March Tata Ethical Fund Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V Bonus History Bonus Units in March Tata Hybrid Equity Fund (Earlier known as Tata Balanced Fund) Dividend Option Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Tata Hybrid Equity Fund Monthly Dividend Option Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Past performance may or may not be sustained in future. After payment of dividend the V will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-). Pursuant to allotment of bonus units, the V of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same. 50

51 Tata Infrastructure Fund Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V Monthly Dividend Option Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Tata Equity Opportunities Fund (Data provided since 2005) DIVIDEND / BONUS HISTORY Reg. Reg. V V Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Tata Mid Cap Growth Fund (Earlier Tata Growth Fund) Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Past performance may or may not be sustained in future. After payment of dividend the V will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-). Pursuant to allotment of bonus units, the V of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same Tata Equity Savings Fund (Data provided since 2008) (Earlier known as Tata Savings Equity Fund) Monthly Dividend Option Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V 51

52 DIVIDEND / BONUS HISTORY Monthly Dividend Option Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Date of Declaration of dividend Quarterly Dividend Option Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V Tata Banking & Financial Services Fund Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V Tata India Consumer Fund Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V Tata Resources & Energy Fund Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` 10 Reg. Reg. V V Tata Young Citizens Fund Bonus History Bonus Units in March Bonus Units in March Bonus Units in Nov Bonus Units in Nov Bonus Units in Nov Bonus Units in Nov Past performance may or may not be sustained in future. After payment of dividend the V will fall to the extent of dividend payout and statutory levy, if any. (Unit face value - ` 10/-). Pursuant to allotment of bonus units, the V of the scheme would fall in proportion to the bonus units allotted & as a result the total value of units held by investor would remain the same. 52

53 HOW TO READ A FACT SHEET SCHEDULE 3 Fund Manager An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts. Application Amount for Fresh Subscription This is the minimum investment amount for a new investor in a mutual fund scheme. Minimum Additional Amount This is the minimum investment amount for an existing investor in a mutual fund scheme. Yield to Maturity The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond s current market price, par value, coupon interest rate and time to maturity. SIP SIP or systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests Rs 500 every 15th of the month in an equity fund for a period of three years. V The V or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The V is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund. Benchmark A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the Nifty, Sensex, BSE200, BSE500, 10-Year Gsec. Entry Load A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/agent. Entry load is charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing V at the time of investment. For instance, if the V is 100 and the entry load is 1%, the investor will enter the fund at Rs 101. Exit Load Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing V at the time of redemption The investor will receive redemption proceeds at net value of V less Exit Load. For instance, if the V is Rs 100 and the exit load is 1%, the investor will receive Rs 99. Modified Duration Modified duration is the price sensitivity and the percentage change in price for a unit change in yield. Standard Deviation Standard deviation is a statistical measure of the range of an investment s performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility. Sharpe Ratio The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk. Beta Beta is a measure of an investment s volatility vis-à-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security s price will be more volatile than the market. AUM AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment firm. Holdings The holdings or the portfolio is a mutual fund s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager. Nature of Scheme The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories. Rating Profile Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating profile of the fund. Typically, this is a feature of debt funds. R-Squared R-squared measures the relationship between a portfolio and its benchmark. It is simply a measure of the correlation of the portfolio s returns to the benchmark s returns. Ratio Ratio is a measurement of efficiency utilizing the relationship between annualized risk-adjusted return and risk. Unlike Sharpe Ratio, Ratio utilizes market risk (beta) instead of tatal risk (standard deviation). Jensen Alpha A measure of the difference between a fund s actual returns and its expected performance, given its level of risk as measured by beta. Jensen s Alpha is equivalent to the alpha derived from regressing the same or portfolio s returns in excess of the risk free rate against the market return in excess of the risk free rate. 53

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