CONTENTS. MONTHLY UPDATE JULY 2016 AS ON 30th JUNE 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 SECURE CAPITAL FUND (ULGF /04/11-SECCAPFND-107) 50 KOTAK GROUP SHORT TERM BOND FUND (ULGF /12/13-SHTRMBND-107) 51 KOTAK GROUP BOND FUND (ULGF /04/04-BNDFND-107) 46 ANNEXURE 52 KOTAK GROUP GILT FUND (ULGF /06/03-GLTFND-107) 47 DISCLAIMER 58 KOTAK GROUP FLOATING RATE FUND (ULGF /12/04-FLTRFND-107) 48 KOTAK GROUP MONEY MARKET FUND (ULGF /06/03-MNMKFND-107) 49 01

3 MARKET OUTLOOK MARKET OUTLOOK Month Gone By Markets June was an eventful month resulting in high volatility in Indian equities. The key external event was Britain s decision to leave the European Union (EU). After the initial nervousness, global markets appear to have taken this in their stride. Bank of Japan and US Federal Reserve kept the policy rates unchanged. Locally, the Government announced measures to further liberalize FDI limits in select sectors, approved merger of SBI and its associates, cleared new aviation policy and accepted the 7 th Pay Commission s recommendations. In the bimonthly policy meet, RBI kept repo rate unchanged. The monsoon s progress improved towards the end of the month reducing seasonal deficit to 11%. 10 year benchmark treasury yields fell marginally by 2 bps to 7.45% Union cabinet approved new aviation policy and mergers of associates with SBI Government relaxed FDI norms for few sectors Union cabinet approved 7th Pay Commission recommendations 7.53% 7.51% % RBI kept repo rate unchanged 7.45% Bank of Japan and US Britain voted to leave federal reserve kept rates the European Union unchanged % 31-May Jun Jun Jun Jun Jun Jun-16 Source: Bloomberg Sensex 10 yr Gsec 7.49% In June, INR depreciated marginal 0.4% against USD. Foreign Institutional Investors (FIIs) were buyers of Indian equities to the tune of USD 383 mn in June with slight uptick as compared to May. Domestic Institutional Investors (DIIs) reversed their position to net sellers from notable buying in May with net outflows of USD 324mn in the month. Among DIIs, Insurance companies led the selling with USD 364mn of outflows while Mutual funds were marginal buyers of USD 40mn in June. FIIs were sellers of Indian debt worth USD 885 mn. Economy Index of Industrial Production (IIP) for April slid back to negative zone at -0.8% vs 0.1% in March led by decline in manufacturing (-3.1%). Within manufacturing, capital goods contracted further to -25% YoY vs -15.4% in March. Consumer Price Index (CPI) for the month of May surprised on the upside again at 5.8% vs 5.4% in April led by food inflation. The pickup in food inflation at 7.2% (vs 6.3%) was led by vegetables (7.4%), pulses (2.5%) and sugar (2.1%). Core CPI remained largely unchanged at 4.7%. Wholesale Price Index (WPI) inched up for the 2nd straight month to 0.79% vs 0.34% in April in tandem with CPI trends. May trade deficit inched up to USD 6.3bn vs USD 4.8bn in April. Exports growth improved to -0.8% on back of pickup in engineering goods & gems & jewellery segment. Imports however declined by 13.2% led primarily by fall in oil imports Jun-15 Jul-15 Aug-15 Source: Bloomberg May-15 Jun-15 Sep-15 Source : MOSL and Citi Exchange Rate (INR/USD) Jul-15 Aug-15 Oct-15 Sep-15 Nov-15 Oct-15 CPI Dec-15 Nov-15 WPI Jan-16 Dec-15 Feb-16 Jan-16 Mar-16 Feb-16 Apr-16 Mar-16 May-16 Apr-16 Jun-16 May-15 02

4 MARKET OUTLOOK Market Outlook 8.1 Net FII Flows (USD b) Net DII Flows (USD b) Deal activity was subdued in June with 7 deals amounting to USD 383mn. The key deals were the Mahanagar Gas IPO (~USD 154mn) in the primary market and Providence s 3.4% stake sale in Idea Cellular (~USD 206mn) in the secondary market. YTD both FIIs and DIIs have bought USD 2.9bn and USD 1.5 bn respectively. CY06 CY07 CY08 CY09 CY10 CY11 CY12 CY13 CY14 CY15 CY16 Source : MOSL and Citi On the domestic front RBI Governor s decision to not seek extension for second term came as dosappointment. Market is keeping a close eye on the appointment of the new Governor and also developments in the Monetary Policy Committee ahead of the next policy meet. Government announced a slew of FDI measures in 7 key sectors including aviation, defense, media, single brand retail and pharma sectors. The notable ones were 100% FDI in defense via Govt. approval route and local airlines. Upper House Elections earlier in the month gave an edge to the ruling party raising hopes of GST bill passage in the upcoming monsoon session starting 18 th July. Despite the slow start, the India Met Department remains optimistic of its above normal monsoon forecast for 2016 with heavy rains expected across regions in the next few weeks. This should help agricultural economy giving boost to rural consumption. On the global front, the key events that could have broader impact on the Indian markets beyond domestic factors are Uncertainty around the political developments in the EU The timing of the next Fed rate hike post Brexit Global economic outlook especially China. 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) Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Source: MOSL Debt Market Outlook The RBI kept the repo rate unchanged at 6.5%, in line with expectations, citing higher-than-expected April CPI inflation and the recent upturn in commodity prices. However, forward guidance remains accommodative with the RBI governor saying that they are looking for room to ease. The RBI continues to expect inflation to trend towards its 5% target by March 2017, but now sees upside risks to its projection. It has left its GVA growth projection unchanged at 7.6% in FY17. The RBI refrained from committing to a specific timeline within which it would move the banking system from a liquidity deficit to liquidity neutral, and instead stated that it will be opportunistic in achieving this transition. The RBI stated that it expects FCNR (B) redemptions of USD20bn during September-November as most of the inflows were leveraged funds. It warned that although it will intervene to reduce INR volatility, it will not bail out counterparties (mostly PSU banks) that have dollar obligations with the RBI in coming months. The Federal Open Market Committee (FOMC) held rates steady in June and made few changes to its policy statement. The FOMC also still projects a median of two hikes for this year. However, they did cut the expected pace of rate hikes going forward, to three hikes in 2017 and 2018, down from four each. The UK has decided to leave the EU, in spite of opinion polls suggesting a late swing to Remain in Euro zone. Brexit had created volatility in the global markets. Indian debt market rallied due to global growth concerns and also tracking a rally in US 10 year yields. Market will look forward for the rainfall distribution data amid expectation of a normal monsoon this year. 10y GOI yields will continue to trade between 7.20%-7.60% Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Source: Bloomberg 10-Year India G-Sec Yield (%) 04

6 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched on & post Sept. 1, Returns As On 30th Jun 2016 Classic Opportunities Fund (AUM: ` 1,83, Frontline Fund (AUM: ` 43, 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: ` 19, Inception 12.2% 10.7% 6.6% 10.0% 7.4% 8.7% 7.4% 7.6% 7.8% 8.3% 10 years n.a n.a n.a n.a n.a 9.6% 8.4% 8.0% n.a n.a 7 years n.a n.a n.a n.a n.a 8.8% 8.1% 8.0% n.a n.a 6 years 11.8% 10.9% 6.9% 9.8% 6.8% 9.0% 8.8% 8.7% 8.2% n.a 5 years 12.6% 11.6% 7.1% 10.6% 7.0% 9.7% 9.5% 9.2% 8.6% 8.6% 4 years 17.3% 16.6% 8.4% 13.4% 8.1% 9.3% 9.4% 9.4% 8.5% 8.3% 3 years 19.8% 18.5% 7.8% 14.1% 7.4% 8.2% 7.9% 8.8% 8.3% 8.0% 2 years 13.1% 11.8% 6.3% 11.4% 5.8% 10.8% 11.6% 8.4% 8.1% 7.8% 1 year 3.6% 4.6% 4.9% 6.9% 3.9% 10.4% 10.4% 7.6% 7.8% 7.2% 6 months 6.7% 6.6% 6.2% 6.3% 4.9% 5.9% 6.2% 3.9% 3.7% 3.5% 3 months 9.2% 9.3% 5.3% 6.5% 4.3% 2.7% 3.0% 2.0% 1.8% 1.7% 1 month 2.5% 2.5% 1.6% 1.9% 1.4% 1.1% 1.2% 0.6% 0.6% 0.6% Funds available with insurance plans launched Prior to Sept. 1, Returns As On 30th Jun 2016 Kotak Opportunities Fund (AUM: ` 99, Kotak Aggressive Growth Fund (AUM: ` 30, Kotak Dynamic Growth Fund (AUM: ` 6, Dynamic Floor Fund (AUM: ` 98, Kotak Dynamic Balanced Fund (AUM: ` 1, Inception 18.7% 16.6% 15.0% 9.4% 13.7% 10 years n.a 13.0% 11.0% n.a 10.9% 7 years 14.6% 12.9% 11.6% 6.8% 11.0% 6 years 11.1% 10.4% 10.1% 6.6% 9.9% 5 years 12.0% 11.3% 10.9% 6.7% 10.7% 4 years 16.7% 16.2% 14.9% 7.9% 13.7% 3 years 19.2% 18.2% 16.2% 7.6% 14.3% 2 years 12.3% 11.0% 11.3% 6.4% 11.3% 1 year 2.8% 3.7% 5.6% 5.5% 6.9% 6 months 6.4% 6.3% 6.4% 6.5% 6.3% 3 months 9.2% 9.4% 8.0% 5.0% 6.6% 1 month 2.5% 2.2% 2.3% 1.6% 1.9% Returns As On 30th Jun 2016 Peak Guarantee Fund I (AUM: ` 2, Kotak Guaranteed Growth Fund (AUM: ` 1,07, Kotak Guaranteed Balanced Fund (AUM: ` 8, Pension Classic Opportunities Fund (AUM: ` 13, Kotak Pension Opportunities Fund (AUM: ` 2, Pension Frontline Fund (AUM: ` 2, Pension Guarantee Fund (AUM: ` 10, Inception 6.6% 13.7% 12.4% 12.8% 11.6% 11.9% 6.5% 10 years n.a 9.4% 9.6% n.a n.a n.a n.a 7 years n.a 9.8% 9.6% n.a n.a n.a n.a 6 years 6.3% 9.1% 9.0% 11.8% 11.1% 10.9% 6.8% 5 years 6.6% 10.1% 10.0% 12.7% 11.8% 11.8% 6.9% 4 years 7.7% 11.9% 11.4% 17.5% 16.5% 16.8% 8.1% 3 years 7.0% 12.1% 11.3% 20.0% 18.9% 18.8% 7.4% 2 years 5.4% 11.1% 11.2% 13.0% 12.3% 12.0% 5.8% 1 year 3.6% 6.9% 7.8% 3.2% 2.8% 5.0% 4.0% 6 months 4.6% 6.3% 6.4% 6.7% 6.3% 7.0% 4.9% 3 months 4.1% 6.4% 5.8% 9.4% 9.1% 9.7% 4.4% 1 month 1.4% 1.9% 1.8% 2.6% 2.5% 2.7% 1.4% 05

7 FUND PERFORMANCE OF ULIP FUNDS Funds available with insurance plans launched Prior to Sept. 1, Returns As On 30th Jun 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 11.5% 6.2% 6.6% 12.6% 9.8% 8.7% 7.6% 7.7% 7.8% 10 years n.a n.a n.a 9.6% n.a 9.7% 8.6% 8.0% n.a 7 years 9.8% n.a n.a 9.5% n.a 8.8% 8.1% 8.0% n.a 6 years 9.1% 6.2% 7.0% 9.0% 9.8% 9.0% 8.7% 8.6% 8.2% 5 years 9.9% 6.7% 7.1% 10.0% 10.7% 9.7% 9.5% 9.1% 8.6% 4 years 11.8% 8.2% 8.4% 11.3% 13.4% 9.3% 9.4% 9.4% 8.5% 3 years 12.0% 7.6% 7.8% 11.2% 14.2% 8.2% 7.9% 8.8% 8.3% 2 years 10.9% 6.4% 6.3% 11.2% 11.3% 10.9% 11.6% 8.3% 8.2% 1 year 6.9% 5.6% 5.0% 7.8% 7.0% 10.5% 10.5% 7.6% 7.8% 6 months 6.2% 6.6% 6.3% 6.3% 6.4% 6.0% 6.2% 4.0% 3.7% 3 months 6.3% 5.0% 5.3% 5.7% 6.6% 2.7% 3.0% 2.0% 1.8% 1 month 1.9% 1.6% 1.7% 1.8% 1.9% 1.1% 1.2% 0.6% 0.6% 06

8 FUND PERFORMANCE OF ULIP FUNDS KOTAK GROUP PLANS Returns As On 30th Jun 2016 Kotak Group Dynamic Floor Fund (AUM: ` Kotak Group Balanced Fund (AUM: ` 33, Kotak Group Bond Fund (AUM: ` 91, Kotak Group Gilt Fund (AUM: ` 2, Kotak Group Floating Rate Fund (AUM: ` 1, Kotak Group Money Market Fund (AUM: ` 7.99 Kotak Group Secure Capital (AUM: ` 8, Inception 14.7% 13.8% 9.2% 7.7% 8.1% 8.1% 9.8% 10 years n.a 11.2% 10.3% 8.7% 8.5% n.a n.a 7 years n.a 11.3% 9.7% 8.3% 8.5% n.a n.a 6 years 7.1% 10.2% 9.6% 9.0% 9.1% n.a n.a 5 years 7.3% 11.0% 10.3% 9.7% 9.6% n.a 9.9% 4 years 8.5% 14.0% 9.8% 9.6% 9.9% n.a 9.6% 3 years 7.9% 14.6% 8.6% 8.1% 9.2% n.a 8.4% 2 years 6.5% 11.7% 11.3% 11.8% 8.8% 7.4% 11.1% 1 year 5.2% 7.1% 10.8% 10.5% 8.1% 6.6% 10.4% 6 months 6.0% 6.3% 6.1% 6.2% 4.2% 2.5% 5.8% 3 months 4.6% 6.6% 2.8% 3.1% 2.1% 1.2% 2.8% 1 month 1.5% 1.9% 1.2% 1.3% 0.7% 0.4% 1.2% KOTAK FIXED MATURITY PLANS Returns As On 30th Jun 2016 Kotak Group Short Term Bond Fund (AUM: ` 2, Inception 5.3% 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 4.3% 3 months 2.1% 1 month 0.7% KOTAK PRIVILEDEGE ASSURANCE PLANS Returns As On 30th Jun 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 5.3% 5.1% 6 years 4.9% 4.6% 5 years 5.1% 4.9% 4 years 5.2% 5.4% 3 years 4.4% 4.9% 2 years 5.0% 5.3% 1 year 4.5% 4.6% 6 months 2.1% 2.0% 3 months 0.9% 0.9% 1 month 0.4% 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 1,83, : % Non : 0-25% - 100% (BSE 200) 16 th December 2009 Classic Opportunities Fund Inception 12.2% 8.0% 10 years n.a n.a 7 years n.a n.a 6 years 11.8% 7.7% 5 years 12.6% 8.7% 4 years 17.3% 13.2% 3 years 19.8% 14.8% 2 years 13.1% 6.0% 1 year 3.6% 0.4% 6 months 6.7% 4.0% 3 months 9.2% 7.8% 1 month 2.5% 2.1% Portfolio EQUITY 95.42% Infosys Ltd 7.56% HDFC Bank Ltd 6.03% Tata Motors Ltd 4.01% IndusInd Bank Limited 3.84% ICICI Bank Ltd 3.72% Axis Bank Ltd 3.60% Kotak Banking ETF - Dividend Payout Option 3.52% Larsen And Toubro Ltd 3.24% I T C Ltd 3.03% Maruti Suzuki India Ltd 2.97% YES BANK LTD 2.71% Britannia Industries Ltd 2.60% Hindustan Petroleum Corporation Ltd 2.24% UltraTech Cement Ltd 2.12% Sun Pharmaceuticals Ltd 2.01% Shree Cement Ltd 1.88% Bharat Petroleum Corporation Ltd 1.79% Zee Entertainment Enterprises Ltd 1.60% HCL Technologies Ltd 1.58% R Shares Banking ETF 1.47% Others (Details in the Annexure) 33.89% DEBT 4.58% Corporation Bank CD % CBLO 1.04% 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 0.79% Others 0.00% 4.57% 0.02% 95.42% 27.30% 0.45% 0.02% 72.23% Allocation by Sector % 1.64% 8.27% 7.86% 6.74% 6.72% 6.54% 4.99% CBLO Fixed Deposit 13.34% 10.43% 26.77% % 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 43, Portfolio EQUITY 94.91% Infosys Ltd 7.55% 5.08% 0.01% HDFC Bank Ltd 6.82% : % Non : 0-40% I T C Ltd 6.50% IndusInd Bank Limited 3.82% Larsen And Toubro Ltd 3.65% Axis Bank Ltd 3.56% Tata Motors Ltd 3.47% ICICI Bank Ltd 3.20% 94.91% - 100% (BSE 100) R Shares Banking ETF 3.08% 17 th December 2009 Frontline Fund Inception 10.7% 7.6% 6 years 10.9% 7.4% 5 years 11.6% 8.2% 4 years 16.6% 12.4% 3 years 18.5% 13.3% 2 years 11.8% 4.3% 1 year 4.6% -0.4% 6 months 6.6% 4.1% 3 months 9.3% 7.6% 1 month 2.5% 1.9% Kotak Banking ETF - Dividend Payout Option 2.81% UltraTech Cement Ltd 2.71% Tata Consultancy Services Ltd 2.62% Hindustan Petroleum Corporation Ltd 2.55% Mahindra & Mahindra Ltd 2.50% Sun Pharmaceuticals Ltd 2.44% Maruti Suzuki India Ltd 2.18% YES BANK LTD 2.17% Hero Honda Motors Ltd 1.90% Bharat Petroleum Corporation Ltd 1.86% Britannia Industries Ltd 1.82% Others (Details in the Annexure) 27.69% DEBT 5.09% CBLO 2.54% Corporation Bank CD % IDBI Bank CD % 0.01% 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD BSE % Current Asset/Liabilities 0.40% Others 0.00% 45.50% 0.27% 0.11% CBLO 54.12% Allocation by Sector % 5.20% 5.16% 5.06% 2.18% 1.67% Fixed Deposit 11.89% 11.76% 10.34% 7.25% 27.94% % 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 6.6% 8.4% 6 years 6.9% 8.4% 5 years 7.1% 9.0% 4 years 8.4% 10.4% 3 years 7.8% 10.3% 2 years 6.3% 8.5% 1 year 4.9% 6.2% 6 months 6.2% 4.9% 3 months 5.3% 4.2% 1 month 1.6% 1.2% Portfolio EQUITY 38.56% Infosys Ltd 3.15% I T C Ltd 2.75% HDFC Bank Ltd 2.70% Larsen And Toubro Ltd 1.48% Axis Bank Ltd 1.41% R Shares Banking ETF 1.39% IndusInd Bank Limited 1.39% Tata Motors Ltd 1.38% ICICI Bank Ltd 1.37% Kotak Banking ETF - Dividend Payout Option 1.33% UltraTech Cement Ltd 1.12% Hindustan Petroleum Corporation Ltd 1.04% Tata Consultancy Services Ltd 1.03% Sun Pharmaceuticals Ltd 0.96% Mahindra & Mahindra Ltd 0.92% Maruti Suzuki India Ltd 0.91% YES BANK LTD 0.89% Hero Honda Motors Ltd 0.82% Bharat Petroleum Corporation Ltd 0.77% Britannia Industries Ltd 0.72% Others (Details in the Annexure) 11.03% DEBT 61.44% 8.60% GOI % 8.17% GOI % 7.72% GOI % 8.15% GOI % 8.40% GOI % 7.02% GOI % 8.48% KMPL % 8.24% GOI % 1.44% INFLATION INDEX GS % 8.92% L&T Finance Ltd % 9.78% Tata Sons % 8.45% HDFC % 8.46% HDFC P % 8.90% SAIL CALL % 20.78% 37.27% 3.39% 38.56% 1.30% 0.29% 2.60% 0.07% 6.60% 26.78% 62.35% Allocation by Sector % 2.06% 1.96% 0.89% 0.68% G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ AA Fixed Deposit 4.81% 4.69% 4.32% 3.01% 2.51% 11.52% L&T Finance CP % 8.79% GOI % 11.18% 8.21% MH SDL % 15.04% 8.48% KMPL % 8.32% PGC % 9.75% LIC Housing Finance Ltd INBMK+120BPS % 64.03% Current Asset/Liabilities 1.66% Others 17.59% 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 10.0% 8.2% 6 years 9.8% 8.0% 5 years 10.6% 8.9% 4 years 13.4% 11.4% 3 years 14.1% 11.7% 2 years 11.4% 7.1% 1 year 6.9% 4.0% 6 months 6.3% 4.6% 3 months 6.5% 5.6% 1 month 1.9% 1.5% Portfolio EQUITY 56.12% Infosys Ltd 4.67% HDFC Bank Ltd 4.12% I T C Ltd 4.11% IndusInd Bank Limited 2.41% Larsen And Toubro Ltd 2.18% Axis Bank Ltd 2.16% Tata Motors Ltd 2.06% ICICI Bank Ltd 1.99% Kotak Banking ETF - Dividend Payout Option 1.73% R Shares Banking ETF 1.66% UltraTech Cement Ltd 1.63% Hindustan Petroleum Corporation Ltd 1.54% Tata Consultancy Services Ltd 1.53% Sun Pharmaceuticals Ltd 1.44% Mahindra & Mahindra Ltd 1.35% Maruti Suzuki India Ltd 1.32% YES BANK LTD 1.30% Bharat Petroleum Corporation Ltd 1.13% Hero Honda Motors Ltd 1.12% Britannia Industries Ltd 1.08% Others (Details in the Annexure) 15.58% DEBT 43.88% 8.60% GOI % 8.17% GOI % 7.72% GOI % 2.79% 8.15% GOI % 8.40% GOI % 7.02% GOI % 8.48% KMPL % 8.24% GOI % 7.28% GOI % 8.55% Sundaram Finance % Bajaj Finance Limited CP % 8.19% GOI % 8.92% L&T Finance Ltd % 25.57% 12.07% 6.24% 56.12% 6.53% 21.59% 5.28% 5.78% 0.91% 0.002% 59.92% Allocation by Sector - G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ AA 3.60% 3.04% 2.99% 2.84% 1.31% 1.02% Fixed Deposit 7.15% 6.82% 6.22% 4.32% 16.84% Aditya Birla Finance Ltd CP % 8.79% GOI % 7.16% GOI % 8.21% MH SDL % 6.01% GOI % 8.93% 17.17% 15.60% 9.75% REC % Current Asset/Liabilities 1.20% Others 12.72% 58.30% 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. 99, : % Non : 0-25% - 100% (BSE 200) 02 th October 2008 Opportunities Fund Inception 18.7% 10.7% 7 years 14.6% 9.9% 6 years 11.1% 7.7% 5 years 12.0% 8.7% 4 years 16.7% 13.2% 3 years 19.2% 14.8% 2 years 12.3% 6.0% 1 year 2.8% 0.4% 6 months 6.4% 4.0% 3 months 9.2% 7.8% 1 month 2.5% 2.1% Portfolio EQUITY 95.89% Infosys Ltd 7.54% HDFC Bank Ltd 6.05% Tata Motors Ltd 4.01% IndusInd Bank Limited 3.85% ICICI Bank Ltd 3.73% Axis Bank Ltd 3.61% Kotak Banking ETF - Dividend Payout Option 3.52% Larsen And Toubro Ltd 3.31% I T C Ltd 3.05% Maruti Suzuki India Ltd 2.96% YES BANK LTD 2.71% Britannia Industries Ltd 2.70% Hindustan Petroleum Corporation Ltd 2.25% UltraTech Cement Ltd 2.12% Sun Pharmaceuticals Ltd 2.02% Shree Cement Ltd 1.89% Bharat Petroleum Corporation Ltd 1.84% Zee Entertainment Enterprises Ltd 1.64% HCL Technologies Ltd 1.59% R Shares Banking ETF 1.48% Others (Details in the Annexure) 34.04% DEBT 4.11% Corporation Bank CD % CBLO 1.30% IDBI 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 0.68% Others 0.00% 3.99% 0.12% 95.89% 37.71% 3.58% 0.04% 58.67% Allocation by Sector % 1.69% 8.39% 7.91% 6.80% 6.75% 6.62% 5.02% CBLO Fixed Deposit 13.34% 10.41% 26.81% % 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. 30, Portfolio EQUITY 96.47% Infosys Ltd 7.86% 3.20% 0.34% I T C Ltd 7.14% : % Non : 0-40% HDFC Bank Ltd 6.58% IndusInd Bank Limited 4.16% Tata Motors Ltd 3.83% R Shares Banking ETF 3.78% Larsen And Toubro Ltd 3.44% Axis Bank Ltd 3.39% 96.47% - 100% (BSE 100) ICICI Bank Ltd 3.32% 13 th September 2004 Aggressive Growth Fund Inception 16.6% 13.3% 10 years 13.0% 10.0% 7 years 12.9% 9.2% 6 years 10.4% 7.4% 5 years 11.3% 8.2% 4 years 16.2% 12.4% 3 years 18.2% 13.3% 2 years 11.0% 4.3% 1 year 3.7% -0.4% 6 months 6.3% 4.1% 3 months 9.4% 7.6% 1 month 2.2% 1.9% Hindustan Petroleum Corporation Ltd 3.09% UltraTech Cement Ltd 3.07% Kotak Banking ETF - Dividend Payout Option 2.76% YES BANK LTD 2.73% Sun Pharmaceuticals Ltd 2.69% Britannia Industries Ltd 2.67% Maruti Suzuki India Ltd 2.57% Mahindra & Mahindra Ltd 2.49% Tata Consultancy Services Ltd 2.46% Bharat Petroleum Corporation Ltd 2.23% Shree Cement Ltd 2.04% Others (Details in the Annexure) 24.15% DEBT 3.53% CBLO 1.81% Corporation Bank CD % 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 0.08% Others 0.00% 37.48% 9.77% 0.34% CBLO 52.41% Allocation by Sector % 4.71% 4.64% 2.36% 1.96% 12.28% 12.06% 9.82% 7.94% 6.42% Fixed Deposit 29.36% % 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, : 0-75% Non : % % (Nifty); Debt % (Crisil Bond) 05 th February 2010 Guarantee Fund Inception 7.4% 8.9% 6 years 6.8% 8.4% 5 years 7.0% 9.0% 4 years 8.1% 10.4% 3 years 7.4% 10.3% 2 years 5.8% 8.5% 1 year 3.9% 6.2% 6 months 4.9% 4.9% 3 months 4.3% 4.2% 1 month 1.4% 1.2% Portfolio EQUITY 54.28% Infosys Ltd 4.26% I T C Ltd 3.83% HDFC Bank Ltd 3.54% Housing Development Finance Corp. Ltd 2.98% Reliance Industries Ltd 2.96% Tata Consultancy Services Ltd 2.47% Larsen And Toubro Ltd 2.35% ICICI Bank Ltd 2.11% Tata Motors Ltd 1.67% Sun Pharmaceuticals Ltd 1.61% Hindustan Unilever Ltd 1.36% Axis Bank Ltd 1.34% Mahindra & Mahindra Ltd 1.29% Maruti Suzuki India Ltd 1.07% State Bank of India 1.02% Bharti Airtel Ltd 1.02% Asian Paints Ltd 0.96% Hero Honda Motors Ltd 0.87% National Thermal Power Corporation Ltd 0.86% Oil & Natural Gas Corporation Ltd 0.86% Others (Details in the Annexure) 15.81% DEBT 45.72% 8.60% GOI % 8.17% GOI % 7.72% GOI % 2.65% 8.15% GOI % Corporation Bank CD % 8.40% GOI % 8.92% L&T Finance Ltd % 7.02% GOI % 8.31% GJ SDL % 9.78% Tata Sons % 1.44% INFLATION INDEX GS % 8.90% SAIL CALL % LIC Housing Finance Ltd INBMK+120BPS % 8.55% Sundaram Finance % 8.48% KMPL % 8.24% GOI % 9.85% HDFC Bank CALL % Shriram Transport Finance Co Ltd % State Bank of Patiala CALL % 0.55% 0.55% Current Asset/Liabilities -0.27% Others 12.09% 14.57% 26.79% 4.36% 54.28% 8.21% 21.55% 4.30% 1.76% 0.16% 5.77% 58.25% Allocation by Sector % 1.93% 1.75% G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ AA 3.36% 2.64% 17.70% 11.83% Fixed Deposit 5.19% 4.82% 4.05% 20.54% 8.71% 6.94% 12.58% 49.92% 16

18 MONEY MARKET FUND (ULIF /01/10-MNMKKFND-107) Aims to protect your capital and not have downside risks 19, DEBT % Corporation Bank CD % : - Non : 100% Bajaj Finance Limited CP % NABARD CD % HDFC Ltd CP % ICICI Bank CD % - 0% (NA); Debt - 100% (Crisil Liquid) Axis Bank CD % STEEL AUTHORITY OF INDIA LTD CP % IL & FS CP % L&T Finance CP % Sundaram Fin CP % % 05 th January 2010 IDBI Bank CD % HDFC Bank CD % 4.24% 4.24% 3.74% Money Market Fund Inception 7.8% 8.0% CBLO 3.74% Canara Bank CD % Current Asset/Liabilities 0.02% Others 0.00% 92.03% CBLO 6 years 8.2% 8.4% 5 years 8.6% 8.6% 4 years 8.5% 8.6% 3 years 8.3% 8.8% 2 years 8.1% 8.3% 1 year 7.8% 7.9% 6 months 3.7% 3.9% % 3 months 1.8% 1.9% 1 month 0.6% 0.6% 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 15.0% 13.5% 10 years 11.0% 9.8% 7 years 11.6% 9.0% 6 years 10.1% 7.7% 5 years 10.9% 8.6% 4 years 14.9% 11.9% 3 years 16.2% 12.5% 2 years 11.3% 5.8% 1 year 5.6% 1.8% 6 months 6.4% 4.4% 3 months 8.0% 6.6% 1 month 2.3% 1.7% Portfolio EQUITY 75.58% Infosys Ltd 6.06% HDFC Bank Ltd 5.38% I T C Ltd 5.21% IndusInd Bank Limited 3.10% Axis Bank Ltd 2.85% Larsen And Toubro Ltd 2.85% Tata Motors Ltd 2.72% R Shares Banking ETF 2.62% ICICI Bank Ltd 2.57% Kotak Banking ETF - Dividend Payout Option 2.46% UltraTech Cement Ltd 2.14% Hindustan Petroleum Corporation Ltd 2.09% Tata Consultancy Services Ltd 2.02% Sun Pharmaceuticals Ltd 1.91% Mahindra & Mahindra Ltd 1.77% Maruti Suzuki India Ltd 1.74% YES BANK LTD 1.72% Hero Honda Motors Ltd 1.52% Bharat Petroleum Corporation Ltd 1.47% Britannia Industries Ltd 1.43% Others (Details in the Annexure) 21.96% DEBT 24.42% 8.17% GOI % 8.13% GOI % 1.79% 11.15% REC % 8.30% GOI % 8.32% PGC % 7.16% GOI % 8.60% 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 % 15.49% 6.53% 2.41% 26.18% 7.52% 65.06% 75.58% G Sec., GGB 1.24% Govt & Govt Guaranteed Bonds Allocation by Sector % 4.87% 4.33% 4.08% 4.00% 1.72% 1.40% AAA 5.75% Fixed Deposit 9.36% 9.10% 8.22% 22.76% 7.95% MAH SDL % 9.02% REC % 8.20% OMC GOI % 7.28% GOI % 7.02% GOI % Current Asset/Liabilities 0.62% Others 1.25% 12.26% 10.96% 64.98% 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. 98, : 0-75% Non : % % (Nifty); Debt % (Crisil Bond) 14 th November 2006 Dynamic Floor Fund Inception 9.4% 8.5% 7 years 6.8% 8.9% 6 years 6.6% 8.4% 5 years 6.7% 9.0% 4 years 7.9% 10.4% 3 years 7.6% 10.3% 2 years 6.4% 8.5% 1 year 5.5% 6.2% 6 months 6.5% 4.9% 3 months 5.0% 4.2% 1 month 1.6% 1.2% Portfolio EQUITY 37.79% Infosys Ltd 3.11% HDFC Bank Ltd 2.75% I T C Ltd 2.70% Larsen And Toubro Ltd 1.48% Axis Bank Ltd 1.47% IndusInd Bank Limited 1.45% Tata Motors Ltd 1.38% ICICI Bank Ltd 1.33% Kotak Banking ETF - Dividend Payout Option 1.28% Hindustan Petroleum Corporation Ltd 1.21% R Shares Banking ETF 1.16% UltraTech Cement Ltd 1.10% Tata Consultancy Services Ltd 1.03% Sun Pharmaceuticals Ltd 0.96% Mahindra & Mahindra Ltd 0.92% Maruti Suzuki India Ltd 0.90% YES BANK LTD 0.88% Hero Honda Motors Ltd 0.80% Bharat Petroleum Corporation Ltd 0.76% Britannia Industries Ltd 0.72% Others (Details in the Annexure) 10.42% DEBT 62.21% 8.60% GOI % 8.17% GOI % 7.72% GOI % 8.15% GOI % 8.40% GOI % 2.11% 7.02% GOI % 8.48% KMPL % 8.24% GOI % 1.44% INFLATION INDEX GS % 8.46% HDFC P % 8.92% L&T Finance Ltd % 9.78% Tata Sons % 8.90% SAIL CALL % L&T Finance CP % 8.79% GOI % 8.45% HDFC % 19.98% 37.14% 5.09% 37.79% 2.37% 1.35% 3.47% 0.11% 6.00% 25.46% 61.23% Allocation by Sector % 13.47% 2.09% 2.05% 1.96% 0.88% 0.64% G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ AA 2.91% 2.74% Fixed Deposit 4.81% 4.60% 4.03% 11.09% 8.21% MH SDL % 10.27% 8.48% KMPL % 8.32% PGC % Current Asset/Liabilities 1.54% Others 17.27% 62.53% 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 13.7% 11.9% 10 years 10.9% 9.4% 7 years 11.0% 8.8% 6 years 9.9% 8.0% 5 years 10.7% 8.9% 4 years 13.7% 11.4% 3 years 14.3% 11.7% 2 years 11.3% 7.1% 1 year 6.9% 4.0% 6 months 6.3% 4.6% 3 months 6.6% 5.6% 1 month 1.9% 1.5% Portfolio DEBT 44.35% 8.60% GOI % 8.17% GOI % 4.63% 7.72% GOI % 8.15% GOI % 8.40% GOI % 7.02% GOI % 8.48% KMPL % 8.24% GOI % 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 % 9.90% Tata Sons % 9.78% Tata Sons % 10.10% HDFC % 9.85% Shriram Transport Finance Co Ltd EQUITY 55.65% Infosys Ltd 4.46% HDFC Bank Ltd 3.97% I T C Ltd 3.88% IndusInd Bank Limited 2.16% Axis Bank Ltd 2.11% Larsen And Toubro Ltd 2.10% Tata Motors Ltd 2.00% R Shares Banking ETF 1.97% ICICI Bank Ltd 1.91% Kotak Banking ETF - Dividend Payout Option 1.82% UltraTech Cement Ltd 1.58% Tata Consultancy Services Ltd 1.50% Hindustan Petroleum Corporation Ltd 1.46% Sun Pharmaceuticals Ltd 1.41% Mahindra & Mahindra Ltd 1.31% Maruti Suzuki India Ltd 1.29% YES BANK LTD 1.27% Hero Honda Motors Ltd 1.14% Bharat Petroleum Corporation Ltd 1.09% Britannia Industries Ltd 1.05% Others (Details in the Annexure) 16.16% 0.54% Current Asset/Liabilities 1.13% Others 10.40% 12.80% 24.56% 6.99% 55.65% 4.31% 10.72% 23.56% 2.84% 1.25% 0.49% 56.83% Allocation by Sector % 14.23% 3.20% 2.97% 2.95% 1.27% 1.04% G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ AA 4.26% 3.52% 20.03% Fixed Deposit 6.86% 6.74% 6.10% 16.75% 58.88% 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 % 8.60% GOI % 6.82% G Sec., GGB 8.17% GOI % : - Non : 100% 7.72% GOI % 8.15% GOI % 8.40% GOI % 7.02% GOI % 8.48% KMPL % 8.24% GOI % 32.82% 60.36% - 0% (NA); Debt - 100% (Crisil Bond) 15 th April % INFLATION INDEX GS % 8.55% Sundaram Finance % 8.46% HDFC P % L&T Finance CP % 8.79% GOI % 4.17% 0.75% 0.25% 6.38% Govt & Govt Guaranteed Bonds AAA Bajaj Finance Limited CP % AA+ Dynamic Bond Fund Inception 8.7% 6.4% 10 years 9.6% 7.5% 8.21% MH SDL % 8.48% KMPL % 8.32% PGC % 8.45% HDFC % 8.92% L&T Finance Ltd % 26.53% 61.92% AA 7 years 8.8% 7.8% 6 years 9.0% 8.3% 5 years 9.7% 9.0% 4 years 9.3% 9.1% 9.85% Shriram Transport Finance Co Ltd % Current Asset/Liabilities 2.51% Others 29.41% 3 years 8.2% 8.6% 11.81% 2 years 10.8% 10.6% 1 year 10.4% 10.2% 13.55% 6 months 5.9% 5.0% 3 months 2.7% 2.4% 9.40% 1 month 1.1% 0.9% 65.25% 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 % 8.60% GOI % 9.37% G Sec., GGB 7.72% GOI % 8.17% GOI % : - Non : 100% 8.15% GOI % 4.47% 8.99% MP SDL % - 0% (NA); Debt - 100% (IBEX) 27 th June % GOI % 7.02% GOI % 8.24% GOI % 8.63% MH SDL % 9.39% GJ SDL % 9.11% MP SDL % 8.25% MH SDL % 8.98% PN SDL % 8.91% MAH SDL % 90.63% 1.84% 4.57% 0.96% Govt & Govt Guaranteed Bonds Dynamic Gilt Fund 8.52% GJ SDL % 7.73% GOI % NABARD CD % CBLO Inception 7.4% 7.5% 8.30% GOI % 92.63% 10 years 8.4% 8.8% 7 years 8.1% 8.2% 6 years 8.8% 8.8% 5 years 9.5% 9.6% 8.20% GOI % Current Asset/Liabilities 2.17% Others 11.08% 4 years 9.4% 9.6% 3 years 7.9% 8.9% 2 years 11.6% 11.3% 10.54% 1 year 10.4% 10.8% 0.08% 6 months 6.2% 5.6% 3 months 3.0% 2.7% 19.16% 1 month 1.2% 1.0% 70.22% 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% - 0% (NA); Debt - 100% (Crisil Liquid) 07 th December 2004 Dynamic Floating Rate Fund Inception 7.6% 7.2% 10 years 8.0% 7.6% 7 years 8.0% 7.6% 6 years 8.7% 8.4% 5 years 9.2% 8.6% 4 years 9.4% 8.6% 3 years 8.8% 8.8% 2 years 8.4% 8.3% 1 year 7.6% 7.9% 6 months 3.9% 3.9% 3 months 2.0% 1.9% 1 month 0.6% 0.6% DEBT % GOI FRB % L&T Finance Ltd NSE Mibor +1.55% EXIM Floater INCMTBMK bps % 7.11% 8.19% GOI % IL & FS CP % Corporation Bank CD % LIC Housing Finance Ltd INBMK+120BPS % CBLO 5.32% 4.59% ICICI Bank CD % 6.05% GOI % 8.27% GOI % 7.02% GOI % 8.13% OMC GOI Special Bond % Aditya Birla Finance Ltd CP % 9.37% MAH SDL % 7.28% GOI % 8.51% PN SDL % NABARD CD % 9.65% TN SDL % Current Asset/Liabilities 1.15% Others 5.03% 32.91% 33.01% 7.84% 13.03% 5.39% 23.28% 4.64% 34.08% 45.82% 6.66% 7.68% 27.77% G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ CBLO 57.89% 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 6.6% 8.8% 6 years 6.3% 8.4% 5 years 6.6% 9.0% 4 years 7.7% 10.4% 3 years 7.0% 10.3% 2 years 5.4% 8.5% 1 year 3.6% 6.2% 6 months 4.6% 4.9% 3 months 4.1% 4.2% 1 month 1.4% 1.2% Portfolio EQUITY 52.20% Infosys Ltd 4.10% I T C Ltd 3.69% HDFC Bank Ltd 3.41% Housing Development Finance Corp. Ltd 2.87% Reliance Industries Ltd 2.85% Tata Consultancy Services Ltd 2.38% Larsen And Toubro Ltd 2.26% ICICI Bank Ltd 2.03% Tata Motors Ltd 1.61% Sun Pharmaceuticals Ltd 1.55% Hindustan Unilever Ltd 1.30% Axis Bank Ltd 1.29% Mahindra & Mahindra Ltd 1.24% Maruti Suzuki India Ltd 1.03% Bharti Airtel Ltd 0.98% State Bank of India 0.98% Asian Paints Ltd 0.92% Hero Honda Motors Ltd 0.84% National Thermal Power Corporation Ltd 0.83% Oil & Natural Gas Corporation Ltd 0.83% Others (Details in the Annexure) 15.20% DEBT 47.80% 8.60% GOI % 8.17% GOI % Corporation Bank CD % 7.72% GOI % 8.15% GOI % 1.59% 8.31% GJ SDL % 8.40% GOI % 7.02% GOI % 8.92% L&T Finance Ltd % 9.78% Tata Sons % 8.90% SAIL CALL % LIC Housing Finance Ltd INBMK+120BPS % 8.48% KMPL % 14.88% 28.25% 4.67% 52.20% 3.25% 2.01% 6.96% 0.26% 8.33% 21.27% 57.91% Allocation by Sector % 2.21% 1.86% 1.69% G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ AA Fixed Deposit 4.99% 4.64% 3.90% 3.23% 8.38% 6.66% 12.10% 1.44% INFLATION INDEX GS % 8.24% GOI % 12.30% GOI % 10.75% Shriram Transport Finance Co Ltd % 9.30% PGC % 9.24% HDFC % 16.67% 10.91% 23.14% 49.28% Current Asset/Liabilities -0.98% Others 12.30% 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 13.7% 11.5% 10 years 9.4% 9.4% 7 years 9.8% 8.9% 6 years 9.1% 8.3% 5 years 10.1% 9.0% 4 years 11.9% 10.7% 3 years 12.1% 10.8% 2 years 11.1% 8.4% 1 year 6.9% 6.2% 6 months 6.3% 4.8% 3 months 6.4% 4.5% 1 month 1.9% 1.3% Portfolio EQUITY 54.52% Infosys Ltd 4.43% HDFC Bank Ltd 3.91% I T C Ltd 3.84% Larsen And Toubro Ltd 2.07% Axis Bank Ltd 2.00% IndusInd Bank Limited 1.96% Tata Motors Ltd 1.95% ICICI Bank Ltd 1.89% R Shares Banking ETF 1.82% Kotak Banking ETF - Dividend Payout Option 1.65% UltraTech Cement Ltd 1.56% Tata Consultancy Services Ltd 1.46% Hindustan Petroleum Corporation Ltd 1.46% Sun Pharmaceuticals Ltd 1.37% Mahindra & Mahindra Ltd 1.29% Maruti Suzuki India Ltd 1.28% YES BANK LTD 1.25% Hero Honda Motors Ltd 1.15% Bharat Petroleum Corporation Ltd 1.08% Britannia Industries Ltd 1.02% Others (Details in the Annexure) 16.10% DEBT 45.48% 8.60% GOI % 8.17% GOI % 7.72% GOI % 8.15% GOI % 8.40% GOI % 7.02% GOI % 8.48% KMPL % 1.44% INFLATION INDEX GS % 8.24% GOI % LIC Housing Finance Ltd INBMK+120BPS % 8.45% HDFC % 8.46% HDFC P % L&T Finance CP % 8.79% GOI % 8.21% MH SDL % 8.55% Sundaram Finance % 10.05% Bajaj Finance Ltd % 8.48% KMPL % 8.32% PGC % 27.98% 15.41% 2.09% 54.52% 26.72% 0.58% 0.53% 2.64% 0.39% 6.61% Allocation by Sector % 12.64% 11.84% 10.39% 4.23% 3.46% 3.09% 2.93% 2.91% 1.25% 1.05% G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ Fixed Deposit AA 6.78% 6.75% 6.07% 15.99% Sundaram Fin CP % Current Asset/Liabilities 0.74% Others 13.80% 65.14% 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. 8, : 0-60% Non : % - 30% (BSE 100); Debt - 70% (Crisil Bond) 27 th June 2003 Guaranteed Balanced Fund Inception 12.4% 10.3% 10 years 9.6% 9.0% 7 years 9.6% 8.7% 6 years 9.0% 8.3% 5 years 10.0% 9.1% 4 years 11.4% 10.3% 3 years 11.3% 10.2% 2 years 11.2% 9.0% 1 year 7.8% 7.2% 6 months 6.4% 4.9% 3 months 5.8% 4.0% 1 month 1.8% 1.2% Portfolio EQUITY 45.36% Infosys Ltd 3.68% I T C Ltd 3.19% HDFC Bank Ltd 3.17% Larsen And Toubro Ltd 1.71% Axis Bank Ltd 1.66% IndusInd Bank Limited 1.62% Tata Motors Ltd 1.62% ICICI Bank Ltd 1.59% Kotak Banking ETF - Dividend Payout Option 1.52% R Shares Banking ETF 1.52% UltraTech Cement Ltd 1.29% Hindustan Petroleum Corporation Ltd 1.22% Tata Consultancy Services Ltd 1.21% Sun Pharmaceuticals Ltd 1.13% Mahindra & Mahindra Ltd 1.07% Maruti Suzuki India Ltd 1.06% YES BANK LTD 1.03% Hero Honda Motors Ltd 0.96% Bharat Petroleum Corporation Ltd 0.89% Britannia Industries Ltd 0.85% Others (Details in the Annexure) 13.35% DEBT 54.64% 8.60% GOI % 8.17% GOI % 7.72% GOI % 8.15% GOI % 2.09% 8.40% GOI % 7.02% GOI % 1.44% INFLATION INDEX GS % 8.24% GOI % 8.48% KMPL % 9.78% Tata Sons % 8.32% PGC % 10.05% Bajaj Finance Ltd % 8.79% GOI % 8.21% MH SDL % 10.08% IOT Utkal Energy Services Limited % L&T Finance CP % 10.08% IOT Utkal Energy Services Limited % 10.08% IOT Utkal Energy Services Limited % 9.85% Shriram Transport Finance Co Ltd % Current Asset/Liabilities -0.54% Others 15.82% 16.91% 34.92% 2.81% 45.36% 2.27% 0.31% 3.79% 0.20% 6.89% 23.26% Allocation by Sector % 14.34% 11.11% 11.04% 2.89% 2.63% 2.46% 2.42% 1.03% 0.72% 3.53% G Sec., GGB Govt & Govt Guaranteed Bonds AAA AA+ Fixed Deposit AA 5.63% 5.62% 5.05% 13.37% 63.50% 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 12.8% 7.4% 6 years 11.8% 7.7% 5 years 12.7% 8.7% 4 years 17.5% 13.2% 3 years 20.0% 14.8% 2 years 13.0% 6.0% 1 year 3.2% 0.4% 6 months 6.7% 4.0% 3 months 9.4% 7.8% 1 month 2.6% 2.1% Portfolio EQUITY 97.37% Infosys Ltd 7.65% HDFC Bank Ltd 6.03% Tata Motors Ltd 4.00% IndusInd Bank Limited 3.85% ICICI Bank Ltd 3.71% Axis Bank Ltd 3.59% Larsen And Toubro Ltd 3.54% Kotak Banking ETF - Dividend Payout Option 3.54% I T C Ltd 3.25% Maruti Suzuki India Ltd 3.01% Britannia Industries Ltd 2.86% YES BANK LTD 2.71% Hindustan Petroleum Corporation Ltd 2.24% UltraTech Cement Ltd 2.12% Sun Pharmaceuticals Ltd 2.01% Bharat Petroleum Corporation Ltd 1.90% Shree Cement Ltd 1.88% Zee Entertainment Enterprises Ltd 1.75% HCL Technologies Ltd 1.58% R Shares Banking ETF 1.48% Others (Details in the Annexure) 34.67% DEBT 2.63% CBLO 1.59% IDBI Bank CD % 0.03% 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD BSE % Current Asset/Liabilities 0.65% Others 0.00% 2.60% 0.03% 97.37% 16.82% 1.50% 1.39% CBLO 80.29% Allocation by Sector % 1.81% 7.97% 7.12% 6.75% 6.73% 5.17% Fixed Deposit 13.49% 10.58% 8.75% 26.72% % 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 11.6% 9.7% 6 years 11.1% 7.7% 5 years 11.8% 8.7% 4 years 16.5% 13.2% 3 years 18.9% 14.8% 2 years 12.3% 6.0% 1 year 2.8% 0.4% 6 months 6.3% 4.0% 3 months 9.1% 7.8% 1 month 2.5% 2.1% Portfolio EQUITY 95.74% Infosys Ltd 7.56% HDFC Bank Ltd 6.00% Tata Motors Ltd 3.99% IndusInd Bank Limited 3.82% ICICI Bank Ltd 3.67% Axis Bank Ltd 3.56% Kotak Banking ETF - Dividend Payout Option 3.52% Larsen And Toubro Ltd 3.39% I T C Ltd 3.08% Maruti Suzuki India Ltd 2.96% Britannia Industries Ltd 2.72% YES BANK LTD 2.70% Hindustan Petroleum Corporation Ltd 2.22% UltraTech Cement Ltd 2.11% Sun Pharmaceuticals Ltd 2.00% Shree Cement Ltd 1.87% Bharat Petroleum Corporation Ltd 1.86% Zee Entertainment Enterprises Ltd 1.66% HCL Technologies Ltd 1.57% R Shares Banking ETF 1.47% Others (Details in the Annexure) 34.02% DEBT 4.26% Corporation Bank CD % CBLO 1.27% IDBI Bank CD % 0.11% 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD NSE % 8.00% HDFC Bank FD BSE % Current Asset/Liabilities 0.77% Others 0.00% 4.21% 0.05% 95.74% 36.33% 3.21% 1.35% 59.11% Allocation by Sector % 1.70% 8.43% 7.92% 6.89% 6.69% 6.61% 5.01% CBLO Fixed Deposit 13.32% 10.42% 26.59% % 28