CONTENTS. MONTHLY UPDATE JUNE 2016 AS ON 31st MAY 2016 INDIVIDUAL FUNDS. Click on the Fund Name for details GROUP FUNDS

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2 CONTENTS INDIVIDUAL FUNDS Click on the Fund Name for details MARKET OUTLOOK 2 FUND PERFORMANCE OF ULIP FUNDS 5 PRODUCT - FUND MATRIX 8 CLASSIC OPPORTUNITIES FUND (ULIF /12/09-CLAOPPFND-107) 10 FRONTLINE EQUITY FUND (ULIF /12/09-FRLEQUFND-107) 11 DYNAMIC FLOOR FUND II (ULIF /12/09-DYFLRFND2-107) 12 BALANCED FUND (ULIF /12/09-BALKFND-107) 13 KOTAK OPPORTUNITIES FUND (ULIF /10/08-OPPFND-107) 14 KOTAK AGGRESSIVE GROWTH FUND (ULIF /09/04-AGRGWTFND-107) 15 GUARANTEE FUND (ULIF /02/10-GRTFND-107) 16 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) 17 KOTAK DYNAMIC GROWTH FUND (ULIF /06/03-DYGWTFND-107) 18 DYNAMIC FLOOR FUND (ULIF /11/06-DYFLRFND-107) 19 KOTAK DYNAMIC BALANCED FUND (ULIF /06/03-DYBALFND-107) 20 KOTAK DYNAMIC BOND FUND (ULIF /04/04-DYBNDFND-107) 21 KOTAK DYNAMIC GILT FUND (ULIF /06/03-DYGLTFND-107) 22 KOTAK DYNAMIC FLOATING RATE FUND (ULIF /12/04-DYFLTRFND-107) 23 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) 24 KOTAK GUARANTEED GROWTH FUND (ULIF /06/03-GRTGWTFND-107) 25 KOTAK GUARANTEED BALANCED FUND (ULIF /06/03-GRTBALFND-107) 26 PENSION CLASSIC OPPORTUNITIES FUND (ULIF /01/10-PNCLAOPFND-107) 27 KOTAK PENSION OPPORTUNITIES FUND (ULIF /07/09-PNOPPFND-107) 28 PENSION FRONTLINE EQUITY FUND (ULIF /01/10-PNFRLEQFND-107) 29 PENSION GUARANTEE FUND (ULIF /12/09-PNGRTFND-107) 30 KOTAK PENSION GROWTH FUND (ULIF /01/09-PNGWTFND-107) 31 KOTAK PENSION FLOOR FUND (ULIF /07/09-PNFLRFND-107) 32 PENSION FLOOR FUND II (ULIF /01/10-PNFLRKFND2-107 ) 33 KOTAK PENSION BALANCED FUND (ULIF /06/03-PNBALFND-107 ) 34 PENSION BALANCED FUND II (ULIF /01/10-PNBALFND2-107) 35 KOTAK PENSION BOND FUND (ULIF /04/04-PNBNDFND-107) 36 KOTAK PENSION GILT FUND (ULIF /06/03-PNGLTFND-107) 37 KOTAK PENSION FLOATING RATE FUND (ULIF /12/04-PNFLTRFND-107) 38 PENSION MONEY MARKET FUND II (ULIF /12/09-PNMNMKFND-107) 39 KOTAK ADVANTAGE PLUS FUND II (ULIF /04/06-ADVPLSFND2-107) 40 KOTAK ADVANTAGE MULTIPLIER FUND II (ULIF /04/06-ADVMULFND2-107) 41 DISCONTINUED POLICY FUND (ULIF /03/11-DISPOLFND-107) 42 GROUP FUNDS Click on the Fund Name for details KOTAK GROUP DYNAMIC FLOOR FUND (ULGF /01/10-DYFLRFND-107) 44 KOTAK GROUP BALANCED FUND (ULGF /06/03-BALFND-107) 45 KOTAK GROUP BOND FUND (ULGF /04/04-BNDFND-107) 46 KOTAK GROUP SECURE CAPITAL FUND (ULGF /04/11-SECCAPFND-107) 50 KOTAK 57M FMP 07/04/2016 (ULGF /07/11-57FM ) 51 KOTAK GROUP SHORT TERM BOND FUND (ULGF /12/13-SHTRMBND-107) 52 KOTAK GROUP GILT FUND (ULGF /06/03-GLTFND-107) 47 ANNEXURE 53 KOTAK GROUP FLOATING RATE FUND (ULGF /12/04-FLTRFND-107) 48 DISCLAIMER 59 KOTAK GROUP MONEY MARKET FUND (ULGF /06/03-MNMKFND-107) 49 01

3 MARKET OUTLOOK MARKET OUTLOOK Month Gone By Markets Indian equities (4.1% (Sensex)) bounced back in May post a modest performance previous month as strong domestic inflows, good corporate results and forecast of above normal monsoon buoyed the market. During the month, changes in India Mauritius tax treaty were announced. Results of five State Elections indicate that the BJP is widening its base. The second half of the budget session concluded with approval of the Bankruptcy Code. 10 year benchmark treasury yields increased marginally by 3 bps to 7.47% Budget session of Parliament completed and bancruptcy code approved 7.50% 7.48% Concerns on India -Mauritius tax treaty Weak CPI and IIP data Apr May May May May May May-16 Sensex 10 yr Gsec State election results announced Good corporate results, forecast of above normal monsoon 7.46% 7.44% 7.42% 7.40% Source: Bloomberg In May INR depreciated 1.4% against USD. Foreign Institutional Investors (FIIs) inflow momentum slowed down to USD 336 mn during the month. Domestic Institutional Investors (DIIs)were also net buyers to the tune of USD 1.1 bn for the month. Among DIIs, Mutual funds led the buying with inflows of USD 868mn while insurance companies accounted for USD 196mn of inflows. FIIs were sellers of Indian debt worth USD 733 mn Economy GDP growth for Q4 FY16 came in at 7.9%, thereby implying full year FY16 GDP growth at 7.6%. Q4 GDP growth was led by consumption while investment remained a drag. Index of Industrial Production (IIP) for March slipped to 0.1% vs 2% in February led by decline in manufacturing (-1.2%). Within manufacturing, capital goods contracted further to -15.4% vs -9.8% in February. Consumer Price Index (CPI) for the month of April inched up sharply to 5.4% vs 4.8% in March led primarily by food prices. Core CPI also inched up to 4.9%. Wholesale Price Index (WPI) returned to the positive zone after 17 months of deceleration led by food prices, in tandem with CPI data. April WPI rose to 0.34% vs -0.85% in March. April trade deficit narrowed further to USD 4.8 bn v/s USD 5.1 bn in March, contracting for fourth straight month despite the firming up of global crude prices, due to higher decline in non-oil, non-gold imports May-15 Jun-15 Jul-15 Aug-15 Source: Bloomberg Apr-15 May-15 Exchange Rate (INR/USD) Jun-15 Jul-15 Aug-15 Sep-15 Source : MOSL and Citi Oct-15 Sep-15 CPI Nov-15 Oct-15 WPI Dec-15 Nov-15 Jan-16 Dec-15 Feb-16 Jan-16 Mar-16 Feb-16 Apr-16 Mar-16 May-16 Apr-16 02

4 MARKET OUTLOOK Market Outlook Net FII Flows (USD b) Net DII Flows (USD b) CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 Deal activity picked up in May with 10 deals amounting to ~USD 1bn led by secondary market. The key deals were the BP s 11.8% stake sale in Castrol India (USD 307mn) and the promoter s ~4.2% stake sale in Eicher Motors (USD 313mn) in the secondary market. In the primary markets, the IPOs of Ujjivan Financial Services (USD 133mn), Parag Milk Foods (USD 112mn) and Thyrocare Techonologies (USD 72mn) were the notable ones. YTD both FIIs and DIIs have bought USD 2.2bn and USD 1.8 bn respectively Source : MOSL and Citi On the domestic front One key factor driving the market in the month of May 2016 has been the marginally positive outcome of the Q4FY16 result season (excluding public sector banks). After a considerable period of time, companies have reported improvement in sales momentum and it does appear that the pace of earnings downgrades would slow from hereon. A protocol for amending the convention for the avoidance of double taxation with respect to taxes on capital gains between India and Mauritius was signed this month. This would end the three decade old Double Taxation Avoidance Agreement (DTAA) with Mauritius. With this amendment, India gets taxation rights on capital gains arising from sale shares acquired in a company resident in India on or after April 1, This would however not be applicable on shares acquired before April 1, Further, during the transition period spanning FY18-19, the tax rate would be limited to 50% of the domestic tax rate subject to eligibility. Taxation at full domestic tax rates would be applicable only from FY20.The government has also clarified that the General Anti Avoidance rule (GAAR) will come into force from April 1, The amendment only changes the taxation landscape for short term investors (holding period of less than 12 months). Further, it does now provide significant clarity and certainty to the issue of taxation of capital gains and appears fair given that allows for a grandfathering provision and there is no taxation on a retrospective basis. On the global front, the key events that could have broader impact on the Indian markets beyond domestic factors are:- The timing of the next Fed rate hike China s economic outlook. Equities can react in the coming months based on following events:- Corporate India have been reporting very subdued profit growth at an aggregate level for last few quarters. It is widely expected that earnings will recover in FY 17. From hereon, it is imperative that corporate earnings growth trajectory improves and provides support to valuations. The green shoots seen in the economy are now expected to translate into better corporate profitability. Growth in India is likely to remain consumption led with a lagged recovery in investment growth. While it is premature to conclude on effects of normal monsoons on growth and prices, but after two consecutive weak monsoons, a normal monsoon will provide much respite to the rural sector. This together with the steps being taken by the government to boost the rural economy augurs well for rural consumption, which has been stagnating. As monetary transmission happen, it is believed that India s cost of capital (COC) will also progressively reduce. The consequent expansion in the ROCE-COC spread could be one of the drivers of the next leg of re-rating in Indian equities.the next leg of India s re-rating will likely be micro-led. From a micro standpoint, operating leverage will likely support earnings once India crosses its potential GDP growth, which will get more accentuated post FY16. Analysts have yet to pencil the benefits of operating leverage into their earnings estimates. 03

5 MARKET OUTLOOK 27 Sensex P/E (x) Peak(x) Avg(x) Median(x) Min(x) Source: MOSL Debt Market Outlook Systemic liquidity tightened during the month of May owing to indirect tax payments, outflows towards governments gilt and state development loan auctions. However, the Reserve Bank of India s (RBI s) open market bond purchase auction of Rs. 400 bn. and periodic fund infusion through repo auctions limited the rise in the call money rate. After the CPI print, Dr. Raghu ram Rajan stated that the sticky core CPI would limit the reduction in repo rate. The minutes of the US Federal Open Market Committee s (FOMC s) April policy meeting led to investors scaling up expectations of a June rate hike by the US Federal Reserve (Fed). Due to this the yield of 10 year G-sec rose to 7.49% levels during the month. The government formed a five-member committee under former revenue secretary N K Singh to review the working of the 12-year old FRBM Act and examine the feasibility of a fiscal deficit range instead of a fixed target. The Centre s fiscal deficit in was marginally higher at 3.92% of GDP as against the targeted 3.9%. Bonds moved in a narrow range in the absence of strong triggers. Market will look forward for the June rainfall distribution data amid expectation of a normal monsoon this year. 10y GOI yields will continue to trade between 7.20%-7.60% May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May-16 May-01 May-02 May-03 May-04 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 May-13 May-14 May-15 May Year India G-Sec Yield (%) source: Bloomberg 04

6 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched on & post Sept. 1, Returns As On 31st May 2016 Classic Opportunities Fund (AUM: ` 1,80, Frontline Fund (AUM: ` 42, Dynamic Floor Fund II (AUM: ` 62, Balanced Fund (AUM: ` 5, Guarantee Fund (AUM: ` 3, Kotak Dynamic Bond Fund (AUM: ` 92, Kotak Dynamic Gilt Fund (AUM: ` 4, Kotak Dynamic Floating Rate Fund (AUM: ` 2, Money Market Fund (AUM: ` 19, Discontinued Policy Fund (AUM: ` 17, Inception 11.9% 10.4% 6.4% 9.8% 7.3% 8.6% 7.4% 7.6% 7.8% 8.4% 10 years n.a n.a n.a n.a n.a 9.5% 8.2% 8.0% n.a n.a 7 years n.a n.a n.a n.a n.a 8.8% 7.9% 8.0% n.a n.a 6 years 12.2% 11.2% 7.0% 9.9% 6.9% 8.9% 8.6% 8.6% 8.1% n.a 5 years 12.5% 11.5% 7.0% 10.6% 6.9% 9.7% 9.5% 9.2% 8.6% 8.6% 4 years 18.5% 17.9% 8.8% 14.2% 8.6% 9.3% 9.3% 9.4% 8.6% 8.4% 3 years 17.7% 16.6% 6.4% 12.6% 6.2% 7.4% 6.9% 8.8% 8.4% 8.1% 2 years 15.5% 13.8% 7.1% 12.5% 6.7% 10.6% 11.4% 8.5% 8.2% 7.9% 1 year 0.7% 1.6% 2.5% 4.4% 1.8% 8.4% 8.3% 7.4% 7.9% 7.4% 6 months 3.5% 3.4% 4.3% 4.0% 3.5% 4.8% 4.9% 3.8% 3.7% 3.5% 3 months 19.6% 18.4% 9.9% 12.0% 6.9% 4.7% 4.7% 2.4% 1.8% 1.7% 1 month 3.8% 4.0% 1.9% 2.6% 1.9% 0.4% 0.5% 0.6% 0.6% 0.6% Funds available with insurance plans launched Prior to Sept. 1, Returns As On 31st May 2016 Kotak Opportunities Fund (AUM: ` 97, Kotak Aggressive Growth Fund (AUM: ` 29, Kotak Dynamic Growth Fund (AUM: ` 6, Dynamic Floor Fund (AUM: ` 97, Kotak Dynamic Balanced Fund (AUM: ` 1, Inception 18.5% 16.5% 14.9% 9.3% 13.6% 10 years n.a 12.7% 10.7% n.a 10.7% 7 years 14.1% 12.6% 11.3% 6.3% 10.8% 6 years 11.5% 10.8% 10.4% 6.6% 10.1% 5 years 11.8% 11.1% 10.9% 6.7% 10.7% 4 years 17.8% 17.6% 15.9% 8.3% 14.4% 3 years 17.1% 16.3% 14.4% 6.3% 12.8% 2 years 14.8% 13.3% 12.9% 7.2% 12.5% 1 year -0.1% 0.8% 2.8% 3.2% 4.3% 6 months 3.1% 3.4% 3.5% 4.9% 4.0% 3 months 19.6% 19.2% 15.5% 9.4% 12.5% 1 month 3.8% 4.4% 3.3% 1.8% 2.5% Returns As On 31st May 2016 Peak Guarantee Fund I (AUM: ` 2, Kotak Guaranteed Growth Fund (AUM: ` 1,07, Kotak Guaranteed Balanced Fund (AUM: ` 9, Pension Classic Opportunities Fund (AUM: ` 13, Kotak Pension Opportunities Fund (AUM: ` 2, Pension Frontline Fund (AUM: ` 2, Pension Guarantee Fund (AUM: ` 10, Inception 6.5% 13.6% 12.4% 12.5% 11.3% 11.6% 6.3% 10 years n.a 9.1% 9.3% n.a n.a n.a n.a 7 years n.a 9.7% 9.5% n.a n.a n.a n.a 6 years 6.4% 9.1% 9.0% 12.2% 11.5% 11.2% 7.0% 5 years 6.5% 10.0% 9.8% 12.6% 11.7% 11.6% 6.9% 4 years 8.1% 12.4% 11.7% 18.6% 17.6% 18.1% 8.6% 3 years 5.7% 10.7% 10.0% 18.0% 16.9% 16.8% 6.1% 2 years 6.3% 11.8% 11.7% 15.5% 14.7% 14.0% 6.7% 1 year 1.5% 4.3% 5.3% 0.3% 0.0% 1.7% 1.8% 6 months 3.3% 3.9% 4.2% 3.3% 3.1% 3.5% 3.5% 3 months 6.6% 12.1% 10.9% 19.9% 19.3% 19.1% 7.0% 1 month 1.8% 2.5% 2.1% 3.9% 3.7% 4.1% 1.9% 05

7 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched Prior to Sept. 1, Returns As On 31st May 2016 Kotak Pension Growth Fund (AUM: ` 1, Kotak Pension Floor Fund (AUM: ` 4, Pension Floor Fund II (AUM: ` 7, Kotak Pension Balanced Fund (AUM: ` 21, Pension Balanced Fund II (AUM: ` Kotak Pension Bond Fund (AUM: ` 6, Kotak Pension Gilt Fund (AUM: ` Kotak Pension Floating Rate Fund (AUM: ` Pension Money Market Fund II (AUM: ` Inception 11.3% 6.0% 6.4% 12.5% 9.6% 8.7% 7.5% 7.7% 7.8% 10 years n.a n.a n.a 9.5% n.a 9.5% 8.5% 8.0% n.a 7 years 9.6% n.a n.a 9.4% n.a 8.8% 7.9% 7.9% n.a 6 years 9.1% 6.2% 7.1% 9.0% 10.0% 8.9% 8.6% 8.6% 8.1% 5 years 9.9% 6.7% 7.1% 9.9% 10.6% 9.7% 9.5% 9.1% 8.6% 4 years 12.3% 8.6% 8.8% 11.7% 14.2% 9.3% 9.3% 9.4% 8.5% 3 years 10.6% 6.3% 6.4% 10.0% 12.8% 7.4% 6.9% 8.8% 8.4% 2 years 11.7% 7.2% 7.1% 11.7% 12.4% 10.7% 11.4% 8.4% 8.2% 1 year 4.3% 3.2% 2.6% 5.3% 4.4% 8.5% 8.3% 7.5% 7.9% 6 months 3.8% 5.0% 4.3% 4.2% 4.0% 4.9% 4.9% 3.8% 3.7% 3 months 11.9% 9.5% 10.0% 10.7% 12.3% 4.7% 4.8% 2.4% 1.8% 1 month 2.4% 1.8% 1.9% 2.1% 2.6% 0.4% 0.5% 0.6% 0.6% 06

8 FUND PERFORMANCE OF ULIP FUNDS KOTAK GROUP PLANS Returns As On 31st May 2016 Kotak Group Dynamic Floor Fund (AUM: ` Kotak Group Balanced Fund (AUM: ` 33, Kotak Group Bond Fund (AUM: ` 90, Kotak Group Gilt Fund (AUM: ` 2, Kotak Group Floating Rate Fund (AUM: ` 1, Kotak Group Money Market Fund (AUM: ` Kotak Group Secure Capital (AUM: ` 8, Inception 14.7% 13.7% 9.2% 7.7% 8.1% 8.2% 9.7% 10 years n.a 11.0% 10.2% 8.6% 8.4% n.a n.a 7 years n.a 11.0% 9.7% 8.2% 8.4% n.a n.a 6 years 7.1% 10.4% 9.5% 8.8% 9.1% n.a n.a 5 years 7.3% 11.0% 10.2% 9.7% 9.6% n.a 9.9% 4 years 8.9% 14.7% 9.7% 9.5% 9.9% n.a 9.5% 3 years 6.7% 13.2% 7.8% 7.1% 9.2% n.a 7.7% 2 years 7.3% 12.9% 11.1% 11.6% 8.9% 7.6% 10.9% 1 year 3.1% 4.6% 8.8% 8.3% 8.0% 6.9% 8.5% 6 months 4.5% 4.0% 5.0% 4.9% 4.0% 2.6% 4.7% 3 months 8.5% 12.6% 4.8% 4.7% 2.5% 1.2% 4.6% 1 month 1.5% 2.6% 0.5% 0.5% 0.6% 0.4% 0.5% KOTAK FIXED MATURITY PLANS Returns As On 31st May 2016 Kotak Group Short Term Bond Fund (AUM: ` 2, Inception 4.6% 10 years n.a 7 years n.a 6 years n.a 5 years n.a 4 years n.a 3 years n.a 2 years n.a 1 year n.a 6 months 4.1% 3 months 2.7% 1 month 0.6% KOTAK PRIVILEDEGE ASSURANCE PLANS Returns As On 31st May 2016 Kotak Advantage Plus Fund II (AUM: ` Kotak Advantage Multiplier Fund II (AUM: ` Inception 5.5% 5.3% 10 years 5.6% 5.4% 7 years 5.0% 4.8% 6 years 5.2% 4.9% 5 years 5.2% 5.0% 4 years 5.3% 5.6% 3 years 4.1% 4.7% 2 years 5.1% 5.4% 1 year 4.5% 4.6% 6 months 2.0% 2.0% 3 months 1.1% 1.1% 1 month 0.3% 0.3% Returns less than or equal to a year are absolute. Returns greater than a year are compounded annualised. 07

9 PRODUCT - FUND MATRIX* Kotak Wealth Insurance Kotak Ace Investment Kotak Single Invest Advantage Kotak Headstart Child Assure Kotak Platinum Kotak Invest Maxima Classic Opportunities Fund ü ü ü ü ü ü Frontline Fund ü ü ü ü ü ü Balanced Fund ü ü r ü ü ü Funds Dynamic Bond Fund ü ü ü ü ü ü Dynamic Floating Rate Fund ü ü r ü ü r Money Market Fund ü ü ü ü ü ü Dynamic Gilt Fund ü ü ü ü ü r Discontinued Policy Fund ü ü ü ü ü ü *currently active plans 08

10 S CLASSIC OPPORTUNITIES FUND FRONTLINE EQUITY FUND DYNAMIC FLOOR FUND II BALANCED FUND KOTAK OPPORTUNITIES FUND KOTAK AGGRESSIVE GROWTH FUND GUARANTEE FUND MONEY MARKET FUND KOTAK DYNAMIC GROWTH FUND DYNAMIC FLOOR FUND KOTAK DYNAMIC BALANCED FUND KOTAK DYNAMIC BOND FUND KOTAK DYNAMIC GILT FUND KOTAK DYNAMIC FLOATING RATE FUND PEAK GUARANTEE FUND I KOTAK GUARANTEED GROWTH FUND KOTAK GUARANTEED BALANCED FUND PENSION CLASSIC OPPORTUNITIES FUND KOTAK PENSION OPPORTUNITIES FUND PENSION FRONTLINE EQUITY FUND PENSION GUARANTEE FUND KOTAK PENSION GROWTH FUND KOTAK PENSION FLOOR FUND PENSION FLOOR FUND II KOTAK PENSION BALANCED FUND PENSION BALANCED FUND II KOTAK PENSION BOND FUND KOTAK PENSION GILT FUND KOTAK PENSION FLOATING RATE FUND PENSION MONEY MARKET FUND II KOTAK ADVANTAGE PLUS FUND II KOTAK ADVANTAGE MULTIPLIER FUND II DISCONTINUED POLICY FUND 09

11 CLASSIC OPPORTUNITIES FUND (ULIF /12/09-CLAOPPFND-107) Aims to maximize opportunity for you through long-term capital growth, by holding a significant portion in a diversified and flexible mix of large / medium sized company equities 1,80, : % Non : 0-25% - 100% (BSE 200) 16 th December 2009 Classic Opportunities Fund Inception 11.9% 7.8% 10 years n.a n.a 7 years n.a n.a 6 years 12.2% 8.0% 5 years 12.5% 8.4% 4 years 18.5% 14.5% 3 years 17.7% 12.6% 2 years 15.5% 8.0% 1 year 0.7% -2.5% 6 months 3.5% 2.3% 3 months 19.6% 16.8% 1 month 3.8% 3.6% Portfolio EQUITY 96.57% Infosys Ltd 8.35% HDFC Bank Ltd 6.63% Tata Motors Ltd 4.18% IndusInd Bank Limited 3.91% Kotak Banking ETF - Dividend Payout Option 3.62% ICICI Bank Ltd 3.43% Larsen And Toubro Ltd 3.24% Axis Bank Ltd 3.20% Maruti Suzuki India Ltd 3.00% I T C Ltd 2.94% YES BANK LTD 2.84% Britannia Industries Ltd 2.53% Sun Pharmaceuticals Ltd 2.37% Hindustan Petroleum Corporation Ltd 2.32% UltraTech Cement Ltd 2.30% HCL Technologies Ltd 1.85% Shree Cement Ltd 1.82% Bharat Petroleum Corporation Ltd 1.67% Ashok Leyland Ltd 1.66% Zee Entertainment Enterprises Ltd 1.58% Others (Details in the Annexure) 33.12% DEBT 3.43% Corporation Bank CD % CBLO 0.92% IDBI Bank CD % Canara Bank CD % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD BSE % 0.00% Current Asset/Liabilities 0.03% Others 0.00% 3.42% 0.02% 96.57% 26.93% 0.51% 0.08% 72.48% Allocation by Sector % 1.62% 8.01% 7.21% 6.95% 6.81% 6.47% 5.68% CBLO Fixed Deposit 12.92% 11.52% 27.09% % 10

12 FRONTLINE EQUITY FUND (ULIF /12/09-FRLEQUFND-107) Aims for a high level of capital growth for you, by holding a significant portion in large sized company equities 42, Portfolio EQUITY 95.03% Infosys Ltd 8.26% 4.96% 0.01% HDFC Bank Ltd 7.03% : % Non : 0-40% I T C Ltd 6.53% Tata Motors Ltd 4.14% IndusInd Bank Limited 3.89% Larsen And Toubro Ltd 3.69% Axis Bank Ltd 3.53% ICICI Bank Ltd 3.34% 95.03% - 100% (BSE 100) R Shares Banking ETF 3.06% 17 th December 2009 Frontline Fund Inception 10.4% 7.3% 6 years 11.2% 7.7% 5 years 11.5% 8.0% 4 years 17.9% 13.8% 3 years 16.6% 11.4% 2 years 13.8% 6.2% 1 year 1.6% -3.2% 6 months 3.4% 2.4% 3 months 18.4% 17.0% 1 month 4.0% 3.8% Tata Consultancy Services Ltd 2.89% Kotak Banking ETF - Dividend Payout Option 2.82% UltraTech Cement Ltd 2.63% Sun Pharmaceuticals Ltd 2.41% Hindustan Petroleum Corporation Ltd 2.38% Maruti Suzuki India Ltd 2.22% Britannia Industries Ltd 2.09% YES BANK LTD 2.07% Mahindra & Mahindra Ltd 1.99% HCL Technologies Ltd 1.94% Hero Honda Motors Ltd 1.90% Others (Details in the Annexure) 26.21% DEBT 4.97% CBLO 2.31% Corporation Bank CD % IDBI Bank CD % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 0.00% 8.00% HDFC Bank FD BSE % Current Asset/Liabilities 0.47% Others 0.00% 48.32% 0.29% 0.08% CBLO 51.31% Allocation by Sector % 1.48% 6.85% 6.01% 5.23% 5.18% 4.77% Fixed Deposit 13.09% 12.23% 10.62% 27.91% % 11

13 DYNAMIC FLOOR FUND II (ULIF /12/09-DYFLRFND2-107) Aims to provide you with stable long-term inflation beating growth over medium to long-term and defend your capital against short-term capital shocks. 62, : 0-75% Non : % % (Nifty); Debt % (Crisil Bond) 17 th December 2009 Dynamic Floor Fund II Inception 6.4% 8.3% 6 years 7.0% 8.5% 5 years 7.0% 9.0% 4 years 8.8% 11.0% 3 years 6.4% 9.3% 2 years 7.1% 9.2% 1 year 2.5% 4.5% 6 months 4.3% 4.1% 3 months 9.9% 8.3% 1 month 1.9% 1.8% Portfolio EQUITY 38.55% Infosys Ltd 3.36% HDFC Bank Ltd 2.76% I T C Ltd 2.75% Tata Motors Ltd 1.69% IndusInd Bank Limited 1.60% Larsen And Toubro Ltd 1.45% Axis Bank Ltd 1.45% ICICI Bank Ltd 1.39% R Shares Banking ETF 1.35% Kotak Banking ETF - Dividend Payout Option 1.30% Tata Consultancy Services Ltd 1.12% UltraTech Cement Ltd 1.05% Hindustan Petroleum Corporation Ltd 1.03% Sun Pharmaceuticals Ltd 0.95% Maruti Suzuki India Ltd 0.91% Britannia Industries Ltd 0.84% YES BANK LTD 0.83% Hero Honda Motors Ltd 0.80% Mahindra & Mahindra Ltd 0.79% HCL Technologies Ltd 0.76% Others (Details in the Annexure) 10.37% DEBT 61.45% 8.17% GOI % 7.72% GOI % 3.15% 8.13% GOI % 8.60% GOI % 7.02% GOI % 8.48% KMPL % 9.70% HDFC P % 1.44% INFLATION INDEX GS % 8.92% L&T Finance Ltd % 9.78% Tata Sons % 8.45% HDFC % 8.90% SAIL CALL % 8.79% GOI % 8.48% KMPL % 8.32% PGC % LIC Housing Finance Ltd INBMK+120BPS % 9.98% ICICI Perpetual Bond -CALL % 8.55% Sundaram Finance % 10.75% Shriram Transport Finance Co Ltd % Current Asset/Liabilities 2.08% Others 14.43% 19.77% 35.22% 6.46% 6.65% 25.27% 59.33% 38.55% 2.06% 1.30% Govt & Govt 0.07% Guaranteed Bonds 5.31% AAA Allocation by Sector % 2.35% 2.11% 2.07% 1.79% 0.72% 0.59% 18.02% 14.04% AA+ AA 2.80% Fixed Deposit 5.24% 4.89% 4.41% 11.58% 60.10% 12

14 BALANCED FUND (ULIF /12/09-BALKFND-107) Aims for moderate growth for you by holding a diversified mix of equities and fixed interest instruments. 5, : 30-60% Non : 40-70% - 60% (BSE 100); Debt - 40% (Crisil Bond) 21 th December 2009 Balanced Fund Inception 9.8% 8.0% 6 years 9.9% 8.2% 5 years 10.6% 8.7% 4 years 14.2% 12.2% 3 years 12.6% 10.3% 2 years 12.5% 8.2% 1 year 4.4% 1.8% 6 months 4.0% 3.4% 3 months 12.0% 11.4% 1 month 2.6% 2.5% Portfolio EQUITY 55.31% Infosys Ltd 5.02% HDFC Bank Ltd 4.17% I T C Ltd 4.13% IndusInd Bank Limited 2.41% Tata Motors Ltd 2.40% Larsen And Toubro Ltd 2.16% Axis Bank Ltd 2.10% ICICI Bank Ltd 2.04% Kotak Banking ETF - Dividend Payout Option 1.70% R Shares Banking ETF 1.62% Tata Consultancy Services Ltd 1.58% UltraTech Cement Ltd 1.56% Sun Pharmaceuticals Ltd 1.42% Hindustan Petroleum Corporation Ltd 1.41% Maruti Suzuki India Ltd 1.32% Britannia Industries Ltd 1.24% YES BANK LTD 1.22% HCL Technologies Ltd 1.14% Mahindra & Mahindra Ltd 1.14% Hero Honda Motors Ltd 1.10% Others (Details in the Annexure) 14.42% DEBT 44.69% 8.17% GOI % 4.37% 7.72% GOI % 8.13% GOI % 8.60% GOI % 7.02% GOI % 8.48% KMPL % 9.70% HDFC P % 7.28% GOI % 8.55% Sundaram Finance % Bajaj Finance Limited CP % 8.19% GOI % 8.92% L&T Finance Ltd % 8.79% GOI % 12.14% 24.53% 8.02% 55.31% 10.22% 5.81% 21.67% 4.03% 0.91% 0.002% 57.35% Allocation by Sector - Govt & Govt Guaranteed Bonds AAA AA+ AA 4.01% 3.26% 3.00% 3.00% 2.56% 1.00% 0.87% Fixed Deposit 7.74% 6.99% 6.36% 16.52% 7.16% GOI % 6.01% GOI % 9.75% REC % 9.78% Tata Sons % 8.90% SAIL CALL % 12.72% 9.76% 21.98% 10.05% Bajaj Finance Ltd % Current Asset/Liabilities 1.93% Others 10.45% 55.53% 13

15 KOTAK OPPORTUNITIES FUND (ULIF /10/08-OPPFND-107) Aims to maximize opportunity for long term capital growth, by holding a significant portion in a diversified and flexible mix of large/medium sized company equities. 97, : % Non : 0-25% - 100% (BSE 200) 02 th October 2008 Opportunities Fund Inception 18.5% 10.5% 7 years 14.1% 9.6% 6 years 11.5% 8.0% 5 years 11.8% 8.4% 4 years 17.8% 14.5% 3 years 17.1% 12.6% 2 years 14.8% 8.0% 1 year -0.1% -2.5% 6 months 3.1% 2.3% 3 months 19.6% 16.8% 1 month 3.8% 3.6% Portfolio EQUITY 97.64% Infosys Ltd 8.32% HDFC Bank Ltd 6.70% Tata Motors Ltd 4.18% IndusInd Bank Limited 3.91% Kotak Banking ETF - Dividend Payout Option 3.69% ICICI Bank Ltd 3.44% Larsen And Toubro Ltd 3.33% Axis Bank Ltd 3.26% Maruti Suzuki India Ltd 3.00% I T C Ltd 2.96% YES BANK LTD 2.84% Britannia Industries Ltd 2.67% Sun Pharmaceuticals Ltd 2.37% UltraTech Cement Ltd 2.34% Hindustan Petroleum Corporation Ltd 2.33% HCL Technologies Ltd 1.85% Shree Cement Ltd 1.85% Bharat Petroleum Corporation Ltd 1.72% Ashok Leyland Ltd 1.66% Zee Entertainment Enterprises Ltd 1.62% Others (Details in the Annexure) 33.59% DEBT 2.36% Corporation Bank CD % IDBI Bank CD % CBLO 0.24% 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD BSE % 0.00% Current Asset/Liabilities -0.08% Others 0.00% 2.23% 0.13% 97.64% 9.66% 5.14% 0.01% 85.18% Allocation by Sector % 1.67% 8.21% 7.30% 7.03% 6.91% 6.61% 5.74% CBLO Fixed Deposit 12.92% 11.50% 27.44% % 14

16 KOTAK AGGRESSIVE GROWTH FUND (ULIF /09/04-AGRGWTFND-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. 29, Portfolio EQUITY 96.59% Infosys Ltd 8.52% 3.07% 0.34% I T C Ltd 6.92% : % Non : 0-40% HDFC Bank Ltd 6.72% Tata Motors Ltd 4.36% IndusInd Bank Limited 4.20% R Shares Banking ETF 3.72% Larsen And Toubro Ltd 3.44% ICICI Bank Ltd 3.43% 96.59% - 100% (BSE 100) Axis Bank Ltd 3.33% 13 th September 2004 Aggressive Growth Fund Inception 16.5% 13.2% 10 years 12.7% 9.9% 7 years 12.6% 8.8% 6 years 10.8% 7.7% 5 years 11.1% 8.0% 4 years 17.6% 13.8% 3 years 16.3% 11.4% 2 years 13.3% 6.2% 1 year 0.8% -3.2% 6 months 3.4% 2.4% 3 months 19.2% 17.0% 1 month 4.4% 3.8% Britannia Industries Ltd 3.18% UltraTech Cement Ltd 2.95% Hindustan Petroleum Corporation Ltd 2.86% Kotak Banking ETF - Dividend Payout Option 2.74% Maruti Suzuki India Ltd 2.59% YES BANK LTD 2.59% Tata Consultancy Services Ltd 2.52% Sun Pharmaceuticals Ltd 2.42% Mahindra & Mahindra Ltd 2.21% HCL Technologies Ltd 2.17% Bharat Petroleum Corporation Ltd 2.07% Others (Details in the Annexure) 23.65% DEBT 3.41% Corporation Bank CD % CBLO 0.62% IDBI Bank CD % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD BSE % 0.01% Current Asset/Liabilities 0.36% Others 0.00% 20.47% 11.24% 0.46% 67.82% Allocation by Sector % 5.05% 5.00% 4.40% 1.93% 1.51% CBLO Fixed Deposit 13.21% 12.66% 10.65% 7.43% 29.03% % 15

17 GUARANTEE FUND (ULIF /02/10-GRTFND-107) Aims to provide stable, long-term inflation beating growth over medium to long-term and defend capital against short-term capital shocks 3, Portfolio EQUITY 50.71% Infosys Ltd 4.29% 8.74% I T C Ltd 3.48% HDFC Bank Ltd 3.39% 15.20% : 0-75% Non : % Housing Development Finance Corp. Ltd 2.81% Reliance Industries Ltd 2.78% Tata Consultancy Services Ltd 2.35% Larsen And Toubro Ltd 2.20% ICICI Bank Ltd 2.05% 25.36% 50.71% % (Nifty); Tata Motors Ltd 1.59% Debt % (Crisil Bond) 05 th February 2010 Sun Pharmaceuticals Ltd 1.53% Axis Bank Ltd 1.24% Hindustan Unilever Ltd 1.23% Mahindra & Mahindra Ltd 1.14% Maruti Suzuki India Ltd 1.02% 8.41% 1.58% 0.15% 5.85% Govt & Govt Guaranteed Bonds AAA Guarantee Fund Inception 7.3% 8.8% 6 years 6.9% 8.5% 5 years 6.9% 9.0% 4 years 8.6% 11.0% 3 years 6.2% 9.3% 2 years 6.7% 9.2% 1 year 1.8% 4.5% 6 months 3.5% 4.1% 3 months 6.9% 8.3% 1 month 1.9% 1.8% Bharti Airtel Ltd 0.93% State Bank of India 0.92% Asian Paints Ltd 0.90% Hero Honda Motors Ltd 0.81% Oil & Natural Gas Corporation Ltd 0.80% IndusInd Bank Limited 0.77% Others (Details in the Annexure) 14.47% DEBT 49.29% 8.17% GOI % 7.72% GOI % Corporation Bank CD % 2.97% 8.13% GOI % TATA Capital Ltd CP % 8.60% GOI % 7.02% GOI % 8.92% L&T Finance Ltd % 8.31% GJ SDL % 9.78% Tata Sons % 1.44% INFLATION INDEX GS % 9.70% HDFC P % 14.30% 19.80% 49.92% Allocation by Sector % 1.68% 1.67% AA+ AA Fixed Deposit 4.71% 4.48% 3.77% 3.07% 2.46% 8.53% 6.48% 11.86% 8.90% SAIL CALL % LIC Housing Finance Ltd INBMK+120BPS % 31.20% 8.55% Sundaram Finance % 8.48% KMPL % 16.35% EXIM CD % ICICI Bank CD % 8.46% 9.85% HDFC Bank CALL % 43.99% Current Asset/Liabilities -1.50% Others 12.41% 16

18 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) Aims to protect your capital and not have downside risks 19, DEBT % Bajaj Finance Limited CP % : - Non : 100% HDFC Ltd CP % NABARD CD % Axis Bank CD % STEEL AUTHORITY OF INDIA LTD CP % Corporation Bank CD % ICICI Bank CD % % - 0% (NA); EXIM CD % Debt - 100% (Crisil Liquid) IL & FS CP % TATA Capital Ltd CP % 05 th January 2010 Sundaram Fin CP % IDBI Bank CD % HDFC Bank CD % 0.95% 0.95% Money Market Fund Inception 7.8% 8.0% Canara Bank CD % Current Asset/Liabilities -0.12% Others 0.00% 99.05% 6 years 8.1% 8.3% 5 years 8.6% 8.6% 4 years 8.6% 8.6% 3 years 8.4% 8.8% 2 years 8.2% 8.4% 1 year 7.9% 8.0% 6 months 3.7% 3.9% % 3 months 1.8% 2.1% 1 month 0.6% 0.7% 17

19 KOTAK DYNAMIC GROWTH FUND (ULIF /06/03-DYGWTFND-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. 6, : 40-80% Non : 20-60% - 80% (BSE 100); Debt - 20% (Crisil Bond) 27 th June 2003 Kotak Dynamic Growth Fund Inception 14.9% 13.4% 10 years 10.7% 9.6% 7 years 11.3% 8.7% 6 years 10.4% 7.9% 5 years 10.9% 8.4% 4 years 15.9% 13.0% 3 years 14.4% 10.9% 2 years 12.9% 7.2% 1 year 2.8% -0.7% 6 months 3.5% 3.0% 3 months 15.5% 14.2% 1 month 3.3% 3.1% Portfolio EQUITY 75.14% Infosys Ltd 6.56% HDFC Bank Ltd 5.49% I T C Ltd 5.22% Tata Motors Ltd 3.24% IndusInd Bank Limited 3.13% Larsen And Toubro Ltd 2.85% Axis Bank Ltd 2.80% ICICI Bank Ltd 2.65% R Shares Banking ETF 2.58% Kotak Banking ETF - Dividend Payout Option 2.44% Tata Consultancy Services Ltd 2.11% UltraTech Cement Ltd 2.06% Hindustan Petroleum Corporation Ltd 1.93% Sun Pharmaceuticals Ltd 1.88% Maruti Suzuki India Ltd 1.76% Britannia Industries Ltd 1.64% YES BANK LTD 1.62% HCL Technologies Ltd 1.58% Mahindra & Mahindra Ltd 1.51% Hero Honda Motors Ltd 1.51% Others (Details in the Annexure) 20.59% DEBT 24.86% 8.17% GOI % 8.13% GOI % 2.24% 11.15% REC % 8.30% GOI % 8.32% PGC % 7.16% GOI % 9.36% IDFC Bank % 8.30% GOI % 8.42% TN SDL % 9.85% HDFC Bank CALL % 9.70% PFC % 8.65% PFC % LIC Housing Finance Ltd INBMK+120BPS % 7.95% MAH SDL % 14.72% 6.63% 75.14% 26.83% 3.51% 62.42% 9.48% 1.27% Govt & Govt Guaranteed Bonds Allocation by Sector % 4.45% 4.06% 4.02% 3.95% 1.38% 1.16% AAA 5.41% Fixed Deposit 10.26% 9.46% 8.41% 22.58% 9.02% REC % 8.20% OMC GOI % 7.28% GOI % 7.02% GOI % 9.18% PN SDL % Current Asset/Liabilities 1.27% Others 1.02% 11.49% 12.29% 62.36% 18

20 DYNAMIC FLOOR FUND (ULIF /11/06-DYFLRFND-107) Aims to provide you with stable long-term inflation beating growth over medium to long-term and defend your capital against short-term capital shocks. 97, : 0-75% Non : % % (Nifty); Debt % (Crisil Bond) 14 th November 2006 Dynamic Floor Fund Inception 9.3% 8.5% 7 years 6.3% 8.6% 6 years 6.6% 8.5% 5 years 6.7% 9.0% 4 years 8.3% 11.0% 3 years 6.3% 9.3% 2 years 7.2% 9.2% 1 year 3.2% 4.5% 6 months 4.9% 4.1% 3 months 9.4% 8.3% 1 month 1.8% 1.8% Portfolio EQUITY 37.28% Infosys Ltd 3.35% HDFC Bank Ltd 2.79% I T C Ltd 2.70% Tata Motors Ltd 1.67% Larsen And Toubro Ltd 1.47% IndusInd Bank Limited 1.45% Axis Bank Ltd 1.43% ICICI Bank Ltd 1.37% Kotak Banking ETF - Dividend Payout Option 1.26% Tata Consultancy Services Ltd 1.14% R Shares Banking ETF 1.13% Hindustan Petroleum Corporation Ltd 1.11% UltraTech Cement Ltd 1.05% Sun Pharmaceuticals Ltd 0.94% Maruti Suzuki India Ltd 0.90% Britannia Industries Ltd 0.83% YES BANK LTD 0.82% HCL Technologies Ltd 0.82% Mahindra & Mahindra Ltd 0.79% Hero Honda Motors Ltd 0.78% Others (Details in the Annexure) 9.48% DEBT 62.72% 8.17% GOI % 7.72% GOI % 3.45% 8.13% GOI % 8.60% GOI % 7.02% GOI % TATA Capital Ltd CP % 8.48% KMPL % 9.70% HDFC P % 1.44% INFLATION INDEX GS % 8.92% L&T Finance Ltd % 9.78% Tata Sons % 8.90% SAIL CALL % 8.79% GOI % 8.45% HDFC % 8.48% KMPL % 8.32% PGC % 10.75% Shriram Transport Finance Co Ltd % 9.98% ICICI Perpetual Bond -CALL % LIC Housing Finance Ltd INBMK+120BPS % Current Asset/Liabilities 2.01% Others 15.10% 18.66% 35.21% 8.85% 37.28% 5.58% 5.69% 6.05% 23.22% 57.98% 1.36% 0.11% Govt & Govt Allocation by Sector % 7.94% 2.49% 2.10% 2.02% 1.77% 0.63% 0.59% Guaranteed Bonds AAA AA+ AA 2.72% 21.31% Fixed Deposit 5.31% 4.80% 4.14% 10.72% 58.21% 19

21 KOTAK DYNAMIC BALANCED FUND (ULIF /06/03-DYBALFND-107) Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. 1, : 30-60% Non : 40-70% - 60% (BSE 100); Debt - 40% (Crisil Bond) 27 th June 2003 Dynamic Balanced Fund Inception 13.6% 11.9% 10 years 10.7% 9.3% 7 years 10.8% 8.6% 6 years 10.1% 8.2% 5 years 10.7% 8.7% 4 years 14.4% 12.2% 3 years 12.8% 10.3% 2 years 12.5% 8.2% 1 year 4.3% 1.8% 6 months 4.0% 3.4% 3 months 12.5% 11.4% 1 month 2.5% 2.5% Portfolio DEBT 44.32% 8.17% GOI % 5.02% 7.72% GOI % 8.13% GOI % 8.60% GOI % 7.02% GOI % 8.48% KMPL % 8.85% PGC % 1.44% INFLATION INDEX GS % 9.75% REC % 9.36% IDFC Bank % 9.39% LIC Housing Finance P % 9.24% HDFC % 9.85% HDFC Bank CALL % 9.78% Tata Sons % 10.10% HDFC % 9.85% Shriram Transport Finance Co Ltd EQUITY 55.68% Infosys Ltd 4.84% HDFC Bank Ltd 4.06% I T C Ltd 3.90% Tata Motors Ltd 2.41% IndusInd Bank Limited 2.34% Larsen And Toubro Ltd 2.10% Axis Bank Ltd 2.07% ICICI Bank Ltd 1.98% R Shares Banking ETF 1.94% Kotak Banking ETF - Dividend Payout Option 1.81% Tata Consultancy Services Ltd 1.58% UltraTech Cement Ltd 1.52% Hindustan Petroleum Corporation Ltd 1.45% Sun Pharmaceuticals Ltd 1.38% Maruti Suzuki India Ltd 1.30% Britannia Industries Ltd 1.21% YES BANK LTD 1.20% Hero Honda Motors Ltd 1.13% Mahindra & Mahindra Ltd 1.12% HCL Technologies Ltd 1.08% Others (Details in the Annexure) 15.25% 0.55% 9.70% HDFC P % 8.90% SAIL CALL % 10.05% Bajaj Finance Ltd % Current Asset/Liabilities 1.71% Others 8.27% 12.99% 23.74% 7.59% 55.68% 4.45% 11.78% 24.25% 2.02% 1.29% 0.50% 55.71% Allocation by Sector % 5.46% 3.33% 3.00% 2.95% 2.92% 1.02% 0.86% Govt & Govt Guaranteed Bonds AAA AA+ AA 4.01% 22.31% Fixed Deposit 7.50% 7.04% 6.26% 16.80% 60.18% 20

22 KOTAK DYNAMIC BOND FUND (ULIF /04/04-DYBNDFND-107) Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. 92, DEBT % 8.17% GOI % 11.20% 7.72% GOI % : - Non : 100% 8.13% GOI % 4.89% 8.60% GOI % 7.02% GOI % 8.48% KMPL % 9.70% HDFC P % 31.49% 57.31% - 0% (NA); Debt - 100% (Crisil Bond) 15 th April 2004 Dynamic Bond Fund Inception 8.6% 6.4% 10 years 9.5% 7.4% 1.44% INFLATION INDEX GS % 8.55% Sundaram Finance % 8.79% GOI % Bajaj Finance Limited CP % 8.48% KMPL % 8.32% PGC % 8.45% HDFC % 8.92% L&T Finance Ltd % 9.85% Shriram Transport Finance Co Ltd % 10.05% Bajaj Finance Ltd % LIC Housing Finance Ltd INBMK+120BPS % 5.05% 3.31% 0.76% 6.45% 25.28% 59.15% Govt & Govt Guaranteed Bonds AAA AA+ AA 7 years 8.8% 7.7% 9.78% Tata Sons % 6 years 8.9% 8.2% 5 years 9.7% 9.0% 4 years 9.3% 9.1% Current Asset/Liabilities 3.10% Others 24.31% 3 years 7.4% 7.9% 18.11% 2 years 10.6% 10.6% 1 year 8.4% 8.9% 12.87% 6 months 4.8% 4.6% 3 months 4.7% 3.3% 7.48% 1 month 0.4% 0.5% 61.54% 21

23 KOTAK DYNAMIC GILT FUND (ULIF /06/03-DYGLTFND-107) Aims to preserve your capital and minimize your downside risk, with investment in debt and government instruments. 4, DEBT % 8.17% GOI % 14.22% 7.72% GOI % 10.35% : - Non : 100% 8.13% GOI % 7.02% GOI % 8.99% MP SDL % 8.60% GOI % 8.63% MH SDL % 85.78% - 0% (NA); 9.39% GJ SDL % Debt - 100% (IBEX) 9.11% MP SDL % 8.25% MH SDL % 27 th June % PN SDL % 8.91% MAH SDL % 10.57% 1.81% Govt & Govt Guaranteed Bonds 8.52% GJ SDL % Dynamic Gilt Fund NABARD CD % 8.20% GOI % 8.92% KA SDL % 1.44% INFLATION INDEX GS % Inception 7.4% 7.5% 8.79% GOI % 87.62% 10 years 8.2% 8.5% 7 years 7.9% 8.0% 6 years 8.6% 8.7% 5 years 9.5% 9.6% 9.23% GOI % Current Asset/Liabilities 2.09% Others 5.05% 4 years 9.3% 9.7% 3 years 6.9% 8.1% 2 years 11.4% 11.1% 16.81% 1 year 8.3% 9.4% 0.003% 6 months 4.9% 5.1% 3 months 4.7% 3.9% 17.79% 1 month 0.5% 0.7% 65.40% 22

24 KOTAK DYNAMIC FLOATING RATE FUND (ULIF /12/04-DYFLTRFND-107) Aims to preserve capital and minimize downside risk, with investment in debt and government instruments. 2, : - Non : 100% DEBT % GOI FRB % L&T Finance Ltd NSE Mibor % EXIM Floater INCMTBMK bps % 7.05% 8.19% GOI % 30.49% 36.96% - 0% (NA); Debt - 100% (Crisil Liquid) 07 th December 2004 IL & FS CP % LIC Housing Finance Ltd INBMK+120BPS % 5.22% Corporation Bank CD % Axis Bank CD % 5.59% GOI % 6.05% GOI % 7.02% GOI % 32.55% 5.35% 50.30% 7.85% Govt & Govt Guaranteed Bonds Dynamic Floating Rate Fund Inception 7.6% 7.2% 10 years 8.0% 7.6% 7 years 8.0% 7.6% 6 years 8.6% 8.3% 5 years 9.2% 8.6% 4 years 9.4% 8.6% 3 years 8.8% 8.8% 2 years 8.5% 8.4% 1 year 7.4% 8.0% 6 months 3.8% 3.9% 3 months 2.4% 2.1% 1 month 0.6% 0.7% 8.27% GOI % TATA Capital Ltd CP % 8.13% OMC GOI Special Bond % 9.37% MAH SDL % 7.28% GOI % 8.51% PN SDL % NABARD CD % 9.65% TN SDL % Current Asset/Liabilities 2.39% Others 4.95% 13.06% 23.44% 7.67% AAA AA % 57.93% 23

25 PEAK GUARANTEE FUND I (ULIF /02/10-PKGRTFND1-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. 2, : 0-100% Non : 0-100% % (Nifty); Debt % (Crisil Bond) 14 th February 2010 Peak Guarantee Fund I Inception 6.5% 8.7% 6 years 6.4% 8.5% 5 years 6.5% 9.0% 4 years 8.1% 11.0% 3 years 5.7% 9.3% 2 years 6.3% 9.2% 1 year 1.5% 4.5% 6 months 3.3% 4.1% 3 months 6.6% 8.3% 1 month 1.8% 1.8% Portfolio EQUITY 48.25% Infosys Ltd 4.08% I T C Ltd 3.31% HDFC Bank Ltd 3.23% Housing Development Finance Corp. Ltd 2.67% Reliance Industries Ltd 2.65% Tata Consultancy Services Ltd 2.24% Larsen And Toubro Ltd 2.09% ICICI Bank Ltd 1.95% Tata Motors Ltd 1.51% Sun Pharmaceuticals Ltd 1.46% Axis Bank Ltd 1.18% Hindustan Unilever Ltd 1.17% Mahindra & Mahindra Ltd 1.08% Maruti Suzuki India Ltd 0.97% Bharti Airtel Ltd 0.89% State Bank of India 0.87% Asian Paints Ltd 0.86% Hero Honda Motors Ltd 0.77% Oil & Natural Gas Corporation Ltd 0.76% IndusInd Bank Limited 0.74% Others (Details in the Annexure) 13.76% DEBT 51.75% 8.17% GOI % 3.95% Corporation Bank CD % 7.72% GOI % TATA Capital Ltd CP % 8.13% GOI % 8.60% GOI % 7.02% GOI % 8.31% GJ SDL % 8.92% L&T Finance Ltd % 9.78% Tata Sons % 9.70% HDFC P % 8.90% SAIL CALL % LIC Housing Finance Ltd INBMK+120BPS % 8.48% KMPL % 1.44% INFLATION INDEX GS % EXIM CD % ICICI Bank CD % 12.30% GOI % 10.75% Shriram Transport Finance Co Ltd % Current Asset/Liabilities -1.43% Others 12.03% 15.03% 26.38% 10.34% 48.25% 14.70% 7.43% 7.15% 19.07% 49.61% 1.80% 0.23% Govt & Govt Guaranteed Bonds AAA Allocation by Sector % 2.34% 1.90% 1.60% 1.59% 14.94% AA+ AA 3.59% 2.92% Fixed Deposit 6.17% 4.48% 4.26% 8.12% 11.28% 33.97% 43.83% 24

26 KOTAK GUARANTEED GROWTH FUND (ULIF /06/03-GRTGWTFND-107) Aims for a high level of capital growth by holding a significant portion in large sized company equities. 1,07, : 0-80% Non : % - 40% (BSE 100); Debt - 60% (Crisil Bond) 27 th June 2003 Guaranteed Growth Fund Inception 13.6% 11.4% 10 years 9.1% 9.3% 7 years 9.7% 8.7% 6 years 9.1% 8.4% 5 years 10.0% 8.9% 4 years 12.4% 11.2% 3 years 10.7% 9.6% 2 years 11.8% 9.1% 1 year 4.3% 4.3% 6 months 3.9% 3.9% 3 months 12.1% 8.7% 1 month 2.5% 1.8% Portfolio EQUITY 54.33% Infosys Ltd 4.73% HDFC Bank Ltd 3.93% I T C Ltd 3.82% Tata Motors Ltd 2.37% IndusInd Bank Limited 2.33% Larsen And Toubro Ltd 2.04% Axis Bank Ltd 2.03% ICICI Bank Ltd 1.93% R Shares Banking ETF 1.76% Kotak Banking ETF - Dividend Payout Option 1.62% Tata Consultancy Services Ltd 1.58% UltraTech Cement Ltd 1.48% Hindustan Petroleum Corporation Ltd 1.45% Sun Pharmaceuticals Ltd 1.33% Maruti Suzuki India Ltd 1.27% Britannia Industries Ltd 1.17% YES BANK LTD 1.17% Hero Honda Motors Ltd 1.12% Mahindra & Mahindra Ltd 1.10% HCL Technologies Ltd 1.07% Others (Details in the Annexure) 15.04% DEBT 45.67% 8.17% GOI % 7.72% GOI % 8.13% GOI % 2.03% 8.60% GOI % 7.02% GOI % 8.48% KMPL % 9.70% HDFC P % 1.44% INFLATION INDEX GS % LIC Housing Finance Ltd INBMK+120BPS % 8.45% HDFC % 8.79% GOI % 8.55% Sundaram Finance % 10.05% Bajaj Finance Ltd % 8.48% KMPL % 8.32% PGC % Sundaram Fin CP % 9.85% Shriram Transport Finance Co Ltd % 10.75% Shriram Transport Finance Co Ltd % 10.08% IOT Utkal Energy Services Limited % Current Asset/Liabilities 1.70% Others 11.29% 26.35% 14.69% 4.64% 54.33% 6.74% 25.73% 2.08% 0.59% 4.61% 0.54% Allocation by Sector % 11.02% 8.15% 3.94% 3.25% 2.92% 2.89% 2.79% 1.02% 0.83% 18.62% Govt & Govt Guaranteed Bonds AAA AA+ Fixed Deposit AA 7.37% 7.01% 6.16% 16.15% 62.21% 25

27 KOTAK GUARANTEED BALANCED FUND (ULIF /06/03-GRTBALFND-107) Aims for moderate growth by holding a diversified mix of equities and fixed interest instruments. 9, : 0-60% Non : % - 30% (BSE 100); Debt - 70% (Crisil Bond) 27 th June 2003 Guaranteed Balanced Fund Inception 12.4% 10.2% 10 years 9.3% 8.9% 7 years 9.5% 8.5% 6 years 9.0% 8.4% 5 years 9.8% 9.0% 4 years 11.7% 10.7% 3 years 10.0% 9.2% 2 years 11.7% 9.5% 1 year 5.3% 5.5% 6 months 4.2% 4.1% 3 months 10.9% 7.3% 1 month 2.1% 1.5% Portfolio EQUITY 44.38% Infosys Ltd 3.88% HDFC Bank Ltd 3.21% I T C Ltd 3.13% Tata Motors Ltd 1.95% Larsen And Toubro Ltd 1.67% Axis Bank Ltd 1.65% IndusInd Bank Limited 1.60% ICICI Bank Ltd 1.59% Kotak Banking ETF - Dividend Payout Option 1.47% R Shares Banking ETF 1.45% Tata Consultancy Services Ltd 1.31% Hindustan Petroleum Corporation Ltd 1.21% UltraTech Cement Ltd 1.21% Sun Pharmaceuticals Ltd 1.09% Maruti Suzuki India Ltd 1.04% Britannia Industries Ltd 0.96% YES BANK LTD 0.95% Hero Honda Motors Ltd 0.93% Mahindra & Mahindra Ltd 0.90% HCL Technologies Ltd 0.88% Others (Details in the Annexure) 12.31% DEBT 55.62% 8.17% GOI % 7.72% GOI % 3.99% 8.13% GOI % 8.60% GOI % 7.02% GOI % 1.44% INFLATION INDEX GS % 9.70% HDFC P % 10.08% IOT Utkal Energy Services Limited % 9.78% Tata Sons % 10.05% Bajaj Finance Ltd % 8.32% PGC % 8.79% GOI % 10.08% IOT Utkal Energy Services Limited % 10.08% IOT Utkal Energy Services Limited % 10.08% IOT Utkal Energy Services Limited % 9.85% Shriram Transport Finance Co Ltd % 8.55% Sundaram Finance % 8.48% KMPL % 10.75% Shriram Transport Finance Co Ltd % Current Asset/Liabilities 2.01% Others 12.66% 16.28% 32.39% 6.95% 7.45% 23.06% 44.38% 1.76% 0.31% 7.00% 0.21% Allocation by Sector % 9.20% 8.85% 19.72% 2.69% 2.43% 2.37% 2.34% 0.69% 0.68% 3.25% Govt & Govt Guaranteed Bonds AAA AA+ Fixed Deposit AA 6.07% 5.76% 5.05% 62.23% 13.06% 26

28 PENSION CLASSIC OPPORTUNITIES FUND (ULIF /01/10-PNCLAOPFND-107) Aims to maximize opportunity for long term capital growth by holding significant portions in a diversified and flexible mix of large/medium sized stocks. 13, : % Non : 0-25% - 100% (BSE 200) 07 th January 2010 Pension Classic Opportunities Fund Inception 12.5% 7.1% 6 years 12.2% 8.0% 5 years 12.6% 8.4% 4 years 18.6% 14.5% 3 years 18.0% 12.6% 2 years 15.5% 8.0% 1 year 0.3% -2.5% 6 months 3.3% 2.3% 3 months 19.9% 16.8% 1 month 3.9% 3.6% Portfolio EQUITY 98.53% Infosys Ltd 8.39% HDFC Bank Ltd 6.72% Tata Motors Ltd 4.06% IndusInd Bank Limited 3.88% Kotak Banking ETF - Dividend Payout Option 3.82% ICICI Bank Ltd 3.52% Larsen And Toubro Ltd 3.47% Axis Bank Ltd 3.26% I T C Ltd 3.08% Maruti Suzuki India Ltd 2.98% YES BANK LTD 2.82% Britannia Industries Ltd 2.79% UltraTech Cement Ltd 2.46% Sun Pharmaceuticals Ltd 2.40% Hindustan Petroleum Corporation Ltd 2.36% HCL Technologies Ltd 1.89% Shree Cement Ltd 1.88% Bharat Petroleum Corporation Ltd 1.73% Zee Entertainment Enterprises Ltd 1.69% R Shares Banking ETF 1.61% Others (Details in the Annexure) 33.70% DEBT 1.47% CBLO 0.85% IDBI Bank CD % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 0.01% 8.00% HDFC Bank FD BSE % Current Asset/Liabilities 0.26% Others 0.00% 1.44% 0.03% 98.53% 27.17% 69.79% 2.44% 0.61% CBLO Allocation by Sector % 7.11% 7.10% 7.10% 6.73% 5.90% 2.35% Fixed Deposit 12.83% 11.64% 8.43% 27.58% % 27

29 KOTAK PENSION OPPORTUNITIES FUND (ULIF /07/09-PNOPPFND-107) Aims to maximize opportunity for long term capital growth by holding significant portions in a diversified and flexible mix of large/medium sized stocks 2, : % Non : 0-25% - 100% (BSE 200) 17 th July 2009 Pension Opportunities Fund Inception 11.3% 9.5% 6 years 11.5% 8.0% 5 years 11.7% 8.4% 4 years 17.6% 14.5% 3 years 16.9% 12.6% 2 years 14.7% 8.0% 1 year 0.0% -2.5% 6 months 3.1% 2.3% 3 months 19.3% 16.8% 1 month 3.7% 3.6% Portfolio EQUITY 96.99% Infosys Ltd 8.21% HDFC Bank Ltd 6.69% Tata Motors Ltd 4.12% IndusInd Bank Limited 3.86% Kotak Banking ETF - Dividend Payout Option 3.71% ICICI Bank Ltd 3.41% Larsen And Toubro Ltd 3.36% Axis Bank Ltd 3.24% Maruti Suzuki India Ltd 2.96% I T C Ltd 2.95% YES BANK LTD 2.80% Britannia Industries Ltd 2.68% UltraTech Cement Ltd 2.35% Sun Pharmaceuticals Ltd 2.34% Hindustan Petroleum Corporation Ltd 2.30% Shree Cement Ltd 1.85% HCL Technologies Ltd 1.82% Bharat Petroleum Corporation Ltd 1.71% Ashok Leyland Ltd 1.64% R Shares Banking ETF 1.63% Others (Details in the Annexure) 33.36% DEBT 3.01% Corporation Bank CD % CBLO 0.91% IDBI Bank CD % 0.05% 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD BSE % Current Asset/Liabilities -0.06% Others 0.00% 2.97% 0.05% 96.99% 29.62% 1.77% 1.54% 67.08% Allocation by Sector % 1.66% 7.26% 6.97% 6.91% 6.58% 5.69% CBLO Fixed Deposit 12.79% 11.34% 8.19% 27.30% % 28