Exide Life Insurance Fact Sheet 3-4. Exide Life Insurance Investment Philosophy 5. Market Review & Outlook for Markets 7-10

2016-2017

Contents Exide Life Insurance Fact Sheet 3-4 Exide Life Insurance Investment Philosophy 5 Market Review & Outlook for Markets 7-10 Risk-Return Profile of Funds 11 Fund Fact Sheet - Exide Life Debt Fund 12-13 Fund Fact Sheet - Exide Life Secure Fund 14-16 Fund Fact Sheet - Exide Life Preserve Fund 17-19 Fund Fact Sheet - Exide Life Balance Fund 20-22 Fund Fact Sheet - Exide Life Active Asset Allocation Fund 23-25 Fund Fact Sheet - Exide Life Growth Fund 26-29 Fund Fact Sheet - Exide Life Guaranteed Growth Fund 30-32 Fund Fact Sheet - Exide Life Prime Equity Fund 33-35 Fund Fact Sheet - Exide Life Mid Cap Fund 36-37 Fund Fact Sheet - Exide Life Equity Fund 38-40 Fund Fact Sheet - Exide Life Guaranteed NAV Fund 41-43 Fund Fact Sheet - Exide Life Pension Debt Fund 44-45 Fund Fact Sheet - Exide Life Pension Preserver Fund 46-48 Fund Fact sheet - Exide Life Pension Equity Fund 49-51 Fund Fact Sheet - Exide Life Prime Equity Pension Fund 52-54 Fund Fact Sheet - Exide Life Pension Liquid Fund 55-56 Fund Fact Sheet - Exide Life Group Debt Fund 57-58 Fund Fact Sheet - Exide Life Group Secure Fund 59-61 Fund Fact Sheet - Exide Life Group Balance Fund 62-64 Fund Fact Sheet - Exide Life Group Growth Fund 65-66 Glossary 67 Annual Fund Review 02

Annual Fund Review 03

Annual Fund Review 04

Exide Life Insurance Investment Philosophy Our policyholders are investing their hard earned money with specific objectives of protection and longer-term investment returns. Two of the basic expectations of our customers are thus, Safety and Returns, and we need to balance both these expectations in terms of the asset-allocation, underlying investments, and subsequent monitoring. These customer expectations are an important consideration in our investment management philosophy and strategy. The underlying investment philosophy is to ensure safety and deliver consistent, stable returns over the longer-term, for a given level of risk. This is achieved with a well-defined and disciplined investment process. There is an emphasis on compliance and robust risk-management in the investment process, both pre-investment and postinvestment. As a company and as an investment team, we focus on the long-term. Investment Team Profile Shyamsunder Bhat, Chief Investment Officer (CIO) has an experience of 22 years in fund management. He joined Exide Life Insurance in September 2010. Prior to joining Exide Life Insurance, Shyam has worked with two mutual fund companies - initially as a part of the start-up team in 1994 at Tata Asset Management Ltd. for 10 years (1994-2004), followed by Principal PNB Asset Management, where he then worked for more than 6 years (2004-2010). Shyam is an Electrical Engineer from VJTI (Mumbai) and a post-graduate in Management (M.M.S. Finance) from Narsee Monjee Institute of Management Studies (Mumbai). SHYAMSUNDER BHAT Chief Investment Officer(CIO) Shobit Gupta, Senior Vice President (Investments), Fixed Income, has over 18 years of experience in Fixed Income and Foreign Exchange markets. He has worked extensively in the field of Foreign exchange and Interest Rate derivatives at ABN AMRO Bank and has handled Fixed Income portfolios at Asset Management companies like Kotak Mahindra Mutual Fund and Principal Asset Management Co. He is a Graduate in Economics, Maths, Statistics, PGDBA from ICFAI Delhi and CFA from ICFAI Hyderabad and CFA Institute - USA. SHOBIT GUPTA Senior Vice President (Investments) - Fixed Income Pranav Parekh Fund Manager - Fixed Income portfolio Sumeet Hinduja Fund Managers - Equity portfolio Annual Fund Review 05

Risk Control Risk management is an integral part of our investment process. The company has well-defined risk policies and processes covering both portfolio and process risk. Further, the company has systems and software in place to monitor compliance of Regulations and Investments norms on a daily basis. The operating policy for each asset class defines the framework within which the investments are made in specific funds. All our current equity investments are in securities within the BSE-500/CNX500 index, and predominantly from within the BSE-200 index. The portfolio is well-diversified across companies and industries as a risk-mitigation measure. The debt portfolio of the company is mostly invested in assets of the highest credit quality i.e. Government of India securities, and AAA rated securities issued by blue-chip companies, and finally, a small exposure to AA rated securities. The key risk management policy adopted is maintaining high standards of credit quality of the portfolio and maintaining optimum duration depending on the market outlook. The exposure to stocks and duration of bonds changes over time based on an in-depth analysis of the factors affecting these markets. Finally, a reasonable level of liquidity is maintained within the respective funds so as to enable smooth redemption process on account of switches or claims, in line with the liquidity norms prescribed in our investment policy. Annual Fund Review 06

Indian Economy : Review And Outlook India s GDP growth decelerated in FY17 to 7.1% yoy, lower than 7.9% and 7.2% in the prior two years. The growth in FY17 was driven primarily by Government consumption, activities linked to the infrastructure sector and services. GVA also went down from 7.9% to 6.6% yoy. The sharp deceleration in fixed capital formation is a concern. The fiscal deficit for FY17 was within the targeted 3.5% (from 3.9% in Fy16), and is projected to reduce further to 3.2% in Fy18. GDP and GVA are expected to rise further in Fy18, given that FY17 had effect of demonetisation. However the nominal GDP growth is likely to rise to double digits. On an annual basis, there was a 4.9% in Industrial Production in Fy17 vs 3.4% growth in Fy16. Consumer price inflation averaged 4.5% in Fy17 vs an average of 4.9% in Fy16. Core inflation during Fy17 stood at 4.0% down from 4.7% in Fy16. Wholesale price inflation bounced back to positive territory in FY17, with an annual figure of 1.7% for Fy17 (as compared to annual -2.5% in FY16). India s trade deficit fell further 11% to US $ 106.5 billion, primarily due to moderate crude prices and appreciating Rupee and it is at lowest level in last 9 years. The current account deficit narrowed by 32% to US$15bn (0.7% of GDP) in Fy17, and is the lowest since Fy08. The Indian Rupee strengthened by approximately 1% for the year and the forex reserves rose by 2% to $ 370 billion during the year. Annual Fund Review 07

Indian Economy : Review And Outlook Macro-economic Indicators: The Macro Economic Indicators for the last 12 months are as shown: Economic Indicators April, 16 May, 16 Jun, 16 July, 16 Aug, 16 Sept, 16 Oct, 16 Nov, 16 Dec, 16 Jan, 17 Feb, 17 Mar, 17 Trade Balance (US$ billion) (4.9) (6.3) (8.1) (7.7) (7.8) (8.9) (11.1) (13.4) (10.5) (9.6) (7.7) (10.5) Exports (US$ billion) 20.9 22.2 22.6 21.7 21.6 22.9 23.3 20.1 24.0 22.3 25.5 29.1 Exports (YoY) (5.6) (1.6) 1.1 (6.9) 0.1 4.7 8.8 2.5 6.4 5.1 22.5 27.2 Imports (US$ billion) 25.8 28.4 30.7 29.3 29.3 31.8 34.5 33.5 34.5 31.9 33.2 39.7 Imports (YoY) (23.0) (13.4) (8.5) (19.3) (13.6) (0.9) 10.7 12.0 1.2 10.6 21.2 45.3 Foreign Exchange Reserves (US$ billion) 363.1 360.2 360.8 365.5 366.8 372.0 367.2 365.3 360.3 361.6 362.8 370.0 Rs/US$1 (period average) 66.4 67.0 67.3 67.2 66.9 66.7 66.7 67.7 67.8 68.1 67.0 65.8 M1 (YoY) 14.4 12.2 13.7 13.6 14.6 20.4 14.8 (12.3) (18.6) (13.7) (10.5) 3.6 M3 (YOY) 10.8 9.9 10.3 10.1 10.0 13.6 10.4 8.5 6.6 6.4 6.5 10.6 Bank Loans (Non-food credit, YOY) 9.9 9.6 9.3 8.6 9.1 12.3 8.8 6.5 6.2 4.3 4.3 9.6 Deposit Growth Rate (YoY) 9.4 8.9 9.1 8.3 8.9 12.8 9.2 15.6 15.7 12.7 12.0 15.9 364 day T-Bill Yield 6.9 7.0 6.9 6.8 6.7 6.6 6.5 6.2 6.2 6.3 6.3 6.2 91 day T-Bill Yield 6.8 6.9 6.8 6.6 6.6 6.5 6.4 6.1 6.2 6.2 6.2 5.9 10 yr Government Bond Yield 7.4 7.5 7.5 7.3 7.1 6.9 6.7 6.5 6.4 6.4 6.7 6.8 Industrial Production 6.5 8.0 8.9 5.2 4.9 5.7 4.9 5.7 2.6 3.0 0.8 3.8 Manufacturing (% YOY) 5.5 8.6 8.6 6.3 6.6 6.7 5.9 4.9 0.9 1.9 0.1 2.4 Consumer Durable Goods 13.8 14.7 9.5 4.8 12.2 14.3 5.3 10.9 (4.3) (5.0) (8.0) (3.9) Primary Goods 12.6 4.6 8.2 4.2 (1.0) 2.2 5.2 5.5 7.4 3.8 0.8 5.9 Capital Goods 8.1 13.9 14.3 8.3 0.6 (7.5) (4.7) 5.4 (6.1) (0.2) (2.0) 9.6 Intermediate Goods 0.0 4.5 6.2 2.4 4.6 1.8 4.7 5.7 2.1 3.3 2.2 2.8 Consumer Price Index (YoY) 5.5 5.8 5.8 6.1 5.0 4.4 4.2 3.6 3.4 3.2 3.7 3.9 Wholesale Price Index (YoY - All commodities) (1.1) (0.9) (0.1) 0.6 1.1 1.4 1.3 1.8 2.1 4.3 5.5 5.1 Equity markets review and outlook After an 8.9% correction during the financial year 2015-2016, the Nifty rallied close to 19% during the financial year 2016-2017. The rally in the equity markets was aided by continuing domestic liquidity in terms of inflows into equities in general (and equity mutual funds in particular), and further fuelled by large FII buying, particularly in March. FIIs invested $8.5bn for the year, which exceeds their investment for 2 full calendar years 2015 and 2016. A prudent Union Budget, better than expected corporate results for the year inspite of the adverse impact of demonetization. a very strong mandate in State Elections and subsequently the passage of the GST Bills in Parliament, were factors influencing the strength in the equity markets. Wholesale Price Inflation turned positive during the year, and this, too, has benefitted the corporate earnings. Better than expected monsoons after two years of consecutive lower rains and implementation of the 7th Pay Commission wage hike recommendations has led to a revival in rural demand compared to weak demand last year. Global financial markets showed remarkable improvement in its macro data, with manufacturing indices of various countries seeing traction and steady upturn including that of China. The US Federal Reserve did raise interest rates twice in FY17 and is expected to do couple of more rate hikes in FY18. Policymakers in US are expected to gradually make a balance sheet adjustment which was welcomed by the markets globally. The IMF has raised global growth estimates to 3.5% from earlier 3.4% for calendar 2017, with estimates that India would be one of the fastest growing economies projecting it to grow at 7.2% this year. Inflows in domestic equity funds continued to be strong during most of the year, helped by demonetisation thereby creating surplus liquidity in the banking system and a continuing shift from physical to financial assets. Domestic mutual funds were net buyers to the tune of $ 2.5 bn during FY17, and have remained buyers for last three years. However, after remaining net sellers in FY16, Foreign Institutional Investors (FIIs) turned strong buyers to the tune of $8.5 bn in FY17 given the benign global markets and stable corporate earnings in India inspite of the temporary disruption caused by demonetization. The Indian Rupee appreciated by approximately 1% during the year, after facing a depreciation of over 6% in FY16. Foreign Direct Investment inflows hit an all-time high of $60.1 billion in 2016-17, and this could partly be due to the easing of FDI limits by the Government. Annual Fund Review 08

Indian Economy : Review And Outlook While the earning results have yet to see any meaningful improvement in FY17, the results for the March 2017 quarter showed the initial signs of an uptrend, and this is expected to gather pace during the next financial year. FY17 began with hopes of an ever-elusive earnings recovery, backed by a consumption growth from an expected good monsoon, 7th Pay Commission implementation and improvements in macro-indicators. However, continued weakness in private capex cycle, absence of a broader pick-up in consumption and nonresolution of NPA issues in the banking sector played a spoilsport. Additionally, events like demonetization changed the setting mid-way, leading to a flattish earnings performance. India has a relative advantage over most other countries in terms of higher growth, reasonable deficits and a slower depreciation in the currency; and the revival in corporate earnings growth is likely to result in a better performance from equity markets in the next financial year. Global events which could influence our markets over the next few quarters include the pace of interest rate hikes by the US Federal Reserve, new US policies on taxation/outsourcing, followed by the trend in the US dollar vs global currencies. Concerns could stem from rising valuations and any global risk-off sentiment during the year, though India is likely to continue to be viewed favourably on a relative basis which could result in the downside being limited. The equity market performance for various periods ending March 31st, 2017 is shown in the table below. Indices March 31, 2017 1-Month Change 3-Month Change 6-Month Change 1-Year Change BSE Sensex (INR) 29620.50 3.05% 11.24% 6.30% 16.88% BSE 100 (INR) 9494.36 3.30% 13.21% 7.11% 21.17% Nifty (INR) 9173.75 3.31% 12.07% 6.53% 18.55% CNX Midcap (INR) 17197.15 4.35% 19.83% 11.57% 34.85% MSCI Europe # 128.93 2.96% 5.25% 11.32% 13.47% MSCI World # 1853.69 0.82% 5.85% 7.42% 12.47% MSCI Emerging Mkt # 958.37 2.35% 11.15% 6.08% 14.53% # Changes in the index value are based on conversion to Rupee terms Performance of various equity indices during the year is shown in the graph below: 150 Equity Indices 140 Index Values (Rebased to 100) 130 120 110 100 90 80 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 CNX Midcap MSCI Emerging Markets MSCI World Nifty Debt Market Review and Outlook The Year FY17 started with a positive note on Union Budget sticking to its path of Fiscal Consolidation. CPI moderated to 4.8% in March from 5.3% in February, driven by lower food and fuel price inflation. This helped RBI to cut Repo rate by 25bps to 6.50% and take steps to boost liquidity. FII inflows were moderate on account of perception of risk from the BREXIT vote in UK & an impending second hike in interest rates by the Federal Reserve in the US. With falling CPI inflation,10y Gsec yields also started easing from 7.46% in March to 6.79% in October. There were events such as the appointment of the new RBI Governor, the demonetization and the US Presidential election which resulted in some degree of volatility in the market. A Monetary Policy Committee (MPC) was formed to manage the monetary policy, which did cut repo rates by 25bps to 6.25% on easing inflation. 10y AAA PSU corporate bond spreads hovered in the range of 55-65bps. Post the US Presidential election and the rise in global yields, the spreads rose towards 80bps. Post demonetization, growth fears and lower inflation expectations led to a 50 bps rally in bonds with 10y Gsec yield falling to 6.25% on expectation of further rate cuts. This movement was witnessed even after FIIs pulling out $6-7bln. However, RBI disappointed the market by keeping rates unchanged, accompanied by a hawkish commentary. This development, accompanied by a rise in global bond yields, caused a selloff in domestic bond market and yields rose from a year low of 6.18% to 6.60% within a month. The US Federal Reserve hiked rates by 25bps as expected, on stronger economic growth and better labour market. This was an indicator of the end of monetary stimulus globally. Annual Fund Review 09

Indian Economy : Review And Outlook India s external position has improved the twin deficit (Current Account Deficit and Trade Deficit). With Forex reserves rising to more than 361$billion, it provides the necessary cushion to the Indian Rupee (INR). India has successfully managed to fund the $30 bn dollar FCNR redemption while keeping the INR largely stable, despite the huge volatility in the international markets. Fy17 commenced with uncertain global events, but was an eventful one for fixed income. The 10-year benchmark gilt yield moved from 7.46% to 6.68% and the 10-year corporate bond spreads widened from 55bps to 82bps during the year. Though Q4 FY17 GDP growth ended with 6.1% partially due to the full reflection of the demonetization impact, there is an expectation that the GDP growth would recover back to 7-7.5% in FY18. CPI is expected to end FY18 in the range 3.5-4.5% as per RBI expectations. Given the structurally lower inflation, controlled fiscal deficit, higher liquidity and lower credit offtake and expectation of a 25-50bps rate cut during Fy18, we could continue to be in a falling interest-rate scenario in the current financial year, subject to global hurdles like Fed rate hike, rising oil prices and geopolitical tensions. The key debt market indicators are highlighted below : Key Indicators Indicator Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Inflation 1.65% 10.36% 9.68% 7.69% 5.65% 5.70% 5.25% 4.83% 3.89% NSE MIBOR 5.02% 5.47% 9.24% 11.99% 8.98% 8.53% 8.35% 9.00% 7.37% 91 Day Bill 4.50% 4.33% 7.31% 9.02% 8.02% 8.83% 7.94% 7.12% 5.78% 364 Day T Bill 5.50% 5.12% 7.64% 8.40% 7.79% 8.78% 7.72% 7.06% 6.10% 5 year G Sec 6.76% 7.50% 7.95% 8.60% 7.96% 8.86% 7.75% 7.43% 6.76% 10 year G Sec 7.01% 7.83% 7.99% 8.54% 7.96% 8.80% 7.74% 7.46% 6.68% 3 month CP P1+ 8.00% 6.00% 6.00% 10.75% 9.22% 9.65% 8.76% 8.67% 6.61% 6 month CP P1+ 10.25% 8.80% 6.50% 6.50% 10.63% 9.27% 8.68% 8.75% 6.96% 1 year CP P1+ 10.00% 9.50% 7.25% 7.25% 10.88% 9.30% 8.71% 8.80% 7.24% 1 year AAA 9.90% 7.95% 6.70% 9.55% 9.86% 8.90% 8.40% 7.85% 6.80% 3 year AAA 9.45% 8.14% 7.90% 9.35% 9.67% 8.87% 8.34% 8.00% 7.23% 5 year AAA 9.45% 8.51% 8.50% 9.23% 9.55% 8.83% 8.31% 8.12% 7.40% 10year AAA 8.74% 8.80% 9.12% 9.49% 8.81% 9.60% 8.31% 8.31% 7.65% Performance of Debt Indices during the year is shown in the graph below: 120 Debt Indices 8.0% Index Values(Rebased to 100) 115 110 105 100 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 7.5% 7.0% 6.5% 6.0% (Yield) Crisil Bond Index 10 Yr Gsec Yield Annual Fund Review 10

Risk Return Profile of Funds Exide Life Insurance offers a wide range of fund options catering to various risk-return appetite.you can invest either in equity, or in debt or in hybrid fund and even change your investment strategy. You can choose from these funds depending on your risk appetite, age, time horizon for important life stage goals like child education planning, retirement planning, etc. The risk return chart below helps you choose the right fund for your investment needs. High Risk Exide Life Prime Equity Fund Exide Life Midcap Fund Exide Life Equity Pension Fund* Exide Life Equity Fund* Exide Life Prime Equity Pension Fund* Risk Exide Life Balance Fund Exide Life Guaranteed NAV Fund Exide Life Growth Fund Exide Life Active Asset Allocation Fund Medium Risk Exide Life Secure Fund Exide Life Liquid Pension* Exide Life Preserver Fund Exide Life Preserver Pension* Exide Life Debt Pension Fund* Exide Life Debt Fund* Low Risk Return *Available for existing customers only subject to product terms and conditions Annual Fund Review 11

Exide Life Debt Fund Fund Profile: The fund seeks to generate income through an investment mix of high quality bonds and money market instruments. SFIN No: ULIF00218/10/04DEBT114 Launch Date: November 02, 2004 Net Asset Value (NAV) as on 31 Mar. 2017: 27.1639 Assets Under Management (AUM): 324.16 mn Equity : Debt : 327.45 mn Net Current Assets : (3.29) mn Fund Manager: Debt : Mr.Pranav Parekh Asset Allocation (As approved by IRDAI) Fund Type % Debt and Debt related Instruments 100% Rating Profile of Debt Instruments AAA: 31.47% Fund Performance SOVEREIGN: 68.53% Period Fund Return Benchmark* 1 Month 1.24% 1.29% 6 Months 2.94% 3.36% 1 Year 11.52% 11.09% 2 Years 9.67% 9.66% 3 Years 11.77% 11.27% Since Inception 8.38% 7.29% *Benchmark : Crisil Composite Bond Index (100%).Returns over one year are compounded annualised and fund returns are net of charges. Movement of NAV 27.2 Sector Allocation Equity Sector Allocation % Others Debt Sector Allocation % Infrastructure finance 50.08 Electricity gas steam and air conditioning supply 29.78 Civil engineering 9.52 Financial & insurance 5.44 Housing 5.18 Unit Price 27.0 26.8 26.6 Mar 2017 13 20 27 Asset Allocation (As on Mar 31st, 2017) Others: 4.39% Corporate Debt: 30.09% Gsec: 65.52% Modified Duration of Debt and Money Market Instruments 6.3 Years Others include Money Market Instruments and Net Current Assets Annual Fund Review 12

Exide Life Debt Fund Portfolio Holdings Corporate Debt-Holdings Amt (mn) % AUM 8.93 PGCIL 20 Oct 2026 23.92 7.38% 8.65% PFC 28 Dec 2024 19.06 5.88% 8.30% Rural Electrification Corporation Ltd 10 Apr 2025 14.56 4.49% 9.15% LARSEN & TOUBRO LTD 05 01 2019 9.28 2.86% 8.03% PFC 02 May 2026 (PUT 01 May 2021) 5.13 1.58% 8.13% PGCIL 23 April 2021 5.12 1.58% 7.83%IRFC 21 MAR 2027 5.08 1.57% 9.20% HDFCL 08 10 2017. 5.06 1.56% 7.63% PFC 14 Aug 2026 5.01 1.54% 9.50 % State Bank of India 2025 ( Call 04 Nov 2020) 3.29 1.01% 9.66% TATASONS 13 09 2017 2.02 0.62% Total 97.53 30.09% G-Sec Holdings Amt (mn) % AUM 7.73% Gol Sec 19 12 2034 38.78 11.96% 6.79% GSEC 26 Dec 2029. 26.45 8.16% 8.27% GOI Sec 09 June 2020 20.96 6.47% 8.83% Gsec 25 NOV 2023 20.83 6.43% 9.23 GOI 23 12 2043 20.26 6.25% 7.75% Karnataka SDL 01 Mar 2027 20.25 6.25% 7.88% GSec 19 Mar 2030 15.15 4.67% 7.73 RJ SDL 01 Mar 2027 15.14 4.67% 7.61 RJ SDL 29 03 2027 10.01 3.09% 7.59% G Sec 20 Mar 2029 8.53 2.63% 7.80% GOI 11 APR 2021. 5.19 1.60% 8.53 % GSEC SDL(Assam)24 02 2020 4.67 1.44% 7.72% G Sec 26 Oct 2055 3.10 0.96% 8.58 % GSEC SDL(Uttarkhand) 13 04 2020 2.60 0.80% 8.13 % GOI 22 Jun 2045 0.47 0.15% Total 212.4 65.52% Money Market Amt (mn) % AUM L&T Liquid Fund Direct Plan Growth 7.52 2.32% HDFC Liquid Fund Direct Plan Growth Option 5.00 1.54% Kotak Liquid Regular Plan Growth Direct 5.00 1.54% Total 17.52 5.4% Net Current Assets ( 3.29) ( 1.01) % Total 324.16 100.00 Annual Fund Review 13

Exide Life Secure Fund Fund Profile: The fund seeks to achieve long term moderate capital growth through an investment mix of upto 20% equity and the balance in high quality bonds and money market instruments. SFIN No: ULIF00418/10/04SECURE114 Launch Date: November 02, 2004 Net Asset Value (NAV) as on 31 Mar. 2017: 28.9352 Assets Under Management (AUM): 317.78 mn Equity Debt Net Current Assets Fund Manager: Equity : Mr.Mahesh Sarda Debt : Mr.Pranav Parekh Fund Performance : 40.91 mn : 265.92 mn : 10.95 mn Asset Allocation (As approved by IRDAI) Fund Type % Equity 10% to 20% Debt 0% to 90% Money Market 0% to 20% Rating Profile of Debt Instruments AAA: 38.75% SOVEREIGN: 61.25% Period Fund Return Benchmark* 1 Month 1.60% 1.59% 6 Months 3.38% 3.83% 1 Year 12.13% 12.21% 2 Years 8.43% 8.80% 3 Years 11.64% 11.24% Since Inception 8.94% 8.31% *Benchmark : Crisil Composite Bond Index (85%) and Nifty 50 (15%).Returns over one year are compounded annualised and fund returns are net of charges. Movement of NAV Unit Price 29.0 28.8 28.6 28.4 28.2 Mar 2017 13 20 27 Asset Allocation (As on Mar 31st, 2017) Sector Allocation Equity Sector Allocation % Financial & insurance 32.02 Computer programming consultancy and related activities 12.56 Pharmaceuticals 6.63 Manufacture of coke and refined petroleum products 6.40 Civil engineering 6.12 Manufacture of other transport equipment 5.43 Manufacture of motor vehicles trailers and semi trailers 4.00 Manufacture of tobacco products 3.62 Manufacture of chemicals and chemical products 2.68 Manufacture of electrical equipment 2.60 Others 17.93 Debt Sector Allocation % Infrastructure finance 38.94 Electricity gas steam and air conditioning supply 31.94 Financial & insurance 10.68 Water transport 9.82 Civil engineering 8.62 Others: 8.70% Equity: 12.87% Gsec: 48.04% Corporate Debt: 30.39 Modified Duration of Debt and Money Market Instruments 6.14 Years Others include Money Market Instruments and Net Current Assets Annual Fund Review 14

Exide Life Secure Fund Portfolio Holdings Equity-Holdings Amt (mn) % AUM HDFC Bank Ltd 3.05 0.96% Infosys Ltd 2.64 0.83% Reliance Industries Ltd 2.61 0.82% ICICI Bank Ltd 2.56 0.81% Larsen & Toubro Ltd 1.88 0.59% ITC Ltd 1.48 0.47% Tata Motors Ltd 1.46 0.46% Mahindra & Mahindra Ltd 1.41 0.44% Housing Development Finance Corporation Ltd 1.37 0.43% Bajaj Finance Limited 1.14 0.36% State Bank of India 1.05 0.33% Sun Pharmaceutical Industries Ltd 0.97 0.31% Bank of Baroda 0.93 0.29% Oil & Natural Gas Corporation Ltd 0.89 0.28% Crompton Greaves Consumer Electricals Limited. 0.81 0.26% Axis Bank Ltd 0.75 0.24% Tata Consultancy Services Ltd 0.77 0.24% Bharti Airtel Ltd 0.69 0.22% Hindustan Unilever Ltd 0.64 0.20% MindTree Ltd 0.64 0.20% Ncc Ltd 0.62 0.20% Glenmark Pharmaceuticals Ltd 0.60 0.19% Adani Port & Sez Ltd 0.58 0.18% Alembic Pharmaceuticals Limited 0.56 0.18% Yes Bank Ltd 0.57 0.18% Ultratech Cement Ltd 0.55 0.17% Coal India Ltd 0.51 0.16% Hero Motocorp Ltd. 0.47 0.15% The Ramco Cements Limited 0.48 0.15% Voltas Ltd 0.48 0.15% Mahindra & Mahindra Financial Services Limited 0.47 0.15% Punjab National Bank 0.41 0.13% Union Bank Of India 0.41 0.13% Gail (India) Ltd 0.40 0.13% Bharat Heavy Electricals Ltd 0.37 0.12% VRL Logistics Ltd 0.36 0.11% Rural Elec Corp. Ltd 0.34 0.11% Sintex Industries Ltd. 0.36 0.11% Persistent Systems Ltd 0.32 0.10% NBCC (India) Limited 0.31 0.10% KEC International Limited 0.31 0.10% Bharat Electronics Ltd 0.32 0.10% Aurobindo Pharma Limited 0.30 0.09% Hcl Technologies Ltd 0.28 0.09% Hathway Cable & Datacom Limited. 0.27 0.08% Bajaj Electricals Ltd 0.25 0.08% Asian Paints Ltd 0.24 0.08% Lupin Ltd. 0.27 0.08% Tech Mahindra Ltd 0.25 0.08% Wipro Ltd 0.24 0.08% Colgate Palmolive India Ltd 0.21 0.07% Texmaco Rail & Engineering Limited 0.18 0.06% Maruti Suzuki India Ltd 0.18 0.06% Infrastructure Development Finance Company Ltd 0.16 0.05% IDFC Bank Ltd 0.17 0.05% Eicher Motors Limited 0.13 0.04% Tata Steel Ltd 0.10 0.03% Annual Fund Review 15

Exide Life Secure Fund Kotak Mahindra Bank Ltd 0.05 0.02% Indusind Bank Ltd 0.02 0.01% Bosch Ltd 0.02 0.01% Cipla Ltd 0.01 0.00% Bharti Infratel Ltd 0.00 0.00% Bharat Petroleum Corporation Ltd 0.01 0.00% Acc Ltd 0.00 0.00% Ambuja Cements Ltd 0.00 0.00% Bajaj Auto Ltd 0.01 0.00% Hindalco Industries Ltd 0.01 0.00% Grasim Industries Ltd 0.01 0.00% Dr. Reddys Lab Ltd 0.01 0.00% Ntpc Limited 0.01 0.00% Power Grid Corpn. Of India Ltd 0.01 0.00% Zee Entertainment Enterprises Ltd 0.00 0.00% Tata Power Co. Ltd 0.00 0.00% Total 40.91 12.87% Corporate Debt-Holdings Amt (mn) % AUM 7.52% Rural Electrification Corporation Ltd 07 Nov 2026 14.91 4.69% 8.93% PGCIL 20 OCT 2029 11.04 3.48% 7.75% PFC 22 Mar 2027 10.20 3.21% 9.60% GE SHIPPING 10 11 2019 9.48 2.98% 8.65% PFC 28 Dec 2024 7.41 2.33% 7.58% NTPC 23 Aug 2026 6.99 2.20% 8.93 PGCIL 20 Oct 2026 5.44 1.71% 8.95% LARSEN & TOUBRO LTD 26 05 2020. 5.23 1.65% 8.50% EXIM Bank 26 April 2023 5.23 1.65% 7.71% NABARD 17 Mar 2032 5.08 1.60% 7.83%IRFC 21 MAR 2027 5.08 1.60% 8.13% PGCIL 23 April 2021 4.10 1.29% 9.30% PGCIL 04 Sep 2024 3.28 1.03% 9.15% LARSEN & TOUBRO LTD 05 01 2019 3.09 0.97% Total 96.57 30.39% G-Sec Holdings Amt (mn) % AUM 7.61% Gsec 09 May 30 33.15 10.43% 7.75% Karnataka SDL 01 Mar 2027 20.25 6.37% 7.71 GUJARAT SDL 01 Mar 2027 20.21 6.36% 7.59% G Sec 20 Mar 2029 17.37 5.46% 8.60% GOI 02 June 2028 12.87 4.05% 9.20 G Sec 30 Sept 2030 11.55 3.63% 7.73 RJ SDL 01 Mar 2027 10.09 3.18% 8.28% GOI 21 09 2027 9.67 3.04% 7.88% GSec 19 Mar 2030 5.23 1.64% 8.27% Gujarat SDL 13 Jan 2026 5.19 1.63% 8.17% G Sec 01 Dec 2044 4.85 1.53% 8.53 % GSEC SDL(Assam)24 02 2020 2.25 0.71% Total 152.67 48.04% Money Market Amt (mn) % AUM L&T Liquid Fund Direct Plan Growth 6.67 2.10% HDFC Liquid Fund Direct Plan Growth Option 5.00 1.57% Kotak Liquid Regular Plan Growth Direct 5.00 1.57% Total 16.67 5.25% Net Current Assets 10.95 3.45 % Total 317.77 100.00 Annual Fund Review 16

Exide Life Preserver Fund Fund Profile: The fund seeks to generate income by investing in a diversified portfolio of debt and money market instruments of varying maturities. SFIN No: ULIF01016/12/09PRESERVER114 Launch Date: January 01, 2010 Net Asset Value (NAV) as on 31 Mar. 2017: 19.9008 Assets Under Management (AUM): 998.81 mn Equity : Debt : 964.11 mn Net Current Assets : 34.70 mn Fund Manager: Debt : Mr.Pranav Parekh Asset Allocation (As approved by IRDAI) Fund Type % Debt 75% to 100% Money Market 0% 25% Rating Profile of Debt Instruments AAA: 37.74% Fund Performance SOVEREIGN: 62.26% Period Fund Return Benchmark* 1 Month 1.37% 1.29% 6 Months 2.95% 3.36% 1 Year 11.31% 11.09% 2 Years 9.31% 9.66% 3 Years 11.51% 11.27% Since Inception 9.96% 8.45% *Benchmark : Crisil Composite Bond Index (100%).Returns over one year are compounded annualised and fund returns are net of charges. Movement of NAV Unit Price 20.0 19.9 19.8 19.7 19.6 Sector Allocation Equity Sector Allocation % Others Debt Sector Allocation % Infrastructure finance 50.19 Housing 14.47 Warehousing and support activities for transportation 13.97 Financial & insurance 11.95 Civil engineering 8.19 Water transport 1.24 19.5 19.4 Mar 2017 13 20 27 Asset Allocation (As on Mar 31st, 2017) Others: 9.61% Corporate Debt: 34.11% Gsec: 56.28% Modified Duration of Debt and Money Market Instruments 5.8 Years Others include Money Market Instruments and Net Current Assets Annual Fund Review 17

Exide Life Preserver Fund Portfolio Holdings Corporate Debt-Holdings Amt (mn) % AUM 10.40% Reliance Ports And Terminals Limited 18 07 2021 47.57 4.76% 8.65% PFC 28 Dec 2024 39.17 3.92% 7.63% PFC 14 Aug 2026 31.04 3.11% 7.71% NABARD 17 Mar 2032 30.49 3.05% 9.70% HDFC 07 06 2017 25.12 2.52% 9.15% LARSEN & TOUBRO LTD 05 01 2019 24.76 2.48% 7.54% Rural Electrification Corporation Ltd 30 Dec 2026 22.90 2.29% 9.07% REC 28 02 2018 22.42 2.25% 8.03% PFC 02 May 2026 (PUT 01 May 2021) 17.46 1.75% 9.55% HDFC 19 06 2017 17.09 1.71% 8.11% REC Ltd 07 Oct 25 15.45 1.55% 7.83%IRFC 21 MAR 2027 15.25 1.53% 9.66% TATASONS 13 09 2017 8.09 0.81% 8.30% Rural Electrification Corporation Ltd 10 Apr 2025 7.28 0.73% 9.20% HDFCL 08 10 2017. 7.08 0.71% 9.60% GE SHIPPING 10 11 2019 4.22 0.42% 8.95% LARSEN & TOUBRO LTD 26 05 2020. 3.14 0.31% 0.00 % NABARD 01 01 2018. 1.90 0.19% 9.50 % State Bank of India 2025 ( Call 04 Nov 2020) 0.23 0.02% Total 340.66 34.11% G-Sec Holdings Amt (mn) % AUM 7.73% Gol Sec 19 12 2034 120.20 12.03% 7.88% GSec 19 Mar 2030 90.92 9.10% 7.75% Karnataka SDL 01 Mar 2027 75.92 7.60% 6.79% GSEC 26 Dec 2029. 56.34 5.64% 8.27% GOI Sec 09 June 2020 26.20 2.62% 8.83% Gsec 25 NOV 2023 25.22 2.52% 7.61 RJ SDL 29 03 2027 25.04 2.51% 7.73 RJ SDL 01 Mar 2027 24.22 2.42% 7.59% G Sec 20 Mar 2029 23.75 2.38% 8.17% G Sec 01 Dec 2044 19.39 1.94% 8.15 GOI Security 24 11 2026 18.98 1.90% 7.61% Gsec 09 May 30 18.64 1.87% 7.80% GOI 11 APR 2021. 12.45 1.25% 8.46% Gujarat SDL 10 Feb 2026. 7.36 0.74% 9.23 GOI 23 12 2043 5.96 0.60% 8.58 % GSEC SDL(Uttarkhand) 13 04 2020 3.64 0.36% 7.72% G Sec 26 Oct 2055 3.10 0.31% 8.13 % GOI 22 Jun 2045 2.43 0.24% 8.23% Goi Sec 12 02 2027 (Food Bond). 0.37 0.04% 7.40% GoI Sec 09 09 2035 0.30 0.03% 10.25% GoI Sec30 05 2021 0.17 0.02% 12.60% GoI Sec 23 11 2018. 0.22 0.02% 5.69% GoI Sec 25 09 2018. 0.25 0.02% 6.17% GoI Sec 12 06 2023 0.22 0.02% 6.30% GoI Sec 09 04 2023. 0.24 0.02% 7.95% GoI Sec 28 08 2032 0.21 0.02% 8.15% GoI FOOD BOND 16 10 2022. 0.15 0.02% 8.30% GOI Fert Bond 2023 0.10 0.01% 7.46% GSEC 2017 0.09 0.01% Total 562.08 56.28% Money Market Amt (mn) % AUM Annual Fund Review 18

Exide Life Preserver Fund L&T Liquid Fund Direct Plan Growth 21.37 2.14% HDFC Liquid Fund Direct Plan Growth Option 20.00 2.00% Kotak Liquid Regular Plan Growth Direct 20.00 2.00% Total 61.37 6.14% Net Current Assets 34.7 3.47 % Total 998.81 100.00 Annual Fund Review 19

Exide Life Balanced Fund Fund Profile: The fund seeks to achieve long term capital growth through an investment mix of upto 40% equity and the balance in high quality bonds and money market instruments. SFIN No: ULIF00118/10/04BALANCE114 Launch Date: November 02, 2004 Net Asset Value (NAV) as on 31 Mar. 2017: 30.6004 Assets Under Management (AUM): 726.59 mn Equity Debt Net Current Assets Fund Manager: Equity : Mr.Mahesh Sarda Debt : Mr.Pranav Parekh Fund Performance : 192.56 mn : 502.03 mn : 32.00 mn Asset Allocation (As approved by IRDAI) Fund Type % Equity 20% 40% Debt 0% 80% Money Market 0% 20% Rating Profile of Debt Instruments AAA: 36.68% SOVEREIGN: 63.32% Period Fund Return Benchmark* 1 Month 1.90% 1.90% 6 Months 3.86% 4.31% 1 Year 13.60% 13.33% 2 Years 7.56% 7.94% 3 Years 11.81% 11.20% Since Inception 9.44% 9.32% *Benchmark : Crisil Composite Bond Index(70%) and Nifty 50 (30%).Returns over one year are compounded annualised and fund returns are net of charges. Movement of NAV Unit Price 30.8 30.6 30.4 30.2 30.0 29.8 Mar 2017 13 20 27 Sector Allocation Equity Sector Allocation % Financial & insurance 32.05 Computer programming consultancy and related activities 12.68 Pharmaceuticals 6.83 Manufacture of coke and refined petroleum products 6.27 Civil engineering 5.66 Manufacture of motor vehicles trailers and semi trailers 5.12 Manufacture of other transport equipment 4.01 Manufacture of tobacco products 3.90 Manufacture of chemicals and chemical products 2.83 Manufacture of electrical equipment 2.41 Others 18.24 Debt Sector Allocation % Infrastructure finance 37.79 Electricity gas steam and air conditioning supply 37.39 Financial & insurance 24.82 Asset Allocation (As on Mar 31st, 2017) Others: 7.13% Equity: 26.50% Gsec: 42.03% Corporate Debt: 24.34% Modified Duration of Debt and Money Market Instruments 6.29 Years Others include Money Market Instruments and Net Current Assets Annual Fund Review 20

Exide Life Balanced Fund Portfolio Holdings Equity-Holdings Amt (mn) % AUM HDFC Bank Ltd 14.26 1.96% ICICI Bank Ltd 12.34 1.70% Reliance Industries Ltd 12.04 1.66% Infosys Ltd 11.77 1.62% Larsen & Toubro Ltd 8.52 1.17% ITC Ltd 7.51 1.03% Housing Development Finance Corporation Ltd 6.15 0.85% Tata Motors Ltd 5.85 0.81% State Bank of India 5.44 0.75% Mahindra & Mahindra Ltd 5.33 0.73% Sun Pharmaceutical Industries Ltd 4.70 0.65% Bajaj Finance Limited 4.74 0.65% Bank of Baroda 4.61 0.63% Oil & Natural Gas Corporation Ltd 4.13 0.57% Tata Consultancy Services Ltd 4.05 0.56% Maruti Suzuki India Ltd 4.01 0.55% Bharti Airtel Ltd 3.11 0.43% Crompton Greaves Consumer Electricals Limited. 3.10 0.43% Axis Bank Ltd 3.08 0.42% Yes Bank Ltd 3.03 0.42% Hindustan Unilever Ltd 2.95 0.41% MindTree Ltd 2.93 0.40% Glenmark Pharmaceuticals Ltd 2.79 0.38% Adani Port & Sez Ltd 2.59 0.36% Alembic Pharmaceuticals Limited 2.60 0.36% Ncc Ltd 2.38 0.33% Mahindra & Mahindra Financial Services Limited 2.26 0.31% Voltas Ltd 2.29 0.31% The Ramco Cements Limited 2.20 0.30% Coal India Ltd 2.21 0.30% Bharat Heavy Electricals Ltd 2.03 0.28% Ultratech Cement Ltd 2.03 0.28% Punjab National Bank 2.04 0.28% Gail (India) Ltd 1.94 0.27% Hcl Technologies Ltd 1.93 0.27% Union Bank Of India 1.74 0.24% VRL Logistics Ltd 1.73 0.24% Rural Elec Corp. Ltd 1.73 0.24% Sintex Industries Ltd. 1.59 0.22% KEC International Limited 1.59 0.22% Lupin Ltd. 1.57 0.22% Bharat Electronics Ltd 1.60 0.22% Bajaj Electricals Ltd 1.54 0.21% NBCC (India) Limited 1.50 0.21% Persistent Systems Ltd 1.45 0.20% Aurobindo Pharma Limited 1.44 0.20% Hathway Cable & Datacom Limited. 1.37 0.19% Hero Motocorp Ltd. 1.33 0.18% Asian Paints Ltd 1.29 0.18% Colgate Palmolive India Ltd 1.19 0.16% Wipro Ltd 1.13 0.16% Tech Mahindra Ltd 1.16 0.16% Texmaco Rail & Engineering Limited 0.96 0.13% IDFC Bank Ltd 0.91 0.13% Zee Entertainment Enterprises Ltd 0.86 0.12% Infrastructure Development Finance Company Ltd 0.84 0.11% Tata Steel Ltd 0.45 0.06% Annual Fund Review 21

Exide Life Balanced Fund Kotak Mahindra Bank Ltd 0.20 0.03% Power Grid Corpn. Of India Ltd 0.05 0.01% Ntpc Limited 0.04 0.01% Indusind Bank Ltd 0.09 0.01% Hindalco Industries Ltd 0.05 0.01% Bajaj Auto Ltd 0.04 0.01% Acc Ltd 0.01 0.00% Ambuja Cements Ltd 0.02 0.00% Bharat Petroleum Corporation Ltd 0.02 0.00% Bharti Infratel Ltd 0.01 0.00% Bosch Ltd 0.02 0.00% Cipla Ltd 0.02 0.00% Dr. Reddys Lab Ltd 0.03 0.00% Eicher Motors Limited 0.03 0.00% Grasim Industries Ltd 0.02 0.00% Tata Power Co. Ltd 0.01 0.00% Total 192.56 26.5% Corporate Debt-Holdings Amt (mn) % AUM 8.50% EXIM Bank 26 April 2023 31.39 4.32% 8.65% PFC 28 Dec 2024 26.47 3.64% 7.58% NTPC 23 Aug 2026 25.95 3.57% 8.93% PGCIL 20 OCT 2029 22.09 3.04% 7.75% PFC 22 Mar 2027 15.30 2.11% 7.52% Rural Electrification Corporation Ltd 07 Nov 2026 14.91 2.05% 9.30% PGCIL 04 Sep 2024 10.92 1.50% 7.83%IRFC 21 MAR 2027 10.17 1.40% 7.71% NABARD 17 Mar 2032 10.16 1.40% 8.13% PGCIL 23 April 2021 7.17 0.99% 9.50 % State Bank of India 2025 ( Call 04 Nov 2020) 2.35 0.32% Total 176.88 24.34% G-Sec Holdings Amt (mn) % AUM 7.75% Karnataka SDL 01 Mar 2027 55.68 7.66% 7.59% G Sec 20 Mar 2029 53.02 7.30% 7.61% Gsec 09 May 30 44.54 6.13% 7.71 GUJARAT SDL 01 Mar 2027 30.32 4.17% 9.20 G Sec 30 Sept 2030 29.45 4.05% 7.88% GSec 19 Mar 2030 27.69 3.81% 8.27% Gujarat SDL 13 Jan 2026 25.97 3.57% 8.28% GOI 21 09 2027 23.64 3.25% 7.73 RJ SDL 01 Mar 2027 11.10 1.53% 8.97% GOI 05 Dec 2030. 3.97 0.55% Total 305.38 42.03% Money Market Amt (mn) % AUM HDFC Liquid Fund Direct Plan Growth Option 7.00 0.96% Kotak Liquid Regular Plan Growth Direct 7.00 0.96% L&T Liquid Fund Direct Plan Growth 5.78 0.80% Total 19.78 2.72% Net Current Assets 32 4.41 % Total 726.6 100.00 Annual Fund Review 22

Exide Life Active Asset Allocation Fund Fund Profile: The fund seeks provide long term capital appreciation in a risk controlled manner by making clear and dynamic asset allocation choices as between Equities and Bonds. SFIN No: ULIF01527/12/10ACTASSET114 Launch Date: January 18, 2011 Net Asset Value (NAV) as on 31 Mar. 2017: 16.8511 Assets Under Management (AUM): 934.46 mn Equity Debt Net Current Assets Fund Manager: Equity : Mr.Shyamsunder Bhat Debt : Mr.Pranav Parekh : 510.12 mn : 421.30 mn : 3.04 mn Asset Allocation (As approved by IRDAI) Fund Type % Equity 20% 100% Debt 0% 80% Money Market 0% 80% Rating Profile of Debt Instruments AAA: 22.32% Fund Performance SOVEREIGN: 77.68% Period Fund Return Benchmark* 1 Month 2.31% 2.30% 6 Months 5.89% 4.95% 1 Year 16.97% 14.82% 2 Years 5.08% 6.80% 3 Years 11.86% 11.15% Since Inception 8.78% 8.51% *Benchmark : Crisil Composite Bond Index (50%) and Nifty 50 (50%).Returns over one year are compounded annualised and fund returns are net of charges. Movement of NAV Unit Price 16.9 16.8 16.7 16.6 16.5 16.4 Mar 2017 13 20 27 Sector Allocation Equity Sector Allocation % Financial & insurance 27.54 Computer programming consultancy and related activities 12.32 Pharmaceuticals 7.71 Manufacture of chemicals and chemical products 7.55 Manufacture of coke and refined petroleum products 5.81 Civil engineering 5.29 Manufacture of motor vehicles trailers and semi trailers 4.91 Manufacture of tobacco products 4.78 Manufacture of other transport equipment 3.76 Telecommunications 2.18 Others 18.15 Debt Sector Allocation % Electricity gas steam and air conditioning supply 59.94 Financial & insurance 28.15 Warehousing and support activities for transportation 11.91 Asset Allocation (As on Mar 31st, 2017) Others: 18.67% Gsec: 20.77% Equity: 54.59% Corporate Debt: 5.97% Modified Duration of Debt and Money Market Instruments 4.45 Years Others include Money Market Instruments and Net Current Assets Annual Fund Review 23

Exide Life Active Asset Allocation Fund Portfolio Holdings Equity-Holdings Amt (mn) % AUM Infosys Ltd 33.19 3.55% Housing Development Finance Corporation Ltd 33.11 3.54% HDFC Bank Ltd 25.27 2.70% ITC Ltd 24.37 2.61% Larsen & Toubro Ltd 22.32 2.39% Reliance Industries Ltd 21.47 2.30% State Bank of India 16.97 1.82% Tata Consultancy Services Ltd 15.68 1.68% ICICI Bank Ltd 14.94 1.60% Kotak Mahindra Bank Ltd 13.45 1.44% Maruti Suzuki India Ltd 13.26 1.42% Axis Bank Ltd 12.74 1.36% Asian Paints Ltd 12.64 1.35% Tata Motors Ltd 11.77 1.26% Sun Pharmaceutical Industries Ltd 11.79 1.26% Hindustan Unilever Ltd 10.72 1.15% Zee Entertainment Enterprises Ltd 10.40 1.11% Mahindra & Mahindra Ltd 10.08 1.08% Lupin Ltd. 9.81 1.05% UPL Limited 9.50 1.02% Aurobindo Pharma Limited 8.95 0.96% Hcl Technologies Ltd 8.18 0.88% Coal India Ltd 8.19 0.88% Ultratech Cement Ltd 7.41 0.79% Tata Steel Ltd 7.42 0.79% United Spirits Ltd 6.61 0.71% Bharti Infratel Ltd 6.59 0.70% Voltas Ltd 6.32 0.68% Nestle India Ltd 6.25 0.67% Max Financial Services Ltd. 6.19 0.66% Indian Oil Corporation Ltd 6.13 0.66% Eicher Motors Limited 5.96 0.64% Gail (India) Ltd 5.97 0.64% Indusind Bank Ltd 5.71 0.61% Jubilant Life Sciences Limited 5.19 0.56% Bombay Stock Exchange Ltd 5.00 0.53% Srf Limited 4.74 0.51% Ncc Ltd 4.64 0.50% Yes Bank Ltd 4.62 0.49% Bharti Airtel Ltd 4.55 0.49% Britannia Industries Limited 4.23 0.45% Wipro Ltd 4.22 0.45% Dishman Pharmaceuticals and Chemicals Limited 3.82 0.41% Oil & Natural Gas Corporation Ltd 3.75 0.40% Glenmark Pharmaceuticals Ltd 3.14 0.34% Amara Raja Batteries Ltd 2.86 0.31% Power Finance Corporation Limited 2.85 0.31% Sintex Industries Ltd. 2.59 0.28% KEC International Limited 2.40 0.26% Bharat Petroleum Corporation Ltd 2.03 0.22% Adani Port & Sez Ltd 1.92 0.21% Hero Motocorp Ltd. 1.79 0.19% Power Grid Corpn. Of India Ltd 1.73 0.19% Credit Analysis And Research Limited 1.70 0.18% Sterlite Technologies Ltd 1.56 0.17% Tech Mahindra Ltd 1.56 0.17% Crompton Greaves Consumer Electricals Limited. 1.48 0.16% Annual Fund Review 24

Exide Life Active Asset Allocation Fund City Union Bank Ltd 1.33 0.14% Cipla Ltd 1.18 0.13% Bajaj Finance Limited 1.09 0.12% Bajaj Auto Ltd 0.82 0.09% Dr. Reddys Lab Ltd 0.64 0.07% Ntpc Limited 0.64 0.07% Hindalco Industries Ltd 0.55 0.06% Bosch Ltd 0.55 0.06% Ambuja Cements Ltd 0.43 0.05% Grasim Industries Ltd 0.48 0.05% Tata Power Co. Ltd 0.37 0.04% Acc Ltd 0.22 0.02% Bank of Baroda 0.10 0.01% Total 510.12 54.59% Corporate Debt-Holdings Amt (mn) % AUM 7.58% NTPC 23 Aug 2026 16.97 1.82% 8.50% EXIM Bank 26 April 2023 15.69 1.68% 9.30% PGCIL 04 Sep 2024 10.92 1.17% 10.40% Reliance Ports And Terminals Limited 18 07 2021 6.64 0.71% 8.93% PGCIL 20 OCT 2029 5.52 0.59% Total 55.74 5.97% G-Sec Holdings Amt (mn) % AUM 7.61% Gsec 09 May 30 51.79 5.54% 7.59% G Sec 20 Mar 2029 50.72 5.43% 7.88% GSec 19 Mar 2030 41.80 4.47% 9.20 G Sec 30 Sept 2030 16.74 1.79% 8.17% G Sec 01 Dec 2044 15.62 1.67% 8.27% Gujarat SDL 13 Jan 2026 10.39 1.11% 8.28% GOI 21 09 2027 6.98 0.75% Total 194.04 20.77% Money Market Amt (mn) % AUM Kotak Liquid Regular Plan Growth Direct 48.80 5.22% HDFC Liquid Fund Direct Plan Growth Option 45.00 4.82% L&T Liquid Fund Direct Plan Growth 44.13 4.72% CBLO 03APR2017 33.58 3.59% Total 171.51 18.35% Net Current Assets 3.05 0.32 % Total 934.46 100.00 Annual Fund Review 25

Exide Life Growth Fund Fund Profile: The fund seeks to achieve long term accelerated capital growth through an investment mix of upto 60% equity and the balance in high quality bonds and money market instruments. SFIN No: ULIF00318/10/04GROWTH114 Launch Date: November 02, 2004 Net Asset Value (NAV) as on 31 Mar. 2017: 34.0847 Assets Under Management (AUM): 6994.29 mn Equity Debt Net Current Assets Fund Manager: Equity : Mr.Sumeet Hinduja Debt : Mr.Pranav Parekh : 3396.20 mn : 3344.03 mn : 254.06 mn Asset Allocation (As approved by IRDAI) Fund Type % Equity 40% 60% Debt 0% 60% Money Market 0% 20% Rating Profile of Debt Instruments AA+: 3.20% SOVEREIGN: 51.39% AAA: 45.41% Fund Performance Period Fund Return Benchmark* 1 Month 2.23% 2.30% 6 Months 4.42% 4.95% 1 Year 15.18% 14.82% 2 Years 6.36% 6.80% 3 Years 11.97% 11.15% Since Inception 10.40% 10.68% *Benchmark : Crisil Composite Bond Index(50%) and Nifty 50 (50%).Returns over one year are compounded annualised and fund returns are net of charges. Movement of NAV Unit Price 34.2 34.0 33.8 33.6 33.4 33.2 Mar 2017 13 20 27 Asset Allocation (As on Mar 31st, 2017) Sector Allocation Equity Sector Allocation % Financial & insurance 31.20 Computer programming consultancy and related activities 11.47 Manufacture of coke and refined petroleum products 6.84 Manufacture of tobacco products 6.79 Pharmaceuticals 6.29 Manufacture of motor vehicles trailers and semi trailers 6.25 Manufacture of other transport equipment 6.12 Manufacture of chemicals and chemical products 4.76 Civil engineering 3.43 Manufacture of other non metallic mineral products 2.45 Others 14.39 Debt Sector Allocation % Infrastructure finance 35.07 Financial & insurance 25.53 Housing 13.01 Electricity gas steam and air conditioning supply 9.18 Warehousing and support activities for transportation 7.02 Water transport 6.66 Civil engineering 3.52 Others: 4.62% Gsec: 24.06% Equity: 48.56% Corporate Debt: 22.76% Modified Duration of Debt and Money Market Instruments 5.62 Years Others include Money Market Instruments and Net Current Assets Annual Fund Review 26

Exide Life Growth Fund Portfolio Holdings Equity-Holdings Amt (mn) % AUM HDFC Bank Ltd 247.82 3.54% ITC Ltd 230.76 3.30% Infosys Ltd 217.18 3.11% Housing Development Finance Corporation Ltd 174.47 2.49% Reliance Industries Ltd 174.33 2.49% ICICI Bank Ltd 140.89 2.01% Larsen & Toubro Ltd 116.40 1.66% Maruti Suzuki India Ltd 92.89 1.33% Kotak Mahindra Bank Ltd 92.13 1.32% Tata Consultancy Services Ltd 90.74 1.30% Sun Pharmaceutical Industries Ltd 86.25 1.23% Tata Motors Ltd 84.57 1.21% Axis Bank Ltd 81.69 1.17% State Bank of India 72.67 1.04% Indusind Bank Ltd 70.90 1.01% Ultratech Cement Ltd 66.12 0.95% Asian Paints Ltd 64.51 0.92% Hindustan Unilever Ltd 62.45 0.89% Mahindra & Mahindra Ltd 57.94 0.83% Hero Motocorp Ltd. 52.84 0.76% Yes Bank Ltd 47.60 0.68% Zee Entertainment Enterprises Ltd 42.30 0.60% Hcl Technologies Ltd 42.05 0.60% Lupin Ltd. 36.93 0.53% Eicher Motors Limited 35.31 0.50% Aurobindo Pharma Limited 35.04 0.50% Ashok Leyland Ltd 34.96 0.50% Coal India Ltd 33.35 0.48% Oil & Natural Gas Corporation Ltd 33.51 0.48% Hathway Cable & Datacom Limited. 32.07 0.46% Nestle India Ltd 31.53 0.45% Ntpc Limited 30.37 0.43% Bajaj Finance Limited 29.37 0.42% Max Financial Services Ltd. 27.46 0.39% Motherson Sumi Systems Ltd 26.40 0.38% Britannia Industries Limited 26.25 0.38% Tech Mahindra Ltd 24.71 0.35% Castrol India Ltd 23.58 0.34% UPL Limited 22.76 0.33% Mahindra Cie Automotive Ltd 22.96 0.33% Hindustan Petroleum Corporation Ltd 21.41 0.31% Voltas Ltd 21.30 0.30% Bharti Infratel Ltd 20.12 0.29% Bharat Electronics Ltd 20.36 0.29% Dishman Pharmaceuticals and Chemicals Limited 19.41 0.28% United Spirits Ltd 19.27 0.28% Srf Limited 19.15 0.27% Power Grid Corpn. Of India Ltd 19.02 0.27% Bombay Stock Exchange Ltd 18.68 0.27% Gail (India) Ltd 18.61 0.27% Jindal Steel & Power Ltd 16.97 0.24% Shree Cements Ltd 17.08 0.24% Equitas Holdings Ltd 15.85 0.23% Glenmark Pharmaceuticals Ltd 14.65 0.21% MindTree Ltd 14.74 0.21% Infrastructure Development Finance Company Ltd 13.75 0.20% City Union Bank Ltd 13.58 0.19% Annual Fund Review 27

Exide Life Growth Fund Bharat Petroleum Corporation Ltd 13.01 0.19% Bharti Airtel Ltd 12.70 0.18% Bharat Forge Ltd 12.34 0.18% Bank of Baroda 12.83 0.18% Indraprastha Gas Ltd 12.85 0.18% KEC International Limited 12.39 0.18% Tata Steel Ltd 12.41 0.18% Grasim Industries Ltd 11.88 0.17% Dr. Reddys Lab Ltd 11.10 0.16% NBCC (India) Limited 11.36 0.16% V Guard Industries Ltd 11.08 0.16% Cipla Ltd 10.40 0.15% Adani Port & Sez Ltd 9.39 0.13% Hindalco Industries Ltd 7.73 0.11% Idea Cellular Ltd. 7.95 0.11% National Aluminium Co. Ltd 6.75 0.10% Total 3396.2 48.56% Corporate Debt-Holdings Amt (mn) % AUM 10.40% Reliance Ports And Terminals Limited 18 07 2021 111.74 1.60% 7.63% PFC 14 Aug 2026 100.13 1.43% 8.30% Rural Electrification Corporation Ltd 10 Apr 2025 85.29 1.22% 9.60% GE SHIPPING 10 11 2019 85.36 1.22% 9.95% State Bank of India 16 Mar 2026 (Call 16 Mar 2021) 54.44 0.78% 8.93 PGCIL 20 Oct 2026 54.36 0.78% 9.85% Sundaram Finance Ltd 07 05 2020 53.09 0.76% 9.05% State Bank of India(Perpetual Bond) (Call 27 Jan 2020) 52.27 0.75% 9.15% IL & FS 02 03 2020. 52.44 0.75% 9.20% State Bank of Hyderabad Perpetual Bond 52.51 0.75% 9.20 Bank of Baroda Perpetual Bond 09 10 2019 51.82 0.74% 8.23 % Rural Electrification Corporation Ltd 23 Jan 2025 51.78 0.74% 7.75% PFC 22 Mar 2027 49.99 0.71% 9.18% TATA SONS LTD 23 11 2020. 43.38 0.62% 9.70% IL & FS 22 Feb 2021 43.01 0.61% 9.75% ICICI HOME FINANCE CO. LTD 24 04 2019 41.93 0.60% 7.60% HDFC 21 12 2017 s a. 40.25 0.58% 0.00% NABARD BHAVISHYA NIRMAN BOND 01 08 2017. 36.21 0.52% 8.65% PFC 28 Dec 2024 35.99 0.51% 9.20% HDFCL 08 10 2017. 33.37 0.48% 9.66% TATASONS 13 09 2017 31.33 0.45% 9.30% PGCIL 04 Sep 2024 29.50 0.42% 9.15% LARSEN & TOUBRO LTD 05 01 2019 28.88 0.41% 9.30% LIC HOUSING FINANCE LTD 14 09 2022 26.93 0.39% 8.95% LARSEN & TOUBRO LTD 26 05 2020. 27.21 0.39% 9.55% HDFC 19 06 2017 27.15 0.39% 7.54% Rural Electrification Corporation Ltd 30 Dec 2026 26.88 0.38% 8.13% PGCIL 23 April 2021 26.64 0.38% 8.11% REC Ltd 07 Oct 25 25.75 0.37% 9.70% HDFC 07 06 2017 25.12 0.36% 9.19% GE SHIPPING 24 12 2018 20.69 0.30% 7.71% NABARD 17 Mar 2032 20.33 0.29% 9.47% PGCIL 31 03 2023 19.10 0.27% 8.03% PFC 02 May 2026 (PUT 01 May 2021) 18.48 0.26% 9.07% REC 28 02 2018 17.33 0.25% 8.93% PGCIL 20 OCT 2029 16.57 0.24% 10.60% IRFC 11 09 2018 14.68 0.21% 0.00% NATIONAL HOUSING BANK 24 12 2018 ZCB UL 12.42 0.18% 10.85% REC 14 08 2018 10.46 0.15% 8.97 PFC Ltd 15 Jan 2018 10.16 0.15% 7.52% Rural Electrification Corporation Ltd 07 Nov 2026 9.94 0.14% 9.50 % State Bank of India 2025 ( Call 04 Nov 2020) 8.16 0.12% 7.83%IRFC 21 MAR 2027 6.10 0.09% Annual Fund Review 28

Exide Life Growth Fund 0.00 % NABARD 01 01 2018. 2.85 0.04% Total 1592.03 22.76% G-Sec Holdings Amt (mn) % AUM 8.13 % GOI 22 Jun 2045 319.26 4.56% 7.73% Gol Sec 19 12 2034 154.07 2.20% 9.23 GOI 23 12 2043 150.79 2.16% 8.24% GoI Sec 15 02 2027. 107.20 1.53% 8.28% GOI 21 09 2027 105.78 1.51% 7.95% GoI Sec 28 08 2032 104.80 1.50% 7.59% G Sec 11 Jan 2026 104.80 1.50% 7.75% Karnataka SDL 01 Mar 2027 90.09 1.29% 7.59% G Sec 20 Mar 2029 87.59 1.25% 8.83% Gsec 25 NOV 2023 71.82 1.03% 6.79% GSEC 26 Dec 2029. 58.79 0.84% 8.97% GOI 05 Dec 2030. 52.80 0.75% 7.71 GUJARAT SDL 01 Mar 2027 50.53 0.72% 7.73 RJ SDL 01 Mar 2027 27.75 0.40% 7.80% GOI 11 APR 2021. 25.94 0.37% 7.72% G Sec 26 Oct 2055 25.29 0.36% 8.24% Gsec 10 Nov 2033 23.96 0.34% 7.61% Gsec 09 May 30 23.31 0.33% 7.83 GSEC 11 Apr 2018 21.22 0.30% 8.17% G Sec 01 Dec 2044 15.08 0.22% 7.88% GSec 19 Mar 2030 13.59 0.19% 8.27% Gujarat SDL 13 Jan 2026 10.39 0.15% 8.53 % GSEC SDL(Assam)24 02 2020 9.34 0.13% 8.15 GOI Security 24 11 2026 7.25 0.10% 8.27% GOI Sec 09 June 2020 5.24 0.07% 8.58 GUJARAT SDL 23 JAN 2023 4.95 0.07% 8.60% GOI 02 June 2028 3.56 0.05% 8.67 Maharashtra SDL 24 Feb 2026 3.39 0.05% 8.58 % GSEC SDL(Uttarkhand) 13 04 2020 3.64 0.05% 6.01% GoI Sec 25 03 2028 0.69 0.01% Total 1682.93 24.06% Money Market Amt (mn) % AUM Reliance Nippon CPSE Exchange Traded Fund 27.67 0.40% HDFC Liquid Fund Direct Plan Growth Option 15.00 0.21% Kotak Liquid Regular Plan Growth Direct 14.70 0.21% L&T Liquid Fund Direct Plan Growth 11.40 0.16% CBLO 03APR2017 0.30 0.00% Total 69.07 0.99% Net Current Assets 254.05 3.63 % Total 6994.28 100.00 Annual Fund Review 29