INDEX MARKET OUTLOOK EQUITY HYBRID DEBT LIQUID GILT SOLUTIONS. Equity Debt

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2 INDEX MARKET OUTLOOK Equity Debt EQUITY Tata Large Cap (Erstwhile known as Tata Pure Equity ; renamed w.e.f February 29, 2016) Tata Equity Opportunities Tata Ethical Tata Equity P/E Tata Mid Cap Growth Tata Dividend Yield Tata India Tax Savings (Erstwhile known as Tata Long Term Equity ; renamed w.e.f December 21, 2015) Tata Savings Equity Tata Banking & Financial Services Tata Digital India Tata India Consumer Tata India Pharma & Healthcare Tata Resources & Energy Tata Infrastructure HYBRID Tata Balanced 19 DEBT Tata Dynamic Bond Tata Income Plus Tata Income Tata Short Term Bond Tata Treasury Manager Tata Floater LIQUID Tata Money Market Tata Liquid GILT Tata Gilt Securities Tata Gilt Mid Term Tata Gilt Short Maturity SOLUTIONS Tata Retirement Savings - Progressive Tata Retirement Savings - Moderate Tata Retirement Savings - Conservative Tata Young Citizens SCHEMES PERFORMANCE DIVIDEND / BONUS HISTORY HOW TO READ FACT SHEET

3 RISKOMETER Name of the Schemes Investment Objective Fixed Income for Short Term. Riskometer Tata Liquid Investment in Debt/Money Market instruments/government Securities. Tata Money Market Investment in Money Market instruments. Name of the Schemes Investment Objective Fixed Income for Short Term. Riskometer Tata Floater Investment in Debt/Money Market instruments/government Securities. Tata Treasury Manager Investment in Debt/Money Market instruments excluding Government Securities. Tata Short Term Bond Investment Objective Fixed Income for Short Term. Investment in Debt/Money market instruments /Government Securities. Name of the Schemes Investment Objective Fixed Income for Short Term. Riskometer Tata Dynamic Bond Investment Objective Short Term to Medium Capital Appreciation & Income. Investment in Debt/Money Market instruments/government securities. Tata Gilt Mid Term Investment Objective Medium Term Capital Appreciation. Investment predominantly in Government Securities (upto 15 years maturity). Tata Gilt Securities Investment Objective Long Term Capital Appreciation & Income. Investment predominantly in Government Securities. Tata Gilt Securities Short Maturity Investment Objective Short Term to Medium Capital Appreciation & Income. Investment predominantly in Government Securities (average maturity upto 6 years). Tata Income Investment Objective Long Term Capital Appreciation & Income. Investment in Debt/Money Market instruments/government Securities. Tata Income Plus Investment Objective Long Term Capital Appreciation & Income. Investment in Debt/Money Market instruments/government Securities. Tata MIP Plus Investment Objective Long Term Capital Appreciation & Current Income. Investment predominantly in fixed income instruments and some portion (upto 20%) in equity and equity related instruments. 3

4 RISKOMETER Name of the Schemes Investment Objective Long Term Capital Appreciation Riskometer Tata Balanced Tata Dividend Yield Tata Equity Opportunities Tata Equity P/E Tata Ethical Tata Mid Cap Growth Tata Large Cap (Erstwhile known as Tata Pure Equity ; renamed w.e.f February 29, 2016) Tata Retirement Savings - Moderate Plan Tata Savings Equity Tata Retirement Savings - Progresive Plan Tata India Tax Savings (Erstwhile known as Tata Long Term Equity ; renamed w.e.f December 21, 2015) Tata Young Citizens Tata Retirement Savings - Conservative Plan Investment predominantly in equity & equity related instruments and some portion (between 25% to 35%) in fixed income instruments. Investment (minimum 70%) in equity & equity related instruments/stocks having dividend yield higher than dividend yield of stocks of BSE SENSEX. Investment in equity and equity related instruments of well researched value and growth oriented companies across all market capitalization. Investment (minimum 70%) in equity & equity related instruments of companies whose rolling P/E is lower than rolling P/E of BSE Sensex. Investment in equity and equity related instruments of Shariah Principles compliant companies and in other instruments allowed under Shariah principles. Investment predominantly in equity & equity related instruments of growth oriented mid cap companies. Investment predominantly in equity & equity securities related securities of large cap companies. A predominantly equity oriented savings scheme which provides tool for retirement planning to individual investors. Predominantly investing in equity and equity related instruments, equity arbitrage opportunities and debt and money market instruments. A predominantly equity oriented savings scheme which provides tool for retirement planning to individual investors. An equity linked savings scheme (ELSS) Investing predominantly in Equity & Equity related instruments. Investment Objective Long Term Capital Appreciation & Current Income. Investment in equity & equity related instruments and in fixed income instruments. Investment Objective Long Term Capital Appreciation & Current Income. A predominantly debt oriented savings scheme which provides tool for retirement planning to individual investors. Name of the Schemes Investment Objective Long Term Capital Appreciation. Riskometer Tata Banking & Financial Services Tata India Consumer Tata Digital India Tata India Pharma & Healthcare Tata Resources & Energy Tata Infrastructure Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Banking and Financial Services sector in India. Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Consumption Oriented sectors in India. Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Information Technology sector in India. Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Pharma & Healthcare sectors in India. Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Resources & Energy sectors in India. Investment Predominantly in equity / equity related instruments of the companies in the Infrastructure sector in India. *Investors should consult their financial advisors if in doubt about whether the product is suitable for them. 4

5 MARKET OUTLOOK Equity market The Indian equity markets recovered in the month of March 2016, as both Sensex and Nifty returned ~.2% and ~.8% respectively. The increase in the broader market was higher than the Sensex, as reflected by the performance of the BSE Midcap index at.9%. In terms of sectors Banking, and Realty were major outperformers while Healthcare and Consumer Durables were the major underperformers. FIIs turned buyers in March reversing the trend seen in January & February with net inflows to the tune of ~USD 3.2 bn. in Indian equities. Consequently, FIIs net inflows CYTD amounts to ~USD 701 mn. Domestic MFs sold equities with a net selling of ~USD 1.5 bn. in March. Index Name Nifty 50 Index S&P BSE Sensex S&P BSE MID CAP S&P BSE SMALL CAP S&P BSE 200 S&P BSE AUTO S&P BSE Bankex S&P BSE Consumer Durable S&P BSE Capital Good S&P BSE FMCG S&P BSE Health Care S&P BSE IT S&P BSE METAL S&P BSE Oil & Gas S&P BSE Power Index S&P BSE Realty As on Return in % 31-Mar Feb Mar-15 1 Month 1 Year The Macro picture WPI CPI Index of Industrial Production rate Marginal Standing Facility Rate Source RBI, MOSPI; *revised upwards from 1.3% Feb % 5.2% -1.5% (For January 2016) 6.75% (as on March 31, 2016) 7.75% (as on March 31, 2016) Jan % 5.7% -1.2% (For December 2015)* 6.75% (as on February 29, 2016) 7.75% (as on February 29, 2016) Growth January IIP contracted by 1.5% y-o-y vs -1.2% y-o-y in December falling for 3rd straight month as manufacturing was down 2.8% y-o-y in January. Within manufacturing, capital goods fell sharply by 20.4% y-o-y in January vs 19.7% y-o-y slide in December. On demand side, consumer durables slowed down to 5.8% in Jan vs 16.5% in December. Mining also declined to 1.3% in Jan but electricity generation picked by 6.6% in the month. Inflation February CPI at 5.2% y-o-y vs 5.7% y-o-y in January, was a four-month low led by a surprise drop in food inflation (vegetables and pulses). In contrast, core CPI inched up to 5% y-o-y vs 4.7% y-o-y in previous month on the back of housing, education services etc. Wholesale Price Index (WPI) contracted for 16th straight month as February WPI came in at -0.91% y-o-y vs -0.9% y-o-y in January as inflation in food articles declined in tandem with CPI data. Primary articles inflation slowed to 1.6% y-o-y vs 4.6% y-o-y in January. Fuel & power segment came in at -6.4% y-o-y vs -9.2% y-o-y in January. Other macro developments February trade deficit narrowed further to $6.5bn vs $7.6bn in January on the back of weak exports and imports. Exports contracted for 15th straight month in Feb to $20.7bn (-5.7% y-o-y) and imports fell 5% y-o-y to $27.3bn. Non-oil imports were down 0.47% y-o-y while oil imports fell by 21.9% y-o-y due to weak crude prices. Amongst exports, key laggards were engineering goods (-11.2% y-o-y) and petroleum products (-28.3% y-o-y) Budget Session Following the lackluster monsoon and winter session of parliament last year (average productivity of 33% in Upper House), the reforms agenda made a come-back in the first half of budget session (Feb 23 - Mar 16), with Upper House productivity at 3%. Key bills passed in both houses are Real estate regulator bill and National waterways bill. In addition, Aadhaar bill was passed as a money bill and Mines & Minerals (Development & Regulation) bill was passed in the Lower House. Market Outlook Markets, in the near term, may continue to remain volatile on account of concerns on the impact of the slowdown in the Chinese economy, central bank policies of developing economies and the recovery of the rural economy. FII flows amid volatile global economic environment will continue to be an overarching near term market driver. We believe, the medium to long term performance of the market would be primarily governed by a recovery in earnings growth. It is expected that as public sector capex and urban discretionary consumption revives, corporate earnings growth should start improving gradually. The prospect of a normal monsoon after 2 consecutive years of weak rainfall coupled with the Government s thrust on rural economy can help boost the prospects of the economy. Earnings growth should be further aided as benefits of lower interest rates play out to a wider section of the economy. The market expectations in terms of earnings growth have been considerably toned down. Valuations remain in line with long term averages. Hence, considering improving outlook for earnings growth, strong macro position and presence of long term structural drivers like demographic advantage, low household debt, and urbanization, the outlook for Indian equity markets continue to remain positive. We would urge investors to systematically invest in Indian equity markets and use this phase of volatility to their advantage. Disclaimer The views expressed are in no way trying to predict the markets or to time them. The views expressed are for information purpose only and do not construe to be any investment, legal or taxation advice. Please consult your Financial/Investment Adviser before investing. The views expressed may not reflect in the scheme portfolios of Tata Mutual. This note has been prepared using information believed to be accurate at the time of its use. 5

6 MARKET OUTLOOK Debt market 31-Mar Feb-16 Change (bps) Year Benchmark Yield (s.a) 5 Year Benchmark Yield (s.a) Year AAA (PSU) (ann) 5 Year AAA ( PSU) (ann) 3 Month T Bill 3 Month CD 12 Month CD Year AAA Spread 5 Year AAA Spread 7.46% 7.45% 8.25% 8.15% 6.85% 7.55% 7.60% 0.65% 0.56% 7.61% 7.65% 8.50% 8.32% 7.26% 8.48% 8.27% 0.75% 0.52% The bond market got the much needed respite in the month of March, after the worst first 2 months of The two key positives which turned the tide in favor of bond bulls has been the fiscal deficit and the inflation situation, which the RBI will keenly watch in setting the policy rates. In the budget announcement, the government opted for macro stability over growth. By sticking to the preset fiscal targets of 3.9% for FY16 and 3.5% for FY 17, the government reinstated its credibility. Prior to the Budget there was considerable uncertainty about the intent of the Government to pursue the fiscal roadmap. Other key positive for the fixed income market has been the inflation situation and the steep cut in small savings rates. The latest number of retail inflation for Feb-2016, which came in at 5.20% has been significantly lower than market expectation of 5.6%. On the external front, the dovish stance of the US Fed added comfort to global markets. The Dec 15 projections of the US Fed reflected that it was on path to hike rates to the levels of 1.4%, however, that has now been scaled back by 50bps to 0.9%. This softer stance has, in turn, put investors in the risk-on mode leading to rally in Emerging Market currencies, including Indian Rupee. The Year benchmark yield closed the month at 7.46%, down 15 bps compared to previous month. The corporate bond yields too mimicked the movement in the sovereign yields, coming off by bps. 5 Year & Year AAA bond yields eased by 20 & 25 bps respectively. The credit spreads on year AAA bond narrowed by bps, while the spread on 5 year AAA bond widened marginally by 4bps.The money market yields though remained high during the month on tight liquidity conditions and seasonal factors, came off towards the end of the month, as the RBI continued to intervene actively in the market, thereby keeping a lid on over- night rates. On the macro economic data released during the month, CPI inflation eased sharply to 5.2% y-o-y in February from 5.7% in January, well below market expectations (5.6%). The positive surprise was largely due to a sharper fall in food prices, even as core CPI inflation inched higher. Food price inflation eased sharply to 5.3% from an 11-month high of 6.8% in January, with the moderation being quite broad-based. The main downward pressure came from a sharp seasonal drop in vegetable prices (-7.9% m-o-m), which lowered vegetables inflation to 0.7% y-o-y from 6.4% in January. Core CPI (ex-petrol, diesel) inflation inched up to 5.3% y-o-y in February from 5.2% in January. A rise in gold prices drove up inflation in the personal care category, while inflation in education, rose to 5.8% from 5.5% in January. Despite a fall in fuel prices during February, transport fuel inflation rose in year-on-year terms, on waning base effects. Housing inflation also rose to 5.3% y-o-y in February versus % in WPI deflation persisted at 0.9% y-o-y in February, unchanged from January and lower than expectations (-0.6%). The surprise came entirely from food inflation, while core WPI deflation eased more than expected. WPI food price inflation (primary + manufactured) moderated sharply to 3.7% y-o-y in February from 5.0% y-o-y in January, primarily owing to a 24% m-o-m drop in vegetable prices (-3.3% y-o-y vs 12.5% in January). Excluding vegetables, prices of cereals and pulses (-3.7% m-o-m, 39% y-o-y) also fell during the month. Meanwhile, fuel price deflation eased to -6.4% y-o-y from -9.2% in January, on waning base effects from the fall in commodity prices. Most notable, however, was a rise in core WPI inflation (WPI manufactured ex-food) to -1.6% y-o-y, above the -1.9% to -2.0% range where it has hovered for the past six months. The Index of Industrial production (IIP) contracted 1.5% y-o-y in January, significantly weaker than expectations (consensus -0.5%). On the supply side, electricity output growth rose, but that of mining decelerated and manufacturing output fell. As the disruption caused by the Chennai floods ended in December, the weakness in manufacturing appears to be demand driven. On the demand side, consumer durables output growth, which has consistently outperformed since June 2015 (double digit growth), slowed to 5.8% y-o-y in January from 16.4% in December. Weak rural demand continued to weigh on consumer non-durables output. Worryingly, capital goods output fell 20.4% y-o-y in January (vs 19.1% in December), the third consecutive month of contraction. Although capital goods output tends to be lumpy and volatile, a sustained decline suggests slowing private sector investment. IIP growth has disappointed for the third consecutive month and the continued weakness suggests that tighter financial conditions and weak external demand are starting to pinch. Going forward, we expect the RBI to maintain an accommodative stance, as we believe that all the conditions for monetary easing have been met. The Government has stuck to fiscal consolidation, the inflation situation has surprised on the downside, dovish Fed suggests lower external risk and domestic growth (as reflected by IIP index) still remains weak. Beyond April, if the monsoon remains normal and the inflation situation remains stable, another 25bps rate cut in the second half cannot be ruled out. As far as the bond market is concerned, the market is already pricing in a sizable impact of a rate cut and the scope for additional yield softening might be limited on, largely on account of resumption of primary supply. We expect the Y benchmark to trade in a broad range of 7.40-%-7.50% in the near term. Disclaimer The views expressed are in no way trying to predict the markets or to time them. The views expressed are for information purpose only and do not construe to be any investment, legal or taxation advice. Please consult your Financial/Investment Adviser before investing. The views expressed may not reflect in the scheme portfolios of Tata Mutual. This note has been prepared using information believed to be accurate at the time of its use. 6

7 Tata Large Cap (Erstwhile known as Tata Pure Equity ; renamed w.e.f February 29, 2016) (An Open-Ended Equity Scheme) Primarily invests in equity and equity related instruments of large market cap companies. To provide income distribution and / or medium to long term capital gains while at all times emphasising the importance of capital appreciation. May 7, 1998 FUND MAGER Pradeep Gokhale (Managing Since Jan-12 and overall experience of 25 years) S&P BSE Sensex V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) 3% 30.38% **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. VOLATILITY MEASURES FUND Sharpe Ratio MINIMUM INVESTMENT / Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 Equity & Equity Related Total Tata Motors Ltd. Maruti Suzuki India Ltd. Tata Motors - DVR HDFC Bank Ltd. Axis Bank Ltd. ICICI Bank Ltd. State Bank Of India Indusind Bank Ltd. Ultratech Ltd. Ambuja s Ltd. Grasim Industries Ltd. Construction Project Larsen & Toubro Ltd. Consumer Non Durables ITC Ltd. Asian Paints (India) Ltd. Hindustan Unilever Ltd. United Breweries Ltd. Finance Housing Development Finance Ltd. Industrial Capital Goods Bharat Electronics Ltd. Siemens Ltd. Media & Entertainment Zee Entertainment Enterprises Ltd. Oil Oil & Natural Gas Co % of Assets Petroleum Products Reliance Industries Ltd. Indian Oil Corporation Pharmaceuticals Glenmark Pharmaceuticals Ltd. Divi Laboratories Ltd. Sun Pharmaceutical Industries Ltd. Glaxo Smithkline Pharma Power Power Grid Corporation Of India Ltd. Infosys Ltd. HCL Technologies Ltd. Tata Consultancy Services Ltd. Transportation Container Corporation Of India Ltd. Adani Port & Special Economic Zone Other Equities^ Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B S&P BSE Sensex B S&P BSE Sensex 120, , % 114, % 360, , % 383,199 4.% 600, , % 724, % 840,000 1,249, % 1,093, % 1,200,000 2,156, % 1,787, % 2,140,000 15,668, % 7,509, % (Inception date 07-May-1998) (First Installment date 01-Jun-1998) Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer % of Assets Entry Load Not Applicable Exit Load 1% if redeemed on or before expiry of 365 days from the date of allotment. Top Holdings Equity Issuer Name HDFC Bank Ltd. Infosys Ltd. Tata Motors Ltd. Reliance Industries Ltd. ITC Ltd. HCL Technologies Ltd. Ultratech Ltd. Axis Bank Ltd. Power Grid Corporation Of India Ltd. ICICI Bank Ltd. Total % to V Sector Allocation 20.94% 12.36% Consumer Non Durables.87%.40% Pharmaceuticals 8.43% 7.09% Petroleum Products 6.39% Industrial Capital Goods 5.28% Power 3.20% Transportation 3.01% Finance 2.93% Media & Entertainment 2.14% Construction Project 1.51% Oil 1.41% Non - Ferrous Metals 0.96% 0.00% 5.00%.00% 15.00% 20.00% 25.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 0.00% 0.00% 0.00% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). V Movement Tata Large Cap - Reg S&P BSE Sensex Mar-13 Mar-14 Mar-15 Mar-16 7

8 Tata Equity Opportunities (An Open-Ended Equity Scheme) Sharpe Ratio Primarily focuses on investing in equity and equity related instruments of well researched value and growth oriented companies across all market capitalization. To provide income distribution and / or medium to long term capital gains while at all times emphasizing the importance of capital appreciation. February 25,1993 FUND MAGER Pradeep Gokhale (Managing Since Jun - 13 and overall experience of 25 years), Rupesh Patel (Managing Since Jun - 13 and overall experience of 15 years) (Equity) S&P BSE 200 V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) 40.28% Portfolio Turnover (Equity component only) 40.09% 2.52 **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. VOLATILITY MEASURES FUND MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 1% if redeemed on or before expiry of 365 days from the date of allotment. Equity & Equity Related Total Tata Motors Ltd Maruti Suzuki India Ltd Ashok Leyland Ltd Mahindra & Mahindra Ltd Ancillaries Amara Raja Batteries Ltd HDFC Bank Ltd Axis Bank Ltd ICICI Bank Ltd State Bank Of India Indusind Bank Ltd Ultratech Ltd The Ramco s Ltd Shree Ltd Construction KNR Construction Kajaria Ceramics Ltd Construction Project Sadbhav Engineering Ltd Techno Electric And Engineering Company Ltd Larsen & Toubro Ltd Sadbhav Infrastructure Project Ltd Consumer Non Durables ITC Ltd Asian Paints (India) Ltd Finance Multi Commodity Exchange Of Ind Ltd Housing Development Finance Ltd Cholamandalam Investment & Finance Co Ltd SIP - If you had invested INR 000 every month Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B S&P BSE 200 B S&P BSE 200 Total Value of AB S&P BSE Sensex AB S&P BSE Sensex (Inception date 25-Feb-1993) (First Installment date 01-Mar-1993) % of Assets Other Equities^ Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Top Holdings Equity Issuer Name HDFC Bank Ltd. Tata Motors Ltd. Infosys Ltd. Sadbhav Engineering Ltd. Axis Bank Ltd. Ultratech Ltd. HCL Technologies Ltd. Bharat Electronics Ltd. ICICI Bank Ltd. Gujarat State Petronet Ltd. Total % of Assets Year 3 Year 5 Year 7 Year Year Since Inception 120, , , ,000 1,200,000 2,770, , , ,290 1,375,360 2,281,3 27,037, % 14.22% 15.47% 13.84% 12.34% 17.47% 115, , ,079 1,141,856 1,878,899 13,7, % 7.28% 9.35% 8.63% 8.68% 12.56% 114, , ,803 1,093,217 1,787,919 11,713, % 4.% 7.49% 7.41% 7.74% 11.41% % to V Petroleum Products Indian Oil Corporation Reliance Industries Ltd. Gas Gujarat State Petronet Ltd. Industrial Capital Goods Bharat Electronics Ltd. Pharmaceuticals Sun Pharmaceutical Industries Ltd. Divi Laboratories Ltd. Strides Shasun Ltd. Glenmark Pharmaceuticals Ltd. Sanofi India Ltd. Power Power Grid Corporation Of India Ltd. Retailing Aditya Birla Fashion & Retail Ltd. Infosys Ltd. HCL Technologies Ltd. Tata Consultancy Services Ltd. Transportation Jet Airways Ltd. Container Corporation Of India Ltd. Adani Port & Special Economic Zone Sector Allocation Pharmaceuticals Construction Project Finance Transportation Consumer Non Durables Industrial Capital Goods Construction Petroleum Products Gas Power Ancillaries Retailing Textile Products Media & Entertainment Telecom - Services Non - Ferrous Metals Oil %.04% 9.00% 7.88% 6.73% 5.46% 4.91% 3.92% 3.29% 2.98% 2.64% 2.36% 2.05% 1.32% 1.22% 0.97% 0.78% 0.67% 0.49% 0.47% % 0.00% 5.00%.00% 15.00% 20.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 68.34% 24.48% 7.18% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). V Movement 190 Tata Equity Opportunities - Reg S&P BSE Mar-13 Mar-14 Mar-15 Mar-16 8

9 Tata Ethical (An Open-Ended Equity Scheme) VOLATILITY MEASURES FUND Sharpe Ratio An equity scheme which invests primarily in equities of Shariah compliant companies and other instrument if allowed under Shariah principles. To provide medium to long- term capital gains by investing in Shariah compliant equity and equity related instruments of well-researched value and growth - oriented companies. May 24,1996 FUND MAGER Pradeep Gokhale (Managing Since Jan-12 and overall experience of 25 years) Nifty 500 Shariah V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter % 7.93% **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 Equity & Equity Related Total Bajaj Ltd. Maruti Suzuki India Ltd. Hero Motocorp Ltd. Ancillaries WABCO India Ltd. Amara Raja Batteries Ltd. Bosch Ltd. Ultratech Ltd. Ambuja s Ltd. Shree Ltd. ACC Ltd. Grasim Industries Ltd. Consumer Non Durables Hindustan Unilever Ltd. Glaxo Smithkline Con Healthcar Ltd. Britannia Industries Ltd. Asian Paints (India) Ltd. Colgate-Palmolive India Ltd. Kansai Nerolac Paints Ltd. Industrial Capital Goods Alstom T & D India Ltd. Thermax Ltd. Alstom India Ltd. ABB India Ltd % of Assets Industrial Products Cummins India Ltd. Finolex Cables Ltd. Oil Oil & Natural Gas Co. Pharmaceuticals Divi Laboratories Ltd. Sun Pharmaceutical Industries Ltd. Cipla Ltd. Lupin Ltd. Glenmark Pharmaceuticals Ltd. Sanofi India Ltd. Infosys Ltd. Tata Consultancy Services Ltd. HCL Technologies Ltd. Eclerx Services Ltd. Transportation Gujarat Pipavav Port Ltd. Other Equities^ Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities % of Assets SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B Nifty 500 Shariah B Nifty 500 Shariah Total Value of AB Nifty 50 AB Nifty , , % 117, % 115, % 360, , % 425, % 389, % 600, , % 825, % 734, % 840,000 1,456, % 1,253, % 1,1, % 1,200,000 2,474, % 2,009,5 9.95% 1,825, % 2,350,000 21,364, % 4,423, % 9,003, % (Inception date 24-May-1996) (First Installment date 01-Sep-1996) Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load 1% of the applicable V, if redeemed on or before 365 days from the date of allotment. (w.e.f. 6th April, 2015) Top Holdings Equity Issuer Name Infosys Ltd. Hindustan Unilever Ltd. Tata Consultancy Services Ltd. Ultratech Ltd. Bajaj Ltd. Ambuja s Ltd. Glaxo Smithkline Con Healthcar Ltd. Britannia Industries Ltd. Maruti Suzuki India Ltd. HCL Technologies Ltd. Total Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap % to V % 18.53% 2.61% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). Sector Allocation 17.17% Consumer Non Durables 16.60% 12.24% Pharmaceuticals.80% 8.68% Ancillaries 7.45% Industrial Products 6.53% Industrial Capital Goods 5.59% Oil 2.13% Consumer Durables 1.74% Transportation 1.28% Media & Entertainment 0.58% Pesticides 0.52% Healthcare Services 0.43% 0.00% 5.00%.00% 15.00% 20.00% ** Please refer note on Page No. 46 V Movement Tata Ethical - Reg Nifty 500 Shariah Mar-13 Mar-14 Mar-15 Mar-16 9

10 Tata Equity P/E (An Open-Ended Equity Scheme) Primarily invests at least 70% of the net assets in equity shares whose rolling P/E ratio on past four quarter earnings for individual companies is less than rolling P/E of the S&P BSE SENSEX stocks. To provide reasonable and regular income and/ or possible capital appreciation to its Unitholder. June 29, 2004 FUND MAGER Atul Bhole (Managing Since Jun - 13 and overall experience of 11 years) S&P BSE Sensex V - Growth - Dividend (Trigger Option A 5%) - Dividend (Trigger Option B %) Reg - Growth Reg - Dividend (Trigger Option A 5%) Reg - Dividend (Trigger Option B %) Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 54.32% **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. VOLATILITY MEASURES FUND Sharpe Ratio PE MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 1% if redeemed on or before expiry of 365 days from the date of allotment (w.e.f. 6th April, 2015) Equity & Equity Related Total Tata Motors - DVR Tata Motors Ltd. Yes Bank Ltd. ICICI Bank Ltd. Axis Bank Ltd. DCB Bank Ltd. City Union Bank Ltd. J K Ltd. Chemicals Atul Ltd. Construction KNR Construction Cera Sanitaryware Ltd. MBL Infratructures Ltd. Finance Mahindra And Mahindra Financial Services Ltd. LIC Housing Finance Ltd. Manappuram Finance Ltd. Gas Gujarat State Petronet Ltd. Indraprastha Gas Ltd. Industrial Capital Goods Bharat Electronics Ltd. Industrial Products Finolex Cables Ltd. Minerals/Mining Coal India Ltd. Non - Ferrous Metals Hindustan Zinc Ltd % of Assets Other Equities^ Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B S&P BSE Sensex B S&P BSE Sensex (Inception date 29-Jun-2004) (First Installment date 01-Jul-2004) 120, , % 114, % 360, , % 383,199 4.% 600, , % 724, % 840,000 1,389, % 1,093, % 1,200,000 2,501, % 1,787, % 1,4,000 3,693, % 2,564, % Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer Top Holdings Equity Issuer Name Power Grid Corporation Of India Ltd. Yes Bank Ltd. HCL Technologies Ltd. Tata Motors Ltd. Bharat Electronics Ltd. UPL Ltd. Mahindra & Mahindra Financial Services Ltd. Coal India Ltd. Gujarat State Petronet Ltd. Idea Cellular Ltd. Total % to V Oil Oil & Natural Gas Co. Pesticides UPL Ltd. Petroleum Products H.P.C.L. Indian Oil Corporation Pharmaceuticals Strides Shasun Ltd. Power Power Grid Corporation Of India Ltd. Torrent Power Ltd. Retailing Aditya Birla Fashion & Retail Ltd. Services Aditya Birla Nuvo Ltd. HCL Technologies Ltd. Mphasis Ltd. Hexaware Technologies Ltd. Telecom - Equipment & Accessories Astra Microwave Produts Ltd. Telecom - Services Idea Cellular Ltd. Textile Products Arvind Ltd. Sector Allocation Power Finance Petroleum Products Construction Gas Industrial Capital Goods Pesticides Textile Products Minerals/mining Telecom - Services Pharmaceuticals Industrial Products Services Chemicals Retailing Telecom - Equipment & Accessories Non - Ferrous Metals Oil Construction Project Transportation 12.%.04% 8.19% 7.37% 5.79% 5.45% 5.19% 4.96% 4.32% 3.38% 3.32% 3.% 2.91% 2.89% 2.48% 2.19% 2.18% 1.98% 1.75% 1.30% 1.19% 1.14% 0.90% 0.85% 0.00% 5.00%.00% 15.00% % of Assets Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 57.38% 33.03% 9.59% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). V Movement Tata Equity P/E - Reg S&P BSE Sensex Mar-13 Mar-14 Mar-15 Mar-16

11 Tata Mid Cap Growth (An Open-Ended Equity Scheme) An equity scheme with focus towards mid cap stocks. To provide income distribution and / or medium to long term capital gains. Investments would be focused towards mid-cap stocks. July 1, 1994 FUND MAGER Atul Bhole (Managing Since Apr - 12 and overall experience of 11 years) Nifty Midcap 0 V - Growth - Dividend - Bonus Reg - Growth Reg - Dividend Reg - Bonus Rs (Rs. in Cr.) VOLATILITY MEASURES FUND MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load # # Plans are available for subscription under all open ended schemes of Tata Mutual w.e.f 1st January Separate V will be calculated & published for respective option(s) of the Plan upon initial subscription. Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) 30.49% Portfolio Turnover (Equity component only) 30.43% **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. Sharpe Ratio Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 1% if redeemed on or before expiry of 365 days from the date of allotment (w.e.f. 6th April, 2015) Equity & Equity Related Total Eicher Motors Ltd. Ashok Leyland Ltd. Ancillaries WABCO India Ltd. Amara Raja Batteries Ltd. Yes Bank Ltd. DCB Bank Ltd. Indusind Bank Ltd. Shree Ltd. The Ramco s Ltd. Mangalam Ltd. J K Ltd. Chemicals Solar Industries India Ltd. Navin Fluorine International Ltd. Construction KNR Construction Kajaria Ceramics Ltd. Cera Sanitaryware Ltd. Construction Project Sadbhav Engineering Ltd. Sadbhav Infrastructure Project Ltd. Techno Electric And Engineering Company Ltd. NCC Ltd. Consumer Durables Blue Star Ltd. IFB Industries Ltd. Consumer Non Durables Kansai Nerolac Paints Ltd. Glaxo Smithkline Con Healthcar Ltd. Finance Sundaram Finance Ltd. Gas Gujarat State Petronet Ltd. Industrial Capital Goods Bharat Electronics Ltd. Top Holdings Equity Issuer Name WABCO India Ltd. Yes Bank Ltd. Glenmark Pharmaceuticals Ltd. Sadbhav Engineering Ltd. Amara Raja Batteries Ltd. Strides Shasun Ltd. Shree Ltd. Bharat Electronics Ltd. Aditya Birla Fashion & Retail Ltd. Gujarat State Petronet Ltd. Total % of Assets % to V Services Aditya Birla Nuvo Ltd. Industrial Products Fag Bearings Ltd. Astral Poly Technik Ltd. AIA Engineering Ltd. Media & Entertainment Zee Entertainment Enterprises Ltd. Inox Leisure Ltd. Pesticides Bayer Cropscience Ltd. P.I. Industries Ltd. Pharmaceuticals Glenmark Pharmaceuticals Ltd. Strides Shasun Ltd. Pfizer Ltd. Alkem Laboratories Ltd. Divi Laboratories Ltd. Sequent Scientific Ltd. Retailing Aditya Birla Fashion & Retail Ltd. V-Mart Retail Ltd. Hexaware Technologies Ltd. Textile Products Arvind Ltd. Page Industries Ltd. Transportation Blue Dart Express Ltd Other Equities^ Net Current Liabilities ^ Exposure less than 1% has been clubbed under Other Equities Sector Allocation V Movement SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B Nifty Midcap 0 B Nifty Midcap 0 Total Value of AB Nifty 50 AB Nifty , , % 117, % 115, % 360, , % 459, % 389, % 600,000 1,037, % 866, % 734, % 840,000 1,656, % 1,315, % 1,1, % 1,200,000 2,825, % 2,222, % 1,825, % 2,6,000 13,840, % 11,361, % 8,132, % (Inception date 01-Jul-1994) (First Installment date 01-Jul-1994) Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Pharmaceuticals Construction Project Construction Ancillaries Industrial Products Consumer Non Durables Retailing Media & Entertainment Chemicals Industrial Capital Goods Consumer Durables Pesticides Transportation Textile Products Gas Finance Services Engineering Services Telecom - Equipment & Accessories 8.31% 7.44% 6.81% 6.78% 6.57% 5.49% 3.57% 3.51% 3.28% 3.25% 3.00% 2.99% 2.86% 2.84% 2.73% 2.70% 2.51% 1.97% 1.86% 1.56% 0.98% 0.50%.36% 0.00% 5.00%.00% 15.00% % of Assets Tata Mid Cap Growth - Reg - Dividend Nifty Midcap Mar-13 Mar-14 Mar-15 Mar-16 V 11

12 Tata Dividend Yield (An Open-Ended Equity Scheme) Primarily focuses on investing in high dividend yield stocks. Minimum 70% of the net assets shall be invested in stocks having dividend yield higher than dividend yield of S&P BSE SENSEX stocks. To provide income distribution and / or medium to long term capital gains by investing predominantly in high dividend yield stocks. November 22, 2004 FUND MAGER Rupesh Patel (Managing Since Jun - 13 and overall experience of 15 years) Nifty 500 V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 16.53% VOLATILITY MEASURES FUND Sharpe Ratio Dividend Yield MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable * Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 * For S&P BSE Sensex 1% if redeemed on or before expiry of 365 days from the date of allotment. Equity & Equity Related Total Bajaj Ltd. Hero Motocorp Ltd. HDFC Bank Ltd. Axis Bank Ltd. ICICI Bank Ltd. Karur Vysa Bank Ltd. Ambuja s Ltd. Construction Project Sadbhav Engineering Ltd. Consumer Non Durables Hindustan Unilever Ltd. Colgate-Palmolive India Ltd. CCL Products India Ltd. ITC Ltd. MPS Ltd. Finance Manappuram Finance Ltd. Credit Analysis & Research Ltd. Mahindra And Mahindra Financial Services Ltd. Industrial Products Cummins India Ltd. Finolex Industries Ltd. Swaraj Engines Ltd. Minerals/Mining Coal India Ltd Pharmaceuticals Strides Shasun Ltd. Glaxo Smithkline Pharma Pfizer Ltd. HCL Technologies Ltd. Infosys Ltd. Eclerx Services Ltd. NIIT Technologies Ltd. Hexaware Technologies Ltd. Tata Consultancy Services Ltd. Mphasis Ltd. Power Power Grid Corporation Of India Ltd. Telecom - Services Tata Communications Ltd Net Current Liabilities ^ Exposure less than 1% has been clubbed under Other Equities % of Assets SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B Nifty 500 B Nifty 500 Total Value of AB Nifty 50 AB Nifty , , % 115, % 115, % 360, , % 406, % 389, % 600, , % 768, % 734, % 840,000 1,357, % 1,152, % 1,1, % 1,200,000 2,486, % 1,884, % 1,825, % 1,360,000 3,204, % 2,396, % 2,360, % (Inception date 22-Nov-2004) (First Installment date 01-Dec-2004) Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Top Holdings Equity Issuer Name HDFC Bank Ltd. HCL Technologies Ltd. Strides Shasun Ltd. Infosys Ltd. Power Grid Corporation Of India Ltd. Eclerx Services Ltd. Axis Bank Ltd. Bajaj Ltd. Hero Motocorp Ltd. Manappuram Finance Ltd. Total % of Assets % to V Sector Allocation Consumer Non Durables Pharmaceuticals Industrial Products Finance Power Minerals/mining Telecom - Services Construction Project.99% 9.18% 8.11% 7.81% 7.68% 4.40% 2.57% 2.45% 2.14% 1.94% 14.85% 23.34% 0.00% 5.00%.00% 15.00% 20.00% 25.00% V Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 61.04% 34.05% 4.90% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). V Movement 180 Tata Dividend Yield - Reg Nifty Mar-13 Mar-14 Mar-15 Mar-16 12

13 Tata India Tax Savings (Erstwhile known as Tata Long Term Equity ; renamed w.e.f December 21, 2015) (An Open-Ended Equity Linked Saving Scheme (ELSS) for residents with a lock-in period of 3 years) VOLATILITY MEASURES FUND Sharpe Ratio An equity linked tax savings scheme (ELSS) that aims to provide medium to long term capital gains along with income tax benefit under Section 80C of the Income Tax Act. To provide medium to long term capital gains along with income tax relief to its Unitholders, while at all times emphasising the importance of capital appreciation. March 31,1996 FUND MAGER Rupesh Patel (Managing Since Apr-15 and overall experience of 15 years) S&P BSE Sensex V - Dividend Reg - Dividend - Growth Reg- Growth Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT/ Rs. 500/- and in multiples of Rs. 500/- thereafter. ADDITIOL INVESTMENT/ Rs. 500/- and multiples of Rs. 500/- thereafter. Entry Load Not Applicable Exit Load Nil % 47.84% **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 Equity & Equity Related Total Tata Motors Ltd. Ashok Leyland Ltd. Tata Motors - DVR Eicher Motors Ltd. Ancillaries WABCO India Ltd. HDFC Bank Ltd. State Bank Of India Yes Bank Ltd. Axis Bank Ltd. Kotak Mahindra Bank DCB Bank Ltd. ICICI Bank Ltd. Grasim Industries Ltd. Ultratech Ltd. The Ramco s Ltd. Chemicals Navin Fluorine International Ltd. Construction Kajaria Ceramics Ltd. Somany Ceramics Ltd. KNR Construction Construction Project Sadbhav Infrastructure Project Ltd. Sadbhav Engineering Ltd. Consumer Durables IFB Industries Ltd. Consumer Non Durables Asian Paints (India) Ltd. Britannia Industries Ltd. Kansai Nerolac Paints Ltd. Finance Housing Development Finance Ltd. Sundaram Finance Ltd. Top Holdings Equity Issuer Name HDFC Bank Ltd. Tata Motors Ltd. Infosys Ltd. State Bank Of India Yes Bank Ltd. Axis Bank Ltd. Bharat Electronics Ltd. Kajaria Ceramics Ltd. Aditya Birla Fashion & Retail Ltd. HCL Technologies Ltd. Total Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap % of Assets % to V % 25.42% 12.55% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). Gas Gujarat State Petronet Ltd Hotels, Resort And Other Recreational Activities Wonderla Holidays Ltd. Industrial Capital Goods Bharat Electronics Ltd. Industrial Products Cummins India Ltd. Astral Poly Technik Ltd. Fag Bearings Ltd. Timken India Ltd. Media & Entertainment Inox Leisure Ltd. Pharmaceuticals Divi Laboratories Ltd. Torrent Pharmaceuticals Ltd. Sun Pharmaceutical Industries Ltd. Glenmark Pharmaceuticals Ltd. Strides Shasun Ltd. Retailing Aditya Birla Fashion & Retail Ltd. Services Aditya Birla Nuvo Ltd. Infosys Ltd. HCL Technologies Ltd. Tata Consultancy Services Ltd. Transportation Jet Airways Ltd. Other Equities^ Cash / Net Current Asset Sector Allocation ^ Exposure less than 1% has been clubbed under Other Equities SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B S&P BSE Sensex B S&P BSE Sensex 120, , % 114, % 360, , % 383,199 4.% 600, , % 724, % 840,000 1,446, % 1,093, % 1,200,000 2,415, % 1,787, % 2,370,000 23,778, % 9,8, % (Inception date 31-Mar-1996) (First Installment date 01-Jul-1996) Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer Pharmaceuticals Construction Industrial Products Consumer Non Durables Transportation Retailing Construction Project Finance Industrial Capital Goods Ancillaries Gas Hotels, Resort And Other Media & Entertainment Chemicals Consumer Durables Services.16% 8.03% 7.72% 6.01% 5.49% 5.14% 4.86% 3.41% 2.95% 2.67% 2.51% 2.25% 1.98% 1.46% 1.37% 1.35% 1.19% 1.06% % 20.52% % of Assets % 5.00%.00% 15.00% 20.00% 25.00% V Movement Tata India Tax Savings - Reg - Dividend S&P BSE Sensex Mar-13 Mar-14 Mar-15 Mar-16 V 13

14 Tata Savings Equity (An Open-Ended Equity Scheme) Predominantly investing in equity and equity related instruments, equity arbitrage opportunities and debt and money market instruments. The investment objective of the scheme is to provide long term capital appreciation and income distribution to the investors by predominantly investing in equity and equity related instruments, equity arbitrage opportunities and investments in debt and money market instruments. However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved. The scheme does not assure or guarantee any returns. April 27, 2000 FUND MAGER Atul Bhole (Managing Since Jan - 12 and overall experience of 11 years) (for equity portfolio) and Akhil Mittal (Managing Since Jul - 15 and overall experience of 14 years) (for Arbitrage strategies and Debt Portfolio) Nifty 50 Index (35%),Crisil Liquid Index (30%), Crisil Short Term Bond Index (35%) V Monthly Dividend Growth Quarterly Dividend - Growth - Monthly Dividend - Quarterly Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER VOLATILITY MEASURES FUND Sharpe Ratio Modified Duration Average Maturity MINIMUM INVESTMENT/ Growth Option Rs 5,000/- and in multiple of Re.1/- thereafter Dividend Option Rs 5,000/- and in multiple of Re.1/- thereafter ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 41.54% **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable Years 1.01 Years Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* 3.26% 7.78% *NCA - Net Current Assets Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer Pg 48 Total stock in Portfolio 35 1% of the applicable V, if redeemed on or before expiry of 365 days from the date of allotment Equity & Equity Related Total Unhedge Positions Maruti Suzuki India Ltd. Ancillaries Bosch Ltd. Yes Bank Ltd. HDFC Bank Ltd. State Bank Of India Kotak Mahindra Bank Axis Bank Ltd. Ultratech Ltd. Grasim Industries Ltd. J K Ltd. Construction Project NCC Ltd. Sadbhav Engineering Ltd. Consumer Durables Bata India Ltd. IFB Industries Ltd. Consumer Non Durables Asian Paints (India) Ltd. Glaxo Smithkline Con Healthcar Ltd. Nestle India Ltd. P & G Hygiene & Health Care Ltd. Finance Housing Development Finance Ltd. Gas Gujarat State Petronet Ltd. Industrial Capital Goods Bharat Electronics Ltd. Industrial Products Fag Bearings Ltd. Petroleum Products Indian Oil Corporation H.P.C.L. Pharmaceuticals Sun Pharmaceutical Industries Ltd. Strides Shasun Ltd. Divi Laboratories Ltd. Sanofi India Ltd. Glenmark Pharmaceuticals Ltd. SIP - If you had invested INR 000 every month Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B Nifty 50 Index (35%),Crisil Liquid Index (30%), Crisil Short Term Bond Index (35%) B Nifty 50 Index (35%),Crisil Liquid Index (30%), Crisil Short Term Bond Index (35%) (Inception date 27-Apr-2000) (First Installment date 01-May-2000) Top Holdings Equity Issuer Name HCL Technologies Ltd Ultratech Limited Yes Bank Ltd HDFC Bank Ltd Bata India Ltd State Bank Of India NCC Limited Grasim Industries Ltd Power Grid Corporation Of India Ltd Bosch Ltd Total % to V Cash / Net Current Asset Year 3 Year 5 Year 7 Year Year Since Inception 120, ,937-0.% 121, % % to V % to V Power Power Grid Corporation Of India Ltd Retailing Aditya Birla Fashion & Retail Ltd Services Aditya Birla Nuvo Ltd HCL Technologies Ltd. 2. Infosys Ltd Tata Consultancy Services Ltd % to % to V V Derivative Hedge Positions Reliance Industries Ltd Reliance Industries Ltd. - Futures HDFC Bank Ltd HDFC Bank Ltd. - Futures Vedanta Ltd Vedanta Ltd. - Futures Aurobindo Pharma Ltd Aurobindo Pharma Ltd. - Futures Housing Development Finance Ltd Housing Development Finance Ltd. - Futures Upl Ltd Upl Ltd. - Futures Adani Port & Special Economic Zone 1.12 Adani Port & Special Economic Zone - Futures H.P.C.L H.P.C.L. - Futures -1. Name of the Instrument Ratings % to V Debt Instruments Government Securities GOI % (09/06/2020) Non-Convertible Debentures/Bonds % Rural Electrification Corp. Ltd % NHPC Ltd % Power Finance Corporation Margin Money Deposits HDFC Bank Ltd. Cash (Placed As Margin Money ) 360, , % 405, % 600, , % 750, % Sector Allocation 840,000 1,035, % 1,139, % ICRA- AAA 1,200,000 1,626, % 1,873, % ,9,000 3,274, % 4,368,703 Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer Pharmaceuticals Consumer Non Construction Project Consumer Durables Power Ancillaries Gas Petroleum Products Finance Industrial Capital Goods Services Retailing Industrial Products 4.16% 3.70% 3.46% 2.76% 2.22% 2.04% 1.34% 1.34% 1.34% 1.16% 0.72% 0.71% 0.71% 0.64% 0.58% 0.49% 7.40% 0.00% 2.00% 4.00% 6.00% 8.00% 9.67% Market Capitalisation wise Exposure Large Cap 72.82% Mid Cap 23.69% Small Cap 3.49% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). Note The scheme was earlier known as Tata Monthly Income, effective from 27 July, 2015 the Scheme will be known as Tata Savings Equity. Due to change in type of scheme, investment objective, investment pattern and investment strategy, past performance of the scheme may not be used for prediction of future performance of the scheme. Returns are given for monthly income option. While calculating returns, dividend distribution tax has been taken care of. The returns given above are for Individual and HUF category. Benchmark CRISIL MIP Blended Index. Date of Allotment 27 April, Top Holdings Equity, Top Sector and Market Capitalisation wise Exposure represents the unhedged equity positions only. Erstwhile Tata Monthly Income with Asset Allocation of Debt-Equity (90%-%) restructured as Tata Savings Equity w.e.f. 27 July, 2015 with Asset Allocation of Debt-Equity (35%-65%). The impact of the same is visible in the Portfolio turnover. 14

15 Tata Banking & Financial Services (An Open-Ended Banking & Financial Services Sector Scheme) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Banking and Financial Services sector in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the companies in the Banking and Financial Services sector in India. December 28, 2015 FUND MAGER Pradeep Gokhale (Managing Since Dec-15 and overall experience of 25 years), Atul Bhole (Managing Since Dec - 15 and overall experience of 11 years), Rupesh Patel (Managing Since Dec - 15 and overall experience of 15 years) Nifty Financial Services V - Dividend - Growth - Dividend - Growth Rs (Rs. in Cr.) ADDITIOL INVESTMENT/ Rs. 1,000/- and in multiples of Re. 1/- thereafter. VOLATILITY MEASURES FUND Sharpe Ratio Entry Load Not Applicable Exit Load **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 1% if redeemed or switch out from the scheme on or before expiry of 90 days from the date of allotment of units. Equity & Equity Related Total Axis Bank Ltd. ICICI Bank Ltd. Kotak Mahindra Bank State Bank Of India Indusind Bank Ltd. Yes Bank Ltd. DCB Bank Ltd. HDFC Bank Ltd. City Union Bank Ltd. Finance Housing Development Finance Ltd. LIC Housing Finance Ltd. ICRA Ltd. Gruh Finance Ltd. Bajaj Finance Ltd. SKS Microfinance Ltd. Max Financial Services Ltd. Bajaj Finserv Ltd. Cholamandalam Investment & Finance Co Ltd % of Assets Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) Net Current Liabilities MINIMUM INVESTMENT / Rs. 5,000/- and in multiples of Re. 1/- thereafter. 15

16 Tata Digital India (An Open-Ended Information Technology Sector Scheme) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Information Technology sector in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the companies in Information Technology Sector in India.However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved.the Scheme does not assure or guarantee any returns. December 28,2015 FUND MAGER Pradeep Gokhale (Managing Since Dec-15 and overall experience of 25 years), Atul Bhole (Managing Since Dec - 15 and overall experience of 11 years), Rupesh Patel (Managing Since Dec - 15 and overall experience of 15 years) MINIMUM INVESTMENT / Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ MULTIPLES FOR EXISTING INVESTORS Rs. 1,000/- and in multiples of Re. 1/- thereafter **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. VOLATILITY MEASURES FUND Sharpe Ratio Equity & Equity Related Total HCL Technologies Ltd. Wipro Ltd. Infosys Ltd. Oracle Financials Services Soft Ltd. Mphasis Ltd. Persistent Systems Ltd. Mindtree Ltd. NIIT Technologies Ltd. Cyient Ltd. Tata Consultancy Services Ltd. Hexaware Technologies Ltd % of Assets S&P BSE IT Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 V - Dividend - Growth - Dividend - Growth For calculation methodology please refer to Pg 48 Entry Load Not Applicable Exit Load 1% if redeemed or switch out from the scheme on or before expiry of 90 days from the date of allotment of units. Net Current Liabilities Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) Tata India Consumer (An Open-Ended Consumption Oriented Sector Scheme) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Consumption Oriented sectors in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its assets in equity/equity related instruments of the companies in the Consumption Oriented sectors in India.However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved.the Scheme does not assure or guarantee any returns. December 28, 2015 FUND MAGER Pradeep Gokhale (Managing Since Dec-15 and overall experience of 25 years), Atul Bhole (Managing Since Dec - 15 and overall experience of 11 years), Rupesh Patel (Managing Since Dec - 15 and overall experience of 15 years) Nifty India Consumption V - Dividend - Growth - Dividend - Growth Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) ADDITIOL INVESTMENT/ Rs. 1,000/- and in multiples of Re. 1/- thereafter **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. VOLATILITY MEASURES FUND Sharpe Ratio Entry Load Exit Load Not Applicable Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg % if redeemed or switch out from the scheme on or before expiry of 90 days from the date of allotment of units. Equity & Equity Related Total Eicher Motors Ltd. Maruti Suzuki India Ltd. Bajaj Ltd. Mahindra & Mahindra Ltd. Ashok Leyland Ltd. Ancillaries Amara Raja Batteries Ltd. WABCO India Ltd. Consumer Durables Blue Star Ltd. Titan Company Ltd. IFB Industries Ltd. KDDL Ltd. Consumer Non Durables Hindustan Unilever Ltd. ITC Ltd. Asian Paints (India) Ltd. Glaxo Smithkline Con Healthcar Ltd. Britannia Industries Ltd. Godrej Consumer Products Ltd. Kansai Nerolac Paints Ltd. United Spirits Ltd. Media & Entertainment Zee Entertainment Enterprises Ltd. Inox Leisure Ltd. Retailing Aditya Birla Fashion & Retail Ltd. V-Mart Retail Ltd. Textile Products K.P.R. Mill Ltd. Arvind Ltd % of Assets MINIMUM INVESTMENT / Rs. 5,000/- and in multiples of Re. 1/- thereafter. Net Current Liabilities

17 Tata India Pharma & Healthcare (An Open-Ended India Pharma & Healthcare Services Sector Scheme) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Pharma & Healthcare sectors in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the companies in the pharma & healthcare sectors in India.However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved.the Scheme does not assure or guarantee any returns. December 28, 2015 FUND MAGER Pradeep Gokhale (Managing Since Dec -15 and overall experience of 25 years), Atul Bhole (Managing Since Dec - 15 and overall experience of 11 years), Rupesh Patel (Managing Since Dec - 15 and overall experience of 15 years) Nifty Pharma V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) ADDITIOL INVESTMENT/ Rs. 1,000/- and in multiples of Re. 1/- thereafter. VOLATILITY MEASURES FUND Sharpe Ratio Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable Entry Load Not Applicable Exit Load 1% if redeemed or switch out from the scheme on or before expiry of 90 days from the date of allotment of units. Equity & Equity Related Total Pharmaceuticals Divi Laboratories Ltd. Strides Shasun Ltd. Torrent Pharmaceuticals Ltd. Glenmark Pharmaceuticals Ltd. Sanofi India Ltd. Lupin Ltd. Sun Pharmaceutical Industries Ltd. Alkem Laboratories Ltd. Pfizer Ltd. Cipla Ltd. Sequent Scientific Ltd. Natco Pharma Ltd. Net Current Liabilities % of Assets Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT / Rs. 5,000/- and in multiples of Re. 1/- thereafter. Tata Resources & Energy (An Open-Ended Resources & Energy Sector Scheme) Primarily focuses on investment in at least 80% of its net assets in equity/equity related instruments of the companies in the Resources & Energy sectors in India. The investment objective of the scheme is to seek long term capital appreciation by investing atleast 80% of its net assets in equity/equity related instruments of the companies in the Resources & Energy sectors in India.However, there is no assurance or guarantee that the investment objective of the Scheme will be achieved.the Scheme does not assure or guarantee any returns. December 28, 2015 FUND MAGER Pradeep Gokhale (Managing Since Dec-15 and overall experience of 25 years), Atul Bhole ( Managing Since Dec - 15 and overall experience of 11 years), Rupesh Patel (Managing Since Dec - 15 and overall experience of 15 years) Nifty Commodities V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) MINIMUM INVESTMENT / Rs. 5,000/- and in multiples of Re. 1/- thereafter ADDITIOL INVESTMENT/ Rs. 1,000/- and in multiples of Re. 1/- thereafter **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. VOLATILITY MEASURES FUND Sharpe Ratio Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg Entry Load Not Applicable Exit Load 1% of the applicable V, if redeemed or switch out from the scheme on or before expiry of 90 days from the date of allotment of units. Equity & Equity Related Total Grasim Industries Ltd. Ambuja s Ltd. Shree Ltd. Ultratech Ltd. The Ramco s Ltd. Chemicals Pidilite Industries Ltd. Gas Gujarat State Petronet Ltd. Minerals/Mining Coal India Ltd. Gujarat Mineral Dev Corp Ltd. Non - Ferrous Metals Hindustan Zinc Ltd. Vedanta Ltd. Oil Oil & Natural Gas Co. Cairn India Ltd. Pesticides UPL Ltd. Bayer Cropscience Ltd. Petroleum Products Reliance Industries Ltd. Indian Oil Corporation Castrol India Ltd. Power Power Grid Corporation Of India Ltd. NTPC Ltd. Other Equities^ Cash / Net Current Asset % of Assets

18 Tata Infrastructure (An Open-Ended Equity Scheme) Primarily focuses on equity / equity related instruments of the companies in the Infrastructure sector in India. To provide income distribution and / or medium to long term capital gains by investing predominantly in equity / equity related instruments of the companies in the infrastructure sector. December 31, 2004 FUND MAGER Rupesh Patel (Managing Since Jan - 14 and overall experience of 15 years) (Equity) Nifty 500 V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 27.61% **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. VOLATILITY MEASURES FUND Sharpe Ratio MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 Entry Load Not Applicable Exit Load 1% if redeemed on or before expiry of 365 days from the date of allotment. Equity & Equity Related Total Eicher Motors Ltd. Ashok Leyland Ltd. HDFC Bank Ltd. Axis Bank Ltd. Yes Bank Ltd. ICICI Bank Ltd. Ultratech Ltd. Shree Ltd. The Ramco s Ltd. J K Ltd. J K Lakshmi Ltd. Chemicals Solar Industries India Ltd. Construction KNR Construction Kajaria Ceramics Ltd. National Buildings Constr Corp Ltd. MBL Infratructures Ltd. Construction Project Sadbhav Engineering Ltd. NCC Ltd. Larsen & Toubro Ltd. Sadbhav Infrastructure Project Ltd. Techno Electric And Engineering Company Ltd. Consumer Non Durables Asian Paints (India) Ltd. Finance Sundaram Finance Ltd SIP - If you had invested INR 000 every month % of Assets Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B Nifty 500 B Nifty 500 Total Value of AB Nifty 50 AB Nifty , , % 115, % 115, % 360, , % 406, % 389, % 600, ,668.52% 768, % 734, % 840,000 1,095, % 1,152, % 1,1, % 1,200,000 1,694, % 1,884, % 1,825, % 1,340,000 2,144, % 2,322, % 2,284, % (Inception date 31-Dec-2004) (First Installment date 01-Feb-2005) Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Top Holdings Equity Issuer Name Sadbhav Engineering Ltd. HDFC Bank Ltd. Ultratech Ltd. Axis Bank Ltd. Shree Ltd. Astral Poly Technik Ltd. Yes Bank Ltd. Cummins India Ltd. KNR Construction Kajaria Ceramics Ltd. Total % to V Gas Gujarat State Petronet Ltd. Industrial Capital Goods Bharat Electronics Ltd. ABB India Ltd. Thermax Ltd. Industrial Products Astral Poly Technik Ltd. Cummins India Ltd. AIA Engineering Ltd. Fag Bearings Ltd. Timken India Ltd. Finolex Cables Ltd. Ador Welding Ltd. Grindwell Norton Ltd. Media & Entertainment Inox Leisure Ltd. Power Power Grid Corporation Of India Ltd. Kalpataru Power Transmission Ltd. Transportation Adani Port & Special Economic Zone Container Corporation Of India Ltd. Other Equities^ Net Current Liabilities ^ Exposure less than 1% has been clubbed under Other Equities % of Assets Sector Allocation Industrial Products 16.46% 15.71% 15.56% Construction Project 14.48% Construction 9.20% Industrial Capital Goods 8.04% Power 3.61% 2.88% Consumer Non Durables 2.83% Gas 2.73% V Transportation 2.08% Media & Entertainment 1.25% Finance 1.15% Chemicals 1.13% 0.00% 5.00%.00% 15.00% 20.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 46.87% 41.35% 11.78% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). V Movement 180 Tata Infrastructure - Reg Nifty Mar-13 Mar-14 Mar-15 Mar-16 18

19 Tata Balanced (An Open-Ended Balanced Scheme) Invests 65% to 75% investment in Equity & equity related instruments & 25% to 35% in debt & money market instruments. For taxation purpose, it is treated as an equity scheme. (Monthly Income is not assured and is subject to availability of distributable surplus.). To provide income distribution and / or medium to long term capital gains while at all times emphasising the importance of capital appreciation. October 8, 1995 FUND MAGER Atul Bhole (Managing Since Jan-12 and overall experience of 11 years) (Equity) & Akhil Mittal(Managing Since July-15 and overall experience of 14 years) (Debt) CRISIL Balanced - Aggressive Index V - Growth Dividend Monthly Dividend Reg - Growth Reg - Dividend Reg - Monthly Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 25.39% VOLATILITY MEASURES FUND Sharpe Ratio MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg 48 Modified Duration 3.60 Years Average Maturity 5.41 Years Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets 8.28% 8.51% 1% if redeemed on or before expiry of 365 days from the date of allotment (w.e.f. 6th April, 2015) Company Name Equity & Equity Related Total Ashok Leyland Ltd. Ancillaries Amara Raja Batteries Ltd. HDFC Bank Ltd. Yes Bank Ltd. Kotak Mahindra Bank Ltd. State Bank Of India Indusind Bank Ltd. Axis Bank Ltd. Shree Ltd. Ultratech Ltd. Construction Kajaria Ceramics Ltd. Construction Project Sadbhav Engineering Ltd. Consumer Non Durables Asian Paints (India) Ltd. Hindustan Unilever Ltd. Finance Bajaj Finance Ltd. Housing Development Finance Ltd. Industrial Capital Goods Bharat Electronics Ltd. Media & Entertainment Zee Entertainment Enterprises Ltd. Petroleum Products Indian Oil Corporation Ltd. Pharmaceuticals Sun Pharmaceutical Industries Ltd. Glenmark Pharmaceuticals Ltd. Strides Shasun Ltd. Power Power Grid Corporation Of India Ltd. Retailing Aditya Birla Fashion & Retail Ltd. Services Aditya Birla Nuvo Ltd. Infosys Ltd.. HCL Technologies Ltd. Tata Consultancy Services Ltd. Other Equities^ % of Assets % to V Name of the Instrument Ratings Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B CRISIL Balanced - Aggressive Index B CRISIL Balanced - Aggressive Index (Inception date 08-Oct-1995) (First Installment date 01-Feb-1996) Top Holdings Equity Issuer Name HDFC Bank Ltd. Infosys Ltd. Sun Pharmaceutical Industries Ltd. HCL Technologies Ltd. Power Grid Corporation Of India Ltd. Yes Bank Ltd. Kotak Mahindra Bank Zee Entertainment Enterprises Ltd. Glenmark Pharmaceuticals Ltd. Asian Paints (india) Ltd. Total Name of the Instrument Ratings Government Securities GOI % (15/12/2023) GOI % (09/06/2020) GOI % (20/05/2023) , , % 119, % % to V , , % 400,780 7.% GOI % (28/07/2024) GOI % (19/03/2030) GOI % (21/09/2027) GOI % (22/06/2024) GOI % (15/02/2027) GOI % (02/06/2028) GOI % (01/12/2044) GOI % (02/08/2022) GOI % (22/06/2045) GOI % (/12/2020) GOI % (03/05/2020) SDL Tamilnadu 8.14% (27/05/2025) Non-Convertible Debentures/Bonds % Piramal Enterprises Ltd % HDFC Ltd % HDFC Ltd % Reliance Jio Infocomm Ltd % Shriram City Union Finance Ltd % EXIM % Indiabulls Housing Finance Ltd % Power Finance Corporation % Rural Electrification Corp. Ltd % Power Finance Corporation % Nabha Power Ltd % Talwandi Sabo Power Ltd % Mahindra & Mahindra Financial Services Ltd % LIC Housing Finance Ltd % State Bank Of India % Power Finance Corporation % IDFC Bank Ltd % Blue Dart Express Ltd % Blue Dart Express Ltd % Blue Dart Express Ltd. Privately Placed/Unlisted/ZCB Il&Fs Ltd. - ZCB Money Market Instruments Axis Bank Ltd. - CD Dena Bank - CD Oriental Bank Of Commerce - CD Bank Of Maharashtra - CD Indian Railway Finance Corp - CP IDBI Bank Ltd. - CD 600, , % 747, % Sector Allocation 840,000 1,470, % 1,132, % ICRA- AA CARE- AAA CRISIL- AA- CARE- AAA ICRA- AAA(so) CRISIL- AA-(so) IND AAA ICRA- AAA ICRA- AA ICRA- AA ICRA- AA ICRA- AAA 1,200,000 2,634, % 1,870, % % to V ,420,000 19,908, % 7,539,624.18% Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark Source MFI Explorer Pharmaceuticals Consumer Non Durables Finance Construction Project Construction Media & Entertainment Ancillaries Petroleum Products Power Industrial Products Chemicals Industrial Capital Goods Retailing Transportation Consumer Durables Pesticides Services Gas Textile Products Engineering Services Telecom - Equipment & Accessories 4.% 3.76% 3.45% 3.27% 2.51% 2.24% 2.02% 1.99% 1.99% 1.78% 1.78% 1.65% 1.54% 1.29% 1.25% 1.18% 1.11% 0.87% 0.73% 0.58% 0.35% 5.48% 7.30% 6.86% 11.95% 0.00% 5.00%.00% 15.00% V Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 65.98% 26.38% 7.63% Market Capitalisation includes only domestic listed Equity exposure in BSE. Large Cap Companies are top 125 stocks by market capitalisation on S&P BSE 500 Index and Mid Cap stocks are those between 126 to 499 stocks by market capitalisation and 500 & above being classified as Small cap. For calculation purpose, the previous month market capitalisation data have been used. All the figures has been rebased to 0 (Based on internal calculation). V Movement Tata Balanced - Reg CRISIL Balanced - Aggressive Index Mar-13 Mar-14 Mar-15 Mar-16 19

20 Tata Dynamic Bond (An Open-Ended Debt Scheme) [ICRA]AAAmfs rating by ICRA$ Aims to create a liquid portfolio of good quality debt as well as Money Market Instruments so as to provide reasonable returns and liquidity. To provide reasonable returns and high level of liquidity by investing in debt instruments including bonds, debentures and Government securities; and money market instruments such as treasury bills, commercial papers, certificates of deposit, including repos in permitted securities of different maturities, as permitted by regulation so as to spread the risk across different kinds of issuers in the debt markets. September 03,2003 FUND MAGER Akhil Mittal (Managing Since Jun-14 and overall experience of 14 years I-Sec Composite Index V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) Rs..16 (Rs. In Cr.) **Note The rates specified are the actual weighted average expenses charged for the month of Mar The above ratio includes the Service tax on Investment Management Fees. The above ratio includes, proportionate charge (out of maximum 30 bps on daily average net assets allowed) in respect sales beyond T-15 cities assets, wherever applicable. VOLATILITY MEASURES FUND Modified Duration Average Maturity 3.86 Years 5.30 Years Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter % 7.71% Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer Pg 48 Entry Load Not Applicable Exit Load 0.50% of V if redeemed on or before expiry of 180 days from the date of allotment. Name of the Instrument Debt Instruments Government Securities GOI % (09/06/2020) GOI % (15/12/2023). SDL Karnataka 8.67% (24/02/2026) GOI % (28/07/2024) SDL Maharashtra 8.67% (24/02/2026) GOI % (20/05/2023) SDL Kerala 8.69% (24/02/2026) GOI % (24/11/2026) GOI % (26//2055) Non-Convertible Debentures/Bonds % Reliance Jio Infocomm Ltd % Reliance Utility And Power Private Ltd % EXIM % L&T Infra Debt Ltd. Money Market Instruments Dena Bank - CD IL & FS Financial Ser Ltd. - CP Ratings CARE- A % to V Name of the Instrument Cash / Net Current Asset Ratings % to V SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) Total Value as on Mar 31, 2016 (Rs.) Returns Total Value of B I-Sec Composite Index B I-Sec Composite Index Total Value of AB Crisil Yr Gilt Index AB Crisil Yr Gilt Index 120, , % 126, % 126, % 360, , % 420,303.33% 414, % 600, , % 767, % 737, % 840,000 1,156, % 1,163, % 1,088, % 1,200,000 1,816, % 1,894, % 1,713, % 1,500,000 2,463, % 2,597, % 2,292, % (Inception date 03-Sep-2003) (First Installment date 01-Oct-2003) Past performance may or may not be sustained in the future. Returns greater than 1 year period are compounded annualized. Dividends are assumed to be reinvested and bonus is adjusted. Load is not taken in to consideration. For SIP returns, monthly investment of equal amounts invested on the 1st day of every month has been considered. For scheme performance refer pages *B Benchmark, AB Additional Benchmark Source MFI Explorer Composition by Ratings 71.89% Maturity Ladder Cash & Others Abv Yrs 7 - Yrs 3-7 Yrs 1-3 Yrs 0-1 Yrs 3.48% 1.77% 0.61% 0.00% 24.63% 18.91% A1+ / AAA Sov Cash & Cash Equivalents 32.91% 45.80% 0.00%.00% 20.00% 30.00% 40.00% 50.00% Instrument Wise Composition 8.85% 8.35% 7.43% 9.84% 3.48% NCD - Non Convertible Deb 62.05% V Movement Tata Dynamic Bond - Reg Government Securities Commercial Papers Certificate Of Deposit State Development Loans Cash & Cash Equivalents I-Sec Composite Index 90 Mar-13 Mar-14 Mar-15 Mar-16 20