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

21 Tata Income Plus (An Open-Ended Debt Scheme) Aims to invest in longer duration paper in the favourable interest rate scenario. However the average portfolio maturity is subject to internal cap. To provide income distribution and / or medium to long term capital gains while at all times emphasising the importance of safety and capital appreciation. November 11, 2002 FUND MAGER Akhil Mittal (Managing Since Jun-14 and overall experience of 14 years) Crisil Composite Bond Index V - Growth - Bonus Reg - Growth Reg - Dividend Name of the Instrument Ratings Debt Instruments Government Securities GOI % (09/06/2020) GOI % (28/07/2024) SDL Maharashtra 8.67% (24/02/2026) GOI % (15/12/2023) GOI % (22/06/2024) Non-Convertible Debentures/Bonds % Reliance Jio Infocomm Ltd % Aditya Birla Nuvo Ltd % Petronet LNG Ltd % Aditya Birla Fashion & Retail Ltd % Power Finance Corporation % Rural Electrification Corp. Ltd. ICRA- AA+ ICRA- AA+ ICRA- AA % to V Name of the Instrument Cash / Net Current Asset Ratings % to V Rs (Rs. in Cr.) Rs (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 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. Entry Load Not Applicable Exit Load Years 5.87 Years 7.80% 8.11% Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer Pg 48 1% of V if redeemed on or before expiry of 365 days from the date of allotment. 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 Composite Bond Index B Crisil Composite Bond Index Total Value of AB Crisil Yr Gilt Index AB Crisil Yr Gilt Index 120, , % 125, % 126, % 360, , % 418,4.03% 414, % 600, , % 758, % 737, % 840,000 1,123, % 1,142, % 1,088, % 1,200,000 1,770, % 1,820, % 1,713, % 1,590,000 2,584, % 2,652, % 2,476, % (Inception date 11-Nov-2002) (First Installment date 01-Jan-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 51.74% 5.02% 18.75% 24.49% A1+ / AAA AA+ / AA Sov Cash & Cash Equivalents Instrument Wise Composition 42.21% 9.53% 5.02% 43.24% NCD - Non Convertible Deb Government Securities State Development Loans Cash & Cash Equivalents Maturity Ladder Cash & Others 3.87% Abv Yrs 0.00% 7 - Yrs 56.21% 3-7 Yrs 23.62% 1-3 Yrs 9.18% 0-1 Yrs 7.13% 0.00% 20.00% 40.00% 60.00% V Movement Tata Income Plus - Reg Crisil Composite Bond Index Mar-13 Mar-14 Mar-15 Mar-16 21

22 Tata Income (An Open-Ended Debt Scheme) An income scheme with exposure to rated debt instruments with medium to long term maturity. To provide income distribution and / or medium to long term capital gains while at all times emphasising the importance of safety and capital appreciation. April 28, 1997 FUND MAGER Akhil Mittal (Managing Since Jun-14 and overall experience of 14 years) "Crisil Composite Bond Index V - Growth - Half Yearly Dividend - Quarterly Dividend - Bonus Reg - Growth Reg - Half Yearly Dividend Reg - Quarterly Dividend Reg- Periodic Dividend Reg - Bonus Rs (Rs. in Cr.) Rs (Rs. In Cr.) 1.87 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 Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets MINIMUM INVESTMENT/ Half Yearly Dividend Plan, Periodic Dividend Plan, Growth Plan, Bonus Plan Rs. 5,000/- and in multiples of Re. 1/- thereafter. Quarterly Dividend Plan Rs.,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter Years 5.27 Years 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 1% if redeemed before expiry of 365 days from the date of allotment(w.e.f. 1st July, 2014) 7.49% 7.78% Name of the Instrument [ICRA]AAAmfs rating by ICRA$ Debt Instruments Government Securities GOI % (09/06/2020) GOI % (15/12/2023) SDL Maharashtra 8.67% (24/02/2026) GOI % (20/05/2023) SDL Tamilnadu 8.56% (23/01/2023) SDL Gujarat 8.15% (26/11/2025) GOI % (19/03/2030) SDL Karnataka 8.05% (25/02/2025) Non-Convertible Debentures/Bonds Ratings % IOT Utkal Energy (so) Services Ltd % Reliance Utility And Power Private Ltd % Reliance Jio Infocomm Ltd % Reliance Jio Infocomm Ltd. CARE- AAA % Power Finance Corporation ICRA- AAA Money Market Instruments IL & FS Financial Ser Ltd. - CP Dena Bank - CD 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 Crisil Composite Bond Index B Crisil Composite Bond Index Total Value of AB Crisil Yr Gilt Index AB Crisil Yr Gilt Index 120, , % 125, % 126, % 360,000 4, % 418,4.03% 414, % 600, , % 758, % 737, % 840,000 1,132, % 1,142, % 1,088, % 1,200,000 1,767, % 1,820, % 1,713, % 2,240,000 4,670, % 4,294, % 4,262, % (Inception date 28-Apr-1997) (First Installment date 01-Aug-1997) 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 71.32% Maturity Ladder Cash & Others Abv Yrs 7 - Yrs 3-7 Yrs 1-3 Yrs 0-1 Yrs 4.44% 3.74% 1.02% 1.14% 24.24% 14.11% A1+ / AAA Sov Cash & Cash Equivalents 43.44% 36.55% 0.00%.00% 20.00% 30.00% 40.00% 50.00% Instrument Wise Composition 4.41% 6.61% V Movement % 4.44% Tata Income - Reg 13.22% 59.95% NCD - Non Convertible Deb Government Securities Commercial Papers Certificate Of Deposit State Development Loans Cash & Cash Equivalents Crisil Composite Bond Index 90 Mar-13 Mar-14 Mar-15 Mar-16 22

23 Tata Short Term Bond (An Open-Ended Debt Scheme) [ICRA]AAAmfs rating by ICRA$ VOLATILITY MEASURES FUND Modified Duration Average Maturity A debt scheme that invests in short term debt instruments having high level of liquidity. To create a liquid portfolio of debt as well as Money Market Instruments so as to provide reasonable returns and liquidity to the Unitholders. August 8, 2002 FUND MAGER Akhil Mittal (Managing Since Jun-14 and overall experience of 14 years) Crisil Short Term Bond Index V - Growth - Dividend Reg - Growth Reg - Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) 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 Years 2.52 Years Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets 7.96% 8.06% Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer 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. 0.50% of V if redeemed on or before expiry of 30 days from the date of allotment. Name of the Instrument Debt Instruments Government Securities GOI % (09/06/2020) GOI % (15/12/2023) SDL Tamilnadu 8.69% (24/02/2026) SDL Kerala 8.69% (24/02/2026) Non-Convertible Debentures/Bonds/ZCB % Rural Electrification Corp. Ltd % EXIM % BARD % Reliance Jio Infocomm Ltd % Reliance Jio Infocomm Ltd % LIC Housing Finance Ltd % Tata Power Company Ltd % Power Finance Corporation % LIC Housing Finance Ltd % Tata Capital Financial Services Ltd % Nabha Power Ltd % EXIM HDFC Ltd. - ZCB % National Housing Bank % HDFC Ltd % Power Finance Corporation % HDFC Ltd % HDFC Ltd % HDFC Ltd % Power Finance Corporation % Power Finance Corporation % Power Finance Corporation % Citicorp Finance Ltd % LIC Housing Finance Ltd % LIC Housing Finance Ltd % Rural Electrification Corp. Ltd % LIC Housing Finance Ltd. HDFC Ltd. - ZCB 09. % Tata Motors Finance Ltd % Kotak Mahindra Investments Ltd % Nabha Power Ltd % LIC Housing Finance Ltd % Power Finance Corporation % IDFC Bank Ltd..18 % LIC Housing Finance Ltd % BARD % IOT Utkal Energy Services Ltd % Power Finance Corporation % L&T Infra Debt Ltd % Power Finance Corporation % LIC Housing Finance Ltd. Ratings CARE- AAA CARE- AAA ICRA- AA CARE- AAA CRISIL- AA+ ICRA- AAA (so) ICRA- AAA ICRA- AAA CRISIL- AA ICRA- AAA (so) ICRA- AAA (so) % to V Name of the Instrument Ratings Cash / Net Current Asset 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 Short Term Bond Index B Crisil Short Term Bond Index Total Value of AB Crisil 1 Yr T-Bill Index AB Crisil 1 Yr T-Bill Index (Inception date 08-Aug-2002) (First Installment date 01-Sep-2002) 120, , % 125, % 124, % 360, , % 413, % 405, % 600, , % 755, % 728, % 840,000 1,149, % 1,144, % 1,085, % 1,200,000 1,875, % 1,848, % 1,695, % 1,630,000 2,953, % 2,847, % 2,552, % 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 5.39% 17.63% 4.13% 72.85% A1+ / AAA AA+ / AA Sov Cash & Cash Equivalents Kotak Mahindra Investments Ltd. - ZCB % HDFC Ltd % Rural Electrification Corp. Ltd % LIC Housing Finance Ltd % HDB Financial Services Ltd % Power Finance Corporation % Power Finance Corporation % BARD % Rural Electrification Corp. Ltd. Money Market Instruments Dena Bank - CD IDBI Bank Ltd. - CD Barclays Investments & Loans (india) Ltd. - CP Daimler Financial Services India Private Ltd. - CP Daimler Financial Services India Private Ltd. - CP Punjab & Sind Bank - CD J.M. Financial Products Ltd. - CP Axis Bank Ltd. - CD Corporation Bank - CD HDFC Ltd. - CP Indusind Bank Ltd. - CD Punjab & Sind Bank - CD Bank Of Maharashtra - CD ICICI Bank Ltd. - CD HDFC Ltd. - CP Instrument Wise Composition 7.97% 2.59% 16.99% ICRA- AAA ICRA- AAA IND A1+ IND A % 0.64% 4.13% NCD - Non Convertible Deb 57.56% Government Securities Zero Coupon Bonds Commercial Papers Certificate Of Deposit State Development Loans Cash & Cash Equivalents % to V Maturity Ladder Cash & Others 4.02% Abv Yrs 0.00% 7 - Yrs 6.40% 3-7 Yrs 27.47% 1-3 Yrs 32.73% 0-1 Yrs 29.38% 0.00% 8.00% 16.00% 24.00% 32.00% 40.00% V Movement Tata Short Term Bond - Reg Crisil Short Term Bond Index Mar-13 Mar-14 Mar-15 Mar-16 23

24 Tata Treasury Manager (An Open-Ended Debt Scheme) [ICRA]AAAmfs rating by ICRA$ A debt scheme which aims is to generate reasonable returns alongwith liquidity by investing predominantly in a portfolio of money market and other short term debt instruments. To generate reasonable returns alongwith liquidity by investing predominantly in a portfolio of money market and other short term debt instruments. July 13, 2007 FUND MAGER Amit Somani (Managing Since May-14 and overall experience of 14 years) Crisil Short Term Bond Index V - Growth - Monthly Dividend - Weekly Dividend - Daily Dividend Reg - Growth Reg - Monthly Dividend Reg - Weekly Dividend Reg - Daily Dividend Name of the Instrument Ratings % to Name of the Instrument Ratings V Debt Instruments Non-Convertible Debentures/Bonds % Power Finance Corporation % National Housing Bank % Rural Electrification Corp. Ltd. 09. % Tata Motors Finance Ltd % Piramal Enterprises Ltd % LIC Housing Finance Ltd % Tata Power Company Ltd % Cholamandalam Invt & Fin Co Ltd. Money Market Instruments Punjab & Sind Bank - CD State Bank Of Bikaner & Jaipur - CD Canara Bank - CD HDFC Ltd. - CP Small Indust Develop Bank Of India - CD J.M. Financial Products Ltd. - CP CRISIL- AA ICRA- AA CARE- AAA ICRA- AA CRISIL- AA CARE- A Net Current Liabilities % to V Rs (Rs. in Cr.) Rs (Rs. In Cr.) VOLATILITY MEASURES FUND Modified Duration Average Maturity **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 1.05 Years Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets 8.14% 8.14% Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer Pg 48 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 Short Term Bond Index B Crisil Short Term Bond Index Total Value of AB Crisil 1 Yr T-Bill Index AB Crisil 1 Yr T-Bill Index 120, , % 125, % 124, % 360, , % 413, % 405, % 600, , % 755, % 728, % 840,000 1,137, % 1,144, % 1,085, % (Inception date 13-Jul-2007) (First Installment date 01-Aug-2007) 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 1,040,000 1,508, % 1,516, % 1,411, % MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. Composition by Ratings 3.38% 18.65% A1+ / AAA Instrument Wise Composition 3.38% NCD - Non Convertible Deb ADDITIOL INVESTMENT/ Rs. 1,000/- and multiples of Re. 1/- thereafter. AA+ / AA 33.03% 47.74% Commercial Papers Certificate Of Deposit Entry Load Exit Load Not Applicable Nil 77.97% Cash & Cash Equivalents 15.85% Cash & Cash Equivalents Maturity Ladder -0.33% Cash & Others Abv 5 Yrs 3-5 Yrs 2-3 Yrs 1-2 Yrs 6-12 Mths 3-6 Mths 1-3 Mths 0-1 Mths 0.00% 0.00% 8.53% 30.69% 32.29% 0.00% 25.12% 3.71% -% 13.00% 27.00% 4% V Movement Tata Treasury Manager - Reg Crisil Short Term Bond Index Mar-13 Mar-14 Mar-15 Mar-16 24

25 Tata Floater (An Open-Ended Debt Scheme) A debt scheme investing in good quality floating rate debt instruments, money market instruments and in fixed rate debt instruments, which can also be swapped for floating Rate Returns. To generate stable returns with a low interest rate risk strategy by creating a portfolio that is predominantly invested in good quality floating rate debt instruments, money market instruments and in fixed rate debt instruments which can also be swapped for floating rate returns. September 6, 2005 FUND MAGER Akhil Mittal (Managing Since Jun-14 and overall experience of 14 years) Crisil Liquid Index V - Growth - Dividend - Weekly Div - Daily Dividend Reg - Growth Reg - Dividend Reg - Weekly Div Reg - Daily Dividend Rs (Rs. in Cr.) Rs (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 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 NIL Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets Months Months 7.82% 7.92% Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer Pg 48 [ICRA]AAAmfs rating by ICRA$ 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 Crisil Liquid Index B Crisil Liquid Index Total Value of AB Crisil 1 Yr T-Bill Index AB Crisil 1 Yr T-Bill Index (Inception date 06-Sep-2005) (First Installment date 01-Oct-2005) Composition by Ratings Maturity Ladder % to V Name of the Instrument CBLO Net Current Liabilities Ratings Corporation Bank - CD HDFC Ltd. - CP Indusind Bank Ltd. - CD Daimler Financial Services India Private Ltd. - CP IND A1+ J.M. Financial Products Ltd. - CP Axis Bank Ltd. - CD J.M. Financial Products Ltd. - CP HDFC Ltd. - CP Kotak Mahindra Investments Ltd. - CP Corporation Bank - CD Corporation Bank - CD Bank Of Maharashtra - CD Oriental Bank Of Commerce - CD Axis Bank Ltd. - CD % to V Year 3 Year 5 Year 7 Year Year Since Inception 120, , , ,000 1,200,000 1,260, , , ,5 1,151,9 1,866,204 2,000, % 8.83% 9.03% 8.86% 8.55% 8.51% 125, , ,139 1,130,755 1,807,876 1,934, % 8.58% 8.66% 8.36% 7.95% 7.90% 124, , ,371 1,085,038 1,695,989 1,807, % 7.94% 7.69% 7.20% 6.73% 6.67% 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 14.13% Cash & Others-5.01% Abv 5 Yrs 3-5 Yrs 2-3 Yrs 1-2 Yrs 6-12 Mths 3-6 Mths 1-3 Mths 0-1 Mths 0.89% -2.32% A1+ / AAA 0.00% 0.90% 87.30% 2.70% 8.73% 16.38% 14.32% AA+ / AA Name of the Instrument Ratings Debt Instruments Non-Convertible Debentures/Bonds % EXIM % Rural Electrification Corp. Ltd % Tata Capital Financial Services Ltd % Credila Financial Services Pvt Ltd % Power Finance Corporation % Nabha Power Ltd % Rural Electrification Corp. Ltd % Tata Clean Tech Capital Ltd % BARD % HDFC Ltd % Power Finance Corporation % Tata Power Company Ltd % EXIM 09. % Tata Motors Finance Ltd % Reliance Jio Infocomm Ltd % Rural Electrification Corp. Ltd % Rural Electrification Corp. Ltd % L&T Fincorp Ltd % Shriram City Union Finance Ltd % L&T Housing Finance Ltd % Piramal Enterprises Ltd % Power Finance Corporation % Power Finance Corporation % Rural Electrification Corp. Ltd % Kotak Mahindra Prime Ltd % Power Finance Corporation % Power Finance Corporation Money Market Instruments IDFC Bank Ltd. - CD Punjab & Sind Bank - CD Andhra Bank - CD Sundaram Bnp Paribas Home Fin Ltd. - CP ONGC Mangalore Petrochemicals Ltd. - CP Corporation Bank - CD Daimler Financial Services India Private Ltd. - CP Bank Of Maharashtra - CD Small Indust Devlop Bank Of India - CD Piramal Enterprises Ltd. - CP CRISIL- AA+ CRISIL- AA+ ICRA- AAA (so) ICRA- AAA CRISIL- AA+ ICRA- AA CRISIL- AA CARE- AAA CARE- AA+ CRISIL- AA- CARE- AA+ ICRA- AA CARE- A1+ IND A1+ CARE- A AA- Cash & Cash Equivalents 27.82% 34.16% -.00% 0.00%.00% 20.00% 30.00% 40.00% Instrument Wise Composition 37.04% -2.31% 24.02% 41.25% NCD - Non Convertible Deb Commercial Papers Certificate Of Deposit Cash & Cash Equivalents V Movement Tata Floater - Reg Crisil Liquid Index Mar-13 Mar-14 Mar-15 Mar-16 25

26 Tata Money Market (An Open-Ended Debt Scheme) [ICRA]A1+mfs rating by ICRA$ To create a highly liquid portfolio of money market instruments so as to provide reasonable returns and high liquidity to the unitholders. Amit Somani (Managing Since Oct-13 and overall experience of 14 years) Crisil Liquid Index VOLATILITY MEASURES FUND Modified Duration Average Maturity A money market scheme (liquid fund category) that invests 0% of its net assets in Money market securities. September 01,2004 FUND MAGER V - Growth - Daily Dividend Reg - Growth Reg - Daily Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) 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 Nil **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 Months 2.15 Months Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *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 to Pg % 8.25% Name of the Instrument Debt Instruments Fixed Deposits Total Indusind Bank Ltd. RBL Bank Ltd. Vijaya Bank UCO Bank Money Market Instruments Syndicate Bank - CD Dena Bank - CD PNB Housing Finance Ltd. - CP IDBI Bank Ltd. - CD Treasury Bill 91 Days (16/06/2016) Treasury Bill 91 Days (12/05/2016) Indusind Bank Ltd. - CD Century Textiles & Industries Ltd. - CP Union Bank Of India - CD IDBI Bank Ltd. - CD Steel Authority Of India Ltd. - CP Oriental Bank Of Commerce - CD Power Finance Corporation - CP Oriental Bank Of Commerce - CD Piramal Enterprises Ltd. - CP Indiabulls Housing Finance Ltd. - CP Rural Electrification Corp. Ltd. - CP Manappuram Finance Ltd. - CP Punjab & Sind Bank - CD National Fertilizers Ltd. - CP Deepak Fert.& Petrochem. Corp Ltd. - CP STCI Finance Ltd. - CP IDBI Bank Ltd. - CD Bank Of Maharashtra - CD STCI Finance Ltd. - CP Union Bank Of India - CD Manappuram Finance Ltd. - CP IL&FS Ltd. - CP ICICI Bank Ltd. - CD Ratings Net Current Liabilities 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 Liquid Index B Crisil Liquid Index Total Value of AB Crisil 1 Yr T-Bill Index AB Crisil 1 Yr T-Bill Index (Inception date 01-Sep-2004) (First Installment date 01-Oct-2004) Composition by Ratings CARE- A1+ CARE- A1+ IND A1+ FITCH A1+ CARE- A1+ % to Name of the Instrument Ratings V 120, ,189 8.% 125, % 124, % 360, , % 409, % 405, % Corporation Bank - CD Bank Of Baroda - CD IL& FS Financial Ser Ltd. - CP Indiabulls Housing Finance Ltd. - CP Punjab & Sind Bank - CD IL&FS Financial Ser Ltd. - CP IL&FS Securities Services Ltd. - CP TVS Credit Services Ltd. - CP IL&FS Securities Services Ltd. - CP Piramal Enterprises Ltd. - CP Oriental Bank Of Commerce - CD Deepak Fert.& Petrochem. Corp Ltd. - CP Trapti Trading & Investmnet Pvt Ltd - CP HDFC Limited - CP TGS Investment & Trade Pvt Ltd - CP Hindustan Media Ventures Ltd. - CP Bank Of Maharashtra - CD Birla TMT Holdings Pvt Ltd - CP Turquoise Investment & Fin Pvt Ltd. - CP EXIM - CP Vijaya Bank - CD Union Bank Of India - CD Vijaya Bank - CD EXIM - CP Deepak Fert.& Petrochem. Corp Ltd - CP Karur Vysya Bank Ltd - CD Andhra Bank - CD Syndicate Bank - CD Treasury Bill 91 Days (21/04/2016) 600, , % 746, % 728, % Instrument Wise Composition 840,000 1,144, % 1,130, % 1,085, % IND A1+ CARE- A1+ CARE- A1+ CARE- A1+ CARE- A1+ CARE- A1+ CARE- A1+ CARE- A1+ 1,200,000 1,849, % 1,808, % 1,696, % % to V ,380,000 2,260, % 2,195, % 2,038, % 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 7.84% -4.68% A1+ / AAA Sov 47.35% -4.68% 7.84% Treasury Bills Commercial Papers Certificate Of Deposit 96.84% Cash & Cash Equivalents 49.49% Cash & Cash Equivalents Maturity Ladder Cash & Others % 2-3 Mths 48.56% 1-2 Mths 59.38% Abv Days 7.83% Abv 7-15 Days 0.00% 1-7 Days 2.57% % % 6.00% 24.00% 42.00% 60.00% V Movement Tata Money Market - Reg Crisil Liquid Index Mar-13 Mar-14 Mar-15 Mar-16 26

27 Tata Liquid (An Open-Ended Liquid Scheme) A high liquidity income scheme that aims to generate reasonable returns. To create a highly liquid portfolio of good quality debt as well as money market instruments so as to provide reasonable returns and high liquidity to the unitholders. May 22, 2003 FUND MAGER Amit Somani (Managing Since Oct-13 and overall experience of 14 years) Crisil Liquid Index V - Growth - Monthly Dividend - Weekly Dividend - Daily Dividend Reg - Growth Reg - Monthly Dividend Reg - Weekly Dividend Reg - Daily Dividend Rs (Rs. in Cr.) Rs (Rs. In Cr.) VOLATILITY MEASURES FUND **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. Modified Duration Average Maturity 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 Ni l Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets Months 2.05 Months Risk-free rate based on the FBIL Overnight MIBOR rate of 9% as on Mar 31, 2016 For calculation methodology please refer to Pg % 8.01% [ICRA]A1+mfs rating by ICRA$ Name of the Instrument Ratings Debt Instruments Money Market Instruments Syndicate Bank - CD Union Bank Of India - CD GIC Housing Finance Ltd. - CP Dena Bank - CD Treasury Bill 91 Days (27/06/2016) ICICI Bank Ltd. - CD Bank Of Maharashtra - CD Oriental Bank Of Commerce - CD IDFC Bank Ltd. - CD IDBI Bank Ltd. - CD STCI Finance Ltd. - CP IL& FS Financial Ser Ltd. - CP Oriental Bank Of Commerce - CD IL&FS Ltd. - CP Punjab & Sind Bank - CD Andhra Bank - CD Birla TMT Holdings Pvt Ltd. - CP Deepak Fert.& Petrochem. Corp Ltd. - CP Trapti Trading & Investmnet Pvt Ltd. - CP Century Textiles & Industries Ltd. - CP Steel Authority Of India Ltd. - CP Piramal Enterprises Ltd. - CP IL&FS Securities Services Ltd. - CP IL&FS Securities Services Ltd. - CP CARE- A1+ CARE- A1+ CARE- A1+ CARE- A1+ CARE- A1+ CARE- A Deepak Fert.& Petrochem. Corp Ltd. - CP Andhra Bank - CD Birla TMT Holdings Pvt Ltd. - CP Aditya Birla Finance Ltd. - CP Piramal Enterprises Ltd. - CP Nabha Power Ltd. - CP Corporation Bank - CD Julius Baer Capital Ind Pvt Ltd. - CP Oriental Bank Of Commerce - CD Vijaya Bank - CD Treasury Bill 364 Days (05/04/2016) Fixed Deposit Total Indusind Bank Ltd. Vijaya Bank RBL Bank Ltd. Net Current Liabilities CARE- A1+ CARE- A1+ (so) IND A1+ CARE- A 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 Liquid Index B Crisil Liquid Index Total Value of AB Crisil 1 Yr T-Bill Index AB Crisil 1 Yr T-Bill Index 120, ,191 8.% 125, % 124, % 360, , % 409, % 405, % 600, , % 746, % 728, % 840,000 1,142, % 1,130, % 1,085, % 1,200,000 1,843, % 1,808, % 1,696, % 1,540,000 2,640, % 2,561, % 2,360, % (Inception date 22-May-2003) (First Installment date 01-Jun-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 4.67% 4.78% 90.55% A1+ / AAA Sov % to V Cash & Cash Equivalents Name of the Instrument Ratings Instrument Wise Composition 51.77% 4.78% 4.67% 38.78% Treasury Bills Commercial Papers Certificate Of Deposit % to V Cash & Cash Equivalents Maturity Ladder -9.81% Cash & Others 2-3 Mths 51.62% 1-2 Mths 46.73% Abv Days 8.17% Abv 7-15 Days 0.00% 1-7 Days 3.30% -.00% 4.00% 18.00% 32.00% 46.00% 60.00% V Movement Tata Liquid - Reg Crisil Liquid Index Mar-13 Mar-14 Mar-15 Mar-16 27

28 Tata Gilt Securities (An Open-Ended Debt Scheme investing predominantly in Government Securities) A debt scheme that invests in Government securities to generate reasonable returns emphasising the importance of captial preservation. To generate risk-free return and thus provide medium to long term capital gains and income distribution to its Unitholders, while at all times emphasising the importance of capital preservation. September 6, 1999 FUND MAGER Akhil Mittal (Managing Since Jun-14 and overall experience of 14 years) Name of the Instrument Ratings Debt Instruments Government Securities GOI % (15/12/2023) GOI % (19/03/2030) GOI % (09/06/2020) SDL Gujarat 8.27% (13/01/2026) GOI % (22/06/2024) GOI % (20/05/2023) GOI % (30/09/2030) GOI -.70% (22/04/2020) % to V Name of the Instrument Cash / Net Current Asset Ratings % to V I-Sec Composite Index V - Growth - Dividend Reg -Growth Reg -Dividend Rs (Rs. in Cr.) Rs (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 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 MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter Modified Duration Average Maturity 5.79 Years 8.46 Years Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets 7.58% 7.73% 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 1,141, % 1,163, % 1,088, % 1,200,000 1,787, % 1,894, % 1,713, % 1,980,000 3,860, % 3,967, % 3,525, % (Inception date 06-Sep-1999) (First Installment date 01-Oct-1999) 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. Composition by Ratings 4.11% Instrument Wise Composition Entry Load Not Applicable Sov.35% 4.11% Government Securities Exit Load 0.50% of V if redeemed on or before expiry of 180 days from the date of allotment. Cash & Cash Equivalents State Development Loans 95.89% 85.54% Cash & Cash Equivalents Maturity Ladder Cash & Others 2.04% Abv Yrs 18.83% 7 - Yrs 66.40% 3-7 Yrs.66% 1-3 Yrs 0.00% 0-1 Yrs 2.06% 0.00% 14.00% 28.00% 42.00% 56.00% 70.00% V Movement Tata Gilt Securities - Reg I-Sec Composite Index Mar-13 Mar-14 Mar-15 Mar-16 28

29 Tata Gilt Mid Term (An Open-Ended Debt Scheme investing predominantly in Government Securities) A debt scheme that invests in Government securities to generate returns. Under normal circumstances the average portfolio maturity shall not exceed 15 years. To provide reasonable returns and high liquidity to the Unitholders by investing predominantly in Government Securities having residual maturity upto 15 years. However, there can be no assurance that the investment objective of the scheme will be realized. June 24, 20 FUND MAGER Akhil Mittal (Managing Since Jun-14 and overall experience of 14 years) I-Sec Composite Index V - Growth Dividend # - Quarterly Dividend # Reg - Growth Reg - Dividend Reg - Quarterly Dividend # 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.) Rs (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 Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *NCA - Net Current Assets Years 8.62 Years 7.67% 7.80% 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 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 NIL Name of the Instrument Debt Instruments Government Securities GOI % (20/05/2023) GOI % (21/09/2027) GOI % (14/05/2022) GOI % (15/02/2027) SDL Maharashtra 8.94% (23/07/2024) SDL Maharashtra 8.36% (27/01/2026) SDL Tamilnadu 8.27% (13/01/2026) SDL Tamilnadu 8.13% (14/01/2025) SDL Tamilnadu 8.06% (25/02/2025) SDL Maharashtra 8.44% (26/11/2024) Ratings % to V Name of the Instrument Net Current Liabilities % 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, ,140.47% 420,303.33% 414, % 600, ,455.41% 767, % 737, % 690, ,090.14% 912, % 866, % (Inception date 24-Jun-20) (First Installment date 01-Jul-20) 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 3.% 96.90% Sov Cash & Cash Equivalents Instrument Wise Composition 12.68% 3.% 84.22% Ratings Government Securities State Development Loans Cash & Cash Equivalents Maturity Ladder -0.97% Cash & Others Abv Yrs 41.20% 7 - Yrs 34.77% 3-7 Yrs 20.93% 1-3 Yrs 0.00% 0-1 Yrs 4.07% -2.00% 1% 24.00% 37.00% 50.00% V Movement Tata Gilt Mid Term - Reg I-Sec Composite Index Mar-13 Mar-14 Mar-15 Mar-16 29

30 Tata Gilt Short Maturity (An Open-Ended Debt Scheme investing predominantly in Government Securities) A debt scheme that invests in Government securities to generate reasonable returns emphasising the importance of captial preservation. To generate risk-free return and thus providemedium to long term capital gains and income distribution to its Unitholders, while at all times emphasising the importance of capital preservation. April 3, 2003 Name of the Instrument Debt Instruments Government Securities GOI % (/12/2020) GOI % (11/04/2018) GOI % (03/05/2020) GOI % (15/12/2023) GOI % (16/04/2017) GOI % (13/07/2019) Ratings % to V Name of the Instrument Cash / Net Current Asset Ratings % to V 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 (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 Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *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 to Pg 48 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 Years 3.72 Years 7.31% 7.52% 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 1,126, % 1,163, % 1,088, % 1,200,000 1,795, % 1,894, % 1,713, % 1,550,000 2,551, % 2,722, % 2,392, % (Inception date 03-Apr-2003) (First Installment date 01-May-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 12.24% Sov Instrument Wise Composition 12.24% Government Securities EXIT LOAD Nil Cash & Cash Equivalents Cash & Cash Equivalents 87.76% 87.76% Maturity Ladder Cash & Others 2.70% Abv Yrs 0.00% 7 - Yrs 19.39% 3-7 Yrs 39.42% 1-3 Yrs 28.96% 0-1 Yrs 9.53% 0.00%.00% 20.00% 30.00% 40.00% V Movement Tata G S S M F - Reg I-Sec Composite Index Mar-13 Mar-14 Mar-15 Mar-16 30

31 Tata Retirement Savings - Progressive (An Open-Ended Equity Scheme) VOLATILITY MEASURES FUND Sharpe Ratio A that aims to provide an investment tool for retirement planning to suit the risk profile of the investor. To provide a financial planning tool for long term financial security for investors based on their retirement planning goals. However, there can be no assurance that the investment objective of the fund will be realized, as actual market movements may be at variance with anticipated trends. November 1, 2011 FUND MAGER Rupesh Patel (Managing Since Apr-15 and overall experience of 15 years) (Equity), Akhil Mittal(Managing Since Oct-13 and overall experience of 14 years) (Debt) S&P BSE Sensex V - Growth Reg - Growth Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 36.12% **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 MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter. ADDITIOL INVESTMENT/ Rs. 1,000/- and in multiples of Re. 1/- thereafter. Entry Load Not Applicable Exit Load (A) If redeemed/switched-out on or after attainment of retirement age i.e. 60 years of age - Nil. (B) In case of switch-out of units on occurrence of -switch trigger event - Nil. (C) For Redemption or switch-out of units in other cases (i.e. switch out other than auto switch-out on trigger event & redemption/ switch-out before the attainment of retirement age i.e. 60years) following exit load will be applicable(i) If redeemed / Switched out on or before expiry of 3 Years from the date of allotment - 3% of the applicable V. (ii)if redeemed / Switched out after 3 Years from the date of allotment - 1 % of the applicable V. Equity & Equity Related Total Tata Motors Ltd. Ashok Leyland Ltd. Tata Motors - DVR Eicher Motors Ltd. Mahindra & Mahindra Ltd. Maruti Suzuki India Ltd. Ancillaries WABCO India Ltd. HDFC Bank Ltd. Yes Bank Ltd. State Bank Of India Axis Bank Ltd. ICICI Bank Ltd. Kotak Mahindra Bank DCB Bank Ltd. Shree Ltd. Grasim Industries Ltd. Chemicals Navin Fluorine International Ltd. Construction Kajaria Ceramics Ltd. KNR Construction Construction Project Sadbhav Engineering Ltd. Sadbhav Infrastructure Project Ltd. Consumer Non Durables Kansai Nerolac Paints Ltd. Asian Paints (India) Ltd. P & G Hygiene & Health Care Ltd. Finance Housing Development Finance Ltd. Sundaram Finance 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 Sensex B S&P BSE Sensex (Inception date 01-Nov-2011) (First Installment date 01-Dec-2011) Top Holdings Equity Issuer Name HDFC Bank Ltd. Tata Motors Ltd. Infosys Ltd. Yes Bank Ltd. State Bank Of India Axis Bank Ltd. Bharat Electronics Ltd. Jet Airways Ltd. Tata Consultancy Services Ltd. Ashok Leyland Total % of Assets % to V Gas Gujarat State Petronet Ltd Hotels, Resort And Other Recreational Activities Wonderla Holidays Ltd Industrial Capital Goods Bharat Electronics Ltd Industrial Products Astral Poly Technik Ltd Fag Bearings Ltd Media & Entertainment Inox Leisure Ltd Pharmaceuticals Torrent Pharmaceuticals Ltd Glenmark Pharmaceuticals Ltd Sun Pharmaceutical Industries Ltd Divi Laboratories Ltd Strides Shasun Ltd Sequent Scientific Ltd Retailing Aditya Birla Fashion & Retail Ltd Services Aditya Birla Nuvo Ltd Infosys Ltd Tata Consultancy Services Ltd. 915 HCL Technologies Ltd Transportation Jet Airways Ltd Container Corporation Of India Ltd. 000 Other Equities^ Cash / Net Current Asset ^ Exposure less than 1% has been clubbed under Other Equities Sector Allocation % of Assets Year 3 Year 5 Year 7 Year Year Since Inception 120, , , , , , % 13.70% 14.24% 114, , , % 4.08% 7.47% 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 Construction Project Industrial Products Transportation Finance Construction Industrial Capital Goods Retailing Gas Chemicals Ancillaries Media & Entertainment Services Hotels, Resort And Other Recreational Consumer Durables Textile Products.88%.40% 8.76% 6.54% 5.18% 4.12% 3.82% 3.44% 3.09% 3.06% 2.92% 2.09% 1.52% 1.40% 1.31% 1.21% 1.14% 1.03% 0.67% 0.51% 21.23% 0.00% 5.00%.00% 15.00% 20.00% 25.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 66.24% 23.56%.19% 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 Retirement Savings - Progressive Plan - Reg 180 S&P BSE Sensex Mar-13 Mar-14 Mar-15 Mar-16 31

32 Tata Retirement Savings - Moderate (An Open-Ended Equity Scheme) VOLATILITY MEASURES FUND Sharpe Ratio A that aims to provide an investment tool for retirement planning to suit the risk profile of the investor. To provide a financial planning tool for long term financial security for investors based on their retirement planning goals. However, there can be no assurance that the investment objective of the fund will be realized, as actual market movements may be at variance with anticipated trends. November 1, 2011 FUND MAGER Rupesh Patel (Managing Since Apr-15 and overall experience of 15 years) (Equity), Akhil Mittal(Managing Since Oct-13 and overall experience of 14 years) (Debt) Crisil Balanced Index V - Growth Reg - Growth Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 18.09% **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 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 (A) If redeemed/switched-out on or after attainment of retirement age i.e. 60 years of age - Nil. (B) In case of switch-out of units on occurrence of -switch trigger event - Nil. (C) For Redemption or switch-out of units in other cases (i.e. switch out other than auto switch-out on trigger event & redemption/ switch-out before the attainment of retirement age i.e. 60 years) following exit load will be applicable (i) If redeemed / Switched out on or before expiry of 3 Years from the date of allotment - 3% of the applicable V. (ii)if redeemed / Switched out after 3 Years from the date of allotment - 1% of the applicable V. Equity & Equity Related Total Tata Motors Ltd. Ashok Leyland Ltd. Eicher Motors Ltd. HDFC Bank Ltd. Yes Bank Ltd. State Bank Of India Axis Bank Ltd. Kotak Mahindra Bank DCB Bank Ltd. Ultratech Ltd. The Ramco s Ltd. Shree Ltd. Construction KNR Construction Kajaria Ceramics Ltd. Cera Sanitaryware Ltd. Construction Project Sadbhav Engineering Ltd. Sadbhav Infrastructure Project Ltd. Consumer Non Durables Kansai Nerolac Paints Ltd. Asian Paints (India) Ltd. Britannia Industries Ltd. Gas Gujarat State Petronet Ltd SIP - If you had invested INR 000 every month Total Amount Invested (Rs.) 120,000 Total Value as on Mar 31, 2016 (Rs.) 117,638 Returns -3.63% Total Value of B Crisil Balanced Index 119,050 B Crisil Balanced Index -1.47% (Inception date 01-Nov-2011) (First Installment date 01-Dec-2011) Top Holdings Equity Issuer Name HDFC Bank Ltd. Infosys Ltd. Tata Motors Ltd. Yes Bank Ltd. State Bank Of India Axis Bank Ltd. Tata Consultancy Services Ltd. Ashok Leyland HCL Technologies Ltd. Power Grid Corporation Of India Ltd. Total % of Assets Industrial Products Timken India Ltd. Fag Bearings Ltd. Pesticides Bayer Cropscience Ltd. Pharmaceuticals Sun Pharmaceutical Industries Ltd. Strides Shasun Ltd. Torrent Pharmaceuticals Ltd. Glenmark Pharmaceuticals Ltd. Power Power Grid Corporation Of India Ltd. Retailing Aditya Birla Fashion & Retail Ltd. Infosys Ltd. Tata Consultancy Services Ltd. HCL Technologies Ltd. Other Equities^ Cash / Net Current Asset % of Assets % of Assets Year 3 Year 5 Year 7 Year Year Since Inception % to V , , % 400, % Debt Instruments Government Securities GOI % (28/07/2024) Sector Allocation ^ Exposure less than 1% has been clubbed under Other Equities , , % 629, % 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 Consumer Non Durables Pharmaceuticals Industrial Products Construction Construction Project Finance Power Retailing Pesticides Gas Hotels, Resort And Other Recreational Activities Services Ancillaries Industrial Capital Goods Consumer Durables Transportation Textile Products 7.07% 7.06% 6.78% 6.45% 5.38% 3.71% 3.22% 2.44% 1.64% 1.61% 1.33% 1.26% 1.24% 0.96% 0.92% 0.84% 0.82% 0.78% 0.55% 0.54% 16.25% 0.00% 5.00%.00% 15.00% 20.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 67.22% 24.% 8.68% 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 Retirement Savings - Moderate Plan - Reg 190 Crisil Balanced Index Mar-13 Mar-14 Mar-15 Mar-16 32

33 Tata Retirement Savings - Conservative (An Open-Ended Debt Scheme) A that aims to provide an investment tool for retirement planning to suit the risk profile of the investor. To provide a financial planning tool for long term financial security for investors based on their retirement planning goals. However, there can be no assurance that the investment objective of the fund will be realized, as actual market movements may be at variance with anticipated trends. November 01, 2011 FUND MAGER Rupesh Patel (Managing Since Apr-15 and overall experience of 15 years) (Equity), Akhil Mittal (Managing Since Oct-13 and overall experience of 14 years) (Debt) Crisil MIP Blended Index V - Growth Reg - Growth Rs (Rs. in Cr.) Equity & Equity Related Total Tata Motors Ltd. Ancillaries WABCO India Ltd. HDFC Bank Ltd. Axis Bank Ltd. Yes Bank Ltd. Shree Ltd. Consumer Non Durables Asian Paints (India) Ltd. Infosys Ltd. HCL Technologies Ltd. Other Equities^ % of Assets Name of the Instrument Government Securities GOI % (15/02/2027) GOI % (09/06/2020) GOI % (02/06/2028) GOI % (28/07/2024) SDL Maharashtra 8.44% (26/11/2024) GOI % (22/06/2045) GOI % (30/09/2030) Non-Convertible Debentures/Bonds % Food Corporation Of India Ltd % Power Finance Corporation Cash / Net Current Asset Ratings SO ^ Exposure less than 1% has been clubbed under Other Equities % of Assets Rs (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 Sharpe Ratio MINIMUM INVESTMENT/ Rs. 5,000/- and in multiples of Re. 1/- thereafter Modified Duration Average Maturity 5.46 Years 8.69 Years Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* *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 to Pg % 7.87% SIP - If you had invested INR 000 every month 1 Year 3 Year 5 Year 7 Year Year Since Inception Total Amount Invested (Rs.) 120, , ,000 Total Value as on Mar 31, 2016 (Rs.) 122, , ,564 Returns 3.30% 9.76% 9.96% Total Value of B Crisil MIP Blended Index 124, , ,591 B Crisil MIP Blended Index 6.61% 9.42% 9.38% Total Value of AB Crisil Yr Gilt Index 126, , ,480 AB Crisil Yr Gilt Index 9.68% 9.31% 8.41% (Inception date 01-Nov-2011) (First Installment date 01-Dec-2011) 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 (A) For Redemption or switch out of units before the attainment of retirement i.e. 60 years (i) If redeemed on or before expiry of 3 years from the date of allotment - 3%. (ii) If redeemed after 3 years from the date of allotment - 1%. (B) For Redemption or switch out of units on or after attainment of retirement age i.e. 60 years NIL (C) In case of switch-out of units on occurrence of -switch trigger event NIL. Top Holdings Equity Issuer Name HDFC Bank Ltd. Tata Motors Ltd. Shree Ltd. WABCO India Ltd. Infosys Ltd. Axis Bank Ltd. Yes Bank Ltd. Asian Paints (india) Ltd. HCL Technologies Ltd. Tata Consultancy Services Ltd. Total % to V Sector Allocation Pharmaceuticals Consumer Non Durables Construction Project Ancillaries Industrial Products Pesticides Power Construction Gas Retailing Petroleum Products Industrial Capital Goods Hotels, Resort And Other Recreational Activities Finance Consumer Durables Services Transportation 3.18% 3.15% 2.95% 2.52% 2.28% 1.55% 1.42% 1.24% 0.92% 0.71% 0.63% 0.53% 0.52% 0.48% 0.47% 0.45% 0.42% 0.39% 0.35% 0.27% 5.63% 0.00% 5.00%.00% Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap 70.20% 22.32% 7.47% 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 Retirement Savings - Reg - Conservative Plan Crisil MIP Blended Index Mar-13 Mar-14 Mar-15 Mar-16 33

34 Tata Young Citizens (An Open-Ended Balanced Scheme) A balanced scheme that aims to invest its debt portion in quality debt papers / government securities of long term maturity. While equity portfolio invests in high quality companies to create long term wealth for the investor. To provide long term capital growth along with steady capital appreciation to its unitholders, while at all times emphasising the importance of capital preservation. October 14, 1995 FUND MAGER Akhil Mittal (Managing Since May-14 and overall experience of 14 years) (Debt) & Rupesh Patel (Managing Since Jan-14 and overall experience of 15 years) (Equity) Crisil Balanced Index V Reg Rs (Rs. in Cr.) Rs (Rs. In Cr.) TURN OVER Portfolio Turnover (Total) Portfolio Turnover (Equity component only) % 11.55% **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 Modified Duration Average Maturity Gross Yield to Maturity (For Debt Component) i. Including NCA* ii. Excluding NCA* Years 7.87 Years *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 to Pg 48 MINIMUM INVESTMENT/ MUL TIPLES FOR NEW INVESTMENT Rs. 500/- and in multiples of Rs. 500/- thereafter. ADDITIOL INVESTMENT/ MUL TIPLES FOR EXISTING INVESTORS Rs. 500/- and in multiples of Rs. 500/- thereafter. Entry Load Not Applicable Exit Load Compulsory Lock-in Option 3% if redeemed on or before expiry of 3 years from the date of allotment. (This load will be applicable when the lock-in period expires before 3 years from the date of allotment). Anytime Exit Option If child attains majority after 7 years from the date of allotment If redeemed on or before expiry of 3 years from the date of allotment 3% If redeemed after 3 years but on or before 7 years from the date of allotment 2% If redeemed after 7 years but before child attains majority 1% No load after the child attains majority If child attains majority before 7 years from the date of allotment If redeemed on or before expiry of 3 years from the date of allotment 3% If redeemed after 3 years but on or before 7 years from the date of allotment 2% If redeemed after 7 years Nil. 7.78% 7.84% Equity & Equity Related Total Ancillaries WABCO India Ltd HDFC Bank Ltd Axis Bank Ltd ICICI Bank Ltd Construction Kajaria Ceramics Ltd Construction Project Sadbhav Engineering Ltd Consumer Non Durables Britannia Industries Ltd. 600 ITC Ltd Asian Paints (India) Ltd Kansai Nerolac Paints Ltd Finance Housing Development Finance Ltd Multi Commodity Exchange Of Ind Ltd Hotels, Resort And Other Recreational Activities Wonderla Holidays Ltd. Industrial Products Finolex Industries Ltd. Astral Poly Technik Ltd. Pharmaceuticals Glenmark Pharmaceuticals Ltd. Sun Pharmaceutical Industries Ltd. Strides Shasun Ltd. Tata Consultancy Services Ltd. Infosys Ltd. HCL Technologies Ltd % of Assets Textile Products Page Industries Ltd. Transportation Thomas Cook (India) Ltd Other Equities^ Name of the Instrument Ratings % State Bank Of Travancore ICRA- AAA % EXIM % Reliance Jio Infocomm Ltd % NHPC Ltd. ICRA- AAA % Rural Electrification Corp. Ltd. ICRA- AAA Net Current Liabilities % 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.) 120,000 Total Value as on Mar 31, 2016 (Rs.) 118,819 Returns -1.82% Total Value of B Crisil Balanced Index 119,050 B Crisil Balanced Index -1.47% (Inception date 14-Oct-1995) (First Installment date 01-Feb-1996) 360, ,214.31% 400,780 7.% 600, , % 747, % 840,000 1,225,024.60% 1,132, % 1,200,000 2,037,266.21% 1,870, % 2,420,000,433, % 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 Top Holdings Equity Issuer Name WABCO India Ltd. HDFC Bank Ltd. Tata Consultancy Services Ltd. Thomas Cook ( India ) Ltd. Infosys Ltd. HCL Technologies Ltd. Finolex Industries Ltd. Glenmark Pharmaceuticals Ltd. Astral Poly Technik Ltd. Axis Bank Ltd. Total Market Capitalisation wise Exposure Large Cap Mid Cap Small Cap % to V % 42.20% 2.72% 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). Debt Instruments Government Securities GOI % (21/09/2027) GOI % (09/06/2020) GOI % (19/03/2030) GOI % (15/12/2023) GOI % (15/02/2027) GOI % (/12/2020) SDL Maharashtra 8.36% (27/01/2026) GOI % (22/06/2024) GOI % (22/06/2045) Non-Convertible Debentures/Bonds ^ Exposure less than 1% has been clubbed under Other Equities Sector Allocation Consumer Non Durables Pharmaceuticals Industrial Products Ancillaries Finance Transportation Construction Project Hotels, Resort And Other Recreational Construction Textile Products Retailing Consumer Durables V Movement 7.19% 6.20% 4.96% 4.04% 3.61% 2.84% 2.36% 1.77% 1.76% 1.43% 1.07% 0.72% 0.69% 0.57% 9.59% % of Assets 0.00% 5.00%.00% 15.00% Tata Young Citizens - Reg Crisil Balanced Index Mar-13 Mar-14 Mar-15 Mar-16 34

35 SCHEME PERFORMANCE Tata Large Cap (TPEF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Pradeep Gokhale Tata Ethical (TEF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Pradeep Gokhale V Per Unit (Rs.) S&P BSE SENSEX V Per NIFTY 500 Shariah NIFTY 50 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) % 35.80% 18.18% 13.24% 14.82%.00%.94% 20.14% 21.82% 9,446 13,580 11,818 12,828 15,143 16,114 28, ,5 343, % 24.89% 18.85% 6.39%.36% 5.43% 8.42% 13.87%.75% 9,064 12,489 11,885 11,321 13,445 13,030 22,459 70,268 62,273 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) % 47.25% 24.65% 18.11% 20.19% 13.86% 11.22% 20.99% 16.86% 9,477 14,725 12,465 13,956 17,371 19,150 28, , , % 32.19% 22.74% 13.68% 16.58% 9.38% 9,780 13,219 12,274 12,928 15,851 15, % 26.65% 17.98% 7.43%.80% 5.81% 8.56% 13.55%.39% 9,114 12,665 11,798 11,543 13,606 13,267 22,750 67,362 71,258 Tata Equity Opportunities (TEOF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Pradeep Gokhale, Rupesh Patel Tata Equity P/E (TEPEF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Atul Bhole (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 49.01% 20.78% 18.71% 19.34% 12.59%.33% 19.94% 12.22% 9,462 14,901 12,078 14,099 17,005 18,4 26, , ,583 S&P BSE % 31.93% 17.19%.24% 12.47% 6.49% 8.71% 15.66%.79% 9,214 13,193 11,719 12,156 14,231 13,699 23,067 88,806 6,755 S&P BSE SENSEX -9.36% 24.89% 18.85% 6.39%.36% 5.43% 8.42% 13.87%.00% 9,064 12,489 11,885 11,321 13,445 13,030 22,459 70,268 90,483 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per Unit (Rs.) % 61.32% 22.54% 21.18% 21.57% 11.48% 13.61% 19.60% 9,8 16,132 12,254 14,692 17,977 17,228 35,861 82,081 S&P BSE SENSEX -9.36% 24.89% 18.85% 6.39%.36% 5.43% 8.42% 13.87% 15.11% 9,064 12,489 11,885 11,321 13,445 13,030 22,459 70,268 52,334 35

36 SCHEME PERFORMANCE Tata Mid Cap Growth (TMCGF) - - Dividend V as at Mar 31, 2016 (Rs.) Manager Atul Bhole Tata Infrastructure (TISF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Rupesh Patel (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 83.11% 29.32% 29.80% 29.55% 17.97% 12.91% 11.86% 9,207 18,311 12,932 16,860 21,758 22,869 33,7 114,651 NIFTY Midcap 0 Index -1.91% 50.96% 16.36% 21.65% 19.80% 9.65%.29% 19.67% 9,809 15,096 11,636 14,807 17,202 15,859 26, ,128 NIFTY % 26.65% 17.98% 7.43%.80% 5.81% 8.56% 13.55% 8.69% 9,114 12,665 11,798 11,543 13,606 13,267 22,750 67,362 61,326 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 54.00%.36% 18.22% 15.50% 4.23% 7.23% 13.18% 9,080 15,400 11,036 13,982 15,414 12,304 20,1 40,287 NIFTY % 33.56% 17.72% 11.11% 13.23% 6.87% 8.28% 15.37% 11.98% 9,246 13,356 11,772 12,349 14,522 13,946 22,170 85,522 35,733 NIFTY % 26.65% 17.98% 7.43%.80% 5.81% 8.56% 13.55% 12.38% 9,114 12,665 11,798 11,543 13,606 13,267 22,750 67,362 37,196 Tata Dividend Yield (TDYF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Rupesh Patel (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 44.05% 18.76% 16.40% 17.13% 11.33% 12.77% 16.41% 9,4 14,405 11,876 13,555 16,076 17,113 33,294 56,202 NIFTY % 33.56% 17.72% 11.11% 13.23% 6.87% 8.28% 15.37% 13.12% 9,246 13,356 11,772 12,349 14,522 13,946 22,170 85,522 40,578 NIFTY % 26.65% 17.98% 7.43%.80% 5.81% 8.56% 13.55% 13.30% 9,114 12,665 11,798 11,543 13,606 13,267 22,750 67,362 41,318 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) Tata India Tax Savings (TITSF) - Dividend V as at Mar 31, 2016 (Rs.) Manager Rupesh Patel V Per Unit (Rs.) % 51.67% 19.90% 21.72% 21.05% 13.21%.31% 20.24% 19.68% 9,774 15,167 11,990 14,824 17,747 18,609 26, , ,335 S&P BSE SENSEX -9.36% 24.89% 18.85% 6.39%.36% 5.43% 8.42% 13.87%.61% 9,064 12,489 11,885 11,321 13,445 13,030 22,459 70,268 75,247 36

37 SCHEME PERFORMANCE Tata Balanced (TBF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Atul Bhole (Equity) & Akhil Mittal (Debt) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per Crisil Balanced Index -4.36% 53.16% 18.96% 2% 20.26% 14.67% 13.82% 19.28% 16.36% 9,564 15,316 11,896 14,649 17,401 19,842 36, , , % 22.53% 13.40% 9.06%.48% 7.15% 8.86% 9,7 12,253 11,340 11,897 13,489 14,129 23,388 Tata Savings Equity - Other than Individual & HUF - - Monthly Income Option (Earlier Known as Tata Monthly Income ) V as at Mar 31, 2016 (Rs.) Manager Atul Bhole (for equity portfolio) and Akhil Mittal (for Arbitrage strategies and Debt Portfolio) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 15.22% 4.26% 6.40% 5.69% 6.09% 5.50% 6.92% 6.94% 9,833 11,522,426 11,324 11,807 13,442 17,090 27,318 29,113 Crisil MIP Blended Index 2.28% 15.70% 12.48% 8.72% 9.98% 8.09% 8.82%,228 11,570 11,248 11,823 13,306 14,761 23,302 Tata Savings Equity - Individual & HUF - - Monthly Income Option (Earlier Known as Tata Monthly Income ) V as at Mar 31, 2016 (Rs.) Manager Atul Bhole (for equity portfolio) and Akhil Mittal (for Arbitrage strategies and Debt Portfolio) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 15.51% 4.56% 6.60% 5.92% 6.49% 5.86% 7.20% 7.20% 9,843 11,551,456 11,366 11,885 13,699 17,682 28,396 30,284 Crisil MIP Blended Index 2.28% 15.70% 12.48% 8.72% 9.98% 8.09% 8.82%,228 11,570 11,248 11,823 13,306 14,761 23,302 Tata Dynamic Bond (TDBF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 14.59% 9.18%.23% 9.88% 9.29% 7.29% 6.85%,615 11,459,918 12,154 13,270 15,600 20,223 23,019 I-Sec Composite Index 8.22% 15.72% 3.91% 11.84% 9.15% 9.17% 8.41% 7.29%,822 11,572,391 12,512 13,007 15,514 22,438 24,241 Crisil Yr Gilt Index 7.97% 14.63% -1.01% 11.21% 6.98% 6.90% 6.66% 5.36%,797 11,463 9,899 12,371 12,246 13,965 19,065 19,290 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,

38 SCHEME PERFORMANCE Tata Income Plus (TIPF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal Tata Short Term Bond (TSTBF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per Crisil Composite Bond Index 5.81% 12.73% 6.48% 9.16% 8.27% 8.51% 6.89% 6.49%,581 11,273,648 11,919 12,695 15,050 19,481 23, % 14.67% 4.32% 11.35% 8.97% 8.77% 7.35% 6.64%,824 11,467,432 12,402 12,943 15,232 20,336 23,658 Crisil Yr Gilt Index 7.97% 14.63% -1.01% 11.21% 6.98% 6.90% 6.66% 6.16%,797 11,463 9,899 12,371 12,246 13,965 19,065 22,271 Mar 31, 2015 to Mar 31, 2016(Last 1 year) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Mar 31, 2015 to Mar 31, 2016(Last 1 year) Since inception ( ) V Per %.62% 9.02% 9.19% 9.13% 9.20% 8.55% 7.88%,788 11,062,902 11,925 13,000 15,535 22,730 28,171 Crisil Short Term Bond Index 8.47%.40% 8.78% 9.38% 9.18% 8.98% 8.01% 7.%,847 11,040,878 11,967 13,018 15,379 21,623 25,513 Crisil 1 Yr T-Bill Index 7.69% 8.82% 5.77% 8.21% 7.39% 7.43% 6.25% 6.17% 5.88%,769,882,577 11,712 12,387 14,315 18,344 24,565 21,819 Tata Income (TIF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal Tata Treasury Manager (TTMF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Amit Somani V Per Mar 31, 2015 to Mar 31, 2016(Last 1 year) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Mar 31, 2015 to Mar 31, 2016(Last 1 year) Since inception ( ) V Per % 13.57% 6.42% 9.81% 8.68% 8.92% 6.74% 7.16% 8.38%,629 11,357,642 12,061 12,839 15,337 19,209 28,237 45,902 Crisil Composite Bond Crisil Yr Index Gilt Index 8.24% 14.67% 4.32% 11.35% 8.97% 8.77% 7.35%,824 11,467,432 12,402 12,943 15,232 20, % 14.63% -1.01% 11.21% 6.98% 6.90% 6.66%,797 11,463 9,899 12,371 12,246 13,965 19,065 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) % 8.90% 8.93% 8.49% 8.61% 8.84% 8.22%,8,890,893 11,773 12,815 15,281 19,919 Crisil Short Term Bond Index 8.47%.33% 8.86% 9.38% 9.18% 8.98% 8.01% 8.12%,847 11,033,886 11,967 13,018 15,379 21,623 19,759 Crisil 1 Yr T-Bill Index 7.69% 8.74% 5.84% 8.21% 7.39% 7.43% 6.25% 6.17% 6.30%,769,874,584 11,712 12,387 14,315 18,344 24,565 17,040 38

39 SCHEME PERFORMANCE Tata Floater (TFF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal Tata Liquid (TLF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Amit Somani (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 9.09% 9.69% 8.76% 9.04% 9.20% 8.25% 8.%,845,909,969 11,831 12,968 15,535 22,9 22,784 Crisil Liquid Crisil 1 Yr Index T-Bill Index 8.06% 8.98% 9.54% 8.50% 8.82% 8.63% 7.56% 7.42%,806,898,954 11,775 12,889 15,134 20,738 21, % 8.74% 5.84% 8.21% 7.39% 7.43% 6.25% 6.17% 6.13%,769,874,584 11,712 12,387 14,315 18,344 24,565 18,758 Mar 31, 2015 to Mar 31, 2016(Last 1 year) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Mar 31, 2015 to Mar 31, 2016(Last 1 year) Since inception ( ) V Per Crisil Liquid Crisil 1 Yr Index T-Bill Index 8.19% 8.92% 9.28% 8.55% 8.79% 9.02% 8.04% 7.41%,819,892,928 11,786 12,879 15,408 21,683 25, % 8.98% 9.46% 8.50% 8.82% 8.63% 7.56% 6.85%,806,898,946 11,775 12,889 15,134 20,738 23, % 8.74% 5.77% 8.21% 7.39% 7.43% 6.25% 6.17% 5.83%,769,874,577 11,712 12,387 14,315 18,344 24,565 20,734 Tata Money Market (TMMF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Amit Somani Tata Gilt Securities (TGSF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 8.99% 9.51% 8.59% 8.89% 9.% 8.12% 7.77%,820,899,951 11,794 12,914 15,464 21,844 23,797 Crisil Liquid Crisil 1 Yr Index T-Bill Index 8.06% 8.98% 9.46% 8.50% 8.82% 8.63% 7.56% 7.16%,806,898,946 11,775 12,889 15,134 20,738 22, % 8.74% 5.77% 8.21% 7.39% 7.43% 6.25% 6.17% 6.02%,769,874,577 11,712 12,387 14,315 18,344 24,565 19,686 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 18.49% 5.30% 11.30% 9.27% 8.75% 6.90% 8.54% 9.24%,467 11,849,530 12,391 13,050 15,218 19,499 34,217 43,281 I-Sec Composite Index 8.22% 15.72% 3.91% 11.84% 9.15% 9.17% 8.41%,822 11,572,391 12,512 13,007 15,514 22,438 Crisil Yr Gilt Index 7.97% 14.63% -1.01% 11.21% 6.98% 6.90% 6.66%,797 11,463 9,899 12,371 12,246 13,965 19,065 39

40 SCHEME PERFORMANCE Tata Gilt Mid Term (TGMTF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 16.76% 8.00% 11.80%.52% 9.76% 9.02%,717 11,676,800 12,503 13,503 15,938 16,463 I-Sec Composite Crisil Yr Index Gilt Index 8.22% 15.72% 3.91% 11.84% 9.15% 9.17% 8.41% 8.71%,822 11,572,391 12,512 13,007 15,514 22,438 16, % 14.63% -1.01% 11.21% 6.98% 6.90% 6.66% 6.54%,797 11,463 9,899 12,371 12,246 13,965 19,065 14,415 Tata Gilt Short Maturity (TGSMF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 11.15% 7.21% 9.36% 8.65% 8.49% 7.39% 6.77%,772 11,115,721 11,962 12,829 15,036 20,412 23,438 I-Sec Composite Index 8.22% 15.72% 3.91% 11.84% 9.15% 9.17% 8.41% 7.61%,822 11,572,391 12,512 13,007 15,514 22,438 25,952 Crisil Yr Gilt Index 7.97% 14.63% -1.01% 11.21% 6.98% 6.90% 6.66% 5.76%,797 11,463 9,899 12,371 12,246 13,965 19,065 20,713 Tata Retirement Savings - Progressive (TRSFP) - - Growth V as at Mar 31, 2016 (Rs.) Manager Rupesh Patel (Equity), Akhil Mittal (Debt) Tata Retirement Savings - Moderate (TRSFM) - - Growth V as at Mar 31, 2016 (Rs.) Manager Rupesh Patel (Equity), Akhil Mittal (Debt) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 50.46% 13.88% 19.21% 17.35% 14.49% 9,449 15,046 11,388 14,218 16,167 18,178 S&P BSE Sensex -9.36% 24.89% 18.85% 6.39%.36% 5.43% 8.42% 13.87% 8.77% 9,064 12,489 11,885 11,321 13,445 13,030 22,459 70,268 14,496 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 58.07% 14.65% 23.57% 20.47% 16.73% 9,666 15,807 11,465 15,278 17,493 19,802 Crisil Balanced Index -2.90% 22.53% 13.40% 9.06%.48% 7.15% 8.86% 9.45% 9,7 12,253 11,340 11,897 13,489 14,129 23,388 14,900 40

41 SCHEME PERFORMANCE Tata Retirement Savings - Conservative (TRSFC) - - Growth V as at Mar 31, 2016 (Rs.) Manager Rupesh Patel (Equity), Akhil Mittal (Debt) Tata Young Citizens (TYCF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Akhil Mittal (Debt) & Rupesh Patel (Equity) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 21.95% 9.38% 12.11% 11.16% 9.92%,309 12,195,938 12,573 13,739 15,185 Crisil MIP Crisil Yr Blended Index Gilt Index 5.67% 16.45% 6.52%.91% 9.41% 8.50% 7.95% 9.32%,567 11,645,652 12,304 13,0 15,043 21,503 14, % 14.57% -0.96% 11.21% 6.98% 6.90% 6.66% 8.42%,797 11,457 9,904 12,371 12,246 13,965 19,065 14,291 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 33.15% 9.28% 14.18% 12.49%.29% 9.21% 13.29% 13.09% 9,795 13,315,928 13,042 14,239 16,327 24,151 65, ,151 Crisil Balanced Index -2.90% 22.53% 13.40% 9.06%.48% 7.15% 8.86% 9,7 12,253 11,340 11,897 13,489 14,129 23,388 Tata Index (TIFS) - Sensex - - Growth V as at Mar 31, 2016 (Rs.) Manager Pradeep Gokhale Tata Infrastructure Tax Saving (TITSF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Rupesh Patel (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 24.57% 18.54% 6.51%.34% 5.46% 8.02% 16.23% 9,7 12,457 11,854 11,346 13,437 13,049 21,643 71,769 S&P BSE Sensex -9.36% 24.89% 18.85% 6.39%.36% 5.43% 8.42% 13.87% 16.88% 9,064 12,489 11,885 11,321 13,445 13,030 22,459 70,268 77,2 Mar 31, 2015 to Mar 31, 2016(Last 1 year) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Mar 31, 2015 to Mar 31, 2016(Last 1 year) Since inception ( ) V Per CNX 500 Index -9.54% 46.98% 9.46% 15.29% 13.28% 3.44% 9.49% 9,046 14,698,946 13,297 14,541 11,845 18, % 33.56% 17.72% 11.11% 13.23% 6.87% 8.28% 15.37% 16.15% 9,246 13,356 11,772 12,349 14,522 13,946 22,170 85,522 28,554 CNX Nifty Index -8.86% 26.65% 17.98% 7.43%.80% 5.81% 8.56% 13.55% 14.60% 9,114 12,665 11,798 11,543 13,606 13,267 22,750 67,362 25,988 41

42 SCHEME PERFORMANCE Tata Index (TIFN) - Nifty - - Growth V as at Mar 31, 2016 (Rs.) Manager Pradeep Gokhale Tata Liquidity Management (TLMF) - - Growth V as at Mar 31, 2016 (Rs.) Manager Amit Somani Mar 31, 2015 to Mar 31, 2016(Last 1 year) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Mar 31, 2015 to Mar 31, 2016(Last 1 year) Since inception ( ) V Per CNX Nifty Index -8.69% 26.23% 17.39% 7.35%.56% 5.83% 8.19% 16.58% 9,131 12,623 11,739 11,526 13,518 13,279 21,986 74, % 26.65% 17.98% 7.43%.80% 5.81% 8.56% 13.55% 16.42% 9,114 12,665 11,798 11,543 13,606 13,267 22,750 67,362 73,322 Mar 31, 2015 to Mar 31, 2016(Last 1 year) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Mar 31, 2015 to Mar 31, 2016(Last 1 year) Since inception ( ) V Per % 8.50% 8.47% 7.93% 8.11% 8.57% 7.15% 7.15%,738,850,847 11,651 12,638 15,092 19,960 20,066 Crisil Crisil Liquid 1 Yr T-Bill Index Index 8.06% 8.98% 9.46% 8.50% 8.82% 8.63% 7.56% 7.55%,806,898,946 11,775 12,889 15,134 20,738 20, % 8.74% 5.77% 8.21% 7.39% 7.43% 6.25% 6.17% 6.28%,769,874,577 11,712 12,387 14,315 18,344 24,565 18,483 Tata Dual Advantage - Scheme A - Growth V as at Mar 31, 2016 (Rs.) Manager Amit Somani (Debt) & Pradeep Gokhale (Equity) Tata Dual Advantage - Scheme B - Growth V as at Mar 31, 2016 (Rs.) Manager Amit Somani (Debt) & Pradeep Gokhale (Equity) V Per Crisil MIP Crisil Blended Yr Index Gilt Index V Per Crisil MIP Blended Index Crisil Yr Gilt Index (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) % 21.23% 5.61% 8.97% 9,206 12,123 11,155 12, % 16.54%.91% 9.41% 8.50% 7.95% 9.01%,567 11,654 12,304 13,0 15,043 21,503 12, % 14.63% 11.21% 6.98% 6.90% 6.66% 6.22%,797 11,463 12,371 12,246 13,965 19,065 11,798 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) % 15.34% 9.12% 9.18%,334 11,534 11,9 11, % 16.54%.91% 9.41% 8.50% 7.95% 11.45%,567 11,654 12,304 13,0 15,043 21,503 12, % 14.63% 11.21% 6.98% 6.90% 6.66% 11.09%,797 11,463 12,371 12,246 13,965 19,065 12,434 42

43 SCHEME PERFORMANCE Tata Dual Advantage - Scheme C - Growth V as at Mar 31, 2016 (Rs.) Manager Amit Somani (Debt) & Rupesh Patel (Equity) Tata Dual Advantage - Series 2 - Scheme A - Growth V as at Mar 31, 2016 (Rs.) Manager Amit Somani (Debt) & Rupesh Patel (Equity) V Per Crisil MIP Blended Index Crisil Yr Gilt Index V Per Crisil MIP Blended Index Crisil Yr Gilt Index (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) % 7.72%,428 11, %.91% 9.41% 8.50% 7.95% 9.47%,567 12,304 13,0 15,043 21,503 11, % 11.21% 6.98% 6.90% 6.66% 11.31%,797 12,371 12,246 13,965 19,065 12,077 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) % 8.04%,392 11, %.91% 9.41% 8.50% 7.95% 8.95%,567 12,304 13,0 15,043 21,503 11, % 11.21% 6.98% 6.90% 6.66% 11.51%,797 12,371 12,246 13,965 19,065 11,844 Tata Dual Advantage - Series 2 - Scheme B - Growth V as at Mar 31, 2016 (Rs.).73 Manager Amit Somani (Debt) & Rupesh Patel (Equity) Tata Dual Advantage - Series 2 - Scheme C - Growth V as at Mar 31, 2016 (Rs.).65 Manager Amit Somani (Debt) & Rupesh Patel (Equity) V Per Crisil MIP Blended Index Crisil Yr Gilt Index V Per Crisil MIP Blended Index Crisil Yr Gilt Index Mar 31, 2015 to Mar 31, 2016(Last 1 year) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Mar 31, 2015 to Mar 31, 2016(Last 1 year) Since inception ( ) % 5.49%,382, %.91% 9.41% 8.50% 7.95% 6.52%,567 12,304 13,0 15,043 21,503, % 11.21% 6.98% 6.90% 6.66% 9.15%,797 12,371 12,246 13,965 19,065 11,228 (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ).14 5.% 5.65%,5, %.91% 9.41% 8.50% 7.95% 5.45%,567 12,304 13,0 15,043 21,503, % 11.21% 6.98% 6.90% 6.66% 7.74%,797 12,371 12,246 13,965 19,065,896 43

44 SCHEME PERFORMANCE Tata Dual Advantage - Series 3 - Scheme A - Growth V as at Mar 31, 2016 (Rs.).51 Manager Amit Somani (Debt) & Rupesh Patel (Equity) (March 31, 2014 to March 31, 2016) (March 31, 2013 to March 31, 2016) (March 31, 2011 to March 31, 2016) (March 31, 2006 to March 31, 2016) (March 31, 2001 to March 31, 2016) Since inception ( ) V Per % 5.01%,483,509 Crisil MIP Blended Index 5.67%.91% 9.41% 8.50% 7.95% 6.24%,567 12,304 13,0 15,043 21,503,635 Crisil Yr Gilt Index 7.97% 11.21% 6.98% 6.90% 6.66% 8.33%,797 12,371 12,246 13,965 19,065,847 Past performance may or may not be sustained in future. Absolute returns is computed on investment is of Rs,000. For computation of since inception returns the allotment V has been taken as Rs..00 (Except for TLF, TFF, TTMF, TLMF, TMMF & TFRLTF where V is taken as Rs. 1,000). *All payouts during the period have been reinvested in the units of the scheme at the then prevailing V. Load is not considered for computation of returns. While calculating returns dividend distribution tax is excluded. In case, the start/end date of the concerned period is non-business date, the benchmark value of the previous date is considered for computation of returns. N/A - Not Available. Schemes in existence for less than 1 year, performance details for the same are not provided. Schemes in existence for more than 1 year performance provided for as many 12 months period as possible, for the period ended March 31, Mutual Investments are subject to market risks, read all Scheme related documents carefully. N/A - data are not available for the period 44

45 DIVIDEND / BONUS HISTORY Tata Equity P/E (Before 30th September 2009) ` Face ` Reg (After Split under Dividend Option w.e.f. 1st Oct Dividend Trigger Option A (5%)) (After Split under Dividend Option w.e.f. 1st Oct Dividend Trigger Option B (%)) T Y ` Face ` Reg Tata Large Cap ` Face ` Reg. ` Face ` Reg Bonus History Bonus Units in March T ` Face ` Reg Bonus History Bonus Units in March Past performance may or may not be sustained in future. y, if any ` 45

46 Tata Balanced Dividend Option Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Tata Balanced Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V DIVIDEND / BONUS HISTORY Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Tata Infrastructure Tata Equity Opportunities (Data provided since 2005) Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Past performance may or may not be sustained in future. y levy, if any. (Unit face value - ` /-)

47 DIVIDEND / BONUS HISTORY Tata Mid Cap Growth (Earlier Tata Growth ) Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Tata Savings Equity (Data provided since 2008) (Earlier known as Tata Monthly Income ) Monthly Dividend Option Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Monthly Dividend Option Date of Declaration of dividend Dividend p.u. (`) on Face Value of ` Reg. Reg. V V Tata Young Citizens Bonus History Bonus Units in March Bonus Units in March Bonus Units in Nov Bonus Units in Nov Bonus Units in Nov Bonus Units in Nov Past performance may or may not be sustained in future. y levy, if any. (Unit face value - ` /-). tion to the bonus units allotted & as a result the total value of units held by investor would remain the same. 47

48 NOTES Past performance may or may not be sustained in future. y, if any ` The Std. Dev., Sharpe Ratio, Jensen s Alpha,, & R-squared are based on one month return calculated using last 3 years data. Price/Earning Ratio, Price/Book Value Ratio, are based on the historical earnings and accounting numbers, and have been computed only for the invested portion of the portfolio. Portfolio turnover has been computed as the ratio of the lower value of average purchase and average sales to the average net assets in the past one year (For schemes that have not completed one year, since inception is considered) Cash & Cash Equivalents includes CBLO, REPO, Fixed Deposits and Cash & Bank Balance. $-ICRA s mutual fund rating methodology is based on evaluating the inherent credit quality of the fund s portfolio. As a measure of the credit quality of a debt fund s assets. ICRA uses the concept of credit scores. These scores are based on ICRA s estimates of credit risk associated with each exposure of the portfolio taking into account its maturity. To quantify the credit risk scores, ICRA uses its database of historical default rates for various rating categories for various maturity buckets. The credit risk ratings incorporate ICRA s assessment of a debt fund s published investment objectives and policies, its management characteristics, and the creditworthiness of its investment portfolio. ICRA reviews relevant fund information on an ongoing basis to support its published rating opinions. If the portfolio credit score meets the benchmark of the assigned rating during the review, the rating is retained. In an event that the benchmark credit score is breached, ICRA gives a month s time to the debt fund manager to bring the portfolio credit score within the benchmark credit score. If the debt fund manager is able to reduce the portfolio credit score within the benchmark credit score, the rating is retained. If the portfolio still continues to breach the benchmark credit score, the rating is revised to reflect the change in credit quality. Note Media & Entertainment Sector includes stock of Navneet Education Ltd. which is approved by our Sharia advisors Dar-ul-Sharia. This Company is in the business of Publication of education related books & Stationery items. 48

49 HOW TO READ FACT SHEET Exit Load Exit Load is charged at the time an investor redeems the units of a mutual fund. The exit load is reduced from the prevailing V at the time of redemption. The investor will receive redemption proceeds at net value of V less Exit Load. For instance if the V is Rs. 0 and the exit load is 1%, the investor will receive Rs

50 R-Squared R-squared measures the relationship between a portfolio and its benchmark. It is simply a measure of the correlation of the portfolio's returns to the benchmark's returns. Ratio Ratio is a measurement of efficiency utilizing the relationship between annualized risk-adjusted return and risk. Unlike Sharpe Ratio, Ratio utilizes "market" risk (beta) instead of total risk (standard deviation). Jensen Alpha A measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta. Jensen s Alpha is equivalent to the alpha derived from regressing the series or portfolio s returns in excess of the risk free rate against the market return in excess of the risk free rate. 50

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