Annual Fund Review 2016.Cdr

2015 - 2016 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

• Fund Fact Sheet - Exide Life Secure Fund 13-14

• Fund Fact Sheet - Exide Life Balance Fund 15-16

• Fund Fact Sheet - Exide Life Growth Fund 17-18

• Fund Fact Sheet - Exide Life Guaranteed Growth Fund 19-20

• Fund Fact Sheet - Exide Life Equity Fund 21-22

• Fund Fact Sheet - Exide Life Guaranteed NAV Fund 23-24

• Fund Fact Sheet - Exide Life Active Asset Allocation Fund 25-26

• Fund Fact Sheet - Exide Life Prime Equity Fund 27-28

• Fund Fact Sheet - Exide Life Preserver Fund 29-30

• Fund Fact Sheet - Exide Life Pension Prime Equity Fund 31-32

• Fund Fact Sheet - Exide Life Pension Preserver Fund 33

• Fund Fact Sheet - Exide Life Pension Liquid Fund 34

• Fund Fact Sheet - Exide Life Pension Debt Fund 35

• Fund Fact Sheet - Exide Life Pension Equity Fund 36-37

• Glossary 38

Annual Fund Review 02 Annual Fund Review 03

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 post- investment. As a company and as an investment team, we focus on the long-term.

Investment Team Profile

Shyamsunder Bhat, Chief Investment Officer(CIO), joined Exide Life Insurance (Formerly ING Vysya Life Insurance Company Limited) in September 2010, initially to head the Equity Investments area. He has an experience of 22 years in fund management. Prior to joining Exide Life Insurance, Shyam has worked with two mutual fund companies - initially as a part of the start-up team at Tata Asset Management Ltd. for 10 years (1994- 2004) and later at Principal PNB Asset Management, where he then worked for more than 6 years. He is an Electrical Engineer from VJTI (Mumbai) and a post-graduate in Management (M.M.S. Finance) from Narsee Monjee Institute of Management Studies. SHYAMSUNDER BHAT Chief Investment Officer(CIO)

Shobit Gupta, Senior Vice President (Investments), Fixed Income, has over 19 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 Sumeet Hinduja & Mahesh Sarda Fund Manager - Fixed Income portfolio 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 And Global Economy : Review And Outlook

Key Developments in the Operating environment

Macro-Economic background and Outlook

India’s GDP growth accelerated in FY16 to 7.6% yoy, higher than 7.2% and 6.9% in the prior two years. The growth in FY16 was driven primarily by private consumption, activities linked to the infrastructure sector and services. GVA was stable at 7.2% yoy. The sharp deceleration in fixed capital formation is a concern. The fiscal deficit for FY16 was within the targeted 3.9% (from 4.1% in Fy15) , and is projected to reduce further to 3.5% in Fy17. Going forward, it is likely that the targeted fiscal deficit figure is likely to be specified as a range. GDP and GVA are expected to rise further in Fy17, but are likely to be within 8%, while the nominal GDP growth is likely to rise to double digits.

On an annual basis, there was a 2.4% in Industrial Production in Fy16 vs 2.8% growth in Fy15. Consumer price inflation averaged 4.9% in Fy16 vs an average of 6% in Fy15. Core inflation during Fy16 stood at 4.7% down from, 5.5% in Fy15. Wholesale price inflation remained in the negative territory for 17 months ending March 2016, resulting in the annual figure being -2.5% for Fy16 (as compared to annual +2% in Fy15), the first annual decline in several decades. However, WPI is expected to be in the positive territory in Fy17.

India’s trade deficit fell by 14% to US $ 118.5 billion, primarily due to a 35% fall in oil imports, thanks to the sharp fall in international crude prices. The current account deficit narrowed by 17% to US $ 22.1bn (1.1% of GDP) in Fy16, and is the lowest since Fy08. The Indian Rupee weakened by approximately 6% for the year, though the forex reserves rose by 5.5% to $ 360 billion during the year.

Annual Fund Review 07 Indian And Global Economy : Review And Outlook

Macro-economic Indicators: The Macro Economic Indicators for the last 12 months are as shown:

Economic Indicators April, 15 May, 15 Jun, 15 July, 15 Aug, 15 Sept, 15 Oct, 15 Nov, 15 Dec, 15 Jan, 16 Feb, 16 Mar, 16

Trade Balance (US$ billion) -11.4 -10.4 -10.8 -13.1 -12.4 -10.2 -9.7 -10.3 -11.5 -7.7 -6.5 -4.2

Exports (US$ billion) 22.1 22.3 22.3 23.3 21.6 21.8 21.4 19.6 22.6 21.1 20.8 22.8

Exports (YoY) -14.4 -20.2 -14.0 -9.8 -19.6 -24.6 -17.3 -26.2 -13.8 -13.6 -5.5 -5.2

Imports (US$ billion) 33.5 32.8 33.1 36.4 34.0 32.0 31.2 29.9 34.1 28.8 27.3 27.0

Imports (YoY) -6.4 -16.1 -13.7 -9.2 -9.3 -26.1 -21.1 -30.1 -3.6 -10.9 -5.1 -23.8

F oreign Exchange Reserves 351.9 352.5 356.0 353.5 351.4 350.3 354.2 350.2 350.4 349.6 348.4 360.2 (US$ billion)

Rs/US$1 (period average) 62.8 63.8 63.9 63.6 65.1 66.2 65.1 66.1 66.6 67.3 68.2 67.0

M1 (YoY) 10.2 9.7 9.2 10.7 10.9 11.1 11.8 11.6 12.3 11.5 13.4 13.9

M3 (YOY) 10.8 10.8 10.6 11.1 11.1 10.7 10.6 10.4 10.7 10.8 11.4 10.5

Bank Loans 8.9 9.0 7.7 8.4 8.4 8.6 8.3 8.8 9.3 9.8 9.9 9.1 (Non-food credit, YOY)

Deposit Growth Rate (YoY) 11.0 10.7 10.6 12.3 10.5 9.9 10.4 9.7 10.1 10.4 9.6 8.1

364 day T-Bill Yield 7.9 7.8 7.7 7.6 7.5 7.2 7.2 7.2 7.2 7.2 7.3 7.2

91 day T-Bill Yield 7.9 7.9 7.7 7.5 7.4 7.1 7.1 7.1 7.2 7.2 7.3 7.3

10 yr Government Bond Yield 7.8 7.8 8.0 7.8 7.8 7.6 7.6 7.8 7.8 7.8 7.9 7.5

Industrial Production 3.0 2.5 4.2 4.3 6.3 3.7 9.9 -3.4 -0.9 -1.6 1.9 0.3

Manufacturing (% YOY) 3.9 2.1 5.2 4.8 6.6 2.7 10.6 -4.6 -1.9 -2.9 0.6 -1.0

Consumer Goods 2.8 -2.2 7.2 1.1 6.0 1.2 18.3 1.0 3.2 -0.1 0.6 0.5

Basic Goods 2.6 6.2 5.1 5.4 3.7 4.2 4.2 -0.5 0.7 1.9 5.4 4.4

Capital Goods 5.5 3.0 -2.0 10.1 21.3 10.1 16.5 -24.4 -18.6 -21.6 -9.3 -15.3

Intermediate Goods 2.3 1.2 1.3 2.0 2.8 1.8 6.3 -1.5 1.5 2.8 4.9 4.4

Consumer Price Index (YoY) 4.9 5.0 5.4 3.7 3.7 4.4 5.0 5.4 5.6 5.7 5.3 4.8

Wholesale Price Index -2.4 -2.2 -2.1 -4.0 -5.1 -4.6 -3.7 -2.0 -1.1 -1.1 -0.9 -0.5 (YoY - All commodities) Source: Kotak Securities

Equity markets review and outlook After a 26.7% rise during the financial year 2014-2015, the Nifty fell by 8.9% during the financial year 2015-2016. There was particularly high volatility in the month of August (a fall of 6.5% in a month) and January-February (a fall of 12% across two months), before recovering in the following period, such as the sharp 10.7% rally in a single month (March). Corporate earnings fell short of the expected recovery in terms of growth, and this was one of the reasons for the fall in the equity market. Wholesale Price Inflation continued to be negative through the year, and this, too, impacted the corporate earnings adversely inspite of the benefits from lower input costs. Sharply higher provisioning requirements for the banking sector due to the asset quality review by RBI, along with the pressure on large international subsidiaries of some of the Nifty companies, also impacted the overall earnings figures for the large corporates. Two consecutive weak monsoons and a smaller increase in rural wages/agricultural procurement prices has led to a weak rural demand. The above factors, along with some disappointments in State Election results for the ruling party at the Centre, and the delay in passage of Bills such as the GST Bill impacted the equity market performance during the year. Global financial markets exhibited volatility, with particular concerns on the slowdown in the growth in China, coupled with its rising debt and weakening currency, impacting competitiveness of other countries including India. Global trade showed a weak trend, impacting India as well. Global commodities (particularly crude oil) fell sharply during the year, a reflection of slowing growth and demand across major consuming countries. The US Federal Reserve commenced hiking interest rates, but has paused after the first hike of 25 bps, mainly on account of global market conditions. The IMF has lowered global growth estimates to 3.4% and 3.6% in 2016 and 2017 respectively. The Government’s allocation towards Roads and highways increased sharply, and there were also measures towards higher investments in areas such as Railways and Defence. FDI limits were relaxed in some of the sectors, and there was a strong uptick in FDI inflows during the year. On a full year basis, gross FDI flows rose to an all time high of US$44.9bn (2.2% of GDP) in FY16.

Annual Fund Review 08 Indian And Global Economy : Review And Outlook

Inflows in domestic equity funds continued to be strong during most of the year, helped by the positive real interest rate environment and a continuing shift from physical to financial assets. Domestic mutual funds were net buyers to the tune of $ 9.9 bn during FY16, higher than the $ 6.5 bn in the previous year. Domestic insurance companies, too, turned buyers in FY16, with inflows from policyholders. However, after the strong inflows ($ 18 billion) from Foreign Institutional Investors in Fy15, there was a reversal of flows during Fy16 with Foreign Institutional Investors being net sellers to the tune of $ 1.5 billion. This was due to several factors such as weak global market conditions, disappointing growth numbers from Indian corporates and an existing portfolio overweight on India for many of these foreign investors. The Indian rupee depreciated by approximately 6% during the year, which would have further impacted the foreign investors adversely in their invested portfolios. The corporate results for the March 2016 quarter showed the initial signs of an uptrend, and this is expected to gather pace during the next financial year. 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. Further improvement in the macros could be difficult; it would be the improvement in the micros (corporate earnings) which is now expected over the next two years. Other positive triggers for the equity market could stem from a good monsoon, passage of the GST Bill and a better reflection of the lower interest rates on corporate performance. A better consumer demand aided by a rural recovery and more disposable income from the Seventh Pay Commission for the Central Government employees and One Rank One Pension Scheme for the Defence Services should aid the growth, coupled with the Government spending on capex (though private sector capex is still some time away due to uncertainty in recovery in global demand). Expectations of liquidity stimulus in some of the large global economies could result in a rally across asset classes. 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, 2016 is shown in the table below.

Indices March 31, 1-Month 3-Month 6-Month 1-Year 2016 Change Change Change Change BSE Sensex (INR) 25341.86 10.17% -2.97% -3.11% -9.36% BSE 100 (INR) 7835.45 10.74% -3.24% -3.00% -8.96% Nifty (INR) 7738.4 10.75% -2.62% -2.65% -8.86% CNX Midcap (INR) 12752.6 10.33% -4.81% -1.79% -1.91% MSCI Europe 113.62 1.00% -7.71% -3.10% -16.00% MSCI World 1648.12 6.52% -0.88% 4.18% -5.32% MSCI Emerging Mkt 836.8 13.03% 5.37% 5.65% -14.14%

Performance of Equity Indices is shown in the graph below.

Equity Indices 140

130

120 to 100) 110

100 ebased

alues (R 80 V

70 ndex I -15 -15 -15 Mar-15 Apr-15 May Jun-15 Jul-15 Aug-15 eb-16 Sep-15 Oct Nov Dec-15 Jan-16 F Mar-16 CNX Midcap MSCI Emerging Markets MSCI World Nifty

Annual Fund Review 09 Indian And Global Economy : Review And Outlook

Debt Market Review and Outlook The yield of Government Securities failed to record significant gains during Fy16 prior to the Union Budget, and prices displayed a negative bias for a large part of the year, but rallied sharply at the end of the year, in March. Foreign Portfolio Investor inflows which had played such a significant role in FY15 in absorbing the G-Sec supply, dried up significantly in FY16, dipping from INR 682bn in FY15 to INR 127bn in FY16. In fact, the net inflow was in negative territory till Oct 2015, and picked up only subsequently. RBI initiated its accommodative stance at the beginning of the year, lent a dovish tone and announced rate cuts totaling 125bps, as consumer inflation was on a declining trend. However other factors such as the supply of UDAY bonds and lack of deposit growth resulted in market yields not falling in line with the rate cuts. Corporate bonds across the credit curve exhibited some volatility during the year, as yields dipped and bounced back during the second half of the year. On the whole, yields have ended at around the same levels from where they were at the start of the year but spreads have widened as corporate bonds have not fully reflected the rally in corresponding Government Securities, particularly in the shorter segment. The recent rally in G-Secs was primarily driven by the Budget, followed by other crucial policy actions by the Government and the RBI. As the Government reduced small savings rates, linking them to market rates and stuck to the fiscal deficit target of 3.5%, the RBI played its part by conducting purchases via OMO (Open Market Operations) to infuse liquidity, also ensuring comfortable absorption of supply in the near-term. The focus on ensuring adequate liquidity is a key pre-requisitie for the transmission of the rate-cuts into banks’ lending rates, which would thereafter enable RBI to act further on rates. Meanwhile the global situation too stabilized towards the end of FY16, and consequently, yields came off sharply marking the biggest gains of the year, and heralding a favorable climate for FY17. The expectation of above-normal monsoon, and the RBI’s accommodative stance would continue to support bond prices. Measures undertaken by RBI to bring down liquidity deficit, along with lower net borrowings by the Government will help transmission of earlier rate-cuts. A continuation of the disinflationary trend due to weak global growth could result in a capping of commodity prices in their bounceback, and containment of bond yields. We therefore remain constructive on the bond market, and expect the yields to reduce over the medium term. 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 Inflation 1.65% 10.36% 9.68% 7.69% 5.65% 5.70% 5.25% 4.83% NSE MIBOR 5.02% 5.47% 9.24% 11.99% 8.98% 8.53% 8.35% 9.00% 91 Day Bill 4.50% 4.33% 7.31% 9.02% 8.02% 8.83% 7.94% 7.12% 364 Day T Bill 5.50% 5.12% 7.64% 8.40% 7.79% 8.78% 7.72% 7.06% 5 year G Sec 6.76% 7.50% 7.95% 8.60% 7.96% 8.86% 7.75% 7.43% 10 year G Sec 7.01% 7.83% 7.99% 8.54% 7.96% 8.80% 7.74% 7.46% 3 month CP P1+ 8.00% 6.00% 6.00% 10.75% 9.22% 9.65% 8.76% 8.67% 6 month CP P1+ 10.25% 8.80% 6.50% 6.50% 10.63% 9.27% 8.68% 8.75% 1 year CP P1+ 10.00% 9.50% 7.25% 7.25% 10.88% 9.30% 8.71% 8.80% 1 year AAA 9.90% 7.95% 6.70% 9.55% 9.86% 8.90% 8.40% 7.85% 3 year AAA 9.45% 8.14% 7.90% 9.35% 9.67% 8.87% 8.34% 8.00% 5 year AAA 9.45% 8.51% 8.50% 9.23% 9.55% 8.83% 8.31% 8.12% Note: All figures are as of year ending March

Performance of Debt Indices during the year is shown in the graph below:

Debt Indices 9.5%

120

9.0% 115

110 8.5% ld)

105 ie (Y

ebased to 100) 8.0% 100

alues(R 7.5% 95

90 Index V 7.0%

-15 -15 -15 Mar-15 Apr-15 May Jun-15 Jul-15 Aug-15 eb-16 Sep-15 Oct Nov Dec-15 Jan-16 F Mar-16 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.

Exide Life Equity Pension Fund* Exide Life Equity Fund* High Risk Exide Life Prime Equity Pension Fund* Exide Life Prime Equity Fund

Exide Life Active Asset Allocation Fund Exide Life Growth Fund Exide Life Guaranteed Risk NAV Fund* Exide Life Balance Fund Medium Risk Exide Life Secure Fund

Exide Life Preserver Pension* Exide Life Preserver Fund Exide Life Debt Low Risk Pension Fund* Exide Life Exide Life Liquid Debt Fund* Pension*

Return

*Available for existing customers only subject to product terms and conditions

Annual Fund Review 11 Exide Life Debt Fund

Portfolio Holdings Fund Objective: The fund seeks to generate income Rating Sector % through an investment mix of high quality bonds and money market instruments. Government Securities SOVEREIGN 7.35% GoI SEC 22-06-2024 13.39 Launch Date: November 2, 2004 " 8.13 % GOI 22-Jun-2045 12.04 Net Asset Value (NAV) as on 31st March 2016: `24.36 " 7.59% G-Sec 20-Mar-2029 10.06 Assets Under Management (AUM): `340mn " 8.27% GOI Sec 09-June-2020 7.12 " 7.68 G-Sec 15-Dec-2023 6.49 " 8.17% G Sec 01-Dec-2044 5.44 " 9.20 G Sec 30- Sept-2030 4.88 Movement of NAV " 8.83% Gsec 25-NOV-2023 4.37 " 8.15 GOI Security 24-11-2026 3.23

26.00 " 8.60% GOI 02-June-2028 3.11 24.00 " 8.12% Gsec 10-Dec-2020 3.01 22.00 " 7.72% GSec 25-May-2025 2.80 20.00

18.00 " 9.23 GOI 23-12-2043 1.67 16.00 " 8.53 % GSEC SDL(Assam)24-02-2020 1.35 14.00 " 8.58 % GSEC SDL(Uttarkhand) 13-04-2020 0.75 12.00 " 7.73% Gol Sec 19-12-2034 0.58 10.00 1 Total 80.29 Jul/05 Jul/07 Jul/09 Jul/1 Jul/13 Jul/15 Mar/06 Mar/08 Mar/10 Mar/12 Mar/14 Mar/16 Nov/04 Nov/06 Nov/08 Nov/10 Nov/12 Nov/14

Rating Sector % Fund Performance Corporate Debt AAA 9.02 REC 18-June-2019 4.55 Period Fund Return Benchmark* AAA 8.40% PFC 29-June-2018 3.56 One year 7.87% 8.24% AAA 8.17% PFC 18-Aug-2018 2.95 Three Years 9.30% 8.97% AAA 8.40% PFC 19-June-2018 2.37 Five Years 9.45% 8.78% AAA 9.20% HDFCL 08-10-2017 1.49 Since inception 8.11% 6.96% AAA 9.50 % State Bank of India 2025 Returns are compounded annualised and net of charges. ( Call - 04 Nov 2020) 0.93 *Benchmark : Crisil Composite Bond Index (100%) AAA 9.66% TATASONS 13-09-2017 0.90 AAA 8.90% PGC 25-02- 2017 0.37 Total 17.13 Asset Allocation Others 2.57

Others 3%

Corporate Debt 17% Gsec 80%

Fixed income duration: 6.33

Corporate Debt Rating Profile

AAA 100%

Annual Fund Review 12 Exide Life Secure Fund

Sector Allocation Fund Objective: The fund seeks to achieve long term Equity Sector Allocation % moderate capital growth through an investment mix of upto 20% equity and the balance in high quality bonds and money Financial Services (Incl : Infrastructure Finance) 27.67 market instruments. IT 17.54 Oil & Gas 11.76 Launch Date: November 2, 2004 Consumer Products 7.24 Net Asset Value (NAV) as on 31st March 2016: `25.8 Health Care 7.19 Assets Under Management (AUM): `285mn Industrial Manufacturing, Construction & Infra 7.15 Auto 6.69 Metals & Mining 4.67 Movement of NAV Miscellaneous 4.36 Telecommunication 2.28 Cement 2.26

28.00 Power 1.19 26.00

24.00

22.00

20.00

18.00 16.00 Portfolio Holdings 14.00

12.00 10.00 Sector Equity % 1 Jul/05 Jul/07 Jul/09 Jul/1 Jul/13 Jul/15 Mar/06 Mar/08 Mar/10 Mar/12 Mar/14 Mar/16 Nov/04 Nov/06 Nov/08 Nov/10 Nov/12 Nov/14 AUTO Tata Motors Ltd 0.53 Maruti Suzuki India Ltd 0.29 Mahindra & Mahindra Ltd 0.16 Hero Motocorp Ltd 0.11 Bajaj Auto Ltd 0.09 Fund Performance CEMENT The Ramco Cements Ltd 0.12 Ultratech Cement Ltd 0.21 Period Fund Return Benchmark* Ambuja Cements Ltd 0.05 One year 4.88% 5.67% Acc Ltd 0.01 Three Years 9.52% 9.25% CONSUMER ITC Ltd 0.76 Hindustan Unilever Ltd 0.21 Five Years 8.57% 8.33% Asian Paints Ltd 0.19 Since inception 8.66% 7.97% Jubilant Foodworks Ltd 0.05 Returns are compounded annualised and net of charges. Colgate Palmolive India Ltd 0.06 * Benchmark : Crisil Composite Bond Index (85%) and CNX Nifty (15%) OIL & GAS Reliance Industries Ltd 1.29 Oil & Natural Gas Corporation Ltd 0.44 Gail (India) Ltd 0.16 Chennai Petroleum Corporation Ltd 0.07 Asset Allocation Aban Offshore Ltd 0.05 Bharat Petroleum Corporation Ltd 0.05 Cairn India Ltd 0.01 Equity-Non Nifty50 2% Equity-stocks from Nifty50 15% POWER Power Grid Corpn. Of India Ltd 0.10 Others 4% Ntpc Ltd 0.10 Tata Power Co. Ltd 0.01 HDFC Bank Ltd 1.17 Gsec 58% FINANCIAL Corporate Debt 21% SERVICES ICICI Bank Ltd 0.75 (Incl: Infr astru Housing Development Finance Corporation Ltd 0.94 cture Finance) State Bank of India 0.40 Axis Bank Ltd 0.49 Fixed income duration: 6.88 Yes Bank Ltd 0.25 Kotak Mahindra Bank Ltd 0.18 Indusind Bank Ltd 0.13 Bank of Baroda 0.12 Corporate Debt Rating Profile Rural Elec Corp. Ltd 0.12 Punjab National Bank 0.11 Infr astructure Development Finance Company Ltd 0.04 IDFC Bank Ltd 0.05 AA- 8.49% Andhra Bank 0.05 Union Bank Of India 0.04

AAA 91.51%

Annual Fund Review 13 Exide Life Secure Fund

Sector Equity % Rating Corporate Debt %

INDUSTRIAL Larsen & Toubro Ltd 0.58 AAA 8.76% PFC 07-Nov-2019 4.67 MANUF ACTUR Bharat Heavy Electricals Ltd 0.18 AAA 8.93% PGCIL 20-OCT-2029 3.69 ING CONSTR Texmaco Rail & Engineering Ltd 0.07 AAA 8.95% LARSEN & TOUBRO LTD 26-05-2020 3.60 UCTION & Ashoka Buildcon Ltd 0.07 AAA 9.60% GE SHIPPING 10-11- 2019 3.32 INFRA Beml Ltd 0.06 VA Tech Wabag Ltd 0.04 AA- 9.55 HINDALCO INDUSTRIES Ltd 25-Apr-2022 1.78 Praj Industries Ltd 0.05 AAA 0.00% HDFC Ltd. 14-Jun-2016 1.66 Ncc Ltd 0.04 AAA 9.30% PGCIL 04-Sep-2024 1.11 Gmr Infrastructure Ltd 0.04 AAA 9.15% LARSEN & TOUBRO LTD 05-01-2019 1.08 Bosch Ltd 0.12 Total 20.91 IT Infosys Ltd 1.53 Others 4.01 Tata Consultancy Services Ltd 0.75 Bharat Electronics Ltd 0.11 Hexaware Technologies Ltd 0.09 Hcl Technologies Ltd 0.23 Tech Mahindra Ltd 0.17 Wipro Ltd 0.18 MET ALS & Coal India Ltd 0.27 MINING Tata Steel Ltd 0.24 KEC International Ltd 0.08 JSW Steel Ltd 0.12 Jindal Steel & Power Ltd 0.03 Vedanta Ltd 0.01 Hindalco Industries Ltd 0.07 HEAL TH Sun Pharmaceutical Industries Ltd 0.54 CARE Aurobindo Pharma Ltd 0.06 Alembic Pharmaceuticals Ltd 0.07 Wockhardt Ltd 0.04 Glenmark Pharmaceuticals Ltd 0.17 Lupin Ltd 0.20 Dr. Reddys Lab Ltd 0.12 Cipla Ltd 0.06 MISCELL A Hathway Cable & Datacom Ltd 0.10 NEOUS Aarti Industries Ltd 0.10 Sintex Industries Ltd 0.09 Cox and Kings Ltd 0.07 HSIL Ltd 0.07 Adani Port & Sez Ltd 0.09 Voltas Ltd 0.10 Tata Chemicals Ltd 0.05 Grasim Industries Ltd 0.06 Zee Entertainment Enterprises Ltd 0.04 Bharti Airtel Ltd 0.26 TELECOM Idea Cellular Ltd 0.14 Total 17.49

Rating Government Securities %

SOVEREIGN 8.15 GOI Security 24-11-2026 11.16 " 8.13 % GOI 22-Jun-2045 10.42 " 8.60% GOI 02-June-2028 6.87 " 7.59% G-Sec 20-Mar-2029 5.39 " 7.73% Gol Sec 19-12-2034 5.20 " 7.35% GoI SEC 22-06-2024 3.95 " 8.24% GoI Sec 15-02-2027 3.44 " 8.17% G Sec 01-Dec-2044 3.42 " 8.28% GOI 21-09-2027 3.27 " 9.20 G Sec 30- Sept-2030 1.94 " 8.27% Gujarat SDL 13-Jan-2026 1.77 " 8.53 % GSEC SDL(Assam)24-02-2020 0.77 Total 57.59

Annual Fund Review 14 Exide Life Balance Fund

Sector Allocation Fund Objective: The fund seeks to achieve long term Equity Sector Allocation % capital growth through an investment mix of upto 40% equity and the balance in high quality bonds and money Financial Services (Incl : Infrastructure Finance) 28.96 market instruments. IT 16.82 Oil & Gas 11.47 Launch Date: November 2, 2004 Industrial Manufacturing, Construction & Infra 7.31 Net Asset Value (NAV) as on 31st March 2016: `26.94 Health Care 7.04 Assets Under Management (AUM): `705mn Auto 6.62 Consumer Products 6.32 Metals & Mining 4.88 Movement of NAV Miscellaneous 4.71 Telecommunication 2.34

28.00 Cement 2.16 26.00 Power 1.36 24.00

22.00

20.00 18.00 Portfolio Holdings 16.00

14.00 12.00 Sector Equity % 10.00 1 Jul/05 Jul/07 Jul/09 Jul/1 Jul/13 Jul/15 Mar/06 Mar/08 Mar/10 Mar/12 Mar/14 Mar/16 Nov/04 Nov/06 Nov/08 Nov/10 Nov/12 Nov/14 AUTO Bajaj Auto Ltd 0.21 Hero Motocorp Ltd 0.24 Mahindra & Mahindra Ltd 0.36 Maruti Suzuki India Ltd 0.59 Fund Performance Tata Motors Ltd 0.94 CEMENT Acc Ltd 0.03 Ambuja Cements Ltd 0.11 Period Fund Return Benchmark* The Ramco Cements Ltd 0.28 One year 1.87% 3.11% Ultratech Cement Ltd 0.34 Three Years 9.82% 9.53% CONSUMER Asian Paints Ltd 0.43 Five Years 7.93% 7.89% Colgate Palmolive India Ltd 0.14 Since inception 9.08% 8.98% Hindustan Unilever Ltd 0.38 ITC Ltd 1.18 Returns are compounded annualised and net of charges. *Benchmark: Crisil Composite Bond Index(70%) and CNX Nifty (30%) Jubilant Foodworks Ltd 0.10 OIL & GAS Aban Offshore Ltd 0.10 Bharat Petroleum Corporation Ltd 0.10 Cairn India Ltd 0.01 Chennai Petroleum Corporation Ltd 0.14 Asset Allocation Gail (India) Ltd 0.33 Oil & Natural Gas Corporation Ltd 0.96 Equity-stocks from Reliance Industries Ltd 2.41 Nifty50 30% Others 3% POWER Ntpc Ltd 0.24 Power Grid Corpn. Of India Ltd 0.22 Tata Power Co. Ltd 0.02 Gsec 48% Corporate Debt 14% FINANCIAL HDFC Bank Ltd 2.51 Equity-Non Nifty50 5% SERVICES Housing Development Finance Corporation Ltd 1.99 (Incl: Infr astr ICICI Bank Ltd 1.56 ucture Finance) State Bank of India 0.88 Fixed income duration: 7.43 Axis Bank Ltd 0.84 Kotak Mahindra Bank Ltd 0.53 Yes Bank Ltd 0.50 Indusind Bank Ltd 0.30 Corporate Debt Rating Profile Bank of Baroda 0.26 Punjab National Bank 0.24 Rural Elec Corp. Ltd 0.24 IDFC Bank Ltd 0.10 AA- 12.51% Andhra Bank 0.09 Infrastructure Development Finance Company 0.09 Ltd AAA 87.49% Union Bank Of India 0.09

Annual Fund Review 15 Exide Life Balance Fund

Sector Equity % Rating Corporate Debt %

INDUSTRIAL Beml Ltd 0.15 AAA 8.95% LARSEN & TOUBRO LTD 26-05-2020 3.05 MANUF ACTUR Bharat Heavy Electricals Ltd 0.37 AAA 8.93% PGCIL 20-OCT-2029 2.98 ING CONSTR Bosch Ltd 0.13 AAA 8.76% PFC 07-Nov-2019 2.91 UCTION & INFRA Gmr Infrastructure Ltd 0.08 AA- 9.55 HINDALCO INDUSTRIES Ltd 25-Apr-2022 1.72 Larsen & Toubro Ltd 1.28 AAA 9.30% PGCIL 04-Sep-2024 1.50 Ashoka Buildcon Ltd 0.13 AAA 10.60% IRFC 11-09-2018 1.05 Ncc Ltd 0.09 AAA 9.50 % State Bank of India 2025 Praj Industries Ltd 0.11 (Call - 04 Nov 2020) 0.32 Texmaco Rail & Engineering Ltd 0.15 AAA 0.00% HDFC Ltd. 14-Jun-2016 0.22 VA Tech Wabag Ltd 0.09 Total 13.77 IT Hcl Technologies Ltd 0.50 Others 2.57 Infosys Ltd 2.83 Bharat Electronics Ltd 0.25 Tata Consultancy Services Ltd 1.48 Hexaware Technologies Ltd 0.17 Tech Mahindra Ltd 0.31 Wipro Ltd 0.40 MET ALS & Coal India Ltd 0.58 MINING Hindalco Industries Ltd 0.15 Jindal Steel & Power Ltd 0.06 KEC International Ltd 0.16 JSW Steel Ltd 0.23 Vedanta Ltd 0.04 Tata Steel Ltd 0.49 HEAL TH Alembic Pharmaceuticals Ltd 0.15 CARE Aurobindo Pharma Ltd 0.14 Cipla Ltd 0.13 Dr. Reddys Lab Ltd 0.24 Glenmark Pharmaceuticals Ltd 0.34 Lupin Ltd 0.41 Sun Pharmaceutical Industries Ltd 0.99 Wockhardt Ltd 0.08 MISCELL AN Cox and Kings Ltd 0.15 EOUS Grasim Industries Ltd 0.11 Hathway Cable & Datacom Ltd 0.20 HSIL Ltd 0.14 Adani Port & Sez Ltd 0.21 Aarti Industries Ltd 0.18 Sintex Industries Ltd 0.19 Tata Chemicals Ltd 0.11 Voltas Ltd 0.21 Zee Entertainment Enterprises Ltd 0.16 TELECOM Bharti Airtel Ltd 0.56 Idea Cellular Ltd 0.27 Total 35.27

Rating Government Securities %

SOVEREIGN 8.13 % GOI 22-Jun-2045 10.89 " 8.60% GOI 02-June-2028 6.23 " 7.59% G-Sec 20-Mar-2029 4.57 " 8.15 GOI Security 24-11-2026 4.51 " 7.73% Gol Sec 19-12-2034 4.27 " 7.35% GoI SEC 22-06-2024 3.75 " 8.27% Gujarat SDL 13-Jan-2026 3.58 " 8.28% GOI 21-09-2027 3.23 " 8.17% G Sec 01-Dec-2044 2.77 " 8.26% GoI Sec 02-08-2027 2.20 " 9.20 G Sec 30- Sept-2030 1.57 " 8.97% GOI 05-Dec-2030 0.54 " 8.83% Gsec 25-NOV-2023 0.30 Total 48.39 Annual Fund Review 16 Exide Life Growth Fund

Sector Allocation Fund Objective: The fund seeks to achieve long term Equity Sector Allocation % accelerated capital growth through an investment mix of upto 60% equity and the balance in high quality bonds and Financial Services (Incl : Infrastructure Finance) 28.33 money market instruments. IT 14.35 Auto 12.45 Launch Date: November 2, 2004 Oil & Gas 9.83 Net Asset Value (NAV) as on 31st March 2016: `29.59 Consumer Products 9.06 Assets Under Management (AUM): `7108mn Industrial Manufacturing, Construction & Infra 6.43 Health Care 6.27 Movement of NAV Miscellaneous 5.18 Metals & Mining 3.75

32.00 Power 1.60 30.00 Cement 1.54 28.00

26.00 Telecommunication 1.21

24.00

22.00

20.00

18.00 Portfolio Holdings

16.00

14.00 Sector Equity % 12.00 AUTO Tata Motors Ltd 1.49 10.00 1 Maruti Suzuki India Ltd 1.22 Jul-05 Jul-07 Jul-09 Jul-1 Jul-13 Jul-15 Mar-06 Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Nov-04 Nov-06 Nov-08 Nov-10 Nov-12 Nov-14 Hero Motocorp Ltd 0.77 Mahindra & Mahindra Ltd 0.75 Exide Industries Ltd 0.58 BHARAT FORGE LTD 0.44 Fund Performance Motherson Sumi Systems Ltd 0.37 Ashok Leyland Ltd 0.32 Eicher Motors Ltd 0.28 Period Fund Return Benchmark* Bajaj Auto Ltd 0.25 One year -1.76% -0.31% CEMENT Ultratech Cement Ltd 0.46 Three Years 10.38% 9.91% Ambuja Cements Ltd 0.14 Five Years 7.30% 7.30% The Ramco Cements Ltd 0.11 Acc Ltd 0.10 Since inception 9.99% 10.33% CONSUMER ITC Ltd 2.20 Returns are compounded annualised and net of charges. Hindustan Unilever Ltd 0.66 * Benchmark : Crisil Composite Bond Index(50%) and CNX Nifty (50%) Asian Paints Ltd 0.73 United Spirits Ltd 0.21 Godrej Consumer Products Ltd 0.11 Britannia Industries Ltd 0.41 Asset Allocation Jubilant Foodworks Ltd 0.19 Colgate Palmolive India Ltd 0.19 Equity-stocks from OIL & GAS Reliance Industries Ltd 2.76 Nifty50 41% Oil & Natural Gas Corporation Ltd 0.72 Others 3% Hindustan Petroleum Corporation Ltd 0.28 Bharat Petroleum Corporation Ltd 0.30 Gsec 27% Corporate Debt 18% Indraprastha Gas Ltd 0.27 Gail (India) Ltd 0.40 Equity-Non Nifty50 11% Chennai Petroleum Corporation Ltd 0.31 Cairn India Ltd 0.07 POWER Power Grid Corpn. Of India Ltd 0.25 Fixed income duration: 6.08 Ntpc Ltd 0.24 CESC LTD 0.26 Tata Power Co. Ltd 0.08 FINANCIAL HDFC Bank Ltd 3.20 Corporate Debt Rating Profile SERVICES Housing Development Finance Corporation Ltd 2.60 (Incl: Infr astr ICICI Bank Ltd 1.90 ucture Finance) Axis Bank Ltd 1.67 AA+ 8.14% State Bank of India 1.09 Yes Bank Ltd 0.69 AA- 6.51% Bajaj Finance Ltd 0.22 Canara Bank 0.18 AAA 85.35% Kotak Mahindra Bank Ltd 0.67

Annual Fund Review 17 Exide Life Growth Fund

Sector Equity % Rating Government Securities %

Bank of Baroda 0.30 “ 8.15 GOI Security 24-11-2026 0.76 Indusind Bank Ltd 0.93 “ 8.58 % GSEC SDL(Uttarkhand) 13-04-2020 0.05 Infr astructure Development Finance Company Ltd 0.19 " 8.67 Maharashtra SDL 24 Feb 2026 0.05 IDFC Bank Ltd 0.39 " 7.68 G-Sec 15-Dec-2023 1.09 I D B I Bank Ltd 0.09 " 8.97% GOI 05-Dec-2030. 0.71 Shriram Transport Fin Company Ltd 0.37 " 8.24% GoI Sec 15-02-2027 0.40 City Union Bank Ltd 0.17 " 8.13 % GOI 22-Jun-2045 3.71 Punjab National Bank 0.05 " 7.83 GSEC 11-Apr-2018 0.20 Hathway Cable & Datacom Ltd 0.46 MISCELLAN " 8.53 % GSEC SDL(Assam)24-02-2020 0.13 Zee Entertainment Enterprises Ltd 0.65 EOUS " 8.58 GUJARAT SDL 23-JAN-2023 0.07 Sintex Industries Ltd 0.22 " 6.01% GoI Sec 25-03-2028 0.00 Voltas Ltd 0.17 " 8.45%GSEC SDL J&K 14-03-2017 0.01 Grasim Industries Ltd 0.31 Indian Hotel Company Ltd 0.24 Total 27.43 DISH TV India Ltd 0.21 HSIL Ltd 0.08 Rating Corporate Debt % Adani Port & Sez Ltd 0.20 UPL Ltd 0.16 AAA 10.40% Reliance Ports And Terminals Limited 18-07-2021 1.55 INDUSTRIAL Larsen & Toubro Ltd 1.65 MANUF ACTUR Mahindra Cie Automotive Ltd 0.30 AA- 9.55 HINDALCO INDUSTRIES Ltd 25-Apr-2022 1.17 ING CONSTR Bosch Ltd 0.19 AA+ 9.85% Sundaram Finance Ltd 07-05-2020 0.74 UCTION & Texmaco Rail & Engineering Ltd 0.20 AAA 9.60% GE SHIPPING 10-11- 2019 1.20 INFRA Bharat Heavy Electricals Ltd 0.20 AAA 9.70% HDFC 07-06-2017 0.36 VA Tech Wabag Ltd 0.17 AAA 0.00% HDFC Ltd. 14-Jun-2016 1.02 Beml Ltd 0.22 AAA 9.95% State Bank of India 16-Mar-2026 Ncc Ltd 0.11 (Call - 16-Mar-2021) 0.75 Ashoka Buildcon Ltd 0.30 AAA 9.02 REC 18-June-2019 0.09 IT Infosys Ltd 3.99 AAA 8.30% Rural Electrification Corporation Ltd Tata Consultancy Services Ltd 1.63 10-Apr-2025 0.45 Bharat Electronics Ltd 0.36 AAA 8.40% PFC 19-June-2018 0.16 MindTree Ltd 0.12 AAA 8.40% PFC 29-June-2018 0.21 Hcl Technologies Ltd 0.75 AAA 9.20% State Bank of Hyderabad Perpetual Bond 0.73 Wipro Ltd 0.37 AAA 9.15% IL & FS 02-03-2020. 0.73 Tech Mahindra Ltd 0.24 AA+ 9.20 Bank of Baroda Perpetual Bond MET ALS & Coal India Ltd 0.64 09-10-2019 0.72 Vedanta Ltd 0.30 MINING AAA 9.05% State Bank of India(Perpetual Bond) JSW Steel Ltd 0.21 (Call 27 Jan 2020) 0.73 KEC International Ltd 0.15 AAA 9.18% TATA SONS LTD 23-11-2020 0.60 Tata Steel Ltd 0.23 AAA 9.70% IL & FS 22-Feb-2021 0.60 Jindal Steel & Power Ltd 0.11 AAA 9.75% ICICI HOME FINANCE CO. LTD Hindalco Industries Ltd 0.07 24-04-2019 0.59 National Aluminium Co. Ltd 0.24 Sun Pharmaceutical Industries Ltd 1.54 AAA 0.00% NATIONAL HOUSING BANK 24-12-2018 HEALTH ZCB-UL 0.14 CARE Dr. Reddys Lab Ltd 0.36 Lupin Ltd 0.59 AAA 7.60% HDFC 21-12-2017 s-a 0.56 Cipla Ltd 0.25 AAA 9.20% HDFCL 08-10-2017 0.47 Glenmark Pharmaceuticals Ltd 0.26 AAA 9.66% TATASONS 13-09-2017 0.43 Alembic Pharmaceuticals Ltd 0.26 AAA 8.97 PFC Ltd 15-Jan-2018 0.43 TELECOM Bharti Airtel Ltd 0.40 AAA 9.15% LARSEN & TOUBRO LTD 05-01-2019 0.42 Tata Communications Ltd 0.13 AAA 9.30% PGCIL 04-Sep-2024 0.40 Idea Cellular Ltd 0.09 AAA 9.30% LIC HOUSING FINANCE LTD 14-09-2022 0.37 Total 51.90 AAA 0.00% NABARD BHAVISHYA NIRMAN BOND 01-08-2017 0.46 Rating Government Securities % AAA 0.00 % NABARD 01-01-2018 0.04 AAA 9.19% GE SHIPPING 24-12-2018 0.29 SOVEREIGN 9.23 GOI 23-12-2043 3.06 AAA 9.47% PGCIL 31-03-2023 0.24 " 8.60% GOI 02-June-2028 0.24 AAA 8.76% PFC 07-Nov-2019 0.17 " 7.73% Gol Sec 19-12-2034 3.82 AAA 9.55% HDFC 19-06-2017 0.33 " 8.26% GoI Sec 02-08-2027 1.97 AAA 8.93% PGCIL 20-OCT-2029 0.22 " 7.59% G-Sec 20-Mar-2029 2.24 AAA 9.50 % State Bank of India 2025 " 7.95% GoI Sec 28-08-2032 1.42 (Call - 04 Nov 2020) 0.10 " 8.83% Gsec 25-NOV-2023 0.14 AAA 10.85% REC 14-08-2018 0.15 " 7.35% GoI SEC 22-06-2024 2.61 AAA 10.60% IRFC 11-09-2018 0.10 " 8.17% G Sec 01-Dec-2044 1.38 AAA 9.07% REC 28-02-2018 0.24 " 8.28% GOI 21-09-2027 0.17 Total 17.95 " 8.24% Gsec 10-Nov-2033 1.08 Others 2.72 " 8.32% GOI SEC 02-08-2032 0.73 " 8.27% GOI Sec 09-June-2020 0.43 " 8.27% Gujarat SDL 13-Jan-2026 0.14 " 9.20 G Sec 30- Sept-2030 0.62 " 182 Day T Bill 22-April-2016 0.07 " 364 Day T Bill 14-Apr-2016 0.14

Annual Fund Review 18 Exide Life Guaranteed Growth Fund

Sector Allocation Fund Objective: The fund seeks to achieve long term Equity Sector Allocation % moderate capital growth while meeting guarantees provided, through an investment mix of upto 40% equity and Financial Services (Incl : Infrastructure Finance) 32.10 the balance in high quality bonds and money market IT 18.15 instruments. Oil & Gas 10.88 Consumer Product 9.58 Launch Date: January 30, 2008 Auto 9.20 Net Asset Value (NAV) as on 31st March 2016: `17.52 Health Care 5.10 Assets Under Management (AUM): `243mn Industrial Manufacturing-Construction & Infra 4.76 Power 2.87 Movement of NAV Telecommunication 2.45 Miscellaneous 2.19 Cement 1.43 18.00 17.00 Metals & Mining 1.28 16.00 15.00 14.00 13.00 Portfolio Holdings 12.00 11.00 Sector Equity % 10.00 9.00 AUTO Tata Motors Ltd 0.23 8.00 1 Mahindra & Mahindra Ltd 0.21 Jul-1 Oct-09 Apr-13 Jan-08 Jun-14 Jan-15 Mar-09 Mar-16 Feb-12 Dec-10 Nov-13 Aug-08 Sep-12 Aug-15 May-10 Maruti Suzuki India Ltd 0.16 Hero Motocorp Ltd 0.13 Bajaj Auto Ltd 0.12 CEMENT Ambuja Cements Ltd 0.08 Fund Performance Acc Ltd 0.05 CONSUMER ITC Ltd 0.66 Hindustan Unilever Ltd 0.22 Period Fund Return OIL & GAS Reliance Industries Ltd 0.60 One year 5.49% Oil & Natural Gas Corporation Ltd 0.17 Three Years 8.06% Bharat Petroleum Corporation Ltd 0.13 Five Years 7.82% Gail (India) Ltd 0.06 Cairn India Ltd 0.03 Since inception 7.10% POWER Power Grid Corpn. Of India Ltd 0.11 Returns are compounded annualised and net of charges. Ntpc Ltd 0.10 Tata Power Co. Ltd 0.05 FINANCIAL HDFC Bank Ltd 0.82 SERVICES Housing Development Finance Corporation Ltd 0.63 (Incl: Infr astru ICICI Bank Ltd 0.49 Asset Allocation cture Finance) Axis Bank Ltd 0.27 State Bank of India 0.22 Kotak Mahindra Bank Ltd 0.21 Equity-stocks fromNifty50 9% Others 3% Indusind Bank Ltd 0.15 Yes Bank Ltd 0.09 Gsec 15% Punjab National Bank 0.04 Corporate Debt 73% INDUSTRIAL Larsen & Toubro Ltd 0.32 MANUFACTURING CONSTRUCT Bosch Ltd 0.07 ION & INFRA Bharat Heavy Electricals Ltd 0.04 IT Infosys Ltd 0.85 Tata Consultancy Services Ltd 0.51 Fixed income duration: 2.22 Hcl Technologies Ltd 0.17 Wipro Ltd 0.13 METALS & Tata Steel Ltd 0.07 MINING Hindalco Industries Ltd 0.03 Corporate Debt Rating Profile Vedanta Ltd 0.01 MISCELL AN Grasim Industries Ltd 0.13 EOUS Zee Entertainment Enterprises Ltd 0.07

AAA 100%

Annual Fund Review 19 Exide Life Guaranteed Growth Fund

Sector Equity % Rating Corporate Debt %

HEALTH Sun Pharmaceutical Industries Ltd 0.24 AAA 0.00% NATIONAL HOUSING BANK 24-12-2018 CARE Dr. Reddys Lab Ltd 0.14 ZCB-UL 9.38 Cipla Ltd 0.08 AAA 10.60% IRFC 11-09-2018 9.19 TELECOM Bharti Airtel Ltd 0.18 AAA 0.00% NABARD BHAVISHYA NIRMAN BOND Idea Cellular Ltd 0.04 01-08-2017 9.08 Total 9.10 AAA 9.47% PGCIL 31-03-2023 9.29 AAA 9.15% LARSEN & TOUBRO LTD 05-01-2019 9.33 Rating Government Securities % AAA 11.00% IOC 10-09-2018 9.21 SOVEREIGN 7.83 GSEC 11-Apr-2018 14.99 AAA 8.97 PFC Ltd 15-Jan-2018 8.36 Total 14.99 AAA 9.07% REC 28-02-2018 4.61 AAA 10.85% REC 14-08-2018 4.36 AAA 0.00 % NABARD 01-01-2018 0.12 Total 72.95 Others 2.96

Annual Fund Review 20 Exide Life Equity Fund

28.00 Telecommunication 1.78 26.00 Power 1.14 24.00 Cement 1.11 22.00

20.00

18.00

16.00 Portfolio Holdings

14.00

12.00 Sector Equity % 10.00 AUTO Tata Motors Ltd 3.07 8.00 1 Maruti Suzuki India Ltd 1.09 Jul-12 Oct-09 Apr-15 Jan-07 Jun-13 Mar-16 Feb-06 Dec-07 Nov-08 Sep-10 Aug-1 May-14 Mahindra & Mahindra Ltd 0.82 Tvs Motor Company Ltd 0.30 Exide Industries Ltd 1.02 Eicher Motors Ltd 0.38 Fund Performance Motherson Sumi Systems Ltd 0.63 Hero Motocorp Ltd 0.54 Bajaj Auto Ltd 0.47 Period Fund Return Benchmark* BHARAT FORGE LTD 0.73 One year -8.52% -8.86% CEMENT Ultratech Cement Ltd 0.60 Three Years 12.12% 10.84% Ambuja Cements Ltd 0.28 Five Years 5.94% 5.81% Acc Ltd 0.16 CONSUMER ITC Ltd 3.05 Since inception 8.62% 9.73% Hindustan Unilever Ltd 2.06 Returns are compounded annualised and net of charges. Colgate Palmolive India Ltd 0.91 * Benchmark : CNX Nifty (100%) Asian Paints Ltd 1.53 Britannia Industries Ltd 0.39 OIL & GAS Reliance Industries Ltd 5.92 Asset Allocation Oil & Natural Gas Corporation Ltd 1.97 Indraprastha Gas Ltd 0.30 Hindustan Petroleum Corporation Ltd 0.93 Equity-stocks from Chennai Petroleum Corporation Ltd 0.92 Nifty50 76% Bharat Petroleum Corporation Ltd 0.36 Equity-Non Nifty50 18% Gail (India) Ltd 0.79 Cairn India Ltd 0.13 Others 6% POWER Power Grid Corpn. Of India Ltd 0.44 Ntpc Ltd 0.44 Tata Power Co. Ltd 0.18 FINANCIAL ICICI Bank Ltd 3.23 SERVICES Housing Development Finance Corporation Ltd 4.29 (Incl: Infr astru HDFC Bank Ltd 5.54 cture Finance) Axis Bank Ltd 2.28 State Bank of India 2.02 Rural Elec Corp. Ltd 0.63 Kotak Mahindra Bank Ltd 1.66 L I C Housing Finance Ltd 0.84 Yes Bank Ltd 1.52 Indusind Bank Ltd 2.15 Bank of Baroda 0.19 City Union Bank Ltd 0.31 Punjab National Bank 0.09 Infr astructure Development Finance Company Ltd 0.18

Annual Fund Review 21 Exide Life Equity Fund

Sector Equity %

MISCELL AN Zee Entertainment Enterprises Ltd 1.24 EOUS Hathway Cable & Datacom Ltd 0.87 Jet Airways (India) Ltd. 0.15 InterGlobe Aviation Ltd 0.53 Voltas Ltd 0.91 HSIL Ltd 0.24 Redington (India) Ltd 0.43 Sintex Industries Ltd 0.31 UPL Ltd 0.78 Grasim Industries Ltd 0.38 Adani Port & Sez Ltd 1.11 INDUSTRIAL Larsen & Toubro Ltd 2.74 MANUF ACTUR Beml Ltd 0.19 ING CONSTR Texmaco Rail & Engineering Ltd 0.24 UCTION & Ashoka Buildcon Ltd 0.28 INFRA Bosch Ltd 0.30 Bharat Heavy Electricals Ltd 0.10 IT Infosys Ltd 7.58 Tata Consultancy Services Ltd 3.00 MindTree Ltd 0.49 Bharat Electronics Ltd 0.28 Hcl Technologies Ltd 1.39 Tech Mahindra Ltd 1.08 Wipro Ltd 1.53 HEALTH Sun Pharmaceutical Industries Ltd 3.09 CARE Aurobindo Pharma Ltd 0.70 Lupin Ltd 0.88 Glenmark Pharmaceuticals Ltd 0.61 Alembic Pharmaceuticals Ltd 0.85 Jubilant Life Sciences Ltd 0.68 Dr. Reddys Lab Ltd 0.72 Cipla Ltd 0.45 METALS & Coal India Ltd 1.08 MINING Vedanta Ltd 0.16 Tata Steel Ltd 0.26 KEC International Ltd 0.77 Hindalco Industries Ltd 0.19 TELECOM Bharti Airtel Ltd 0.72 Idea Cellular Ltd 0.94 Total 93.60 Others 6.40

Annual Fund Review 22 Exide Life Guaranteed NAV Fund

Sector Allocation Fund Objective: The Fund is a simple two-asset product Equity Sector Allocation % that invests in risk-free money-market assets as well as in equity assets. The investor benefits through continuous Financial Services (Incl : Infrastructure Finance) 29.41 participation in equity market returns and simultaneous IT 17.91 downside protection to the extent of 80% of highest- Consumer Product 10.85 attained NAV. Oil & Gas 9.94 Auto 9.50 Launch Date: December 22, 2010 Health Care 6.36 Net Asset Value (NAV) as on 31st March 2016: `13.14 Industrial Manufacturing-Construction & Infra 4.82 Guaranteed NAV as on 31st March 2015: `11.1152 Miscellaneous 2.55 Assets Under Management (AUM): `2125mn Power 2.27 Metals & Mining 2.20 Cement 2.12 Movement of NAV Telecommunication 2.07

16.00 Portfolio Holdings 15.00

14.00 Sector Equity % 13.00 AUTO Tata Motors Ltd 1.09 12.00 Mahindra & Mahindra Ltd 0.88 11.00 Maruti Suzuki India Ltd 0.77 10.00 Bajaj Auto Ltd 0.51 9.00 1 1 1 1 Hero Motocorp Ltd 0.53 Jun-1 Jun-12 Jun-13 Jun-14 Jun-15 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Dec-10 Dec-1 Dec-12 Dec-13 Dec-14 Dec-15 Sep-1 Sep-12 Sep-13 Sep-14 Sep-15 CEMENT Ultratech Cement Ltd 0.36 Ambuja Cements Ltd 0.28 Acc Ltd 0.21 CONSUMER ITC Ltd 2.73 Fund Performance Hindustan Unilever Ltd 0.95 Asian Paints Ltd 0.62 Period Fund Return OIL & GAS Reliance Industries Ltd 2.58 One year -2.32% Oil & Natural Gas Corporation Ltd 0.60 Three Years 8.09% Bharat Petroleum Corporation Ltd 0.37 Five Years 6.03% Gail (India) Ltd 0.25 Since inception 5.30% Cairn India Ltd 0.14 Returns are compounded annualised and net of charges. POWER Power Grid Corpn. Of India Ltd 0.44 Ntpc Ltd 0.27 Tata Power Co. Ltd 0.19 Asset Allocation FINANCIAL Housing Development Finance Corporation Ltd 2.64 SERVICES HDFC Bank Ltd 2.99 (Incl: Infrastr ucture Finance) ICICI Bank Ltd 2.04 Equity-stocks from Gsec 39% Axis Bank Ltd 1.10 Nifty50 40% State Bank of India 0.80 Kotak Mahindra Bank Ltd 0.81 Indusind Bank Ltd 0.63 Others 21% Yes Bank Ltd 0.35 Bank of Baroda 0.22 Fixed income duration: 0.20 Punjab National Bank 0.09 INDUSTRIAL Larsen & Toubro Ltd 1.47 MANUFACTUR ING-CONSTRU Bosch Ltd 0.30 CTION & INFRA Corporate Debt Rating Profile Bharat Heavy Electricals Ltd 0.14 IT Infosys Ltd 3.48 Tata Consultancy Services Ltd 2.02 Hcl Technologies Ltd 0.65 Wipro Ltd 0.57 Tech Mahindra Ltd 0.40 AAA 100%

Annual Fund Review 23 Exide Life Guaranteed NAV Fund

Sector Equity % Rating Government Securities %

MET ALS & Coal India Ltd 0.29 SOVEREIGN 182 Day T Bill 22-April-2016 2.34 MINING Tata Steel Ltd 0.34 " T Bill 28-July-2016 2.30 Hindalco Industries Ltd 0.18 " 364 Day T Bill 01-Sep-2016 4.57 Vedanta Ltd 0.06 " 364 Day T Bill 08-Dec-2016 2.24 MISCELL AN Grasim Industries Ltd 0.39 " 364 Day T Bill 13-Oct-2016 6.35 EOUS Adani Port & Sez Ltd 0.32 " 364 Day T Bill 14-Apr-2016 1.41 Zee Entertainment Enterprises Ltd 0.31 " 364 Day T Bill 18-Aug-2016 5.50 HEAL TH Sun Pharmaceutical Industries Ltd 0.97 " 364 Day T Bill 23-June-2016 11.59 CARE Dr. Reddys Lab Ltd 0.61 " 91 Day T Bill 12-May-2016 3.27 Lupin Ltd 0.53 Total 39.57 Cipla Ltd 0.41 Others 20.74 TELECOM Bharti Airtel Ltd 0.67 Idea Cellular Ltd 0.16 Total 39.69

Annual Fund Review 24 Exide Life Active Asset Allocation Fund

Sector Allocation Fund Objective: The fund seeks provide long term capital Equity Sector Allocation % appreciation in a risk controlled manner by making clear and dynamic asset allocation choices as between Equities and Financial Services (Incl : Infrastructure Finance) 27.05 Bonds. IT 19.01 Oil & Gas 11.83 Launch Date: January 18, 2011 Consumer Products 8.54 Net Asset Value (NAV) as on 31st March 2016: `14.41 Auto 8.47 Assets Under Management (AUM): `626mn Health Care 7.99 Miscellaneous 7.02 Industrial Manufacturing-Construction & Infra 4.08 Movement of NAV Metals & Mining 2.29 Telecommunication 1.69 Power 1.12 16.00

15.00 Cement 0.91

14.00

13.00

12.00 Portfolio Holdings 11.00 Sector Equity % 10.00

9.00 AUTO Tata Motors Ltd 1.68 1 1 1 1 1 1 Maruti Suzuki India Ltd 0.58 Jul-1 Jul-12 Jul-13 Jul-14 Jul-15 Jan-1 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Nov-1 Nov-12 Nov-13 Nov-14 Nov-15 Sep-1 Sep-12 Sep-13 Sep-14 Sep-15 May-1 May-12 May-13 May-14 May-15 Mahindra & Mahindra Ltd 0.34 Eicher Motors Ltd 0.23 Tvs Motor Company Ltd 0.15 Motherson Sumi Systems Ltd 0.36 Fund Performance Hero Motocorp Ltd 0.30 Bajaj Auto Ltd 0.21 BHARAT FORGE LTD 0.39 Period Fund Return Benchmark* CEMENT Ultratech Cement Ltd 0.37 One year -5.60% -0.31% Acc Ltd 0.05 Three Years 10.05% 9.91% Ambuja Cements Ltd 0.04 Five Years 7.14% 7.30% CONSUMER ITC Ltd 1.90 Since inception 7.27% 7.36% Hindustan Unilever Ltd 1.08 Returns are compounded annualised and net of charges. Colgate Palmolive India Ltd 0.43 * Benchmark : Crisil Composite Bond Index (50%) and CNX Nifty (50%) Asian Paints Ltd 0.60 Britannia Industries Ltd 0.26 OIL & GAS Reliance Industries Ltd 2.94 Oil & Natural Gas Corporation Ltd 1.08 Chennai Petroleum Corporation Ltd 0.52 Asset Allocation Hindustan Petroleum Corporation Ltd 0.46 Equity-stocks from Bharat Petroleum Corporation Ltd 0.25 Indraprastha Gas Ltd 0.19 Nifty50 41% Others 7% Gail (India) Ltd 0.43 Corporate Debt 5% Cairn India Ltd 0.04 Equity-Non POWER Power Grid Corpn. Of India Ltd 0.29 Nifty50 9% Gsec 38% Ntpc Ltd 0.18 Tata Power Co. Ltd 0.08 FINANCIAL ICICI Bank Ltd 1.78 SERVICES Housing Development Finance Corporation Ltd 1.93 Fixed income duration: 6.61 (Incl: Infrastru cture Finance) Axis Bank Ltd 1.44 HDFC Bank Ltd 2.98 State Bank of India 0.93 Corporate Debt Rating Profile Kotak Mahindra Bank Ltd 1.01 L I C Housing Finance Ltd 0.56 Rural Elec Corp. Ltd 0.47 AA- 3.55% Indusind Bank Ltd 1.37 Yes Bank Ltd 0.79 Punjab National Bank 0.03 AAA 96.45%

Annual Fund Review 25 Exide Life Active Asset Allocation Fund

Sector Equity % Rating Corporate Debt %

Bank of Baroda 0.05 AAA 9.30% PGCIL 04-Sep-2024 1.69 City Union Bank Ltd 0.08 AAA 10.40% Reliance Ports And Terminals Limited Infr astructure Development Finance Company Ltd 0.11 18-07-2021 1.05 INDUSTRIAL Larsen & Toubro Ltd 1.53 AAA 8.93% PGCIL 20-OCT-2029 0.84 MANUF ACTUR Texmaco Rail & Engineering Ltd 0.10 AAA 8.76% PFC 07-Nov-2019 0.82 ING-CONSTRU AA- 9.55 HINDALCO INDUSTRIES Ltd 25-Apr-2022 0.16 CTION & INFRA Ashoka Buildcon Ltd 0.16 Beml Ltd 0.12 Total 4.56 Bosch Ltd 0.12 Others 7.54 Bharat Heavy Electricals Ltd 0.02 IT Infosys Ltd 4.93 Tata Consultancy Services Ltd 2.03 Bharat Electronics Ltd 0.16 MindTree Ltd 0.25 Hcl Technologies Ltd 0.78 Tech Mahindra Ltd 0.52 Wipro Ltd 0.83 MET ALS & Coal India Ltd 0.47 MINING Vedanta Ltd 0.03 KEC International Ltd 0.43 Hindalco Industries Ltd 0.06 Tata Steel Ltd 0.15 HEAL TH Sun Pharmaceutical Industries Ltd 1.62 CARE Alembic Pharmaceuticals Ltd 0.46 Aurobindo Pharma Ltd 0.38 Cipla Ltd 0.14 Glenmark Pharmaceuticals Ltd 0.31 Jubilant Life Sciences Ltd 0.35 Dr. Reddys Lab Ltd 0.22 Lupin Ltd 0.50 MISCELL AN Zee Entertainment Enterprises Ltd 0.79 EOUS Jet Airways (India) Ltd 0.10 HSIL Ltd 0.16 InterGlobe Aviation Ltd 0.31 Voltas Ltd 0.52 Redington (India) Ltd 0.29 Sintex Industries Ltd 0.25 UPL Ltd 0.42 Grasim Industries Ltd 0.07 Adani Port & Sez Ltd 0.59 TELECOM Bharti Airtel Ltd 0.33 Idea Cellular Ltd 0.51 Total 49.96

Rating Government Securities %

SOVEREIGN 8.13 % GOI 22-Jun-2045 4.09 " 8.17% G Sec 01-Dec-2044 8.61 " 8.15 GOI Security 24-11-2026 2.46 " 7.35% GoI SEC 22-06-2024 10.94 " 8.83% Gsec 25-NOV-2023 0.34 " 7.73% Gol Sec 19-12-2034 1.42 " 9.20 G Sec 30- Sept-2030 1.77 “ 8.27% Gujarat SDL 13-Jan-2026 1.61 " 8.40% GOI 28-July-2024 3.32 " 8.60% GOI 02-June-2028 1.61 " 8.28% GOI 21-09-2027 1.07 " 7.59% G-Sec 20-Mar-2029 0.71 Total 37.94

Annual Fund Review 26 Exide Life Prime Equity Fund

Sector Allocation Fund Objective: The fund seeks to achieve long term Equity Sector Allocation % accelerated capital growth through a portfolio of equities. Financial Services (Incl : Infrastructure Finance) 26.72 Launch Date: January 1, 2010 IT 16.42 Net Asset Value (NAV) as on 31st March 2016: `14.22 Oil & Gas 12.26 Assets Under Management (AUM): `1376mn Auto 9.21 Health Care 8.79 Consumer Products 8.67 Miscellaneous 6.82 Industrial Manufacturing-construction & Infra 4.19 Movement of NAV Metals & Mining 2.73 Telecommunication 1.76 Cement 1.23 18.00 Power 1.19 17.00 16.00 15.00 14.00 13.00 Portfolio Holdings 12.00 11.00 Sector Equity % 10.00 9.00 8.00 AUTO Tata Motors Ltd 3.20 1 1 1 1 1 1 Maruti Suzuki India Ltd 1.08 Jul-10 Jul-1 Jul-12 Jul-13 Jul-14 Jul-15 Jan-10 Jan-1 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Mar-10 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Nov-10 Nov-1 Nov-12 Nov-13 Nov-14 Nov-15 Sep-10 Sep-1 Sep-12 Sep-13 Sep-14 Sep-15 May-10 May-1 May-12 May-13 May-14 May-15 Eicher Motors Ltd 0.33 Motherson Sumi Systems Ltd 0.62 Tvs Motor Company Ltd 0.30 Mahindra & Mahindra Ltd 0.96 Fund Performance Hero Motocorp Ltd 0.62 Bajaj Auto Ltd 0.57 Period Fund Return Benchmark* BHARAT FORGE LTD 0.86 CEMENT Ultratech Cement Ltd 0.60 One year -8.16% -8.86% Ambuja Cements Ltd 0.32 Three Years 12.55% 10.84% Acc Ltd 0.23 Five Years 5.98% 5.81% CONSUMER ITC Ltd 3.17 Since inception 5.80% 6.56% Hindustan Unilever Ltd 2.06 Colgate Palmolive India Ltd 0.91 Returns are compounded annualised and net of charges. * Benchmark : CNX Nifty (100%) Asian Paints Ltd 1.52 Britannia Industries Ltd 0.39 OIL & GAS Reliance Industries Ltd 5.85 Oil & Natural Gas Corporation Ltd 1.95 Chennai Petroleum Corporation Ltd 0.91 Asset Allocation Hindustan Petroleum Corporation Ltd 0.92 Bharat Petroleum Corporation Ltd 0.46 Indraprastha Gas Ltd 0.30 Equity-Non Others 7% Gail (India) Ltd 0.83 Nifty50 16% Cairn India Ltd 0.15 POWER Power Grid Corpn. Of India Ltd 0.55 Equity-stocks from Nifty50 77% Ntpc Ltd 0.34 Tata Power Co. Ltd 0.21 FINANCIAL ICICI Bank Ltd 3.21 SERVICES HDFC Bank Ltd 5.48 (Incl: Infr astr Housing Development Finance Corporation Ltd 4.27 ucture Finance) Axis Bank Ltd 2.26 State Bank of India 2.11 Kotak Mahindra Bank Ltd 1.59 Rural Elec Corp. Ltd 0.62 Yes Bank Ltd 1.46 L I C Housing Finance Ltd 0.86 Indusind Bank Ltd 2.14 Bank of Baroda 0.19 City Union Bank Ltd 0.25 Punjab National Bank 0.11 Infr astructure Development Finance Company Ltd 0.25

Annual Fund Review 27 Exide Life Prime Equity Fund

Sector Equity %

MISCELL AN Zee Entertainment Enterprises Ltd 1.24 EOUS Jet Airways (India) Ltd 0.17 Redington (India) Ltd 0.42 InterGlobe Aviation Ltd 0.53 HSIL Ltd 0.23 Voltas Ltd 0.91 Sintex Industries Ltd 0.35 Grasim Industries Ltd 0.40 UPL Ltd 0.99 Adani Port & Sez Ltd 1.11 INDUSTRIAL Larsen & Toubro Ltd 2.72 MANUF ACTU Beml Ltd 0.24 RING-CONST Texmaco Rail & Engineering Ltd 0.23 RUCTION & Ashoka Buildcon Ltd 0.28 INFRA Bosch Ltd 0.32 Bharat Heavy Electricals Ltd 0.10 IT Infosys Ltd 7.51 Tata Consultancy Services Ltd 2.98 Bharat Electronics Ltd 0.28 MindTree Ltd 0.49 Hcl Technologies Ltd 1.38 Tech Mahindra Ltd 1.08 Wipro Ltd 1.52 MET ALS & Coal India Ltd 1.07 MINING Vedanta Ltd 0.20 KEC International Ltd 0.80 Tata Steel Ltd 0.26 Hindalco Industries Ltd 0.20 HEAL TH Sun Pharmaceutical Industries Ltd 3.12 CARE Alembic Pharmaceuticals Ltd 0.86 Glenmark Pharmaceuticals Ltd 0.61 Aurobindo Pharma Ltd 0.69 Jubilant Life Sciences Ltd 0.73 Lupin Ltd 0.97 Dr. Reddys Lab Ltd 0.75 Cipla Ltd 0.41 TELECOM Bharti Airtel Ltd 0.70 Idea Cellular Ltd 0.94 Total 92.76 Others 7.24

Annual Fund Review 28 Exide Life Preserver Fund

Portfolio Holdings Fund Objective: The fund seeks to generate income by investing in a diversified portfolio of debt and money market Rating Government Securities % instruments of varying maturities. SOVEREIGN 10.25% GoI Sec30-05-2021 0.02 Launch Date: January 1, 2010 " 12.30% GoI Sec 02-07-2016 0.01 " 12.60% GoI Sec 23-11-2018 0.02 Net Asset Value (NAV) as on 31st March 2016: `17.88 " 5.69% GoI Sec 25-09-2018 0.03 Assets Under Management (AUM): `944mn " 6.17% GoI Sec 12-06-2023 0.02 " 6.30% GoI Sec 09-04-2023 0.02 " 7.35% GoI SEC 22-06-2024 11.09 " 7.68 G-Sec 15-Dec-2023 6.15 Movement of NAV " 7.40% GoI Sec 09-09-2035 0.03 " 7.46% GSEC 2017 0.01 " 8.46% Gujarat SDL 10-Feb-2026 0.76 19.00 18.00 " 7.59% G-Sec 20-Mar-2029 10.81 17.00 " 7.73% Gol Sec 19-12-2034 7.32 16.00 15.00 " 7.95% GoI Sec 28-08-2032 0.02 14.00 " 8.13 % GOI 22-Jun-2045 11.58 13.00 " 8.15 GOI Security 24-11-2026 0.25 12.00 11.00 " 8.15% GoI FOOD BOND 16-10-2022 0.02 10.00 1 1 1 1 1 1 " 8.17% G Sec 01-Dec-2044 4.35 Jul-10 Jul-1 Jul-12 Jul-13 Jul-14 Jul-15 Jan-10 Jan-1 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Mar-10 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Nov-10 Nov-1 Nov-12 Nov-13 Nov-14 Nov-15 Sep-10 Sep-1 Sep-12 Sep-13 Sep-14 Sep-15 May-10 May-1 May-12 May-13 May-14 May-15 " 9.20 G Sec 30- Sept-2030 4.80 " 8.23% Goi Sec 12-02-2027 (Food Bond) 0.04 " 8.24% GoI Sec 15-02-2027 1.06 " 8.24% Gsec 10-Nov-2033 2.80 Fund Performance " 8.27% GOI Sec 09-June-2020 5.56 “ 8.30% GOI Fert Bond 2023 0.01 Period Fund Return Benchmark* " 7.72% GSec 25-May-2025 2.44 One year 7.38% 8.24% " 8.40% GOI 28-July-2024 1.48 Three Years 8.92% 8.97% " 8.45%GSEC SDL J&K 14-03-2017 0.21 Five Years 9.21% 8.78% " 8.58 % GSEC SDL(Uttarkhand) 13-04-2020 0.38 Since inception 9.74% 8.03% " 8.12% Gsec 10-Dec-2020 2.17 Returns are compounded annualised and net of charges. " 9.23 GOI 23-12-2043 1.14 * Benchmark : Crisil Composite Bond Index (100%) Total 74.61

Asset Allocation

Others 3%

Gsec 75% Corporate Debt 22%

Fixed income duration: 6.39

Corporate Debt Rating Profile

AAA 100%

Annual Fund Review 29 Exide Life Preserver Fund

Rating Corporate Debt % AAA 10.40% Reliance Ports And Terminals Limited 18-07-2021 4.97 AAA 8.90% PGC 25-02- 2017 1.20 AAA 8.95% LARSEN & TOUBRO LTD 26-05-2020 0.33 AAA 9.07% REC 28-02-2018 2.37 AAA 9.20% HDFCL 08-10-2017 0.75 AAA 8.17% PFC 18-Aug-2018 2.44 AAA 8.40% PFC 19-June-2018 3.20 AAA 8.40% PFC 29-June-2018 0.53 AAA 9.50 % State Bank of India 2025 (Call - 04 Nov 2020) 0.02 AAA 9.55% HDFC 19-06-2017 1.83 AAA 9.60% GE SHIPPING 10-11- 2019 0.45 AAA 9.66% TATASONS 13-09-2017 0.86 AAA 9.70% HDFC 07-06-2017 2.70 AAA 0.00% NABARD BHAVISHYA NIRMAN BOND 01-08-2017 0.29 AAA 0.00 % NABARD 01-01-2018 0.18 Total 22.14 Others 3.25

Annual Fund Review 30 Exide Life Pension Prime Equity Fund

16.00 Power 1.27 15.00 Cement 1.25 14.00

13.00

12.00

11.00 10.00 Portfolio Holdings 9.00

8.00 Sector Equity % 1 1 1 1 1 1 Jul-10 Jul-1 Jul-12 Jul-13 Jul-14 Jul-15 Jan-10 Jan-1 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Mar-10 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Nov-10 Nov-1 Nov-12 Nov-13 Nov-14 Nov-15 Sep-10 Sep-1 Sep-12 Sep-13 Sep-14 Sep-15 May-10 May-1 May-12 May-13 May-14 May-15 AUTO Tata Motors Ltd 3.21 Mahindra & Mahindra Ltd 0.85 Tvs Motor Company Ltd 0.30 Motherson Sumi Systems Ltd 0.63 Eicher Motors Ltd 0.34 Fund Performance Maruti Suzuki India Ltd 1.11 Bajaj Auto Ltd 0.60 Period Fund Return Benchmark* Hero Motocorp Ltd 0.63 One year -8.25% -8.86% BHARAT FORGE LTD 0.75 CEMENT Ultratech Cement Ltd 0.65 Three Years 12.46% 10.84% Acc Ltd 0.23 Five Years 5.95% 5.81% Ambuja Cements Ltd 0.31 Since inception 5.64% 6.56% CONSUMER ITC Ltd. 3.29 Returns are compounded annualised and net of charges. Hindustan Unilever Ltd 2.18 * Benchmark : CNX Nifty (100%) Colgate Palmolive India Ltd 0.91 Asian Paints Ltd 1.57 Britannia Industries Ltd 0.45 OIL & GAS Reliance Industries Ltd 6.15 Oil & Natural Gas Corporation Ltd 2.02 Asset Allocation Indraprastha Gas Ltd 0.31 Hindustan Petroleum Corporation Ltd 0.93 Equity-Non Nifty50 16% Others 5% Chennai Petroleum Corporation Ltd 0.95 Bharat Petroleum Corporation Ltd 0.52 Equity-stocks from Gail (India) Ltd 0.86 Nifty50 79% Cairn India Ltd 0.16 POWER Power Grid Corpn. Of India Ltd 0.57 Ntpc Ltd 0.44 Tata Power Co. Ltd 0.21 FINANCIAL HDFC Bank Ltd 5.54 SERVICES (Incl: ICICI Bank Ltd 3.42 Infr astructure Housing Development Finance Corporation Ltd 4.21 Finance) Axis Bank Ltd 2.37 Rural Elec Corp. Ltd 0.65 L I C Housing Finance Ltd 0.60 State Bank of India 2.30 Kotak Mahindra Bank Ltd 1.65 Yes Bank Ltd 1.51 Indusind Bank Ltd 2.03 Bank of Baroda 0.20 City Union Bank Ltd 0.38

Annual Fund Review 31

Exide Life Pension Prime Equity Fund

Sector Equity %

Punjab National Bank 0.12 Infr astructure Development Finance Company Ltd 0.18 MISCELL AN Zee Entertainment Enterprises Ltd 1.35 EOUS Jet Airways (India) Ltd 0.15 Redington (India) Ltd 0.44 InterGlobe Aviation Ltd 0.55 HSIL Ltd 0.25 Voltas Ltd 0.94 Grasim Industries Ltd 0.43 Adani Port & Sez Ltd 1.14 Sintex Industries Ltd 0.37 UPL Ltd 0.80 INDUSTRIAL Larsen & Toubro Ltd 2.87 MANUF ACTU Bosch Ltd 0.33 RING-CONST Beml Ltd 0.31 RUCTION & Ashoka Buildcon Ltd 0.29 INFRA Texmaco Rail & Engineering Ltd 0.25 Bharat Heavy Electricals Ltd 0.09 IT Infosys Ltd 7.77 Bharat Electronics Ltd 0.29 Tata Consultancy Services Ltd 3.10 MindTree Ltd 0.49 Hcl Technologies Ltd 1.39 Tech Mahindra Ltd 1.18 Wipro Ltd 1.65 METALS & Coal India Ltd 1.14 MINING Vedanta Ltd 0.19 KEC International Ltd 0.88 Tata Steel Ltd 0.27 Hindalco Industries Ltd 0.20 HEALTH Sun Pharmaceutical Industries Ltd 3.30 CARE Aurobindo Pharma Ltd 0.72 Alembic Pharmaceuticals Ltd 0.90 Glenmark Pharmaceuticals Ltd 0.61 Jubilant Life Sciences Ltd 0.73 Dr. Reddys Lab Ltd 0.80 Lupin Ltd 0.98 Cipla Ltd 0.46 Bharti Airtel Ltd 0.74 TELECOM Idea Cellular Ltd 0.95 Total 95.58 Others 4.42

Annual Fund Review 32 Exide Life Pension Preserver Fund

Portfolio Holdings Fund Objective: The fund seeks to generate income by Rating Government Securities % investing in a diversified portfolio of debt and money market instruments of varying maturities. SOVEREIGN 10.25% GoI Sec30-05-2021 0.06 " 12.30% GoI Sec 02-07-2016 0.03 Launch Date: January 1, 2010 " 12.60% GoI Sec 23-11-2018 0.08 Net Asset Value (NAV) as on 31st March 2016: `18 " 5.69% GoI Sec 25-09-2018 0.08 Assets Under Management (AUM): `293mn " 6.01% GoI Sec 25-03-2028 0.06 " 6.17% GoI Sec 12-06-2023 0.07 " 6.30% GoI Sec 09-04-2023 0.08 " 7.35% GoI SEC 22-06-2024 11.36 " 7.40% GoI Sec 09-09-2035 0.10 Movement of NAV " 7.46% GSEC 2017 0.03 " 7.59% G-Sec 20-Mar-2029 7.61 20.00 19.00 " 7.68 G-Sec 15-Dec-2023 7.52 18.00 " 7.72% GSec 25-May-2025 2.74 17.00 16.00 " 7.73% Gol Sec 19-12-2034 0.67 15.00 " 7.95% GoI Sec 28-08-2032 0.07 14.00 13.00 " 8.12% Gsec 10-Dec-2020 3.49 12.00 " 8.13 % GOI 22-Jun-2045 3.85 11.00 10.00 " 8.15 GOI Security 24-11-2026 1.96 1 1 1 1 1 1

Jul-10 Jul-1 Jul-12 Jul-13 Jul-14 Jul-15 " 8.15% GoI FOOD BOND 16-10-2022 0.05 Jan-10 Jan-1 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Mar-10 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Nov-10 Nov-1 Nov-12 Nov-13 Nov-14 Nov-15 Sep-10 Sep-1 Sep-12 Sep-13 Sep-14 Sep-15 May-10 May-1 May-12 May-13 May-14 May-15 " 8.17% G Sec 01-Dec-2044 13.84 " 8.23% Goi Sec 12-02-2027 (Food Bond) 0.12 " 8.24% GoI Sec 15-02-2027 0.18 Fund Performance “ 8.24% Gsec 10-Nov-2033 5.61 " 8.27% GOI Sec 09-June-2020 6.85 Period Fund Return Benchmark* " 8.30% GOI Fert Bond 2023 0.03 One year 7.36% 8.24% " 8.46% Gujarat SDL 10-Feb-2026 1.15 Three Years 8.81% 8.97% " 8.47% Maharashtra SDL 10-02-2026 1.99 Five Years 9.25% 8.78% " 8.58 % GSEC SDL(Uttarkhand) 13-04-2020 0.35 Since inception 9.86% 8.03% " 8.60% GOI 02-June-2028 3.43 Returns are compounded annualised and net of charges. " 8.67 Maharashtra SDL 24 Feb 2026 1.06 *Benchmark : Crisil Composite Bond Index (100%) " 9.20 G Sec 30- Sept-2030 4.91 Total 79.42

Asset Allocation Rating Corporate Debt %

AAA 8.95% LARSEN & TOUBRO LTD 26-05-2020 0.35 AAA 9.02 REC 18-June-2019 1.05 Gsec 79% Others 3% AAA 9.20% HDFCL 08-10-2017 1.73 AAA 9.55% HDFC 19-06-2017 3.47 Corporate Debt 18% AAA 8.17% PFC 18-Aug-2018 2.74 AAA 8.40% PFC 29-June-2018 3.09 AA 9.60% GE SHIPPING 10-11- 2019 2.15 Fixed income duration: 6.38 AAA 9.66% TATASONS 13-09-2017 3.14 Total 17.73 Others 2.85 Corporate Debt Rating Profile

AAA 100%

Annual Fund Review 33 Exide Life Pension Liquid Fund

Portfolio Holdings Fund Objective: The fund seeks to provide reasonable Rating Government Securities % returns while providing a high level of liquidity and low risk by investing in money market securities. SOVEREIGN 364 Day T Bill 01-Sep-2016 25.73 " 364 Day T Bill 08-Dec-2016 33.66 Launch Date: March, 5, 2008 Total 59.39 Net Asset Value (NAV) as on 31st March 2016: `18.47 Assets Under Management (AUM): `28mn Corporate Debt Rating Profile

Movement of NAV

19.00 AAA 100%

18.00

17.00

16.00

15.00

14.00

13.00

12.00

11.00

10.00 1 1 1 Jul-08 Jul-09 Jul-10 Jul-1 Jul-12 Jul-13 Jul-14 Jul-15 Mar-08 Mar-09 Mar-10 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Nov-08 Nov-09 Nov-10 Nov-1 Nov-12 Nov-13 Nov-14 Nov-15

Fund Performance

Period Fund Return Benchmark* One year 7.18% 8.06% Three Years 7.97% 8.83% Five Years 8.33% 8.64% Since inception 7.89% 7.73% Returns are compounded annualised and net of charges. * Benchmark : Crisil Liquid Fund Index (100%)

Asset Allocation

Gsec 59% Others 41%

Fixed income duration: 0.32

Annual Fund Review 34 Exide Life Pension Debt Fund

Portfolio Holdings Fund Objective: The fund seeks to generate income Rating Government Securities % through an investment mix of high quality bonds and money market instruments. SOVEREIGN 7.35% GoI SEC 22-06-2024 8.67 " 7.59% G-Sec 20-Mar-2029 8.18 Launch Date: March 5, 2008 " 7.68 G-Sec 15-Dec-2023 5.74 Net Asset Value (NAV) as on 31st March 2016: `20.19 " 7.72% GSec 25-May-2025 2.60 Assets Under Management (AUM): `367mn " 7.73% Gol Sec 19-12-2034 0.27 " 8.12% Gsec 10-Dec-2020 2.79 " 8.13 % GOI 22-Jun-2045 16.34 " 8.15 GOI Security 24-11-2026 0.81 " 8.17% G Sec 01-Dec-2044 3.08 Movement of NAV " 8.24% GoI Sec 15-02-2027 0.14 " 8.24% Gsec 10-Nov-2033 1.68 22.00 21.00 " 8.27% GOI Sec 09-June-2020 6.31 20.00 19.00 " 8.40% GOI 28-July-2024 2.26 18.00 " 8.47% Maharashtra SDL 10-02-2026 2.82 17.00 16.00 " 8.60% GOI 02-June-2028 0.50 15.00 14.00 " 8.83% Gsec 25-NOV-2023 6.51 13.00 12.00 " 9.20 G Sec 30- Sept-2030 4.82 11.00 10.00 Total 73.53 1 1 1 Jul-08 Jul-09 Jul-10 Jul-1 Jul-12 Jul-13 Jul-14 Jul-15 Mar-08 Mar-09 Mar-10 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Nov-08 Nov-09 Nov-10 Nov-1 Nov-12 Nov-13 Nov-14 Nov-15

Rating Corporate Debt % Fund Performance AAA 8.95% LARSEN & TOUBRO LTD 26-05-2020 4.20 AAA 9.02 REC 18-June-2019 6.46 Period Fund Return Benchmark* AAA 8.17% PFC 18-Aug-2018 2.46 AAA 8.40% PFC 19-June-2018 0.28 One year 7.72% 8.24% AAA 8.40% PFC 29-June-2018 2.47 Three Years 9.06% 8.97% AAA 9.18% TATA SONS LTD 23-11-2020 2.54 Five Years 9.33% 8.78% AAA 9.50 % State Bank of India 2025 Since inception 9.09% 7.61% (Call - 04 Nov 2020) 0.31 Returns are compounded annualised and net of charges. * Benchmark : Crisil Composite Bond Index (100%) AAA 9.70% IL & FS 22-Feb-2021 2.89 Total 21.61 Others 4.86

Asset Allocation

Others 5% Gsec 73% Corporate Debt 22%

Fixed income duration: 6.24

Corporate Debt Rating Profile

AAA 100%

Annual Fund Review 35 Exide Life Pension Equity Fund

17.00 Telecommunication 1.55

15.00 Cement 1.39 Power 1.00 13.00

11.00

9.00 Portfolio Holdings 7.00 Sector Equity %

5.00 1 1 1 AUTO Tata Motors Ltd 3.10 Jul-08 Jul-09 Jul-10 Jul-1 Jul-12 Jul-13 Jul-14 Jul-15 Mar-08 Mar-09 Mar-10 Mar-1 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Nov-08 Nov-09 Nov-10 Nov-1 Nov-12 Nov-13 Nov-14 Nov-15 Mahindra & Mahindra Ltd 1.93 Exide Industries Ltd 1.20 Maruti Suzuki India Ltd 1.36 BHARAT FORGE LTD 0.74 Hero Motocorp Ltd 0.83 Fund Performance Bajaj Auto Ltd 0.45 CEMENT The Ramco Cements Ltd 0.61 Period Fund Return Benchmark* Ultratech Cement Ltd 0.41 Ambuja Cements Ltd 0.20 One year -9.25% -8.86% Acc Ltd 0.15 Three Years 11.77% 10.84% CONSUMER ITC Ltd 4.17 Five Years 5.68% 5.81% Hindustan Unilever Ltd 0.84 Since inception 5.74% 5.76% Asian Paints Ltd 0.52 Colgate Palmolive India Ltd 0.47 Returns are compounded annualised and net of charges. * Benchmark : CNX Nifty (100%) Jubilant Foodworks Ltd 0.40 OIL & GAS Reliance Industries Ltd 5.79 Oil & Natural Gas Corporation Ltd 2.66 Chennai Petroleum Corporation Ltd 0.87 Gail (India) Ltd 1.49 Asset Allocation Aban Offshore Ltd 0.79 Bharat Petroleum Corporation Ltd 0.21 Cairn India Ltd 0.10 Equity-Non Nifty50 23% Others2% POWER Power Grid Corpn. Of India Ltd 0.49 Ntpc Ltd 0.34 Equity-stocks from Tata Power Co. Ltd 0.15 Nifty50 75% FINANCIAL ICICI Bank Ltd 4.06 SERVICES (Incl: HDFC Bank Ltd 5.05 Infr astructure Housing Development Finance Corporation Ltd 2.98 Finance) Axis Bank Ltd 2.51 State Bank of India 1.94 Punjab National Bank 0.99 Bajaj Holding Investment Ltd 0.48 Yes Bank Ltd 1.40 Kotak Mahindra Bank Ltd 1.15 Infrastructure Development Finance Company Ltd 0.53 IDFC Bank Ltd 0.89 Rural Elec Corp. Ltd 0.49 Indusind Bank Ltd 0.75 Union Bank Of India 0.66 Bank of Baroda 1.21

Annual Fund Review 36 Exide Life Pension Equity Fund

Sector Equity %

MISCELL AN Hathway Cable & Datacom Ltd 0.88 EOUS Sintex Industries Ltd 0.81 Cox and Kings Ltd 0.52 Aarti Industries Ltd 0.32 Indian Hotel Company Ltd 0.53 Adani Port & Sez Ltd 0.88 Redington (India) Ltd 0.55 Voltas Ltd 0.50 HSIL Ltd 0.90 Grasim Industries Ltd 0.29 Zee Entertainment Enterprises Ltd 0.26 INDUSTRIAL Larsen & Toubro Ltd 4.06 MANUF ACTU Bharat Heavy Electricals Ltd 1.11 RING-CONSTRUC Texmaco Rail & Engineering Ltd 0.59 TION & INFRA Bosch Ltd 0.21 Beml Ltd 0.54 Praj Industries Ltd 0.52 VA Tech Wabag Ltd 0.41 Gmr Infrastructure Ltd 0.48 Ncc Ltd 0.87 IT Infosys Ltd 6.78 Tata Consultancy Services Ltd 1.76 Bharat Electronics Ltd 0.87 Hexaware Technologies Ltd 0.47 MindTree Ltd 0.34 Hcl Technologies Ltd 0.61 Tech Mahindra Ltd 0.38 Wipro Ltd 1.50 METALS & Coal India Ltd 1.60 MINING Tata Steel Ltd 1.83 Jindal Steel & Power Ltd 0.30 KEC International Ltd 0.73 Vedanta Ltd 0.13 Hindalco Industries Ltd 0.23 JSW Steel Ltd 0.51 HEALTH Sun Pharmaceutical Industries Ltd 3.25 CARE Alembic Pharmaceuticals Ltd 0.80 Aurobindo Pharma Ltd 0.84 Dr. Reddys Lab Ltd 0.51 Lupin Ltd 0.48 Jubilant Life Sciences Ltd 0.41 Glenmark Pharmaceuticals Ltd 0.90 Wockhardt Ltd 0.53 Cipla Ltd 0.34 TELECOM Bharti Airtel Ltd 0.69 Idea Cellular Ltd 0.84 Total 98.19 Others 1.81

Annual Fund Review 37 Glossary

Net Asset Value (NAV):

It is defined as the value of one unit of the fund. It is calculated by dividing the total value of all the securities held in the fund portfolio, less any liabilities, by the number of units in the fund. It is calculated once a day based on the closing market prices of the securities in the fund's portfolio.

Assets under management (AUM):

The market value of financial assets that an investment company manages on behalf of investors.

Portfolio Holdings:

It refers to the contents of an investment portfolio held by an entity. The contents are the financial instruments like stocks, bonds, government securities, mutual funds, fixed deposits, corporate deposits, etc. that constitute the fund.

Corporate Debt:

A debt security issued by a corporation and sold to investors. The backing for the bond is usually the payment ability of the company, which is typically money to be earned from future operations.

Government Securities (Gsec):

A debt security issued by a government to raise the funds necessary to pay for its expenses. This includes short-term Treasury bills, medium-term Treasury notes, and long-term Treasury bonds.

Benchmark Index:

An index that is regarded as a standard and against which the performance of the fund is measured.

1. ULIP plans are different from the traditional insurance products and are subject to risk factors. 2. The premiums paid in ULIP policies are subject to investment risks associated with capital markets and the Unit Price of the Units may go up or down based on performance of fund and factors influencing the capital market and the insured is responsible for his/her decisions. 3 . Exide Life Insurance Company Limited is only the name of the Insurance Company and Exide Life Insurance ULIP products are only the name of the ULIP contract and does not in any way indicate the quality of the contract its future prospects or returns. 4 . Be aware of the associated risks and the applicable charges from your insurance agent or the intermediary or policy document of the insurer. 5 . Investments in ULIPs are subject to market and other risks and there can be no assurance that the objectives of the Unit Linked Funds in the ULIP will be achieved. 6 . Past performance of the Unit Linked Fund and other Funds of the Company is not indicative of future performance of any of these Funds. 7 . The premiums and funds are subject to certain charges related to the fund or to the premiums paid. 8. The names of the Unit Linked Funds do not in any manner indicate the quality of the Unit Linked Fund or their future prospects or returns. 9. The ULIP does not offer a guaranteed return and risk in investment is borne by the policyholder. 10. The purpose of the Annual Fund Review is only to provide a general Review about the funds available in the ULIP products. Please refer to the policy terms and conditions of respective products to understand in detail the associated risks, benefits, charges etc.

INDICES provided by CRISIL.“CRISIL Indices are the sole property of CRISIL. CRISIL Indices shall not be copied, transmitted or redistributed in any manner for any commercial use. CRISIL has taken due care and caution in computation of the Indices, based on the data obtained from sources, which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Indices and is not responsible for any errors or for the results obtained from the use of the Indices. CRISIL especially states that it has no financial liability whatsoever to the users of CRISIL Indices”. For more information please contact our nearest Branch Office. Or call us at Toll Free number 1800 419 8228 or visit exidelife.in.

Annual Fund Review 38 Exide Life Insurance Company Limited is a wholly owned subsidiary of Exide Industries Limited. The trademark “Exide” is owned by Exide Industries Limited and licensed to Exide Life Insurance vide Trademark license agreement dated 30thOctober 2014. Exide Life Insurance Company Limited (Formerly known as ING Vysya Life Insurance Company Limited). IRDAI Registration number: 114, CIN: U66010KA2000PLC028273, Registered Office: 3rd Floor, JP Techno Park, No.3/1, Millers Road, Bengaluru - 560 001; Toll Free: 1800 419 8228; Visit: exidelife.in