2016 - 2017 Contents

• 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 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) 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 Manage- ment 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 Sumeet Hinduja 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 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 363.1 360.2 360.8 365.5 366.8 372.0 367.2 365.3 360.3 361.6 362.8 370.0 (US$ billion)

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 9.9 9.6 9.3 8.6 9.1 12.3 8.8 6.5 6.2 4.3 4.3 9.6 (Non-food credit, YOY) 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 (1.1) (0.9) (0.1) 0.6 1.1 1.4 1.3 1.8 2.1 4.3 5.5 5.1 (YoY - All commodities)

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 non- resolution 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, 1-Month 3-Month 6-Month 1-Year 2017 Change Change Change 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:

Equity Indices 150

140

130

120

110

100

90

80 Index Values (Rebased to 100) (Rebased Values Index

Jul-16 Mar-16 Apr-16 May-16 Jun-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:

Debt Indices 120 8.0%

115 7.5%

110 7.0% (Yield)

105 6.5%

100 Index Values(Rebased to 100) Index Values(Rebased 6.0%

-16 eb-17 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct Nov-16 Dec-16 Jan-17 F Mar-17

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

Fund Profile: The fund seeks to generate income through an Asset Allocation (As approved by IRDAI) investment mix of high quality bonds and money market instruments.

SFIN No: ULIF00218/10/04DEBT114 Fund Type % Launch Date: November 02, 2004 Debt and Debt related Instruments 100% Net Asset Value (NAV) as on 31 Mar. 2017: ₹27.1639 Assets Under Management (AUM): ₹324.16 mn Rating Profile of Debt Instruments Equity : ₹­ Debt : ₹327.45 mn Net Current Assets : ₹(3.29) mn AAA: 31.47% Fund Manager: Debt : Mr.Pranav Parekh

Fund Performance SOVEREIGN: 68.53%

Period Fund Return Benchmark* 1 Month 1.24% 1.29% Sector Allocation 6 Months 2.94% 3.36% 1 Year 11.52% 11.09% Equity Sector Allocation % 2 Years 9.67% 9.66% 3 Years 11.77% 11.27% Others 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. Debt Sector Allocation % Infrastructure finance 50.08 Movement of NAV Electricity gas steam and air conditioning supply 29.78 Civil engineering 9.52 Financial & insurance 5.44 27.2 Housing 5.18

27.0

Unit Price 26.8

Mar 2017 13 20 27 26.6

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 20­Oct­2026 23.92 7.38% 8.65% PFC 28­Dec­2024 19.06 5.88% 8.30% Rural Electrification Corporation Ltd 10­Apr­2025 14.56 4.49% 9.15% LARSEN & TOUBRO LTD 05­01­2019 9.28 2.86% 8.03% PFC 02­May­2026 (PUT 01­May­2021) 5.13 1.58% 8.13% PGCIL 23­April­2021 5.12 1.58% 7.83%IRFC 21­MAR­2027 5.08 1.57% 9.20% HDFCL 08­10­2017. 5.06 1.56% 7.63% PFC 14­Aug­2026 5.01 1.54% 9.50 % State 2025 ( Call ­ 04 Nov 2020) 3.29 1.01% 9.66% TATASONS 13­09­2017 2.02 0.62% Total 97.53 30.09%

G-Sec Holdings Amt (mn) % AUM 7.73% Gol Sec 19­12­2034 38.78 11.96% 6.79% GSEC 26­Dec­2029. 26.45 8.16% 8.27% GOI Sec 09­June­2020 20.96 6.47% 8.83% Gsec 25­NOV­2023 20.83 6.43% 9.23 GOI 23­12­2043 20.26 6.25% 7.75% Karnataka SDL 01­Mar­2027 20.25 6.25% 7.88% GSec 19­Mar­2030 15.15 4.67% 7.73 RJ SDL 01­Mar­2027 15.14 4.67% 7.61 RJ SDL 29­03­2027 10.01 3.09% 7.59% G­Sec 20­Mar­2029 8.53 2.63% 7.80% GOI 11­APR­2021. 5.19 1.60% 8.53 % GSEC SDL(Assam)24­02­2020 4.67 1.44% 7.72% G Sec 26­Oct­2055 3.10 0.96% 8.58 % GSEC SDL(Uttarkhand) 13­04­2020 2.60 0.80% 8.13 % GOI 22­Jun­2045 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 Asset Allocation (As approved by IRDAI) growth through an investment mix of upto 20% equity and the balance in high quality bonds and money market instruments. Fund Type % SFIN No: ULIF00418/10/04SECURE114 Equity 10% to 20% Launch Date: November 02, 2004 Debt 0% to 90% Net Asset Value (NAV) as on 31 Mar. 2017: ₹28.9352 Money Market 0% to 20% Assets Under Management (AUM): ₹317.78 mn Equity : ₹40.91 mn Rating Profile of Debt Instruments Debt : ₹265.92 mn Net Current Assets : ₹10.95 mn Fund Manager: Equity : Mr.Mahesh Sarda AAA: 38.75% Debt : Mr.Pranav Parekh SOVEREIGN: 61.25% Fund Performance

Period Fund Return Benchmark* 1 Month 1.60% 1.59% Sector Allocation 6 Months 3.38% 3.83% 1 Year 12.13% 12.21% Equity Sector Allocation % 2 Years 8.43% 8.80% Financial & insurance 32.02 3 Years 11.64% 11.24% Computer programming consultancy and related activities 12.56 Since Inception 8.94% 8.31% Pharmaceuticals 6.63 *Benchmark : Crisil Composite Bond Index (85%) and Nifty 50 (15%) .Returns over one year Manufacture of coke and refined petroleum products 6.40 are compounded annualised and fund returns are net of charges. Civil engineering 6.12 Movement of NAV Manufacture of other transport equipment 5.43 Manufacture of motor vehicles trailers and semi­trailers 4.00 Manufacture of tobacco products 3.62 29.0 Manufacture of chemicals and chemical products 2.68 Manufacture of electrical equipment 2.60 28.8 Others 17.93

28.6 Debt Sector Allocation %

Unit Price Infrastructure finance 38.94 28.4 Electricity gas steam and air conditioning supply 31.94 Mar 2017 13 20 27 Financial & insurance 10.68 28.2 Water transport 9.82 Civil engineering 8.62 Asset Allocation (As on Mar 31st, 2017)

Others: 8.70% Equity: 12.87%

Corporate Debt: 30.39% Gsec: 48.04%

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% Ltd 2.64 0.83% 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% Ltd 1.46 0.46% Mahindra & Mahindra Ltd 1.41 0.44% Housing Development Finance Corporation Ltd 1.37 0.43% Limited 1.14 0.36% 1.05 0.33% Sun Pharmaceutical Industries Ltd 0.97 0.31% 0.93 0.29% Oil & Natural Gas Corporation Ltd 0.89 0.28% Crompton Greaves Consumer Electricals Limited. 0.81 0.26% Ltd 0.75 0.24% Tata Consultancy Services Ltd 0.77 0.24% Ltd 0.69 0.22% Ltd 0.64 0.20% Ltd 0.64 0.20% Ncc Ltd 0.62 0.20% Ltd 0.60 0.19% Adani Port & Sez Ltd 0.58 0.18% Limited 0.56 0.18% Ltd 0.57 0.18% Ultratech Cement Ltd 0.55 0.17% Ltd 0.51 0.16% Hero Motocorp Ltd. 0.47 0.15% The Limited 0.48 0.15% Ltd 0.48 0.15% Mahindra & Mahindra Financial Services Limited 0.47 0.15% 0.41 0.13% 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% Ltd 0.32 0.10% Limited 0.30 0.09% Hcl Technologies Ltd 0.28 0.09% Cable & Datacom Limited. 0.27 0.08% Bajaj Electricals Ltd 0.25 0.08% Ltd 0.24 0.08% Lupin Ltd. 0.27 0.08% Ltd 0.25 0.08% Ltd 0.24 0.08% Colgate Palmolive India Ltd 0.21 0.07% Texmaco Rail & Engineering Limited 0.18 0.06% India Ltd 0.18 0.06% Infrastructure Development Finance Company Ltd 0.16 0.05% IDFC Bank Ltd 0.17 0.05% Limited 0.13 0.04% 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% Ltd 0.01 0.00% Bharti Infratel Ltd 0.00 0.00% Corporation Ltd 0.01 0.00% Acc Ltd 0.00 0.00% Ltd 0.00 0.00% Ltd 0.01 0.00% Ltd 0.01 0.00% 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% Co. Ltd 0.00 0.00% Total 40.91 12.87%

Corporate Debt-Holdings Amt (mn) % AUM 7.52% Rural Electrification Corporation Ltd 07­Nov­2026 14.91 4.69% 8.93% PGCIL 20­OCT­2029 11.04 3.48% 7.75% PFC 22­Mar­2027 10.20 3.21% 9.60% GE SHIPPING 10­11­ 2019 9.48 2.98% 8.65% PFC 28­Dec­2024 7.41 2.33% 7.58% NTPC 23­Aug­2026 6.99 2.20% 8.93 PGCIL 20­Oct­2026 5.44 1.71% 8.95% LARSEN & TOUBRO LTD 26­05­2020. 5.23 1.65% 8.50% EXIM Bank 26­April­2023 5.23 1.65% 7.71% NABARD 17­Mar­2032 5.08 1.60% 7.83%IRFC 21­MAR­2027 5.08 1.60% 8.13% PGCIL 23­April­2021 4.10 1.29% 9.30% PGCIL 04­Sep­2024 3.28 1.03% 9.15% LARSEN & TOUBRO LTD 05­01­2019 3.09 0.97% Total 96.57 30.39%

G-Sec Holdings Amt (mn) % AUM 7.61% Gsec 09­May­30 33.15 10.43% 7.75% Karnataka SDL 01­Mar­2027 20.25 6.37% 7.71 GUJARAT SDL 01­Mar­2027 20.21 6.36% 7.59% G­Sec 20­Mar­2029 17.37 5.46% 8.60% GOI 02­June­2028 12.87 4.05% 9.20 G Sec 30­ Sept­2030 11.55 3.63% 7.73 RJ SDL 01­Mar­2027 10.09 3.18% 8.28% GOI 21­09­2027 9.67 3.04% 7.88% GSec 19­Mar­2030 5.23 1.64% 8.27% Gujarat SDL 13­Jan­2026 5.19 1.63% 8.17% G Sec 01­Dec­2044 4.85 1.53% 8.53 % GSEC SDL(Assam)24­02­2020 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 Asset Allocation (As approved by IRDAI) diversified portfolio of debt and money market instruments of varying maturities. Fund Type % SFIN No: ULIF01016/12/09PRESERVER114 75% to Debt Launch Date: January 01, 2010 100% Money Market 0% ­ 25% Net Asset Value (NAV) as on 31 Mar. 2017: ₹19.9008 Assets Under Management (AUM): ₹998.81 mn Rating Profile of Debt Instruments Equity : ₹­ Debt : ₹964.11 mn Net Current Assets : ₹34.70 mn Fund Manager: AAA: 37.74% Debt : Mr.Pranav Parekh

Fund Performance SOVEREIGN: 62.26%

Period Fund Return Benchmark* 1 Month 1.37% 1.29% 6 Months 2.95% 3.36% Sector Allocation 1 Year 11.31% 11.09% 2 Years 9.31% 9.66% Equity Sector Allocation % 3 Years 11.51% 11.27% Others 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. Debt Sector Allocation % Movement of NAV Infrastructure finance 50.19 Housing 14.47 Warehousing and support activities for transportation 13.97 20.0 Financial & insurance 11.95 19.9 Civil engineering 8.19 Water transport 1.24 19.8

19.7

Unit Price 19.6

19.5 Mar 2017 13 20 27 19.4

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 18­07­2021 47.57 4.76% 8.65% PFC 28­Dec­2024 39.17 3.92% 7.63% PFC 14­Aug­2026 31.04 3.11% 7.71% NABARD 17­Mar­2032 30.49 3.05% 9.70% HDFC 07­06­2017 25.12 2.52% 9.15% LARSEN & TOUBRO LTD 05­01­2019 24.76 2.48% 7.54% Rural Electrification Corporation Ltd 30­Dec­2026 22.90 2.29% 9.07% REC 28­02­2018 22.42 2.25% 8.03% PFC 02­May­2026 (PUT 01­May­2021) 17.46 1.75% 9.55% HDFC 19­06­2017 17.09 1.71% 8.11% REC Ltd 07­Oct­25 15.45 1.55% 7.83%IRFC 21­MAR­2027 15.25 1.53% 9.66% TATASONS 13­09­2017 8.09 0.81% 8.30% Rural Electrification Corporation Ltd 10­Apr­2025 7.28 0.73% 9.20% HDFCL 08­10­2017. 7.08 0.71% 9.60% GE SHIPPING 10­11­ 2019 4.22 0.42% 8.95% LARSEN & TOUBRO LTD 26­05­2020. 3.14 0.31% 0.00 % NABARD 01­01­2018. 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 19­12­2034 120.20 12.03% 7.88% GSec 19­Mar­2030 90.92 9.10% 7.75% Karnataka SDL 01­Mar­2027 75.92 7.60% 6.79% GSEC 26­Dec­2029. 56.34 5.64% 8.27% GOI Sec 09­June­2020 26.20 2.62% 8.83% Gsec 25­NOV­2023 25.22 2.52% 7.61 RJ SDL 29­03­2027 25.04 2.51% 7.73 RJ SDL 01­Mar­2027 24.22 2.42% 7.59% G­Sec 20­Mar­2029 23.75 2.38% 8.17% G Sec 01­Dec­2044 19.39 1.94% 8.15 GOI Security 24­11­2026 18.98 1.90% 7.61% Gsec 09­May­30 18.64 1.87% 7.80% GOI 11­APR­2021. 12.45 1.25% 8.46% Gujarat SDL 10­Feb­2026. 7.36 0.74% 9.23 GOI 23­12­2043 5.96 0.60% 8.58 % GSEC SDL(Uttarkhand) 13­04­2020 3.64 0.36% 7.72% G Sec 26­Oct­2055 3.10 0.31% 8.13 % GOI 22­Jun­2045 2.43 0.24% 8.23% Goi Sec 12­02­2027 (Food Bond). 0.37 0.04% 7.40% GoI Sec 09­09­2035 0.30 0.03% 10.25% GoI Sec30­05­2021 0.17 0.02% 12.60% GoI Sec 23­11­2018. 0.22 0.02% 5.69% GoI Sec 25­09­2018. 0.25 0.02% 6.17% GoI Sec 12­06­2023 0.22 0.02% 6.30% GoI Sec 09­04­2023. 0.24 0.02% 7.95% GoI Sec 28­08­2032 0.21 0.02% 8.15% GoI FOOD BOND 16­10­2022. 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 Asset Allocation (As approved by IRDAI) through an investment mix of upto 40% equity and the balance in high quality bonds and money market instruments. Fund Type % SFIN No: ULIF00118/10/04BALANCE114 Equity 20% ­ 40% Launch Date: November 02, 2004 Debt 0% ­ 80% Net Asset Value (NAV) as on 31 Mar. 2017: ₹30.6004 Money Market 0% ­ 20% Assets Under Management (AUM): ₹726.59 mn Equity : ₹192.56 mn Rating Profile of Debt Instruments Debt : ₹502.03 mn Net Current Assets : ₹32.00 mn Fund Manager: AAA: 36.68% Equity : Mr.Mahesh Sarda Debt : Mr.Pranav Parekh

SOVEREIGN: 63.32% Fund Performance

Period Fund Return Benchmark* 1 Month 1.90% 1.90% Sector Allocation 6 Months 3.86% 4.31% 1 Year 13.60% 13.33% Equity Sector Allocation % 2 Years 7.56% 7.94% Financial & insurance 32.05 3 Years 11.81% 11.20% Computer programming consultancy and related activities 12.68 Since Inception 9.44% 9.32% Pharmaceuticals 6.83 *Benchmark : Crisil Composite Bond Index(70%) and Nifty 50 (30%).Returns over one year Manufacture of coke and refined petroleum products 6.27 are compounded annualised and fund returns are net of charges. Civil engineering 5.66 Movement of NAV Manufacture of motor vehicles trailers and semi­trailers 5.12 Manufacture of other transport equipment 4.01 Manufacture of tobacco products 3.90 30.8 Manufacture of chemicals and chemical products 2.83 Manufacture of electrical equipment 2.41 30.6 Others 18.24

30.4

Debt Sector Allocation % 30.2

Unit Price Infrastructure finance 37.79 30.0 Electricity gas steam and air conditioning supply 37.39 Mar 2017 13 20 27 Financial & insurance 24.82 29.8

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 26­April­2023 31.39 4.32% 8.65% PFC 28­Dec­2024 26.47 3.64% 7.58% NTPC 23­Aug­2026 25.95 3.57% 8.93% PGCIL 20­OCT­2029 22.09 3.04% 7.75% PFC 22­Mar­2027 15.30 2.11% 7.52% Rural Electrification Corporation Ltd 07­Nov­2026 14.91 2.05% 9.30% PGCIL 04­Sep­2024 10.92 1.50% 7.83%IRFC 21­MAR­2027 10.17 1.40% 7.71% NABARD 17­Mar­2032 10.16 1.40% 8.13% PGCIL 23­April­2021 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 01­Mar­2027 55.68 7.66% 7.59% G­Sec 20­Mar­2029 53.02 7.30% 7.61% Gsec 09­May­30 44.54 6.13% 7.71 GUJARAT SDL 01­Mar­2027 30.32 4.17% 9.20 G Sec 30­ Sept­2030 29.45 4.05% 7.88% GSec 19­Mar­2030 27.69 3.81% 8.27% Gujarat SDL 13­Jan­2026 25.97 3.57% 8.28% GOI 21­09­2027 23.64 3.25% 7.73 RJ SDL 01­Mar­2027 11.10 1.53% 8.97% GOI 05­Dec­2030. 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 Asset Allocation (As approved by IRDAI) in a risk controlled manner by making clear and dynamic asset allocation choices as between Equities and Bonds. Fund Type % SFIN No: ULIF01527/12/10ACTASSET114 Equity 20% ­ 100% Launch Date: January 18, 2011 Debt 0% ­ 80% Net Asset Value (NAV) as on 31 Mar. 2017: ₹16.8511 Money Market 0% ­ 80% Assets Under Management (AUM): ₹934.46 mn Equity : ₹510.12 mn Rating Profile of Debt Instruments Debt : ₹421.30 mn Net Current Assets : ₹3.04 mn AAA: 22.32% Fund Manager: Equity : Mr.Shyamsunder Bhat Debt : Mr.Pranav Parekh

Fund Performance SOVEREIGN: 77.68%

Period Fund Return Benchmark* 1 Month 2.31% 2.30% Sector Allocation 6 Months 5.89% 4.95% 1 Year 16.97% 14.82% Equity Sector Allocation % 2 Years 5.08% 6.80% Financial & insurance 27.54 3 Years 11.86% 11.15% Computer programming consultancy and related activities 12.32 Since Inception 8.78% 8.51% Pharmaceuticals 7.71 *Benchmark : Crisil Composite Bond Index (50%) and Nifty 50 (50%) .Returns over one year Manufacture of chemicals and chemical products 7.55 are compounded annualised and fund returns are net of charges. Manufacture of coke and refined petroleum products 5.81 Movement of NAV Civil engineering 5.29 Manufacture of motor vehicles trailers and semi­trailers 4.91 Manufacture of tobacco products 4.78 16.9 Manufacture of other transport equipment 3.76 Telecommunications 2.18 16.8 Others 18.15

16.7

Debt Sector Allocation % 16.6

Unit Price Electricity gas steam and air conditioning supply 59.94 16.5 Financial & insurance 28.15 Mar 2017 13 20 27 Warehousing and support activities for transportation 11.91 16.4

Asset Allocation (As on Mar 31st, 2017)

Others: 18.67%

Equity: 54.59% Gsec: 20.77%

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% 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% 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% 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% 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 23­Aug­2026 16.97 1.82% 8.50% EXIM Bank 26­April­2023 15.69 1.68% 9.30% PGCIL 04­Sep­2024 10.92 1.17% 10.40% Reliance Ports And Terminals Limited 18­07­2021 6.64 0.71% 8.93% PGCIL 20­OCT­2029 5.52 0.59% Total 55.74 5.97%

G-Sec Holdings Amt (mn) % AUM 7.61% Gsec 09­May­30 51.79 5.54% 7.59% G­Sec 20­Mar­2029 50.72 5.43% 7.88% GSec 19­Mar­2030 41.80 4.47% 9.20 G Sec 30­ Sept­2030 16.74 1.79% 8.17% G Sec 01­Dec­2044 15.62 1.67% 8.27% Gujarat SDL 13­Jan­2026 10.39 1.11% 8.28% GOI 21­09­2027 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 Asset Allocation (As approved by IRDAI) capital growth through an investment mix of upto 60% equity and the balance in high quality bonds and money market instruments. Fund Type % SFIN No: ULIF00318/10/04GROWTH114 Equity 40% ­ 60% Launch Date: November 02, 2004 Debt 0% ­ 60% Net Asset Value (NAV) as on 31 Mar. 2017: ₹34.0847 Money Market 0% ­ 20% Assets Under Management (AUM): ₹6994.29 mn Equity : ₹3396.20 mn Rating Profile of Debt Instruments Debt : ₹3344.03 mn Net Current Assets : ₹254.06 mn AA+: 3.20% Fund Manager: Equity : Mr.Sumeet Hinduja Debt : Mr.Pranav Parekh SOVEREIGN: 51.39% AAA: 45.41%

Fund Performance

Period Fund Return Benchmark* 1 Month 2.23% 2.30% Sector Allocation 6 Months 4.42% 4.95% 1 Year 15.18% 14.82% Equity Sector Allocation % 2 Years 6.36% 6.80% Financial & insurance 31.20 3 Years 11.97% 11.15% Computer programming consultancy and related activities 11.47 Since Inception 10.40% 10.68% Manufacture of coke and refined petroleum products 6.84 *Benchmark : Crisil Composite Bond Index(50%) and Nifty 50 (50%) .Returns over one year Manufacture of tobacco products 6.79 are compounded annualised and fund returns are net of charges. Pharmaceuticals 6.29 Movement of NAV Manufacture of motor vehicles trailers and semi­trailers 6.25 Manufacture of other transport equipment 6.12 Manufacture of chemicals and chemical products 4.76 34.2 Civil engineering 3.43 Manufacture of other non­metallic mineral products 2.45 34.0 Others 14.39

33.8

Debt Sector Allocation % 33.6

Unit Price Infrastructure finance 35.07 33.4 Financial & insurance 25.53 Mar 2017 13 20 27 Housing 13.01 33.2 Electricity gas steam and air conditioning supply 9.18 Warehousing and support activities for transportation 7.02 Asset Allocation (As on Mar 31st, 2017) 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% 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% Ltd 26.40 0.38% Britannia Industries Limited 26.25 0.38% Tech Mahindra Ltd 24.71 0.35% Ltd 23.58 0.34% UPL Limited 22.76 0.33% Mahindra Cie Automotive Ltd 22.96 0.33% 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% 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% Ltd 12.34 0.18% Bank of Baroda 12.83 0.18% 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 18­07­2021 111.74 1.60% 7.63% PFC 14­Aug­2026 100.13 1.43% 8.30% Rural Electrification Corporation Ltd 10­Apr­2025 85.29 1.22% 9.60% GE SHIPPING 10­11­ 2019 85.36 1.22% 9.95% State Bank of India 16­Mar­2026 (Call ­ 16­Mar­2021) 54.44 0.78% 8.93 PGCIL 20­Oct­2026 54.36 0.78% 9.85% Sundaram Finance Ltd 07­05­2020 53.09 0.76% 9.05% State Bank of India(Perpetual Bond) (Call 27 Jan 2020) 52.27 0.75% 9.15% IL & FS 02­03­2020. 52.44 0.75% 9.20% State Bank of Hyderabad Perpetual Bond 52.51 0.75% 9.20 Bank of Baroda Perpetual Bond 09­10­2019 51.82 0.74% 8.23 % Rural Electrification Corporation Ltd 23­Jan­2025 51.78 0.74% 7.75% PFC 22­Mar­2027 49.99 0.71% 9.18% TATA SONS LTD 23­11­2020. 43.38 0.62% 9.70% IL & FS 22­Feb­2021 43.01 0.61% 9.75% ICICI HOME FINANCE CO. LTD 24­04­2019 41.93 0.60% 7.60% HDFC 21­12­2017 s­a. 40.25 0.58% 0.00% NABARD BHAVISHYA NIRMAN BOND 01­08­2017. 36.21 0.52% 8.65% PFC 28­Dec­2024 35.99 0.51% 9.20% HDFCL 08­10­2017. 33.37 0.48% 9.66% TATASONS 13­09­2017 31.33 0.45% 9.30% PGCIL 04­Sep­2024 29.50 0.42% 9.15% LARSEN & TOUBRO LTD 05­01­2019 28.88 0.41% 9.30% LIC HOUSING FINANCE LTD 14­09­2022 26.93 0.39% 8.95% LARSEN & TOUBRO LTD 26­05­2020. 27.21 0.39% 9.55% HDFC 19­06­2017 27.15 0.39% 7.54% Rural Electrification Corporation Ltd 30­Dec­2026 26.88 0.38% 8.13% PGCIL 23­April­2021 26.64 0.38% 8.11% REC Ltd 07­Oct­25 25.75 0.37% 9.70% HDFC 07­06­2017 25.12 0.36% 9.19% GE SHIPPING 24­12­2018 20.69 0.30% 7.71% NABARD 17­Mar­2032 20.33 0.29% 9.47% PGCIL 31­03­2023 19.10 0.27% 8.03% PFC 02­May­2026 (PUT 01­May­2021) 18.48 0.26% 9.07% REC 28­02­2018 17.33 0.25% 8.93% PGCIL 20­OCT­2029 16.57 0.24% 10.60% IRFC 11­09­2018 14.68 0.21% 0.00% 24­12­2018 ZCB­UL 12.42 0.18% 10.85% REC 14­08­2018 10.46 0.15% 8.97 PFC Ltd 15­Jan­2018 10.16 0.15% 7.52% Rural Electrification Corporation Ltd 07­Nov­2026 9.94 0.14% 9.50 % State Bank of India 2025 ( Call ­ 04 Nov 2020) 8.16 0.12% 7.83%IRFC 21­MAR­2027 6.10 0.09%

Annual Fund Review 28 Exide Life Growth Fund

0.00 % NABARD 01­01­2018. 2.85 0.04% Total 1592.03 22.76%

G-Sec Holdings Amt (mn) % AUM 8.13 % GOI 22­Jun­2045 319.26 4.56% 7.73% Gol Sec 19­12­2034 154.07 2.20% 9.23 GOI 23­12­2043 150.79 2.16% 8.24% GoI Sec 15­02­2027. 107.20 1.53% 8.28% GOI 21­09­2027 105.78 1.51% 7.95% GoI Sec 28­08­2032 104.80 1.50% 7.59% G­Sec 11­Jan­2026 104.80 1.50% 7.75% Karnataka SDL 01­Mar­2027 90.09 1.29% 7.59% G­Sec 20­Mar­2029 87.59 1.25% 8.83% Gsec 25­NOV­2023 71.82 1.03% 6.79% GSEC 26­Dec­2029. 58.79 0.84% 8.97% GOI 05­Dec­2030. 52.80 0.75% 7.71 GUJARAT SDL 01­Mar­2027 50.53 0.72% 7.73 RJ SDL 01­Mar­2027 27.75 0.40% 7.80% GOI 11­APR­2021. 25.94 0.37% 7.72% G Sec 26­Oct­2055 25.29 0.36% 8.24% Gsec 10­Nov­2033 23.96 0.34% 7.61% Gsec 09­May­30 23.31 0.33% 7.83 GSEC 11­Apr­2018 21.22 0.30% 8.17% G Sec 01­Dec­2044 15.08 0.22% 7.88% GSec 19­Mar­2030 13.59 0.19% 8.27% Gujarat SDL 13­Jan­2026 10.39 0.15% 8.53 % GSEC SDL(Assam)24­02­2020 9.34 0.13% 8.15 GOI Security 24­11­2026 7.25 0.10% 8.27% GOI Sec 09­June­2020 5.24 0.07% 8.58 GUJARAT SDL 23­JAN­2023 4.95 0.07% 8.60% GOI 02­June­2028 3.56 0.05% 8.67 SDL 24 Feb 2026 3.39 0.05% 8.58 % GSEC SDL(Uttarkhand) 13­04­2020 3.64 0.05% 6.01% GoI Sec 25­03­2028 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 Exide Life Guaranteed Growth Fund

Fund Profile: The fund seeks to achieve long term moderate capital Asset Allocation (As approved by IRDAI) growth while meeting guarantees provided, through an investment mix of upto 40% equity and the balance in high quality bonds and money market instruments. Fund Type % SFIN No: ULIF00627/11/07GTDGROWTH114 Debt and Debt related instruments 60%­100% Equity and Equity related instruments 0% ­ 40% Launch Date: January 30, 2008 Net Asset Value (NAV) as on 31 Mar. 2017: ₹18.9956 Rating Profile of Debt Instruments Assets Under Management (AUM): ₹238.80 mn Equity : ₹26.10 mn SOVEREIGN: 14.39% Debt : ₹207.45 mn Net Current Assets : ₹5.25 mn Fund Manager: Equity : Mr.Sumeet Hinduja Debt : Mr.Pranav Parekh

AAA: 85.61% Fund Performance Sector Allocation Period Fund Return Benchmark* 1 Month 0.68% Equity Sector Allocation % 6 Months 3.32% 1 Year 8.45% Financial & insurance 35.53 2 Years 6.95% Computer programming consultancy and related activities 13.92 3 Years 8.95% Manufacture of tobacco products 7.81 Since Inception 7.25% Manufacture of coke and refined petroleum products 7.66 Manufacture of other transport equipment 6.15 Manufacture of motor vehicles trailers and semi­trailers 5.01 Pharmaceuticals 4.43 Movement of NAV Civil engineering 3.90 Manufacture of chemicals and chemical products 3.70 19.05 Electricity gas steam and air conditioning supply 3.32 Others 8.58 19.00

18.95 Debt Sector Allocation % Infrastructure finance 36.40 18.90

Unit Price Financial & insurance 13.22 Housing 13.12 18.85 Manufacture of coke and refined petroleum products 12.54 Mar 2017 13 20 27 18.80 Electricity gas steam and air conditioning supply 12.41 Civil engineering 12.32 Asset Allocation (As on Mar 31st, 2017)

Others: 3.06% Equity: 10.93% Gsec: 12.37%

Corporate Debt: 73.64% Modified Duration of Debt and Money Market Instruments 1.43 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 30 Exide Life Guaranteed Growth Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM HDFC Bank Ltd 2.68 1.12% Housing Development Finance Corporation Ltd 2.07 0.87% ITC Ltd 2.04 0.85% Infosys Ltd 1.73 0.72% Reliance Industries Ltd 1.53 0.64% ICICI Bank Ltd 1.40 0.59% Tata Consultancy Services Ltd 1.18 0.50% Larsen & Toubro Ltd 1.02 0.43% State Bank of India 0.80 0.33% Axis Bank Ltd 0.72 0.30% Tata Motors Ltd 0.66 0.28% Kotak Mahindra Bank Ltd 0.66 0.28% Maruti Suzuki India Ltd 0.64 0.27% Oil & Natural Gas Corporation Ltd 0.54 0.23% Hindustan Unilever Ltd 0.55 0.23% Mahindra & Mahindra Ltd 0.53 0.22% Indusind Bank Ltd 0.53 0.22% Sun Pharmaceutical Industries Ltd 0.49 0.21% Bharat Petroleum Corporation Ltd 0.47 0.20% Hcl Technologies Ltd 0.45 0.19% Grasim Industries Ltd 0.41 0.17% Yes Bank Ltd 0.41 0.17% Power Grid Corpn. Of India Ltd 0.39 0.16% Bharti Airtel Ltd 0.37 0.15% Bajaj Auto Ltd 0.33 0.14% Hero Motocorp Ltd. 0.33 0.14% Ntpc Limited 0.30 0.13% Dr. Reddys Lab Ltd 0.29 0.12% Wipro Ltd 0.28 0.12% Tata Steel Ltd 0.26 0.11% Eicher Motors Limited 0.23 0.10% Cipla Ltd 0.23 0.10% Zee Entertainment Enterprises Ltd 0.25 0.10% Gail (India) Ltd 0.20 0.08% Ambuja Cements Ltd 0.20 0.08% Bosch Ltd 0.18 0.08% Hindalco Industries Ltd 0.16 0.07% Tata Power Co. Ltd 0.18 0.07% Aurobindo Pharma Limited 0.14 0.06% Acc Ltd 0.12 0.05% Bharti Infratel Ltd 0.13 0.05% Total 26.1 10.93%

Corporate Debt-Holdings Amt (mn) % AUM 0.00% NATIONAL HOUSING BANK 24­12­2018 ZCB­UL 23.07 9.66% 0.00% NABARD BHAVISHYA NIRMAN BOND 01­08­2017. 22.92 9.60% 11.00% IOC 10­09­2018. 22.06 9.24% 10.60% IRFC 11­09­2018 22.02 9.22% 9.47% PGCIL 31­03­2023 21.83 9.14% 9.15% LARSEN & TOUBRO LTD 05­01­2019 21.66 9.07% 8.97 PFC Ltd 15­Jan­2018 20.32 8.51% 9.07% REC 28­02­2018 11.21 4.70% 10.85% REC 14­08­2018 10.46 4.38% 0.00 % NABARD 01­01­2018. 0.32 0.14% Total 175.86 73.64%

Annual Fund Review 31 Exide Life Guaranteed Growth Fund

G-Sec Holdings Amt (mn) % AUM 7.83 GSEC 11­Apr­2018 29.55 12.37% Total 29.55 12.37%

Money Market Amt (mn) % AUM Kotak Liquid Regular Plan Growth ­ Direct 1.80 0.75% L&T Liquid Fund ­ Direct Plan ­Growth 0.24 0.10% Total 2.04 0.85% Net Current Assets 5.26 2.21 % Total 238.81 100.00

Annual Fund Review 32 Exide Life Prime Equity Fund

Fund Profile: The fund seeks to achieve long term accelerated Asset Allocation (As approved by IRDAI) capital growth through a portfolio of equities.

SFIN No: ULIF01116/12/09PRIMEEQU114 Fund Type % Launch Date: January 01, 2010 90% to Equity: 100% Net Asset Value (NAV) as on 31 Mar. 2017: ₹17.2061 Debt 0% ­ 10% Assets Under Management (AUM): ₹1636.81 mn Money Market 0% ­ 10% Equity : ₹1556.03 mn Debt : ₹98.30 mn Rating Profile of Debt Instruments Net Current Assets : ₹(17.52) mn Fund Manager: NA Equity : Mr.Shyamsunder Bhat Sector Allocation

Fund Performance Equity Sector Allocation % Financial & insurance 25.49 Period Fund Return Benchmark* Computer programming consultancy and related activities 12.73 1 Month 3.20% 3.31% Pharmaceuticals 7.93 6 Months 7.30% 6.53% Manufacture of chemicals and chemical products 7.75 1 Year 21.00% 18.55% Manufacture of coke and refined petroleum products 6.03 2 Years 5.40% 3.94% Civil engineering 5.46 3 Years 13.29% 11.02% Manufacture of tobacco products 5.05 Since Inception 7.77% 8.14% Manufacture of motor vehicles trailers and semi­trailers 4.91 Manufacture of other transport equipment 4.53 *Benchmark : Nifty 50 (100%).Returns over one year are compounded annualised and fund returns are net of charges. Telecommunications 2.18 Others 17.95 Movement of NAV

17.4

17.2

17.0 Unit Price 16.8

Mar 2017 13 20 27 16.6

Asset Allocation (As on Mar 31st, 2017)

Others: 4.94%

Equity: 95.06%

Modified Duration of Debt and Money Market Instruments Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 33 Exide Life Prime Equity Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM Infosys Ltd 105.06 6.42% HDFC Bank Ltd 80.23 4.90% ITC Ltd 78.65 4.80% Larsen & Toubro Ltd 70.02 4.28% Reliance Industries Ltd 69.73 4.26% Housing Development Finance Corporation Ltd 64.47 3.94% ICICI Bank Ltd 51.04 3.12% Tata Consultancy Services Ltd 50.00 3.05% State Bank of India 43.79 2.68% Kotak Mahindra Bank Ltd 40.79 2.49% Maruti Suzuki India Ltd 38.46 2.35% Sun Pharmaceutical Industries Ltd 38.07 2.33% Axis Bank Ltd 37.92 2.32% Tata Motors Ltd 37.88 2.31% Asian Paints Ltd 37.27 2.28% Hindustan Unilever Ltd 35.86 2.19% Zee Entertainment Enterprises Ltd 33.11 2.02% Lupin Ltd. 30.54 1.87% Mahindra & Mahindra Ltd 30.48 1.86% UPL Limited 29.12 1.78% Aurobindo Pharma Limited 28.35 1.73% Coal India Ltd 26.03 1.59% Hcl Technologies Ltd 25.09 1.53% Indusind Bank Ltd 24.79 1.51% Tata Steel Ltd 22.72 1.39% Ultratech Cement Ltd 22.00 1.34% United Spirits Ltd 21.03 1.28% Bharti Infratel Ltd 19.81 1.21% Voltas Ltd 19.55 1.19% Nestle India Ltd 19.44 1.19% Gail (India) Ltd 18.87 1.15% Max Financial Services Ltd. 18.63 1.14% Indian Oil Corporation Ltd 17.54 1.07% Eicher Motors Limited 17.48 1.07% Jubilant Life Sciences Limited 16.78 1.02% Ncc Ltd 14.93 0.91% Srf Limited 14.93 0.91% Bharti Airtel Ltd 14.10 0.86% Yes Bank Ltd 13.92 0.85% Motherson Sumi Systems Ltd 13.71 0.84% Britannia Industries Limited 13.59 0.83% Bombay Stock Exchange Ltd 13.44 0.82% Wipro Ltd 13.29 0.81% Dishman Pharmaceuticals and Chemicals Limited 11.70 0.72% Oil & Natural Gas Corporation Ltd 10.40 0.64% Glenmark Pharmaceuticals Ltd 10.10 0.62% Amara Raja Batteries Ltd 8.35 0.51% Power Finance Corporation Limited 8.33 0.51% Sintex Industries Ltd. 7.64 0.47% Bharat Petroleum Corporation Ltd 6.57 0.40% Adani Port & Sez Ltd 5.91 0.36% KEC International Limited 5.33 0.33% Hero Motocorp Ltd. 5.47 0.33% Credit Analysis And Research Limited 5.07 0.31% Tech Mahindra Ltd 4.58 0.28% Sterlite Technologies Ltd 4.47 0.27% Crompton Greaves Consumer Electricals Limited. 4.40 0.27% City Union Bank Ltd 4.11 0.25% Bajaj Finance Limited 3.20 0.20% Ambuja Cements Ltd 3.18 0.19%

Annual Fund Review 34 Exide Life Prime Equity Fund

Cipla Ltd 2.86 0.17% Dr. Reddys Lab Ltd 1.77 0.11% Hindalco Industries Ltd 1.85 0.11% Bosch Ltd 1.64 0.10% Bajaj Auto Ltd 1.68 0.10% Grasim Industries Ltd 1.54 0.09% Ntpc Limited 0.98 0.06% Power Grid Corpn. Of India Ltd 0.81 0.05% Tata Power Co. Ltd 0.69 0.04% Acc Ltd 0.57 0.03% Bank of Baroda 0.30 0.02% Total 1556.03 95.06%

Money Market Amt (mn) % AUM HDFC Liquid Fund ­Direct Plan ­ Growth Option 40.00 2.44% Kotak Liquid Regular Plan Growth ­ Direct 40.00 2.44% L&T Liquid Fund ­ Direct Plan ­Growth 18.30 1.12% Total 98.3 6.01% Net Current Assets (­17.52) (­1.07) % Total 1636.81 100.00

Annual Fund Review 35 Exide Life Mid Cap Fund

Fund Profile: To provide for equity linked market returns with Asset Allocation (As approved by IRDAI) predominant investment in Midcap companies across sectors.

SFIN No: ULIF01710/03/17MIDCAP114 Fund Type % Launch Date: March 16, 2017 Equity 75% ­100% Net Asset Value (NAV) as on 31 Mar. 2017: ₹10.0094 Money Market 0% ­ 25% Assets Under Management (AUM): ₹1.22 mn Rating Profile of Debt Instruments Equity : ₹0.34 mn Debt : ₹1.20 mn NA Net Current Assets : ₹(0.32) mn Fund Manager: Sector Allocation Equity : Mr.Shyamsunder Bhat Equity Sector Allocation % Fund Performance Infrastructure finance 17.09 Manufacture of electrical equipment 16.67 Manufacture of chemicals and chemical products 16.64 Period Fund Return Benchmark* Civil engineering 16.57 1 Month Financial & insurance 16.57 6 Months Manufacture of textiles 16.45 1 Year Others 0.00 2 Years 3 Years Since Inception 0.09% 1.80%

*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

10.010

10.005

Unit Price 10.000

16 20 24 28 9.995

Asset Allocation (As on Mar 31st, 2017)

Equity: 27.54%

Others: 72.46%

Modified Duration of Debt and Money Market Instruments Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 36 Exide Life Mid Cap Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM Power Finance Corporation Limited 0.06 4.71% Amara Raja Batteries Ltd 0.06 4.59% UPL Limited 0.06 4.58% Bombay Stock Exchange Ltd 0.06 4.56% Ncc Ltd 0.06 4.56% Srf Limited 0.06 4.53% Total 0.34 27.54%

Money Market Amt (mn) % AUM CBLO ­ 03APR2017 1.20 98.25% Total 1.20 98.25% Net Current Assets (­0.32) (­25.79) % Total 1.22 100.00

Annual Fund Review 37 Exide Life Equity Fund

Fund Profile: The fund seeks to achieve long term accelerated Asset Allocation (As approved by IRDAI) capital growth through a portfolio of equities.

SFIN No: ULIF00514/10/05EQUITY114 Fund Type % Launch Date: February 16, 2006 Debt and Debt related instruments 0%­10% Net Asset Value (NAV) as on 31 Mar. 2017: ₹27.8557 Equity and Equity related instruments 90%­100% Assets Under Management (AUM): ₹4991.58 mn Rating Profile of Debt Instruments Equity : ₹4895.80 mn Debt : ₹139.50 mn NA Net Current Assets : ₹(43.72) mn Fund Manager: Sector Allocation Equity : Mr.Shyamsunder Bhat Equity Sector Allocation % Fund Performance Financial & insurance 25.03 Computer programming consultancy and related activities 12.87 Pharmaceuticals 7.81 Period Fund Return Benchmark* Manufacture of chemicals and chemical products 7.67 1 Month 3.23% 3.31% Manufacture of coke and refined petroleum products 5.98 6 Months 7.63% 6.53% Civil engineering 5.32 1 Year 20.92% 18.55% Manufacture of tobacco products 5.19 2 Years 5.17% 3.94% Manufacture of motor vehicles trailers and semi­trailers 4.96 3 Years 13.24% 11.02% Manufacture of other transport equipment 4.45 Since Inception 9.68% 10.50% Information service activities 2.94 *Benchmark : Nifty 50 (100%).Returns over one year are compounded annualised and fund Others 17.80 returns are net of charges.

Movement of NAV

28.0

27.8

27.6

27.4

Unit Price 27.2

27.0 Mar 2017 13 20 27 26.8

Asset Allocation (As on Mar 31st, 2017)

Others: 1.92%

Equity: 98.08% Modified Duration of Debt and Money Market Instruments Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 38 Exide Life Equity Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM Infosys Ltd 332.79 6.67% ITC Ltd 253.86 5.09% HDFC Bank Ltd 248.23 4.97% Reliance Industries Ltd 219.86 4.40% Larsen & Toubro Ltd 214.69 4.30% Housing Development Finance Corporation Ltd 197.51 3.96% ICICI Bank Ltd 161.37 3.23% Tata Consultancy Services Ltd 160.30 3.21% State Bank of India 131.74 2.64% Kotak Mahindra Bank Ltd 130.63 2.62% Axis Bank Ltd 125.99 2.52% Maruti Suzuki India Ltd 124.57 2.50% Asian Paints Ltd 118.66 2.38% Tata Motors Ltd 118.19 2.37% Sun Pharmaceutical Industries Ltd 117.71 2.36% Hindustan Unilever Ltd 110.19 2.21% Zee Entertainment Enterprises Ltd 102.70 2.06% Lupin Ltd. 95.08 1.90% Mahindra & Mahindra Ltd 93.40 1.87% UPL Limited 88.80 1.78% Aurobindo Pharma Limited 87.97 1.76% Hcl Technologies Ltd 81.44 1.63% Coal India Ltd 79.99 1.60% Indusind Bank Ltd 77.64 1.56% Ultratech Cement Ltd 69.63 1.40% Tata Steel Ltd 69.82 1.40% United Spirits Ltd 64.62 1.29% Bharti Infratel Ltd 64.56 1.29% Gail (India) Ltd 60.77 1.22% Nestle India Ltd 60.32 1.21% Eicher Motors Limited 57.90 1.16% Voltas Ltd 57.47 1.15% Indian Oil Corporation Ltd 54.71 1.10% Jubilant Life Sciences Limited 52.97 1.06% Ncc Ltd 45.52 0.91% Srf Limited 45.53 0.91% Yes Bank Ltd 43.49 0.87% Britannia Industries Limited 43.63 0.87% Bharti Airtel Ltd 43.32 0.87% Bombay Stock Exchange Ltd 42.73 0.86% Motherson Sumi Systems Ltd 42.77 0.86% Max Financial Services Ltd. 41.52 0.83% Wipro Ltd 41.45 0.83% Hathway Cable & Datacom Limited. 41.07 0.82% Dishman Pharmaceuticals and Chemicals Limited 35.96 0.72% Glenmark Pharmaceuticals Ltd 32.25 0.65% Oil & Natural Gas Corporation Ltd 30.85 0.62% Power Finance Corporation Limited 25.52 0.51% Amara Raja Batteries Ltd 25.48 0.51% Sintex Industries Ltd. 23.84 0.48% Adani Port & Sez Ltd 18.33 0.37% Bharat Petroleum Corporation Ltd 18.15 0.36% KEC International Limited 17.45 0.35% Credit Analysis And Research Limited 16.38 0.33% Hero Motocorp Ltd. 14.42 0.29% Sterlite Technologies Ltd 14.48 0.29% Tech Mahindra Ltd 14.23 0.29% Crompton Greaves Consumer Electricals Limited. 14.06 0.28% City Union Bank Ltd 13.65 0.27% Ambuja Cements Ltd 10.33 0.21%

Annual Fund Review 39 Exide Life Equity Fund

Bajaj Finance Limited 9.99 0.20% Cipla Ltd 7.76 0.16% Hindalco Industries Ltd 6.05 0.12% Dr. Reddys Lab Ltd 5.53 0.11% Bosch Ltd 5.26 0.11% Grasim Industries Ltd 4.79 0.10% Bajaj Auto Ltd 4.14 0.08% Power Grid Corpn. Of India Ltd 2.76 0.06% Ntpc Limited 3.13 0.06% Tata Power Co. Ltd 1.81 0.04% Acc Ltd 1.16 0.02% Bank of Baroda 0.92 0.02% Total 4895.8 98.08%

Money Market Amt (mn) % AUM HDFC Liquid Fund ­Direct Plan ­ Growth Option 50.00 1.00% Kotak Liquid Regular Plan Growth ­ Direct 50.00 1.00% L&T Liquid Fund ­ Direct Plan ­Growth 39.50 0.79% Total 139.5 2.79% Net Current Assets (­43.72) (­0.87) % Total 4991.58 100.00

Annual Fund Review 40 Exide Life Guaranteed NAV Fund

Fund Profile: The Fund is a simple two­asset product that invests in Asset Allocation (As approved by IRDAI) risk­free money­market assets as well as in equity assets. The investor benefits through continuous participation in equity market returns and simultaneous downside protection to the extent of 80% Fund Type % of highest­attained NAV Money Market and related instruments :­ 40%­100% SFIN No: ULIF01403/12/10GTDNAV114 Equity that comprise Nifty 50 (NSE CNX S&P Nifty Index : 0% ­ 60% Launch Date: December 22, 2010 Net Asset Value (NAV) as on 31 Mar. 2017: ₹14.6123 Rating Profile of Debt Instruments Guaranteed Net Asset Value (NAV) as on 31 Mar. 2017: ₹11.6922 Assets Under Management (AUM): ₹2184.80 mn Equity : ₹1219.00 mn Debt : ₹971.37 mn Net Current Assets : ₹(5.57) mn Fund Manager: Equity : Mr.Mahesh Sarda SOVEREIGN: 100.00% Debt : Mr.Pranav Parekh Sector Allocation Fund Performance Equity Sector Allocation % Period Fund Return Benchmark* Financial & insurance 32.07 Computer programming consultancy and related activities 13.54 1 Month 1.93% Manufacture of coke and refined petroleum products 8.84 6 Months 4.11% 1 Year 11.24% Manufacture of tobacco products 7.35 Manufacture of other transport equipment 5.89 2 Years 4.24% 3 Years 8.43% Pharmaceuticals 5.40 Since Inception 6.23% Manufacture of motor vehicles trailers and semi­trailers 5.38 Manufacture of chemicals and chemical products 4.82 Civil engineering 4.00 Electricity gas steam and air conditioning supply 2.59 Movement of NAV Others 10.13

14.7

14.6

14.5 Unit Price 14.4

Mar 2017 13 20 27 14.3

Asset Allocation (As on Mar 31st, 2017)

Others: 6.27%

Gsec: 37.94% Equity: 55.79%

Modified Duration of Debt and Money Market Instruments 0.28 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 41 Exide Life Guaranteed NAV Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM HDFC Bank Ltd 102.96 4.71% Housing Development Finance Corporation Ltd 91.83 4.20% ITC Ltd 89.56 4.10% Reliance Industries Ltd 83.31 3.81% Infosys Ltd 74.69 3.42% ICICI Bank Ltd 60.95 2.79% Tata Consultancy Services Ltd 49.75 2.28% Larsen & Toubro Ltd 48.74 2.23% Tata Motors Ltd 33.45 1.53% Maruti Suzuki India Ltd 32.09 1.47% Axis Bank Ltd 31.06 1.42% State Bank of India 30.99 1.42% Kotak Mahindra Bank Ltd 26.71 1.22% Hindustan Unilever Ltd 25.52 1.17% Indusind Bank Ltd 23.83 1.09% Mahindra & Mahindra Ltd 23.85 1.09% Sun Pharmaceutical Industries Ltd 20.71 0.95% Oil & Natural Gas Corporation Ltd 19.80 0.91% Asian Paints Ltd 19.71 0.90% Hcl Technologies Ltd 17.85 0.82% Bharti Airtel Ltd 17.03 0.78% Yes Bank Ltd 16.02 0.73% Power Grid Corpn. Of India Ltd 15.84 0.72% Bajaj Auto Ltd 15.17 0.69% Hero Motocorp Ltd. 14.67 0.67% Bharat Petroleum Corporation Ltd 13.65 0.62% Dr. Reddys Lab Ltd 13.55 0.62% Grasim Industries Ltd 13.53 0.62% Lupin Ltd. 13.26 0.61% Tata Steel Ltd 13.01 0.60% Wipro Ltd 12.93 0.59% Cipla Ltd 12.20 0.56% Adani Port & Sez Ltd 11.07 0.51% Ultratech Cement Ltd 11.23 0.51% Zee Entertainment Enterprises Ltd 10.87 0.50% Indian Oil Corporation Ltd 10.76 0.49% Hindalco Industries Ltd 10.21 0.47% Eicher Motors Limited 9.75 0.45% Tech Mahindra Ltd 9.81 0.45% Gail (India) Ltd 9.18 0.42% Ntpc Limited 9.04 0.41% Bosch Ltd 8.37 0.38% Ambuja Cements Ltd 7.31 0.33% Coal India Ltd 6.88 0.31% Tata Power Co. Ltd 6.76 0.31% Bank of Baroda 6.55 0.30% Aurobindo Pharma Limited 6.12 0.28% Acc Ltd 5.49 0.25% Bharti Infratel Ltd 1.39 0.06% Total 1219 55.79%

Annual Fund Review 42 Exide Life Guaranteed NAV Fund

G-Sec Holdings Amt (mn) % AUM 182 Day T Bill 13­July­2017 167.11 7.65% 364 Day T Bill 22­June­2017 148.08 6.78% 364 Day T Bill 28­Sep­2017 126.12 5.77% 364 Day T Bill 31­Aug­2017 107.14 4.90% 364 Day T Bill 12­Oct­2017 48.43 2.22% 364 Day T Bill 23­Nov­2017 48.17 2.20% 182 Day T Bill 06­April­2017 39.97 1.83% 182 Day T Bill 18­May­2017 39.70 1.82% 364 Day T Bill 27­Apr­2017 29.86 1.37% 364 Day T Bill 01­Feb­2018 28.52 1.31% 364 Day T Bill 26­Oct­2017 26.07 1.19% 364 Day T Bill 11­May­2017 9.93 0.45% 182 Day T Bill 15­June­2017 9.88 0.45% Total 828.98 37.94%

Money Market Amt (mn) % AUM Kotak Liquid Regular Plan Growth ­ Direct 49.00 2.24% L&T Liquid Fund ­ Direct Plan ­Growth 48.28 2.21% HDFC Liquid Fund ­Direct Plan ­ Growth Option 45.00 2.06% CBLO ­ 03APR2017 0.11 0.01% Total 142.39 6.52% Net Current Assets (­5.57) (­0.25) % Total 2184.8 100.00

Annual Fund Review 43 Exide Life Debt Pension Fund

Fund Profile: The fund seeks to generate income through an Asset Allocation (As approved by IRDAI) investment mix of high quality bonds and money market instruments.

SFIN No: ULIF00705/02/08PENDEBT114 Fund Type % Launch Date: March 05, 2008 Debt and Debt related Instruments: 100% Net Asset Value (NAV) as on 31 Mar. 2017: ₹22.4888 Assets Under Management (AUM): ₹358.68 mn Rating Profile of Debt Instruments Equity : ₹­ Debt : ₹360.72 mn Net Current Assets : ₹(2.04) mn Fund Manager: AAA: 43.88% Debt : Mr.Pranav Parekh SOVEREIGN: 56.12%

Fund Performance

Period Fund Return Benchmark* 1 Month 1.28% 1.29% Sector Allocation 6 Months 2.82% 3.36% 1 Year 11.37% 11.09% Equity Sector Allocation % 2 Years 9.52% 9.66% 3 Years 11.70% 11.27% Others Since Inception 9.34% 7.99%

*Benchmark : Crisil Composite Bond Index (100%).Returns over one year are compounded annualised and fund returns are net of charges. Debt Sector Allocation % Infrastructure finance 51.13 Movement of NAV Electricity gas steam and air conditioning supply 21.97 Civil engineering 17.21 22.6 Financial & insurance 9.70

22.4

Unit Price 22.2

Mar 2017 13 20 27 22.0

Asset Allocation (As on Mar 31st, 2017)

Others: 3.95%

Corporate Debt: 42.15%

Gsec: 53.90%

Modified Duration of Debt and Money Market Instruments 6.33 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 44 Exide Life Debt Pension Fund

Portfolio Holdings

Corporate Debt-Holdings Amt (mn) % AUM 8.93 PGCIL 20­Oct­2026 25.01 6.97% 8.30% Rural Electrification Corporation Ltd 10­Apr­2025 23.92 6.67% 8.65% PFC 28­Dec­2024 23.29 6.49% 8.95% LARSEN & TOUBRO LTD 26­05­2020. 15.70 4.38% 9.70% IL & FS 22­Feb­2021 10.75 3.00% 9.15% LARSEN & TOUBRO LTD 05­01­2019 10.32 2.88% 9.18% TATA SONS LTD 23­11­2020. 9.52 2.65% 8.13% PGCIL 23­April­2021 8.20 2.29% 7.63% PFC 14­Aug­2026 6.01 1.68% 8.11% REC Ltd 07­Oct­25 5.15 1.44% 7.71% NABARD 17­Mar­2032 5.08 1.42% 7.83%IRFC 21­MAR­2027 5.08 1.42% 8.03% PFC 02­May­2026 (PUT 01­May­2021) 3.08 0.86% 9.50 % State Bank of India 2025 ( Call ­ 04 Nov 2020) 0.06 0.02% Total 151.16 42.15%

G-Sec Holdings Amt (mn) % AUM 7.73% Gol Sec 19­12­2034 36.19 10.09% 6.79% GSEC 26­Dec­2029. 35.76 9.97% 8.83% Gsec 25­NOV­2023 22.48 6.27% 7.59% G­Sec 20­Mar­2029 21.45 5.98% 7.75% Karnataka SDL 01­Mar­2027 20.25 5.64% 8.17% G Sec 01­Dec­2044 10.77 3.00% 8.47% Maharashtra SDL 10­02­2026 10.64 2.97% 9.23 GOI 23­12­2043 8.94 2.49% 7.61 RJ SDL 29­03­2027 8.01 2.23% 8.28% GOI 21­09­2027 7.52 2.10% 7.80% GOI 11­APR­2021. 5.19 1.45% 7.73 RJ SDL 01­Mar­2027 3.53 0.98% 7.61% Gsec 09­May­30 2.07 0.58% 8.13 % GOI 22­Jun­2045 0.54 0.15% Total 193.34 53.9%

Money Market Amt (mn) % AUM L&T Liquid Fund ­ Direct Plan ­Growth 6.21 1.73% HDFC Liquid Fund ­Direct Plan ­ Growth Option 5.00 1.39% Kotak Liquid Regular Plan Growth ­ Direct 5.00 1.39% Total 16.21 4.52% Net Current Assets (­2.03) (­0.57) % Total 358.68 100.00

Annual Fund Review 45 Exide Life Preserver Pension Fund

Fund Profile: The fund seeks to generate income by investing in a Asset Allocation (As approved by IRDAI) diversified portfolio of debt and money market instruments of varying maturities. Fund Type % SFIN No: ULIF01216/12/09PNPRESERVR114 Debt and Debt related instruments: 100% Launch Date: January 01, 2010 Net Asset Value (NAV) as on 31 Mar. 2017: ₹19.9153 Rating Profile of Debt Instruments Assets Under Management (AUM): ₹266.07 mn Equity : ₹­ Debt : ₹253.49 mn Net Current Assets : ₹12.58 mn AAA: 35.51% Fund Manager: Debt : Mr.Pranav Parekh SOVEREIGN: 64.49% Fund Performance

Period Fund Return Benchmark* Sector Allocation 1 Month 1.36% 1.29% 6 Months 2.55% 3.36% 1 Year 10.64% 11.09% Equity Sector Allocation % 2 Years 8.98% 9.66% Others 3 Years 11.23% 11.27% Since Inception 9.97% 8.45% Debt Sector Allocation % *Benchmark : Crisil Composite Bond Index (100%).Returns over one year are compounded annualised and fund returns are net of charges. Infrastructure finance 45.94 Financial & insurance 27.44 Movement of NAV Housing 12.50 Water transport 7.13 20.0 Civil engineering 6.99

19.9

19.8

19.7

Unit Price 19.6

19.5 Mar 2017 13 20 27 19.4

Asset Allocation (As on Mar 31st, 2017)

Others: 6.12%

Corporate Debt: 33.34%

Gsec: 60.54%

Modified Duration of Debt and Money Market Instruments 6.45 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 46 Exide Life Preserver Pension Fund

Portfolio Holdings

Corporate Debt-Holdings Amt (mn) % AUM 7.71% NABARD 17­Mar­2032 15.24 5.73% 7.52% Rural Electrification Corporation Ltd 07­Nov­2026 9.94 3.74% 9.66% TATASONS 13­09­2017 9.10 3.42% 7.63% PFC 14­Aug­2026 8.01 3.01% 8.65% PFC 28­Dec­2024 7.41 2.79% 8.03% PFC 02­May­2026 (PUT 01­May­2021) 7.19 2.70% 9.60% GE SHIPPING 10­11­ 2019 6.32 2.38% 9.55% HDFC 19­06­2017 6.03 2.27% 9.15% LARSEN & TOUBRO LTD 05­01­2019 5.16 1.94% 9.20% HDFCL 08­10­2017. 5.06 1.90% 7.83%IRFC 21­MAR­2027 4.07 1.53% 8.30% Rural Electrification Corporation Ltd 10­Apr­2025 3.12 1.17% 8.95% LARSEN & TOUBRO LTD 26­05­2020. 1.05 0.39% 7.75% PFC 22­Mar­2027 1.02 0.38% Total 88.71 33.34%

G-Sec Holdings Amt (mn) % AUM 7.73% Gol Sec 19­12­2034 22.23 8.36% 8.17% G Sec 01­Dec­2044 19.39 7.29% 6.79% GSEC 26­Dec­2029. 18.62 7.00% 7.59% G­Sec 20­Mar­2029 13.79 5.18% 8.83% Gsec 25­NOV­2023 13.16 4.95% 8.15 GOI Security 24­11­2026 12.37 4.65% 7.75% Karnataka SDL 01­Mar­2027 11.14 4.19% 7.72% G Sec 26­Oct­2055 9.81 3.69% 7.73 RJ SDL 01­Mar­2027 9.08 3.41% 7.61 RJ SDL 29­03­2027 7.01 2.63% 8.47% Maharashtra SDL 10­02­2026 6.00 2.26% 7.61% Gsec 09­May­30 5.18 1.95% 8.46% Gujarat SDL 10­Feb­2026. 3.45 1.30% 8.67 Maharashtra SDL 24 Feb 2026 3.20 1.20% 7.80% GOI 11­APR­2021. 3.11 1.17% 8.58 % GSEC SDL(Uttarkhand) 13­04­2020 1.04 0.39% 8.23% Goi Sec 12­02­2027 (Food Bond). 0.37 0.14% 7.40% GoI Sec 09­09­2035 0.30 0.11% 6.30% GoI Sec 09­04­2023. 0.24 0.09% 5.69% GoI Sec 25­09­2018. 0.25 0.09% 12.60% GoI Sec 23­11­2018. 0.22 0.08% 6.17% GoI Sec 12­06­2023 0.22 0.08% 7.95% GoI Sec 28­08­2032 0.21 0.08% 6.01% GoI Sec 25­03­2028 0.18 0.07% 10.25% GoI Sec30­05­2021 0.17 0.06% 8.15% GoI FOOD BOND 16­10­2022. 0.15 0.06% 8.30% GOI Fert Bond 2023 0.10 0.04% 7.46% GSEC 2017 0.09 0.03% Total 161.08 60.54%

Money Market Amt (mn) % AUM Kotak Liquid Regular Plan Growth ­ Direct 2.20 0.83% HDFC Liquid Fund ­Direct Plan ­ Growth Option 1.07 0.40% L&T Liquid Fund ­ Direct Plan ­Growth 0.43 0.16% Total 3.7 1.39% Net Current Assets 12.58 4.73 %

Annual Fund Review 47 Exide Life Preserver Pension Fund

Total 266.07 100.00

Annual Fund Review 48 Exide Life Pension Equity Fund

Fund Profile: The fund seeks to achieve long term accelerated Asset Allocation (As approved by IRDAI) capital growth through a portfolio of equities.

SFIN No: ULIF00805/02/08PENEQUITY114 Fund Type % Launch Date: March 05, 2008 Money Market and related instruments : 0%­15% Net Asset Value (NAV) as on 31 Mar. 2017: ₹19.1097 Equity and Equity related instruments &ndash: 85%­100% Assets Under Management (AUM): ₹587.14 mn Rating Profile of Debt Instruments Equity : ₹570.54 mn Debt : ₹15.47 mn NA Net Current Assets : ₹1.13 mn Fund Manager: Sector Allocation Equity : Mr.Mahesh Sarda Equity Sector Allocation % Fund Performance Financial & insurance 25.11 Computer programming consultancy and related activities 12.78 Pharmaceuticals 9.62 Period Fund Return Benchmark* Manufacture of coke and refined petroleum products 6.06 1 Month 3.59% 3.31% Manufacture of other transport equipment 5.29 6 Months 8.35% 6.53% Civil engineering 5.26 1 Year 21.85% 18.55% Manufacture of motor vehicles trailers and semi­trailers 4.48 2 Years 5.15% 3.94% Manufacture of chemicals and chemical products 4.41 3 Years 12.96% 11.02% Manufacture of tobacco products 4.08 Since Inception 7.40% 7.10% Manufacture of electrical equipment 2.69 *Benchmark : Nifty 50 (100%).Returns over one year are compounded annualised and fund Others 20.22 returns are net of charges.

Movement of NAV

19.2

19.0

18.8 Unit Price 18.6

Mar 2017 13 20 27 18.4

Asset Allocation (As on Mar 31st, 2017)

Others: 2.83%

Equity: 97.17% Modified Duration of Debt and Money Market Instruments Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 49 Exide Life Pension Equity Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM Infosys Ltd 36.78 6.26% Reliance Industries Ltd 34.57 5.89% ICICI Bank Ltd 25.66 4.37% Larsen & Toubro Ltd 23.82 4.06% ITC Ltd 23.26 3.96% HDFC Bank Ltd 22.94 3.91% Housing Development Finance Corporation Ltd 20.13 3.43% Tata Consultancy Services Ltd 16.29 2.77% Sun Pharmaceutical Industries Ltd 15.47 2.63% Tata Motors Ltd 13.87 2.36% Mahindra & Mahindra Ltd 13.71 2.34% Hero Motocorp Ltd. 12.58 2.14% State Bank of India 12.04 2.05% Maruti Suzuki India Ltd 11.71 1.99% Oil & Natural Gas Corporation Ltd 10.61 1.81% Asian Paints Ltd 10.15 1.73% Coal India Ltd 10.18 1.73% Hindustan Unilever Ltd 9.55 1.63% Bank of Baroda 8.95 1.52% Aurobindo Pharma Limited 8.73 1.49% Yes Bank Ltd 8.20 1.40% Alembic Pharmaceuticals Limited 8.17 1.39% Tata Steel Ltd 8.09 1.38% Axis Bank Ltd 7.83 1.33% Bharti Airtel Ltd 7.80 1.33% Punjab National Bank 7.75 1.32% MindTree Ltd 7.15 1.22% Bharat Heavy Electricals Ltd 7.00 1.19% Lupin Ltd. 6.92 1.18% Glenmark Pharmaceuticals Ltd 6.76 1.15% Crompton Greaves Consumer Electricals Limited. 6.70 1.14% VRL Logistics Ltd 6.42 1.09% Ncc Ltd 6.17 1.05% Sintex Industries Ltd. 6.12 1.04% Bharat Electronics Ltd 5.93 1.01% Bajaj Finance Limited 5.82 0.99% Wipro Ltd 5.73 0.98% Colgate Palmolive India Ltd 5.48 0.93% Adani Port & Sez Ltd 5.20 0.89% Hathway Cable & Datacom Limited. 5.08 0.87% Rural Elec Corp. Ltd 4.96 0.85% Ltd 4.85 0.83% Voltas Ltd 4.85 0.83% Gail (India) Ltd 4.83 0.82% Ultratech Cement Ltd 4.77 0.81% The Ramco Cements Limited 4.60 0.78% IDFC Bank Ltd 4.57 0.78% Indusind Bank Ltd 4.49 0.76% Union Bank Of India 4.45 0.76% V Guard Industries Ltd 4.35 0.74% Bajaj Electricals Ltd 4.30 0.73% Cipla Ltd 4.27 0.73% Infrastructure Development Finance Company Ltd 4.13 0.70% Jindal Steel & Power Ltd 3.95 0.67% Dishman Pharmaceuticals and Chemicals Limited 3.94 0.67% Persistent Systems Ltd 3.86 0.66% KEC International Limited 3.39 0.58% Kotak Mahindra Bank Ltd 3.36 0.57% Texmaco Rail & Engineering Limited 3.13 0.53% Mahindra & Mahindra Financial Services Limited 2.94 0.50%

Annual Fund Review 50 Exide Life Pension Equity Fund

Hindalco Industries Ltd 2.87 0.49% Credit Analysis And Research Limited 2.43 0.41% Hcl Technologies Ltd 2.24 0.38% Tech Mahindra Ltd 0.90 0.15% Bajaj Auto Ltd 0.76 0.13% Power Grid Corpn. Of India Ltd 0.70 0.12% Dr. Reddys Lab Ltd 0.62 0.11% Ntpc Limited 0.52 0.09% Tata Power Co. Ltd 0.21 0.04% Total 570.54 97.17%

Money Market Amt (mn) % AUM Kotak Liquid Regular Plan Growth ­ Direct 7.00 1.19% HDFC Liquid Fund ­Direct Plan ­ Growth Option 5.00 0.85% L&T Liquid Fund ­ Direct Plan ­Growth 3.47 0.59% Total 15.47 2.63% Net Current Assets 1.13 0.2 % Total 587.14 100.00

Annual Fund Review 51 Exide Life Prime Equity Pension Fund

Fund Profile: The fund seeks to achieve long term accelerated Asset Allocation (As approved by IRDAI) capital growth through a portfolio of equities

SFIN No: ULIF01316/12/09PNPRIMEEQU114 Fund Type % Launch Date: January 01, 2010 Equity and Equity related instruments &ndash 90%­100% Net Asset Value (NAV) as on 31 Mar. 2017: ₹17.0624 Debt and Debt related Instruments 0% ­ 10% Assets Under Management (AUM): ₹380.33 mn Rating Profile of Debt Instruments Equity : ₹369.78 mn Debt : ₹13.59 mn NA Net Current Assets : ₹(3.04) mn Fund Manager: Sector Allocation Equity : Mr.Shyamsunder Bhat Equity Sector Allocation % Fund Performance Financial & insurance 25.15 Computer programming consultancy and related activities 12.93 Pharmaceuticals 7.90 Period Fund Return Benchmark* Manufacture of chemicals and chemical products 7.65 1 Month 3.25% 3.31% Manufacture of coke and refined petroleum products 6.06 6 Months 7.49% 6.53% Civil engineering 5.40 1 Year 21.08% 18.55% Manufacture of tobacco products 5.18 2 Years 5.40% 3.94% Manufacture of motor vehicles trailers and semi­trailers 4.96 3 Years 13.30% 11.02% Manufacture of other transport equipment 4.68 Since Inception 7.65% 8.14% Telecommunications 2.21 *Benchmark : Nifty 50 (100%).Returns over one year are compounded annualised and fund Others 17.90 returns are net of charges.

Movement of NAV

17.2

17.0

16.8 Unit Price 16.6

Mar 2017 13 20 27 16.4

Asset Allocation (As on Mar 31st, 2017)

Others: 2.78%

Equity: 97.22% Modified Duration of Debt and Money Market Instruments Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 52 Exide Life Prime Equity Pension Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM Infosys Ltd 25.37 6.67% ITC Ltd 19.16 5.04% HDFC Bank Ltd 18.71 4.92% Reliance Industries Ltd 16.67 4.38% Larsen & Toubro Ltd 16.51 4.34% Housing Development Finance Corporation Ltd 15.04 3.95% ICICI Bank Ltd 12.18 3.20% Tata Consultancy Services Ltd 12.08 3.18% State Bank of India 10.34 2.72% Kotak Mahindra Bank Ltd 10.05 2.64% Axis Bank Ltd 9.55 2.51% Maruti Suzuki India Ltd 9.36 2.46% Asian Paints Ltd 9.16 2.41% Sun Pharmaceutical Industries Ltd 9.06 2.38% Tata Motors Ltd 8.97 2.36% Hindustan Unilever Ltd 8.01 2.11% Zee Entertainment Enterprises Ltd 7.81 2.05% Mahindra & Mahindra Ltd 7.45 1.96% Lupin Ltd. 7.22 1.90% UPL Limited 6.77 1.78% Aurobindo Pharma Limited 6.69 1.76% Hcl Technologies Ltd 6.14 1.62% Indusind Bank Ltd 6.15 1.62% Coal India Ltd 6.09 1.60% Ultratech Cement Ltd 5.42 1.43% Tata Steel Ltd 5.32 1.40% United Spirits Ltd 4.92 1.29% Bharti Infratel Ltd 4.87 1.28% Gail (India) Ltd 4.59 1.21% Eicher Motors Limited 4.55 1.20% Voltas Ltd 4.58 1.20% Nestle India Ltd 4.58 1.20% Indian Oil Corporation Ltd 4.15 1.09% Jubilant Life Sciences Limited 3.99 1.05% Ncc Ltd 3.47 0.91% Srf Limited 3.47 0.91% Yes Bank Ltd 3.30 0.87% Britannia Industries Limited 3.29 0.87% Bharti Airtel Ltd 3.30 0.87% Bombay Stock Exchange Ltd 3.23 0.85% Motherson Sumi Systems Ltd 3.24 0.85% Wipro Ltd 3.14 0.83% Dishman Pharmaceuticals and Chemicals Limited 2.74 0.72% Oil & Natural Gas Corporation Ltd 2.51 0.66% Max Financial Services Ltd. 2.52 0.66% Glenmark Pharmaceuticals Ltd 2.43 0.64% Amara Raja Batteries Ltd 1.94 0.51% Power Finance Corporation Limited 1.94 0.51% Sintex Industries Ltd. 1.81 0.48% Bharat Petroleum Corporation Ltd 1.57 0.41% Adani Port & Sez Ltd 1.39 0.37% KEC International Limited 1.32 0.35% Hero Motocorp Ltd. 1.28 0.34% Credit Analysis And Research Limited 1.24 0.33% City Union Bank Ltd 1.10 0.29% Sterlite Technologies Ltd 1.09 0.29% Tech Mahindra Ltd 1.08 0.28% Crompton Greaves Consumer Electricals Limited. 1.06 0.28% Ambuja Cements Ltd 0.78 0.21% Bajaj Finance Limited 0.76 0.20%

Annual Fund Review 53 Exide Life Prime Equity Pension Fund

Cipla Ltd 0.64 0.17% Dr. Reddys Lab Ltd 0.42 0.11% Grasim Industries Ltd 0.36 0.10% Hindalco Industries Ltd 0.39 0.10% Bosch Ltd 0.39 0.10% Bajaj Auto Ltd 0.37 0.10% Ntpc Limited 0.24 0.06% Power Grid Corpn. Of India Ltd 0.14 0.04% Tata Power Co. Ltd 0.14 0.04% Acc Ltd 0.11 0.03% Bank of Baroda 0.05 0.01% Total 369.78 97.22%

Money Market Amt (mn) % AUM HDFC Liquid Fund ­Direct Plan ­ Growth Option 6.00 1.58% Kotak Liquid Regular Plan Growth ­ Direct 6.00 1.58% L&T Liquid Fund ­ Direct Plan ­Growth 1.59 0.42% Total 13.59 3.57% Net Current Assets (­3.04) (­0.79) % Total 380.33 100.00

Annual Fund Review 54 Exide Life Pension Liquid Fund

Fund Profile: The fund seeks to provide reasonable returns while Asset Allocation (As approved by IRDAI) providing a high level of liquidity and low risk by investing in money market securities. Fund Type % SFIN No: ULIF00905/02/08PENLIQUID114 Money Market and related instruments : 100% Launch Date: March 05, 2008 Net Asset Value (NAV) as on 31 Mar. 2017: ₹19.6324 Rating Profile of Debt Instruments Assets Under Management (AUM): ₹28.11 mn Equity : ₹­ Debt : ₹27.88 mn Net Current Assets : ₹0.23 mn

Fund Manager: Annual Fund Review 12 Debt : Mr.Pranav Parekh

Fund Performance SOVEREIGN: 100.00%

Period Fund Return Benchmark* Sector Allocation 1 Month 0.48% 0.57% 6 Months 2.96% 3.29% 1 Year 6.28% 7.11% Equity Sector Allocation % 2 Years 6.72% 7.59% Others 3 Years 7.22% 8.05% Since Inception 7.71% 7.66%

*Benchmark : Crisil Liquid Fund Index (100%).Returns over one year are compounded annualised and fund returns are net of charges.

Movement of NAV

19.64

19.62

19.60

19.58

Unit Price 19.56

19.54 Mar 2017 13 20 27 19.52

Asset Allocation (As on Mar 31st, 2017)

Others: 13.44%

Gsec: 86.56%

Modified Duration of Debt and Money Market Instruments 0.36 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 55 Exide Life Pension Liquid Fund

Portfolio Holdings

G-Sec Holdings Amt (mn) % AUM 364 Day T Bill 23­Nov­2017 9.63 34.27% 364 Day T Bill 31­Aug­2017 5.84 20.79% 364 Day T Bill 25­May­2017 4.95 17.62% 364 Day T Bill 11­May­2017 1.99 7.07% 364 Day T Bill 21­Dec­2017 1.92 6.81% Total 24.33 86.56%

Money Market Amt (mn) % AUM L&T Liquid Fund ­ Direct Plan ­Growth 1.55 5.51% HDFC Liquid Fund ­Direct Plan ­ Growth Option 1.00 3.56% Kotak Liquid Regular Plan Growth ­ Direct 1.00 3.56% Total 3.55 12.63% Net Current Assets 0.23 0.81 % Total 28.11 100.00

Annual Fund Review 56 Exide Life Group Debt Fund

Fund Profile: The fund seeks to generate income through an Asset Allocation (As approved by IRDAI) investment mix of high quality bonds and money market instruments.

SFIN No: ULGF00224/08/04EBDEBT114 Fund Type % Launch Date: December 03, 2004 Debt 40% ­ 100% Net Asset Value (NAV) as on 31 Mar. 2017: ₹26.6206 Money market and liquid mutual 0% ­ 60% Assets Under Management (AUM): ₹65.78 mn Rating Profile of Debt Instruments Equity : ₹­ Debt : ₹65.10 mn Net Current Assets : ₹0.68 mn AAA: 25.75% Fund Manager: Debt : Mr.Pranav Parekh

Fund Performance SOVEREIGN: 74.25% Period Fund Return Benchmark* 1 Month 1.51% 1.29% 6 Months 1.68% 3.36% Sector Allocation 1 Year 9.72% 11.09% 2 Years 8.68% 9.66% Equity Sector Allocation % 3 Years 10.61% 11.27% Since Inception 8.26% 7.32% Others

*Benchmark : Crisil Composite Bond Index (100%).Returns over one year are compounded annualised and fund returns are net of charges. Debt Sector Allocation % Movement of NAV Infrastructure finance 51.28 Financial & insurance 31.70 Electricity gas steam and air conditioning supply 17.02 26.8

26.6

26.4 Unit Price 26.2

Mar 2017 13 20 27 26.0

Asset Allocation (As on Mar 31st, 2017)

Others: 5.36% Corporate Debt: 24.37%

Gsec: 70.27%

Modified Duration of Debt and Money Market Instruments 6.93 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 57 Exide Life Group Debt Fund

Portfolio Holdings

Corporate Debt-Holdings Amt (mn) % AUM 7.75% PFC 22­Mar­2027 5.10 7.76% 7.71% NABARD 17­Mar­2032 5.08 7.72% 8.30% Rural Electrification Corporation Ltd 10­Apr­2025 3.12 4.74% 9.47% PGCIL 31­03­2023 2.73 4.15% Total 16.03 24.37%

G-Sec Holdings Amt (mn) % AUM 7.59% G­Sec 20­Mar­2029 21.04 31.99% 8.60% GOI 02­June­2028 10.96 16.66% 7.88% GSec 19­Mar­2030 8.88 13.50% 8.28% GOI 21­09­2027 4.35 6.62% 182 Day T Bill 15­June­2017 0.99 1.50% Total 46.22 70.27%

Money Market Amt (mn) % AUM HDFC Liquid Fund ­Direct Plan ­ Growth Option 1.00 1.52% Kotak Liquid Regular Plan Growth ­ Direct 1.00 1.52% L&T Liquid Fund ­ Direct Plan ­Growth 0.85 1.29% Total 2.85 4.33% Net Current Assets 0.68 1.03 % Total 65.78 100.00

Annual Fund Review 58 Exide Life Group Secure Fund

Fund Profile: The fund seeks to achieve long term moderate capital Asset Allocation (As approved by IRDAI) growth through an investment mix of upto 20% equity and the balance in high quality bonds and money market instruments. Fund Type % SFIN No: ULGF00524/08/04EBSECURE114 Equity 10% to 20% Launch Date: December 03, 2004 Debt 0% ­ 90% Net Asset Value (NAV) as on 31 Mar. 2017: ₹28.3233 Money market and liquid mutual funds 0% ­ 20% Assets Under Management (AUM): ₹546.09 mn Equity : ₹84.71 mn Rating Profile of Debt Instruments Debt : ₹417.03 mn Net Current Assets : ₹44.35 mn AAA: 23.19% Fund Manager: Equity : Mr.Shyamsunder Bhat Debt : Mr.Pranav Parekh

Fund Performance SOVEREIGN: 76.81%

Period Fund Return Benchmark* 1 Month 1.64% 1.59% Sector Allocation 6 Months 3.17% 3.83% 1 Year 11.91% 12.21% Equity Sector Allocation % 2 Years 8.39% 8.80% Financial & insurance 32.75 3 Years 10.61% 11.24% Computer programming consultancy and related activities 14.16 Since Inception 8.81% 8.19% Manufacture of tobacco products 7.22 *Benchmark : Crisil Composite Bond Index (85%) and Nifty 50 (15%).Returns over one year Manufacture of coke and refined petroleum products 6.37 are compounded annualised and fund returns are net of charges. Manufacture of chemicals and chemical products 6.22 Movement of NAV Pharmaceuticals 6.13 Manufacture of other transport equipment 5.70 Manufacture of motor vehicles trailers and semi­trailers 4.79 28.4 Civil engineering 4.57 Manufacture of other non­metallic mineral products 2.01 28.2 Others 10.09

28.0 Debt Sector Allocation %

Unit Price Infrastructure finance 83.14 27.8 Financial & insurance 16.86 Mar 2017 13 20 27 27.6

Asset Allocation (As on Mar 31st, 2017)

Equity: 15.51% Others: 23.14%

Corporate Debt: 14.23%

Gsec: 47.12%

Modified Duration of Debt and Money Market Instruments 5.38 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 59 Exide Life Group Secure Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM ITC Ltd 6.11 1.12% Infosys Ltd 6.06 1.11% Housing Development Finance Corporation Ltd 6.04 1.11% HDFC Bank Ltd 5.60 1.03% ICICI Bank Ltd 4.42 0.81% Reliance Industries Ltd 4.23 0.77% Larsen & Toubro Ltd 3.87 0.71% State Bank of India 3.64 0.67% Tata Consultancy Services Ltd 3.54 0.65% Maruti Suzuki India Ltd 2.20 0.40% Axis Bank Ltd 2.12 0.39% Aurobindo Pharma Limited 1.92 0.35% Kotak Mahindra Bank Ltd 1.91 0.35% Tata Motors Ltd 1.86 0.34% Indusind Bank Ltd 1.83 0.33% Hindustan Unilever Ltd 1.70 0.31% Sun Pharmaceutical Industries Ltd 1.71 0.31% Zee Entertainment Enterprises Ltd 1.69 0.31% UPL Limited 1.64 0.30% Asian Paints Ltd 1.24 0.23% Hcl Technologies Ltd 1.21 0.22% Hero Motocorp Ltd. 1.21 0.22% Ultratech Cement Ltd 1.21 0.22% Mahindra & Mahindra Ltd 0.96 0.18% Nestle India Ltd 1.00 0.18% Yes Bank Ltd 0.90 0.17% Indian Oil Corporation Ltd 0.87 0.16% Bajaj Auto Ltd 0.86 0.16% Wipro Ltd 0.84 0.15% Lupin Ltd. 0.76 0.14% Max Financial Services Ltd. 0.73 0.13% Motherson Sumi Systems Ltd 0.69 0.13% Grasim Industries Ltd 0.68 0.13% Adani Port & Sez Ltd 0.70 0.13% Bharti Infratel Ltd 0.63 0.12% Cipla Ltd 0.65 0.12% Tata Steel Ltd 0.68 0.12% Bharti Airtel Ltd 0.58 0.11% Coal India Ltd 0.57 0.10% Eicher Motors Limited 0.56 0.10% Bosch Ltd 0.55 0.10% Oil & Natural Gas Corporation Ltd 0.52 0.10% Britannia Industries Limited 0.49 0.09% Bombay Stock Exchange Ltd 0.44 0.08% Gail (India) Ltd 0.38 0.07% Ambuja Cements Ltd 0.40 0.07% Ntpc Limited 0.36 0.07% Tata Power Co. Ltd 0.36 0.07% Tech Mahindra Ltd 0.36 0.07% Power Grid Corpn. Of India Ltd 0.35 0.06% Bharat Petroleum Corporation Ltd 0.30 0.05% Hindalco Industries Ltd 0.26 0.05% Bank of Baroda 0.12 0.02% Acc Ltd 0.10 0.02% Dr. Reddys Lab Ltd 0.13 0.02% Total 84.71 15.51%

Annual Fund Review 60 Exide Life Group Secure Fund

Corporate Debt-Holdings Amt (mn) % AUM 7.75% PFC 22­Mar­2027 20.41 3.74% 8.97 PFC Ltd 15­Jan­2018 20.32 3.72% 8.30% Rural Electrification Corporation Ltd 10­Apr­2025 18.72 3.43% 7.71% NABARD 17­Mar­2032 10.16 1.86% 8.11% REC Ltd 07­Oct­25 5.15 0.94% 0.00% NABARD BHAVISHYA NIRMAN BOND 01­08­2017. 2.94 0.54% Total 77.69 14.23%

G-Sec Holdings Amt (mn) % AUM 7.61% Gsec 09­May­30 80.27 14.70% 8.15 GOI Security 24­11­2026 68.04 12.46% 7.73% Gol Sec 19­12­2034 42.14 7.72% 8.13 % GOI 22­Jun­2045 12.68 2.32% 8.83% Gsec 25­NOV­2023 10.97 2.01% 7.72% G Sec 26­Oct­2055 10.32 1.89% 7.75% Karnataka SDL 01­Mar­2027 10.12 1.85% 7.59% G­Sec 20­Mar­2029 9.19 1.68% 8.17% G Sec 01­Dec­2044 6.46 1.18% 7.88% GSec 19­Mar­2030 5.75 1.05% 6.01% GoI Sec 25­03­2028 1.37 0.25% Total 257.32 47.12%

Money Market Amt (mn) % AUM HDFC Liquid Fund ­Direct Plan ­ Growth Option 25.00 4.58% Kotak Liquid Regular Plan Growth ­ Direct 25.00 4.58% L&T Liquid Fund ­ Direct Plan ­Growth 24.52 4.49% CBLO ­ 03APR2017 7.50 1.37% Total 82.02 15.02% Net Current Assets 44.35 8.12 % Total 546.09 100.00

Annual Fund Review 61 Exide Life Group Balanced Fund

Fund Profile: The fund seeks to achieve long term capital growth Asset Allocation (As approved by IRDAI) through an investment mix of upto 40% equity and the balance in high quality bonds and money market instruments. Fund Type % SFIN No: ULGF00124/08/04EBBALANCE114 Equity 20% ­ 40% Launch Date: December 03, 2004 Debt 0% ­ 80% Net Asset Value (NAV) as on 31 Mar. 2017: ₹30.5249 Money market and liquid mutual funds 0% ­ 20% Assets Under Management (AUM): ₹1.54 mn Equity : ₹0.44 mn Rating Profile of Debt Instruments Debt : ₹1.07 mn Net Current Assets : ₹0.03 mn Fund Manager: Equity : Mr.Mahesh Sarda Debt : Mr.Pranav Parekh

Fund Performance SOVEREIGN: 100.00% Period Fund Return Benchmark* 1 Month 1.52% 1.90% Sector Allocation 6 Months 3.19% 4.31% 1 Year 8.42% 13.33% Equity Sector Allocation % 2 Years 5.10% 7.94% Financial & insurance 33.89 3 Years 9.15% 11.20% Computer programming consultancy and related activities 13.70 Since Inception 9.47% 9.07% Manufacture of coke and refined petroleum products 8.13 *Benchmark : Crisil Composite Bond Index(70%) and Nifty 50 (30%).Returns over one year Manufacture of tobacco products 7.56 are compounded annualised and fund returns are net of charges. Manufacture of motor vehicles trailers and semi­trailers 5.62 Movement of NAV Pharmaceuticals 5.01 Manufacture of chemicals and chemical products 4.75 Civil engineering 4.32 30.6 Manufacture of other transport equipment 4.08 Electricity gas steam and air conditioning supply 2.95 Others 9.99 30.4

Unit Price 30.2

Mar 2017 13 20 27 30.0

Asset Allocation (As on Mar 31st, 2017)

Others: 5.22%

Equity: 28.46%

Gsec: 66.32%

Modified Duration of Debt and Money Market Instruments 4.16 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 62 Exide Life Group Balanced Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM HDFC Bank Ltd 0.04 2.63% ITC Ltd 0.03 2.15% Housing Development Finance Corporation Ltd 0.03 2.05% Reliance Industries Ltd 0.03 1.98% Infosys Ltd 0.03 1.80% ICICI Bank Ltd 0.02 1.46% Larsen & Toubro Ltd 0.02 1.23% Tata Consultancy Services Ltd 0.02 1.11% State Bank of India 0.01 0.84% Tata Motors Ltd 0.01 0.82% Maruti Suzuki India Ltd 0.01 0.78% Axis Bank Ltd 0.01 0.70% Kotak Mahindra Bank Ltd 0.01 0.68% Indusind Bank Ltd 0.01 0.65% Hindustan Unilever Ltd 0.01 0.59% Mahindra & Mahindra Ltd 0.01 0.59% Yes Bank Ltd 0.01 0.50% Sun Pharmaceutical Industries Ltd 0.01 0.49% Hcl Technologies Ltd 0.01 0.46% Oil & Natural Gas Corporation Ltd 0.01 0.45% Bharti Airtel Ltd 0.01 0.43% Asian Paints Ltd 0.01 0.42% Power Grid Corpn. Of India Ltd 0.01 0.37% Bajaj Auto Ltd 0.01 0.36% Bharat Petroleum Corporation Ltd 0.01 0.34% Grasim Industries Ltd 0.01 0.34% Dr. Reddys Lab Ltd 0.01 0.34% Cipla Ltd 0.00 0.31% Wipro Ltd 0.00 0.30% Ntpc Limited 0.00 0.29% Lupin Ltd. 0.00 0.28% Zee Entertainment Enterprises Ltd 0.00 0.28% Tata Steel Ltd 0.00 0.28% Ultratech Cement Ltd 0.00 0.26% Tech Mahindra Ltd 0.00 0.24% Hindalco Industries Ltd 0.00 0.23% Gail (India) Ltd 0.00 0.22% Hero Motocorp Ltd. 0.00 0.21% Coal India Ltd 0.00 0.19% Acc Ltd 0.00 0.19% Tata Power Co. Ltd 0.00 0.18% Ambuja Cements Ltd 0.00 0.17% Bharti Infratel Ltd 0.00 0.15% Bank of Baroda 0.00 0.13% Total 0.44 28.46%

G-Sec Holdings Amt (mn) % AUM 364 Day T Bill 27­Apr­2017 0.50 32.37% 8.24% Gsec 10­Nov­2033 0.38 24.46% 6.01% GoI Sec 25­03­2028 0.15 9.49% Total 1.02 66.32%

Annual Fund Review 63 Exide Life Group Balanced Fund

Money Market Amt (mn) % AUM CBLO ­ 03APR2017 0.05 3.25% Total 0.05 3.25% Net Current Assets 0.03 1.97 % Total 1.54 100.00

Annual Fund Review 64 Exide Life Group Growth Fund

Fund Profile: The fund seeks to achieve long term accelerated Asset Allocation (As approved by IRDAI) capital growth through an investment mix of upto 60% equity and the balance in high quality bonds and money market instruments. Fund Type % SFIN No: ULGF00324/08/04EBGROWTH114 Equity 40% ­ 60% Launch Date: December 03, 2004 Debt 0% ­ 60% Net Asset Value (NAV) as on 31 Mar. 2017: ₹38.6930 Money market and liquid mutual 0% ­ 20% Assets Under Management (AUM): ₹0.39 mn Equity : ₹0.19 mn Rating Profile of Debt Instruments Debt : ₹0.16 mn Net Current Assets : ₹0.04 mn Fund Manager: Equity : Mr.Sumeet Hinduja Debt : Mr.Pranav Parekh

Fund Performance SOVEREIGN: 100.00% Period Fund Return Benchmark* 1 Month 6.07% 2.30% Sector Allocation 6 Months 7.84% 4.95% 1 Year 18.31% 14.82% Equity Sector Allocation % 2 Years 7.79% 6.80% Financial & insurance 32.52 3 Years 12.01% 11.15% Computer programming consultancy and related activities 13.39 Since Inception 11.66% 10.15% Manufacture of coke and refined petroleum products 8.11 *Benchmark : Crisil Composite Bond Index(50%) and Nifty 50 (50%).Returns over one year Manufacture of tobacco products 7.34 are compounded annualised and fund returns are net of charges. Manufacture of motor vehicles trailers and semi­trailers 5.96 Movement of NAV Manufacture of other transport equipment 5.08 Manufacture of chemicals and chemical products 4.60 Pharmaceuticals 4.42 39.0 Civil engineering 4.04 38.5 Manufacture of other non­metallic mineral products 3.40 Others 11.15 38.0

37.5

Unit Price 37.0

36.5 Mar 2017 13 20 27 36.0

Asset Allocation (As on Mar 31st, 2017)

Others: 8.38%

Equity: 49.73% Gsec: 41.89%

Modified Duration of Debt and Money Market Instruments 6.44 Years Others include Money Market Instruments and Net Current Assets

Annual Fund Review 65 Exide Life Group Growth Fund

Portfolio Holdings

Equity-Holdings Amt (mn) % AUM HDFC Bank Ltd 0.02 4.42% Housing Development Finance Corporation Ltd 0.02 3.83% ITC Ltd 0.01 3.65% Reliance Industries Ltd 0.01 3.37% Infosys Ltd 0.01 3.13% ICICI Bank Ltd 0.01 2.47% Larsen & Toubro Ltd 0.01 2.01% Tata Consultancy Services Ltd 0.01 1.86% Maruti Suzuki India Ltd 0.01 1.54% State Bank of India 0.01 1.50% Tata Motors Ltd 0.01 1.43% Kotak Mahindra Bank Ltd 0.01 1.34% Axis Bank Ltd 0.00 1.25% Indusind Bank Ltd 0.00 1.09% Ultratech Cement Ltd 0.00 1.02% Mahindra & Mahindra Ltd 0.00 0.99% Hindustan Unilever Ltd 0.00 0.93% Hero Motocorp Ltd. 0.00 0.82% Asian Paints Ltd 0.00 0.82% Bharti Airtel Ltd 0.00 0.80% Oil & Natural Gas Corporation Ltd 0.00 0.76% Bajaj Auto Ltd 0.00 0.72% Sun Pharmaceutical Industries Ltd 0.00 0.70% Hcl Technologies Ltd 0.00 0.67% Dr. Reddys Lab Ltd 0.00 0.67% Bharat Petroleum Corporation Ltd 0.00 0.66% Power Grid Corpn. Of India Ltd 0.00 0.65% Gail (India) Ltd 0.00 0.58% Ntpc Limited 0.00 0.55% Grasim Industries Ltd 0.00 0.54% Wipro Ltd 0.00 0.53% Tata Steel Ltd 0.00 0.49% Tech Mahindra Ltd 0.00 0.47% Cipla Ltd 0.00 0.45% Zee Entertainment Enterprises Ltd 0.00 0.41% Hindalco Industries Ltd 0.00 0.40% Coal India Ltd 0.00 0.37% Acc Ltd 0.00 0.37% Lupin Ltd. 0.00 0.37% Ambuja Cements Ltd 0.00 0.30% Tata Power Co. Ltd 0.00 0.28% Bank of Baroda 0.00 0.26% Bharti Infratel Ltd 0.00 0.25% Total 0.19 49.73%

G-Sec Holdings Amt (mn) % AUM 6.01% GoI Sec 25­03­2028 0.16 41.89% Total 0.16 41.89%

Net Current Assets 0.05 8.38 % Total 0.4 100.00

Annual Fund Review 66 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.

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Annual Fund Review 67 Exide Life Insurance Company Limited is a wholly owned subsidiary of 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