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Kotak Mahindra Old Mutual Life Insurance Limited
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Kotak Mahindra Old Mutual Life Insurance Limitedir.kotak.com/downloads/annual-reports-2009-10/pdf/Kotak Mahindra … · Bancassurance – Kotak Mahindra Bank continues to have the

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Page 1: Kotak Mahindra Old Mutual Life Insurance Limitedir.kotak.com/downloads/annual-reports-2009-10/pdf/Kotak Mahindra … · Bancassurance – Kotak Mahindra Bank continues to have the

Kotak Mahindra Old Mutual Life Insurance Limited

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Directors’ Report

Your Directors take pleasure in presenting their Tenth Report on the business and operations of your Company together with the Audited Financial Statements for the year ended 31st March, 2010. This year was a landmark in the history of the company and the company reported profit of around Rs. 70 crores. These remarkable results have been achieved by efficient management of Capital, Increased Productivity and cost consciousness as enumerated herein below:

1. FINANCIAL RESULTS

Your Company continues to demonstrate a consistent, value-based growth in a challenging and competitive environment. The Financial Year 2009-10 was a year of continued strong growth for your Company. The summarised results of operation of the Company are as follows:

(Rs. Crores)

Particulars Year ending March 2010

Year ending March 2009

Growth over 09

New Business Premium 1,334 1,343 –1%

Adjusted New Business Premium* 1,109 1,293 –14%

Total Premium 2,868 2,343 22%

Profit/(Loss) after Tax 71 14 390%

Number of Policies Written (Nos.) 320,735 495,316 –35%

New Business Sum Assured 49,530 47,146 5%

Bonus to Policyholders

Transfer from Shareholders to Policyholder’s Account 18 30

Transfer from Policyholder’s to Shareholders Account 71 20

* Single premium weighted at 1/10th

Your Directors have declared an addition to the Policyholders’ Accumulation Account to give a return of 6.75% (2009 – 5%) to participating life policyholders and 8% (2009 – 7%) to annuity participating policyholders for the year ended 31st March, 2010. A reversionary bonus of 2% (2009 – 2%) has been declared on traditional products.

The transfer from the Shareholders’ Account to the Policyholders’ Account during the current year was to make good deficits in two segments of business. Transfers from the Policyholders’ Account to Shareholders’ Account are the surplus in the Non-Participating policyholders account and amount not exceeding 10% distributed to the Participating Policyholder.

2. DIVIDEND

In view of the past accumulated losses, your Directors do not recommend any dividend for the current year.

3. CAPITAL

Your company is one of the most capital efficient users of capital in the life insurance space and in the top quartile of companies in the industry in terms of Premium to Capital ratio – a measure of capital efficiency for the industry.

During the year under review, the Authorised Share Capital of your Company was Rs. 625 Crores. While the Paid-up Share Capital of your Company was Rs. 510 Crores. There was no further capital infusion in 2009-10.

4. LICENCE

The Insurance Regulatory and Development Authority has renewed your Company’s licence to carry on the business of life insurance and annuity for the year 2010-11.

5. BUSINESS AND DISTRIBUTION CHANNELS

The business of your Company is broadly divided into three major channels:

a. Tied Agency

Your Company continues its pursuit of creating and maintaining a professionally-trained life advisor force capable of providing appropriate advice and customised solutions to consumers. To encourage, develop and support successful life advisors and to enhance their skills, your Company had sponsored Life Advisors for “Certified Financial Planner” (CFP) and “Kotak Financial Planner” (KFP) course. Your company’s life advisors are ranked among the top quartile of productive Life Advisors in the country.

BOARD OF DIRECTORS: MR. UDAY KOTAK (C), RAFAEL GALDON, MR. CRISPIN SONN, MR. GAURANG SHAH (MD), MR. PANKAJ DESAI (WTD), MR. SHIVAJI DAM, MR. DIPAK GUPTA, MR. VINEET NAYYAR, MRS. PALLAVI SHROFF AND MR. S. S. THAKUR.

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To improve life advisor and employee engagement, your company conducted programme to improve efficiency and productivity in Sales across the country. This is expected to drive retail sales behaviour and improve tracking and measurement of sales activity. This will help in building long term sustainable distribution.

b. Alternate Channels

Your company has added strong partnerships during the year and has focused in growing channel partner relationships. This has expanded the business both in terms of value and scale.

Bancassurance – Kotak Mahindra Bank continues to have the most significant share of Alternate channels business with new business premium of approx. Rs. 292 crores in FY 09-10. Besides Kotak Mahindra Bank, we have corporate agency / referral tie ups with several cooperative and commercial banks which together contributed Rs. 20 crores.

Corporate agents – Your Company had 95 corporate agencies tie ups as of 31st March, 10. It has 50 exclusive branches to manage local & regional relationships. Strengthening and growing this model was a major focus in FY 09-10.

Brokers – Your company has tie ups with 117 brokers. It has over 16% market share of business done by brokers in the industry and are at 3rd position on this basis (IRDA data 08-09). In FY 09-10 your company has grown business by approx 20% in this category.

c. Group Insurance

Your Company’s Group Business continues to perform exceedingly well year-on-year. The Company provides a range of products from Term Insurance, Credit Insurance to Gratuity and Superannuation Schemes to cater to its group clientele.

Strong relationships within the Kotak Group as also the IRDA licensed Insurance Brokers have resulted in generation of significant business in this segment. At the end of the year under review, 656 policies were on the books. Your Company generated a premium income of Rs. 221.34 crores (FY 2009 Rs. 148.28 crores) from the group insurance business, representing a growth of 49%.

6. BRANCH NETWORK

In a hugely diversified market like India with multiple consumer segments, your Company has worked towards augmenting its footprint and establishing a wide reach.

The branch presence has increased during the year to 214 branches across 152 cities (from 197 branches last year). The expansion was focused on Tier II cities which provided favourable business potential and enabled targeting of a larger segment of the semi-urban and rural population resulting in growth in rural policies.

7. BRAND

Advertising space in life insurance industry is highly cluttered and the biggest challenge faced by your company was to create a distinct identity for its brand. In December, 09, a new Child Plan TV campaign was launched. The ad was well received. The new tag line “Faidey Ka Insurance” is based on your company’s core strength of “Investment Expertise” and neatly combines the idea of good returns with protection.

The TV campaign in December was followed by extensive Outdoor, radio and internet campaigns spread across India, from Jan. to Mar., 2010. To further strengthen the impact of the campaign your Company in association with Mattel India conducted a Scrabble Championship in 8 cities, reaching out to 85,000 children in 171 schools. As per AC Nielsen – ORG MARG’s March, 2010 survey, your company’s total brand awareness scores have moved up from 82% in March, 2009 to 92%.

Last year your company spread its internet footprint beyond lead generation to include initiatives such as Online Brand Promotion, Social Media Optimization and Search Engine Optimization. Cost reduction was another area of focus and inspite of increase in output your company managed to reduce the collateral printing and logistics cost significantly. In all 15 products and 15 funds were either launched or repackaged, enabling your company to offer a better portfolio for its customers.

8. PRODUCTS

Year 2009-2010 was an important year in terms of the product portfolio, as the entire ULIP basket was realigned to meet IRDA’s regulation on ‘Cap on Charges’.

During the year, your Company modified its ULIP product portfolio by revising 12 of its existing products. These modified versions offer reduced charges resulting in a higher yield to the customer. The non-ULIP offering was boosted with the introduction of two revised plans, Kotak Term Plan and Kotak Preferred Term Plan. The revision resulted in around 35% reduction in Term rates making the products more competitive.

The key products in your company’s portfolio are Kotak Super Advantage, Kotak Platinum Edge, Kotak Guaranteed Pension Builder and Kotak Headstart Child plans. Kotak Super Advantage is a smart investment plan that optimizes returns through a combination of guaranteed returns

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and high premium allocation. Kotak Platinum Edge is an investment oriented protection plan with unparalleled flexibility, targeted at high net worth individuals. Kotak Guaranteed Pension Builder that provides safety of capital along with inflation beating returns further strengthens the retirement basket. Kotak Headstart Plans are customized child plans with two variants that maximise wealth along with protection and provide additional survival units.

Your Company also filed 4 specific products for the Online Sales Channel this year. These products include 2 Unit Linked, one each in Retirement and Investment categories and 2 Non-Unit linked Term Insurance Plans. These Term Insurance Plans are versions of the existing Term and Preferred Term plans with further reduced rates. The entire product basket for this channel offers simple products that promise value for money.

9. RURAL AND SOCIAL SECTORS

During the year the Company’s distribution was extended to Tier - II cities and rural areas. 64,337 policies (Previous year – 103,335) were written in the rural sector representing 20.06% (Previous year – 20.86) of the total policies. This is higher than the regulatory requirement as per the IRDA (Obligations of Insurers to Rural and Social Sectors) Regulations, 2002 of 19% of the total policies written in the financial year from the rural sector.

Outperforming the regulatory requirement of covering 45,000 lives in the social sector, your company covered 131,166 lives (Previous year - 70,922 lives). Tie-up with 5 new Micro Finance Institutions helped achieving these numbers. Your company takes the social sector targets not as an obligation, but with a sense of duty as a Life Insurance Company.

10. INDUSTRY SCENARIO

The Insurance industry is entering into the next phase of consolidation. The Regulation pertaining to cap on charges will result in driving up efficiency and productivity. Companies will have to minimize costs, reduce capital infusion and focus on providing deep value to investors and stakeholders. The union budget presented in February 2010 has abolished service tax on premium allocation and administration charge and this should result in savings for Customers. Together, these measures will result in tangible and sustained value creation for all stakeholders.

11. HUMAN RESOURCES

We are happy to inform you that the Leave Management System and Performance Management (Appraisals) have been automated this year. On the Engagement side, we had run the Gallup Survey to check for employee engagement levels, and are happy to inform you that our scores have improved since the last survey which was done 3 years ago. The action planning on the survey feedback will be taken up this year. With the external environment becoming more demanding, the development agenda this year would include more employees, with personal, managerial and leadership effectiveness gaining further impetus. Special emphasis is being placed on to transfer these learning’s into clear and tangible outcomes for the organization.

12. INFORMATION TECHNOLOGY

Your company has ramped up its technology backbone and made significant progress in improving self service capabilities of its customers, Life Advisors and employees, substantially improving overall process efficiencies. This has empowered our valued stakeholders, enabling them to use information efficiently and to their best advantage while reducing dependence on assorted outside sources, resulting in saving of time, efforts and cost. In recognition of its stellar efforts, your company has won the prestigious NASSCOM, CNBC TV 18 IT User Award and the Edge Award for the use of IT for maximising business impact.

13. OPERATIONS AND CUSTOMER SERVICE

In FY 2009-10 your company introduced several new and innovative customer-centric initiatives, and made significant strides in up scaling its existing initiatives to deliver seamless, world class customer experience.

Your company introduced the novel Welcome Calling initiative to new customers to inform them about their policy features, Online PDR (Premium deposit receipt) generation, Online Minor revival facility to revive policies in cases of minor lapse, Group Customer Portal to provide online access to Group Insurance customers to view policy details and perform online transactions like switches etc., and a new initiative for Policy Servicing for quick, efficient, cost effective and delightful customer service. Further, your company has established a centralised payment Cell for handling of all pre & post conversion refund payments to ensure faster payments & better control. Your company has also created a stand alone SMS platform to send manual SMS alerts to customers. The mandate of the Lapse Out calling initiative has been widened to include revival of policies in addition to reminders to customers in cases of policy lapsations.

14. COMPLIANCE AND INTERNAL CONTROL

The Compliance and Internal Control function is not only the custodian of regulatory framework but also counsels other functions within the Company on the changing regulations and their implications within the industry. During the financial year there were many new significant

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circulars, some of these were Cap on charges, Corporate Governance, Public Disclosures etc. All the Regulatory changes were implemented in a timely and smooth manner. Your Company believes in proactive compliance to ensure that our practices are amongst the best in the industry. The Compliance processes of your Company are complimented by independent audit conducted across various functions.

As a part of good Corporate Governance, the Audit Committee reviews the findings of the internal auditors who report directly to the Audit Committee.

Your Company has a Compliance Policy and a Risk Management framework in place, in order to mitigate risks across the various functions of the Company and suitable measures are taken to proactively manage risks at all levels.

15. INVESTMENTS

Your Company manages its investments within the overall framework laid out by the Investment Committee as well as the IRDA. The Company has implemented systems to help in analysis of investment portfolio, which acts as an enabler to the front-end Investment team in asset allocation and stock selection. Further, the Company has well staffed Investment team which has been structured for effective function and independent checks to constantly monitor investment performance and analysis. The total Assets under Management for traditional and Unit Linked Funds has crossed Rs. 6,700 crores during FY 10.

16. PROCESS EXCELLENCE

You will be glad to know that in FY 2009-10, the Corporate Marketing and Communications, Treasury and Investment, Accounts and Finance and Human Resources departments of your company achieved the prestigious ISO 9001:2008 certification awarded by TÜV SÜD, the global certifying organisation. This is in addition to Central Processing Centre including Customer Service, Underwriting and Claims department which continue to be certified by the said standard.

17. CORPORATE GOVERNANCE

Your Company has consciously endeavoured to follow the policy of transparency, accountability and always held the interest of all its stakeholders to be of paramount importance. Your Company has implemented the requirement of Corporate Governance circular issued by IRDA. Further it also complies with most of the provisions of the Listing Agreement of the Stock Exchanges with regard to corporate governance, although the same are not applicable.

18. BOARD OF DIRECTORS AND COMMITTEES

Mr. Shivaji Dam and Mr. Crispin Sonn who are liable to retire by rotation at the ensuing Annual General Meeting of the Company, are eligible for re-appointment.

During the year, Mr. Andrew Cartwright, alternate director to Mr. Paul Hanratty resigned w.e.f. April, 28, 2009 and Mr. Mukesh Mittal was appointed as alternate director to Mr. Paul Hanratty w.e.f. April 29, 2009.

Mr. Mukesh Mittal, alternate director to Mr. Paul Hanratty ceased to be director w.e.f. September 10, 2009 and Mr. Andrew Cartwright was appointed as alternate director to Mr. Paul Hanratty w.e.f. September 30, 2009. Mr. Hasan Askari, director resigned from directorship w.e.f. September 30, 2009 and Mr. Rafael Galdon was appointed as director to fill up the casual vacancy caused by resignation of Mr. Hasan Askari w.e.f. September 30, 2009.

Mr. Paul Hanratty has resigned from the directorship of the Company on February 11, 2010, subsequent to which Mr. Andrew Cartwright alternate director to Mr. Paul Hanratty ceased to be director w.e.f. February 11, 2010. Mr. Crispin Sonn was appointed as director to fill up casual vacancy caused by resignation of Mr. Paul Hanratty w.e.f. February 11, 2010.

The Board places on record its appreciation for the valuable guidance and contribution made by all the directors during their tenure as directors of the Company.

Mr. Gaurang Shah, is stepping down as Managing Director w.e.f. April 30, 2010. However, considering his vast experience in the field of finance and insurance, he is appointed as additional director on Board of the Company w.e.f. May 1, 2010. Pursuant to the proviso of Section 260 of the Companies Act, 1956, he holds office as a director upto the date of this Annual General Meeting but is eligible to be appointed as a Director in terms of Section 257 of the Companies Act, 1956, the Company has received notice in writing from a member along with a requisite deposit of Rs. 500/- proposing the candidature of Mr. Gaurang Shah for his appointment as Director.

Mr. Pankaj Desai is appointed as Managing Director in place of Mr. Gaurang Shah w.e.f. May 1, 2010 for a period of three years subject to approval of shareholders and Insurance Regulatory and Development Authority. The approval of the shareholders in this regard is sought at the ensuing Annual General meeting of the Company.

Your Company has ten Directors on its Board. Eight of such Directors are Non-Executive Directors out of which four are Independent Directors. The Chairman of the Board holds a non-executive position and the Chairman of Audit Committee is an Independent Director.

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The following are the Members of the Board of Directors, along-with their positions in respective Committees of the Board:

Member of the Board of Directors Audit Committee

Investment Committee

Banking Committee

Remuneration Committee

Uday Kotak Chairman — — — Chairman

Rafael Galdon Vice-Chairman Member Member — Member

Gaurang Shah Managing Director Invitee Member Member Member

Shivaji Dam Independent Director Member Member Chairman —

Crispin Sonn Director — — — —

Dipak Gupta Director Member Chairman — —

Pallavi Shroff Independent Director — — — —

S. S. Thakur Independent Director Chairman — — —

Vineet Nayyar Independent Director — — — —

Pankaj Desai Whole-time Director — Member — —

During the year under review, meetings of the Board of Directors, Audit and Investment Committees of the Board were held on the following dates:

Board Meeting Audit Committee Meeting Investment Committee Meeting

April 29, 2009 April 29, 2009 April 28, 2009

September 30, 2009 September 30, 2009 September 29, 2009

December 11, 2009 December 11, 2009 December 10, 2009

February 11, 2010 February 11, 2010 February 10, 2010

19. AUDITORS

M/s. S. R. Batliboi & Co., Chartered Accountants and M/s. M. P. Chitale & Co., Chartered Accountants, the Joint Statutory Auditors of the company retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for reappointment.

20. MANAGEMENT REPORT

Pursuant to the provisions of Regulation 3 of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Management Report forms a part of the financial statements.

21. STATUTORY INFORMATION

PUBLIC DEPOSITS:

During the period under review, your Company has not accepted any deposits from the public.

PARTICULARS OF EMPLOYEES:

The information required under Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 is enclosed herewith.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

i. Conservation of Energy and Technology Absorption:

In view of the nature of business of the company, the information relating to the conservation of energy and technology absorption as required under Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, is not required to be given.

ii. Foreign Exchange Earnings and Outgo: (Rs. in Crores)

Particulars 2009-10 2008-09

Foreign Exchange Earned: NIL NIL

Foreign Exchange Outgo: 18.83 19.86

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22. DIRECTORS’ RESPONSIBILITY STATEMENT

Based on representations from the Management, your Directors state, in pursuance of Section 217(2AA) of the Companies Act, 1956, that:

a. Your Company has, in the preparation of the annual accounts for the year ended 31st March, 2010, followed the applicable accounting standards along-with proper explanations relating to material departures, if any;

b. The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of your Company as at 31st March, 2010, of the surplus in the Revenue Account and the loss in the Profit and Loss Account of your Company for the financial year ended 31st March, 2010;

c. The Directors have taken proper and sufficient care to the best of their knowledge and ability, for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities; and

d. The Directors have prepared the annual accounts on a going concern basis.

23. In response to point no. 9 “Disclosure Requirements” of CORPORATE GOVERNANCE GUIDELINES FOR INSURANCE COMPANIES, following are the additional disclosures:

– Quantitative and qualitative information on the insurer’s financial and operating ratios, namely, incurred claim, commission, and expenses ratios:

Year ending March, 2010

Year ending March, 2009

(1) Claims Ratio:

a. Claims as % of Total Premium (Claims does not include Surrender, Maturity and Survival Benefits) 2.88% 2.51%

b. Surrender, Maturity and Survival benefits as % of Total Premium 14.44% 7.86%

(2) Commission Ratio:

a. New Business Commission as a % of New Business Premium 11.11% 15.44%

b. Total Commission as a % of Total Premium 6.07% 9.67%

(3) Expenses Ratio:

a. Policy holder expenses as a % of Total Premium (Policy holder expenses does not include service tax expense) 18.84% 24.86%

b. Ratio of expenses of management 26.08% 35.60%

– Actual Solvency margin details vis-a-vis the required margin:

Year ending March, 2010

Year ending March, 2009

Actual 2.80 2.69

Required 1.50 1.50

– Policy lapse ratio:

Year ending March, 2010

Year ending March, 2009

Lapse including ACM Ratio 20.40% 19.80%

Conservation Ratio = C. Year Pure Renewal / (P. Year NB+P. Year Pure Renewal) 70.50% 65.50%

– Financial performance including growth rate and current financial position of the insurer

Covered under Financial Results section of this Report

– A description of the risk management architecture

Forms part of the Management Report

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– Details of number of claims intimated, disposed of and pending with details of duration:

Total Death Claims SummaryMarch, 2010 March, 2009

Count (Rs. Cr.) Count (Rs. Cr.)

Claims O/S at Start of Year 250 7.44 251 4.80

Claims Intimated 3295 100.26 1943 44.32

Claims Settled 3140 91.53 1731 34.89

Claims Repudiated 110 4.84 213 6.79

Claims O/S from date of intimation at End of Year* 295 11.33 250 7.44

*Ageing for Claims O/S from date of inception at End of Year

Less than 3 months 243 9.58 213 6.36

3 months and less than 6 months 27 0.90 28 0.73

6 months and less than 1 year 10 0.32 1 0.02

1 year and above 15 0.53 8 0.32

Total 295 11.33 250 7.44

– All pecuniary relationships or transactions of the Non-Executive Directors vis-à-vis the insurer shall be disclosed in the annual report

Forms part of the Management Report

24. ACKNOWLEDGEMENTS

The Directors thank the Insurance Regulatory and Development Authority for its continuous support. The Directors are grateful for the continued faith that the policyholders have reposed. The Directors acknowledge the support extended by their shareholders and express their appreciation of the fine performance of the employees that made this year a notable one.

For and on behalf of the Board of Directors

Uday Kotak Place : MumbaiChairman Date : 27th April, 2010

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Please check thoroughly. Vakils will not be responsible for errors not noted on this proof.

Management Report for the year ended March 31, 2010

In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002, the Board of Directors presents its Management Report for the year ended March 31, 2010.

1. Validity of Registration: Your Directors confirm that the registration granted to the Company by the Insurance Regulatory and Development Authority is valid on this date.

2. Statutory Dues: Your Directors certify that all the dues payable to the statutory authorities have been duly paid.

3. Shareholding pattern: Your Directors confirm that the shareholding pattern and transfer of shares during the year are in accordance with the statutory and regulatory requirements.

4. Investment of policyholders’ funds: During the year, your Company has not directly or indirectly invested outside India the funds of the holders of policies issued in India.

5. Solvency margins: Your Directors confirm that the solvency margins as required by regulations prescribed by Insurance Regulatory and Development Authority of India have been maintained.

6. Values of assets: Your Directors certify that the values of all the assets have been reviewed on the date of the Balance Sheet and that the assets set forth in the Balance Sheet are shown in the aggregate at amounts not exceeding their realisable or market value under the several headings – “Loans”, “Investments”, “Agents balances”, “Outstanding Premiums”, “Interest, Dividends and Rents outstanding”, “Interest, Dividends and Rents accruing but not due”, “Amounts due from other persons or bodies carrying on insurance business”, “Sundry Debtors”,” Bills Receivable” “Advances and other assets”, “ Cash” and the several items specified under “Other Accounts.”

7. Application of life insurance funds: Your Directors certify that no part of the life insurance fund has been directly or indirectly applied in contravention of the provisions of the Insurance Act, 1938 (4 of 1938) relating to the application and investment of the life insurance funds.

8. Risk exposure: Your Company recognises the risks associated with the life insurance business and plans to manage it by adopting prudent policies commensurate with the needs of the life insurance business. The key risks affecting the operations of the Company are underwriting risks, investment risks and operational risks.

The underwriting risk is managed by the Company’s underwriting function and further by establishing reinsurance treaties with various reinsurance companies. All risks above the pre-determined retention limits are reinsured.

The investment risk is managed by creating a portfolio of different asset classes and of varied maturities so as to spread the risk across a wide category of investee companies. Your Company has constituted an Investment Committee of the Board of Directors, which acts as the policy making body for the investment operations. The Investment Committee lays down various internal policies and norms governing the functioning of the Investment Department. The investment strategy framed is kept appropriate to the underlying liabilities of the policyholders. The Investment Committee periodically discusses the investment strategy, portfolio structures, performance of the portfolio and other issues relating to the investment portfolio. This is then approved by the Board of Directors. The Investment Committee has in turn constituted the Asset & Liability Management Committee (ALM) and Credit Committee. The Asset & Liability Management Committee (ALM) reviews the Asset Liability Management Strategy, Investment Risk Management Strategy and other related risks periodically. The Credit Committee approves the credit limit for each Investee Company and approves the initial investment in any company. The committee also does a periodical review of the existing exposure of debt investments in other companies.

The company has established a Risk Management Framework to manage, control and mitigate operational risks. Each function is required to ensure that all processes are documented, process risks are identified and that steps are taken to mitigate identified operational risks. An independent risk management function, in turn, reviews the risks identified, the effectiveness of the operational controls and ensures that risk mitigation steps suggested are implemented. Operational risks are also mitigated by audits conducted by an independent internal audit team. The Risk Committee meets at periodic intervals and lays down and reviews various internal policies and norms governing the risk function across the company. The Committee also reviews the top risks, mitigations implemented and progress made by the Risk Management Function.

9. Operations in other countries: Your Directors confirm that during the year ended March 31, 2010, your Company had no operations in other countries.

10. Ageing of claims: Claims registered and not settled: (Rs. in lakhs)

Period

Traditional Business Linked BusinessNumber of Claims Amount Involved Number of Claims Amount Involved

30 days 354 687.97 1056 2015.3730 days to 6 months — — — —6 months to 1 year — — — —1 year to 5 years — — — —5 years and above — — — — Total 354 687.97 1056 2015.37

Ageing of claims has been done from the date of receipt of all claim requirements from the claimant.

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Kotak Mahindra Old Mutual L i fe Insurance L imited 9

11. Valuation of investments:

For the Shareholders’ and non-linked policyholders’ investments your company considers its debt securities as ‘held to maturity’ and measures them at amortised cost. Accretion of discount and amortisation of premium relating to debt securities is recognized over the maturity period on a straight line basis. Listed equity shares as at Balance Sheet date are stated at fair value being the lower of last quoted closing price on Bombay Stock Exchange Limited (“BSE”) and the National Stock Exchange Limited (“NSE”). Equity shares awaiting listing are stated at historical cost subject to provision for diminution, if any. Unrealized gains/ losses arising due to changes in the fair value of listed equity shares are taken to “Fair Value Change Account” and carried forward to Balance Sheet where the net balance is positive. Negative balance in the "Fair Value Change Account" is recognized in the Revenue Account\Profit and Loss Account to the extent of negative balance in “Fair Value Change Account as reduced by the amount previously provided in the Revenue Account\Profit and Loss Account. All the shares in the Company’s portfolio are quoted.

In respect of the unit-linked business, all securities are valued on a ‘Mark to Market’ basis. The discount on purchase of treasury bills, certificate of deposit and commercial papers are amortized over the period to maturity on a straight line basis. Floating rate instruments are valued at cost.

12. Review of asset quality and performance of investment: Your directors confirm that all the investments are performing investments. Your Company has investments in debt securities issued by the Government of India, public financial institutions, select banks and public sector undertakings with a AA and above rating/guaranteed by the Government. Shares of blue chip companies quoted on Indian Stock Exchanges are also a part of your Company’s investment portfolio.

13. Responsibility Statement: Your Directors state that:

(a) In the preparation of financial statements, the applicable accounting standards, principles and policies have been followed;

(b) The accounting policies have been adopted and applied consistently and the judgements and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the year and of the surplus under Revenue Account and of the profit in the Profit and Loss Account for the year ended March 31, 2010;

(c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the applicable provisions of the Insurance Act 1938 (4 of 1938)/Companies Act, 1956 (1 of 1956), for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The financial statements are prepared on a going concern basis;

(e) An internal audit system commensurate with the size and nature of the business exists and is operating effectively.

14. Schedule of payments made to individuals, firms, companies and organizations in which the Directors are interested:

Your Company has made the following payments to individuals, firms, companies and organizations in which the Directors are interested:

Sl. No.

Name of the Director/s Entity in which Director is interested Interested as Amount of payment during the financial year (Rs in lakhs)

1. Uday Kotak, Shivaji Dam, Dipak Gupta

Kotak Mahindra Bank Ltd. Director 4089.06

2. Uday Kotak Kotak Securities Ltd. Director 744.55

3. Uday Kotak Kotak Mahindra Asset Management Company Ltd.

Director 392.68

4. Uday Kotak, Shivaji Dam, Dipak Gupta

Kotak Mahindra Prime Ltd. Director 141.30

5. Vineet Nayyar The Mahindra Holiday & Resorts India Ltd. Director 9.23

6. Pallavi Shroff Juniper Hotels Private Ltd. Director 1.15

7. SS Thakur Central Depository Services (I) Ltd. Director 0.50

8. SS Thakur Kamat Hotels India Ltd. Director 0.33Total 5378.8

Kotak Mahindra Old Mutual Life Insurance Limited

Uday Kotak Gaurang Shah

Chairman Managing Director

Place : Mumbai

Date : April 27, 2010

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10 Kotak Mahindra Old Mutual L i fe Insurance L imited

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Auditors’ Report

To the Members of Kotak Mahindra Old Mutual Life Insurance Limited

1. We have audited the attached Balance Sheet of Kotak Mahindra Old Mutual Life Insurance Limited ('the Company') as at March 31, 2010, the related Revenue Account, the Profit and Loss Account and the Receipts and Payments Account for the year ended on that date annexed thereto, which we have signed under reference to this report. These financial statements are the responsibility of the management of the Company. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

3. The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account have been drawn up in accordance with the Insurance Act, 1938 (Act 4 of 1938), Insurance Regulatory and Development Act, 1999, Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors' Report of Insurance Companies) Regulations 2002 ('the Regulations') read with Section 211 of the Companies Act, 1956.

4. As required by the Regulations, we set out in the Annexure, a statement certifying the matters specified in paragraph 4 of Schedule C to the Regulations.

5. Further to our comments in the Annexure referred to above, we report that:

(a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of the audit and have found them to be satisfactory;

(b) In our opinion and to the best of our information and according to the explanations given to us, proper books of account as required by law have been maintained by the Company, so far as appears from our examination of those books;

(c) As the Company's financial accounting system is centralised, no returns for the purposes of our audit are prepared at the branches of the Company;

(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account referred to in this report are in agreement with the books of account;

(e) The actuarial valuation of policyholders' liabilities is the responsibility of the Company's Appointed Actuary ('the Appointed Actuary'). The actuarial valuation of these liabilities as at March 31, 2010 has been duly certified by the Appointed Actuary and in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms issued by the Insurance Regulatory Development Authority ('IRDA') and the Institute of Actuaries of India in concurrence with IRDA. We have relied upon Appointed Actuary's certificate in this regard for forming our opinion on the financial statements of the Company;

(f) On the basis of written representations received from the Directors of the Company, as on March 31, 2010 and taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2010 from being appointed as a Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956.

6. In our opinion and to the best of our information and according to the explanations given to us, we further report that:

(a) The investments have been valued in accordance with the provisions of the Insurance Act, 1938, the Regulations and/or orders/directions issued by IRDA in this behalf;

(b) The accounting policies selected by the Company are appropriate and are in compliance with the applicable accounting standards and with the accounting principles as prescribed in the Regulations and orders/directions issued by IRDA in this behalf;

(c) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account referred to in this report are in compliance with the applicable accounting standards referred to under sub-section(3C) of Section 211 of the Companies Act, 1956; and

(d) The Balance Sheet, the Revenue Account, the Profit and Loss Account and the Receipts and Payments Account together with the notes thereon and attached thereto are prepared in accordance with the requirements of the Regulations, the Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999 and the Companies Act, 1956, to the extent applicable and in the manner so required and give a true and fair view in conformity with applicable accounting principles generally accepted in India as applicable to insurance companies:

i. in the case of the Balance Sheet, of the state of affairs of the Company as at March 31,2010

ii. in the case of Revenue Account, of the surplus for the year ended on that date;

iii. in the case of Profit and Loss account, of the profit for the year ended on that date; and

iv. in the case of the Receipts and Payments Account, of the receipts and payments for the year ended on that date.

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Kotak Mahindra Old Mutual L i fe Insurance L imited 11

7. Further, on the basis of our examination of books and records of the Company and according to the information and explanations given to us, we certify to the best of our knowledge and belief that:

(a) We have reviewed the Management Report attached to the financial statements for the year ended March 31, 2010, and there is no apparent mistake or material inconsistencies with the financial statements; and

(b) Based on information and explanations received during the normal course of our audit, management's representations made to us and the compliance certificate submitted to the Board by the officers of the Company charged with compliance and the same being noted by the Board, nothing has come to our attention which causes us to believe that the Company has not complied with the terms and conditions of registration as per sub-section 4 of section 3 of the Insurance Act, 1938.

For S. R. Batliboi & Co. For M. P. Chitale & Co.

Firm Registration No.: 301003E Firm Registration No.: 101851W

Chartered Accountants Chartered Accountants

per Shrawan Jalan Murtuza Vajihi

Partner Partner

Membership No. 102102 Membership No. 112555

Place : Mumbai Place : Mumbai

Date : April 27, 2010 Date : April 27, 2010

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Annexure to the Auditors’ Report

(Referred to in the Auditors' Report to the members of Kotak Mahindra Old Mutual Life Insurance Limited ('the Company') on the accounts for the year ended March 31, 2010)

Auditors' Certificate

To the Members of Kotak Mahindra Old Mutual Life Insurance Limited

Based on the information and explanations given to us and to the best of our knowledge and belief, we certify that:

1. We have verified the cash balances, to the extent considered necessary, and securities relating to the Company's investments as at March 31 2010, by actual inspection or on the basis of certificates/confirmations received from the custodian and/or Depository Participant appointed by the Company, as the case may be. As at March 31, 2010, the Company does not have reversions and life interests;

2. The Company is not a trustee of any trust; and

3. No part of the assets of the Policyholders' Funds has been directly or indirectly applied in contravention to the provisions of the Insurance Act, 1938, relating to the application and investments of the Policyholders' Funds.

This certificate is issued to comply with Schedule C of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations 2002, ('the Accounting Regulations') read with Regulation 3 of the Accounting Regulations and may not be suitable for any other purpose.

For S. R. Batliboi & Co. For M. P. Chitale & Co.

Firm Registration No.: 301003E Firm Registration No.: 101851W

Chartered Accountants Chartered Accountants

per Shrawan Jalan Murtuza Vajihi

Partner Partner

Membership No. 102102 Membership No. 112555

Place : Mumbai Place : Mumbai

Date : April 27, 2010 Date : April 27, 2010

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Kotak Mahindra Old Mutual L i fe Insurance L imited 13

Registration No: 107; Date of Registration: January 10, 2001

FORM A-RA — Revenue Account for the year ended March 31, 2010Policyholders' Account (Technical Account)(Amounts in thousands of Indian Rupees)

Particulars Schedule Year ended March 31, 2010

Year ended March 31, 2009

Premiums earned – net(a) Premium 1 28,680,489 23,431,925 (b) Re-insurance ceded (181,963) (354,516)(c) Re-insurance accepted — — Income from investments(a) Interest, Dividends and Rent Gross – Net of accretion/amortization of Discount/

Premium (Refer Schedule 16 – Note 15(D)) 2,600,612 1,710,812

(b) Profit on sale/redemption of investments 3,581,464 1,370,387 (c) (Loss on sale/redemption of investments) (865,137) (5,747,903)(d) Transfer/Gain on revaluation/change in fair value 5,222,304 (785,482)Other Income(a) Contribution from Shareholders’ Account (Refer Schedule 16 – Note 11) 176,960 301,290 (b) Miscellaneous income 28,267 28,630 (c) Profit/(Loss) on sale of fixed assets (Net) 693 (53)

Total (A) 39,243,689 19,955,090

Commission 2 1,679,165 2,254,323 Operating Expenses related to Insurance Business 3 5,738,369 6,076,657 Provision for doubtful debts — — Bad debts written off — — Provision for tax (Fringe Benefit Tax) — 26,824 Provisions (other than taxation) — — (a) For diminution in the value of investments (Net) (71,688) 528 (b) Others — —

Total (B) 7,345,846 8,358,332

Benefits paid (net) 4 4,966,829 2,430,395 Interim Bonuses paid — — Change in valuation of liability in respect of life policies,(a) Gross 2,165,947 1,749,734 (b) Amount ceded in Reinsurance — (c) Amount accepted in Reinsurance — — Provision for Linked Liabilities 23,075,443 6,659,401 Total (C) 30,208,219 10,839,530 Surplus/(Deficit) (D) = (A) – (B) – (C) 1,689,624 757,228 AppropriationsTransfer to Shareholders' Account (Refer Schedule 16 - Note 10) 708,478 202,069 Transfer to Other Reserve — — Balance being Funds for Future Appropriations 966,294 554,142 Surplus after Appropriation 14,852 1,017

Total (D) 1,689,624 757,228

SURPLUS/(DEFICIT) BROUGHT FORWARD 37,981 36,964 Surplus after Appropriation 14,852 1,017

SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 52,833 37,981 (a) Interim Bonuses Paid — — (b) Allocation of Bonus to Policyholders 197,236 111,251 (c) Surplus/ (Deficit) shown in the Revenue Account 14,852 1,017

Total Surplus: [(a) + (b) + (c)] 212,088 112,268 The Schedules and accompanying notes are an integral part of this Revenue Account.As required by Section 40-B (4) of the Insurance Act, 1938, we certify that all expenses of Management in respect of life insurance business transacted in India by the Insurer have been fully recognized in this Revenue Account.

As per our report of even date attached For and on behalf of the Board of Directors

For M. P. Chitale & Co. For S. R. Batliboi & Co. Uday Kotak Rafael Galdon Dipak GuptaChartered Accountants Firm Registration No.:301003E Chairman Vice-Chairman Director

Chartered Accountants

Murtuza Vajihi Shrawan Jalan G. Murlidhar Gaurang Shah Andrew CartwrightPartner Partner Chief Operating Officer Managing Director Appointed

Membership No-102102 & Company Secretary Actuary

Mumbai MumbaiApril 27, 2010 April 27, 2010

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14 Kotak Mahindra Old Mutual L i fe Insurance L imited

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Registration No: 107; Date of Registration: January 10, 2001

Form A-PL— Profit and Loss Account for the year ended March 31, 2010Shareholders’ Account (Non-technical Account)(Amounts in thousands of Indian Rupees)

Particulars Schedule Year ended March 31, 2010

Year ended March 31, 2009

Amounts transferred from Policyholders’ Account (Technical Account) (Refer Schedule 16 – Note 10)

708,478 202,069

Income from Investments

(a) Interest, Dividends and Rent Gross- Net of amortisation (Refer Schedule 16 – Note 15(D))

176,108 209,619

(b) Profit on sale/redemption of investments 28,171 117,595

(c) (Loss on sale/redemption of investments) (13) (64,174)

Other Income — —

Total (A) 912,744 465,109

Expenses other than those directly related to the insurance business 43,538 20,418

Bad debts written off — —

Provisions (other than taxation)

(a) For diminution in the value of investments (Net) — —

(b) Provision for doubtful debts — —

(c) Others

– Contribution to the Policyholders Fund (Refer Schedule 16 – Note 11) 176,960 301,290

Total (B) 220,498 321,708

Profit before tax 692,246 143,401

Provision for taxation

– Current Year — —

– Earlier Year — —

Profit after tax 692,246 143,401

Appropriations

(a) Balance at the beginning of the year (3,243,421) (3,386,822)

(b) Interim dividends paid during the year — —

(c) Proposed final dividend — —

(d) Tax on dividend distributed — —

(e) Transfer to reserves/other accounts — —

Loss carried to the Balance Sheet (2,551,175) (3,243,421)

Earnings Per Share (Basic and Diluted) (in Rs.) 1.36 0.29

(Refer Schedule 16 – Note 21)

The Schedules and accompanying notes are an integral part of this Profit and Loss Account.

As per our report of even date attached For and on behalf of the Board of Directors

For M. P. Chitale & Co. For S. R. Batliboi & Co. Uday Kotak Rafael Galdon Dipak GuptaChartered Accountants Firm Registration No.:301003E Chairman Vice-Chairman Director

Chartered Accountants

Murtuza Vajihi Shrawan Jalan G. Murlidhar Gaurang Shah Andrew CartwrightPartner Partner Chief Operating Officer Managing Director Appointed

Membership No-102102 & Company Secretary Actuary

Mumbai MumbaiApril 27, 2010 April 27, 2010

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Kotak Mahindra Old Mutual L i fe Insurance L imited 15

Registration No: 107; Date of Registration: January 10, 2001

Form A-BS — Balance Sheet as at March 31, 2010(Amounts in thousands of Indian Rupees)

Particulars Schedule As at March 31, 2010

As at March 31, 2009

Sources of FundsShareholders’ Funds:Share Capital 5 5,102,902 5,102,902 Reserves and Surplus 6 520,363 520,363 Credit/[Debit] Fair Value Change Account — —

Sub-Total 5,623,265 5,623,265

Borrowings 7 — — Policyholders’ Funds:Credit/[Debit] Fair Value Change Account 49,810 Policy Liabilities – Participating 5,354,202 4,596,018 – Non-participating 1,094,841 709,480 – Annuities Participating 422,748 360,032 – Annuities Unit – Linked Non-Participating 66,037 44,181 – Unit-Linked Non-Participating 2,298,959 1,361,127 (Refer Schedule 16 – Note 4)Insurance Reserves – Participating 14,110 — – Non-participating — — – Annuities Participating 38,723 37,981 – Annuities Unit-Linked Non-Participating — — – Unit-Linked Non-Participating — — (Refer Schedule 16 – Note 18)Linked Liabilities 56,428,443 30,419,252 Fair Value Change (4,025,871) (1,196,433)Total Provision for Linked Liabilities — 52,402,572 29,222,819

Sub-Total 61,742,002 36,331,638

Funds for Future Appropriation:-Linked Liabilities — 2,055,916 1,085,152 Others 1,009 1,009 Total 69,422,192 43,041,064 Application of FundsInvestments– Shareholders’ 8 2,491,819 2,823,103 – Policyholders’ 8A 10,147,431 6,277,699 Assets Held to Cover Linked Liabilities 8B 54,458,488 30,307,971 Loans 9 52,194 58,251 Fixed Assets 10 559,925 568,966 Current AssetsCash and Bank Balances 11 869,540 1,282,719 Advances and Other Assets 12 1,062,771 939,215 Sub-Total (A) 1,932,311 2,221,934 Current Liabilities 13 2,599,778 2,320,434 Provisions 14 171,373 139,847 Sub-Total (B) 2,771,151 2,460,281 Net Current Assets (C) = (A – B) (838,840) (238,347)

Miscellaneous Expenditure (To the extent not written off or adjusted) 15 — — Debit Balance in Profit and Loss Account (Shareholders’ Account) – (Refer Schedule 16 – Note 2(q) & 29)

2,551,175 3,243,421

69,422,192 43,041,064

The Schedules and accompanying notes are an integral part of this Balance Sheet.

As per our report of even date attached For and on behalf of the Board of Directors

For M. P. Chitale & Co. For S. R. Batliboi & Co. Uday Kotak Rafael Galdon Dipak GuptaChartered Accountants Firm Registration No.:301003E Chairman Vice-Chairman Director

Chartered Accountants

Murtuza Vajihi Shrawan Jalan G. Murlidhar Gaurang Shah Andrew CartwrightPartner Partner Chief Operating Officer Managing Director Appointed

Membership No-102102 & Company Secretary Actuary

Mumbai MumbaiApril 27, 2010 April 27, 2010

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16 Kotak Mahindra Old Mutual L i fe Insurance L imited

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Registration No: 107; Date of Registration: January 10, 2001

Statement of receipts and payments as on March 31, 2010

(Currency: In thousands of Indian Rupees unless otherwise stated)

Particulars Year ended March 31, 2010

Year ended March 31, 2009

Cash Flows from Operating Activities

Premium and Other receipt from Customer 28,805,450 23,550,517

Payments of other operating expenses (5,406,339) (6,456,721)

Payments of commission and brokerage (1,705,673) (2,415,380)

Advances/Loans/Deposits placed 16,416 (52,233)

Reinsurance premium (net of claims and commission) (137,077) (190,741)

Claims paid (net of reinsurance) (5,256,527) (2,430,676)

Income-tax paid (8,522) (6,618)

Fringe benefit tax paid — (28,947)

Service Tax paid (232,212) (453,441)

Net cash from/(deployed in) Operating Activities (A) 16,075,516 11,515,760

Cash Flows from Investing Activities

Purchase of fixed assets (241,860) (368,299)

Interest and Dividend received on Investments (net of interest expended on purchase of investments)

2,511,826 1,772,506

Purchase of Investment (316,896,638) (153,008,221)

Sale of Investment 298,130,695 139,552,302

Proceeds on sale of fixed assets 1,225 8,000

Loan against policies 6,057 (25,132)

Net cash deployed in Investing Activities (B) (16,488,695) (12,068,844)

Cash Flows from Financing Activities

Proceeds from issue of Share Capital — 300,170

Net cash from Financing Activities (C) — 300,170

Net increase in Cash and Cash Equivalents ( A+B+C) (413,179) (252,914)

Cash and cash equivalent at the beginning of the year 1,282,719 1,535,633

Cash and Cash Equivalents at end of year 869,540 1,282,719

Notes:

Cash and cash equivalents at the end of the year includes:

Cash (including cheques on hand, drafts and stamps) 398,058 595,038

Bank Balances (including deposits) 471,482 687,681

869,540 1,282,719 (a) The above Statement of Receipts and Payments has been prepared as prescribed by Insurance Regulatory (Preparation of Financial Statements

& Auditor’s Report of Insurance Companies) Regulations, 2002 under the ‘Direct Method’ laid out in Accounting Standard 3 – ‘Cash Flow Statements’ issued by the Institute of Chartered Accountants of India.

(b) Due to large volume of investments transactions, cash flow is reported on net basis in accordance with Accounting Standard 3 issued by the Institute of Chartered Accountants of India.

As per our report of even date attached For and on behalf of the Board of Directors

For M. P. Chitale & Co. For S. R. Batliboi & Co. Uday Kotak Rafael Galdon Dipak GuptaChartered Accountants Firm Registration No.:301003E Chairman Vice-Chairman Director

Chartered Accountants

Murtuza Vajihi Shrawan Jalan G. Murlidhar Gaurang Shah Andrew CartwrightPartner Partner Chief Operating Officer Managing Director Appointed

Membership No-102102 & Company Secretary Actuary

Mumbai MumbaiApril 27, 2010 April 27, 2010

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Kotak Mahindra Old Mutual L i fe Insurance L imited 17

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 1 — Premium(Amounts in thousands of Indian Rupees)

Particulars Year ended March 31, 2010

Year ended March 31, 2009

First year Premium 10,837,656 12,873,946

Renewal Premium 15,340,654 10,001,671

Single Premium 2,502,179 556,308

Total Premium 28,680,489 23,431,925

Notes:

(a) All the premium income relates to business in India.

(b) Refer Schedule 16- Note 2(a).

Schedule 2 — Commission

(Amounts in thousands of Indian Rupees)

Particulars Year ended March 31, 2010

Year ended March 31, 2009

Commission Paid

First year Premium 1,449,549 2,070,034

Renewal Premium 257,769 190,949

Single Premium 32,891 3,734

Sub-total 1,740,209 2,264,717

Add: Commission on Re-insurance accepted — —

Less: Commission on Re-insurance ceded (61,044) (10,394)

Net Commission 1,679,165 2,254,323

Note: Refer Schedule 16 – Note 2(b)

Breakup of Gross Commission

Particulars Year ended March 31, 2010

Year ended March 31, 2009

Agents 819,590 848,702

Brokers 345,063 236,085

Corporate Agents 559,922 1,169,461

Referral 15,634 10,469

Total 1,740,209 2,264,717

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Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 3 — Operating Expenses Related to Insurance Business(Amounts in thousands of Indian Rupees)

Particulars Year ended March 31, 2010

Year ended March 31, 2009

Employees’ remuneration and welfare benefits [Refer Note- (b) below] 2,621,660 2,503,018

Travel, conveyance and vehicle running expenses 140,758 154,831

Training expenses 13,663 29,581

Rent, Rates and Taxes 314,853 265,901

Repairs 87,896 86,365

Printing and Stationery 59,237 86,510

Communication expenses 120,677 144,768

Legal and Professional charges 81,861 167,852

Medical fees 23,918 25,998

Auditors’ fees, expenses etc.

(a) as auditor 2,369 2,450

(b) as adviser or in any other capacity , in respect of

– Taxation matters — —

– Insurance Matters — —

– Management services; and — —

(c) in any other capacity (including out of pocket expenses) 432 174

Advertisement and publicity 488,254 875,925

Distribution Expenses 629,630 617,314

Sales Promotion Expenses 197,020 282,859

Interest and Bank charges 38,050 31,368

Depreciation 250,291 216,882

Information Technology expenses 90,890 107,519

Electricity charges 78,178 81,065

Recruitment expenses 45,754 44,301

Brokerage 77 1,951

Stamp Duty 61,271 58,362

Membership and Subscription Fees 3,200 3,174

Preliminary and Share issue Expenses — —

Service Tax Expenditure 336,307 250,560

Other expenses 52,123 37,929

Total 5,738,369 6,076,657

Notes:

(a) Refer Schedule 16 - Note 2 (k) and Note 24.

(b) Refer Schedule 16 -Note no 2(h) and Note 6.

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Kotak Mahindra Old Mutual L i fe Insurance L imited 19

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 4 — Benefits Paid (Net)(Amounts in thousands of Indian Rupees)

Particulars Year ended March 31, 2010

Year ended March 31, 2009

Insurance Claims

(a) Claims by Death 982,294 407,949

(b) Claims by Maturity 235,470 110,250

(c) Annuities/Pension payment — —

(d) Survival Benefits 72,060 60,713

(e) Surrenders 4,015,196 1,942,551

(f) Others (Refer note (b) below) 22,319 14,956

Amount ceded in reinsurance

(a) Claims by Death (360,510) (106,024)

(b) Claims by Maturity — —

(c) Annuities/Pension payment — —

(d) Survival Benefits — —

(e) Surrenders — —

(f) Others — —

Amount accepted in reinsurance

(a) Claims by Death — —

(b) Claims by Maturity — —

(c) Annuities/Pension payment — —

(d) Survival Benefits — —

(e) Surrenders — —

(f) Others — —

Total 4,966,829 2,430,395

Notes:

(a) All the claims are paid in India.

(b) Includes specific claim setlement cost and provision for policy related claims. Refer Schedule 16 – Note 2(e).

(c) The Company does not have any claims, which are settled and unpaid for more than Six months.

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Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 5 — Share Capital(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

Authorized Capital625,000,000 (2009 – 625,000,000) Equity Shares of Rs. 10 each 6,250,000 6,250,000 Issued Capital510,290,249 (2009 – 510,290,249) Equity Shares of Rs. 10 each 5,102,902 5,102,902 Subscribed Capital510,290,249 (2009 – 510,290,249) Equity Shares of Rs. 10 each 5,102,902 5,102,902 Called-up Capital510,290,249 (2009 – 510,290,249) Equity Shares of Rs. 10 each 5,102,902 5,102,902 Less: Calls unpaid — — Add: Shares forfeited (Amount originally paid up) — — Less: Par Value of Equity Shares bought back — — Less: Preliminary Expenses — — Less: Expenses on issue of shares — —

Total 5,102,902 5,102,902

Notes: (a) Of the above, 260,248,044 (2009 – 260,248,044) Equity Shares of Rs. 10 each fully paid up are held by Kotak Mahindra Bank Limited, the

holding company and its nominees, 54,000,000 (2009 – 54,000,000) and 63,366,753 (2009 – 63,366,753) fully paid-up Equity Shares of Rs. 10 each are held by Kotak Mahindra Prime Limited and Kotak Mahindra Capital Company Limited respectively, which are subsidiaries of Kotak Mahindra Bank Limited.

(b) During the year, the Company has issued Nil (2009 – 30,017,076) Equity Shares of Rs. 10 each fully paid up at par, by way of rights to its existing shareholders.

(c) During the year, Kotak Mahindra Prime Limited renounced Nil (2009 – 3,375,000) fully paid up Equity Shares of Rs. 10 each to Kotak Mahindra Capital Company Ltd.

Schedule 5A — Pattern of Shareholding

(As certified by the Management)

Particulars As at March 31, 2010 As at March 31, 2009Number of Shares % Holding Number of Shares % Holding

ShareholdersPromoters — Indian 377,614,797 74% 377,614,797 74%— Foreign 132,675,452 26% 132,675,452 26%Others — — — —

Total 510,290,249 100% 510,290,249 100%

Schedule 6 — Reserves and Surplus

(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

Capital Reserve — — Capital Redemption Reserve — — Securities Premium 520,363 520,363 Revaluation Reserve — — General Reserves — — Less: Debit balance in Profit and Loss Account — — Less: Amount utilized for Buy-back — — Catastrophe Reserve — — Other Reserve — — Balance of profit in Profit and Loss Account — —

Total 520,363 520,363

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Kotak Mahindra Old Mutual L i fe Insurance L imited 21

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 7 — Borrowings(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

Debentures/Bonds — — Banks — — Financial Institutions — — Others — — Total — —

Schedule 8 — Investments – Shareholders(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

LONG TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 1,370,022 1,092,793 Other Approved Securities 366,797 290,179 Other Investments(a) Shares (aa) Equity — — (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/Bonds 97,428 82,682 (e) Other Securities (including Fixed Deposits) 10,217 18,446 (f) Subsidiaries — — (g) Investment Properties – Real Estate — — Investsment in Housing & infrastructure sector (a) Equity — — (b) Others 473,381 687,399 Other than Approved Investments(a) Equity — — (b) Others — —

Total 2,317,845 2,171,499 SHORT TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills — 259,103 Other Approved Securities 25,267 — Other Investments(a) Shares (aa) Equity — — (bb) Preference — — (b) Mutual Funds 12,400 — (c) Derivative Instruments — — (d) Debentures/Bonds 986 71,713 (e) Other Securities (including Fixed Deposits) 81,447 222,918 (f) Subsidiaries — — (g) Investment Properties – Real Estate — — Investsment in Housing & infrastructure sector (a) Equity — — (b) Others 53,874 97,870 Other than Approved Investments(a) Equity — — (b) Others — —

Total 173,974 651,604 Grand Total 2,491,819 2,823,103

Notes: (a) Aggregate cost and market value of Investments other than listed equity securities as at March 31, 2010 was Rs. 24,91,819 and Rs. 24,11,168

(Rs. 28,23,102 & Rs. 27,78,846 as at March 31, 2009) respectively.(b) Investment in Fixed Deposit with Kotak Mahindra Bank Ltd as at March 31, 2010 is Rs. 5,305 (2009 – Rs. 6,005). Investments in Kotak Mahindra

Mutual Fund as at March 31, 2010 is Rs. 4,063(2009 – Rs. NIL).(c) Refer Schedule 16 – Notes 2(d).

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Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 8A — Investments – Policyholders’(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

LONG TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 4,492,409 3,340,154 Other Approved Securities 1,036,071 432,870 Other Investments (a) Shares (aa) Equity 346,120 145,342 (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/Bonds 533,369 166,284 (e) Other Securities (including Fixed Deposits) 28,102 28,102 (f) Subsidiaries — — (g) Investment Properties – Real Estate — — Investsment in Housing & infrastructure sector (a) Equity 30,565 13,354 (b) Others 2,343,078 1,507,130 Other than Approved Investments(a) Equity 14,366 7,670 (b) Others — —

Total 8,824,080 5,640,906

SHORT TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 100,216 254,152 Other Approved Securities 109,019 — Other Investments(a) Shares (aa) Equity — — (bb) Preference — — (b) Mutual Funds 413,883 — (c) Derivative Instruments — — (d) Debentures/Bonds 104,399 44,707 (e) Other Securities (including Fixed Deposits) 540,954 237,315 (f) Subsidiaries — — (g) Investment Properties – Real Estate — — Investsment in Housing & infrastructure sector (a) Equity — — (b) Others 54,880 100,619 Other than Approved Investments(a) Equity — — (b) Others — —

Total 1,323,351 636,793

Grand Total 10,147,431 6,277,699

Notes:

(a) Aggregate cost and market value of Investments other than listed equity securities as at March 31, 2010 was Rs. 97,56,380 and Rs. 94,68,223 (Rs. 61,11,333 & Rs. 59,25,319 as at March 31, 2009) respectively.

(b) Investment in Fixed Deposit with Kotak Mahindra Bank Ltd. as at March 31, 2010 is Rs. 9,000 (2009 – Rs. 9,000). Investments in Kotak Mahindra Mutual Fund as at March 31, 2010 is Rs. 135,617 (2009 – Rs. NIL).

(c) Refer Schedule 16 – Notes 2(d).

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Kotak Mahindra Old Mutual L i fe Insurance L imited 23

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 8B — Investments – Unit Linked(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

LONG TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 3,007,011 3,064,953 Other Approved Securities 1,408,882 152,398 Other Investments(a) Shares (aa) Equity 21,582,144 8,735,084 (bb) Preference — — (b) Mutual Funds — — (c) Derivative Instruments — — (d) Debentures/ Bonds 4,712,547 3,299,673 (e) Other Securities (including Fixed Deposits) 61,781 204,253 (f) Subsidiaries — — (g) Investment Properties – Real Estate — — Investsment in Housing & infrastructure sector (a) Equity 1,973,704 1,439,624 (b) Others 8,673,854 5,243,722 Other than Approved Investments(a) Equity 1,628,784 558,093 (b) Others — —

Total 43,048,707 22,697,800

SHORT TERM INVESTMENTSGovernment securities and Government guaranteed bonds including Treasury Bills 64,309 324,806 Other Approved Securities 1,380,188 302,111 Other Investments(a) Shares (aa) Equity — — (bb) Preference — — (b) Mutual Funds 335,177 300,000 (c) Derivative Instruments — — (d) Debentures/Bonds 942,122 584,793 (e) Other Securities (including Fixed Deposits) 6,669,070 4,383,351 (f) Subsidiaries — — (g) Investment Properties – Real Estate — — Investments in Infrastructure and Social Sector(Refer note (d) below)(a) Equity Shares — — (b) Others 530,516 580,753 Other than Approved Investments(a) Equity Shares — — (b) Others 62,540 — Net Current Assets (Refer Schedule 16 – Note 2(d) 1,425,859 1,134,357

Total 11,409,781 7,610,171

Grand Total 54,458,488 30,307,971

Notes:

(a) Aggregate cost and market value of Investments other than listed equity securities as at March 31, 2010 was Rs. 27,872,693 and Rs. 27,847,996 (Rs.1,83,38,656 & Rs. 18,440,812 as at March 31, 2009) respectively.

(b) Investment in Fixed Deposit with Kotak Mahindra Bank Ltd as at March 31, 2010 is Rs. 35,695 (2009 – Rs. 35,695). Market Value of Investment in bonds of Kotak Mahindra Prime Ltd. as at March 31, 2010 is Rs. 451,039 (2009: Rs. 201,387) and cost is Rs. 450,165 (2009 – Rs.196,189).Investment in Kotak Mahindra Mutual Fund as at March 31, 2010 Rs. 130,320 (2009 – Rs. Nil).

(c) Refer Schedule 16 – Notes 2(d).

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Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 9 — Loans(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

SECURITY–WISE CLASSIFICATION

Secured

(a) On mortgage of property

(aa) In India — —

(bb) Outside India — —

(b) On Shares, Bonds, Govt. Securities etc. — —

(c) Loans against policies 52,194 58,251

(d) Others — —

Unsecured — —

Total 52,194 58,251

BORROWER-WISE CLASSIFICATION

(a) Central and State Governments — —

(b) Banks and Financial Institutions — —

(c) Subsidiaries — —

(d) Companies — —

(e) Loans against policies 52,194 58,251

(f) Others – Employees — —

Total 52,194 58,251

PERFORMANCE-WISE CLASSIFICATION

(a) Loans classified as standard

(aa) In India 52,194 58,251

(bb) Outside India — —

(b) Non-standard loans less provisions

(aa) In India — —

(bb) Outside India — —

Total 52,194 58,251

MATURITY-WISE CLASSIFICATION

(a) Short term 72 19,400

(b) Long Term 52,122 38,851

Total 52,194 58,251

Commitments made and outstanding for Loans Rs. Nil ( 2009 – Nil).

Notes:

(a) Refer Schedule 16 – Note 2(f).

(b) There was no restructuring of loan assets during the year.

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Kotak Mahindra Old Mutual L i fe Insurance L imited 25

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 10 — Fixed Assets(Amounts in thousands of Indian Rupees)

Particulars Cost/Gross Block Depreciation Net Block

As on April 1

2009

Addition On Sale/ Adjustment

As at March 31,

2010

As on April 1

2009

For the year"

On Sale/ Adjustment

As at March 31,

2010

As at March 31,

2010

As on March 31

2009

Goodwill — — — — — — — — — —

Intangibles – Software * 382,417 158,862 — 541,279 249,272 89,840 — 339,112 202,167 133,145

Land-Freehold — — — — — — — — — —

Leasehold property — — — — — — — — — —

Buildings — — — — — — — — — —

Furniture and fittings ** 372,760 18,493 124 391,129 180,983 49,429 124 230,288 160,841 191,777

Information technology equipment 340,477 18,673 6,325 352,825 211,909 81,423 6,134 287,198 65,627 128,568

Vehicles 34,390 2,237 2,300 34,327 14,963 7,938 1,996 20,905 13,422 19,426

Office equipment 127,428 11,366 316 138,478 59,866 21,740 280 81,326 57,152 67,562

1,257,472 209,631 9,065 1,458,038 716,993 250,370 8,534 958,829 499,209 540,478

Capital Work-in-progress — — — — — — — 60,716 28,488

Grand Total 1,257,472 209,631 9,065 1,458,038 716,993 250,370 8,534 958,829 559,925 568,966

Previous Year 924,883 368,671 36,082 1,257,472 528,138 216,883 28,027 716,994 568,966

* Includes licenses.

** Includes leasehold improvements.

Note:

Refer Schedule 16 – Notes 2(g)

Schedule 11 — Cash And Bank Balances

(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

Cash (including cheques on hand, drafts and stamps) 398,058 595,038

Bank Balances

(a) Deposit Accounts

(aa) Short-term (due within 12 months of the date of Balance Sheet) — —

(bb) Others — —

(b) Current accounts 471,482 687,681

(c) Others — —

Money at Call and Short Notice

(a) With Banks — —

(b) With other Institutions — —

Total 869,540 1,282,719

Balance with non-scheduled banks included above — —

Cash and Bank balance

In India 869,540 1,282,719

Outside India — —

Total 869,540 1,282,719

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Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 12 — Advances and Other Assets(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

ADVANCES

Reserve deposits with ceding companies — —

Application money for investments — —

Prepayments 164,714 137,811

Advance to Directors/Officers — —

Advance tax paid and taxes deducted at source ( Net of Provision for Income Tax & Fringe Benefit Tax) 15,612 7,989

Advances to suppliers 140,514 185,367

Advances to employees 56,031 38,013

Total (A) 376,871 369,180

OTHER ASSETS

Income accrued on investments 250,292 163,426

Outstanding Premiums 70,873 86,172

Agents Balances — —

Foreign Agencies Balances — —

Due from other entities carrying on insurance business (including reinsurers) 140,594 —

Due from subsidiaries/holding company — —

Deposits pursuant to Section 7 of Insurance Act, 1938 [Refer Schedule-16 - Note 15 (B)] — —

Security and other deposits 134,722 140,194

Service Tax Unutilised Credit 26 180,158

Other Receivables 89,393 85

Total (B) 685,900 570,035

Total (A + B) 1,062,771 939,215

Schedule 13 — Current Liabilities

(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

Agents’ balances 176,724 190,058

Balance due to other insurance companies (Net) — 231,310

Deposits held on re-insurance ceded — —

Premium received in advance — —

Unallocated premium (proposals/policy deposits) 650,067 540,798

Sundry creditors 158,435 70,583

Due to holding company 4,234 5,924

Claims outstanding 270,334 199,522

Annuities due — —

Due to Officers/Directors — —

Accrued expenses 1,285,530 981,238

Taxes deducted at source, payable 24,920 81,764

Statutory dues payable 29,534 19,237

Total 2,599,778 2,320,434

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Kotak Mahindra Old Mutual L i fe Insurance L imited 27

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the Financial StatementsSchedule 14 — Provisions(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

For taxation — —

For proposed dividend — —

For dividend distribution tax — —

Provision for gratuity 72,005 52,785

Provision for leave encashment 99,368 87,062

Others — —

Total 171,373 139,847

Schedule 15 — Miscellaneous Expenditure

(To the extent not written off or adjusted)

(Amounts in thousands of Indian Rupees)

Particulars As at March 31, 2010

As at March 31, 2009

Discount Allowed in issue of shares/debentures — —

Others — —

Total — —

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Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

Schedule 16 : Notes to the financial statements

1. Background

Kotak Mahindra Old Mutual Life Insurance Limited (‘the Company’) was incorporated on August 31, 2000 as a Company under the Companies Act, 1956 to undertake and carry on the business of life insurance and annuity. The Company obtained a license from the Insurance Regulatory and Development Authority (‘IRDA’) dated January 10, 2001 for carrying on the business of life insurance and annuity. The license has been renewed regularly and is in force as at March 31, 2010.

2. Summary of significant accounting policies

Basis of Preparation:

The financial statements are prepared and presented under the historical cost convention, on accrual basis of accounting, to comply in all material aspects with the applicable accounting standards notified under the Companies (Accounting Standard) Rules, 2006, to the extent applicable, the Companies Act, 1956 of India to the extent applicable, and in accordance with the provisions of the Insurance Act, 1938, the Insurance Regulatory and Development Authority Act, 1999 and the regulations framed there under to the extent applicable and the practices prevailing within the insurance industry in India. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

Use of Estimates:

The preparation of financial statements requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as on the date of the financial statements and the reported income and expenses during the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Actual results could differ from these estimates.

The significant accounting policies adopted by the Company are as follows:

(a) Revenue recognition :

Premium Income

Premium is recognized as income when due from policyholders except on unit linked policies, where the premium is recognized when associated units are created.

In accordance with the terms of insurance policies, uncollected premium on lapsed policies is not recognized as income until revived.

Top Up/Lump sum contributions are accounted as a part of single premium.

Income from linked policies, which include asset management fees and other charges, if any, are recovered from the linked fund in accordance with the terms and conditions of the policies.

Reinsurance premium ceded is accounted as an expense at the time of recognition of the premium income in accordance with the treaty arrangements with the re-insurers.

Commission on reinsurance ceded is accounted as income in the period in which reinsurance is ceded.

Reinsurance premium and reinsurance commission are recognized over the period of the risk.

Income earned on Investments

Interest income is recognized on accrual basis. Dividend income is recognized when the right to receive is established. Accretion of discount and amortization of premium relating to debt securities is recognized over the maturity period of such securities on a straight line basis.

Gain/Loss on transfer/sale of securities is the difference between the transfer/sale price and the net amortized cost/ book value which is computed on a Weighted average basis as on the date of transfer/sale. Sale Consideration for the purpose of realized gain/loss is net of brokerage and taxes, if any.

(b) Acquisition Costs

Acquisition costs such as commission and medical fees are costs that vary with and are primarily related to the acquisition of new and renewal insurance contracts. Such costs are recognized in the year in which they are incurred.

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Kotak Mahindra Old Mutual L i fe Insurance L imited 29

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

(c) Liability for Policies

(i) The Company provides for policy liabilities in respect of all "in force" policies and "lapsed policies" that are likely to be revived in future based on actuarial valuation done by the Appointed Actuary in accordance with accepted actuarial practices, requirements of IRDA and the Institute of Actuaries of India.

(ii) Liabilities in respect of unit-linked policies which have lapsed and are not likely to be revived, are shown as a separate item under the head Funds for Future Appropriation", until expiry of the revival period. This is as per IRDA circular no 041/IRDA/ACTL/MAR-2006 dated 29th March'2006.

(iii) Linked liabilities comprise of unit liability representing the fund value of policies.

The actuarial policies and assumptions are given in the Note 3.

(d) Investments

Investments are made in accordance with the Insurance Act, 1938, the Insurance Regulatory and Development Authority (Investment Regulations), 2000 and as amended and circulars/notifications issued by IRDA from time to time .

Investments are recorded at cost on trade which includes brokerage, transfer charges, transaction taxes as applicable, etc. but excludes preacquisition interest, if any and service tax where cenvat credit is being claimed.

(i) Classification

Investments maturing within twelve months from the Balance Sheet date and investments made with the specific intention to dispose them off within twelve months from the Balance Sheet date are classified as ‘Short Term Investments. ’Investments other than Short Term Investments are classified as ‘Long Term Investments.’

The funds of the shareholders and the policyholders are kept separate and records are maintained accordingly. Investments are specifically procured and held for policyholders and shareholders’ funds independently from their inception and the income thereon is also tracked separately. Since the actual funds, investments and income thereon are tracked and reported separately, the allocation of investments and income is not required.

(ii) Valuation – Shareholder’s Investments and non-linked policy-holders Investments

Debt Securities

All debt securities are considered as ‘held to maturity’ for the purpose of valuation and are accordingly recorded at historical cost (excluding interest paid, if any). Debt securities including government securities are stated at net amortized cost. The premium/ discount, if any, on purchase of debt securities is amortized/accrued over the period to maturity on a straight-line basis.

Equity Shares

Listed equity shares as at Balance Sheet date are stated at fair value being the lower of last quoted closing price on Bombay Stock Exchange Limited (“BSE”) and the National Stock Exchange Limited (“NSE”). Equity shares awaiting listing are stated at historical cost subject to provision for diminution, if any. Unrealized gains/losses arising due to changes in the fair value of listed equity shares are taken to “Fair Value Change Account” and carried forward to Balance Sheet where the net balance is positive. Negative balance in the “Fair Value Change Account” is recognized in the Revenue Account/Profit and Loss Account to the extent of negative balance in “ Fair Value Change Account as reduced by the amount previously provided in the Revenue Account/Profit and Loss Account . The profit or loss on actual sale of listed equity includes the accumulated changes in fair value in the fair value previously recognized under “Fair Value Change Account”.

In case of impairment in the value of investment as at the balance sheet date which is other than temporary, the amount of loss is recognized as an expense in the Revenue/Profit & Loss Account to the extent of difference between the remeasured fair value of the investment and its acquisition cost as reduced by any previous impairment loss recognized as expense in Revenue/Profit & Loss Account. Any reversal of impairment loss, earlier recognized in Revenue/Profit and Loss Account, is recognized in the Revenue/Profit and Loss account.

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Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

(iii) Valuation – Unit Linked Business

Debt Securities

All Government securities, except treasury bills, for linked business are valued at prices obtained from Credit Rating Information Service of India Ltd (CRISIL). Debt Securities other than Government Securities are valued on the basis of CRISIL Bond valuer. Floating rate instruments are valued at cost. The discount on purchase of treasury bills, certificate of deposit and commercial papers are amortized over the period to maturity on a straight line basis.

Equity Shares

Listed equity shares are valued at fair value, being the last quoted closing price on the NSE (In case of securities not listed on NSE, the last quoted closing price on the BSE is used) Equity shares awaiting listing are stated at historical cost subject to provision for diminution, if any, in the value of such investment determined separately for each individual investment. Unrealized gains and losses are recognized in the respective scheme’s revenue account.

Mutual Fund Units are valued at the previous day’s closing net asset value (NAV) of the fund in which they are invested.

The Company does not own any investment property and hence there is no disclosure on the basis of revaluation of investment property.

(iv) Transfer of Investments

Transfer of investments from Shareholders’ fund to the Policyholders’ fund is at book value or market price, whichever is lower. Transfer of debt securities from Shareholders’ to Policyholders’ fund is transacted at the lower of net amortized cost or market value. Transfer of Investments between unit-linked funds are done at market price.

(e) Benefits Paid

Benefits paid comprise of policy benefit amount, surrenders and specific claims settlement costs where applicable and change in the outstanding provision for claims at the year end. Surrender and claims by death are accounted when intimated. Survival benefits are accounted when due. Maturity claims are accounted on the date of maturity. Amounts recoverable from reinsurers are accounted for in the same period as the related claim. Repudiated claims disputed before judicial authorities are provided for based on the best judgment of the management considering the facts and evidence in respect of each such claims. Withdrawals under unit-linked policies are accounted in respective schemes when the associated units are cancelled.

(f) Loans

Loans are stated at historical cost, subject to provision for impairment, if any. Interest on loan, if any, is accrued when due. Norms laid down under circular No 32/2/F&A/ Circular/169/Jan/2006-07 issued by the IRDA are adhered to in this regard.

(g) Fixed Assets and Depreciation

Fixed assets are stated at cost including incidental expenses less accumulated depreciation. In respect of liabilities incurred in acquisition of fixed assets in foreign exchange, the net gain or loss arising on conversion/settlement are charged to revenue account. Intangible assets comprising software are stated at cost less amortization.

Depreciation/amortization is provided under the straight-line method (SLM) with reference to the management’s assessment of the estimated useful lives of the assets or the rates and in the manner specified by Schedule XIV of the Companies Act, 1956, whichever is higher. Depreciation is charged on assets from the date the asset is capitalized and up to the date asset is last used in case of disposal.

Assets costing individually less than Rs. 5,000 are depreciated fully in the year of acquisition.

Estimated useful lives over which assets are depreciated are as follows:

Leasehold improvements Over the period of lease subject to a maximum of 6 years

Information technology equipment (including software) 3 years

Furniture and fittings 6 years

Vehicles 4 years

Office equipment 5 years

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Kotak Mahindra Old Mutual L i fe Insurance L imited 31

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

Impairment of Assets

The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on internal/external factors. Impairment occurs where the carrying value exceeds the present value of future cash flows expected to arise from the continuing use of the asset and its eventual disposal. The impairment loss to be expensed is determined as the excess of the carrying amount over the higher of the asset’s net sales price or present value as determined above. After impairment, depreciation is provided on the revised carrying amount of the asset over it’s remaining useful life.

(h) Employee Benefits

(a) Provident fund is a defined contribution plan and the contributions as required by the statute to Government Provident Fund are charged to profit and loss account when due.

(b) Gratuity liability is defined benefit and is wholly unfunded. The Company accounts for liability for future gratuity benefits based on actuarial valuation conducted by an independent actuary. The net present value of the Company’s obligation towards the same is actuarially determined based on the projected unit credit method as at the Balance Sheet date.

(c) Superannuation fund is a defined contribution scheme. The Company contributes a sum equivalent to 15% (previous year 15%), subject to a maximum of Rs. 1 lakh, of eligible employees’ salary to a Superannuation Fund administered by the trustees.

(d) The undiscounted amount of short-term employee benefits expected to be paid in exchange for the services rendered by employee is recognized during the period when the employee renders the service. These benefits include performance incentives.

(e) The Company accrues the liability for compensated absences based on the actuarial valuation as at the balance sheet date conducted by an independent actuary. The net present value of the Company’s obligation is determined based on the projected unit credit method as at the Balance Sheet date.

(f) Actuarial gains/losses are immediately taken to the profit and loss account and are not deferred.

(i) Accounting for Operating Leases

Leases where the lessor effectively retain substantially all the risks and benefits of ownership over the lease term are classified as operating leases. Operating lease rentals are recognized as an expense in revenue/profit and loss account on a straight line basis over the lease term.

(j) Foreign Currency Transactions

Transactions denominated in foreign currency are recorded at the rate of exchange prevailing on the transaction date. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are translated using the rate of exchange prevailing on that date.

Exchange differences either on settlement or on translation are recognized in the Revenue Account/ Profit and Loss Account, as applicable.

(k) Segment reporting

Business Segments

In accordance with the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditor’s Report of Insurance Companies) Regulations, 2002 (referred to as ‘Accounting Regulations’) read with Accounting Standard 17 on ‘Segment Reporting’ prescribed in Companies (Accounting Rules), 2006, the Company’s business in India is classified into Participating business, Non-participating business, Annuities Participating business, Annuities Linked Non-participating business, Unit-Linked Non-participating business and Investment of the Shareholders’ funds.

Segmental revenues

All segment revenues are directly attributed to the respective individual segments. There are no inter-segment revenues.

Segmental expenses

Operating expenses relating to insurance business are assigned to participating, non-participating, annuities and linked business segments as follows:

Expenses directly identifiable to the business segments are allocated on an actual basis.

Other expenses, which are not directly identifiable, are apportioned to the business segments on the basis of either (a) total number of policies issued during the year, or (b) annualized first year premium income, or (c) sum assured during the year, or (d) first year commission, or (e) total number of policies, (f) renewal commission, as considered appropriate by the Management, or, (g) Average assets under management.

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32 Kotak Mahindra Old Mutual L i fe Insurance L imited

Please check thoroughly. Vakils will not be responsible for errors not noted on this proof.

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

Segmental assets and liabilities

Segment assets and liabilities include those that are employed by a segment in its operating activity.

Secondary Geographical Segments

There are no reportable geographical segments since all business is written in India and the company does not distinguish any reportable regions in India.

(l) Taxation

Provision for current income tax, if any, is made on an accrual basis after taking credit for allowances and exemptions in accordance with Income Tax Act, 1961. Deferred income tax is recognized for future tax consequences attributable to timing differences between income as determined by the financial statements and the recognition for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognized using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date.

Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in future. However, where there is unabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if there is virtual certainty backed by convincing evidence that such deferred assets can be realized.

Deferred tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantially enacted before the balance sheet date. Changes in deferred tax assets/liabilities on account of changes in enacted tax rates are given effect to in the Revenue account/Profit and Loss Account in the period of the change. The carrying amount of deferred tax assets are reviewed at each balance sheet date. The company writes-down the carrying amount of a deferred tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realized.

(m) Preliminary and Share Issue expenses

Share Issue expenses in relation to increase in share capital are written off when incurred. Preliminary Expenses and Initial Share Issue expenses are amortized over a period of 3 years. Unamortized Preliminary Expenses and Share Issue expenses are adjusted in the schedule of Share Capital as prescribed under the IRDA Regulations.

(n) Service tax

Service tax liability on taxable premium and unit-linked charges are set-off against available cenvat credits. Unutilized credits, if any, are carried forward under “Advances and Other Assets” for set-off in subsequent periods.

(o) Provisions and Contingencies

Provision is recognised when there is a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Contingent Liabilities are not recognized but are disclosed in the notes unless the outflow of resources is remote. Contingent assets are neither recognised nor disclosed in the financial statements.

(p) Earnings per Share

The basic earnings per share is computed by dividing the net profit or loss for the period attributable to the equity shareholders by weighted average number of equity shares outstanding during the reporting year.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

(q) Debit balance in the Profit & Loss Account (Shareholder’s Account)

The debit balance in the Profit & Loss Account (Shareholder’s Account) is segregated in to unabsorbed depreciation and accumulated business loss. Profits earned during the year are first set off and adjusted against the accumulated business loss and the balance, if any, is set off against unabsorbed depreciation.

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Kotak Mahindra Old Mutual L i fe Insurance L imited 33

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

3. Actuarial method and assumptions

The actuarial liabilities have been calculated in accordance with generally accepted actuarial principles, the requirements of the Insurance Act 1938, IRDA regulations and the prescribed guidance notes of the Institute of Actuaries of India. The method adopted is as follows:

Unit Linked Policies : A unit reserve equal to the value of the units on 31 March 2010 plus a non-unit reserve calculated on gross premium prospective valuation method.

Par policies (accumulation contracts) : The value of the accumulated fund plus a non-unit reserve calculated on gross premium prospective valuation method.

Non-par conventional busines: Gross premium prospective method.

Additional Reserve on lapsed unit-linked policies is created and shown under the head Funds for Future Appropriation as required by IRDA circular no 041/IRDA/ACTL/MAR-2006 dated 29th March’2006.

The assumptions used in the Gross Premium valuation are based on best estimates together with appropriate margins for adverse deviations from experience. The principal assumptions are interest, inflation, return to policyholders’ account, lapses, expenses, mortality and morbidity. The base assumptions are:

Interest 5.7% p.a. to 6.7% p.a. during the first five years, 4.9% p.a. to 5.9% p.a. thereafter (2009 : 5.3% p.a to 6.8% p.a. during the first five years, 4.6% p.a. to 6.1% p.a. thereafter)

Inflation 6.5% (2009 : 6.0%)Policyholders returns Rates consistent with the earning rates and chargesLapses Future policy lapses have been assumed based on the type of policy and the duration for which the policy

has been in forceExpenses Best estimates bearing in mind scale efficiencies envisaged in future business plans Mortality Based on LIC 94-96 mortality table adjusted for AIDSMorbidity (for Critical Illness) Based on adjusted CIBT rates.Morbidity (other riders) Based on reinsurers’ rates

Reserves for group life business are calculated as the risk premium for the unexpired term with an allowance for expenses and a margin for adverse deviations.

4. Policy liabilities

(Forming part of Policyholders’ Funds)

Particulars 2010 2009

Par Non-Par Annuities Annuities Unit

Linked

Unit-Linked

Total Par Non-Par Annuities Annuities Unit

Linked

Unit- Linked

Total

At start of the year 4,596,018 709,480 360,032 44,181 1,361,127 7,070,838 3,910,750 596,745 317,596 16,948 479,066 5,321,105 Add: Change in valuation against policies in force (Refer Note 3 above) 578,357 385,361 45,306 21,856 937,832 1,968,712 586,484 112,735 29,969 27,233 882,061 1,638,482 Add: Bonus to policyholders (Refer Note 10 below)* 179,827 — 17,410 — — 197,237 98,784 — 12,467 — — 111,251

At end of the year 5,354,202 1,094,841 422,748 66,037 2,298,959 9,236,787 4,596,018 709,480 360,032 44,181 1,361,127 7,070,838

* Forms part of “Change in Valuation of Liability in respect of life policies-Gross” in the Revenue Account.

During the year, Insurance Regulatory and Development Authority has issued a circular to all life insurance companies clarifying the manner of accounting the difference arising due to valuation of unit linked liabilities on the appropriation/ex-appropriation price and the value of the underlying assets. Consequently, reserving for unit linked liabilities has been done based on the appropriation/ex-appropriation price resulting in an increase of the unit linked liabilities by Rs. 108,778 as compared to the previous financial year. Based on the circular of IRDA, the company has created a current asset of the equivalent amount which is reflected under the Net Current Assets under Schedule 8B. Consequently, there is no impact of such change on the revenue account.

Note: The Policyholder Liabilities are adequately backed by Policyholder Investments, Cash and Bank Balances and Other assets. (Please refer to Schedule no 16- Note-17).

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34 Kotak Mahindra Old Mutual L i fe Insurance L imited

Please check thoroughly. Vakils will not be responsible for errors not noted on this proof.

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated))

5. Contingent liabilities

Particulars 2010 2009

1. Partly paid-up investments — —

2. Underwriting commitments outstanding (in respect of shares and securities) — —

3. Claims, other than against policies, not acknowledged as debts by the company — —

4. Guarantees given by or on behalf of the Company 1,388 700

5. Statutory demands/liabilities in dispute, not provided for (Income Tax) — —

6. Reinsurance obligation to the extent not provided for in accounts — —

7. Others – Insurance claims in appeal net of provision (Gross value of claims Rs. 67,620 (2009 – Rs. 20,570), out of which reinsured Rs. 32,113 (2009 – Rs. 1,638) and provision Rs. 10,852 (2009 Rs. 7,702) ) 24,655 11,230

Total 26,043 11,930

6. Computation of managerial remuneration

(i) Managing Director’s and Whole time director’s remuneration (appointed w.e.f 4th Nov’ ‘2008), which is included under “Employees’ remuneration and welfare benefits”, is as follows:

Particulars 2010 2009

a. Salary and Perquisites 27,000 22,031

b. Contribution to provident and other funds 1,749 1,410

Total 28,749 23,441

Note: (a) The Managerial remuneration is in accordance with the requirements of section 34A of the Insurance Act, 1938 and as approved by

IRDA. (b) The remuneration excludes gratuity and leave encashment. Gratuity and leave encashment is accrued based on an actuarial valuation

for the Company’s overall liability. (ii) Sitting fees paid to Independent Directors amounts to Rs. 180 (2009 – Rs. 170).

7. Capital commitments

Particulars 2010 2009

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) 60,999 39,688

8. Extent of risk retained and reinsured

As at March 31, 2010, out of the total sum assured worth Rs. 914,570 million (2009 – Rs. 736,442 million), the company had reinsured Rs. 330,722 million (2009 – Rs. 277,311 million) and thereby retained risk of 63.84 per cent (2009 – 62.34 per cent).

9. Business, sector-wise

Particulars 2010 2009

Policies Premium Income Policies Premium Income

Rural Sector 20.06 per cent 10.8 per cent 20.86 per cent 15.37 per cent

Urban Sector 79.94 per cent 89.2 per cent 79.14 per cent 84.63 per cent

The Company has issued 6 policies (2009 – 5 policies), covering 131,166 lives (2009 – 70,922 lives) and underwritten gross premium of Rs.4,816 (2009 – Rs. 3,800 ) in the social sector.

10. Accumulated fund addition to participating policyholders

The Board of Directors has at its meeting held on 27th April 2010, declared the following rates of bonus on participating policies:

(a) On Accumulation non retirement products: 3.75% p.a. cash bonus in addition to the guaranteed rate of 3% costing Rs. 154,850 (2009 – Rs. 76,303 to meet an effective rate of 5%).

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Kotak Mahindra Old Mutual L i fe Insurance L imited 35

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

(b) On Accumulation retirement products: 5% p.a. cash bonus in addition to the guaranteed rate of 3% costing Rs. 17,410 (2009 – Rs. 12,467 to meet an effective rate of 7%).

(c) On the Reversionary bonus products: 2% Simple Reversionary bonus, the cost of bonus being Rs. 24,976 (2009 – Rs. 22,481 to meet a rate of 2%).

In the year under review, a transfer of Rs. 21,915 (2009: Rs. 3,428) was made from the participating policyholders account to the shareholders account being the surplus in the participating policyholders accounts subject to the maximum of 1/9th of the bonus declared during the year to the participating policyholders. A transfer of Rs. 348,385 (2009: Rs. 198,641) was made from the Non Participating policyholders account & Rs. 338,178 (2009: Rs. Nil) was made from the Unit Linked Non Participating account to the shareholders account which represented the surplus in those accounts.

11. Contribution made to the policyholders’ account

In the year under review, the shareholders contributed Rs. 176,960 (2009 – Rs. 301,290 ) to the Annuity Linked Non Participating Policyholders Account to meet fully the deficit in that account. Approval from the Shareholders will be obtained for such contribution at the ensuing Annual General Meeting of the Company.

12. Encumbrances on assets

Apart from fixed deposits worth Rs. 76,400 (2009 – Rs. 75,700) marked under lien respectively with the NSCCL Rs. 50,000 ( 2009: Rs. 50,000), BSE Rs. 25,000 (2009 – 25,000), Postal Authorities Rs. 700 ( 2009 – Rs. 700) and to a landlord for Rs. 700 (2009 – Rs. Nil), there are no encumbrances on the assets of the Company as at the Balance Sheet date.

13. Operating lease commitments

In accordance with Accounting Standard 19 on Accounting of Leases issued by the Institute of Chartered Accountants of India, details of leasing arrangements entered into by the company are given below.

The Company has taken various office and residential premises on operating lease and leave and license agreements. Lease payments are recognized in the Revenue Account under ‘Rent, Rates and Taxes.’ The future minimum lease payments under non-cancellable operating lease period for such premises are as follows:

Particulars 2010 2009Not later than one year 233,704 130,763 Later than one year not later than five years 805,948 412,407 Later than five years 164,437 3,619

The total operating lease rentals charged to Revenue account in the current year is Rs. 250,792 (2009 – Rs. 237,306).

14. Ratios (in per cent/times)

Sr. No.

Particulars Participating Non-participating Annuities- Participating

Annuities- Linked Non-par

Unit Linked Non-Participating

2010 2009 2010 2009 2010 2009 2010 2009 2010 20091. New business premium

income growth 1.11 0.73 1.40 1.34 0.66 1.66 0.81 1.07 1.00 1.26

2010 20092. Net retention ratio 99.37% 98.49%3. Ratio of expenses of management 26.08% 35.60%4. Commission ratio (Gross) 6.07% 9.67%5. Ratio of policyholders’ liabilities to shareholders’ funds 2,009.77% 1,572.28%6. Growth rate of shareholders’ funds 29.09% 22.91%7. Ratio of surplus to policyholders’ liabilities 0.09% 0.10%8. Change in net worth 29.09% 22.91%9. Profit after tax/Total Income 1.75% 0.69%10. (Total real estate + loans)/(Cash + Invested

Assets) 0.08% 0.14%11. Total Investments/Net worth 2,184.11% 1,655.94%12. Total affiliated investments/(Capital + Surplus) 0.00 0.00

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36 Kotak Mahindra Old Mutual L i fe Insurance L imited

Please check thoroughly. Vakils will not be responsible for errors not noted on this proof.

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

15. Investments

A. All the investments of the Company are performing investments in accordance with the directions issued by the Insurance Regulatory and Development Authority.

B. For the purposes of meeting the requirement of Section 7 of the Insurance Act, 1938, the Company has earmarked securities relating to 7.27% Government of India, 2013, having face value of Rs. 100,000 in constituent SGL Account with its Bankers (2009 – 5.87% Government of India, 2010, having face value of Rs.100,000 ). These investments are classified under Investments – Shareholders’ (Refer Schedule 8).

C. Value of contracts in relation to investments for:

Particulars 2010 2009Purchases where deliveries are pending 1,508,957 955,643Sales where payments are due 489,512 367,809

D. Particulars 2010 2009Revenue Account Profit & Loss

AccountRevenue Account Profit & Loss Account

Interest, Dividends and Rent – Gross 2,631,172 189,364 1,684,098 194,795 Add/(Less) : (Premium on investments amortized)/Discount on accretion

(30,560) (13,256) 26,714 14,824

Interest, Dividends and Rent- Net of amortisation

2,600,612 176,108 1,710,812 209,619

16. Related parties disclosures

The disclosures relating to related parties as required by Accounting Standard 18 on Related Parties Disclosures by the Institute of Chartered Accountants of India are as under:

A. Related Parties where control existsNature of relationship Related PartyHolding Company Kotak Mahindra Bank Limited

B. Related parties where transactions have taken place during the years ended March 31, 2010 and March 31, 2009(i) Holding Company Kotak Mahindra Bank Limited (ii) Joint Venturer Old Mutual Plc(iii) Enterprise in which joint venturer has significant influence Old Mutual Life Assurance Company (South Africa) Limited(iv) Fellow Subsidiaries Kotak Mahindra Prime Limited.

Kotak Securities LimitedKotak Mahindra Capital Company LimitedKotak Mahindra Asset Management Company LimitedKotak Mahindra Investments Ltd

(v) Entities managed by Fellow Subsidiaries Kotak Mahindra Mutual Fund managed by Kotak Mahindra Asset Management Company Limited

(vi) Enterprises in which key management personnel have significant influence

Kotak Life Insurance Superannuation Fund

(vii) Enterprises in which relatives of key management personnel have significant influence

Kotak Commodities Services LimitedAero Agencies Limited

(viii) Key management personnel Non-Executive DirectorsMr. Uday Kotak, Chairman Mr. Rafael Galdon, Vice-Chairman (w.e.f. 30-Sep-2009)Mr. Hasan Askari, Vice-Chairman (upto 30-Sep-2009)Mr. Crispin Sonn, Director (w.e.f. 30-Sep-2009)Mr. Paul Hanratty, Director (upto 30-Sep-2009)Mr. Dipak Gupta, DirectorExecutive DirectorsMr. Gaurang Shah, Managing DirectorMr. Pankaj Desai, Whole-time Director

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Kotak Mahindra Old Mutual L i fe Insurance L imited 37

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

C. The following are transactions and closing balances of related parties in the ordinary course of business: Nature of transaction Name of the Related Party 2009-10 2008-09

Holding Company

Joint Venturer

Fellow Subsidiaries

Others Holding Company

Joint Venturer

Fellow Subsidiaries

Others

Assets/LiabilitiesBank Balance Kotak Mahindra Bank Ltd. 1,280,793 — — — 846,418 — — —Bank Deposits Kotak Mahindra Bank Ltd. 50,700 — — — 50,700 — — —Mutual Funds Kotak Mahindra Mutual Fund — — 270,000 — — — —Bonds Kotak Mahindra Prime Ltd. — — 471,570 — — — 196,189 —Group Insurance Policy Deposits

Kotak Mahindra Bank Ltd. 4,059 — — — 569 — — —Kotak Securities Ltd. — — 31 — — — 808 —Kotak Mahindra Prime Ltd. — — 2,250 — — — 1,000 —Kotak Commodities Services Limited — — — 1 — — — 35 Kotak Mahindra Asset Management Company Ltd. — — 157 — — — 127 —Kotak Mahindra Capital Company Ltd. — — 6 —Kotak Mahindra Investments Ltd. — — 23 —

Share Capital Kotak Mahindra Bank Ltd. 2,602,480 — — — 2,602,480 — — —Kotak Mahindra Prime Ltd. — — 540,000 — 540,000 Kotak Mahindra Capital Company Ltd. — — 633,668 — — — 633,668 —Old Mutual Plc — 1,326,755 — — — 1,326,755 — —

Outstanding Receivable/ (Payables)

Kotak Mahindra Asset Management Company Ltd. — — — — — — 109 —Kotak Mahindra Bank Ltd. (3,447) — — — (5,137) — — —Kotak Securities Ltd. — — (985) — — — (433) —Old Mutual Life Assurance Company (South Africa) Ltd. — — — (7,972) — — (10,000)Old Mutual Plc — 279 — — — 227 — —

Commission Payable Kotak Mahindra Bank Ltd. 45,406 — — — 53,680 — — —Kotak Mahindra Prime Ltd. — — 480 — — — 1,168 —Kotak Securities Ltd. — — 1,906 — — — 6,657 —

TransactionsPurchase of Fixed Assets Kotak Mahindra Bank Ltd. — — — — 178 — —

Kotak Securities Ltd. — — 23,931 — 265 Kotak Mahindra Prime Ltd. — — — — — — 992 —Kotak Mahindra Asset Management Company Ltd. — — 258 —

Sale of Fixed Assets Kotak Mahindra Bank Ltd. — — — — 840 — — —Brokerage Expenses Kotak Securities Ltd. — — 19,158 — — — 9,359 —Commission Paid Kotak Mahindra Bank Ltd. 300,548 — — — 340,742 — — —

Kotak Securities Ltd. — — 30,020 — — — 87,573 —Kotak Mahindra Prime Ltd. — — 14,130 — — — 21,536 —

Expenses/Reimbursements for Services given

Kotak Mahindra Asset Management Company Ltd. — — — — — — 21 —Kotak Mahindra Bank Ltd. 4,843 — — — 7,078 — — —Old Mutual Plc — 52 — — — 227 — —Kotak Securities Ltd. — — — — — 1,023 —Kotak Mahindra Capital Company Ltd. — — — — — — 67 —

Expenses/Reimbursements for Services received

Aero Agencies Ltd. — — — — — — — 14 Kotak Mahindra Asset Management Company Ltd. — — 39,010 — — — 37,924 —Kotak Mahindra Bank Ltd. 108,358 — — — 111,398 — — —Kotak Mahindra Prime Ltd. — — — — — — 1,009 —Kotak Securities Ltd. — — 1,346 — — — 9,072 —Old Mutual Life Assurance Company (South Africa) Ltd. — — — — — — 4,112

Remuneration of Key Management Personnel Interest Income/(Expense)

Key Management Personnel — — — 28,749 — — — 23,441 Kotak Mahindra Bank Ltd. 4,806 — — — 4,747 — — —Kotak Mahindra Prime Ltd.

— — 30,135 — — — 1,035 —Premium Income Kotak Mahindra Asset Management

Company Ltd. — — 189 — — — 203 —Kotak Mahindra Bank Ltd. 4,142 — — — 4,971 — — —Kotak Mahindra Prime Ltd. — — 210 — — — 219 —Kotak Commodities Services Limited — — — 70 — — — 64 Kotak Securities Ltd. — — 1,061 — — — 1,220 — Kotak Mahindra Capital Company Ltd. — — 256 — — — 37 —

Superannuation Fund Contribution

Kotak Life Insurance Superannuation Fund — — — 3,037 — — — 3,602

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38 Kotak Mahindra Old Mutual L i fe Insurance L imited

Please check thoroughly. Vakils will not be responsible for errors not noted on this proof.

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

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Page 40: Kotak Mahindra Old Mutual Life Insurance Limitedir.kotak.com/downloads/annual-reports-2009-10/pdf/Kotak Mahindra … · Bancassurance – Kotak Mahindra Bank continues to have the

Please check thoroughly. Vakils will not be responsible for errors not noted on this proof.

Kotak Mahindra Old Mutual L i fe Insurance L imited 39

Registration No: 107; Date of Registration: January 10, 2001Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)18. Segment-wise revenue account for the year ended March 31, 2010

Category Participating Non- Participating

Annuities Participating

Annuity Linked Non-

Participating

Unit Linked Non-

Participating

Total

Premium IncomeFirst Year Premium 274,533 416,984 2,082 1,830,196 8,313,861 10,837,656 Renewal Premium 1,000,154 126,258 53,999 1,489,837 12,670,406 15,340,654 Single Premium 90 625,834 — 4,341 1,871,914 2,502,179 (a) Premium Income 1,274,777 1,169,076 56,081 3,324,374 22,856,182 28,680,489(b) Reinsurance Ceded (16,390) (82,022) (610) (323) (82,618) (181,963)(c) Reinsurance accepted — — — — — — Income from Investments — — — — — — Interest, divident & rent 354,788 57,196 30,443 365,429 1,823,316 2,631,172 Premium on investments amortized(Net) (38,196) 368 (2,184) 2,627 6,825 (30,560)(a) Interest, divident & rent – Net 316,591 57,564 28,259 368,055 1,830,143 2,600,612 (b) Profit on sale/redemption of investments 55,538 8,838 4,208 312,307 3,200,573 3,581,464 (c) Loss on sale/redemption of investments (16,720) (10) (1,395) (100,384) (746,628) (865,137)(d) Transfer/Gain on revaluation — — — 539,592 4,682,712 5,222,304 Other Income — — — — — — (a) Contribution from Shareholder's Account — — — 176,960 — 176,960 (b) Miscellaneous income 7,228 517 38 2,541 17,943 28,267 (c) Profit(Loss) on Sale of Fixed Assets 31 28 1 80 553 693 TOTAL(A) 1,621,056 1,153,992 86,583 4,623,201 31,758,857 39,243,689 Commission — — — — First Year Premium 77,096 16,573 136 127,127 1,228,617 1,449,549 Renewal Premium 23,827 3,499 482 22,571 207,390 257,769 Single Premium (1) 22 — 111 32,759 32,891 Commission on Reinsurance Ceded (4,905) (45,823) (1) (26) (10,289) (61,044)Net Commission 96,017 (25,728) 617 149,783 1,458,476 1,679,165 Operating Expenses related to Insurance Business (Refer Schedule 16 – Note 2 k) 313,872 162,888 3,427 445,423 4,812,759 5,738,369 Provision for doubtful debts — — — — — — Bad debts written off — — — — — — Provision for Tax(Fringe Benefit Tax) — — — — — — Diminution in the value of investments(Net) (66,747) — (4,941) — — (71,688)TOTAL(B) 343,142 137,160 (897) 595,207 6,271,234 7,345,846 Claims by Death 77,545 524,508 1,517 61,669 317,055 982,294 Annuities/Pension payment — — — — — — Surrender payments & rider benefits 445,455 63,435 20,635 156,758 3,658,762 4,345,045 Reinsurance: Claims by death (37,359) (304,856) (65) — (18,230) (360,510)Benefits paid(net) 485,641 283,087 22,087 218,427 3,957,587 4,966,829 Interim Bonuses paid — — — — — — Change in valuation of Liability in respect of Life policies — — — — — — (a) Gross 758,182 385,360 62,717 21,856 937,832 2,165,947 (b) Amount ceded in reinsurance — — — — — — (c) Amount accepted in reinsurance — — — — — — Provision for linked liabilities — — — 3,523,498 19,551,945 23,075,443 TOTAL( C) 1,243,823 668,447 84,804 3,763,781 24,447,363 30,208,218 SURPLUS/(DEFICIT) (D)=(A)—(B)—(C) 34,091 348,385 2,676 264,213 1,040,259 1,689,624 APPROPRIATIONS — — — — — — Transfer to Shareholders’—Account 19,981 348,385 1,934 — 338,178 708,478 Transfer to Other Reserves (to be specified) — — — — — — Transfer to Funds for Futue Approriation — — — 264,212 702,082 966,294 SURPLUS/(DEFICIT) AFTER APPROPRIATION 14,110 — 742 — — 14,852 SURPLUS/(DEFICIT) BROUGHT FORWARD 37,981 — 37,981 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET 14,110 — 38,723 — — 52,833(a) Interim Bonuses Paid — — — — (b) Allocation of Bonus to Policyholders 179,826 — 17,410 — — 197,236 (c) Surplus/(Deficit) shown in the Revenue

Account 14,110 — 742 — — 14,852 (d) Total Surplus: [(a) + (b) + (c)] 193,937 — 18,151 — — 212,088

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40 Kotak Mahindra Old Mutual L i fe Insurance L imited

Please check thoroughly. Vakils will not be responsible for errors not noted on this proof.

Registration No: 107; Date of Registration: January 10, 2001Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)18 Segment—wise revenue account for the year ended March 31, 2009

Category Participating Non- Participating

Annuities Participating

Annuity Linked Non- Participating

Unit Linked Non-

Participating

Total

Premium IncomeFirst Year Premium 248,231 375,110 3,132 2,237,767 10,009,706 12,873,946 Renewal Premium 1,068,460 109,496 57,094 736,640 8,029,981 10,001,671 Single Premium 188 368,960 15 17,859 169,286 556,308 (a) Premium Income 1,316,879 853,566 60,241 2,992,266 18,208,973 23,431,925 (b) Reinsurance Ceded (16,894) (274,665) (373) (201) (62,384) (354,516)(c) Reinsurance accepted — — — — — — Income from Investments — — — — — — Interest, dividend & rent – Net 281,300 45,976 25,648 171,287 1,159,888 1,684,099 Premium on investments amortized (Net) 13,485 6,849 1,607 35 4,737 26,713 (a) Interest, divident & rent – Net 294,785 52,825 27,255 171,322 1,164,625 1,710,812 (b) Profit on sale/redemption of investments 255,038 25,403 17,725 109,463 962,758 1,370,387 (c) Loss on sale/redemption of investments (434,274) (14,174) (31,777) (519,638) (4,748,040) (5,747,903)(d) Transfer/Gain on revaluation — — — (49,629) (735,853) (785,482)Other Income — — — — — — (a) Contribution from Shareholder's Account — 238,697 62,593 301,290 (b) Miscellaneous income 11,239 419 146 857 15,969 28,630 (c) Profit(Loss) on Sale of Fixed Assets (3) (2) (0) (7) (41) (53)TOTAL(A) 1,426,770 643,372 73,217 2,943,131 14,868,600 19,955,090 Commission — — — — First Year Premium 64,719 9,307 73 144,488 1,851,447 2,070,034 Renewal Premium 26,926 9,215 430 10,890 143,488 190,949 Single Premium 1 11 0 346 3,376 3,734 Commission on Reinsurance Ceded (49) (1,578) (0) (34) (8,733) (10,394)Net Commission 91,597 16,955 503 155,690 1,989,578 2,254,323 Operating Expenses related to Insurance Business ( Refer Schedule 16 – Note 2 k ) 250,643 166,148 4,493 590,887 5,064,486 6,076,657 Provision for doubtful debts — — — — — — Bad debts written off — — — — — — Provision for Tax(Fringe Benefit Tax) 1,106 733 20 2,608 22,357 26,824 Diminution in the value of investments(Net) (3,085) — 3,613 — — 528 TOTAL(B) 340,261 183,836 8,629 749,185 7,076,421 8,358,332 Claims by Death 22,401 215,626 1,092 25,408 143,422 407,949 Annuities/Pension payment — — — — — — Surrender payments & rider benefits 379,800 26,022 19,032 7,501 1,696,115 2,128,471 Reinsurance :—Claims by death (3,005) (93,488) (373) — (9,158) (106,024)Benefits paid(net) 399,196 148,160 19,751 32,909 1,830,379 2,430,395 Interim Bonuses paid — — — — — — Change in valuation of Liability in respect of Life policies — — — — — — (a) Gross 685,270 112,735 42,435 27,233 882,061 1,749,734 (b) Amount ceded in reinsurance — — — — — — (c) Amount accepted in reinsurance — — — — — — Provision for linked liabilities — — — 1,986,408 4,672,993 6,659,401 TOTAL( C) 1,084,466 260,895 62,186 2,046,550 7,385,433 10,839,530 SURPLUS/(DEFICIT) (D)=(A)–(B)–(C) 2,043 198,641 2,402 147,396 406,746 757,228 APPROPRIATIONS — — — — — — Transfer to Shareholders’—Account 2,043 198,641 1,385 — — 202,069 Transfer to Other Reserves (to be specified) — — — — — — Transfer to Funds for Futue Approriation — — — 147,396 406,746 554,142 SURPLUS/(DEFICIT) AFTER APPROPRIATION — — 1,017 — — 1,017 SURPLUS/(DEFICIT) BROUGHT FORWARD 36,964 — 36,964 SURPLUS/(DEFICIT) CARRIED FORWARD TO BALANCE SHEET — — 37,981 — — 37,981 (a) Interim Bonuses Paid — — (b) Allocation of Bonus to Policyholders 98,784 — 12,467 — 111,251 (c) Surplus/ (Deficit) shown in the Revenue

Account — — 1,017 — — 1,017 (d) Total Surplus: [(a) + (b) + (c)] 98,784 — 13,484 — — 112,268

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Please check thoroughly. Vakils will not be responsible for errors not noted on this proof.

Kotak Mahindra Old Mutual L i fe Insurance L imited 41

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)

19. Additional segment reporting

Particulars Participating

business

Non-Participating

business

Annuities -

Participating

Annuities-Linked-Non-

participating

Unit-Linked Non-

Participating

Shareholders Total

2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 2009

Non-cash

expenses

other than

depreciationLiability

against life

policies 758,182 685,268 385,360 112,735 62,717 42,436 21,856 27,233 937,832 882,061 — — 2,165,947 1,749,734 Transfer to

linked fund — — — — — — 3,523,498 1,986,408 19,551,944 4,672,993 — — 23,075,442 6,659,401 Transfer

to fund

for future

appropriation — — — — — — 264,212 147,395 702,082 406,748 — — 966,294 554,142 Bonus to

Policyholders 179,826 98,784 — — 17,410 12,467 — — — — — — 197,236 111,251 Amortization

of premium

on

investments (38,196) 13,485 368 6,849 (2,184) 1,607 2,627 35 6,826 4,737 (13,256) 14,824 (43,816) 41,538 Gratuity

and leave

encashment 1,752 1,485 909 985 19 27 2,486 3,501 26,862 30,010 — — 32,028 36,008

20. Summary of financial statements

Sr. No.

Particulars 2010 2009 2008 2007 2006

Policyholders’ Account1. Gross premium income 28,680,489 23,431,925 16,911,366 9,715,141 6,218,519 2. Net premium income 28,498,526 23,077,409 16,627,098 9,513,372 6,106,986 3. Income from investments (Net of Amortisation) 10,539,243 (3,452,186) 2,610,124 1,193,878 1,248,219 4. Other income 205,920 329,867 1,099,659 1,186,898 502,165 5. Total Income 39,243,689 19,955,090 20,336,881 11,894,148 7,857,370 6. Commission & Brokerage 1,679,165 2,254,323 1,551,115 802,032 591,182 8. Operating expenses related to insurance business

including Fringe Benefit Tax 5,738,369 6,103,481 4,276,854 2,421,903 1,351,515 9. Provisions for Diminution in value of investments

(net) (71,688) 528 71,160 — — 10. Total Expenses 7,345,846 8,358,332 5,899,129 3,223,935 1,942,697 11. Benefits paid 4,966,829 2,430,395 2,625,540 1,731,712 419,665 12. Increase in actuarial liability 2,165,947 1,749,734 1,297,916 1,208,134 1,246,757 13. Provision for Linked Liabilities 23,075,443 6,659,401 9,917,971 5,080,269 4,221,738 14. Surplus/ (Deficit) (before appropriation) 1,689,624 757,228 596,325 650,098 26,513

Shareholders’ Account15. Total income under shareholders’ Account 912,744 465,109 364,352 85,950 64,254 16. Total Expenses under shareholder’s Accounts 220,498 321,708 1,091,419 1,182,306 500,205 17. Profit/(Loss) before tax 692,246 143,401 (727,067) (1,096,357) (435,951)18. Provision for tax — — (8,322) 8,322 8,270 19. Profit/ (Loss) after tax 692,246 143,401 (718,745) (1,104,679) (444,221)20. Balance at the beginning of the year (3,243,421) (3,386,822) (2,668,077) (1,563,398) (1,109,906)21. Profit/(Loss) carried to Balance Sheet (2,551,175) (3,243,421) (3,386,822) (2,668,076) (1,554,127)

Page 43: Kotak Mahindra Old Mutual Life Insurance Limitedir.kotak.com/downloads/annual-reports-2009-10/pdf/Kotak Mahindra … · Bancassurance – Kotak Mahindra Bank continues to have the

42 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules forming part of the financial statements (Contd.)for the year ended 31 March 2010(Currency: In thousands of Indian Rupees unless otherwise stated)20. Summary of financial statements (Contd.)

Sr. No.

Particulars 2010 2009 2008 2007 2006

22. (A) Policyholders’ account: Total Funds 9,339,430 7,070,838 5,321,105 4,023,188 2,815,055 Total Investments 10,147,431 6,277,699 5,704,368 4,026,888 2,975,227 Yield on Investments (%) 7.69% 5.25% 13.28% 11.90% 9.28%(B) Shareholders’ account: Total Funds 3,072,090 2,379,844 1,936,273 1,155,750 925,093 Total Investments 2,491,819 2,823,102 1,312,978 853,836 656,985 Yield on Investments (%) 8.90% 12.10% 9.45% 5.92% 6.68%

23. Yield on Total Investments 7.96% 7.17% 12.24% 10.34% 8.45%24. Paid up Equity Capital 5,102,902 5,102,902 4,802,732 3,303,466 2,445,835 25. Net Worth 3,072,090 2,379,844 1,936,273 1,155,750 925,093 26. Total Assets 66,871,017 39,797,642 30,389,777 17,991,510 11,471,461 27. Earnings per share (Rupees) 1.36 0.29 (1.80) (3.97) (1.94)28. Book Value per share (Rupees) 6.02 4.66 4.03 3.50 3.78

21. Earnings per share Earnings Per Share is calculated by dividing the Profits/(Loss) in the Shareholders’ Account by the weighted average number of equity shares

outstanding during the year. The numbers used in calculating basic and diluted earnings per equity share are as follows:

Particulars 2010 2009Profit/(Loss) after taxation and before exceptional items 692,246 143,401 Profit/(Loss) after taxation 692,246 143,401 Weighted average number of shares 510,290,249 496,474,170 Earnings per share before exceptional items (Basic and Diluted) 1.36 0.29 Earnings per share (Basic and Diluted) 1.36 0.29 Face value per share Rs.10 Rs.10

22. Employee share option plans (ESOP)

At the Annual General Meetings of the holding company, Kotak Mahindra Bank Limited, the shareholders of the Bank had unanimously passed Special Resolutions on 28th July, 2000, 26th July, 2004 & 26th July, 2005, 5th July, 2007 and 21st August, 2007, to grant options to the Eligible Employees of the Bank and its subsidiaries companies. Pursuant to these resolutions, the following four Employees Stock Option Schemes had been formulated and adopted:

(a) Kotak Mahindra Equity Option Scheme 2001-02 (b) Kotak Mahindra Equity Option Scheme 2002-03 (c) Kotak Mahindra Equity Option Scheme 2005 (d) Kotak Mahindra Equity Option Scheme 2007

In terms of the Securities and Exchange Board of India (Employees Stock Option Scheme and Employee Stock Purchase) Guidelines, 1999, the option discount (being excess of the market price of the share over the exercise price of the option) is to be accounted for as employee compensation and shall be amortised on a straight line basis over the vesting period. During the year, the Company reimbursed Kotak Mahindra Bank Limited Rs. 12,268 (2009 – Rs. 19,945) towards ESOP granted to the employees of the Company. These costs are a part of Employees’ remuneration and welfare benefits in Schedule 3.

23. Micro, Small and Medium Enterprises Development Act, 2006 The Company has not received any intimation from “suppliers” regarding their status under the Micro, Small and Medium Enterprises

Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

24. Disclosure of certain expenses As required under Circular no 067/IRDA/F&A/CIR/MAR -08 dated March 28, 2008, expenses incurred under the following heads are as follows:

Particulars 2009-10 2008-09(i) Outsourcing Expenses 104,677 83,005 (ii) Business Development 200,879 213,405 (iii) Marketing Support 342,581 264,028

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Kotak Mahindra Old Mutual L i fe Insurance L imited 43

25. Unit Linked Disclosures Norms

Unit Linked Disclosures made hereunder are in accordance with the instructions received from the Insurance Regulatory & Development Authority vide circular numbers 054/IRDA/F and A/FEB-07 dated February 20, 2007 and IRDA/F&A/001/Apr-07 dated 16th April, 2009

25A. Unit Linked Disclosures — Revenue Account

REVENUE ACCOUNT FOR THE YEAR ENDED 31st March 2010 Policyholders’ Account (Technical Account)

Particulars Schedule Linked Life Linked Pension Linked Group Total Unit

Linked(10)=(3)+(6)+(9)

Non-Unit(1)

Unit (2)

Total(3)=(1)+(2)

Non-Unit(4)

Unit(5)

Total(6)=(4)+(5)

Non-Unit (7)

Unit(8)

Total(9)=(7)+(8)

Premiums earned – net

(a) Premium 4,839,083 16,795,438 21,634,521 963,763 2,360,611 3,324,374 13,648 1,208,013 1,221,661 26,180,556

(b) Reinsurance ceded (81,901) — (81,901) (323) — (323) (717) — (717) (82,941)

Income from Investments

(a) Interest, Dividend & Rent – Gross (Net of amortization) 118,087 1,570,727 1,688,814 11,786 356,269 368,055 1,829 139,499 141,328 2,198,197

(b) Profit on sale/redemption of investments 30,669 3,027,949 3,058,618 2,657 309,650 312,307 936 141,018 141,954 3,512,880

(c) Loss on sale/redemption of investments (454) (705,430) (705,884) (28) (100,356) (100,384) (4) (40,741) (40,745) (847,013)

(d) Unrealised gain/(loss) — 4,563,722 4,563,722 — 539,592 539,592 — 118,990 118,990 5,222,304

Other income

(a) Linked Income UL1 1,900,189 (1,900,189) — 222,949 (222,949) — 34,096 (34,096) — —

(b) Contribution from the Shareholders’ a/c — — — 176,960 — 176,960 — — 176,960

(c) Other Income 17,688 — 17,688 2,541 — 2,541 255 — 255 20,484

(d) Loss on Sale of Fixed asset 523 — 523 80 — 80 30 — 30 632

Total (A) 6,823,884 23,352,217 30,176,101 1,380,385 3,242,817 4,623,201 50,073 1,532,683 1,582,756 36,382,058

Commission 1,457,873 — 1,457,873 149,783 — 149,783 603 — 603 1,608,259

Operating Expenses related to Insurance Business 4,791,687 — 4,791,687 445,424 — 445,424 21,071 — 21,071 5,258,181

Provision for Taxation — — — — — — — — — —

Total (B) 6,249,560 — 6,249,560 595,207 — 595,207 21,674 — 21,674 6,866,441

Benefits Paid (Net) UL2 255,733 3,536,760 3,792,493 8,245 210,182 218,427 4,091 161,002 165,093 4,176,013

Interim Bonus Paid — — — — — — — — — —

Change in Valuation Liability 930,611 18,160,353 19,090,964 21,856 3,523,498 3,545,355 7,222 1,391,591 1,398,813 24,035,132

Total (C) 1,186,344 21,697,113 22,883,457 30,101 3,733,680 3,763,782 11,313 1,552,593 1,563,906 28,211,145

Surplus/(Deficit) (D) = (A) – (B) – (C) (612,020) 1,655,104 1,043,084 755,077 (490,864) 264,213 17,086 (19,910) (2,824) 1,304,473

APPROPRIATIONS

Insurance reserve at the beginning of the year — — — — — — — — — —

Transfer to Shareholders’ a/c — 341,002 341,002 — — — — (2,824) (2,824) 338,178

Funds available for future appropriations — 702,082 702,082 264,213 — 264,213 — — — 966,295

Total (D) — 1,043,084 1,043,084 264,213 — 264,213 — (2,824) (2,824) 1,304,473

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

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44 Kotak Mahindra Old Mutual L i fe Insurance L imited

25A. Unit Linked Disclosures — Revenue Account

REVENUE ACCOUNT FOR THE YEAR ENDED 31st March, 2009 Policyholders’ Account (Technical Account)

Particulars Schedule Linked Life Linked Pension Linked Group Total Unit

Linked(10)=(3)+(6)+(9)

Non-Unit(1)

Unit (2)

Total(3)=(1)+(2)

Non-Unit(4)

Unit(5)

Total(6)=(4)+(5)

Non-Unit (7)

Unit(8)

Total(9)=(7)+(8)

Premiums earned – net

(a) Premium 6,381,072 11,033,194 17,414,266 314,056 2,678,210 2,992,266 2,289 792,418 794,707 21,201,239

(b) Reinsurance ceded (62,384) — (62,384) (201) — (201) — — — (62,585)

Income from Investments

(a) Interest, Dividend & Rent – Gross (Net of amortization) 52,996 1,030,353 1,083,349 3,382 167,941 171,322 330 80,945 81,275 1,335,947

(b) Profit on sale/redemption of investments 49,940 857,359 907,299 3,019 106,444 109,463 218 55,241 55,459 1,072,221

(c) Loss on sale/redemption of investments (9,188) (4,587,006) (4,596,193) (420) (519,218) (519,638) (26) (151,820) (151,846) (5,267,677)

(d) Unrealised gain/(loss) — (725,940) (725,940) — (49,629) (49,629) — (9,913) (9,913) (785,482)

Other income

(a) Linked Income UL1 1,206,437 (1,206,437) — 171,609 (171,609) — 14,069 (14,069) — —

(b) Contribution from the Shareholders’ a/c 62,593 — 62,593 238,697 — 238,697 — — — 301,290

(c) Other Income 15,649 — 15,649 857 — 857 320 — 320 16,826

(d) Loss on Sale of Fixed asset (39) — (39) (7) — (7) (2) — (2) (48)

Total (A) 7,697,076 6,401,523 14,098,600 730,992 2,212,139 2,943,131 17,197 752,802 770,000 17,811,731

Commission 1,989,153 — 1,989,153 155,690 — 155,690 425 — 425 2,145,268

Operating Expenses related to Insurance Business 5,040,346 — 5,040,346 590,887 — 590,887 24,140 — 24,140 5,655,373

Provision for Taxation 22,250 — 22,250 2,608 — 2,608 107 — 107 24,965

Total (B) 7,051,749 — 7,051,749 749,185 — 749,185 24,671 — 24,672 7,825,606

Benefits Paid (Net) UL2 119,445 1,454,780 1,574,225 6,346 26,563 32,909 1,865 254,289 256,154 1,863,288

Interim Bonus Paid — — — — — — — — — —

Change in Valuation Liability 882,061 4,183,818 5,065,879 27,233 1,986,408 2,013,641 — 489,174 489,174 7,568,695

Total (C) 1,001,506 5,638,598 6,640,104 33,579 2,012,971 2,046,550 1,865 743,463 745,328 9,431,983

Surplus/(Deficit) (D) = (A) – (B) – (C) (356,179) 762,925 406,746 (51,772) 199,167 147,396 (9,339) 9,339 — 554,142

APPROPRIATIONS

Insurance reserve at the beginning of the year — — — — — — — — — —

Transfer to Shareholders’ a/c — — — — — — — — — —

Funds available for future appropriations — 406,746 406,746 — 147,396 147,396 — — — 554,142

Total (D) — 406,746 406,746 — 147,396 147,396 — — — 554,142

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2009 (Currency: In thousands of Indian Rupees unless otherwise stated)

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Kotak Mahindra Old Mutual L i fe Insurance L imited 45

25A. Unit Linked Disclosures — Revenue Account

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Schedule — UL1

Linked Income (recovered from linked funds)*

Particulars Life Linked Unit(1)

Pension Linked Unit(2)

Linked Group Unit(3)

Total(4)=(1)+(2)+(3)

Fund Administration charges — — — —

Fund Management charge 586,870 87,367 20,399 694,636

Policy Administration charge 523,417 133,947 — 657,364

Surrender charge** 383,231 97 — 383,328

Switching charge 30 — — 30

Mortality charge 353,859 1,444 13,647 368,950

Rider Premium charge 46,086 — — 46,086

Partial withdrawal charge — — — —

Miscellaneous charge 6,696 94 50 6,840

Total (UL–1) 1,900,189 222,949 34,096 2,157,234

* (net of service tax, if any). Fund management charges are inclusive of service tax figures

** Surrender charge includes partial surrender charge

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March, 2009 (Currency: In thousands of Indian Rupees unless otherwise stated)

25A. Unit Linked Disclosures — Revenue Account

Schedules to Annexure to Revenue Account (UL) forming part of Financial Statements

Schedule — UL1

Linked Income (recovered from linked funds)*

Particulars Life Linked Unit(1)

Pension Linked Unit(2)

Linked Group Unit(3)

Total(4)=(1)+(2)+(3)

Fund Administration charges — — — —

Fund Management charge 366,343 41,719 11,427 419,489

Policy Administration charge 511,903 128,349 216 640,468

Surrender charge** 33,437 56 26 33,519

Switching charge 34 9 — 43

Mortality charge 258,653 1,409 2,290 262,352

Rider Premium charge 30,554 — — 30,554

Partial withdrawal charge — — — —

Miscellaneous charge 5,514 67 110 5,691

Total (UL–1) 1,206,437 171,609 14,069 1,392,116

* (net of service tax, if any). Fund management charges are inclusive of service tax figures

** Surrender charge includes partial surrender charge

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

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46 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25A. Unit Linked Disclosures — Revenue Account

Schedule — UL2

BENEFITS PAID [NET]

Sl. No.

Particulars Linked Life Linked Pension Linked Group Total Unit Linked

(10)=(3)+(6)+(9)Non Unit(1)

Unit(2)

Linked Life(3)=(1)+(2)

Non-Unit(4)

Unit(5)

Linked Pension

(6)=(4)+(5)

Non-Unit(7)

Unit(8)

Linked Group

(9)=(7)+(8)

1. Insurance Claims

(a) Claims by Death 265,765 44,385 310,150 6,985 54,684 61,669 5,564 1,341 6,905 378,723

(b) Claims by Maturity — 44 44 — 86 86 — 94,818 94,818 94,949

(c) Annuities/Pension payment — — — — — — — — — —

(d) Other benefits

— Survival — — — — — — — — — —

— Surrender — 3,492,331 3,492,331 — 155,412 155,412 — 64,843 64,843 3,712,586

— Others 7,702 — 7,702 1,259 — 1,259 (976) — (976) 7,985

Sub Total (A) 273,467 3,536,760 3,810,227 8,244 210,182 218,426 4,588 161,002 165,590 4,194,244

2. Amount Ceded in reinsurance

(a) Claims by Death 17,734 — 17,734 — — — 497 — 497 18,231

(b) Claims by Maturity — — — — — — — — — —

(c) Annuities/Pension payment — — — — — — — — — —

(d) Other benefits

— Surrender — — — — — — — — — —

— Survival — — — — — — — — — —

Sub Total (B) 17,734 — 17,734 — — — 497 — 497 18,231

TOTAL (A) – (B) 255,733 3,536,760 3,792,493 8,244 210,182 218,426 4,091 161,002 165,093 4,176,013

Benefits paid to claimants:

In India 255,733 3,536,760 3,792,493 8,244 210,182 218,426 4,091 161,002 165,093 4,176,013

Outside India — — — — — — — — — —

TOTAL (UL2) 255,733 3,536,760 3,792,493 8,244 210,182 218,426 4,091 161,002 165,093 4,176,013

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Kotak Mahindra Old Mutual L i fe Insurance L imited 47

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2009 (Currency: In thousands of Indian Rupees unless otherwise stated)

25A. Unit Linked Disclosures — Revenue Account

Schedule — UL2

BENEFITS PAID [NET]

Sl. No.

Particulars Linked Life Linked Pension Linked Group Total Unit Linked

(10)=(3)+(6)+(9)Non-Unit(1)

Unit(2)

Linked Life(3)=(1)+(2)

Non-Unit(4)

Unit(5)

Linked Pension

(6)=(4)+(5)

Non-Unit(7)

Unit(8)

Linked Group

(9)=(7)+(8)

1. Insurance Claims

(a) Claims by Death 122,167 19,781 141,948 1,744 23,664 25,407 766 707 1,473 168,828

(b) Claims by Maturity — — — — — — — 69,440 69,440 69,440

(c) Annuities/Pension payment — — — — — — — — — —

(d) Other benefits

— Survival — — — — — — — — — —

— Surrender — 1,434,999 1,434,999 — 2,899 2,899 — 184,141 184,141 1,622,039

— Others 6,270 — 6,270 4,603 — 4,603 1,265 — 1,265 12,138

Sub Total (A) 128,437 1,454,780 1,583,217 6,346 26,563 32,909 2,031 254,289 256,320 1,872,446

2. Amount Ceded in reinsurance

(a) Claims by Death 8,992 — 8,992 — — — 166 — 166 9,158

(b) Claims by Maturity — — — — — — — — — —

(c) Annuities/Pension payment — — — — — — — — — —

(d) Other benefits

— Surrender — — — — — — — — — —

— Survival — — — — — — — — — —

Sub Total (B) 8,992 — 8,992 — — — 166 — 166 9,158

TOTAL (A) – (B) 119,445 1,454,780 1,574,225 6,346 26,563 32,909 1,865 254,289 256,154 1,863,288

Benefits paid to claimants:

In India 119,445 1,454,780 1,574,225 6,346 26,563 32,909 1,865 254,289 256,154 1,863,288

Outside India — — — — — — — — — —

TOTAL (UL2) 119,445 1,454,780 1,574,225 6,346 26,563 32,909 1,865 254,289 256,154 1,863,288

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48 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Guaranteed Money Market Fund

Kotak Group Money Market Fund Money Market Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 816 932 14 14 8,106 —

Appr/Ex-Appr Reserve 1 — — — 1 —

Revenue Account 1,455 1,276 45 41 (12) —

Total 2,272 2,208 59 55 8,095 —

Application of Funds

Investments F-2 2,272 2,209 59 54 4,055 —

Current Assets F-3 — — — 1 4,225 —

Less: Current Liabilities and Provisions F-4 — (1) — — (185) —

Net current assets — — — — 4,040 —

Total 2,272 2,208 59 55 8,095 —

Net Asset Value (NAV) per Unit: 17.2830 15.8391 17.1224 15.7362 10.0677 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 2,272 2,208 59 55 8,095 —

(b) Number of Units outstanding 131,453 139,495 3,473 3,473 804,059 —

(c) NAV per Unit (a)/(b) (Rs.) 17.2830 15.8319 17.1224 15.7362 10.0677 —

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Pension Money Market Fund II

Kotak Dynamic Gilt Fund

Kotak guaranteed Gilt Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 20,158 — 72,824 86,068 307,210 319,349

Appr/Ex-Appr Reserve 1 — 36 — 90 —

Revenue Account (49) — 73,116 66,324 54,563 42,386

Total 20,110 — 145,976 152,392 361,863 361,735

Application of Funds

Investments F-2 13,042 — 140,788 151,295 346,584 362,706

Current Assets F-3 7,069 — 7,624 14,836 17,717 41,105

Less: Current Liabilities and Provisions F-4 — — (2,436) (13,739) (2,438) (42,076)

Net current assets 7,069 — 5,188 1,097 15,279 (971)

Total 20,110 — 145,976 152,392 361,863 361,735

Net Asset Value (NAV) per Unit: 10.0937 — 15.0810 14.2157 15.0383 14.2141

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 20,110 — 145,976 152,392 361,863 361,735

(b) Number of Units outstanding 1,992,367 — 9,679,471 10,720,021 24,062,788 25,449,095

(c) NAV per Unit (a)/(b) (Rs.) 10.0937 — 15.0810 14.2157 15.0383 14.2141

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Kotak Mahindra Old Mutual L i fe Insurance L imited 49

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Pension Gilt Fund

Kotak Group Gilt Fund Gilt Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 206,178 224,462 76,531 61,772 778 —

Appr/Ex-Appr Reserve 53 — (21) — — —

Revenue Account 2,995 (1,788) 9,234 5,247 — —

Total 209,226 222,674 85,744 67,019 778 —

Application of Funds

Investments F-2 201,150 216,336 83,182 65,711 700 —

Current Assets F-3 10,513 31,256 3,650 3,857 78 —

Less: Current Liabilities and Provisions F-4 (2,437) (24,918) (1,088) (2,549) - —

Net current assets 8,076 6,338 2,562 1,308 78 —

Total 209,226 222,674 85,744 67,019 778 —

Net Asset Value (NAV) per Unit: 15.3817 14.5304 15.4197 14.4818 10.0576 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 209,226 222,674 85,744 67,019 778 —

(b) Number of Units outstanding 13,602,265 15,324,696 5,560,691 4,627,893 77,335 —

(c) NAV per Unit (a)/(b) (Rs.) 15.3817 14.5304 15.4197 14.4815 10.0576 —

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Dynamic Bond Fund

Kotak guaranteed Bond Fund

Kotak Pension Bond Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 172,340 142,133 271,979 218,227 346,177 327,612

Appr/Ex-Appr Reserve 130 — 180 — 201 —

Revenue Account 64,520 50,559 54,662 36,367 23,429 3,551

Total 236,990 192,692 326,821 254,594 369,807 331,163

Application of Funds

Investments F-2 217,118 161,634 302,284 238,699 339,230 322,152

Current Assets F-3 19,874 31,459 24,538 28,569 30,583 34,184

Less: Current Liabilities and Provisions F-4 (2) (401) (1) (12,674) (5) (25,172)

Net current assets 19,872 31,058 24,537 15,895 30,578 9,012

Total 236,990 192,692 326,821 254,594 369,807 331,163

Net Asset Value (NAV) per Unit: 16.0612 14.6803 16.0069 14.5859 16.1255 14.7079

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 236,990 192,692 326,821 254,594 369,807 331,163

(b) Number of Units outstanding 14,755,457 13,125,853 20,417,526 17,454,849 22,933,085 22,516,013

(c) NAV per Unit (a)/(b) (Rs.) 16.0612 14.6803 16.0069 14.5859 16.1255 14.7079

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50 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Group Bond Fund Bond Fund

Pension Bond Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 1,218,347 780,062 75,521 — 6,569 —

Appr/Ex-Appr Reserve 760 — 42 — 4 —

Revenue Account 160,766 67,757 104 — (27) —

Total 1,379,873 847,819 75,667 — 6,546 —

Application of Funds

Investments F-2 1,279,420 740,235 58,737 — 3,922 —

Current Assets F-3 100,484 109,947 16,938 — 2,625 —

Less: Current Liabilities and Provisions F-4 (31) (2,363) (8) — (1) —

Net current assets 100,453 107,584 16,930 — 2,624 —

Total 1,379,873 847,819 75,667 — 6,546 —

Net Asset Value (NAV) per Unit: 16.3723 14.6634 10.1341 — 10.1067 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 1,379,873 847,819 75,667 — 6,546 —

(b) Number of Units outstanding 84,280,951 57,818,850 7,466,571 — 647,675 —

(c) NAV per Unit (a)/(b) (Rs.) 16.3723 14.6634 10.1341 — 10.1067 —

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Dynamic Floating Rate Fund

Kotak guaranteed Floating Rate Fund

Kotak Pension Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 61,320 91,972 217,284 224,013 92,015 83,038

Appr/Ex-Appr Reserve 58 — 150 — 53 —

Revenue Account 44,641 40,597 52,025 44,966 2,593 991

Total 106,019 132,569 269,459 268,979 94,661 84,029

Application of Funds

Investments F-2 101,818 109,340 257,415 244,707 89,871 78,460

Current Assets F-3 4,201 24,438 12,045 28,188 4,791 9,889

Less: Current Liabilities and Provisions F-4 — (1,209) (1) (3,916) (1) (4,319)

Net current assets 4,201 23,229 12,043 24,272 4,790 5,570

Total 106,019 132,569 269,459 268,979 94,661 84,029

Net Asset Value (NAV) per Unit: 14.1087 13.4519 14.1426 13.4742 14.1686 13.5290

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 106,019 132,569 269,459 268,979 94,661 84,029

(b) Number of Units outstanding 7,514,415 9,854,996 19,052,975 19,962,616 6,681,018 6,211,076

(c) NAV per Unit (a)/(b) (Rs.) 14.1087 13.4520 14.1426 13.4741 14.1686 13.5289

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Kotak Mahindra Old Mutual L i fe Insurance L imited 51

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Group Floating Rate Fund Floating Rate Fund

Kotak Group 36M FMP 02/01/2011

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 126,225 113,936 998 — 24,334 30,000

Appr/Ex-Appr Reserve 77 — — — 2 —

Revenue Account 18,040 15,586 (3) — 6,575 3,842

Total 144,342 129,522 995 — 30,911 33,842

Application of Funds

Investments F-2 117,663 107,462 84 — 29,774 32,676

Current Assets F-3 26,691 23,563 911 — 1,214 1,213

Less: Current Liabilities and Provisions F-4 (12) (1,504) — — (77) (47)

Net current assets 26,679 22,059 911 — 1,137 1,166

Total 144,342 129,522 995 — 30,911 33,842

Net Asset Value (NAV) per Unit: 14.4007 13.6648 10.0597 — 12.2201 11.2812

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 144,342 129,522 995 — 30,911 33,842

(b) Number of Units outstanding 10,023,279 9,478,435 98,939 — 2,529,504 3,000,000

(c) NAV per Unit (a)/(b) (Rs.) 14.4007 13.6649 10.0597 — 12.2201 11.2805

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Group 12M FMP 28/03/2009

Kotak Group 36M FMP 12/09/2011

Kotak Group 11M FMP 06/10/2009

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 (1,414) (1,414) 8,349 10,013 (3,042) 30,034

Appr/Ex-Appr Reserve — — — — — —

Revenue Account 1,414 1,414 2,062 1,130 3,042 1,476

Total — — 10,411 11,143 — 31,510

Application of Funds

Investments F-2 — — 10,085 10,696 — 31,151

Current Assets F-3 — — 468 468 — 419

Less: Current Liabilities and Provisions F-4 — — (142) (21) — (60)

Net current assets — — 326 447 — 359

Total — — 10,411 11,143 — 31,510

Net Asset Value (NAV) per Unit: — — 12.1125 11.1289 — 10.4916

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) — — 10,411 11,143 — 31,510

(b) Number of Units outstanding — — 859,504 1,001,258 — 3,003,368

(c) NAV per Unit (a)/(b) (Rs.) — — 12.1125 11.1289 — 10.4916

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52 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Group 60M FMP 27/11/2013

Kotak Group 50M FMP 27/02/2013

Kotak Group 59M FMP 08/12/2013

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 62,164 70,000 6,001 7,210 25,195 28,000

Appr/Ex-Appr Reserve (1) — 1 — — —

Revenue Account 16,256 8,263 1,019 326 4,154 1,351

Total 78,419 78,263 7,021 7,536 29,349 29,351

Application of Funds

Investments F-2 76,385 75,697 6,967 6,857 28,662 28,498

Current Assets F-3 2,692 2,692 58 679 883 883

Less: Current Liabilities and Provisions F-4 (658) (126) (4) — (196) (30)

Net current assets 2,034 2,566 54 679 687 853

Total 78,419 78,263 7,021 7,536 29,349 29,351

Net Asset Value (NAV) per Unit: 12.3670 11.1803 11.4579 10.4531 11.5178 10.4826

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 78,419 78,263 7,021 7,536 29,349 29,351

(b) Number of Units outstanding 6,341,015 7,000,000 612,733 721,000 2,548,138 2,800,000

(c) NAV per Unit (a)/(b) (Rs.) 12.3670 11.1805 11.4579 10.4524 11.5178 10.4826

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Dynamic Balanced Fund

Kotak guaranteed Balanced Fund

Kotak Pension Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 100,509 106,938 1,450,720 1,302,997 5,680,502 4,284,096

Appr/Ex-Appr Reserve 442 — 3,229 — 10,720 —

Revenue Account 144,375 78,918 343,488 70,291 277,870 (503,708)

Total 245,326 185,856 1,797,438 1,373,288 5,969,092 3,780,388

Application of Funds

Investments F-2 243,290 178,167 1,738,157 1,360,293 5,844,593 3,700,147

Current Assets F-3 6,414 7,784 59,316 43,135 257,836 193,126

Less: Current Liabilities and Provisions F-4 (4,378) (95) (35) (30,140) (133,337) (112,885)

Net current assets 2,036 7,689 59,281 12,995 124,499 80,241

Total 245,326 185,856 1,797,438 1,373,288 5,969,092 3,780,388

Net Asset Value (NAV) per Unit: 29.2501 21.3360 26.7165 21.6628 27.1755 22.1184

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 245,326 185,856 1,797,438 1,373,288 5,969,092 3,780,388

(b) Number of Units outstanding 8,387,178 8,710,896 67,278,205 63,393,811 219,649,742 170,916,027

(c) NAV per Unit (a)/(b) (Rs.) 29.2501 21.3360 26.7165 21.6628 27.1755 22.1184

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Kotak Mahindra Old Mutual L i fe Insurance L imited 53

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Group Balanced Fund Balanced Fund

Pension Balanced Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 1,041,767 559,383 1,872 — 2,961 —

Appr/Ex-Appr Reserve 2,223 — 4 — 5 —

Revenue Account 195,774 (10,573) 25 — (13) —

Total 1,239,764 548,810 1,901 — 2,953 —

Application of Funds

Investments F-2 1,327,811 490,911 1,703 — 1,791 —

Current Assets F-3 25,146 81,777 247 — 1,245 —

Less: Current Liabilities and Provisions F-4 (113,193) (23,878) (49) — (83) —

Net current assets (88,047) 57,899 198 — 1,162 —

Total 1,239,764 548,810 1,901 — 2,953 —

Net Asset Value (NAV) per Unit: 29.0804 21.5209 10.4201 — 10.1953 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 1,239,764 548,810 1,901 — 2,953 —

(b) Number of Units outstanding 42,632,312 25,501,164 182,389 — 289,615 —

(c) NAV per Unit (a)/(b) (Rs.) 29.0804 21.5210 10.4201 — 10.1953 —

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Dynamic Growth Fund

Kotak guaranteed Growth Fund

Kotak Pension Growth Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 573,957 522,604 21,785,176 17,311,734 229,466 76,137

Appr/Ex-Appr Reserve 2,039 — 55,394 — 600 —

Revenue Account 276,399 40,325 1,281,831 (2,186,234) 20,333 1,105

Total 852,395 562,929 23,122,401 15,125,500 250,399 77,242

Application of Funds

Investments F-2 845,958 543,080 23,020,831 14,451,378 247,812 84,385

Current Assets F-3 12,850 19,969 806,974 1,016,062 9,203 13,002

Less: Current Liabilities and Provisions F-4 (6,413) (120) (705,404) (341,940) (6,616) (20,146)

Net current assets 6,437 19,849 101,570 674,122 2,587 (7,144)

Total 852,395 562,929 23,122,401 15,125,500 250,399 77,242

Net Asset Value (NAV) per Unit: 33.4432 23.1350 30.5851 24.1730 13.0131 10.2643

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 852,395 562,929 23,122,401 15,125,500 250,399 77,242

(b) Number of Units outstanding 25,487,857 24,332,333 756,002,147 625,717,674 19,242,033 7,525,366

(c) NAV per Unit (a)/(b) (Rs.) 33.4432 23.1350 30.5851 24.1730 13.0131 10.2642

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54 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Group Growth Fund

Kotak Aggressive Growth Fund

Kotak Group Agressive Growth Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 (173) 5,127 2,915,174 2,201,228 (988) 1,180

Appr/Ex-Appr Reserve — — 8,655 — — —

Revenue Account 173 (1,220) 689,795 (548,713) 988 131

Total — 3,907 3,613,624 1,652,515 — 1,311

Application of Funds

Investments F-2 — 3,862 3,585,975 1,611,684 — 1,294

Current Assets F-3 — 221 45,178 50,066 — 17

Less: Current Liabilities and Provisions F-4 — (176) (17,529) (9,235) — —

Net current assets — 45 27,649 40,831 — 17

Total — 3,907 3,613,624 1,652,515 — 1,311

Net Asset Value (NAV) per Unit: — 8.3521 32.9485 18.8248 — 11.6518

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) — 3,907 3,613,624 1,652,515 — 1,311

(b) Number of Units outstanding — 467,944 109,674,912 87,783,908 — 112,462

(c) NAV per Unit (a)/(b) (Rs.) — 8.3499 32.9485 18.8248 — 11.6562

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Advantage Multiplier Fund

Kotak Advantage Plus Fund

Kotak Advantage Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 56,726 65,864 517,935 918,693 (1,128) 9,659

Appr/Ex-Appr Reserve (165) — (1,611) — — —

Revenue Account 11,827 362 152,409 28,785 1,128 702

Total 68,388 66,226 668,733 947,478 — 10,361

Application of Funds

Investments F-2 68,206 69,858 671,777 957,561 — 11,172

Current Assets F-3 1,155 5,041 10,625 54,608 — 854

Less: Current Liabilities and Provisions F-4 (973) (8,673) (13,669) (64,691) — (1,665)

Net current assets 182 (3,632) (3,044) (10,083) — (811)

Total 68,388 66,226 668,733 947,478 — 10,361

Net Asset Value (NAV) per Unit: 12.9200 10.8742 12.8918 10.9670 — 11.3861

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 68,388 66,226 668,733 947,478 — 10,361

(b) Number of Units outstanding 5,293,180 6,090,125 51,872,710 86,393,485 — 909,907

(c) NAV per Unit (a)/(b) (Rs.) 12.9200 10.8743 12.8918 10.9670 — 11.3872

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Kotak Mahindra Old Mutual L i fe Insurance L imited 55

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Frontline Equity Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 37,690 49,652 406,080 654,047 163,691 —

Appr/Ex-Appr Reserve (112) — 1,257 — 402 —

Revenue Account 8,783 80 116,752 15,258 3,210 —

Total 46,361 49,732 524,089 669,305 167,303 —

Application of Funds

Investments F-2 46,726 49,914 521,075 672,376 161,759 —

Current Assets F-3 703 5,416 10,846 39,993 17,964 —

Less: Current Liabilities and Provisions F-4 (1,068) (5,598) (7,832) (43,064) (12,420) —

Net current assets (365) (182) 3,014 (3,071) 5,544 —

Total 46,361 49,732 524,089 669,305 167,303 —

Net Asset Value (NAV) per Unit: 12.9155 10.8734 12.9798 11.0327 10.1314 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 46,361 49,732 524,089 669,305 167,303 —

(b) Number of Units outstanding 3,589,560 4,573,648 40,377,287 60,665,563 16,513,301 —

(c) NAV per Unit (a)/(b) (Rs.) 12.9155 10.8736 12.9798 11.0327 10.1314 —

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 19,997 — 3,047,534 490,523 43,582 —

Appr/Ex-Appr Reserve 48 — 9,063 — (109) —

Revenue Account 207 — 725,846 8,953 1,461 —

Total 20,252 — 3,782,443 499,476 44,934 —

Application of Funds

Investments F-2 12,862 — 3,730,370 541,722 45,857 —

Current Assets F-3 9,341 — 118,385 71,278 79 —

Less: Current Liabilities and Provisions F-4 (1,951) — (66,312) (113,524) (1,002) —

Net current assets 7,390 — 52,073 (42,246) (923) —

Total 20,252 — 3,782,443 499,476 44,934 —

Net Asset Value (NAV) per Unit: 10.7640 — 19.2146 9.9325 10.9569 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 20,252 — 3,782,443 499,476 44,934 —

(b) Number of Units outstanding 1,881,436 — 196,852,528 50,287,079 4,101,007 —

(c) NAV per Unit (a)/(b) (Rs.) 10.7640 — 19.2146 9.9325 10.9569 —

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56 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Classic Opportunities Fund

Pension Classic Opportunities Fund

Dynamic Floor Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 646,446 — 67,575 — 3,729,766 1,483,652

Appr/Ex-Appr Reserve 1,585 — 164 — 7,241 —

Revenue Account 12,361 — 775 — 298,135 30,902

Total 660,392 — 68,514 — 4,035,142 1,514,554

Application of Funds

Investments F-2 522,366 — 38,554 — 3,978,895 1,459,228

Current Assets F-3 169,792 — 32,732 — 174,855 167,948

Less: Current Liabilities and Provisions F-4 (31,766) — (2,772) — (118,608) (112,622)

Net current assets 138,026 — 29,960 — 56,247 55,326

Total 660,392 — 68,514 — 4,035,142 1,514,554

Net Asset Value (NAV) per Unit: 10.4366 — 10.7056 — 16.0702 13.1120

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 660,392 — 68,514 — 4,035,142 1,514,554

(b) Number of Units outstanding 63,276,554 — 6,399,797 — 251,094,688 115,508,966

(c) NAV per Unit (a)/(b) (Rs.) 10.4366 — 10.7056 — 16.0702 13.1120

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Kotak Group Dynamic Floor Fund

Kotak Pension Floor Fund

Dynamic Floor Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 190,570 — 544,145 — 1,498,347 —

Appr/Ex-Appr Reserve 343 — 984 — 2,719 —

Revenue Account (100) — 2,376 — 15,172 —

Total 190,813 — 547,505 — 1,516,238 —

Application of Funds

Investments F-2 202,164 — 549,551 — 1,212,546 —

Current Assets F-3 6,992 — 7,683 — 351,257 —

Less: Current Liabilities and Provisions F-4 (18,343) — (9,729) — (47,565) —

Net current assets (11,351) — (2,046) — 303,692 —

Total 190,813 — 547,505 — 1,516,238 —

Net Asset Value (NAV) per Unit: 16.1443 — 10.5821 — 10.1549 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 190,813 — 547,505 — 1,516,238 —

(b) Number of Units outstanding 11,819,215 — 51,738,748 — 149,310,996 —

(c) NAV per Unit (a)/(b) (Rs.) 16.1443 — 10.5821 — 10.1549 —

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Kotak Mahindra Old Mutual L i fe Insurance L imited 57

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A — BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Pension Floor Fund II Guarantee Fund Pension Guarantee Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 343,933 — 163,658 — 344,305 —

Appr/Ex-Appr Reserve 619 — 296 — 623 —

Revenue Account 382 — 1,505 — 1,206 —

Total 344,934 — 165,459 — 346,134 —

Application of Funds

Investments F-2 234,752 — 140,118 — 251,880 —

Current Assets F-3 123,431 — 27,594 — 102,560 —

Less: Current Liabilities and Provisions F-4 (13,249) — (2,253) — (8,306) —

Net current assets 110,182 — 25,341 — 94,254 —

Total 344,934 — 165,459 — 346,134 —

Net Asset Value (NAV) per Unit: 10.0298 — 10.5435 — 10.0920 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 344,934 — 165,459 — 346,134 —

(b) Number of Units outstanding 34,390,874 — 15,693,030 — 34,297,813 —

(c) NAV per Unit (a)/(b) (Rs.) 10.0298 — 10.5435 — 10.0920 —

25B. Unit Linked Disclosures — Fund Balance Sheet (Contd.)

Form A–BS(UL)

Fund Balance Sheet for the Year Ended 31st March, 2010

Particulars Schedule

Peak Guarantee Fund I Total

Current Year

Previous Year

Current Year

Previous Year

Sources of Funds

Policyholders’ Funds:

Policyholder contribution F-1 164,263 — 49,169,037 32,890,949

Appr/Ex-Appr Reserve 295 — 108,785 —

Revenue Account (410) — 5,180,665 (2,582,990)

Total 164,148 — 54,458,487 30,307,959

Application of Funds

Investments F-2 73,980 — 53,032,627 29,173,613

Current Assets F-3 95,454 — 2,785,727 2,157,923

Less: Current Liabilities and Provisions F-4 (5,286) — (1,359,863) (1,023,576)

Net current assets 90,168 — 1,425,859 1,134,346

Total 164,148 — 54,458,487 30,307,959

Net Asset Value (NAV) per Unit: 10.3534 —

(a) Net Asset as per Balance Sheet (Total Assets less Current Liabilities and Provisions) 164,148 — 54,458,487 30,307,959

(b) Number of Units outstanding 15,854,484 — — —

(c) NAV per Unit (a)/(b) (Rs.) 10.3534 — — —

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58 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25C. Unit Linked Disclosures — Fund Revenue Account Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak Guaranteed Money Market Fund

Kotak Group Money Market Fund

Money Market FundPension

Money Market Fund IICurrent

YearPrevious

YearCurrent

YearPrevious

YearCurrent

YearPrevious

YearCurrent

YearPrevious

YearInterest income 207 253 5 6 13 — 86 — Dividend income — — — — — — — — Profit on sale of investment 11 21 — 1 3 — 7 — Profit on inter fund transfer / sale of investment — — — — — — 2 — Loss on sale of investment (3) — — — — — (1) — Loss on inter fund transfer / sale of investment (2) — — — — — (3) — Miscellaneous Income — — — — — — — — Unrealised Gain/Loss — — — — — — — — Total (A) 213 274 5 7 16 — 91 — Fund administration expenses — — — — — — — — Fund management expenses 15 14 1 0 4 — 22 — Other charges : F - 5 19 34 — — 24 — 118 — Total (B) 34 48 1 0 28 — 140 — Net Income for the year (A–B) 179 226 4 7 (12) — (49) — Add: Fund revenue account at

the beginning of the year 1,276 1,050 41 34 — — — — Fund revenue account at the end of the year 1,455 1,276 45 41 (12) — (49) —

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak Dynamic Gilt Fund

Kotak guaranteed Gilt Fund

Kotak Pension Gilt Fund

Kotak Group Gilt Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 10,307 9,897 26,642 18,688 14,297 3,858 5,280 3,113 Dividend income — — — — — — — — Profit on sale of investment 4,835 15,975 10,048 30,037 5,999 4,199 2,650 4,825 Profit on inter fund transfer / sale of investment 120 1,512 23 2,496 30 138 128 581 Loss on sale of investment (6,256) (8,609) (12,847) (18,902) (6,615) (5,035) (3,319) (2,733)Loss on inter fund transfer / sale of investment (72) (1,292) (631) (1,604) (71) (88) (90) (216)Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 1,680 (1,198) 1,555 (2,034) 810 (2,391) 675 (913)Total (A) 10,614 16,285 24,790 28,681 14,450 681 5,324 4,657 Fund administration expenses — — — — — — — — Fund management expenses 1,623 1,446 4,213 2,744 2,287 588 669 365 Other charges : F - 5 2,199 1,819 8,400 5,176 7,380 2,389 669 330 Total (B) 3,822 3,265 12,613 7,920 9,667 2,977 1,338 695 Net Income for the year (A–B) 6,792 13,020 12,177 20,761 4,783 (2,296) 3,986 3,962 Add: Fund revenue account at

the beginning of the year 66,324 53,304 42,386 21,625 (1,788) 508 5,247 1,285 Fund revenue account at the end of the year 73,116 66,324 54,563 42,386 2,995 (1,788) 9,234 5,247

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Kotak Mahindra Old Mutual L i fe Insurance L imited 59

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars ScheduleGilt Fund

Kotak Dynamic Bond Fund

Kotak guaranteed Bond Fund

Kotak Pension Bond Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 4 — 15,847 8,305 22,291 12,869 27,792 3,411 Dividend income — — — — — — — — Profit on sale of investment — — 8,009 5,380 11,379 8,551 10,021 1,918 Profit on inter fund transfer / sale of investment — — 947 1,019 2,249 1,231 1,719 264 Loss on sale of investment — — (3,326) (2,541) (4,122) (4,007) (3,034) (853)Loss on inter fund transfer / sale of investment — — (327) (654) (103) (1,209) (275) (57)Miscellaneous Income — — — — — — — — Unrealised Gain/Loss — — (162) 2,002 (1,598) 3,377 (90) 1,294 Total (A) 4 — 20,988 13,511 30,096 20,812 36,133 5,977 Fund administration expenses — — — — — — — — Fund management expenses 1 — 2,732 1,259 3,899 1,961 4,614 539 Other charges : F - 5 3 — 4,295 2,030 7,902 3,935 11,641 2,207 Total (B) 4 — 7,027 3,289 11,801 5,896 16,255 2,746 Net Income for the year (A–B) (0) — 13,961 10,222 18,295 14,916 19,878 3,231 Add: Fund revenue account at

the beginning of the year — — 50,559 40,337 36,367 21,451 3,551 320 Fund revenue account at the end of the year (0) — 64,520 50,559 54,662 36,367 23,429 3,551

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak Group Bond Fund

Bond FundPension

Bond Fund IIKotak Dynamic

Floating Rate FundCurrent

YearPrevious

YearCurrent

YearPrevious

YearCurrent

YearPrevious

YearCurrent

YearPrevious

YearInterest income 72,773 32,877 228 — 20 — 7,519 6,685 Dividend income — — — — — — — — Profit on sale of investment 47,058 23,780 44 — 5 — 355 2,771 Profit on inter fund transfer / sale of investment 8,074 3,543 3 — — — — 180 Loss on sale of investment (15,915) (9,917) (5) — (2) — (1,030) (133)Loss on inter fund transfer / sale of investment (378) (2,254) (8) — (1) — (238) (259)Miscellaneous Income — — — — — — — — Unrealised Gain/Loss (3,733) 8,625 102 — 5 — 412 (840)Total (A) 107,879 56,654 364 — 27 — 7,018 8,404 Fund administration expenses — — — — — — — — Fund management expenses 8,174 3,331 49 — 4 — 1,528 1,127 Other charges : F - 5 6,696 953 211 — 50 — 1,446 1,102 Total (B) 14,870 4,284 260 — 54 — 2,974 2,229 Net Income for the year (A–B) 93,009 52,370 104 — (27) — 4,044 6,175 Add: Fund revenue account at

the beginning of the year 67,757 15,387 — — — — 40,597 34,422 Fund revenue account at the end of the year 160,766 67,757 104 — (27) — 44,641 40,597

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60 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak guaranteed Floating Rate Fund

Kotak Pension Floating Rate Fund

Kotak Group Floating Rate Fund

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 17,917 21,191 5,906 1,495 8,423 7,657 — — Dividend income — — — — — — — — Profit on sale of investment 948 7,889 286 579 384 2,884 — — Profit on inter fund transfer / sale of investment — 1,116 — 25 — 221 — — Loss on sale of investment (2,720) (409) (641) (25) (1,144) (169) — — Loss on inter fund transfer / sale of investment (590) (1,029) (162) (46) (331) (304) — — Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 1,186 (2,518) (30) (226) 470 (948) — — Total (A) 16,741 26,240 5,359 1,802 7,802 9,341 — — Fund administration expenses — — — — — — — — Fund management expenses 3,651 3,573 1,229 259 1,148 862 — — Other charges : F - 5 6,031 7,653 2,528 919 4,200 446 3 — Total (B) 9,682 11,226 3,757 1,178 5,348 1,308 3 — Net Income for the year (A–B) 7,059 15,014 1,602 624 2,454 8,033 (3) — Add: Fund revenue account at

the beginning of the year 44,966 29,952 991 367 15,586 7,553 — — Fund revenue account at the end of the year 52,025 44,966 2,593 991 18,040 15,586 (3) —

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak Group 36M FMP 02/01/2011

Kotak Group 12M FMP 28/03/2009

Kotak Group 36M FMP 12/09/2011

Kotak Group 11M FMP 06/10/2009

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 2,914 2,900 — 1,460 894 491 1,724 1,315 Dividend income — — — — — — — — Profit on sale of investment 53 7 — — 7 2 — — Profit on inter fund transfer / sale of investment — — — 32 — 1 226 — Loss on sale of investment (1) — — — — — — — Loss on inter fund transfer / sale of investment — (1) — — — — — — Miscellaneous Income — — — — — — — — Unrealised Gain/Loss (47) 768 — — 116 680 (255) 255 Total (A) 2,919 3,674 — 1,492 1,017 1,174 1,695 1,570 Fund administration expenses — — — — — — — — Fund management expenses 186 174 — 93 85 44 129 94 Other charges : F - 5 — — — — — — — — Total (B) 186 174 — 93 85 44 129 94 Net Income for the year (A–B) 2,733 3,500 — 1,399 932 1,130 1,566 1,476 Add: Fund revenue account at

the beginning of the year 3,842 342 — 15 1,130 — 1,476 — Fund revenue account at the end of the year 6,575 3,842 — 1,414 2,062 1,130 3,042 1,476

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Kotak Mahindra Old Mutual L i fe Insurance L imited 61

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak Group 60M FMP 27/11/2013

Kotak Group 50M FMP 27/02/2013

Kotak Group 59M FMP 08/12/2013

Kotak Dynamic Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 7,836 2,534 632 135 2,805 522 9,311 8,519 Dividend income — — — — — — 1,234 1,358 Profit on sale of investment — — — — — — 29,054 7,337 Profit on inter fund transfer / sale of investment — 3 — — — — 1,530 498 Loss on sale of investment — — — — — — (5,592) (45,504)Loss on inter fund transfer / sale of investment — — — — — — (29) (370)Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 688 5,892 110 202 163 859 36,535 (11,007)Total (A) 8,524 8,429 742 337 2,968 1,381 72,043 (39,169)Fund administration expenses — — — — — — — — Fund management expenses 531 166 49 11 165 30 3,348 2,855 Other charges : F - 5 — — — — — — 3,238 3,019 Total (B) 531 166 49 11 165 30 6,586 5,874 Net Income for the year (A–B) 7,993 8,263 693 326 2,803 1,351 65,457 (45,043)Add: Fund revenue account at

the beginning of the year 8,263 — 326 — 1,351 — 78,918 123,961 Fund revenue account at the end of the year 16,256 8,263 1,019 326 4,154 1,351 144,375 78,918

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 89,671 65,944 272,034 145,050 31,032 23,827 10 — Dividend income 6,023 7,045 17,572 13,901 3,798 3,956 — — Profit on sale of investment 110,255 54,529 273,896 98,686 79,282 18,953 — — Profit on inter fund transfer / sale of investment 1,242 1,407 600 566 916 230 1 — Loss on sale of investment (31,078) (252,639) (79,664) (507,281) (18,531) (130,208) (1) — Loss on inter fund transfer / sale of investment (2) (3,215) (103) (5,612) (106) (4,791) (1) — Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 174,492 (35,621) 511,091 (49,844) 120,022 (25,640) 55 — Total (A) 350,603 (162,550) 995,426 (304,534) 216,413 (113,673) 64 — Fund administration expenses — — — — — — — — Fund management expenses 23,821 18,715 71,295 40,234 8,770 6,212 4 — Other charges : F - 5 53,585 27,190 142,553 124,391 1,296 904 35 — Total (B) 77,406 45,905 213,848 164,625 10,066 7,116 39 — Net Income for the year (A–B) 273,197 (208,455) 781,578 (469,159) 206,347 (120,789) 25 — Add: Fund revenue account at

the beginning of the year 70,291 278,746 (503,708) (34,549) (10,573) 110,216 — — Fund revenue account at the end of the year 343,488 70,291 277,870 (503,708) 195,774 (10,573) 25 —

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62 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Pension Balanced Fund II

Kotak Dynamic Growth Fund

Kotak guaranteed Growth Fund

Kotak Pension Growth Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 3 — 21,772 16,091 981,039 526,271 7,270 219 Dividend income — — 4,943 5,451 89,044 93,135 587 7 Profit on sale of investment 1 — 106,417 26,637 1,228,399 463,092 7,688 69 Profit on inter fund transfer / sale of investment 1 — 2,051 541 22,289 21,433 45 — Loss on sale of investment — — (20,208) (169,726) (395,106) (3,271,944) (1,090) (214)Loss on inter fund transfer / sale of investment — — (123) (7,780) (11,779) (62,325) — (7)Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 1 — 152,038 (48,035) 2,659,788 (515,413) 13,947 1,538 Total (A) 6 — 266,890 (176,821) 4,573,674 (2,745,751) 28,447 1,612 Fund administration expenses — — — — — — — — Fund management expenses 1 — 12,655 9,872 331,684 220,867 2,496 98 Other charges : F - 5 18 — 18,161 15,284 773,925 650,460 6,723 409 Total (B) 19 — 30,816 25,156 1,105,609 871,327 9,219 507 Net Income for the year (A–B) (13) — 236,074 (201,977) 3,468,065 (3,617,078) 19,228 1,105 Add: Fund revenue account at

the beginning of the year — — 40,325 242,302 (2,186,234) 1,430,844 1,105 — Fund revenue account at the end of the year (13) — 276,399 40,325 1,281,831 (2,186,234) 20,333 1,105

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak Group Growth Fund

Kotak Aggressive Growth Fund

Kotak Group Aggressive Growth Fund

Kotak Advantage Multiplier Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 114 72 10,258 17,883 11 59 3,307 4,857 Dividend income 27 19 29,411 15,965 20 1 313 207 Profit on sale of investment 604 89 571,087 28,857 417 55 7,419 4,208 Profit on inter fund transfer / sale of investment 620 2 12,373 137 532 32 522 351 Loss on sale of investment (90) (614) (64,394) (460,887) (24) (82) (1,499) (8,816)Loss on inter fund transfer / sale of investment (60) (529) (3,136) (2,288) (18) (1) (273) (331)Miscellaneous Income — — — - — — — — Unrealised Gain/Loss 230 246 824,245 (150,398) (59) 61 4,313 148 Total (A) 1,445 (715) 1,379,844 (550,731) 879 125 14,102 624 Fund administration expenses — — — — — — — — Fund management expenses 47 32 51,096 25,399 22 13 2,248 2,328 Other charges : F - 5 5 — 90,240 75,383 — — 389 368 Total (B) 52 32 141,336 100,782 22 13 2,637 2,696 Net Income for the year (A–B) 1,393 (747) 1,238,508 (651,513) 857 112 11,465 (2,072)Add: Fund revenue account at

the beginning of the year (1,220) (473) (548,713) 102,800 131 19 362 2,434 Fund revenue account at the end of the year 173 (1,220) 689,795 (548,713) 988 131 11,827 362

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Kotak Mahindra Old Mutual L i fe Insurance L imited 63

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak Advantage Plus Fund

Kotak Advantage Fund

Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 37,889 81,494 189 720 2,473 3,152 33,023 44,054 Dividend income 3,213 2,950 13 21 245 130 2,964 1,551 Profit on sale of investment 82,716 74,499 349 628 5,877 2,564 75,678 40,764 Profit on inter fund transfer / sale of investment 11,623 8,907 401 82 402 377 6,451 4,199 Loss on sale of investment (16,032) (135,668) (87) (922) (1,139) (5,431) (13,273) (73,867)Loss on inter fund transfer / sale of investment (1,901) (7,305) (53) (66) (233) (210) (5,492) (3,667)Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 40,147 3,900 (64) (66) 3,106 17 30,495 6,202 Total (A) 157,655 28,777 748 397 10,731 599 129,846 19,236 Fund administration expenses — — — — — — — — Fund management expenses 24,828 38,099 111 324 1,700 1,503 21,713 20,540 Other charges : F - 5 9,203 8,146 211 71 328 201 6,639 1,693 Total (B) 34,031 46,245 322 395 2,028 1,704 28,352 22,233 Net Income for the year (A–B) 123,624 (17,468) 426 2 8,702 (1,105) 101,494 (2,997)Add: Fund revenue account at

the beginning of the year 28,785 46,253 702 700 80 1,185 15,258 18,255 Fund revenue account at the end of the year 152,409 28,785 1,128 702 8,783 80 116,752 15,258

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Frontline Equity Fund

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 94 — 12 — 8,849 905 275 — Dividend income 25 — 1 — 15,199 103 37 — Profit on sale of investment 105 — 8 — 377,521 170 543 — Profit on inter fund transfer / sale of investment 3 — — — 43,372 — 338 — Loss on sale of investment (62) — (4) — (34,047) (717) (325) — Loss on inter fund transfer / sale of investment (10) — (3) — (727) (19) (212) — Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 3,792 — 342 — 482,264 14,719 1,864 — Total (A) 3,947 — 356 — 892,431 15,161 2,520 — Fund administration expenses — — — — — — — — Fund management expenses 168 — 12 — 43,550 773 382 — Other charges : F - 5 569 — 137 — 131,988 5,435 677 — Total (B) 737 — 149 — 175,538 6,208 1,059 — Net Income for the year (A–B) 3,210 — 207 — 716,893 8,953 1,461 — Add: Fund revenue account at

the beginning of the year — — — — 8,953 — — — Fund revenue account at the end of the year 3,210 — 207 — 725,846 8,953 1,461 —

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64 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Classic Opportunities Fund

Pension Classic Opportunities Fund

Dynamic Floor Fund

Kotak Group Dynamic Floor Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 376 — 39 — 102,773 54,239 1,135 — Dividend income 45 — 1 — 11,574 421 74 — Profit on sale of investment 912 — 63 — 281,532 37,241 67 — Profit on inter fund transfer / sale of investment 71 — 2 — 8,085 726 — — Loss on sale of investment (201) — (10) — (63,995) (28,802) (734) — Loss on inter fund transfer / sale of investment (40) — (27) — (1,607) (3,859) — — Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 16,084 — 1,223 — 111,441 10,825 611 — Total (A) 17,247 — 1,291 — 449,803 70,791 1,153 — Fund administration expenses — — — — — — — — Fund management expenses 691 — 46 — 49,762 12,942 423 — Other charges : F - 5 4,195 — 470 — 132,808 30,684 830 — Total (B) 4,886 — 516 — 182,570 43,626 1,253 — Net Income for the year (A–B) 12,361 — 775 — 267,233 27,165 (100) — Add: Fund revenue account at

the beginning of the year — — — — 30,902 3,737 — — Fund revenue account at the end of the year 12,361 — 775 — 298,135 30,902 (100) —

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Kotak Pension Floor Fund

Dynamic Floor Fund II

Pension Floor Fund II

Guarantee Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 7,787 — 3,883 — 622 — 202 — Dividend income 939 — 296 — 45 — 24 — Profit on sale of investment 6,237 — 437 — 116 — 67 — Profit on inter fund transfer / sale of investment 1,969 — — — — — 721 — Loss on sale of investment (6,404) — (988) — (27) — — — Loss on inter fund transfer / sale of investment (1,399) — — — — — (42) — Miscellaneous Income — — — — — — — — Unrealised Gain/Loss 5,265 — 20,405 — 2,523 — 1,220 — Total (A) 14,394 — 24,033 — 3,279 — 2,192 — Fund administration expenses — — — — — — — — Fund management expenses 4,345 — 1,635 — 259 — 103 — Other charges : F - 5 7,673 — 7,226 — 2,638 — 584 — Total (B) 12,018 — 8,861 — 2,897 — 687 — Net Income for the year (A–B) 2,376 — 15,172 — 382 — 1,505 — Add: Fund revenue account at

the beginning of the year — — — — — — — — Fund revenue account at the end of the year 2,376 — 15,172 — 382 — 1,505 —

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Kotak Mahindra Old Mutual L i fe Insurance L imited 65

25C. Unit Linked Disclosures — Fund Revenue Account (Contd.) Form A — RA(UL) Fund Revenue Account for the year ended 31st March, 2010

Particulars Schedule Pension Guarantee Fund

Peak Guarantee Fund I

Total

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Interest income 882 — 56 — 1,878,761 1,133,018 Dividend income 64 — 5 — 187,735 146,222 Profit on sale of investment 75 — 13 — 3,348,935 967,196 Profit on inter fund transfer / sale of investment — — 4 — 129,682 51,848 Loss on sale of investment (284) — — — (815,868) (5,146,654)Loss on inter fund transfer / sale of investment — — — — (30,659) (111,390)Miscellaneous Income — — — — — — Unrealised Gain/Loss 2,641 — 188 — 5,222,304 (785,482)Total (A) 3,378 — 266 — 9,920,890 (3,745,241)Fund administration expenses — — — — — — Fund management expenses 374 — 38 — 694,636 419,489 Other charges : F - 5 1,798 — 638 — 1,462,599 972,630 Total (B) 2,172 — 676 — 2,157,235 1,392,119 Net Income for the year (A–B) 1,206 — (410) — 7,763,655 (5,137,361)Add: Fund revenue account at

the beginning of the year — — — — (2,582,990) 2,554,371 Fund revenue account at the end of the year 1,206 — (410) — 5,180,665 (2,582,990)

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

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66 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Balance Sheet Schedule: F – 1

POLICYHOLDERS’ CONTRIBUTION

Particulars Kotak Guaranteed Money Market Fund

Kotak Group Money Market Fund

Money Market FundPension

Money Market Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 932 1,383 14 14 — — — —

Add: Additions during the year* — — — — 8,637 — 20,731 —

Less: Deductions during the year* 116 451 — — 531 — 573 —

Closing balance 816 932 14 14 8,106 — 20,158 —

Particulars Kotak Dynamic Gilt Fund

Kotak guaranteed Gilt Fund

Kotak Pension Gilt Fund

Kotak Group Gilt Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 86,068 73,215 319,349 179,097 224,462 14,327 61,772 33,163

Add: Additions during the year* 37,295 62,292 120,224 211,981 52,453 236,616 34,141 35,079

Less: Deductions during the year* 50,539 49,439 132,363 71,729 70,737 26,481 19,382 6,470

Closing balance 72,824 86,068 307,210 319,349 206,178 224,462 76,531 61,772

ParticularsGilt Fund

Kotak Dynamic Bond Fund

Kotak guaranteed Bond Fund

Kotak Pension Bond Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance — — 142,133 66,072 218,227 105,174 327,612 9,762

Add: Additions during the year* 782 — 192,563 124,813 241,251 252,937 158,278 334,117

Less: Deductions during the year* 4 — 162,356 48,752 187,499 139,884 139,713 16,267

Closing balance 778 — 172,340 142,133 271,979 218,227 346,177 327,612

Particulars Kotak Group Bond Fund

Bond FundPension

Bond Fund IIKotak Dynamic

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 780,062 304,157 — — — — 91,972 43,466

Add: Additions during the year* 732,797 544,286 77,872 — 7,579 — 41,788 64,585

Less: Deductions during the year* 294,512 68,381 2,351 — 1,010 — 72,440 16,079

Closing balance 1,218,347 780,062 75,521 — 6,569 — 61,320 91,972

Particulars Kotak guaranteed Floating Rate Fund

Kotak Pension Floating Rate Fund

Kotak Group Floating Rate Fund

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 224,013 370,722 83,038 8,287 113,936 79,205 — —

Add: Additions during the year* 73,544 100,270 44,524 91,076 84,834 88,526 1,033 —

Less: Deductions during the year* 80,273 246,979 35,547 16,325 72,545 53,795 35 —

Closing balance 217,284 224,013 92,015 83,038 126,225 113,936 998 —

* Additions represents units creation and deductions represents units cancellation

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Kotak Mahindra Old Mutual L i fe Insurance L imited 67

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet (Contd.) Schedules to Fund Balance Sheet Schedule: F – 1

POLICYHOLDERS’ CONTRIBUTION

Particulars Kotak Group 36M FMP 02/01/2011

Kotak Group 12M FMP 28/03/2009

Kotak Group 36M FMP 12/09/2011

Kotak Group 11M FMP 06/10/2009

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 30,000 30,000 (1,414) 15,000 10,013 — 30,034 —

Add: Additions during the year* — — — — — 10,013 — 30,034

Less: Deductions during the year* 5,666 — — 16,414 1,664 — 33,076 —

Closing balance 24,334 30,000 (1,414) (1,414) 8,349 10,013 (3,042) 30,034

Particulars Kotak Group 60M FMP 27/11/2013

Kotak Group 50M FMP 27/02/2013

Kotak Group 59M FMP 08/12/2013

Kotak Dynamic Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 70,000 — 7,210 — 28,000 — 106,938 100,145

Add: Additions during the year* — 70,000 — 7,210 — 28,000 58,483 47,397

Less: Deductions during the year* 7,836 — 1,209 — 2,805 — 64,912 40,604

Closing balance 62,164 70,000 6,001 7,210 25,195 28,000 100,509 106,938

Particulars Kotak guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 1,302,997 1,054,468 4,284,096 2,362,676 559,383 532,354 — —

Add: Additions during the year* 487,982 494,378 1,828,329 2,216,616 539,804 209,446 1,909 —

Less: Deductions during the year* 340,259 245,849 431,923 295,196 57,420 182,417 37 —

Closing balance 1,450,720 1,302,997 5,680,502 4,284,096 1,041,767 559,383 1,872 —

Particulars Pension Balanced Fund II

Kotak Dynamic Growth Fund

Kotak guaranteed Growth Fund

Kotak Pension Growth Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance — — 522,604 422,986 17,311,734 11,086,594 76,137 —

Add: Additions during the year* 3,003 — 229,728 198,831 7,335,184 7,691,225 175,510 78,487

Less: Deductions during the year* 42 — 178,375 99,213 2,861,742 1,466,085 22,181 2,350

Closing balance 2,961 — 573,957 522,604 21,785,176 17,311,734 229,466 76,137

Particulars Kotak Group Growth Fund

Kotak Aggressive Growth Fund

Kotak Group Agressive Growth Fund

Kotak Advantage Multiplier Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 5,127 3,851 2,201,228 1,289,329 1,180 644 65,864 67,727

Add: Additions during the year* 1,231 2,934 1,129,601 1,088,381 339 536 1,085 3,615

Less: Deductions during the year* 6,531 1,658 415,655 176,482 2,507 — 10,223 5,478

Closing balance (173) 5,127 2,915,174 2,201,228 (988) 1,180 56,726 65,864

* Additions represents units creation and deductions represents units cancellation

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68 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet (Contd.) Schedules to Fund Balance Sheet Schedule: F – 1

POLICYHOLDERS’ CONTRIBUTION

Particulars Kotak Advantage Plus Fund

Kotak Advantage Fund

Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance 918,693 1,111,406 9,659 8,952 49,652 41,838 654,047 573,321

Add: Additions during the year* 44,100 31,683 344 3,668 2,867 9,427 34,724 93,862

Less: Deductions during the year* 444,858 224,396 11,131 2,961 14,829 1,613 282,691 13,136

Closing balance 517,935 918,693 (1,128) 9,659 37,690 49,652 406,080 654,047

Particulars Frontline Equity Fund

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance — — — — 490,523 — — —

Add: Additions during the year* 170,837 — 20,066 — 2,707,307 511,687 50,408 —

Less: Deductions during the year* 7,146 — 69 — 150,296 21,164 6,826 —

Closing balance 163,691 — 19,997 — 3,047,534 490,523 43,582 —

Particulars Classic Opportunities Fund

Pension Classic Opportunities Fund

Dynamic Floor Fund

Kotak Group Dynamic Floor Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance — — — — 1,483,652 550,723 — —

Add: Additions during the year* 667,187 — 67,815 — 2,717,987 1,155,571 217,393 —

Less: Deductions during the year* 20,741 — 240 — 471,873 222,642 26,823 —

Closing balance 646,446 — 67,575 — 3,729,766 1,483,652 190,570 —

Particulars Kotak Pension Floor Fund

Dynamic Floor Fund II

Pension Floor Fund II

Guarantee Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance — — — — — — — —

Add: Additions during the year* 586,572 — 1,551,315 — 349,824 — 166,005 —

Less: Deductions during the year* 42,427 — 52,968 — 5,891 — 2,347 —

Closing balance 544,145 — 1,498,347 — 343,933 — 163,658 —

Particulars Pension Guarantee Fund

Peak Guarantee Fund I

Total

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Opening balance — — — — 32,890,949 20,540,057

Add: Additions during the year* 355,246 — 167,659 — 23,600,170 16,129,580

Less: Deductions during the year* 10,941 — 3,396 — 7,322,082 3,778,688

Closing balance 344,305 — 164,263 — 49,169,037 32,890,949

* Additions represents units creation and deductions represents units cancellation

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Kotak Mahindra Old Mutual L i fe Insurance L imited 69

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 2 — INVESTMENTS

Particulars Kotak Guaranteed Money Market Fund

Kotak Group Money Market Fund

Money Market FundPension

Money Market Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds — — — — — — — —

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — — — — — — — —

Money Market 2,272 2,209 59 54 4,055 — 13,041 —

Mutual Funds — — — — — — — —

Total 2,272 2,209 59 54 4,055 — 13,041 —

Other Investments

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — — — — — — — —

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total — — — — — — — —

Grand Total 2,272 2,209 59 54 4,055 — 13,041 —

% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 0.00% 100.00% 0.00%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak Dynamic Gilt Fund

Kotak guaranteed Gilt Fund

Kotak Pension Gilt Fund

Kotak Group Gilt Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 88,994 135,729 209,441 324,106 138,577 187,812 52,952 60,444

Corporate Bonds 40,871 50 110,231 129 39,165 3 22,058 9

Infrastructure Bonds — — — — — — — —

Equity — — — — — — — —

Money Market 9,033 15,516 20,162 38,471 21,578 28,521 6,822 5,258

Mutual Funds 1,890 — 6,750 — 1,830 — 1,350 —

Total 140,788 151,295 346,584 362,706 201,150 216,336 83,182 65,711

Other Investments

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — — — — — — — —

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total — — — — — — — —

Grand Total 140,788 151,295 346,584 362,706 201,150 216,336 83,182 65,711

% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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70 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 2 — INVESTMENTS (Contd.)

ParticularsGilt Fund

Kotak Dynamic Bond Fund

Kotak guaranteed Bond Fund

Kotak Pension Bond Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 337 — 16,368 37,499 28,320 26,854 36,027 82,494

Corporate Bonds 333 — 70,689 44,201 110,362 76,708 136,559 81,086

Infrastructure Bonds — — 86,779 51,874 110,147 86,877 114,552 92,876

Equity — — — — — — — —

Money Market 30 — 35,322 28,060 45,115 48,260 39,442 65,696

Mutual Funds — — 7,960 — 8,340 — 12,650 —

Total 700 — 217,118 161,634 302,284 238,699 339,230 322,152

Other Investments

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — — — — — — — —

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total — — — — — — — —

Grand Total 700 — 217,118 161,634 302,284 238,699 339,230 322,152

% of Approved Investments to Total 100.00% 0.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak Group Bond Fund

Bond Fund Pension Bond Fund IIKotak Dynamic Floating

Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 49,010 164,868 3,963 — 192 — 7,140 60,048

Corporate Bonds 452,147 197,617 28,391 — 1,694 — 49,596 —

Infrastructure Bonds 625,918 214,145 24,331 — 1,635 — 28,054 34,720

Equity — — — — — — — —

Money Market 127,985 163,605 2,052 — 401 — 15,278 14,572

Mutual Funds 24,360 — — — — — 1,750 —

Total 1,279,420 740,235 58,737 — 3,922 — 101,818 109,340

Other Investments

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — — — — — — — —

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total — — — — — — — —

Grand Total 1,279,420 740,235 58,737 — 3,922 — 101,818 109,340

% of Approved Investments to Total 100.00% 100.00% 100.00% 0.00% 100.00% 0.00% 100.00% 100.00%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 71

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak guaranteed Floating Rate Fund

Kotak Pension Floating Rate Fund

Kotak Group Floating Rate Fund

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 13,600 137,564 8,576 44,736 8,011 58,250 13 —

Corporate Bonds 132,374 — 41,324 — 60,519 — 45 —

Infrastructure Bonds 67,357 74,943 25,824 24,018 31,364 32,444 25 —

Equity — — — — — — — —

Money Market 39,044 32,200 13,098 9,706 16,679 16,768 1 —

Mutual Funds 5,040 — 1,049 — 1,090 — — —

Total 257,415 244,707 89,871 78,460 117,663 107,462 84 —

Other Investments

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — — — — — — — —

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total — — — — — — — —

Grand Total 257,415 244,707 89,871 78,460 117,663 107,462 84 —

% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 0.00%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak Group 36M FMP 02/01/2011

Kotak Group 12M FMP 28/03/2009

Kotak Group 36M FMP 12/09/2011

Kotak Group 11M FMP 06/10/2009

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds — — — — — — — —

Corporate Bonds — — — — 4,244 4,189 — —

Infrastructure Bonds 29,774 29,821 — — 5,841 5,781 — 10,184

Equity — — — — — — — —

Money Market — 2,855 — — — 727 — 20,967

Mutual Funds — — — — — — — —

Total 29,774 32,676 — — 10,085 10,696 — 31,151

Other Investments

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — — — — — — — —

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total — — — — — — — —

Grand Total 29,774 32,676 — — 10,085 10,696 — 31,151

% of Approved Investments to Total 100.00% 100.00% 0.00% 0.00% 100.00% 100.00% 0.00% 100.00%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

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72 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak Group 60M FMP 27/11/2013

Kotak Group 50M FMP 27/02/2013

Kotak Group 59M FMP 08/12/2013

Kotak Dynamic Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds — — — — — — 12,951 12,436

Corporate Bonds 15,237 15,100 — — 11,566 11,461 20,779 27,205

Infrastructure Bonds 61,148 60,597 6,967 6,857 17,096 17,037 44,466 35,113

Equity — — — — — — 127,862 67,916

Money Market — — — — — — 25,239 31,892

Mutual Funds — — — — — — 810 —

Total 76,385 75,697 6,967 6,857 28,662 28,498 232,107 174,562

Other Investments

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — — — — — — 11,182 3,605

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total — — — — — — 11,182 3,605

Grand Total 76,385 75,697 6,967 6,857 28,662 28,498 243,290 178,167

% of Approved Investments to Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 95.40% 97.98%

% of Other Investments to Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.60% 2.02%

Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 214,986 83,672 725,200 423,560 87,971 32,055 128 —

Corporate Bonds 332,826 200,513 894,044 497,736 144,809 70,164 562 —

Infrastructure Bonds 431,998 350,518 1,558,458 814,737 220,882 74,803 — —

Equity 531,264 445,130 1,772,502 1,153,766 628,764 193,944 890 —

Money Market 192,641 238,375 806,533 726,843 79,406 100,646 45 —

Mutual Funds 14,930 20,000 23,970 20,000 53,500 10,000 — —

Total 1,718,645 1,338,208 5,780,707 3,636,642 1,215,332 481,612 1,625 —

Other Investments —

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity 19,513 22,085 63,886 63,505 55,089 9,299 78 —

Money Market — — — — — — — —

Mutual Funds — — — — 57,390 — — —

Total 19,513 22,085 63,886 63,505 112,479 9,299 78 —

Grand Total 1,738,157 1,360,293 5,844,593 3,700,147 1,327,811 490,911 1,703 —

% of Approved Investments to Total 98.88% 98.38% 98.91% 98.28% 91.53% 98.11% 95.44% 0.00%

% of Other Investments to Total 1.12% 1.62% 1.09% 1.72% 8.47% 1.89% 4.56% 0.00%

Page 74: Kotak Mahindra Old Mutual Life Insurance Limitedir.kotak.com/downloads/annual-reports-2009-10/pdf/Kotak Mahindra … · Bancassurance – Kotak Mahindra Bank continues to have the

Kotak Mahindra Old Mutual L i fe Insurance L imited 73

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Pension Balanced Fund II

Kotak Dynamic Growth Fund

Kotak guaranteed Growth Fund

Kotak Pension Growth Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 59 — 21,802 31,879 1,863,309 968,073 34,842 30,451

Corporate Bonds 636 — 54,802 55,251 3,425,020 2,039,859 41,432 1,334

Infrastructure Bonds 46 — 116,231 83,196 4,309,352 2,436,763 33,505 6,297

Equity 911 — 591,730 261,887 9,066,658 6,021,629 97,426 36,418

Money Market 60 — 9,565 96,005 3,995,818 2,415,673 34,691 6,915

Mutual Funds — — — — 40,000 248,500 2,440 1,500

Total 1,712 — 794,130 528,218 22,700,157 14,130,497 244,336 82,915

Other Investments —

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity 80 — 51,828 14,862 320,674 320,881 3,476 1,470

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total 80 — 51,828 14,862 320,674 320,881 3,476 1,470

Grand Total 1,791 — 845,958 543,080 23,020,831 14,451,378 247,812 84,385

% of Approved Investments to Total 95.56% 0.00% 93.87% 97.26% 98.61% 97.78% 98.60% 98.26%

% of Other Investments to Total 4.44% 0.00% 6.13% 2.74% 1.39% 2.22% 1.40% 1.74%

Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak Group Growth Fund

Kotak Aggressive Growth Fund

Kotak Group Aggressive Growth Fund

Kotak Advantage Multiplier Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds — 1,523 1,815 31,413 — 66 4,270 14,687

Corporate Bonds — 82 15,850 17,595 — 40 4,698 9,306

Infrastructure Bonds — 237 90,445 72,302 — 108 13,437 21,027

Equity — 1,631 3,127,523 1,297,022 — 964 37,221 9,430

Money Market — 318 49,730 124,907 — 63 5,863 14,989

Mutual Funds — — 24,390 — — — 950 —

Total — 3,791 3,309,753 1,543,239 — 1,241 66,439 69,439

Other Investments — —

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity — 71 276,221 68,445 — 53 1,767 419

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total — 71 276,221 68,445 — 53 1,767 419

Grand Total — 3,862 3,585,975 1,611,684 — 1,294 68,206 69,858

% of Approved Investments to Total 0.00% 98.15% 92.30% 95.75% 0.00% 95.95% 97.41% 99.40%

% of Other Investments to Total 0.00% 1.85% 7.70% 4.25% 0.00% 4.13% 2.59% 0.60%

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74 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak Advantage Plus Fund

Kotak Advantage Fund

Kotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 27,737 200,987 — 3,233 4,283 13,106 72,426 144,902

Corporate Bonds 96,508 148,432 — 1,669 3,582 7,747 32,010 104,465

Infrastructure Bonds 65,611 353,695 — 3,058 6,552 12,498 74,424 209,800

Equity 364,160 108,985 — 1,081 25,532 6,660 284,030 71,072

Money Market 84,216 140,747 — 2,050 5,396 9,603 31,484 138,633

Mutual Funds 16,150 — — — 190 — 13,180 —

Total 654,382 952,846 — 11,091 45,535 49,614 507,554 668,872

Other Investments —

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity 17,396 4,715 — 81 1,191 300 13,521 3,504

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total 17,396 4,715 — 81 1,191 300 13,521 3,504

Grand Total 671,777 957,561 — 11,172 46,726 49,914 521,075 672,376

% of Approved Investments to Total 97.41% 99.51% 0.00% 99.28% 97.45% 99.40% 97.41% 99.48%

% of Other Investments to Total 2.59% 0.49% 0.00% 0.72% 2.55% 0.60% 2.59% 0.52%

Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Frontline Equity Fund

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 2,192 — 970 — 23,558 77,382 2,526 —

Corporate Bonds 3,094 — 255 — 78,354 4,720 — —

Infrastructure Bonds 4,653 — — — 63,670 12,572 — —

Equity 132,420 — 9,720 — 2,933,443 340,245 36,372 —

Money Market 1,751 — 355 — 92,367 68,807 — —

Mutual Funds 6,050 — 470 — 15,870 — 329 —

Total 150,160 — 11,770 — 3,207,262 503,725 39,227 —

Other Investments — — —

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity 11,600 — 852 — 523,108 37,996 6,630 —

Money Market — — — — — — — —

Mutual Funds — — 240 — — — — —

Total 11,600 — 1,092 — 523,108 37,996 6,630 —

Grand Total 161,759 — 12,862 — 3,730,370 541,722 45,857 —

% of Approved Investments to Total 92.83% 0.00% 91.51% 0.00% 85.98% 92.99% 85.54% 0.00%

% of Other Investments to Total 7.17% 0.00% 8.49% 0.00% 14.02% 7.01% 14.46% 0.00%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 75

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Classic Opportunities Fund

Pension Classic Opportunities Fund

Dynamic Floor Fund

Kotak Group Dynamic Floor Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 24,680 — 1,875 — 292,659 371,797 48,153 —

Corporate Bonds — — — — 393,821 281,771 9,605 —

Infrastructure Bonds 11,581 — 4 — 687,382 407,258 14,060 —

Equity 405,202 — 29,501 — 1,955,108 156,928 99,186 —

Money Market 6,428 — 1,274 — 547,922 234,672 24,741 —

Mutual Funds 410 — 490 — 4,029 — 1,520 —

Total 448,301 — 33,144 — 3,880,921 1,452,426 197,265 —

Other Investments — — —

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity 74,065 — 5,410 — 97,974 6,802 4,899 —

Money Market — — — — — — — —

Mutual Funds — — — — — — — —

Total 74,065 — 5,410 — 97,974 6,802 4,899 —

Grand Total 522,366 — 38,554 — 3,978,895 1,459,228 202,164 —

% of Approved Investments to Total 85.82% 0.00% 85.97% 0.00% 97.54% 99.53% 97.58% 0.00%

% of Other Investments to Total 14.18% 0.00% 14.03% 0.00% 2.46% 0.47% 2.42% 0.00%

Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Kotak Pension Floor Fund

Dynamic Floor Fund II

Pension Floor Fund II

Guarantee Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 82,157 — 84,975 — 22,388 — 21,866 —

Corporate Bonds 72,448 — 103,839 — 21,362 — 15,158 —

Infrastructure Bonds 47,148 — 130,597 — 17,602 — 7,858 —

Equity 257,645 — 680,463 — 123,171 — 67,791 —

Money Market 72,397 — 165,667 — 37,189 — 15,800 —

Mutual Funds 2,470 — 12,170 — 6,750 — 6,600 —

Total 534,265 — 1,177,711 — 228,462 — 135,073 —

Other Investments — — — —

Corporate Bonds — — — — — — — —

Infrastructure Bonds — — — — — — — —

Equity 15,286 — 34,835 — 6,290 — 3,325 —

Money Market — — — — — — — —

Mutual Funds — — — — — — 1,720 —

Total 15,286 — 34,835 — 6,290 — 5,045 —

Grand Total 549,551 — 1,212,546 — 234,752 — 140,118 —

% of Approved Investments to Total 97.22% 0.00% 97.13% 0.00% 97.32% 0.00% 96.40% 0.00%

% of Other Investments to Total 2.78% 0.00% 2.87% 0.00% 2.68% 0.00% 3.60% 0.00%

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76 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures – Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 2 — INVESTMENTS (Contd.)

Particulars Pension Guarantee Fund

Peak Guarantee Fund I

Total

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Approved Investments

Government Bonds 9,644 — 16,185 — 4,367,128 3,761,626

Corporate Bonds 34,026 — — — 7,126,925 3,898,445

Infrastructure Bonds 13,518 — 4,079 — 9,204,371 5,636,156

Equity 135,615 — 33,739 — 23,555,849 10,174,709

Money Market 41,793 — 12,012 — 6,751,852 4,844,584

Mutual Funds 10,400 — 3,050 — 335,177 300,000

Total 244,996 — 69,065 — 51,341,302 28,615,520

Other Investments — —

Corporate Bonds — — — — — —

Infrastructure Bonds — — — — — —

Equity 6,884 — 1,725 — 1,628,785 558,093

Money Market — — — — — —

Mutual Funds — — 3,190 — 62,540 —

Total 6,884 — 4,915 — 1,691,325 558,093

Grand Total 251,880 — 73,980 — 53,032,627 29,173,613

% of Approved Investments to Total 97.27% 0.00% 93.36% 0.00% 96.81% 98.09%

% of Other Investments to Total 2.73% 0.00% 6.64% 0.00% 3.19% 1.91%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 77

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures — Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 3 — CURRENT ASSETS

Particulars Kotak Guaranteed Money Market Fund

Kotak Group Money Market Fund

Money Market FundPension

Money Market Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest — — — — — — — —

Cash & Bank Balance — — — 1 4,038 — 7,068 —

Dividend Receivable — — — — — — — —

Receivable for Sale of Investments — — — — 187 — — —

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) — — — — — — 1 —

Total — — — 1 4,225 — 7,069 —

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak Dynamic Gilt Fund

Kotak guaranteed Gilt Fund

Kotak Pension Gilt Fund

Kotak Group Gilt Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 4,246 1,749 10,306 3,794 4,554 2,102 2,644 869

Cash & Bank Balance 842 — 4,789 — 3,449 4,230 6 426

Dividend Receivable — — — — — — — —

Receivable for Sale of Investments 2,450 13,040 2,450 37,231 2,450 24,917 981 2,548

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 86 47 172 80 60 7 19 14

Total 7,624 14,836 17,717 41,105 10,513 31,256 3,650 3,857

Schedule: F – 3 — CURRENT ASSETS (Contd.)

ParticularsGilt Fund

Kotak Dynamic Bond Fund

Kotak guaranteed Bond Fund

Kotak Pension Bond Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 25 — 5,221 3,835 8,064 6,079 9,290 7,176

Cash & Bank Balance 53 — 4,169 13,165 683 — 8,555 —

Dividend Receivable — — — — — — — —

Receivable for Sale of Investments — — 10,296 402 15,587 1,467 12,534 2,007

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) — — 188 14,057 204 21,023 204 25,001

Total 78 — 19,874 31,459 24,538 28,569 30,583 34,184

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak Group Bond Fund

Bond FundPension

Bond Fund IIKotak Dynamic Floating

Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 34,184 18,901 2,182 — 135 — 3,943 2,611

Cash & Bank Balance 55,334 28,643 14,714 — 2,486 — 137 20,573

Dividend Receivable — — — — — — — —

Receivable for Sale of Investments 10,191 2,363 — — — — — 1,209

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 775 60,040 42 — 4 — 121 45

Total 100,484 109,947 16,938 — 2,625 — 4,201 24,438

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78 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures — Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak guaranteed Floating Rate Fund

Kotak Pension Floating Rate Fund

Kotak Group Floating Rate Fund

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 9,869 5,714 2,918 1,618 4,245 2,323 2 —

Cash & Bank Balance 1,946 18,503 1,814 3,946 22,332 19,704 908 —

Dividend Receivable — — — — — — — —

Receivable for Sale of Investments — 3,915 — 4,320 — 1,505 — —

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 229 56 59 5 114 31 1 —

Total 12,044 28,188 4,791 9,889 26,691 23,563 911 —

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak Group 36M FMP 02/01/2011

Kotak Group 12M FMP 28/03/2009

Kotak Group 36M FMP 12/09/2011

Kotak Group 11M FMP 06/10/2009

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 1,214 1,213 — — 468 468 — 419

Cash & Bank Balance — — — — — — — —

Dividend Receivable — — — — — — — —

Receivable for Sale of Investments — — — — — — — —

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) — — — — — — — —

Total 1,214 1,213 — — 468 468 — 419

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak Group 60M FMP 27/11/2013

Kotak Group 50M FMP 27/02/2013

Kotak Group 59M FMP 08/12/2013

Kotak Dynamic Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 2,692 2,692 58 57 883 883 2,899 2,473

Cash & Bank Balance — — — 622 — — 483 3,902

Dividend Receivable — — — — — — — 3

Receivable for Sale of Investments — — — — — — 2,445 290

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) — — — — — — 587 1,116

Total 2,692 2,692 58 679 883 883 6,414 7,784

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 35,925 20,310 109,103 47,930 14,276 6,495 37 —

Cash & Bank Balance 19,256 — 39,205 112,882 5,829 61,579 207 —

Dividend Receivable 28 10 90 25 — 7 — —

Receivable for Sale of Investments — 2,077 97,902 9,591 2,451 387 — —

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 4,107 20,738 11,536 22,698 2,590 13,309 3 —

Total 59,316 43,135 257,836 193,126 25,146 81,777 247 —

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Kotak Mahindra Old Mutual L i fe Insurance L imited 79

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures — Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Pension Balanced Fund II

Kotak Dynamic Growth Fund

Kotak guaranteed Growth Fund

Kotak Pension Growth Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 19 — 7,190 4,533 348,465 182,088 2,760 640

Cash & Bank Balance 1,221 — 3,620 13,824 148,248 592,410 3,397 5,364

Dividend Receivable — — — 12 435 142 4 —

Receivable for Sale of Investments — — — 1,600 249,718 113,817 2,442 6,998

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 5 — 2,040 — 60,108 127,605 600 —

Total 1,245 — 12,850 19,969 806,974 1,016,062 9,203 13,002

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak Group Growth Fund

Kotak Aggressive Growth Fund

Kotak Group Agressive Growth Fund

Kotak Advantage Multiplier Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest — 27 3,540 3,766 — 7 1,110 1,382

Cash & Bank Balance — 8 32,715 36,682 — 6 6 —

Dividend Receivable — — — 48 — — 5 1

Receivable for Sale of Investments — 186 — 9,319 — 4 — 3,634

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) — — 8,923 251 — — 34 24

Total — 221 45,178 50,066 — 17 1,155 5,041

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak Advantage Plus Fund

Kotak Advantage FundKotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 10,056 21,951 — 221 671 928 8,913 13,860

Cash & Bank Balance 3 — — — 8 — 196 235

Dividend Receivable 47 11 — — 3 1 38 6

Receivable for Sale of Investments — 32,313 — 632 — 4,473 — 25,633

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 519 333 — 1 21 14 1,699 259

Total 10,625 54,608 — 854 703 5,416 10,846 39,993

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Frontline Equity Fund

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 158 — 44 — 4,395 1,548 77 —

Cash & Bank Balance 17,405 — 9,248 — 100,028 51,870 2 —

Dividend Receivable — — — — — - — —

Receivable for Sale of Investments — — — — 4,900 17,860 — —

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 401 — 49 — 9,062 — — —

Total 17,964 — 9,341 — 118,385 71,278 79 —

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80 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures — Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Classic Opportunities Fund

Pension Classic Opportunities Fund

Dynamic Floor FundKotak Group

Dynamic Floor Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 1,100 — 65 — 42,666 24,600 2,073 —

Cash & Bank Balance 167,107 — 32,502 — 112,270 99,112 4,565 —

Dividend Receivable — — — — 244 11 11 —

Receivable for Sale of Investments — — — — 12,251 44,068 — —

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 1,585 — 165 — 7,424 157 343 —

Total 169,792 — 32,732 — 174,855 167,948 6,992 —

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Kotak Pension Floor Fund

Dynamic Floor Fund II

Pension Floor Fund II

Guarantee Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 6,422 — 8,507 — 1,623 — 1,695 —

Cash & Bank Balance 248 — 339,961 — 121,178 — 25,596 —

Dividend Receivable 29 — 69 — 11 — 6 —

Receivable for Sale of Investments — — — — — — — —

Unit Collection A/c# — — — — — — — —

Other Current Assets (for Investments) 984 — 2,720 — 618 — 297 —

Total 7,683 — 351,257 — 123,430 — 27,594 —

Schedule: F – 3 — CURRENT ASSETS (Contd.)

Particulars Pension Guarantee Fund

Peak Guarantee Fund I

Total

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Accrued Interest 2,119 — 699 — 723,750 395,262

Cash & Bank Balance 99,807 — 94,459 — 1,512,093 1,087,687

Dividend Receivable 12 — 2 — 1,034 277

Receivable for Sale of Investments — — — — 429,235 367,795

Unit Collection A/c# — — — — — —

Other Current Assets (for Investments) 622 — 294 — 119,615 306,902

Total 102,560 — 95,454 — 2,785,727 2,157,923

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Kotak Mahindra Old Mutual L i fe Insurance L imited 81

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures— Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 4 — CURRENT LIABILITIES

Particulars Kotak Guaranteed Money Market Fund

Kotak Group Money Market Fund

Money Market FundPension

Money Market Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments — — — — (185) — — —

Other Current Liabilities — (1) — — — — — —

Unit Payable a/c — — — — — — — —

Total — (1) — — (185) — — —

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak Dynamic Gilt Fund

Kotak guaranteed Gilt Fund

Kotak Pension Gilt Fund

Kotak Group Gilt Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments (2,436) (13,041) (2,437) (37,232) (2,436) (24,918) (974) (2,549)

Other Current Liabilities — (698) (1) (4,844) (1) — (113) —

Unit Payable a/c — — — — — — — —

Total (2,436) (13,739) (2,438) (42,076) (2,437) (24,918) (1,087) (2,549)

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

ParticularsGilt Fund

Kotak Dynamic Bond Fund

Kotak guaranteed Bond Fund

Kotak Pension Bond Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments — — — (401) — (1,467) — (2,007)

Other Current Liabilities — — (2) — (1) (11,207) (5) (23,165)

Unit Payable a/c — — — — — — — —

Total — — (2) (401) (1) (12,674) (5) (25,172)

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak Group Bond Fund

Bond FundPension

Bond Fund IIKotak Dynamic

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments — (2,363) — — — — — (1,209)

Other Current Liabilities (31) — (8) — (1) — — —

Unit Payable a/c — — — — — — — —

Total (31) (2,363) (8) — (1) — — (1,209)

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82 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures— Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak guaranteed Floating Rate Fund

Kotak Pension Floating Rate Fund

Kotak Group Floating Rate Fund

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments — (3,916) — (4,319) — (1,504) — —

Other Current Liabilities (1) — (1) — (12) — — —

Unit Payable a/c — — — — — — — —

Total (1) (3,916) (1) (4,319) (12) (1,504) — —

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak Group 36M FMP 02/01/2011

Kotak Group 12M FMP 28/03/2009

Kotak Group 36M FMP 12/09/2011

Kotak Group 11M FMP 06/10/2009

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments — — — — — — — —

Other Current Liabilities (77) (47) — — (142) (21) — (60)

Unit Payable a/c — — — — — — — —

Total (77) (47) — — (142) (21) — (60)

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak Group 60M FMP 27/11/2013

Kotak Group 50M FMP 27/02/2013

Kotak Group 59M FMP 08/12/2013

Kotak Dynamic Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments — — — — — — (4,377) (95)

Other Current Liabilities (658) (126) (4) — (196) (30) (1) —

Unit Payable a/c — — — — — — — —

Total (658) (126) (4) — (196) (30) (4,378) (95)

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments — (23,717) (133,262) (112,885) (113,182) (23,878) (49) —

Other Current Liabilities (35) (6,423) (75) — (11) — — —

Unit Payable a/c — — — — — — — —

Total (35) (30,140) (133,337) (112,885) (113,193) (23,878) (49) —

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Kotak Mahindra Old Mutual L i fe Insurance L imited 83

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures— Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Pension Balanced Fund II

Kotak Dynamic Growth Fund

Kotak guaranteed Growth Fund

Kotak Pension Growth Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments (81) — (6,404) (120) (705,055) (341,940) (6,608) (20,146)

Other Current Liabilities (2) — (9) — (349) — (8) —

Unit Payable a/c — — — — — — — —

Total (83) — (6,413) (120) (705,404) (341,940) (6,616) (20,146)

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak Group Growth Fund

Kotak Aggressive Growth Fund

Kotak Group Aggressive Growth Fund

Kotak Advantage Multiplier Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments — (176) (17,451) (9,235) — — (809) (4,940)

Other Current Liabilities — — (78) — — — (164) (3,733)

Unit Payable a/c — — — — — — — —

Total — (176) (17,529) (9,235) — — (973) (8,673)

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak Advantage Plus Fund

Kotak Advantage FundKotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments (12,059) (47,680) — (1,102) (451) (5,595) (7,832) (43,064)

Other Current Liabilities (1,610) (17,010) — (563) (617) (3) — —

Unit Payable a/c — — — — — — — —

Total (13,669) (64,691) — (1,665) (1,068) (5,598) (7,832) (43,064)

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Frontline Equity Fund

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments (12,378) — (1,929) — (66,072) (113,524) (469) —

Other Current Liabilities (42) — (22) — (240) — (533) —

Unit Payable a/c — — — — — — — —

Total (12,420) — (1,951) — (66,312) (113,524) (1,002) —

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84 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures— Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Classic Opportunities Fund

Pension Classic Opportunities Fund

Dynamic Floor FundKotak Group Dynamic

Floor Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments (31,366) — (2,694) — (118,406) (112,622) (18,335) —

Other Current Liabilities (400) — (78) — (202) — (8) —

Unit Payable a/c — — — — — — — —

Total (31,766) — (2,772) — (118,608) (112,622) (18,343) —

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Kotak Pension Floor Fund

Dynamic Floor Fund II

Pension Floor Fund II

Guarantee Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments (9,729) — (46,954) — (13,031) — (2,207) —

Other Current Liabilities — — (611) — (218) — (46) —

Unit Payable a/c — — — — — — — —

Total (9,729) — (47,565) — (13,249) — (2,253) —

Schedule: F – 4 — CURRENT LIABILITIES (Contd.)

Particulars Pension Guarantee Fund

Peak Guarantee Fund I

Total

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Payable for Purchase of Investments (8,127) — (5,116) — (1,352,901) (955,642)

Other Current Liabilities (179) — (170) — (6,962) (67,934)

Unit Payable a/c — — — — — —

Total (8,306) — (5,286) — (1,359,863) (1,023,576)

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Kotak Mahindra Old Mutual L i fe Insurance L imited 85

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Break up of other expenses under ULIP Schedule: F – 5 — OTHER EXPENSES*

Particulars Kotak Guaranteed Money Market Fund

Kotak Group Money Market Fund

Money Market FundPension

Money Market Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 11 13 — — 15 — 101 —

Surrender charge — 11 — — — — — —

Switching charge — — — — — — — —

Mortality charge 8 10 — — 7 — — —

Rider Premium charge — — — — — — — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — — — 2 — 17 —

Total 19 34 — — 24 — 118 —

Schedule: F – 5 — OTHER EXPENSES* (Contd.)

Particulars Kotak Dynamic Gilt Fund

Kotak guaranteed Gilt Fund

Kotak Pension Gilt Fund

Kotak Group Gilt Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 220 102 4,113 2,679 7,137 2,358 — —

Surrender charge 104 844 1,929 869 190 — — —

Switching charge — 2 2 3 — — — —

Mortality charge 1,468 717 2,352 1,622 49 29 669 301

Rider Premium charge 311 87 — — — — — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge 96 67 4 3 4 2 — 29

Total 2,199 1,819 8,400 5,176 7,380 2,389 669 330

Schedule: F – 5 — OTHER EXPENSES* (Contd.)

ParticularsGilt Fund

Kotak Dynamic Bond Fund

Kotak guaranteed Bond Fund

Kotak Pension Bond Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 2 — 589 91 3,671 1,924 11,550 2,191

Surrender charge — — 2 678 1,742 924 10 —

Switching charge — — 1 4 1 2 1 —

Mortality charge 1 — 3,144 1,044 2,436 1,081 76 15

Rider Premium charge — — 422 135 — — — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — 137 78 52 4 4 1

Total 3 — 4,295 2,030 7,902 3,935 11,641 2,207

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86 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Break up of other expenses under ULIP Schedule: F – 5 — OTHER EXPENSES* (Contd.)

Particulars Kotak Group Bond Fund

Bond FundPension

Bond Fund IIKotak Dynamic

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge — — 114 — 50 — 78 45

Surrender charge — — — — — — 141 132

Switching charge — — — — — — 2 —

Mortality charge 6,683 944 91 — — — 1,106 806

Rider Premium charge — — 6 — — — 76 88

Partial withdrawal charge — — — — — — — —

Miscellaneous charge 13 9 — — — — 43 31

Total 6,696 953 211 — 50 — 1,446 1,102

Schedule: F – 5 — OTHER EXPENSES* (Contd.)

Particulars Kotak guaranteed Floating Rate Fund

Kotak Pension Floating Rate Fund

Kotak Group Floating Rate Fund

Floating Rate Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 1,972 2,436 2,428 900 — 6 1 —

Surrender charge 3,001 4,072 82 —- — 26 — —

Switching charge — 5 1 5 — — — —

Mortality charge 1,050 1,133 16 13 4,200 407 1 —

Rider Premium charge — — — — — — 1 —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge 8 7 1 1 — 7 — —

Total 6,031 7,653 2,528 919 4,200 446 3 —

Schedule: F – 5 — OTHER EXPENSES* (Contd.)

Particulars Kotak Group 36M FMP 02/01/2011

Kotak Group 12M FMP 28/03/2009

Kotak Group 36M FMP 12/09/2011

Kotak Group 11M FMP 06/10/2009

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge — — — — — — — —

Surrender charge — — — — — — — —

Switching charge — — — — — — — —

Mortality charge — — — — — — — —

Rider Premium charge — — — — — — — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — — — — — — —

Total — — — — — — — —

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Kotak Mahindra Old Mutual L i fe Insurance L imited 87

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Break up of other expenses under ULIP Schedule: F – 5 — OTHER EXPENSES* (Contd.)

Particulars Kotak Group 60M FMP 27/11/2013

Kotak Group 50M FMP 27/02/2013

Kotak Group 59M FMP 08/12/2013

Kotak Dynamic Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge — — — — — — 457 413

Surrender charge — — — — — — 181 399

Switching charge — — — — — — 1 —

Mortality charge — — — — — — 1,637 1,456

Rider Premium charge — — — — — — 468 333

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — — — — — 494 418

Total — — — — — — 3,238 3,019

Schedule: F – 5 — OTHER EXPENSES* (Contd.)

Particulars Kotak guaranteed Balanced Fund

Kotak Pension Balanced Fund

Kotak Group Balanced Fund

Balanced Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 24,274 15,455 105,586 122,972 — 203 10 —

Surrender charge 16,122 3,251 34,915 — — — — —

Switching charge — 1 — 4 — — — —

Mortality charge 13,049 8,407 1,968 1,352 1,275 636 21 —

Rider Premium charge — — — — — — 4 —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge 140 76 84 63 21 65 — —

Total 53,585 27,190 142,553 124,391 1,296 904 35 —

Schedule: F – 5 — OTHER EXPENSES* (Contd.)

Particulars Pension Balanced Fund II

Kotak Dynamic Growth Fund

Kotak guaranteed Growth Fund

Kotak Pension Growth Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 18 — 3,140 3,732 341,151 449,163 6,722 409

Surrender charge — — 4,962 1,459 265,522 15,225 — —

Switching charge — — — — 9 12 1 —

Mortality charge — — 6,184 5,882 166,159 185,231 — —

Rider Premium charge — — 2,904 3,205 — — — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — 971 1,006 1,084 829 — —

Total 18 — 18,161 15,284 773,925 650,460 6,723 409

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88 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Break up of other expenses under ULIP Schedule: F – 5 — OTHER EXPENSES*

Particulars Kotak Group Growth Fund

Kotak Aggressive Growth Fund

Kotak Group Aggressive Growth Fund

Kotak Advantage Multiplier Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge — — 20,130 22,798 — — — —

Surrender charge — — 14,981 345 — — 180 85

Switching charge — — 6 7 — — — —

Mortality charge 5 — 33,276 31,257 — — 209 283

Rider Premium charge — — 18,735 18,003 — — — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — 3,112 2,973 — — — —

Total 5 — 90,240 75,383 — — 389 368

Schedule: F – 5 — OTHER EXPENSES*

Particulars Kotak Advantage Plus Fund

Kotak Advantage FundKotak Advantage Multiplier Fund II

Kotak Advantage Plus Fund II

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge — — — — — — — —

Surrender charge 8,183 5,199 157 — 231 — 5,756 —

Switching charge — — — — — — — —

Mortality charge 1,020 2,947 54 71 97 201 883 1,693

Rider Premium charge — — — — — — — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — — — — — — —

Total 9,203 8,146 211 71 328 201 6,639 1,693

Schedule: F – 5 — OTHER EXPENSES*

Particulars Frontline Equity Fund

Pension Frontline Equity Fund

Kotak Opportunities Fund

Kotak Pension Opportunities Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 232 — 137 — 68,279 2,702 677 —

Surrender charge 12 — — — 2 — — —

Switching charge — — — — 4 — — —

Mortality charge 248 — — — 61,319 2,382 — —

Rider Premium charge 77 — — — 2,384 349 — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — — — — 2 — —

Total 569 — 137 — 131,988 5,435 677 —

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Kotak Mahindra Old Mutual L i fe Insurance L imited 89

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.)for the year ended 31st March 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25D. Unit Linked Disclosures - Schedules to Fund Revenue & Fund Balance Sheet Schedules to Fund Revenue Account Break up of other expenses under ULIP Schedule: F – 5 — OTHER EXPENSES*

Particulars Classic Opportunities Fund

Pension Classic Opportunities Fund

Dynamic Floor FundKotak Group

Dynamic Floor Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 1,808 — 470 — 36,418 9,875 — —

Surrender charge 15 — — — 24,885 — — —

Switching charge — — — — 2 1 — —

Mortality charge 1,588 — — — 52,352 12,434 815 —

Rider Premium charge 783 — — — 19,034 8,354 — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge 1 — — — 117 20 15 —

Total 4,195 — 470 — 132,808 30,684 830 —

Schedule: F – 5 — OTHER EXPENSES*

Particulars Kotak Pension Floor Fund

Dynamic Floor Fund II

Pension Floor Fund II

Guarantee Fund

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 7,673 — 3,333 — 2,638 — 350 —

Surrender charge — — 22 — — — — —

Switching charge — — 2 — — — — —

Mortality charge — — 2,978 — — — 181 —

Rider Premium charge — — 882 — — — — —

Partial withdrawal charge — — — — — — — —

Miscellaneous charge — — 9 — — — 53 —

Total 7,673 — 7,226 — 2,638 — 584 —

Schedule: F – 5 — OTHER EXPENSES*

Particulars Pension Guarantee Fund

Peak Guarantee Fund I

Total

Current Year

Previous Year

Current Year

Previous Year

Current Year

Previous Year

Policy Administration charge 1,441 — 362 — 657,364 640,468

Surrender charge — — — — 383,328 33,519

Switching charge — — — — 30 43

Mortality charge — — 276 — 368,950 262,352

Rider Premium charge — — — — 46,086 30,554

Partial withdrawal charge — — — — — —

Miscellaneous charge 357 — — — 6,840 5,691

Total 1,798 — 638 — 1,462,599 972,627

*Any expense which is 1% of the total expenses incurred should be disclosed as a separate line item.# Represents inter fund receivables or payables, if any

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90 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures

Fund Performance of Unit Linked funds as on 31-03-2010 (Absolute Growth%)

Sr. No.

Fund Names Year of Inception

*Returns

2010 2009 2008 2007 2006 2005 Inception

1 Kotak Guaranteed Money Market Fund 2003-04 9.12% 12.98% 10.51% 9.11% 6.28% 6.32% 72.84%

2 Kotak Group Money Market Fund 2003-04 8.81% 12.71% 10.40% 8.95% 6.10% 6.32% 190.28%

3 Kotak Dynamic Gilt Fund 2003-04 6.06% 12.16% 8.46% 3.67% 4.72% 4.16% 50.77%

4 Kotak Guaranteed Gilt Fund 2003-04 5.77% 11.68% 8.49% 4.09% 4.69% 4.16% 50.35%

5 Kotak Pension Gilt Fund 2003-04 5.83% 12.42% 10.34% 3.90% 4.72% 4.16% 53.78%

6 Kotak Group Gilt Fund 2003-04 6.50% 12.94% 8.69% 4.66% 4.71% 4.16% 43.93%

7 Kotak Dynamic Balanced Fund 2003-04 36.85% -19.14% 20.15% 10.81% 38.17% 9.76% 191.98%

8 Kotak Guaranteed Balanced Fund 2003-04 23.11% -13.06% 17.52% 9.12% 35.45% 9.76% 166.69%

9 Kotak Pension Balanced Fund 2003-04 22.64% -12.57% 18.12% 10.37% 35.28% 9.76% 171.27%

10 Kotak Group Balanced Fund 2003-04 34.88% -18.75% 21.03% 11.32% 37.04% 9.76% 0.00%

11 Kotak Dynamic Growth Fund 2003-04 44.21% -27.25% 22.00% 11.61% 46.93% 12.02% 233.63%

12 Kotak Guaranteed Growth Fund 2003-04 26.22% -20.41% 19.54% 9.93% 45.39% 12.02% 205.12%

13 Kotak Dynamic Bond Fund 2004-05 9.35% 14.68% 11.40% 5.36% 4.41% NA 60.52%

14 Kotak Guaranteed Bond Fund 2004-05 9.68% 13.83% 10.99% 5.86% 4.42% NA 59.98%

15 Kotak Pension Bond Fund 2004-05 9.58% 15.12% 11.13% 5.47% 4.36% NA 61.17%

16 Kotak Group Bond Fund 2004-05 11.59% 14.52% 11.63% 5.13% 4.46% NA 54.24%

17 Kotak Dynamic Floating Rate Fund 2004-05 4.82% 8.92% 7.58% 7.05% 4.98% NA 41.01%

18 Kotak Guaranteed Floating Rate Fund 2004-05 4.90% 9.07% 7.41% 7.20% 5.03% NA 41.35%

19 Kotak Pension Floating Rate Fund 2004-05 4.67% 9.07% 7.89% 7.10% 5.08% NA 41.61%

20 Kotak Group Floating Rate Fund 2004-05 5.33% 9.39% 8.11% 7.58% 5.14% NA 71.22%

21 Kotak Aggressive Growth Fund 2004-05 74.61% -33.89% 25.43% 13.49% 71.27% NA 228.70%

22 Kotak Advantage Multiplier Fund 2005-06 19.10% -2.33% 5.33% 0.76% NA NA 29.51%

23 Kotak Advantage Plus Fund 2005-06 17.83% -0.69% 5.00% 1.24% NA NA 29.23%

24 Kotak Advantage Fund 2005-06 NA 0.67% 10.20% 1.88% NA NA 29.74%

25 Kotak Advantage Multiplier Fund II 2006-07 19.07% -2.52% 5.84% NA NA NA 29.47%

26 Kotak Advantage Plus Fund II 2006-07 17.37% -0.69% 5.68% NA NA NA 29.49%

27 Dynamic Floor Fund 2006-07 22.34% 9.97% 19.16% NA NA NA 60.41%

28 Kotak Group 36M FMP 02/01/2011 2007-08 8.32% 11.54% NA NA NA NA 97.21%

29 Kotak Group 12M FMP 28/03/2009 2007-08 NA NA NA NA NA NA 22.20%

30 Kotak Group Growth Fund 2007-08 NA -30.31% NA NA NA NA 63.63%

31 Kotak Group Agressive Growth Fund 2007-08 NA 10.67% NA NA NA NA 22.82%

32 Kotak Group 36M FMP 12/09/2011 2008-09 8.84% NA NA NA NA NA 9.58%

33 Kotak Group 11M FMP 06/10/2009 2008-09 NA NA NA NA NA NA 21.13%

34 Kotak Group 60M FMP 27/11/2013 2008-09 10.61% NA NA NA NA NA 10.13%

35 Kotak Group 50M FMP 27/02/2013 2008-09 9.61% NA NA NA NA NA 23.67%

36 Kotak Group 59M FMP 08/12/2013 2008-09 9.88% NA NA NA NA NA 14.58%

37 Kotak Pension Growth Fund 2008-09 26.48% NA NA NA NA NA 91.69%

38 Kotak Opportunities Fund 2008-09 92.99% NA NA NA NA NA 15.18%

39 Money Market Fund 2009-10 NA NA NA NA NA NA 0.00%

40 Pension Money Market Fund II 2009-10 NA NA NA NA NA NA 0.67%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 91

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Sr. No.

Fund Names Year of Inception

*Returns

2010 2009 2008 2007 2006 2005 Inception

41 Gilt Fund 2009-10 NA NA NA NA NA NA 0.93%

42 Bond Fund 2009-10 NA NA NA NA NA NA 0.55%

43 Pension Bond Fund II 2009-10 NA NA NA NA NA NA 1.29%

44 Floating Rate Fund 2009-10 NA NA NA NA NA NA 1.01%

45 Balanced Fund 2009-10 NA NA NA NA NA NA 0.54%

46 Pension Balanced Fund II 2009-10 NA NA NA NA NA NA 4.01%

47 Frontline Equity Fund 2009-10 NA NA NA NA NA NA 1.77%

48 Pension Frontline Equity Fund 2009-10 NA NA NA NA NA NA 1.07%

49 Kotak Pension Opportunities Fund 2009-10 NA NA NA NA NA NA 7.38%

50 Classic Opportunities Fund 2009-10 NA NA NA NA NA NA 9.83%

51 Pension Classic Opportunities Fund 2009-10 NA NA NA NA NA NA 4.12%

52 Kotak Group Dynamic Floor Fund 2009-10 NA NA NA NA NA NA 6.80%

53 Kotak Pension Floor Fund 2009-10 NA NA NA NA NA NA 61.15%

54 Dynamic Floor Fund II 2009-10 NA NA NA NA NA NA 5.63%

55 Pension Floor Fund II 2009-10 NA NA NA NA NA NA 1.37%

56 Guarantee Fund 2009-10 NA NA NA NA NA NA 0.12%

57 Pension Guarantee Fund 2009-10 NA NA NA NA NA NA 5.25%

58 Peak Guarantee Fund I 2009-10 NA NA NA NA NA NA 0.74%

Note: NA represents non existence of the fund in the respective year. Kotak Advantage Fund, Kotak Group Growth Fund, Kotak Group Agressive Growth Fund, Kotak Group 11M FMP 06/10/2009 the funds have ceased to exist in year 2009-10 and in case of Kotak Group 12M FMP 28/03/2009, the fund has ceased to exist in 2008-09.

*All are absolute returns

DISCLOSURES FOR ULIP BUSINESS

(A) Investment Management

Activities outsourced

o Investment Advisory Services with Kotak Mahindra Asset Management Company Limited till December 2009

o Custody of Equity & Debt securities with Deutsche Bank

Fees paid for various activities

Investment Advisory fees to Kotak Mahindra Asset Management Company Limited – Rs. 39,000 (2009-Rs. 37,800) debited to Shareholder fund Custody fees – Rs. 7,131 (2009-Rs. 9,672)

o Basis of payment of fees

Investment Advisory fees – Rs. 4,000 p.m. for the period Apr. to Sep. 2009 and Rs. 5,000 p.m. for the period Oct. to Dec. 2010 i.e. Rs. 39,000 p.a. (Investment Advisory fees – Rs. 3,400 p.m. for the period Apr. to Sep. 2008 and Rs. 2,900 p.m. for the period Oct. to Mar. 2009 i.e. Rs. 37,800 p.a.)

2010

Custody fees – For the current year and the previous year the custodian fees are paid on the basis of a fixed percentage of the value of the debt and equity investments.

(B) There are no Unclaimed redemption of Units During the year

(C) None of the Assets of the fund has been considered as doubtful and hence no provision for Doubtful debt has been made during the year.

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Fund Performance of Unit Linked funds as on 31-03-2010 (Absolute Growth%)

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92 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Sr. No.

Related Parties Kotak Securities – Brokerage Paid*

Kotak Mahindra Prime Ltd. – Interest Income earned

Kotak Mahindra Bank Ltd. –FD Interest Income earned

1 Kotak Guaranteed Money Market Fund — — —

2 Kotak Group Money Market Fund — — —

3 Money Market Fund — — —

4 Pension Money Market Fund II — — —

5 Kotak Dynamic Gilt Fund — — —

6 Kotak Guaranteed Gilt Fund — — —

7 Kotak Pension Gilt Fund — — —

8 Kotak Group Gilt Fund — — —

9 Gilt Fund — — —

10 Kotak Dynamic Bond Fund — 349 —

11 Kotak Guaranteed Bond Fund — 398 —

12 Kotak Pension Bond Fund — 383 —

13 Kotak Group Bond Fund — 1,598 —

14 Bond Fund — — —

15 Pension Bond Fund II — — —

16 Kotak Dynamic Floating Rate Fund — — —

17 Kotak Guaranteed Floating Rate Fund — — —

18 Kotak Pension Floating Rate Fund — — —

19 Kotak Group Floating Rate Fund — — —

20 Floating Rate Fund — — —

21 Kotak Group 36M FMP 02/01/2011 — — —

22 Kotak Group 12M FMP 28/03/2009 — — —

23 Kotak Group 36M FMP 12/09/2011 — — —

24 Kotak Group 11M FMP 06/10/2009 — — —

25 Kotak Group 60M FMP 27/11/2013 — — —

26 Kotak Group 50M FMP 27/02/2013 — — —

27 Kotak Group 59M FMP 08/12/2013 — — —

28 Kotak Dynamic Balanced Fund 102 66 —

29 Kotak Guaranteed Balanced Fund 363 1,656 1,683

30 Kotak Pension Balanced Fund 1,015 4,105 831

31 Kotak Group Balanced Fund 424 279 —

32 Balanced Fund 1 — —

33 Pension Balanced Fund II 1 — —

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Statement Showing Receipts and Payments made to Related Parties

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Kotak Mahindra Old Mutual L i fe Insurance L imited 93

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Sr. No.

Related Parties Kotak Securities – Brokerage Paid*

Kotak Mahindra Prime Ltd. – Interest Income earned

Kotak Mahindra Bank Ltd. –FD Interest Income earned

34 Kotak Dynamic Growth Fund 424 115 —

35 Kotak Guaranteed Growth Fund 5,403 19,687 1

36 Kotak Pension Growth Fund 47 — —

37 Kotak Group Growth Fund 2 — —

38 Kotak Aggressive Growth Fund 2,384 108 413

39 Kotak Group Agressive Growth Fund 1 — —

40 Kotak Advantage Multiplier Fund 74 25 104

41 Kotak Advantage Plus Fund 860 4 198

42 Kotak Advantage Fund 4 — 8

43 Kotak Advantage Multiplier Fund II 59 14 85

44 Kotak Advantage Plus Fund II 759 284 67

45 Frontline Equity Fund 88 — —

46 Pension Frontline Equity Fund 9 — —

47 Kotak Opportunities Fund 3,816 8 —

48 Kotak Pension Opportunities Fund 27 — —

49 Classic Opportunities Fund 261 — —

50 Pension Classic Opportunities Fund 26 — —

51 Dynamic Floor Fund 4,570 970 —

52 Kotak Group Dynamic Floor Fund 22 2 —

53 Kotak Pension Floor Fund 167 — —

54 Dynamic Floor Fund II 251 84 —

55 Pension Floor Fund II 50 — —

56 Guarantee Fund 44 — —

57 Pension Guarantee Fund 44 — —

58 Peak Guarantee Fund I 17 — —

Grand Total 21,314 30,135 3,391

* Brokerage paid is inclusive of Service tax

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Statement Showing Receipts and Payments made to Related Parties

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94 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Statement Showing Company wise Details of Investments held in Promoter Group

Sr. No.

Fund name Kotak Mahindra Bank Ltd. — FD

Kotak Mahindra Prime Ltd. — NCD

Kotak Mahindra Mutual Fund — MFU

Amount Percentage Amount Percentage Amount Percentage

1 Kotak Guaranteed Money Market Fund

— — — — — —

2 Kotak Group Money Market Fund — — — — — —

3 Money Market Fund — — — — — —

4 Pension Money Market Fund II — — — — — —

5 Kotak Dynamic Gilt Fund — — — — 619 0.42%

6 Kotak Guaranteed Gilt Fund — — — — 2,212 0.61%

7 Kotak Pension Gilt Fund — — — — 600 0.29%

8 Kotak Group Gilt Fund — — — — 442 0.52%

9 Gilt Fund — — — — — —

10 Kotak Dynamic Bond Fund — — 7,025 2.96% 2,608 1.10%

11 Kotak Guaranteed Bond Fund — — 5,018 1.54% 2,733 0.84%

12 Kotak Pension Bond Fund — — 8,028 2.17% 4,145 1.12%

13 Kotak Group Bond Fund — — 30,105 2.18% 7,982 0.58%

14 Bond Fund — — — — — —

15 Pension Bond Fund II — — — — — —

16 Kotak Dynamic Floating Rate Fund — — — — 573 0.54%

17 Kotak Guaranteed Floating Rate Fund — — — — 1,651 0.61%

18 Kotak Pension Floating Rate Fund — — — — 344 0.36%

19 Kotak Group Floating Rate Fund — — — — 357 0.25%

20 Floating Rate Fund — — — — — —

21 Kotak Group 36M FMP 02/01/2011 — — — — — —

22 Kotak Group 12M FMP 28/03/2009 — — — — — —

23 Kotak Group 36M FMP 12/09/2011 — — — — — —

24 Kotak Group 11M FMP 06/10/2009 — — — — — —

25 Kotak Group 60M FMP 27/11/2013 — — — — — —

26 Kotak Group 50M FMP 27/02/2013 — — — — — —

27 Kotak Group 59M FMP 08/12/2013 — — — — — —

28 Kotak Dynamic Balanced Fund — — — — 265 0.11%

29 Kotak Guaranteed Balanced Fund 17,711 0.99% — — 4,892 0.27%

30 Kotak Pension Balanced Fund 8,752 0.15% 30,084 0.50% 7,854 0.13%

31 Kotak Group Balanced Fund — — — — 36,335 2.93%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 95

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Statement Showing Company wise Details of Investments held in Promoter Group

Sr. No.

Fund name Kotak Mahindra Bank Ltd. — FD

Kotak Mahindra Prime Ltd. — NCD

Kotak Mahindra Mutual Fund — MFU

Amount Percentage Amount Percentage Amount Percentage

32 Balanced Fund — — — — — —

33 Pension Balanced Fund II — — — — — —

34 Kotak Dynamic Growth Fund — — — — — —

35 Kotak Guaranteed Growth Fund 98 0.00% 338,144 1.46% 13,107 0.06%

36 Kotak Pension Growth Fund — — — — 800 0.32%

37 Kotak Group Growth Fund — — — — — —

38 Kotak Aggressive Growth Fund 4,350 0.12% — — 7,992 0.22%

39 Kotak Group Agressive Growth Fund — — — — — —

40 Kotak Advantage Multiplier Fund 1,097 1.60% — — 311 0.46%

41 Kotak Advantage Plus Fund 2,081 0.31% — — 5,292 0.79%

42 Kotak Advantage Fund — — — — — —

43 Kotak Advantage Multiplier Fund II 897 1.94% — — 62 0.13%

44 Kotak Advantage Plus Fund II 708 0.14% — — 4,319 0.82%

45 Frontline Equity Fund — — — — 1,982 1.18%

46 Pension Frontline Equity Fund — — — — 233 1.15%

47 Kotak Opportunities Fund — — — — 5,200 0.14%

48 Kotak Pension Opportunities Fund — — — — 108 0.24%

49 Classic Opportunities Fund — — — — 134 0.02%

50 Pension Classic Opportunities Fund — — — — 161 0.23%

51 Dynamic Floor Fund — — 24,525 0.61% 1,320 0.03%

52 Kotak Group Dynamic Floor Fund — — — — 498 0.26%

53 Kotak Pension Floor Fund — — — — 809 0.15%

54 Dynamic Floor Fund II — — 8,111 0.53% 3,988 0.26%

55 Pension Floor Fund II — — — — 2,212 0.64%

56 Guarantee Fund — — — — 2,726 1.65%

57 Pension Guarantee Fund — — — — 3,408 0.98%

58 Peak Guarantee Fund I — — — — 2,045 1.25%

Grand Total* 35,695 0.07% 451,039 0.24% 130,320 0.83%

* This amount represents total exposure to promoter group as a percentage of total fund size

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96 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Guaranteed

Money Market Fund

% of Total Funds

Government of India

364 Days T Bill - 08.10.2010 2,272 99.99%

Total 2,272 99.99%

Others

Net Assets — 0.01%

Grand Total 2,272 100.00%

Industry Kotak Group Money

Market Fund

% of Total Funds

Government of India

364 Days T Bill - 08.10.2010 59 99.27%

Total 59 99.27%

Others

Net Assets — 0.73%

Grand Total 59 100.00%

Industry Money Market Fund

% of Total Funds

Government of India

364 Days T Bill - 08.10.2010 1,877 23.18%

Total 1,877 23.18%

Monetary intermediation of commercial banks, saving banks and discount houses

Bank of Baroda CD - 15.02.2011 310 3.83%

Bank of India CD - 11.03.2011 186 2.29%

Canara Bank CD - 08.03.2011 185 2.29%

Central Bank of India CD - 04.10.2010 270 3.34%

Corporation Bank CD - 21.02.2011 185 2.29%

Oriental Bank of Commerce CD - 26.10.2010 184 2.28%

PNB CD - 15.07.2010 185 2.29%

State Bank of Bikaner & Jaipur CD - 04.01.2011 185 2.29%

State Bank of Hyderabad CD - 04.01.2011 185 2.29%

State Bank of Patiala CD - 15.11.2010 301 3.72%

Total 2,179 26.91%

Others

Net Assets 4,040 49.91%

Grand Total 8,095 100.00%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Money

Market Fund II

% of Total Funds

Government of India

364 Days T Bill - 08.10.2010 6,002 29.84%

Total 6,002 29.84%

Monetary intermediation of commercial banks, saving banks and discount houses

Bank of Baroda CD - 15.02.2011 451 2.24%

Bank of India CD - 11.03.2011 802 3.99%

Canara Bank CD - 08.03.2011 601 2.99%

Canara Bank CD-10.05.2010 302 1.50%

Central Bank of India CD - 04.10.2010 710 3.53%

Corporation Bank CD - 21.02.2011 604 3.00%

Oriental Bank of Commerce CD - 20.08.2010 504 2.51%

PNB CD - 15.07.2010 51 0.25%

State Bank of Bikaner & Jaipur CD - 04.01.2011 810 4.03%

State Bank of Hyderabad CD - 04.01.2011 810 4.03%

State Bank of Patiala CD - 15.11.2010 908 4.51%

Union Bank of India CD - 07.10.2010 486 2.42%

Total 7,040 35.01%

Others

Net Assets 7,069 35.15%

Grand Total 20,110 100.00%

Industry Kotak Dynamic Gilt

Fund

% of Total Funds

Government of India

10.25% GOI - 30.05.21 5,753 3.94%

6.49% GOI - 08.06.2015 11,738 8.04%

7% Oil Bond - 09.09.12 2,019 1.38%

7.27% GOI - 03.09.13 22,348 15.31%

7.40% GOI 2012 - 03.05.12 20,257 13.88%

7.40% GOI 2035 - 09.09.35 856 0.59%

7.47% OMC GOI Special Bond - 07.03.12 2,964 2.03%

7.59% GOI 2016 962 0.66%

8.15% GOI FCI Bonds - 16.10.22 4,947 3.39%

8.20% GOI - 15.02.22 4,278 2.93%

8.20% OMC GOI -15.09.24 892 0.61%

8.20% OMC GOI 2023-10.11.23 1,489 1.02%

8.35% GOI - 14.05.22 1,752 1.20%

Total 80,252 54.98%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 97

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Dynamic Gilt

Fund

% of Total Funds

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 40,871 28.00%

Total 40,871 28.00%

Others

Monetary intermediation of commercial banks, saving banks and discount houses 9,033 6.19%

Activities of Mutual Funds including Unit Trust of India 1,890 1.29%

State Government Bonds/Development Loans 8,742 5.99%

Net Assets 5,188 3.55%

Grand Total 145,976 100.00%

Industry Kotak Guaranteed

Gilt Fund

% of Total Funds

Government of India

10.25% GOI - 30.05.21 8,629 2.38%

6.49% GOI - 08.06.2015 18,718 5.17%

7% Oil Bond - 09.09.12 2,909 0.80%

7.27% GOI - 03.09.13 67,384 18.62%

7.40% GOI 2012 - 03.05.12 46,080 12.73%

7.40% GOI 2035 - 09.09.35 1,574 0.43%

7.47% OMC GOI Special Bond - 07.03.12 19,219 5.31%

7.59% GOI 2016 9,618 2.66%

8.15% GOI FCI Bonds - 16.10.22 4,947 1.37%

8.20% GOI - 15.02.22 6,301 1.74%

8.20% OMC GOI 2023-10.11.23 6,948 1.92%

8.35% GOI - 14.05.22 4,117 1.14%

Total 196,442 54.29%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 110,231 30.46%

Total 110,231 30.46%

Industry Kotak Guaranteed

Gilt Fund

% of Total Funds

Others

Monetary intermediation of commercial banks, saving banks and discount houses 20,162 5.57%

Activities of Mutual Funds including Unit Trust of India 6,750 1.87%

State Government Bonds/Development Loans 12,998 3.59%

Net Assets 15,280 4.22%

Grand Total 361,863 100.00%

Industry Kotak Pension Gilt

Fund

% of Total Funds

Government of India

10.25% GOI - 30.05.21 5,177 2.47%

6.49% GOI - 08.06.2015 10,746 5.14%

7% Oil Bond - 09.09.12 1,094 0.52%

7.27% GOI - 03.09.13 41,016 19.60%

7.40% GOI 2012 - 03.05.12 25,088 11.99%

7.40% GOI 2035 - 09.09.35 822 0.39%

7.47% OMC GOI Special Bond - 07.03.12 21,488 10.27%

7.59% GOI 2016 2,404 1.15%

8.15% GOI FCI Bonds - 16.10.22 4,947 2.36%

8.20% GOI - 15.02.22 3,373 1.61%

8.20% OMC GOI -15.09.24 7,431 3.55%

8.20% OMC GOI 2023-10.11.23 3,716 1.78%

8.35% GOI - 14.05.22 1,980 0.95%

Total 129,280 61.79%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 39,165 18.72%

Total 39,165 18.72%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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98 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Pension Gilt

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 10 0.00%

Bank of India CD - 11.03.2011 2,506 1.20%

Bank of India CD - 18.03.2011 2,504 1.20%

Oriental Bank of Commerce CD - 22.10.2010 6,574 3.14%

State Bank of Hyderabad CD - 04.01.2011 2,532 1.21%

State Bank of Mysore CD - 07.10.2010 2,436 1.16%

State Bank of Travancore CD - 09.03.2011 5,015 2.40%

Total 21,578 10.31%

Others

Activities of Mutual Funds including Unit Trust of India 1,830 0.87%

State Government Bonds/Development Loans 9,297 4.44%

Net Assets 8,076 3.86%

Grand Total 209,226 100.00%

Industry Kotak Group Gilt Fund

% of Total Funds

Government of India

10.25% GOI - 30.05.21 1,726 2.01%

6.49% GOI - 08.06.2015 4,903 5.72%

7% Oil Bond - 09.09.12 1,551 1.81%

7.27% GOI - 03.09.13 6,847 7.98%

7.40% GOI 2012 - 03.05.12 9,557 11.15%

7.40% GOI 2035 - 09.09.35 572 0.67%

7.47% OMC GOI Special Bond - 07.03.12 1,528 1.78%

7.56% GOI 2014 - 03.11.14 8,735 10.19%

7.59% GOI 2016 1,924 2.24%

8.15% GOI FCI Bonds - 16.10.22 4,947 5.77%

8.20% GOI - 15.02.22 1,864 2.17%

8.35% GOI - 14.05.22 663 0.77%

Total 44,816 52.27%

Industry Kotak Group Gilt Fund

% of Total Funds

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 22,058 25.72%

Total 22,058 25.72%

Others

Monetary intermediation of commercial banks, saving banks and discount houses 6,823 7.96%

Activities of Mutual Funds including Unit Trust of India 1,350 1.57%

State Government Bonds/Development Loans 8,136 9.49%

Net Assets 2,562 2.99%

Grand Total 85,744 100.00%

Industry Gilt Fund % of Total Funds

Government of India

6.35% GOI 2020 - 02.01.20 45 5.78%

7.27% GOI - 03.09.13 201 25.80%

7.59% GOI 2016 91 11.75%

Total 337 43.32%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 333 42.77%

Total 333 42.77%

Others

Monetary intermediation of commercial banks, saving banks and discount houses

31 3.93%

Net Assets 78 9.98%

Grand Total 778 100.00%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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Kotak Mahindra Old Mutual L i fe Insurance L imited 99

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Dynamic

Bond Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

8.80% PNB - 18.04.2012 1,032 0.44%

9.85% HDFC Bank 2019 - 17.03.2024 2,722 1.15%

Bank of Baroda CD - 15.02.2011 4,012 1.69%

Central Bank of India CD - 04.10.2010 4,856 2.05%

PNB CD - 12.08.2010 5,007 2.11%

State Bank of Bikaner & Jaipur CD - 04.01.2011 5,779 2.44%

State Bank of Hyderabad CD - 04.01.2011 5,065 2.14%

State Bank of Patiala CD - 15.11.2010 5,592 2.36%

State Bank of Travancore CD - 09.03.2011 5,015 2.12%

Total 39,079 16.49%

Activities of hire - purchase financing

10.00% IDFC -16.12.13 1,057 0.45%

10.25% HDFC 2012 - 29.05.12 841 0.35%

10.35% HDFC 2017 - 16.05.17 134 0.06%

10.90% REC - 30.09.13 2,946 1.24%

11.25% HDFC - 04.09.18 72 0.03%

11.50% REC - 26.11.13 8,495 3.58%

11.75% REC - 03.11.11 39 0.02%

12.40% Sundaram Fin - 02.08.10 130 0.05%

6.05% REC - 23.01.2014 787 0.33%

6.35% EXIM - 24.04.2010 2,501 1.06%

7.20% REC - 17.09.2010 2,507 1.06%

7.40% KMPL - 24.08.2010 7,025 2.96%

7.45% IRFC - 27.04.2014 727 0.31%

7.60% HDFC - 08.12.17 2,362 1.00%

7.64% LIC Housing Finance- 26.02.2012 3,533 1.49%

7.80% Sundaram Finance 2011 - 28.07.2011 4,529 1.91%

8.5% LIC Housing Finance 9 June 11 1,377 0.58%

8.50% EXIM 2011 - 12.09.2011 463 0.20%

Industry Kotak Dynamic

Bond Fund

% of Total Funds

8.50% Exim Bank Bonds 2011 1,070 0.45%

8.95% IRFC Ltd - 10.03.2025 4,702 1.98%

8.95% PFC- 30.03.2015 5,075 2.14%

9.00% Bajaj Auto Finance - 02.11.2012 1,632 0.69%

9.15% NABARD - 17.12.2010 4,876 2.06%

9.25% PFC - 20.02.2012 2,592 1.09%

9.32% HDFC - 17.12.12 608 0.26%

9.40% NHB - 17.12.2013 1,144 0.48%

9.50% Exim - 12.12.13 2,614 1.10%

9.50% HDFC - 27.02.13 62 0.03%

9.50% HDFC - 28.02.2013 2,616 1.10%

9.50% LIC Housing Finance - 18.02.2012 10,411 4.39%

9.50% Nabard - 15.10.12 7,654 3.23%

9.68% IRFC - 03.07.10 6,166 2.60%

HDFC Ltd ZCB - 09.03.2012 3,493 1.47%

Total 94,238 39.77%

Others

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 10,187 4.30%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 8,954 3.78%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi-trailers 4,431 1.87%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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100 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Dynamic

Bond Fund

% of Total Funds

Generation and transmission of electricity: atomic reactor power plants 6,679 2.82%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 10,880 4.59%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 5,172 2.18%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 2,517 1.06%

Provision of basic telecom services: telephone, telex and telegraph (includes the activities of STD/ISD booths) 4,342 1.83%

Activities of housing finance companies. (Granting of credit for house purchase by specialised institutions that do not also take deposits is included here) 3,130 1.32%

Activities of Mutual Funds including Unit Trust of India 7,960 3.36%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 511 0.22%

Production, supply and documentation of ready-made (non-customized) software 2,670 1.13%

Government of India 8,374 3.53%

State Government Bonds/Development Loans 7,993 3.37%

Net Assets 19,872 8.39%

Grand Total 236,990 100.00%

Industry Kotak Guaranteed Bond Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

8.80% PNB - 18.04.2012 1,032 0.32%

9.15% SBP Perpetual Bond 7,644 2.34%

9.85% HDFC Bank 2019 - 17.03.2024 3,955 1.21%

Bank of Baroda CD - 15.02.2011 9,529 2.92%

Central Bank of India CD - 04.10.2010 4,856 1.49%

Oriental Bank of Commerce CD - 22.10.2010 5,057 1.55%

PNB CD - 12.08.2010 7,511 2.30%

State Bank of Bikaner & Jaipur CD - 04.01.2011 3,044 0.93%

State Bank of Hyderabad CD - 04.01.2011 2,531 0.78%

State Bank of Patiala CD - 15.11.2010 5,073 1.55%

State Bank of Travancore CD - 09.03.2011 7,522 2.30%

Total 57,752 17.67%

Activities of hire - purchase financing

10.00% IDFC -16.12.13 1,902 0.58%

10.25% HDFC 2012 - 29.05.12 162 0.05%

10.90% REC - 30.09.13 5,543 1.70%

11.50% REC - 26.11.13 14,170 4.34%

11.75% REC - 03.11.11 88 0.03%

6.05% REC - 23.01.2014 1,180 0.36%

6.35% EXIM - 24.04.2010 2,501 0.77%

7.20% REC - 17.09.2010 2,507 0.77%

7.24% LIC Housing Finance - 23.06.2011 1,002 0.31%

7.40% KMPL - 24.08.2010 5,018 1.54%

7.45% IRFC - 27.04.2014 969 0.30%

7.60% HDFC - 08.12.17 2,362 0.72%

7.64% LIC Housing Finance- 26.02.2012 6,057 1.85%

7.80% Sundaram Finance 2011 - 28.07.2011 9,058 2.77%

8.28 IDFC 2011 211 0.06%

8.35% REC - 04.09.2014 2,610 0.80%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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Kotak Mahindra Old Mutual L i fe Insurance L imited 101

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Guaranteed Bond Fund

% of Total Funds

8.5% LIC Housing Finance 9 June 11 3,124 0.96%

8.50% EXIM 2011 - 12.09.2011 764 0.23%

8.50% Exim Bank Bonds 2011 856 0.26%

8.95% IRFC Ltd- 10.03.2025 7,067 2.16%

8.95% PFC- 30.03.2015 5,075 1.55%

9.15% NABARD - 17.12.2010 4,876 1.49%

9.25% PFC - 20.02.2012 3,111 0.95%

9.32% HDFC - 17.12.12 339 0.10%

9.40% NHB - 17.12.2013 1,156 0.35%

9.50% Exim - 12.12.13 5,228 1.60%

9.50% HDFC - 27.02.13 97 0.03%

9.50% HDFC - 28.02.2013 2,616 0.80%

9.50% LIC Housing Finance - 18.02.2012 10,411 3.19%

9.50% Nabard - 15.10.12 14,350 4.39%

9.68% IRFC - 03.07.10 8,069 2.47%

HDFC Ltd ZCB - 09.03.2012 11,270 3.45%

Total 133,749 40.93%

Others

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 19,024 5.82%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 21,147 6.47%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 6,336 1.94%

Industry Kotak Guaranteed Bond Fund

% of Total Funds

Generation and transmission of electricity: atomic reactor power plants 7,224 2.21%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 6,798 2.08%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis] 2,586 0.79%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles 2,517 0.77%

Provision of basic telecom services: telephone, telex and telegraph (includes the activities of STD/ISD booths) 326 0.10%

Activities of housing finance companies. (Granting of credit for house purchase by specialised institutions that do not also take deposits is included here) 4,695 1.44%

Activities of Mutual Funds including Unit Trust of India 8,340 2.55%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66) 800 0.24%

Production, supply and documentation of ready-made (non-customized) software 2,670 0.82%

Government of India 21,322 6.52%

State Government Bonds/Development Loans 6,997 2.14%

Net Assets 24,537 7.51%

Grand Total 326,821 100.00%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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102 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension Bond

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

8.80% PNB - 18.04.2012 1,032 0.28%

9.15% SBP Perpetual Bond 7,644 2.07%

9.85% HDFC Bank 2019 - 17.03.2024 4,965 1.34%

Central Bank of India CD - 04.10.2010 4,856 1.31%

Oriental Bank of Commerce CD - 22.10.2010 2,528 0.68%

PNB CD - 12.08.2010 8,012 2.17%

State Bank of Bikaner & Jaipur CD - 04.01.2011 5,068 1.37%

State Bank of Hyderabad CD - 04.01.2011 2,531 0.69%

State Bank of Patiala CD - 15.11.2010 8,929 2.41%

State Bank of Travancore CD - 09.03.2011 7,522 2.03%

Total 53,086 14.36%

Activities of hire - purchase financing

10.00% IDFC -16.12.13 1,506 0.41%

10.25% HDFC 2012 - 29.05.12 28 0.01%

10.90% REC - 30.09.13 7,886 2.13%

11.50% REC - 26.11.13 5,808 1.57%

11.75% REC - 03.11.11 21 0.01%

12.40% Sundaram Fin - 02.08.10 14,390 3.89%

6.05% REC - 23.01.2014 2,639 0.71%

6.35% EXIM - 24.04.2010 2,501 0.68%

7.20% REC - 17.09.2010 2,507 0.68%

7.24% LIC Housing Finance - 23.06.2011 1,002 0.27%

7.40% KMPL - 24.08.2010 8,028 2.17%

7.45% IRFC - 27.04.2014 581 0.16%

7.60% HDFC - 08.12.17 3,779 1.02%

7.64% LIC Housing Finance- 26.02.2012 5,047 1.36%

8.28 IDFC 2011 386 0.10%

8.35% REC - 04.09.2014 2,997 0.81%

8.5% LIC Housing Finance 9 June 11 645 0.17%

8.50% EXIM 2011 - 12.09.2011 489 0.13%

Industry Kotak Pension Bond

Fund

% of Total Funds

8.50% Exim Bank Bonds 2011 1,070 0.29%

8.95% IRFC Ltd- 10.03.2025 8,716 2.36%

8.95% PFC- 30.03.2015 7,613 2.06%

9.00% Bajaj Auto Finance - 02.11.2012 7,649 2.07%

9.15% NABARD - 17.12.2010 7,314 1.98%

9.25% PFC - 20.02.2012 3,629 0.98%

9.32% HDFC - 17.12.12 37 0.01%

9.40% NHB - 17.12.2013 871 0.24%

9.50% Exim - 12.12.13 5,228 1.41%

9.50% HDFC - 27.02.13 11 0.00%

9.50% HDFC - 28.02.2013 2,616 0.71%

9.50% LIC Housing Finance - 18.02.2012 20,822 5.63%

9.50% Nabard - 15.10.12 6,649 1.80%

9.65% NABARD - 12.03.12 20 0.01%

9.68% IRFC - 03.07.10 1,322 0.36%

HDFC Ltd ZCB - 09.03.2012 6,523 1.76%

Total 140,331 37.95%

Others

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 24,223 6.55%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 25,175 6.81%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 4,929 1.33%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 103

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension Bond

Fund

% of Total Funds

Generation and transmission of electricity: atomic reactor power plants 7,224 1.95%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 9,120 2.47%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 5,172 1.40%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 7,261 1.96%

Provision of basic telecom services: telephone, telex and telegraph (includes the activities of STD/ISD booths) 5,428 1.47%

Activities of housing finance companies. (Granting of credit for house purchase by specialised institutions that do not also take deposits is included here) 2,609 0.71%

Activities of Mutual Funds including Unit Trust of India 12,650 3.42%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 3,327 0.90%

Production, supply and documentation of ready-made (non-customized) software 2,670 0.72%

Government of India 28,034 7.58%

State Government Bonds/Development Loans 7,993 2.16%

Net Assets 30,578 8.27%

Grand Total 369,807 100.00%

Industry Kotak Group Bond Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

8.80% PNB - 18.04.2012 5,158 0.37%

9.15% SBP Perpetual Bond 3,100 0.22%

9.20% BOB Perpetual Bond- 09.10.2019 67,066 4.86%

9.85% HDFC Bank 2019 - 17.03.2024 13,820 1.00%

Bank of Baroda CD - 15.02.2011 26,580 1.93%

Bank of Baroda CD - 24.09.2010 20,003 1.45%

Central Bank of India CD - 04.10.2010 7,284 0.53%

Oriental Bank of Commerce CD - 22.10.2010 5,057 0.37%

PNB CD - 12.08.2010 5,007 0.36%

State Bank of Bikaner & Jaipur CD - 04.01.2011 20,270 1.47%

State Bank of Patiala CD - 15.11.2010 13,697 0.99%

State Bank of Travancore CD - 09.03.2011 30,090 2.18%

Total 217,133 15.74%

Activities of hire - purchase financing

10.00% IDFC -16.12.13 5,283 0.38%

10.25% HDFC 2012 - 29.05.12 2,389 0.17%

10.75% PFC - 15.07.2011 4,733 0.34%

10.90% REC - 30.09.13 21,906 1.59%

11.25% HDFC - 04.09.18 340 0.02%

11.50% REC - 26.11.13 19,247 1.39%

11.75% REC - 03.11.11 369 0.03%

12.40% Sundaram Fin - 02.08.10 28,327 2.05%

6.05% REC - 23.01.2014 5,508 0.40%

6.35% EXIM - 24.04.2010 2,501 0.18%

7.20% REC - 17.09.2010 5,014 0.36%

7.24% LIC Housing Finance - 23.06.2011 5,012 0.36%

7.40% KMPL - 24.08.2010 30,105 2.18%

7.45% IRFC - 27.04.2014 2,422 0.18%

7.60% HDFC - 08.12.17 4,723 0.34%

7.64% LIC Housing Finance- 26.02.2012 30,284 2.19%

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104 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Group Bond Fund

% of Total Funds

7.70% REC - 02.06.2014 7,766 0.56%

7.80% Sundaram Finance 2011 - 28.07.2011 14,594 1.06%

8.28 IDFC 2011 2,880 0.21%

8.33% Bajaj Auto Finance - 19.08.2011 48,304 3.50%

8.35% REC - 04.09.2014 4,640 0.34%

8.49% IRFC - 30.03.2014 28,882 2.09%

8.5% LIC Housing Finance 9 June 11 5,781 0.42%

8.50% EXIM 2011 - 12.09.2011 4,429 0.32%

8.50% Exim Bank Bonds 2011 4,813 0.35%

8.95% IRFC Ltd- 10.03.2025 29,547 2.14%

8.95% PFC- 30.03.2015 101,507 7.36%

9.00% Bajaj Auto Finance - 02.11.2012 13,695 0.99%

9.07% REC - 28.02.2018 50,778 3.68%

9.15% NABARD - 17.12.2010 33,820 2.45%

9.25% PFC - 20.02.2012 9,332 0.68%

9.32% HDFC - 17.12.12 1,035 0.08%

9.40% NHB - 17.12.2013 13,102 0.95%

9.50% Exim - 12.12.13 10,457 0.76%

9.50% HDFC - 27.02.13 215 0.02%

9.50% HDFC - 28.02.2013 13,078 0.95%

9.50% LIC Housing Finance - 18.02.2012 20,822 1.51%

9.50% Nabard - 15.10.12 23,359 1.69%

9.65% NABARD - 12.03.12 11,249 0.82%

9.68% IRFC - 03.07.10 23,588 1.71%

HDFC Ltd ZCB - 09.03.2012 30,860 2.24%

Total 676,699 49.04%

Others

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 38,181 2.77%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 60,421 4.38%

Industry Kotak Group Bond Fund

% of Total Funds

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 5,972 0.43%

Generation and transmission of electricity: atomic reactor power plants 28,897 2.09%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 113,611 8.23%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 5,172 0.37%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 20,137 1.46%

Activities of housing finance companies. (Granting of credit for house purchase by specialised institutions that do not also take deposits is included here) 31,302 2.27%

Activities of Mutual Funds including Unit Trust of India 24,360 1.77%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 3,185 0.23%

Production, supply and documentation of ready-made (non-customized) software 5,340 0.39%

Government of India 32,017 2.32%

State Government Bonds/Development Loans 16,992 1.23%

Net Assets 100,453 7.28%

Grand Total 1,379,873 100.00%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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Kotak Mahindra Old Mutual L i fe Insurance L imited 105

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Bond Fund % of Total Funds

Activities of hire - purchase financing

10% NABARD - 18.06.10 934 1.23%

10.25% HDFC 2012 - 29.05.12 2,318 3.06%

10.90% REC - 30.09.13 481 0.64%

11.50% REC - 26.11.13 297 0.39%

12.40% Sundaram Fin - 02.08.10 2,317 3.06%

6.45% EXIM Bank - 15.12.2012 997 1.32%

6.90% NHB P-C - 30.10.2012 982 1.30%

8.33% Bajaj Auto Finance - 19.08.2011 4,589 6.06%

8.5% LIC Housing Finance 9 June 11 2,347 3.10%

8.95% IRFC Ltd- 10.03.2025 2,050 2.71%

8.95% PFC- 30.03.2015 508 0.67%

9.07% REC - 28.02.2018 3,877 5.12%

9.35% ILFS - 22.10.10 2,407 3.18%

9.40% NHB - 17.12.2013 1,470 1.94%

9.68% IRFC - 03.07.10 2,400 3.17%

HDFC Ltd ZCB - 09.03.2012 1,806 2.39%

Total 29,781 39.36%

Others

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 1,891 2.50%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 2,003 2.65%

Industry Bond Fund % of Total Funds

Generation and transmission of electricity: hydro-electric power plants 2,451 3.24%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 936 1.24%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 2,464 3.26%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 5,390 7.12%

Monetary intermediation of commercial banks, saving banks and discount houses 5,885 7.78%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 2,315 3.06%

Production, supply and documentation of ready-made (non-customized) software 1,657 2.19%

Government of India 3,963 5.24%

Net Assets 16,930 22.37%

Grand Total 75,667 100.00%

Industry Pension Bond Fund II

% of Total Funds

Activities of hire - purchase financing

10% NABARD - 18.06.10 23 0.36%

10.90% REC - 30.09.13 96 1.47%

11.75% REC - 03.11.11 24 0.37%

12.40% Sundaram Fin - 02.08.10 232 3.54%

6.90% NHB - 01.09.2012 P-C 11 95 1.45%

6.90% NHB P-C - 30.10.2012 25 0.38%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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106 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Pension Bond Fund II

% of Total Funds

8.33% Bajaj Auto Finance - 19.08.2011 270 4.13%

8.5% LIC Housing Finance 9 June 11 94 1.43%

8.60% PFC 2014 - 07.08.2014 95 1.46%

8.69% IRFC - 07.01.11 97 1.48%

8.95% IRFC Ltd- 10.03.2025 185 2.82%

9.22% PFC - 28.12.12 98 1.50%

9.35% ILFS - 22.10.10 24 0.37%

9.50% HDFC - 27.02.13 92 1.40%

HDFC Ltd ZCB - 09.03.2012 201 3.07%

Total 1,651 25.22%

Others

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 270 4.12%

Generation and transmission of electricity: hydro-electric power plants 196 3.00%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 214 3.28%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 589 9.01%

Provision of basic telecom services: telephone, telex and telegraph (includes the activities of STD/ISD booths) 99 1.51%

Monetary intermediation of commercial banks, saving banks and discount houses 401 6.12%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 216 3.30%

Industry Pension Bond Fund II

% of Total Funds

Production, supply and documentation of ready-made (non-customized) software 93 1.42%

Government of India 192 2.94%

Net Assets 2,624 40.08%

Grand Total 6,546 100.00%

Industry Kotak Dynamic

Floating Rate Fund

% of Total Funds

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 39,759 37.50%

7.28% FCI 2010 2,961 2.79%

Total 42,720 40.29%

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 1,339 1.26%

Oriental Bank of Commerce CD - 22.10.2010 2,528 2.38%

PNB CD - 15.07.2010 2,982 2.81%

State Bank of Bikaner & Jaipur CD -04.03.11 4,005 3.78%

State Bank of Hyderabad CD - 04.01.2011 1,013 0.96%

State Bank of Travancore CD - 09.03.2011 1,003 0.95%

Total 12,871 12.14%

Activities of hire-purchase financing

EXIM Floater INBMK + 33 bps - 09.08.2010 6,877 6.49%

IDFC Ltd Floater Mibor+ 210 bps - 28.04.2011 8,027 7.57%

IRFC Floater INBMK + 37 bps - 22.06.2010 9,968 9.40%

PFC Floater Mibor +215 bps - 29.05.11 10,059 9.49%

Total 34,930 32.95%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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Kotak Mahindra Old Mutual L i fe Insurance L imited 107

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Dynamic

Floating Rate Fund

% of Total Funds

Others

Activities of Mutual Funds including Unit Trust of India 1,750 1.65%

Government of India 9,548 9.01%

Net Assets 4,200 3.96%

Grand Total 106,019 100.00%

Industry Kotak Guaranteed

Floating Rate Fund

% of Total Funds

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 110,356 40.95%

7.28% FCI 2010 2,862 1.06%

Total 113,218 42.02%

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 1,884 0.70%

Bank of India CD - 18.03.2011 5,399 2.00%

Oriental Bank of Commerce CD - 22.10.2010 3,034 1.13%

PNB CD - 15.07.2010 8,088 3.00%

State Bank of Bikaner & Jaipur CD -04.03.11 10,011 3.72%

State Bank of Hyderabad CD - 04.01.2011 2,027 0.75%

State Bank of Travancore CD - 09.03.2011 4,012 1.49%

Total 34,455 12.79%

Activities of hire - purchase financingEXIM Floater INBMK + 33 bps - 09.08.2010 19,156 7.11%

IDFC Ltd Floater Mibor+ 210 bps - 28.04.2011 18,862 7.00%

IRFC Floater INBMK + 37 bps - 22.06.2010 23,896 8.87%

PFC Floater Mibor +215 bps - 29.05.11 24,598 9.13%

Total 86,513 32.11%

Industry Kotak Guaranteed

Floating Rate Fund

% of Total Funds

Others

Activities of Mutual Funds including Unit Trust of India 5,040 1.87%

Government of India 18,190 6.75%

Net Assets 12,043 4.47%

Grand Total 269,459 100.00%

Industry Kotak Pension

Floating Rate Fund

% of Total Funds

Government of India

364 Days T Bill - 08.10.2010 1,956 2.07%

7% Oil Bond - 09.09.12 2,136 2.26%

7.27% GOI - 03.09.13 819 0.86%

7.47% OMC GOI Special Bond - 07.03.12 4,376 4.62%

9.39% GOI 02-July-2011 1,244 1.31%

Total 10,532 11.13%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 28,505 30.11%

7.28% FCI 2010 4,441 4.69%

Total 32,946 34.80%

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 71 0.07%

Bank of Baroda CD - 24.09.2010 1,000 1.06%

Oriental Bank of Commerce CD - 22.10.2010 2,528 2.67%

PNB CD - 15.07.2010 2,527 2.67%

State Bank of Bikaner & Jaipur CD -04.03.11 2,503 2.64%

State Bank of Hyderabad CD - 04.01.2011 507 0.54%

State Bank of Travancore CD - 09.03.2011 2,006 2.12%

Total 11,142 11.77%

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108 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Pension

Floating Rate Fund

% of Total Funds

Activities of hire - purchase financing

EXIM Floater INBMK + 33 bps - 09.08.2010 8,379 8.85%

IDFC Ltd Floater Mibor+ 210 bps - 28.04.2011 8,678 9.17%

IRFC Floater INBMK + 37 bps - 22.06.2010 8,695 9.19%

PFC Floater Mibor +215 bps - 29.05.11 8,450 8.93%

Total 34,203 36.13%

Others

Activities of Mutual Funds including Unit Trust of India 1,049 1.11%

Net Assets 4,790 5.06%

Grand Total 94,661 100.00%

Industry Kotak Group Floating Rate

Fund

% of Total Funds

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 46,738 32.38%

7.28% FCI 2010 3,454 2.39%

Total 50,193 34.77%

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 259 0.18%

Bank of India CD - 11.03.2011 2,506 1.74%

Bank of India CD - 18.03.2011 2,003 1.39%

PNB CD - 15.07.2010 4,044 2.80%

State Bank of Bikaner & Jaipur CD -04.03.11 2,002 1.39%

State Bank of Hyderabad CD - 04.01.2011 1,013 0.70%

State Bank of Travancore CD - 09.03.2011 3,009 2.08%

Total 14,837 10.28%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Group Floating Rate

Fund

% of Total Funds

Activities of hire - purchase financing

EXIM Floater INBMK + 33 bps - 09.08.2010 10,326 7.15%

IDFC Ltd Floater Mibor+ 210 bps - 28.04.2011 10,431 7.23%

IRFC Floater INBMK + 37 bps - 22.06.2010 10,496 7.27%

PFC Floater Mibor +215 bps - 29.05.11 10,437 7.23%

Total 41,690 28.88%

Others

Activities of Mutual Funds including Unit Trust of India 1,090 0.76%

Government of India 9,854 6.83%

Net Assets 26,679 18.48%

Grand Total 144,342 100.00%

Industry Floating Rate Fund

% of Total Funds

Others

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 37 3.73%

Monetary intermediation of commercial banks, saving banks and discount houses 1 0.10%

Activities of hire - purchase financing 33 3.35%

Government of India 13 1.27%

Net Assets 911 91.56%

Grand Total 995 100.00%

Industry Kotak Group 36M FMP

02/01/2011

% of Total Funds

Activities of hire - purchase financing

9.35% ILFS - 22.10.10 29,774 96.32%

Total 29,774 96.32%

Others

Net Assets 1,136 3.68%

Grand Total 30,911 100.00%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 109

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Group 36M FMP

12/09/2011

% of Total Funds

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c.

8.73% PGC 2011 3,982 38.24%

Total 3,982 38.24%

Activities of hire - purchase financing

8.5% LIC Housing Finance 9 June 11 1,859 17.86%

8.50% Exim Bank Bonds 2011 4,244 40.77%

Total 6,104 58.63%

Others

Net Assets 326 3.13%

Grand Total 10,411 100.00%

Industry Kotak Group 60M FMP

27/11/2013

% of Total Funds

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699)

11.45% RIL - 25.11.13 15,237 19.43%

Total 15,237 19.43%

Activities of hire - purchase financing

11.40% PFC - 28.11.13 30,598 39.02%

11.50% REC - 26.11.13 30,550 38.96%

Total 61,148 77.98%

Industry Kotak Group 60M FMP

27/11/2013

% of Total Funds

Government of India

Others

Net Assets 2,034 2.59%

Grand Total 78,419 100.00%

Industry Kotak Group 50M FMP

27/02/2013

% of Total Funds

Activities of hire - purchase financing

9.50% HDFC - 27.02.13 6,967 99.24%

Total 6,967 99.24%

Others

Net Assets 53 0.76%

Grand Total 7,021 100.00%

Industry Kotak Group 59M FMP

08/12/2013

% of Total Funds

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699)

11.45% RIL - 25.11.13 11,565 39.41%

Total 11,565 39.41%

Activities of hire - purchase financing

10.00% IDFC -16.12.13 17,096 58.25%

Total 17,096 58.25%

Others

Net Assets 687 2.34%

Grand Total 29,349 100.00%

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110 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Dynamic Balanced

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 2,267 0.92%

9.15% SBP Perpetual Bond 1,529 0.62%

9.85% HDFC Bank 2019 - 17.03.2024 1,680 0.68%

9.98% ICICI Perpetual Bond - 13.09.16 1,296 0.53%

Axis Bank Ltd 2,723 1.11%

Bank of Baroda 1,420 0.58%

Bank of Baroda CD - 15.02.2011 2,508 1.02%

HDFC Bank Ltd 5,170 2.11%

ICICI Bank Ltd 8,428 3.44%

Oriental Bank of Commerce CD - 20.08.2010 7,060 2.88%

Oriental Bank of Commerce CD - 26.10.2010 2,427 0.99%

Punjab National Bank 2,316 0.94%

State Bank of Bikaner & Jaipur CD -04.03.11 1,502 0.61%

State Bank of Hyderabad CD - 04.01.2011 1,013 0.41%

State Bank of India 3,487 1.42%

State Bank of Patiala CD - 15.11.2010 2,212 0.90%

State Bank of Travancore CD - 09.03.2011 2,508 1.02%

Union Bank of India CD - 07.10.2010 3,744 1.53%

YES BANK LTD 2,083 0.85%

Total 55,373 22.57%

Activities of hire - purchase financing

10.35% HDFC 2017 - 16.05.17 169 0.07%

10.90% REC - 30.09.13 1,103 0.45%

11.25% HDFC - 04.09.18 68 0.03%

11.50% REC - 26.11.13 8,200 3.34%

11.75% REC - 03.11.11 22 0.01%

6.90% NHB - 01.09.2012 P-C 11 3,490 1.42%

7.20% REC - 17.03.2012 985 0.40%

Industry Kotak Dynamic Balanced

Fund

% of Total Funds

7.90% REC - 06.10.2012 2,511 1.02%

8.49% IRFC - 30.03.2014 2,008 0.82%

8.50% EXIM 2011 - 12.09.2011 334 0.14%

8.50% Exim Bank Bonds 2011 342 0.14%

8.60% PFC 2014 - 07.08.2014 2,502 1.02%

9.32% HDFC - 17.12.12 1,005 0.41%

9.40% NHB - 17.12.2013 550 0.22%

9.50% HDFC - 27.02.13 134 0.05%

9.65% NABARD - 12.03.12 239 0.10%

Housing Development Finance Corp. Ltd 4,424 1.80%

Infrastructure Development Finance Company Ltd 2,773 1.13%

Rural Electrification Corporation Ltd 1,394 0.57%

Total 32,254 13.15%

Others

Off shore extraction of petroleum 2,809 1.15%

Services incidental to off shore oil extraction 1,368 0.56%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 374 0.15%

Manufacture of other dairy products, n.e.c. 1,888 0.77%

Manufacture of cigarette and cigarette tobacco 4,150 1.69%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 8,534 3.48%

Manufacture of paints, varnishes, enamels or lacquers 2,100 0.86%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 111

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Dynamic Balanced

Fund

% of Total Funds

Manufacture of allopathic pharmaceutical preparations 9,228 3.76%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 2,756 1.12%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 8,723 3.56%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 4,286 1.75%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 4,191 1.71%

Manufacture of generators/generating sets 2,183 0.89%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 7,157 2.92%

Manufacture of motor cars 2,120 0.86%

Manufacture of jeeps and station wagons 2,518 1.03%

Industry Kotak Dynamic Balanced

Fund

% of Total Funds

Generation and transmission of electricity: hydro-electric power plants 3,820 1.56%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 21,718 8.85%

Manufacture of gas; distribution of gaseous fuels through mains 4,244 1.73%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 4,299 1.75%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 7,616 3.10%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 5,034 2.05%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 2,798 1.14%

Activities of Mutual Funds including Unit Trust of India 810 0.33%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 3,588 1.46%

Production, supply and documentation of ready-made (non-customized) software 19,510 7.95%

News agency activities 3,484 1.42%

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112 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Dynamic Balanced

Fund

% of Total Funds

Undifferenciated service-producing activities of private households for own use. [Includes the undifferenciated subsistence. [Includes the undifferenciated subsistence service-producing activities of households. These activities include cooking, teaching, caring for household members and other services produced by the household for its own subsistence. In application, if households are also engaged in the production of multiple goods for subsistence purposes, they are classified to the undifferenciated subsistence service-producing activities of households.] 1,406 0.57%

Government of India 12,951 5.28%

Net Assets 2,036 0.83%

Grand Total 245,326 100.00%

Industry Kotak Guaranteed

Balanced Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 10,399 0.58%

9.15% SBP Perpetual Bond 20,383 1.13%

9.50% Kotak Bank FD 31.01.2012 17,711 0.99%

9.85% HDFC Bank 2019 - 17.03.2024 15,808 0.88%

9.98% ICICI Perpetual Bond - 13.09.16 4,874 0.27%

Axis Bank Ltd 10,970 0.61%

Bank of Baroda 7,796 0.43%

Bank of Baroda CD - 15.02.2011 19,512 1.09%

Bank of Baroda CD - 24.09.2010 10,001 0.56%

Bank of India CD - 11.03.2011 30,076 1.67%

Central Bank of India CD - 04.10.2010 9,712 0.54%

HDFC Bank Ltd 22,483 1.25%

Industry Kotak Guaranteed

Balanced Fund

% of Total Funds

ICICI Bank Ltd 31,705 1.76%

Oriental Bank of Commerce CD - 20.08.2010 13,617 0.76%

State Bank of Bikaner & Jaipur CD - 04.01.2011 5,068 0.28%

State Bank of Hyderabad CD - 04.01.2011 10,135 0.56%

State Bank of India 20,558 1.14%

State Bank of Patiala CD - 15.11.2010 7,812 0.43%

State Bank of Travancore CD - 09.03.2011 10,030 0.56%

Union Bank of India CD - 07.10.2010 48,568 2.70%

Total 327,218 18.20%

Activities of hire - purchase financing

10.25% HDFC 2012 - 29.05.12 7,667 0.43%

10.35% HDFC 2017 - 16.05.17 603 0.03%

10.90% REC - 30.09.13 7,114 0.40%

10.95% REC - 14.08.11 10,481 0.58%

11.50% REC - 26.11.13 38,939 2.17%

11.75% REC - 03.11.11 1,974 0.11%

6.75% NHB - 21.12.2012 19,659 1.09%

6.90% NHB - 01.09.2012 P-C 11 32,106 1.79%

7.20% REC - 17.03.2012 1,969 0.11%

7.20% REC - 17.09.2010 7,521 0.42%

7.64% LIC Housing Finance- 26.02.2012 20,189 1.12%

7.80% Sundaram Finance 2011 - 28.07.2011 10,065 0.56%

7.90% REC - 06.10.2012 80,367 4.47%

8.33% Bajaj Auto Finance - 19.08.2011 5,005 0.28%

8.45% REC - 19.02.2015 4,979 0.28%

8.49% IRFC - 30.03.2014 9,063 0.50%

8.5% LIC Housing Finance 9 June 11 1,009 0.06%

8.50% EXIM 2011 - 12.09.2011 3,032 0.17%

8.50% Exim Bank Bonds 2011 18,305 1.02%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 113

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Guaranteed

Balanced Fund

% of Total Funds

8.55% IRFC 2019-15.01.2019 8,906 0.50%

8.60% PFC 2014 - 07.08.2014 30,028 1.67%

9.00% Bajaj Auto Finance - 02.11.2012 13,258 0.74%

9.32% HDFC - 17.12.12 4,118 0.23%

9.40% NHB - 17.12.2013 13,784 0.77%

9.50% HDFC - 27.02.13 1,039 0.06%

9.50% LIC Housing Finance - 18.02.2012 5,205 0.29%

9.65% NABARD - 12.03.12 1,306 0.07%

9.85% NABARD 2012 10,497 0.58%

HDFC Ltd ZCB - 09.03.2012 36,641 2.04%

Housing Development Finance Corp. Ltd 18,833 1.05%

Infrastructure Development Finance Company Ltd 10,834 0.60%

Power Finance Corporation Ltd 3,298 0.18%

Rural Electrification Corporation Ltd 4,992 0.28%

Total 442,785 24.63%

Government of India

10.25% GOI - 30.05.21 11,505 0.64%

6.49% GOI - 08.06.2015 3,588 0.20%

6.90% GOI - 13.07.2019 65,310 3.63%

7.02% GOI - 17.08.2016 11,655 0.65%

7.27% GOI - 03.09.13 6,942 0.39%

7.40% GOI 2035 - 09.09.35 3,676 0.20%

7.47% OMC GOI Special Bond - 07.03.12 14,263 0.79%

7.59% GOI 2016 11,460 0.64%

7.94% GOI - 24.05.21 3,041 0.17%

8.20% GOI - 15.02.22 26,753 1.49%

8.20% OMC GOI 2023-10.11.23 24,990 1.39%

8.35% GOI - 14.05.22 741 0.04%

Total 183,924 10.23%

Industry Kotak Guaranteed

Balanced Fund

% of Total Funds

Others

Off shore extraction of petroleum 19,804 1.10%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 1,978 0.11%

Manufacture of other dairy products, n.e.c. 8,599 0.48%

Manufacture of biscuits, cakes and pastries 2,888 0.16%

Manufacture of malted foods including food for infants and invalids 6,664 0.37%

Manufacture of cigarette and cigarette tobacco 19,759 1.10%

Production of liquid or gaseous fuels, illuminating oils, lubricating oils or greases or other products from crude petroleum or bituminous minerals 464 0.03%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 55,476 3.09%

Manufacture of basic organic chemicals n.e.c. 2,898 0.16%

Manufacture of paints, varnishes, enamels or lacquers 10,223 0.57%

Manufacture of allopathic pharmaceutical preparations 32,301 1.80%

Manufacture of cosmetics and toileteries (includes manufacture of pre-shave, shaving or after shave preparations; personal deodorants and anti-respirants; perfumed bath salts and other bath preparations; beauty or make-up preparations and preparations for the care of the skin, other than medicaments; manicure and pedicure preparations etc.) 5,050 0.28%

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114 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Guaranteed

Balanced Fund

% of Total Funds

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 10,928 0.61%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 7,727 0.43%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 36,890 2.05%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 11,573 0.64%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 21,676 1.21%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 20,051 1.12%

Manufacture of motor cars 8,230 0.46%

Manufacture of jeeps and station wagons 9,419 0.52%

Industry Kotak Guaranteed

Balanced Fund

% of Total Funds

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 5,755 0.32%

Generation and transmission of electricity: hydro-electric power plants 29,862 1.66%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 94,081 5.23%

Manufacture of gas; distribution of gaseous fuels through mains 16,208 0.90%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 25,745 1.43%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 55,676 3.10%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 14,521 0.81%

Activities of Mutual Funds including Unit Trust of India 14,930 0.83%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 46,443 2.58%

Production, supply and documentation of ready-made (non-customized) software 152,906 8.51%

News agency activities 4,442 0.25%

State Government Bonds/Development Loans 31,062 1.73%

Net Assets 59,281 3.30%

Grand Total 1,797,438 100.00%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 115

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension

Balanced Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 8,772 0.15%

11.10% IDBI - 26.09.13 18,354 0.31%

11.50% ICICI SLR Bond - 05.11.2010 25,939 0.43%

9.15% SBP Perpetual Bond 30,575 0.51%

9.20% BOB Perpetual Bond- 09.10.2019 17,544 0.29%

9.50% Kotak Bank FD 31.01.2012 8,752 0.15%

9.85% HDFC Bank 2019 - 17.03.2024 46,585 0.78%

9.98% ICICI Perpetual Bond - 13.09.16 4,321 0.07%

Axis Bank Ltd 36,858 0.62%

Bank of Baroda 24,674 0.41%

Bank of Baroda CD - 15.02.2011 49,054 0.82%

Bank of Baroda CD - 24.09.2010 30,004 0.50%

Bank of India CD - 11.03.2011 100,253 1.68%

Bank of India CD - 18.03.2011 15,024 0.25%

Central Bank of India CD - 04.10.2010 38,847 0.65%

Corporation Bank CD - 21.02.2011 59,948 1.00%

HDFC Bank Ltd 76,406 1.28%

ICICI Bank Ltd 109,495 1.83%

Oriental Bank of Commerce CD - 20.08.2010 21,181 0.35%

Oriental Bank of Commerce CD - 22.10.2010 70,795 1.19%

Oriental Bank of Commerce CD - 26.10.2010 48,544 0.81%

PNB CD - 12.08.2010 35,051 0.59%

PNB CD - 15.07.2010 16,351 0.27%

Punjab National Bank 618 0.01%

State Bank of Bikaner & Jaipur CD -04.03.11 66,119 1.11%

State Bank of Bikaner & Jaipur CD - 04.01.2011 20,273 0.34%

State Bank of Hyderabad CD - 04.01.2011 22,775 0.38%

Industry Kotak Pension

Balanced Fund

% of Total Funds

State Bank of India 67,377 1.13%

State Bank of Mysore CD - 07.10.2010 48,718 0.82%

State Bank of Patiala CD - 15.11.2010 47,382 0.79%

State Bank of Travancore CD - 09.03.2011 50,150 0.84%

Union Bank of India CD - 07.10.2010 48,568 0.81%

Total 1,265,307 21.20%

Activities of hire - purchase financing

10.00% IDFC -16.12.13 12,253 0.21%

10.25% HDFC 2012 - 29.05.12 7,287 0.12%

10.35% HDFC 2017 - 16.05.17 6,207 0.10%

10.75% PFC - 15.07.2011 32,711 0.55%

10.90% REC - 30.09.13 29,731 0.50%

10.95% REC - 14.08.11 58,694 0.98%

11.50% REC - 26.11.13 138,359 2.32%

11.75% REC - 03.11.11 12,636 0.21%

12% NABARD 15-January-2012 43,481 0.73%

12.40% Sundaram Fin - 02.08.10 17,446 0.29%

6.45% EXIM Bank - 15.12.2012 8,714 0.15%

6.70% KMPL - 22.07.2010 10,013 0.17%

6.75% NHB - 21.12.2012 49,834 0.83%

6.90% NHB - 01.09.2012 P-C 11 44,868 0.75%

6.90% NHB P-C - 30.10.2012 99,682 1.67%

7.20% REC - 17.03.2012 13,293 0.22%

7.20% REC - 17.09.2010 10,028 0.17%

7.24% LIC Housing Finance - 23.06.2011 20,047 0.34%

7.40% KMPL - 24.08.2010 20,070 0.34%

7.64% LIC Housing Finance- 26.02.2012 50,474 0.85%

7.75% REC - 17.11.2012 10,014 0.17%

7.80% Sundaram Finance 2011 - 28.07.2011 30,195 0.51%

7.90% REC - 06.10.2012 149,605 2.51%

8.28 IDFC 2011 7,988 0.13%

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116 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension

Balanced Fund

% of Total Funds

8.33% Bajaj Auto Finance - 19.08.2011 30,031 0.50%

8.35% REC - 04.09.2014 8,228 0.14%

8.40% HDFC - 08.12.2014 6,161 0.10%

8.45% IRFC - 26.12.18 6,896 0.12%

8.45% REC - 19.02.2015 12,945 0.22%

8.49% IRFC - 30.03.2014 30,115 0.50%

8.5% LIC Housing Finance 9 June 11 14,760 0.25%

8.50% EXIM 2011 - 12.09.2011 7,107 0.12%

8.50% Exim Bank Bonds 2011 77,942 1.31%

8.55% IRFC 2019-15.01.2019 67,999 1.14%

8.60% PFC 2014 - 07.08.2014 142,635 2.39%

8.80% PFC - 15.01.2025 19,827 0.33%

9.00% Bajaj Auto Finance - 02.11.2012 20,397 0.34%

9.07% REC - 28.02.2018 21,725 0.36%

9.25% PFC - 20.02.2012 6,947 0.12%

9.32% HDFC - 17.12.12 3,600 0.06%

9.40% NHB - 17.12.2013 52,515 0.88%

9.50% Exim - 12.12.13 42,392 0.71%

9.50% HDFC - 27.02.13 1,740 0.03%

9.50% Nabard - 15.10.12 10,402 0.17%

9.65% NABARD - 12.03.12 20,902 0.35%

9.68% IRFC - 03.07.10 16,484 0.28%

9.85% NABARD 2012 43,378 0.73%

HDFC Ltd ZCB - 09.03.2012 50,179 0.84%

Housing Development Finance Corp. Ltd 60,903 1.02%

IDFC Ltd Floater Mibor+ 210 bps - 28.04.2011 29,098 0.49%

Infrastructure Development Finance Company Ltd 35,565 0.60%

IRFC Floater INBMK + 37 bps - 22.06.2010 4,941 0.08%

PFC Floater Mibor +215 bps - 29.05.11 1,964 0.03%

Power Finance Corporation Ltd 10,385 0.17%

Rural Electrification Corporation Ltd 15,900 0.27%

Total 1,757,698 29.45%

Industry Kotak Pension

Balanced Fund

% of Total Funds

Government of India

10.25% GOI - 30.05.21 11,505 0.19%

6.49% GOI - 08.06.2015 93,428 1.57%

6.90% GOI - 13.07.2019 46,650 0.78%

7.02% GOI - 17.08.2016 87,410 1.46%

7.27% GOI - 03.09.13 50,357 0.84%

7.40% GOI 2012 - 03.05.12 61,466 1.03%

7.40% GOI 2035 - 09.09.35 12,034 0.20%

7.47% OMC GOI Special Bond - 07.03.12 50,940 0.85%

7.59% GOI 2016 22,111 0.37%

7.75% OMC GOI BOND - 28.11.2021 9,608 0.16%

7.94% GOI - 24.05.21 16,942 0.28%

7.95% GOI - 28.08.32 8,957 0.15%

8.20% GOI - 15.02.22 34,356 0.58%

8.20% OMC GOI 2023-10.11.23 122,867 2.06%

8.20% OMC GOI Special Bond - 12.02.24 1,048 0.02%

8.28% GOI - 15.02.32 3,703 0.06%

8.35% GOI - 14.05.22 5,377 0.09%

Total 638,760 10.70%

Others

Off shore extraction of petroleum 67,550 1.13%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 6,452 0.11%

Manufacture of other dairy products, n.e.c. 27,053 0.45%

Manufacture of biscuits, cakes and pastries 9,248 0.15%

Manufacture of malted foods including food for infants and invalids 19,012 0.32%

Manufacture of cigarette and cigarette tobacco 65,386 1.10%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 117

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension

Balanced Fund

% of Total Funds

Production of liquid or gaseous fuels, illuminating oils, lubricating oils or greases or other products from crude petroleum or bituminous minerals 1,483 0.02%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 240,069 4.02%

Manufacture of basic organic chemicals n.e.c. 9,614 0.16%

Manufacture of paints, varnishes, enamels or lacquers 32,911 0.55%

Manufacture of allopathic pharmaceutical preparations 105,214 1.76%

Manufacture of cosmetics and toileteries (includes manufacture of pre-shave, shaving or after shave preparations; personal deodorants and anti-respirants; perfumed bath salts and other bath preparations; beauty or make-up preparations and preparations for the care of the skin, other than medicaments; manicure and pedicure preparations etc.) 16,610 0.28%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 36,577 0.61%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 26,679 0.45%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 81,262 1.36%

Industry Kotak Pension

Balanced Fund

% of Total Funds

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 39,210 0.66%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 74,713 1.25%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 27,650 0.46%

Manufacture of motor cars 26,419 0.44%

Manufacture of jeeps and station wagons 31,203 0.52%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 19,347 0.32%

Generation and transmission of electricity: hydro-electric power plants 97,452 1.63%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 292,203 4.90%

Manufacture of gas; distribution of gaseous fuels through mains 52,860 0.89%

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118 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension

Balanced Fund

% of Total Funds

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 120,768 2.02%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 90,537 1.52%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 47,986 0.80%

Activities of housing finance companies. (Granting of credit for house purchase by specialised institutions that do not also take deposits is included here) 10,434 0.17%

Activities of Mutual Funds including Unit Trust of India 23,970 0.40%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 78,502 1.32%

Production, supply and documentation of ready-made (non-customized) software 302,169 5.06%

News agency activities 15,846 0.27%

State Government Bonds/Development Loans 86,440 1.45%

Net Assets 124,499 2.09%

Grand Total 5,969,092 100.00%

Industry Kotak Group Balanced

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 4,144 0.33%

Industry Kotak Group Balanced

Fund

% of Total Funds

9.15% SBP Perpetual Bond 43,782 3.53%

9.85% HDFC Bank 2019 - 17.03.2024 3,817 0.31%

9.98% ICICI Perpetual Bond - 13.09.16 4,047 0.33%

Axis Bank Ltd 13,746 1.11%

Bank of Baroda 6,858 0.55%

Bank of Baroda CD - 15.02.2011 10,030 0.81%

Bank of India CD - 11.03.2011 15,038 1.21%

HDFC Bank Ltd 24,492 1.98%

ICICI Bank Ltd 41,092 3.31%

Oriental Bank of Commerce CD - 22.10.2010 10,113 0.82%

PNB CD - 15.07.2010 5,055 0.41%

Punjab National Bank 10,404 0.84%

State Bank of Bikaner & Jaipur CD -04.03.11 7,779 0.63%

State Bank of Bikaner & Jaipur CD - 04.01.2011 2,534 0.20%

State Bank of Hyderabad CD - 04.01.2011 2,532 0.20%

State Bank of India 17,218 1.39%

State Bank of Mysore CD - 07.10.2010 2,436 0.20%

State Bank of Travancore CD - 09.03.2011 10,030 0.81%

Union Bank of India CD - 07.10.2010 9,714 0.78%

YES BANK LTD 10,338 0.83%

Total 255,197 20.58%

Activities of hire - purchase financing

10.25% HDFC 2012 - 29.05.12 2,542 0.21%

10.75% PFC - 15.07.2011 10,430 0.84%

10.90% REC - 30.09.13 1,858 0.15%

10.95% REC - 14.08.11 15,722 1.27%

11.25% HDFC - 04.09.18 189 0.02%

11.50% REC - 26.11.13 756 0.06%

11.75% REC - 03.11.11 115 0.01%

6.90% NHB - 01.09.2012 P-C 11 7,977 0.64%

6.90% NHB P-C - 30.10.2012 39,873 3.22%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 119

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Group Balanced

Fund

% of Total Funds

7.20% REC - 17.03.2012 4,136 0.33%

7.20% REC - 17.09.2010 2,006 0.16%

7.64% LIC Housing Finance- 26.02.2012 5,552 0.45%

7.80% Sundaram Finance 2011 - 28.07.2011 4,429 0.36%

7.90% REC - 06.10.2012 5,023 0.41%

8.28 IDFC 2011 683 0.06%

8.33% Bajaj Auto Finance - 19.08.2011 5,005 0.40%

8.49% IRFC - 30.03.2014 28,945 2.33%

8.50% EXIM 2011 - 12.09.2011 978 0.08%

8.50% Exim Bank Bonds 2011 18,119 1.46%

8.55% IRFC 2019-15.01.2019 1,019 0.08%

8.60% PFC 2014 - 07.08.2014 2,897 0.23%

8.95% PFC- 30.03.2015 30,452 2.46%

9.00% Bajaj Auto Finance - 02.11.2012 5,099 0.41%

9.32% HDFC - 17.12.12 1,552 0.13%

9.40% NHB - 17.12.2013 2,011 0.16%

9.50% Exim - 12.12.13 4,638 0.37%

9.50% HDFC - 27.02.13 425 0.03%

9.50% LIC Housing Finance - 18.02.2012 5,205 0.42%

9.65% NABARD - 12.03.12 900 0.07%

9.68% IRFC - 03.07.10 10,095 0.81%

Housing Development Finance Corp. Ltd 21,319 1.72%

Infrastructure Development Finance Company Ltd 13,679 1.10%

IRFC Floater INBMK + 37 bps - 22.06.2010 14,608 1.18%

Rural Electrification Corporation Ltd 6,881 0.55%

Total 275,117 22.19%

Others

Off shore extraction of petroleum 13,819 1.11%

Services incidental to off shore oil extraction 6,875 0.55%

Industry Kotak Group Balanced

Fund

% of Total Funds

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 1,570 0.13%

Manufacture of other dairy products, n.e.c. 10,362 0.84%

Manufacture of cigarette and cigarette tobacco 20,257 1.63%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 42,196 3.40%

Manufacture of paints, varnishes, enamels or lacquers 10,194 0.82%

Manufacture of allopathic pharmaceutical preparations 45,391 3.66%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 13,827 1.12%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 51,349 4.14%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 20,674 1.67%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 20,548 1.66%

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120 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Group Balanced

Fund

% of Total Funds

Manufacture of generators/generating sets 10,458 0.84%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 19,226 1.55%

Manufacture of motor cars 10,428 0.84%

Manufacture of jeeps and station wagons 13,594 1.10%

Generation and transmission of electricity: hydro-electric power plants 17,402 1.40%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 26,813 2.16%

Manufacture of gas; distribution of gaseous fuels through mains 20,965 1.69%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 20,513 1.65%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 37,833 3.05%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 10,028 0.81%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 13,878 1.12%

Industry Kotak Group Balanced

Fund

% of Total Funds

Activities of Mutual Funds including Unit Trust of India 110,890 8.94%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 17,614 1.42%

Production, supply and documentation of ready-made (non-customized) software 98,865 7.97%

News agency activities 16,928 1.37%

Undifferenciated service-producing activities of private households for own use. [Includes the undifferenciated subsistence. [Includes the undifferenciated subsistence service-producing activities of households. These activities include cooking, teaching, caring for household members and other services produced by the household for its own subsistence. In application, if households are also engaged in the production of multiple goods for subsistence purposes, they are classified to the undifferenciated subsistence service-producing activities of households.] 7,031 0.57%

Government of India 87,971 7.10%

Net Assets (88,047) -7.10%

Grand Total 1,239,765 100.00%

Industry Balanced Fund

% of Total Funds

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 563 29.64%

Total 563 29.64%

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 19 0.98%

Bank of Baroda 10 0.50%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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Kotak Mahindra Old Mutual L i fe Insurance L imited 121

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Balanced Fund

% of Total Funds

Bank of India CD - 11.03.2011 20 1.06%

Canara Bank CD - 08.03.2011 24 1.29%

HDFC Bank Ltd 35 1.83%

ICICI Bank Ltd 58 3.06%

Punjab National Bank 15 0.80%

State Bank of India 25 1.31%

YES BANK LTD 14 0.75%

Total 220 11.59%

Others

Off shore extraction of petroleum 20 1.04%

Services incidental to off shore oil extraction 9 0.49%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 2 0.12%

Manufacture of other dairy products, n.e.c. 13 0.70%

Manufacture of cigarette and cigarette tobacco 28 1.49%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 60 3.16%

Manufacture of paints, varnishes, enamels or lacquers 14 0.75%

Manufacture of allopathic pharmaceutical preparations 63 3.34%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 20 1.04%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 53 2.79%

Industry Balanced Fund

% of Total Funds

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 29 1.54%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 29 1.51%

Manufacture of generators/generating sets 15 0.77%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 14 0.76%

Manufacture of motor cars 14 0.75%

Manufacture of jeeps and station wagons 22 1.14%

Generation and transmission of electricity: hydro-electric power plants 25 1.34%

Manufacture of gas; distribution of gaseous fuels through mains 29 1.54%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 29 1.55%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 54 2.84%

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122 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Balanced Fund

% of Total Funds

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 19 1.02%

Activities of hire - purchase financing 59 3.08%

Production, supply and documentation of ready-made (non-customized) software 135 7.12%

News agency activities 24 1.27%

Undifferenciated service-producing activities of private households for own use. [Includes the undifferenciated subsistence. [Includes the undifferenciated subsistence service-producing activities of households. These activities include cooking, teaching, caring for household members and other services produced by the household for its own subsistence. In application, if households are also engaged in the production of multiple goods for subsistence purposes, they are classified to the undifferenciated subsistence service-producing activities of households.] 10 0.52%

Government of India 128 6.71%

Net Assets 198 10.40%

Grand Total 1,901 100.00%

Industry Pension Balanced

Fund II

% of Total Funds

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles.

7.18% FCI 2010 28 0.96%

7.28% FCI 2010 540 18.29%

Total 568 19.25%

Industry Pension Balanced

Fund II

% of Total Funds

Others

Off shore extraction of petroleum 22 0.74%

Services incidental to off shore oil extraction 9 0.31%

Manufacture of other dairy products, n.e.c. 16 0.54%

Manufacture of cigarette and cigarette tobacco 29 0.98%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 64 2.15%

Manufacture of paints, varnishes, enamels or lacquers 14 0.48%

Manufacture of allopathic pharmaceutical preparations 66 2.25%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 20 0.67%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 55 1.86%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 30 1.02%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 29 0.97%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 123

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Balanced

Fund II

% of Total Funds

Manufacture of generators/generating sets 15 0.52%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 36 1.23%

Manufacture of motor cars 16 0.53%

Manufacture of jeeps and station wagons 23 0.77%

Generation and transmission of electricity: hydro-electric power plants 25 0.86%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 16 0.55%

Manufacture of gas; distribution of gaseous fuels through mains 30 1.01%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 29 1.00%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 54 1.84%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 20 0.68%

Monetary intermediation of commercial banks, saving banks and discount houses 239 8.10%

Industry Pension Balanced

Fund II

% of Total Funds

Activities of hire - purchase financing 113 3.81%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 23 0.76%

Production, supply and documentation of ready-made (non-customized) software 136 4.60%

News agency activities 25 0.84%

Undifferenciated service-producing activities of private households for own use. [Includes the undifferenciated subsistence. [Includes the undifferenciated subsistence service-producing activities of households. These activities include cooking, teaching, caring for household members and other services produced by the household for its own subsistence. In application, if households are also engaged in the production of multiple goods for subsistence purposes, they are classified to the undifferenciated subsistence service-producing activities of households.] 10 0.34%

Government of India 59 1.99%

Net Assets 1,161 39.33%

Grand Total 2,953 100.00%

Industry Kotak Dynamic

Growth Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

9.85% HDFC Bank 2019 - 17.03.2024 3,349 0.39%

Axis Bank Ltd 12,757 1.50%

Bank of Baroda 6,557 0.77%

HDFC Bank Ltd 23,813 2.79%

ICICI Bank Ltd 38,938 4.57%

Oriental Bank of Commerce CD - 20.08.2010 7,031 0.82%

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124 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Dynamic

Growth Fund

% of Total Funds

Punjab National Bank 10,603 1.24%

State Bank of Bikaner & Jaipur CD - 04.01.2011 2,534 0.30%

State Bank of India 16,127 1.89%

YES BANK LTD 9,662 1.13%

Total 131,372 15.41%

Activities of hire - purchase financing

10.25% HDFC 2012 - 29.05.12 3,077 0.36%

10.35% HDFC 2017 - 16.05.17 924 0.11%

10.90% REC - 30.09.13 958 0.11%

10.95% REC - 14.08.11 10,481 1.23%

11.25% HDFC - 04.09.18 131 0.02%

11.50% REC - 26.11.13 13,689 1.61%

11.75% REC - 03.11.11 53 0.01%

12% NABARD 15-January-2012 1,282 0.15%

6.90% NHB - 01.09.2012 P-C 11 7,478 0.88%

7.20% REC - 17.09.2010 5,014 0.59%

7.80% Sundaram Finance 2011 - 28.07.2011 7,045 0.83%

7.90% REC - 06.10.2012 10,046 1.18%

8.28 IDFC 2011 1,056 0.12%

8.49% IRFC - 30.03.2014 10,038 1.18%

8.5% LIC Housing Finance 9 June 11 2,210 0.26%

8.50% EXIM 2011 - 12.09.2011 778 0.09%

8.50% Exim Bank Bonds 2011 214 0.03%

8.60% PFC 2014 - 07.08.2014 5,005 0.59%

8.80% PFC - 15.01.2025 19,827 2.33%

9.07% REC - 28.02.2018 1,028 0.12%

9.32% HDFC - 17.12.12 663 0.08%

9.40% NHB - 17.12.2013 3,081 0.36%

9.50% Exim - 12.12.13 2,473 0.29%

9.50% HDFC - 27.02.13 540 0.06%

9.65% NABARD - 12.03.12 216 0.03%

9.68% IRFC - 03.07.10 4,543 0.53%

Housing Development Finance Corp. Ltd 20,303 2.38%

Industry Kotak Dynamic

Growth Fund

% of Total Funds

Infrastructure Development Finance Company Ltd 12,872 1.51%

Rural Electrification Corporation Ltd 6,482 0.76%

Total 151,508 17.77%

Production, supply and documentation of ready-made (non-customized) software

10.25% Tech Mahindra - 17.04.14 12,309 1.44%

Infosys Technologies Ltd 40,529 4.75%

Mphasis Ltd 6,352 0.75%

Patni Computer Systems Ltd 7,847 0.92%

Tata Consultancy Services Ltd 21,782 2.56%

Wipro Ltd 12,789 1.50%

Total 101,608 11.92%

Others

Off shore extraction of petroleum 12,627 1.48%

Services incidental to off shore oil extraction 6,337 0.74%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 1,847 0.22%

Manufacture of other dairy products, n.e.c. 8,842 1.04%

Manufacture of cigarette and cigarette tobacco 19,269 2.26%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 37,854 4.44%

Manufacture of paints, varnishes, enamels or lacquers 9,299 1.09%

Manufacture of allopathic pharmaceutical preparations 42,639 5.00%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 125

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Dynamic

Growth Fund

% of Total Funds

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 12,726 1.49%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 35,702 4.19%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 20,226 2.37%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 19,601 2.30%

Manufacture of generators/generating sets 10,050 1.18%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 12,561 1.47%

Manufacture of motor cars 9,989 1.17%

Manufacture of jeeps and station wagons 11,401 1.34%

Generation and transmission of electricity: hydro-electric power plants 17,716 2.08%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 16,388 1.92%

Industry Kotak Dynamic

Growth Fund

% of Total Funds

Manufacture of gas; distribution of gaseous fuels through mains 19,662 2.31%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 20,157 2.36%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 35,446 4.16%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 18,982 2.23%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 13,012 1.53%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 4,684 0.55%

News agency activities 16,137 1.89%

Undifferenciated service-producing activities of private households for own use. [Includes the undifferenciated subsistence. [Includes the undifferenciated subsistence service-producing activities of households. These activities include cooking, teaching, caring for household members and other services produced by the household for its own subsistence. In application, if households are also engaged in the production of multiple goods for subsistence purposes, they are classified to the undifferenciated subsistence service-producing activities of households.] 6,513 0.76%

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126 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Dynamic

Growth Fund

% of Total Funds

Government of India 21,802 2.56%

Net Assets 6,437 0.76%

Grand Total 852,395 100.00%

Industry Kotak Guaranteed

Growth Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 82,629 0.36%

11.10% IDBI - 26.09.13 34,203 0.15%

11.50% ICICI SLR -19.08.2011 14,301 0.06%

11.50% ICICI SLR Bond - 05.11.2010 19,096 0.08%

12% IDBI SLR - 11.03.2012 21,801 0.09%

7.25% Bank of India - 01.05.2010 5,006 0.02%

9.15% SBP Perpetual Bond 40,767 0.18%

9.20% BOB Perpetual Bond- 09.10.2019 11,907 0.05%

9.25% IDBI 2014 - 26.03.14 48,714 0.21%

9.40% ICICI 28th December 2011 496 0.00%

9.50% Kotak Bank FD 31.01.2012 98 0.00%

9.85% HDFC Bank 2019 - 17.03.2024 138,778 0.60%

9.98% ICICI Perpetual Bond - 13.09.16 13,341 0.06%

Axis Bank CD - 23.11.2010 63,413 0.27%

Axis Bank Ltd 193,703 0.84%

Bank of Baroda 121,489 0.53%

Bank of Baroda CD - 15.02.2011 431,725 1.87%

Bank of Baroda CD - 24.09.2010 183,055 0.79%

Bank of India CD - 11.03.2011 138,087 0.60%

Bank of India CD - 18.03.2011 108,628 0.47%

Canara Bank CD - 08.03.2011 210,770 0.91%

Canara Bank CD - 11.10.2010 132,784 0.57%

Central Bank of India CD - 04.10.2010 94,686 0.41%

Corporation Bank CD - 21.02.2011 66,010 0.29%

HDFC Bank Ltd 399,229 1.73%

ICICI Bank Ltd 561,464 2.43%

Industry Kotak Guaranteed

Growth Fund

% of Total Funds

Oriental Bank of Commerce CD - 20.08.2010 24,719 0.11%

Oriental Bank of Commerce CD - 22.10.2010 70,896 0.31%

Oriental Bank of Commerce CD - 26.10.2010 189,623 0.82%

PNB CD - 12.08.2010 388,552 1.68%

PNB CD - 20.05.2010 248,400 1.07%

Punjab National Bank 4,294 0.02%

State Bank of Bikaner & Jaipur CD -04.03.11 205,388 0.89%

State Bank of Bikaner & Jaipur CD - 04.01.2011 67,079 0.29%

State Bank of Bikaner & Jaipur CD - 15.10.2010 243,315 1.05%

State Bank of Hyderabad CD - 04.01.2011 54,744 0.24%

State Bank of Hyderabad CD - 06.07.2010 246,579 1.07%

State Bank of India 340,320 1.47%

State Bank of Mysore CD - 07.10.2010 48,718 0.21%

State Bank of Patiala CD - 15.11.2010 98,447 0.43%

State Bank of Travancore CD - 09.03.2011 249,080 1.08%

Union Bank of India CD - 07.10.2010 347,989 1.50%

Total 5,964,322 25.79%

Activities of hire - purchase financing

10% NABARD - 18.06.10 150,185 0.65%

10.00% IDFC -16.12.13 16,905 0.07%

10.10% HDFC - 13.09.17 4,641 0.02%

10.25% HDFC 2012 - 29.05.12 1,299 0.01%

10.35% HDFC 2017 - 16.05.17 8,201 0.04%

10.75% PFC - 15.07.2011 100,236 0.43%

10.90% REC - 30.09.13 100,612 0.44%

10.90% REC 2013- 14.08.2013 51,547 0.22%

10.95% REC - 14.08.11 126,821 0.55%

11.25% HDFC - 04.09.18 982 0.00%

11.25% PFC - 28.11.18 1,145 0.00%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 127

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Guaranteed

Growth Fund

% of Total Funds

11.40% PFC - 28.11.13 8,406 0.04%

11.50% REC - 26.11.13 349,668 1.51%

11.75% REC - 03.11.11 10,306 0.04%

12% REC SLR - 21.02.2012 43,519 0.19%

12.40% Sundaram Fin - 02.08.10 36,612 0.16%

6.70% KMPL - 22.07.2010 240,324 1.04%

6.75% NHB - 21.12.2012 168,953 0.73%

6.90% NHB - 01.09.2012 P-C 11 135,307 0.59%

6.90% NHB P-C - 30.10.2012 115,889 0.50%

7.20% REC - 17.03.2012 4,807 0.02%

7.24% LIC Housing Finance - 23.06.2011 14,033 0.06%

7.40% KMPL - 24.08.2010 97,821 0.42%

7.45% IRFC - 27.04.2014 43,736 0.19%

7.64% LIC Housing Finance- 26.02.2012 100,947 0.44%

7.75% REC - 17.11.2012 124,175 0.54%

7.80% Sundaram Finance 2011 - 28.07.2011 111,807 0.48%

7.90% REC - 06.10.2012 149,973 0.65%

8.28 IDFC 2011 9,111 0.04%

8.33% Bajaj Auto Finance - 19.08.2011 56,952 0.25%

8.35% REC - 04.09.2014 26,337 0.11%

8.40% HDFC - 08.12.2014 23,550 0.10%

8.45% PFC - 15.10.2014 37,331 0.16%

8.49% IRFC - 30.03.2014 11,478 0.05%

8.5% LIC Housing Finance 9 June 11 11,937 0.05%

8.50% EXIM 2011 - 12.09.2011 46,375 0.20%

8.50% Exim Bank Bonds 2011 218,855 0.95%

8.55% IRFC 2019-15.01.2019 139,151 0.60%

8.60% IRFC 2019 - 11.06.2019 1,973 0.01%

8.60% PFC 2014 - 07.08.2014 291,130 1.26%

8.80% PFC - 15.01.2025 59,480 0.26%

8.95% HDFC - 16.01.11 4,780 0.02%

8.95% PFC- 30.03.2015 10,151 0.04%

9.00% Bajaj Auto Finance - 02.11.2012 40,795 0.18%

Industry Kotak Guaranteed

Growth Fund

% of Total Funds

9.01% PFC - 15.02.11 13,690 0.06%

9.07% REC - 28.02.2018 21,725 0.09%

9.20% NABARD 2012- 16.08.2012 23,406 0.10%

9.22% PFC - 28.12.12 20,642 0.09%

9.25% PFC - 20.02.2012 33,182 0.14%

9.32% HDFC - 17.12.12 9,987 0.04%

9.35% ILFS - 22.10.10 17,160 0.07%

9.40% NABARD 2011- 05.05.2011 88,130 0.38%

9.40% NHB - 17.12.2013 152,120 0.66%

9.50% Exim - 12.12.13 234,962 1.02%

9.50% HDFC - 27.02.13 12,037 0.05%

9.50% Nabard - 15.10.12 139,980 0.61%

9.65% NABARD - 12.03.12 150,945 0.65%

9.68% IRFC - 03.07.10 32,175 0.14%

9.85% NABARD 2012 94,247 0.41%

EXIM Floater INBMK + 33 bps - 09.08.2010 5,204 0.02%

HDFC Ltd ZCB - 09.03.2012 40,144 0.17%

Housing Development Finance Corp. Ltd 310,223 1.34%

IDFC Ltd Floater Mibor+ 210 bps - 28.04.2011 55,365 0.24%

Infrastructure Development Finance Company Ltd 184,156 0.80%

IRFC Floater INBMK + 37 bps - 22.06.2010 27,054 0.12%

PFC Floater Mibor +215 bps - 29.05.11 44,020 0.19%

Power Finance Corporation Ltd 52,729 0.23%

Rural Electrification Corporation Ltd 77,892 0.34%

Total 5,149,418 22.27%

Others

Off shore extraction of petroleum 345,255 1.49%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 29,898 0.13%

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128 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Guaranteed

Growth Fund

% of Total Funds

Manufacture of other dairy products, n.e.c. 134,294 0.58%

Manufacture of biscuits, cakes and pastries 45,093 0.20%

Manufacture of malted foods including food for infants and invalids 90,869 0.39%

Manufacture of cigarette and cigarette tobacco 331,847 1.44%

Production of liquid or gaseous fuels, illuminating oils, lubricating oils or greases or other products from crude petroleum or bituminous minerals 7,220 0.03%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 1,028,785 4.45%

Manufacture of basic organic chemicals n.e.c. 51,079 0.22%

Manufacture of paints, varnishes, enamels or lacquers 161,143 0.70%

Manufacture of allopathic pharmaceutical preparations 543,286 2.35%

Manufacture of cosmetics and toileteries (includes manufacture of pre-shave, shaving or after shave preparations; personal deodorants and anti-respirants; perfumed bath salts and other bath preparations; beauty or make-up preparations and preparations for the care of the skin, other than medicaments; manicure and pedicure preparations etc.) 85,961 0.37%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 188,412 0.81%

Industry Kotak Guaranteed

Growth Fund

% of Total Funds

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 138,012 0.60%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 449,838 1.95%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 204,710 0.89%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 386,527 1.67%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 147,968 0.64%

Manufacture of motor cars 134,424 0.58%

Manufacture of jeeps and station wagons 159,699 0.69%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 95,779 0.41%

Generation and transmission of electricity: hydro-electric power plants 573,468 2.48%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 129

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Guaranteed

Growth Fund

% of Total Funds

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 1,435,739 6.21%

Manufacture of gas; distribution of gaseous fuels through mains 268,002 1.16%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 554,353 2.40%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 291,337 1.26%

Provision of basic telecom services: telephone, telex and telegraph (includes the activities of STD/ISD booths) 38,653 0.17%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 242,781 1.05%

Activities of housing finance companies. (Granting of credit for house purchase by specialised institutions that do not also take deposits is included here) 10,434 0.05%

Activities of Mutual Funds including Unit Trust of India 40,000 0.17%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 324,233 1.40%

Production, supply and documentation of ready-made (non-customized) software 1,421,250 6.15%

News agency activities 83,431 0.36%

Government of India 1,796,011 7.77%

State Government Bonds/Development Loans 67,298 0.29%

Net Assets 101,571 0.44%

Grand Total 23,122,401 100.00%

Industry Kotak Pension

Growth Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

9.20% BOB Perpetual Bond- 09.10.2019 7,975 3.18%

9.85% HDFC Bank 2019 - 17.03.2024 521 0.21%

Axis Bank CD - 23.11.2010 3,843 1.53%

Axis Bank Ltd 2,115 0.84%

Bank of Baroda 1,183 0.47%

Bank of India CD - 11.03.2011 2,521 1.01%

Bank of India CD - 18.03.2011 1,803 0.72%

HDFC Bank Ltd 4,283 1.71%

ICICI Bank Ltd 6,081 2.43%

Oriental Bank of Commerce CD - 20.08.2010 5,043 2.01%

Oriental Bank of Commerce CD - 26.10.2010 1,942 0.78%

PNB CD - 15.07.2010 3,033 1.21%

Punjab National Bank 81 0.03%

State Bank of Bikaner & Jaipur CD -04.03.11 3,003 1.20%

State Bank of Bikaner & Jaipur CD - 04.01.2011 2,534 1.01%

State Bank of Hyderabad CD - 04.01.2011 2,027 0.81%

State Bank of India 3,564 1.42%

State Bank of Patiala CD - 15.11.2010 1,015 0.41%

State Bank of Travancore CD - 09.03.2011 5,015 2.00%

Union Bank of India CD - 07.10.2010 2,914 1.16%

Total 60,494 24.16%

Activities of hire - purchase financing

10.90% REC - 30.09.13 358 0.14%

11.50% REC - 26.11.13 150 0.06%

7.20% REC - 17.03.2012 1,969 0.79%

7.64% LIC Housing Finance- 26.02.2012 5,047 2.02%

7.90% REC - 06.10.2012 2,511 1.00%

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130 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension

Growth Fund

% of Total Funds

8.50% EXIM 2011 - 12.09.2011 28 0.01%

8.55% IRFC 2019-15.01.2019 175 0.07%

8.60% IRFC 2019 - 11.06.2019 10 0.00%

8.60% PFC 2014 - 07.08.2014 2,748 1.10%

9.40% NHB - 17.12.2013 189 0.08%

9.45% REC - 04.04.13 4,727 1.89%

9.50% Exim - 12.12.13 4,947 1.98%

9.85% NABARD 2012 9,200 3.67%

Housing Development Finance Corp. Ltd 4,312 1.72%

Infrastructure Development Finance Company Ltd 1,976 0.79%

Power Finance Corporation Ltd 526 0.21%

Rural Electrification Corporation Ltd 769 0.31%

Total 39,644 15.83%

Government of India

10.25% GOI - 30.05.21 1,726 0.69%

6.05% GOI 2019 - 02.02.19 56 0.02%

6.35% GOI 2020 - 02.01.20 2,572 1.03%

6.49% GOI - 08.06.2015 709 0.28%

6.90% GOI - 13.07.2019 9,330 3.73%

7.27% GOI - 03.09.13 8,149 3.25%

7.40% GOI 2012 - 03.05.12 2,560 1.02%

7.40% GOI 2035 - 09.09.35 242 0.10%

7.47% OMC GOI Special Bond - 07.03.12 2,431 0.97%

7.56% GOI 2014 - 03.11.14 3,475 1.39%

7.59% GOI 2016 2,954 1.18%

8.20% GOI - 15.02.22 53 0.02%

8.35% GOI - 14.05.22 43 0.02%

9.39% GOI 02-July-2011 542 0.22%

Total 34,842 13.91%

Others

Off shore extraction of petroleum 3,653 1.46%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 323 0.13%

Industry Kotak Pension

Growth Fund

% of Total Funds

Manufacture of other dairy products, n.e.c. 1,335 0.53%

Manufacture of biscuits, cakes and pastries 443 0.18%

Manufacture of malted foods including food for infants and invalids 729 0.29%

Manufacture of cigarette and cigarette tobacco 3,545 1.42%

Production of liquid or gaseous fuels, illuminating oils, lubricating oils or greases or other products from crude petroleum or bituminous minerals 75 0.03%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 9,380 3.75%

Manufacture of basic organic chemicals n.e.c. 546 0.22%

Manufacture of paints, varnishes, enamels or lacquers 1,560 0.62%

Manufacture of allopathic pharmaceutical preparations 5,601 2.24%

Manufacture of cosmetics and toileteries (includes manufacture of pre-shave, shaving or after shave preparations; personal deodorants and anti-respirants; perfumed bath salts and other bath preparations; beauty or make-up preparations and preparations for the care of the skin, other than medicaments; manicure and pedicure preparations etc.) 904 0.36%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 1,793 0.72%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 131

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension

Growth Fund

% of Total Funds

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 1,534 0.61%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 3,556 1.42%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 2,269 0.91%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 4,320 1.73%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 4,877 1.95%

Manufacture of motor cars 1,381 0.55%

Manufacture of jeeps and station wagons 1,705 0.68%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 1,099 0.44%

Generation and transmission of electricity: hydro-electric power plants 5,059 2.02%

Industry Kotak Pension

Growth Fund

% of Total Funds

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 16,594 6.63%

Manufacture of gas; distribution of gaseous fuels through mains 2,811 1.12%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 4,919 1.96%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 9,922 3.96%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 2,706 1.08%

Activities of Mutual Funds including Unit Trust of India 2,440 0.97%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 310 0.12%

Production, supply and documentation of ready-made (non-customized) software 16,545 6.61%

News agency activities 899 0.36%

Net Assets 2,587 1.03%

Grand Total 250,399 100.00%

Industry Kotak Aggressive

Growth Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 1,223 0.03%

9.40% ICICI 28th December 2011 6,202 0.17%

9.50% Kotak Bank FD 31.01.2012 4,350 0.12%

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132 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Aggressive

Growth Fund

% of Total Funds

Axis Bank Ltd 67,445 1.87%

Bank of Baroda 34,994 0.97%

HDFC Bank Ltd 124,732 3.45%

ICICI Bank Ltd 203,356 5.63%

Oriental Bank of Commerce CD - 20.08.2010 28,242 0.78%

Punjab National Bank 54,805 1.52%

State Bank of India 84,123 2.33%

Union Bank of India CD - 07.10.2010 9,714 0.27%

YES BANK LTD 51,497 1.43%

Total 670,683 18.56%

Production, supply and documentation of ready-made (non-customized) software

Infosys Technologies Ltd 213,490 5.91%

Mphasis Ltd 31,358 0.87%

Patni Computer Systems Ltd 43,120 1.19%

Tata Consultancy Services Ltd 110,952 3.07%

Wipro Ltd 67,699 1.87%

Total 466,619 12.91%

Others

Off shore extraction of petroleum 65,067 1.80%

Services incidental to off shore oil extraction 29,268 0.81%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 10,699 0.30%

Manufacture of other dairy products, n.e.c. 46,500 1.29%

Manufacture of cigarette and cigarette tobacco 107,801 2.98%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 185,556 5.13%

Industry Kotak Aggressive

Growth Fund

% of Total Funds

Manufacture of paints, varnishes, enamels or lacquers 50,137 1.39%

Manufacture of allopathic pharmaceutical preparations 224,092 6.20%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 66,839 1.85%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 196,036 5.42%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 116,181 3.22%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 100,548 2.78%

Manufacture of generators/generating sets 52,556 1.45%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 51,358 1.42%

Manufacture of motor cars 54,302 1.50%

Manufacture of jeeps and station wagons 64,504 1.79%

Generation and transmission of electricity: hydro-electric power plants 97,492 2.70%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 133

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Aggressive

Growth Fund

% of Total Funds

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 15,176 0.42%

Manufacture of gas; distribution of gaseous fuels through mains 106,325 2.94%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 111,956 3.10%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 179,385 4.96%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 71,571 1.98%

Activities of hire - purchase financing 291,664 8.07%

Activities of Mutual Funds including Unit Trust of India 24,390 0.67%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 10,501 0.29%

News agency activities 82,308 2.28%

Undifferenciated service-producing activities of private households for own use. [Includes the undifferenciated subsistence. [Includes the undifferenciated subsistence service-producing activities of households. These activities include cooking, teaching, caring for household members and other services produced by the household for its own subsistence. In application, if households are also engaged in the production of multiple goods for subsistence purposes, they are classified to the undifferenciated subsistence service-producing activities of households.] 34,646 0.96%

Industry Kotak Aggressive

Growth Fund

% of Total Funds

Government of India 1,815 0.05%

Net Assets 27,649 0.77%

Grand Total 3,613,624 100.00%

Industry Kotak Advantage Multiplier

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 788 1.15%

9.40% ICICI 28th December 2011 1,247 1.82%

9.50% Kotak Bank FD 31.01.2012 1,097 1.60%

9.98% ICICI Perpetual Bond - 13.09.16 1,362 1.99%

Axis Bank Ltd 613 0.90%

HDFC Bank Ltd 1,761 2.58%

ICICI Bank Ltd 2,698 3.95%

Oriental Bank of Commerce CD - 20.08.2010 504 0.74%

Oriental Bank of Commerce CD - 22.10.2010 1,213 1.77%

Punjab National Bank 316 0.46%

State Bank of Hyderabad CD - 04.01.2011 1,013 1.48%

State Bank of India 1,426 2.08%

Total 14,040 20.53%

Activities of hire - purchase financing

10.25% HDFC 2012 - 29.05.12 169 0.25%

10.35% HDFC 2017 - 16.05.17 2,976 4.35%

11.25% HDFC - 04.09.18 37 0.05%

11.40% PFC - 28.11.13 664 0.97%

7.80% Sundaram Finance 2011 - 28.07.2011 1,006 1.47%

8.50% EXIM 2011 - 12.09.2011 199 0.29%

8.50% Exim Bank Bonds 2011 1,158 1.69%

8.60% PFC 2014 - 07.08.2014 1,001 1.46%

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134 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Advantage Multiplier

Fund

% of Total Funds

9.32% HDFC - 17.12.12 55 0.08%

9.50% HDFC - 27.02.13 60 0.09%

Housing Development Finance Corp. Ltd 1,845 2.70%

Infrastructure Development Finance Company Ltd 270 0.39%

Reliance Capital Ltd 229 0.33%

Total 9,670 14.14%

Others

Off shore extraction of petroleum 1,657 2.42%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 111 0.16%

Manufacture of cigarette and cigarette tobacco 1,937 2.83%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 4,547 6.65%

Manufacture of allopathic pharmaceutical preparations 961 1.40%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 673 0.98%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 873 1.28%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 1,953 2.86%

Industry Kotak Advantage Multiplier

Fund

% of Total Funds

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 1,171 1.71%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 1,045 1.53%

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 496 0.73%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 533 0.78%

Manufacture of motor cars 512 0.75%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 135

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Advantage Multiplier

Fund

% of Total Funds

Manufacture of jeeps and station wagons 644 0.94%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 465 0.68%

Generation and transmission of electricity: hydro-electric power plants 1,648 2.41%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 5,300 7.75%

Manufacture of gas; distribution of gaseous fuels through mains 544 0.79%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 290 0.42%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 2,809 4.11%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 1,394 2.04%

Activities of Mutual Funds including Unit Trust of India 950 1.39%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 4,086 5.97%

Production, supply and documentation of ready-made (non-customized) software 5,631 8.23%

Government of India 4,270 6.24%

Net Assets 182 0.27%

Grand Total 68,388 100.00%

Industry Kotak Advantage

Plus Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 13,876 2.07%

9.40% ICICI 28th December 2011 6,712 1.00%

9.50% Kotak Bank FD 31.01.2012 2,081 0.31%

Axis Bank Ltd 6,295 0.94%

Bank of India CD - 11.03.2011 50,114 7.49%

HDFC Bank Ltd 16,758 2.51%

ICICI Bank Ltd 26,439 3.95%

Oriental Bank of Commerce CD - 20.08.2010 2,017 0.30%

Oriental Bank of Commerce CD - 22.10.2010 4,349 0.65%

Punjab National Bank 3,196 0.48%

State Bank of Hyderabad CD - 04.01.2011 5,067 0.76%

State Bank of India 14,335 2.14%

Total 151,239 22.62%

Activities of hire - purchase financing

10.25% HDFC 2012 - 29.05.12 7,650 1.14%

6.90% NHB P-C - 30.10.2012 14,454 2.16%

7.80% Sundaram Finance 2011 - 28.07.2011 8,052 1.20%

8.28 IDFC 2011 1,085 0.16%

8.5% LIC Housing Finance 9 June 11 3,602 0.54%

8.50% EXIM 2011 - 12.09.2011 3,569 0.53%

8.50% Exim Bank Bonds 2011 17,053 2.55%

8.60% PFC 2014 - 07.08.2014 6,643 0.99%

8.95% HDFC - 16.01.11 8,697 1.30%

9.01% PFC - 15.02.11 6,381 0.95%

9.32% HDFC - 17.12.12 5,750 0.86%

9.50% HDFC - 27.02.13 916 0.14%

9.65% NABARD - 12.03.12 462 0.07%

Housing Development Finance Corp. Ltd 17,798 2.66%

Infrastructure Development Finance Company Ltd 2,739 0.41%

Reliance Capital Ltd 2,320 0.35%

Total 107,169 16.03%

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136 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Advantage

Plus Fund

% of Total Funds

Others

Off shore extraction of petroleum 14,885 2.23%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 1,125 0.17%

Manufacture of cigarette and cigarette tobacco 17,841 2.67%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 51,043 7.63%

Manufacture of allopathic pharmaceutical preparations 9,607 1.44%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 6,866 1.03%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 8,806 1.32%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 19,227 2.88%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 11,942 1.79%

Industry Kotak Advantage

Plus Fund

% of Total Funds

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 10,423 1.56%

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 4,967 0.74%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 5,336 0.80%

Manufacture of motor cars 5,068 0.76%

Manufacture of jeeps and station wagons 5,591 0.84%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 4,497 0.67%

Generation and transmission of electricity: hydro-electric power plants 16,187 2.42%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 137

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Advantage

Plus Fund

% of Total Funds

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 1,858 0.28%

Manufacture of gas; distribution of gaseous fuels through mains 5,204 0.78%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 2,963 0.44%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 27,737 4.15%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 49,014 7.33%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 13,712 2.05%

Activities of housing finance companies. (Granting of credit for house purchase by specialised institutions that do not also take deposits is included here) 10,434 1.56%

Activities of Mutual Funds including Unit Trust of India 16,150 2.42%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 11,185 1.67%

Production, supply and documentation of ready-made (non-customized) software 53,963 8.07%

Government of India 27,737 4.15%

Net Assets (3,045) -0.46%

Grand Total 668,733 100.00%

Industry Kotak Advantage Multiplier

Fund II

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 452 0.98%

9.40% ICICI 28th December 2011 605 1.31%

9.50% Kotak Bank FD 31.01.2012 897 1.94%

9.98% ICICI Perpetual Bond - 13.09.16 1,167 2.52%

Axis Bank Ltd 412 0.89%

HDFC Bank Ltd 1,485 3.20%

ICICI Bank Ltd 1,814 3.91%

Oriental Bank of Commerce CD - 20.08.2010 807 1.74%

Oriental Bank of Commerce CD - 22.10.2010 607 1.31%

Punjab National Bank 214 0.46%

State Bank of Bikaner & Jaipur CD - 04.01.2011 1,014 2.19%

State Bank of Hyderabad CD - 04.01.2011 1,013 2.19%

State Bank of India 966 2.08%

Total 11,455 24.71%

Activities of hire - purchase financing

10.25% HDFC 2012 - 29.05.12 345 0.74%

10.35% HDFC 2017 - 16.05.17 1,162 2.51%

7.75% REC - 17.11.2012 1,001 2.16%

7.80% Sundaram Finance 2011 - 28.07.2011 518 1.12%

8.28 IDFC 2011 114 0.25%

8.49% IRFC - 30.03.2014 1,939 4.18%

8.50% EXIM 2011 - 12.09.2011 127 0.27%

8.50% Exim Bank Bonds 2011 733 1.58%

8.60% PFC 2014 - 07.08.2014 1,001 2.16%

8.95% HDFC - 16.01.11 311 0.67%

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138 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Advantage Multiplier

Fund II

% of Total Funds

9.32% HDFC - 17.12.12 178 0.38%

9.40% NHB - 17.12.2013 100 0.22%

9.50% HDFC - 27.02.13 34 0.07%

Housing Development Finance Corp. Ltd 1,258 2.71%

Infrastructure Development Finance Company Ltd 183 0.39%

Reliance Capital Ltd 154 0.33%

Total 9,158 19.75%

Others

Off shore extraction of petroleum 1,169 2.52%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 76 0.16%

Manufacture of cigarette and cigarette tobacco 1,318 2.84%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 3,200 6.90%

Manufacture of allopathic pharmaceutical preparations 642 1.38%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 455 0.98%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 593 1.28%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 1,337 2.88%

Industry Kotak Advantage Multiplier

Fund II

% of Total Funds

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 792 1.71%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 710 1.53%

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 332 0.72%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 359 0.77%

Manufacture of motor cars 345 0.74%

Manufacture of jeeps and station wagons 374 0.81%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 139

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Advantage Multiplier

Fund II

% of Total Funds

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 309 0.67%

Generation and transmission of electricity: hydro-electric power plants 1,137 2.45%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 488 1.05%

Manufacture of gas; distribution of gaseous fuels through mains 351 0.76%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 196 0.42%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 1,882 4.06%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 941 2.03%

Activities of Mutual Funds including Unit Trust of India 190 0.41%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 769 1.66%

Production, supply and documentation of ready-made (non-customized) software 3,867 8.34%

Government of India 4,283 9.24%

Net Assets (366) -0.79%

Grand Total 46,361 100.00%

Industry Kotak Advantage Plus Fund II

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 11,858 2.26%

9.40% ICICI 28th December 2011 10,824 2.07%

9.50% Kotak Bank FD 31.01.2012 708 0.14%

Axis Bank Ltd 4,960 0.95%

HDFC Bank Ltd 12,970 2.47%

ICICI Bank Ltd 20,509 3.91%

Oriental Bank of Commerce CD - 20.08.2010 3,026 0.58%

Punjab National Bank 2,509 0.48%

State Bank of Hyderabad CD - 04.01.2011 5,067 0.97%

State Bank of India 11,164 2.13%

Total 83,596 15.95%

Activities of hire - purchase financing

6.75% NHB - 21.12.2012 9,829 1.88%

6.90% NHB P-C - 30.10.2012 5,600 1.07%

7.64% LIC Housing Finance- 26.02.2012 20,189 3.85%

7.90% REC - 06.10.2012 37,885 7.23%

9.32% HDFC - 17.12.12 921 0.18%

9.50% Nabard - 15.10.12 10,292 1.96%

9.65% NABARD - 12.03.12 717 0.14%

Housing Development Finance Corp. Ltd 13,757 2.62%

Infrastructure Development Finance Company Ltd 2,159 0.41%

Reliance Capital Ltd 1,835 0.35%

Total 103,184 19.69%

Government of India

7.40% GOI 2012 - 03.05.12 72,426 13.82%

Total 72,426 13.82%

Others

Off shore extraction of petroleum 11,661 2.22%

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140 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Advantage Plus Fund II

% of Total Funds

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 873 0.17%

Manufacture of cigarette and cigarette tobacco 14,004 2.67%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 34,395 6.56%

Manufacture of allopathic pharmaceutical preparations 7,508 1.43%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 5,388 1.03%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 6,922 1.32%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 14,889 2.84%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 9,385 1.79%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 8,088 1.54%

Industry Kotak Advantage Plus Fund II

% of Total Funds

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 3,884 0.74%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 4,173 0.80%

Manufacture of motor cars 3,950 0.75%

Manufacture of jeeps and station wagons 4,372 0.83%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 3,453 0.66%

Generation and transmission of electricity: hydro-electric power plants 12,753 2.43%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 1,459 0.28%

Manufacture of gas; distribution of gaseous fuels through mains 3,972 0.76%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 2,364 0.45%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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Kotak Mahindra Old Mutual L i fe Insurance L imited 141

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Kotak Advantage Plus Fund II

% of Total Funds

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 21,640 4.13%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 10,628 2.03%

Activities of Mutual Funds including Unit Trust of India 13,180 2.51%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 21,002 4.01%

Production, supply and documentation of ready-made (non-customized) software 41,924 8.00%

Net Assets 3,014 0.58%

Grand Total 524,089 100.00%

Industry Frontline Equity Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 2,894 1.73%

Bank of Baroda 1,444 0.86%

HDFC Bank Ltd 5,161 3.08%

ICICI Bank Ltd 8,651 5.17%

Oriental Bank of Commerce CD - 20.08.2010 504 0.30%

Oriental Bank of Commerce CD - 22.10.2010 506 0.30%

Punjab National Bank 2,192 1.31%

State Bank of Bikaner & Jaipur CD -04.03.11 741 0.44%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Frontline Equity Fund

% of Total Funds

State Bank of India 3,626 2.17%

YES BANK LTD 2,179 1.30%

Total 27,896 16.67%

Production, supply and documentation of ready-made (non-customized) software

Infosys Technologies Ltd 9,342 5.58%

Mphasis Ltd 1,449 0.87%

Patni Computer Systems Ltd 1,443 0.86%

Tata Consultancy Services Ltd 4,962 2.97%

Wipro Ltd 2,927 1.75%

Total 20,123 12.03%

Others

Off shore extraction of petroleum 2,908 1.74%

Services incidental to off shore oil extraction 1,447 0.87%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 263 0.16%

Manufacture of other dairy products, n.e.c. 2,182 1.30%

Manufacture of cigarette and cigarette tobacco 4,264 2.55%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 8,632 5.16%

Manufacture of paints, varnishes, enamels or lacquers 2,147 1.28%

Manufacture of allopathic pharmaceutical preparations 9,558 5.71%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 2,911 1.74%

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142 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Frontline Equity Fund

% of Total Funds

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 8,053 4.81%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 4,351 2.60%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 4,327 2.59%

Manufacture of generators/generating sets 2,201 1.32%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 5,079 3.04%

Manufacture of motor cars 2,196 1.31%

Manufacture of jeeps and station wagons 2,862 1.71%

Generation and transmission of electricity: hydro-electric power plants 3,665 2.19%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 3,176 1.90%

Manufacture of gas; distribution of gaseous fuels through mains 4,414 2.64%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 4,428 2.65%

Industry Frontline Equity Fund

% of Total Funds

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 7,966 4.76%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 200 0.12%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 2,921 1.75%

Activities of hire - purchase financing 10,301 6.16%

Activities of Mutual Funds including Unit Trust of India 6,050 3.62%

News agency activities 3,564 2.13%

Undifferenciated service-producing activities of private households for own use. [Includes the undifferenciated subsistence. [Includes the undifferenciated subsistence service-producing activities of households. These activities include cooking, teaching, caring for household members and other services produced by the household for its own subsistence. In application, if households are also engaged in the production of multiple goods for subsistence purposes, they are classified to the undifferenciated subsistence service-producing activities of households.] 1,480 0.88%

Government of India 2,192 1.31%

Net Assets 5,543 3.31%

Grand Total 167,303 100.00%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 143

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Frontline

Equity Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 211 1.04%

Bank of Baroda 106 0.52%

Bank of Baroda CD - 15.02.2011 101 0.50%

HDFC Bank Ltd 381 1.88%

ICICI Bank Ltd 635 3.14%

PNB CD - 12.08.2010 190 0.94%

Punjab National Bank 163 0.81%

State Bank of India 266 1.31%

State Bank of Travancore CD - 09.03.2011 64 0.32%

YES BANK LTD 160 0.79%

Total 2,278 11.25%

Others

Off shore extraction of petroleum 212 1.05%

Services incidental to off shore oil extraction 106 0.52%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 19 0.09%

Manufacture of other dairy products, n.e.c. 160 0.79%

Manufacture of cigarette and cigarette tobacco 314 1.55%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 634 3.13%

Manufacture of paints, varnishes, enamels or lacquers 155 0.77%

Manufacture of allopathic pharmaceutical preparations 700 3.46%

Industry Pension Frontline

Equity Fund

% of Total Funds

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 211 1.04%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 591 2.92%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 319 1.58%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 320 1.58%

Manufacture of generators/generating sets 161 0.80%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 161 0.79%

Manufacture of motor cars 163 0.81%

Manufacture of jeeps and station wagons 211 1.04%

Generation and transmission of electricity: hydro-electric power plants 273 1.35%

Manufacture of gas; distribution of gaseous fuels through mains 325 1.60%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 318 1.57%

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144 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Frontline

Equity Fund

% of Total Funds

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 586 2.89%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 255 1.26%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 215 1.06%

Activities of hire - purchase financing 650 3.21%

Activities of Mutual Funds including Unit Trust of India 710 3.51%

Production, supply and documentation of ready-made (non-customized) software 1,477 7.29%

News agency activities 262 1.29%

Undifferenciated service-producing activities of private households for own use. [Includes the undifferenciated subsistence. [Includes the undifferenciated subsistence service-producing activities of households. These activities include cooking, teaching, caring for household members and other services produced by the household for its own subsistence. In application, if households are also engaged in the production of multiple goods for subsistence purposes, they are classified to the undifferenciated subsistence service-producing activities of households.] 109 0.54%

Government of India 970 4.79%

Net Assets 7,390 36.49%

Grand Total 20,252 100.00%

Industry Kotak Opportunities

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

9.20% BOB Perpetual Bond- 09.10.2019 4,984 0.13%

Axis Bank Ltd 65,685 1.74%

Bank of Baroda 66,474 1.76%

Bank of Baroda CD - 15.02.2011 9,482 0.25%

Bank of India CD - 11.03.2011 17,544 0.46%

Bank of India CD - 18.03.2011 8,614 0.23%

Canara Bank 34,231 0.91%

Central Bank of India CD - 04.10.2010 5,341 0.14%

Corporation Bank CD - 21.02.2011 10,070 0.27%

HDFC Bank Ltd 101,932 2.69%

ICICI Bank Ltd 171,943 4.55%

IndusInd Bank Limited 36,081 0.95%

Oriental Bank of Commerce CD - 20.08.2010 10,086 0.27%

Oriental Bank of Commerce CD - 22.10.2010 5,430 0.14%

PNB CD - 12.08.2010 13,156 0.35%

State Bank of India 79,339 2.10%

State Bank of Mysore CD - 07.10.2010 4,872 0.13%

Union Bank of India CD - 07.10.2010 7,771 0.21%

Total 653,037 17.27%

Production, supply and documentation of ready-made (non-customized) software

10.25% Tech Mahindra Ltd - 17.04.2013 2,670 0.07%

Financial Technologies (India) Ltd 47,144 1.25%

Infosys Technologies Ltd 177,194 4.68%

Mindtree Ltd 34,515 0.91%

Oracle Financial Services Software Ltd 33,926 0.90%

Tata Consultancy Services Ltd 129,764 3.43%

Wipro Ltd 64,400 1.70%

Total 489,612 12.94%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 145

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Opportunities

Fund

% of Total Funds

Others

Off shore extraction of petroleum 61,601 1.63%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 10,311 0.27%

Manufacture of malted foods including food for infants and invalids 44,590 1.18%

Distilling, rectifying and blending of spirits; ethyl alcohol production from fermented materials n.e.c. (other than soft drinks, mineral water & wine) 33,114 0.88%

Manufacture of malt liquors other than beer 36,368 0.96%

Manufacture of cigarette and cigarette tobacco 50,513 1.34%

Publishing of newspapers. 20,631 0.55%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 175,666 4.64%

Manufacture of basic organic chemicals n.e.c. 29,652 0.78%

Manufacture of paints, varnishes, enamels or lacquers 30,636 0.81%

Manufacture of allopathic pharmaceutical preparations 271,775 7.19%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 33,361 0.88%

Manufacture of semi -finished stainless steel of these shapes 50,362 1.33%

Industry Kotak Opportunities

Fund

% of Total Funds

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 138,199 3.65%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 85,922 2.27%

Manufacturing of Zinc (includes basic processing, smelting, refining for production of base metal; its further processing and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 53,329 1.41%

Casting of iron and steel 36,216 0.96%

Manufacture of steam or other vapour generating boilers and hot water boilers other than central heating boilers 33,688 0.89%

Manufacture of reciprocatory or rotary spark-ignition or compression-ignition internal combustion piston engines for use in moving or stationary applications other than for motor-vehicles or aircraft propulsion. 34,530 0.91%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 67,835 1.79%

Manufacture of generators/generating sets 33,771 0.89%

Manufacture of primary cells and primary batteries: cells containing manganese oxide, mercuric oxide, silver oxide or other material 36,157 0.96%

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146 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Opportunities

Fund

% of Total Funds

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 21,021 0.56%

Manufacture of jeeps and station wagons 65,601 1.73%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 54,541 1.44%

Manufacture of gold jewellery: gold, silver and other precious metal jewellery; precious and semi-precious stone jewellery; gold and silver articles including presentation coins but not the coin used as a legal tender 33,271 0.88%

Generation and transmission of electricity: hydro-electric power plants 138,723 3.67%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 9,589 0.25%

Manufacture of gas; distribution of gaseous fuels through mains 44,577 1.18%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 122,811 3.25%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 142,848 3.78%

Industry Kotak Opportunities

Fund

% of Total Funds

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 39,211 1.04%

Retail sale in non-specialized stores with food, beverages or tobacco predominating [Includes mainly the so-called general stores which have, apart from their main sales of groceries, several other lines of merchandise such as cosmetics, clothing etc.] 30,917 0.82%

Provision of basic telecom services: telephone, telex and telegraph (includes the activities of STD/ISD booths) 1,628 0.04%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 69,058 1.83%

Activities of hire - purchase financing 302,860 8.01%

Activities of Mutual Funds including Unit Trust of India 15,870 0.42%

Real estate activities with own or leased property n.e.c. 34,292 0.91%

News agency activities 69,118 1.83%

Government of India 23,558 0.62%

Net Assets 52,073 1.38%

Grand Total 3,782,443 100.00%

Industry Kotak Pension Opportunities

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 820 1.83%

Bank of Baroda 838 1.87%

Canara Bank 420 0.93%

HDFC Bank Ltd 1,353 3.01%

ICICI Bank Ltd 2,108 4.69%

IndusInd Bank Limited 438 0.98%

State Bank of India 1,035 2.30%

Total 7,013 15.61%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 147

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension Opportunities

Fund

% of Total Funds

Production, supply and documentation of ready-made (non-customized) software

Financial Technologies (India) Ltd 580 1.29%

Infosys Technologies Ltd 2,216 4.93%

Mindtree Ltd 429 0.95%

Oracle Financial Services Software Ltd 529 1.18%

Tata Consultancy Services Ltd 1,522 3.39%

Wipro Ltd 787 1.75%

Total 6,063 13.49%

Others

Off shore extraction of petroleum 842 1.87%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 141 0.31%

Manufacture of malted foods including food for infants and invalids 511 1.14%

Distilling, rectifying and blending of spirits; ethyl alcohol production from fermented materials n.e.c. (other than soft drinks, mineral water & wine) 423 0.94%

Manufacture of malt liquors other than beer 440 0.98%

Manufacture of cigarette and cigarette tobacco 611 1.36%

Publishing of newspapers. 284 0.63%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 2,163 4.81%

Manufacture of basic organic chemicals n.e.c. 360 0.80%

Industry Kotak Pension Opportunities

Fund

% of Total Funds

Manufacture of paints, varnishes, enamels or lacquers 306 0.68%

Manufacture of allopathic pharmaceutical preparations 3,423 7.62%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 411 0.91%

Manufacture of semi -finished stainless steel of these shapes 619 1.38%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 1,683 3.75%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 1,059 2.36%

Manufacturing of Zinc (includes basic processing, smelting, refining for production of base metal; its further processing and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 654 1.46%

Casting of iron and steel 441 0.98%

Manufacture of steam or other vapour generating boilers and hot water boilers other than central heating boilers 419 0.93%

Manufacture of reciprocatory or rotary spark-ignition or compression-ignition internal combustion piston engines for use in moving or stationary applications other than for motor-vehicles or aircraft propulsion. 434 0.97%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 834 1.86%

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148 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension Opportunities

Fund

% of Total Funds

Manufacture of generators/generating sets 435 0.97%

Manufacture of primary cells and primary batteries: cells containing manganese oxide, mercuric oxide, silver oxide or other material 445 0.99%

Manufacture of jeeps and station wagons 787 1.75%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 663 1.48%

Manufacture of gold jewellery: gold, silver and other precious metal jewellery; precious and semi-precious stone jewellery; gold and silver articles including presentation coins but not the coin used as a legal tender 412 0.92%

Generation and transmission of electricity: hydro-electric power plants 1,710 3.81%

Manufacture of gas; distribution of gaseous fuels through mains 588 1.31%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 1,586 3.53%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 1,755 3.91%

Retail sale in non-specialized stores with food, beverages or tobacco predominating [Includes mainly the so-called general stores which have, apart from their main sales of groceries, several other lines of merchandise such as cosmetics, clothing etc.] 418 0.93%

Industry Kotak Pension Opportunities

Fund

% of Total Funds

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 805 1.79%

Activities of hire - purchase financing 2,960 6.59%

Activities of Mutual Funds including Unit Trust of India 329 0.73%

Real estate activities with own or leased property n.e.c. 423 0.94%

News agency activities 881 1.96%

Government of India 2,526 5.62%

Net Assets (923) -2.05%

Grand Total 44,934 100.00%

Industry Classic Opportunities

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 9,519 1.44%

Bank of Baroda 9,501 1.44%

Canara Bank 4,747 0.72%

HDFC Bank Ltd 14,542 2.20%

ICICI Bank Ltd 23,716 3.59%

IndusInd Bank Limited 4,744 0.72%

Oriental Bank of Commerce CD - 20.08.2010 2,017 0.31%

State Bank of Bikaner & Jaipur CD -04.03.11 4,005 0.61%

State Bank of Hyderabad CD - 04.01.2011 405 0.06%

State Bank of India 9,541 1.44%

Total 82,737 12.53%

Production, supply and documentation of ready-made (non-customized) software

Financial Technologies (India) Ltd 7,024 1.06%

Infosys Technologies Ltd 26,008 3.94%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 149

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Classic Opportunities

Fund

% of Total Funds

Mindtree Ltd 4,781 0.72%

Oracle Financial Services Software Ltd 4,780 0.72%

Tata Consultancy Services Ltd 18,658 2.83%

Wipro Ltd 9,634 1.46%

Total 70,885 10.73%

Others

Off shore extraction of petroleum 7,178 1.09%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 1,025 0.16%

Manufacture of malted foods including food for infants and invalids 5,778 0.87%

Distilling, rectifying and blending of spirits; ethyl alcohol production from fermented materials n.e.c. (other than soft drinks, mineral water & wine) 4,709 0.71%

Manufacture of malt liquors other than beer 4,723 0.72%

Manufacture of cigarette and cigarette tobacco 7,014 1.06%

Publishing of newspapers. 2,411 0.37%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 23,618 3.58%

Manufacture of basic organic chemicals n.e.c. 3,662 0.55%

Manufacture of paints, varnishes, enamels or lacquers 4,712 0.71%

Manufacture of allopathic pharmaceutical preparations 38,410 5.82%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 4,910 0.74%

Industry Classic Opportunities

Fund

% of Total Funds

Manufacture of semi -finished stainless steel of these shapes 7,056 1.07%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 18,753 2.84%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 11,915 1.80%

Manufacturing of Zinc (includes basic processing, smelting, refining for production of base metal; its further processing and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 7,038 1.07%

Casting of iron and steel 4,918 0.74%

Manufacture of steam or other vapour generating boilers and hot water boilers other than central heating boilers 4,840 0.73%

Manufacture of reciprocatory or rotary spark-ignition or compression-ignition internal combustion piston engines for use in moving or stationary applications other than for motor-vehicles or aircraft propulsion. 4,788 0.72%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 9,491 1.44%

Manufacture of generators/generating sets 4,829 0.73%

Manufacture of primary cells and primary batteries: cells containing manganese oxide, mercuric oxide, silver oxide or other material 4,923 0.75%

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150 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Classic Opportunities

Fund

% of Total Funds

Manufacture of jeeps and station wagons 9,415 1.43%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 7,288 1.10%

Manufacture of gold jewellery: gold, silver and other precious metal jewellery; precious and semi-precious stone jewellery; gold and silver articles including presentation coins but not the coin used as a legal tender 4,798 0.73%

Generation and transmission of electricity: hydro-electric power plants 18,975 2.87%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 6,451 0.98%

Manufacture of gas; distribution of gaseous fuels through mains 7,169 1.09%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 16,513 2.50%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 18,504 2.80%

Retail sale in non-specialized stores with food, beverages or tobacco predominating [Includes mainly the so-called general stores which have, apart from their main sales of groceries, several other lines of merchandise such as cosmetics, clothing etc.] 4,895 0.74%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 9,612 1.46%

Industry Classic Opportunities

Fund

% of Total Funds

Activities of hire - purchase financing 38,880 5.89%

Activities of Mutual Funds including Unit Trust of India 410 0.06%

Real estate activities with own or leased property n.e.c. 4,827 0.73%

News agency activities 9,626 1.46%

Government of India 24,680 3.74%

Net Assets 138,026 20.90%

Grand Total 660,392 100.00%

Industry Pension Classic

Opportunities Fund

% of Total Funds

Others

Off shore extraction of petroleum 523 0.76%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 65 0.09%

Manufacture of malted foods including food for infants and invalids 421 0.61%

Distilling, rectifying and blending of spirits; ethyl alcohol production from fermented materials n.e.c. (other than soft drinks, mineral water & wine) 345 0.50%

Manufacture of malt liquors other than beer 338 0.49%

Manufacture of cigarette and cigarette tobacco 512 0.75%

Publishing of newspapers. 176 0.26%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 1,724 2.52%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 151

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Classic

Opportunities Fund

% of Total Funds

Manufacture of basic organic chemicals n.e.c. 261 0.38%

Manufacture of paints, varnishes, enamels or lacquers 345 0.50%

Manufacture of allopathic pharmaceutical preparations 2,789 4.07%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 359 0.52%

Manufacture of semi -finished stainless steel of these shapes 515 0.75%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 1,360 1.99%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 869 1.27%

Manufacturing of Zinc (includes basic processing, smelting, refining for production of base metal; its further processing and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 503 0.73%

Casting of iron and steel 360 0.52%

Manufacture of steam or other vapour generating boilers and hot water boilers other than central heating boilers 353 0.52%

Manufacture of reciprocatory or rotary spark-ignition or compression-ignition internal combustion piston engines for use in moving or stationary applications other than for motor-vehicles or aircraft propulsion. 350 0.51%

Industry Pension Classic

Opportunities Fund

% of Total Funds

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 696 1.02%

Manufacture of generators/generating sets 353 0.51%

Manufacture of primary cells and primary batteries: cells containing manganese oxide, mercuric oxide, silver oxide or other material 359 0.52%

Manufacture of jeeps and station wagons 688 1.00%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 532 0.78%

Manufacture of gold jewellery: gold, silver and other precious metal jewellery; precious and semi-precious stone jewellery; gold and silver articles including presentation coins but not the coin used as a legal tender 348 0.51%

Generation and transmission of electricity: hydro-electric power plants 1,372 2.00%

Manufacture of gas; distribution of gaseous fuels through mains 524 0.76%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 1,205 1.76%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 1,334 1.95%

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152 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Pension Classic

Opportunities Fund

% of Total Funds

Retail sale in non-specialized stores with food, beverages or tobacco predominating [Includes mainly the so-called general stores which have, apart from their main sales of groceries, several other lines of merchandise such as cosmetics, clothing etc.] 357 0.52%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 702 1.02%

Monetary intermediation of commercial banks, saving banks and discount houses 6,847 9.99%

Activities of hire - purchase financing 2,473 3.61%

Activities of Mutual Funds including Unit Trust of India 490 0.72%

Real estate activities with own or leased property n.e.c. 353 0.51%

Production, supply and documentation of ready-made (non-customized) software 5,176 7.55%

News agency activities 703 1.03%

Government of India 1,875 2.74%

Net Assets 29,960 43.73%

Grand Total 68,514 100.00%

Industry Dynamic Floor Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

10.50% SBI 12042007 1,874 0.05%

9.15% SBP Perpetual Bond 5,096 0.13%

9.20% BOB Perpetual Bond- 09.10.2019 46,183 1.14%

Axis Bank Ltd 34,134 0.85%

Bank of Baroda CD - 15.02.2011 97,560 2.42%

Bank of India CD - 11.03.2011 50,126 1.24%

Industry Dynamic Floor Fund

% of Total Funds

Canara Bank CD - 11.10.2010 30,953 0.77%

Central Bank of India CD - 04.10.2010 29,135 0.72%

Corporation Bank CD - 21.02.2011 55,084 1.37%

HDFC Bank Ltd 83,367 2.07%

ICICI Bank Ltd 131,720 3.26%

Oriental Bank of Commerce CD - 20.08.2010 45,389 1.12%

Oriental Bank of Commerce CD - 22.10.2010 20,227 0.50%

Punjab National Bank 18,888 0.47%

State Bank of Bikaner & Jaipur CD -04.03.11 28,337 0.70%

State Bank of Bikaner & Jaipur CD - 04.01.2011 49,222 1.22%

State Bank of Hyderabad CD - 04.01.2011 49,208 1.22%

State Bank of India 76,819 1.90%

State Bank of Mysore CD - 07.10.2010 12,179 0.30%

State Bank of Patiala CD - 15.11.2010 28,478 0.71%

State Bank of Travancore CD - 09.03.2011 50,150 1.24%

Total 944,128 23.40%

Activities of hire - purchase financing

10.25% HDFC 2012 - 29.05.12 3,555 0.09%

10.35% HDFC 2017 - 16.05.17 728 0.02%

10.95% REC - 14.08.11 15,269 0.38%

11.25% HDFC - 04.09.18 381 0.01%

11.40% PFC - 28.11.13 3,270 0.08%

11.50% REC - 26.11.13 100,309 2.49%

11.75% REC - 03.11.11 3,498 0.09%

12% PFC SLR - 10.02.2012 36,937 0.92%

12.40% Sundaram Fin - 02.08.10 1,399 0.03%

6.90% NHB - 01.09.2012 P-C 11 9,971 0.25%

6.90% NHB P-C - 30.10.2012 103,045 2.55%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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Kotak Mahindra Old Mutual L i fe Insurance L imited 153

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Dynamic Floor Fund

% of Total Funds

7.00% PFC P/C 2009 - 24.12.2011 29,086 0.72%

7.20% REC - 17.03.2012 8,607 0.21%

7.20% REC - 17.09.2010 7,020 0.17%

7.24% LIC Housing Finance - 23.06.2011 4,009 0.10%

7.40% KMPL - 24.08.2010 24,525 0.61%

7.64% LIC Housing Finance- 26.02.2012 5,047 0.13%

7.75% REC - 17.11.2012 10,014 0.25%

7.90% REC - 06.10.2012 90,412 2.24%

8.28 IDFC 2011 3,995 0.10%

8.40% HDFC - 08.12.2014 4,968 0.12%

8.49% IRFC - 30.03.2014 291 0.01%

8.50% EXIM 2011 - 12.09.2011 2,660 0.07%

8.50% Exim Bank Bonds 2011 35,130 0.87%

8.55% IRFC 2019-15.01.2019 6,552 0.16%

8.60% PFC 2014 - 07.08.2014 33,149 0.82%

8.60% PFC 2024 - 07.08.2024 1,904 0.05%

8.69% IRFC - 07.01.11 4,881 0.12%

8.80% PFC - 15.01.2025 20,222 0.50%

9.32% HDFC - 17.12.12 1,860 0.05%

9.40% NHB - 17.12.2013 8,572 0.21%

9.50% Exim - 12.12.13 22,683 0.56%

9.50% HDFC - 27.02.13 3,596 0.09%

9.50% Nabard - 15.10.12 31,207 0.77%

9.65% NABARD - 12.03.12 21,431 0.53%

HDFC Ltd ZCB - 09.03.2012 54,137 1.34%

Housing Development Finance Corp. Ltd 85,622 2.12%

IDFC Ltd Floater Mibor+ 210 bps - 28.04.2011 20,080 0.50%

Infrastructure Development Finance Company Ltd 15,553 0.39%

Reliance Capital Ltd 11,714 0.29%

Total 847,289 21.00%

Industry Dynamic Floor Fund

% of Total Funds

Others

Off shore extraction of petroleum 103,293 2.56%Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 5,322 0.13%Manufacture of cigarette and cigarette tobacco 88,464 2.19%Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 243,793 6.04%Manufacture of allopathic pharmaceutical preparations 53,659 1.33%Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 34,729 0.86%Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 43,755 1.08%Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 117,853 2.92%Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 68,087 1.69%Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 57,074 1.41%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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154 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Industry Dynamic Floor Fund

% of Total Funds

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 26,409 0.65%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 45,791 1.13%

Manufacture of motor cars 25,493 0.63%

Manufacture of jeeps and station wagons 27,751 0.69%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 24,169 0.60%

Generation and transmission of electricity: hydro-electric power plants 104,815 2.60%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 131,362 3.26%

Manufacture of gas; distribution of gaseous fuels through mains 28,043 0.69%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 17,548 0.43%

Industry Dynamic Floor Fund

% of Total Funds

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 137,415 3.41%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 55,880 1.38%

Provision of basic telecom services: telephone, telex and telegraph (includes the activities of STD/ISD booths) 10,543 0.26%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 74,776 1.85%

Activities of Mutual Funds including Unit Trust of India 4,029 0.10%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 13,467 0.33%

Production, supply and documentation of ready-made (non-customized) software 351,299 8.71%

Government of India 218,363 5.41%

State Government Bonds/Development Loans 74,296 1.84%

Net Assets 56,246 1.39%

Grand Total 4,035,142 100.00%

Industry Kotak Group Dynamic

Floor Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 1,758 0.92%

Bank of India CD - 11.03.2011 3,008 1.58%

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

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Kotak Mahindra Old Mutual L i fe Insurance L imited 155

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Group Dynamic

Floor Fund

% of Total Funds

Bank of India CD - 18.03.2011 2,504 1.31%

Corporation Bank CD - 21.02.2011 2,518 1.32%

HDFC Bank Ltd 4,155 2.18%

ICICI Bank Ltd 6,317 3.31%

Oriental Bank of Commerce CD - 22.10.2010 4,551 2.39%

PNB CD - 12.08.2010 3,004 1.57%

Punjab National Bank 965 0.51%

State Bank of Bikaner & Jaipur CD -04.03.11 5,006 2.62%

State Bank of Bikaner & Jaipur CD - 04.01.2011 1,459 0.76%

State Bank of Hyderabad CD - 04.01.2011 1,459 0.76%

State Bank of India 5,148 2.70%

State Bank of Patiala CD - 15.11.2010 844 0.44%

Union Bank of India CD - 07.10.2010 389 0.20%

Total 43,085 22.58%

Activities of hire - purchase financing

10.25% HDFC 2012 - 29.05.12 105 0.06%

10.35% HDFC 2017 - 16.05.17 22 0.01%

10.95% REC - 14.08.11 453 0.24%

11.25% HDFC - 04.09.18 11 0.01%

11.40% PFC - 28.11.13 97 0.05%

11.50% REC - 26.11.13 5,288 2.77%

11.75% REC - 03.11.11 104 0.05%

12% PFC SLR - 10.02.2012 1,095 0.57%

12.40% Sundaram Fin - 02.08.10 41 0.02%

7.00% PFC P/C 2009 - 24.12.2011 862 0.45%

7.20% REC - 17.03.2012 255 0.13%

8.28 IDFC 2011 118 0.06%

8.50% EXIM 2011 - 12.09.2011 79 0.04%

8.50% Exim Bank Bonds 2011 898 0.47%

8.55% IRFC 2019-15.01.2019 144 0.08%

8.60% PFC 2014 - 07.08.2014 453 0.24%

8.60% PFC 2024 - 07.08.2024 56 0.03%

Industry Kotak Group Dynamic

Floor Fund

% of Total Funds

8.69% IRFC - 07.01.11 879 0.46%

9.32% HDFC - 17.12.12 55 0.03%

9.40% NHB - 17.12.2013 254 0.13%

9.50% HDFC - 27.02.13 107 0.06%

9.65% NABARD - 12.03.12 635 0.33%

HDFC Ltd ZCB - 09.03.2012 2,509 1.31%

Housing Development Finance Corp. Ltd 4,165 2.18%

Infrastructure Development Finance Company Ltd 763 0.40%

Reliance Capital Ltd 596 0.31%

Total 20,046 10.51%

Government of India

10.25% GOI - 30.05.21 1,151 0.60%

6.05% GOI 2019 - 02.02.19 169 0.09%

6.49% GOI - 08.06.2015 275 0.14%

7.00% GOI Fertilizer Bond - 10.12.22 5 0.00%

7.02% GOI - 17.08.2016 224 0.12%

7.27% GOI - 03.09.13 282 0.15%

7.40% GOI 2012 - 03.05.12 37,624 19.72%

7.40% GOI 2035 - 09.09.35 841 0.44%

7.47% OMC GOI Special Bond - 07.03.12 2,238 1.17%

7.50% GOI - 10.08.34 662 0.35%

7.56% GOI 2014 - 03.11.14 51 0.03%

7.59% GOI 2016 19 0.01%

7.94% GOI - 24.05.21 48 0.03%

8.20% GOI - 15.02.22 435 0.23%

8.20% OMC GOI 2023-10.11.23 186 0.10%

8.35% GOI - 14.05.22 98 0.05%

8.75% GOI - 13.12.2010 3,596 1.88%

Total 47,904 25.11%

Others

Off shore extraction of petroleum 4,875 2.55%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 229 0.12%

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156 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Group Dynamic

Floor Fund

% of Total Funds

Manufacture of cigarette and cigarette tobacco 4,316 2.26%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 11,779 6.17%

Manufacture of allopathic pharmaceutical preparations 2,722 1.43%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 1,681 0.88%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 2,032 1.07%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 7,321 3.84%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 3,461 1.81%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 3,175 1.66%

Industry Kotak Group Dynamic

Floor Fund

% of Total Funds

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 1,359 0.71%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 2,430 1.27%

Manufacture of motor cars 1,313 0.69%

Manufacture of jeeps and station wagons 1,390 0.73%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 1,225 0.64%

Generation and transmission of electricity: hydro-electric power plants 5,066 2.66%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 2,629 1.38%

Manufacture of gas; distribution of gaseous fuels through mains 1,439 0.75%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 903 0.47%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 157

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Group Dynamic

Floor Fund

% of Total Funds

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 6,565 3.44%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 3,630 1.90%

Provision of basic telecom services: telephone, telex and telegraph (includes the activities of STD/ISD booths) 313 0.16%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 3,789 1.99%

Activities of Mutual Funds including Unit Trust of India 1,520 0.80%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 399 0.21%

Production, supply and documentation of ready-made (non-customized) software 15,319 8.03%

State Government Bonds/Development Loans 248 0.13%

Net Assets (11,351) -5.95%

Grand Total 190,813 100.00%

Industry Kotak Pension Floor

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 4,541 0.83%

Bank of Baroda CD - 15.02.2011 9,482 1.73%

Bank of India CD - 11.03.2011 2,506 0.46%

Bank of India CD - 18.03.2011 5,008 0.91%

Industry Kotak Pension Floor

Fund

% of Total Funds

Corporation Bank CD - 21.02.2011 5,035 0.92%

HDFC Bank Ltd 10,431 1.91%

ICICI Bank Ltd 15,193 2.78%

Oriental Bank of Commerce CD - 20.08.2010 1,513 0.28%

PNB CD - 15.07.2010 5,055 0.92%

Punjab National Bank 2,891 0.53%

State Bank of Bikaner & Jaipur CD -04.03.11 25,028 4.57%

State Bank of India 10,200 1.86%

State Bank of Patiala CD - 15.11.2010 18,770 3.43%

Total 115,654 21.12%

Activities of hire - purchase financing

11.40% PFC - 28.11.13 353 0.06%

11.50% REC - 26.11.13 12,551 2.29%

7.20% REC - 17.03.2012 4,726 0.86%

7.24% LIC Housing Finance - 23.06.2011 5,012 0.92%

8.40% HDFC - 08.12.2014 6,459 1.18%

8.55% IRFC 2019-15.01.2019 834 0.15%

8.60% PFC 2014 - 07.08.2014 11,579 2.11%

8.80% REC - 17.11.2019 997 0.18%

9.50% Exim - 12.12.13 4,452 0.81%

Housing Development Finance Corp. Ltd 10,173 1.86%

Infrastructure Development Finance Company Ltd 1,854 0.34%

Reliance Capital Ltd 1,825 0.33%

Total 60,816 11.11%

Government of India

6.35% GOI 2020 - 02.01.20 17,980 3.28%

6.90% GOI - 13.07.2019 18,660 3.41%

7.02% GOI - 17.08.2016 3,885 0.71%

7.27% GOI - 03.09.13 5,059 0.92%

7.40% GOI 2012 - 03.05.12 6,144 1.12%

7.47% OMC GOI Special Bond - 07.03.12 17,019 3.11%

7.59% GOI 2016 98 0.02%

7.94% GOI - 24.05.21 816 0.15%

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158 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension Floor

Fund

% of Total Funds

8.20% OMC GOI 2023-10.11.23 12,154 2.22%

9.39% GOI 02-July-2011 342 0.06%

Total 82,157 15.01%

Others

Off shore extraction of petroleum 15,049 2.75%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 735 0.13%

Manufacture of cigarette and cigarette tobacco 11,179 2.04%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 32,450 5.93%

Manufacture of allopathic pharmaceutical preparations 7,408 1.35%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 4,738 0.87%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 4,968 0.91%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 15,726 2.87%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 9,355 1.71%

Industry Kotak Pension Floor

Fund

% of Total Funds

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 8,996 1.64%

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 3,593 0.66%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 11,705 2.14%

Manufacture of motor cars 3,699 0.68%

Manufacture of jeeps and station wagons 3,510 0.64%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 3,399 0.62%

Generation and transmission of electricity: hydro-electric power plants 15,552 2.84%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 159

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Kotak Pension Floor

Fund

% of Total Funds

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 8,167 1.49%

Manufacture of gas; distribution of gaseous fuels through mains 3,934 0.72%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 2,457 0.45%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 17,175 3.14%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 49,059 8.96%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 10,804 1.97%

Activities of Mutual Funds including Unit Trust of India 2,470 0.45%

Production, supply and documentation of ready-made (non-customized) software 44,797 8.18%

Net Assets (2,046) -0.37%

Grand Total 547,505 100.00%

Industry Dynamic Floor Fund II

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

9.85% HDFC Bank 2019 - 17.03.2024 11 0.00%

Axis Bank Ltd 12,130 0.80%

Bank of Baroda CD - 15.02.2011 29,542 1.95%

Bank of India CD - 18.03.2011 1,803 0.12%

Industry Dynamic Floor Fund II

% of Total Funds

Central Bank of India CD - 04.10.2010 24,280 1.60%

Corporation Bank CD - 21.02.2011 30,210 1.99%

HDFC Bank Ltd 28,745 1.90%

ICICI Bank Ltd 43,713 2.88%

Oriental Bank of Commerce CD - 20.08.2010 5,043 0.33%

Oriental Bank of Commerce CD - 22.10.2010 2,528 0.17%

PNB CD - 12.08.2010 12,328 0.81%

PNB CD - 15.07.2010 910 0.06%

Punjab National Bank 6,774 0.45%

State Bank of Bikaner & Jaipur CD -04.03.11 37,544 2.48%

State Bank of Bikaner & Jaipur CD - 04.01.2011 913 0.06%

State Bank of Hyderabad CD - 04.01.2011 507 0.03%

State Bank of India 27,233 1.80%

State Bank of Travancore CD - 09.03.2011 20,060 1.32%

Total 284,273 18.75%

Others

Off shore extraction of petroleum 35,941 2.37%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 1,316 0.09%

Manufacture of cigarette and cigarette tobacco 30,100 1.99%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 84,539 5.58%

Manufacture of allopathic pharmaceutical preparations 18,873 1.24%

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160 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Dynamic Floor Fund II

% of Total Funds

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 12,196 0.80%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 12,228 0.81%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 43,444 2.87%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 24,501 1.62%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 20,364 1.34%

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 9,445 0.62%

Industry Dynamic Floor Fund II

% of Total Funds

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 39,791 2.62%

Manufacture of motor cars 9,048 0.60%

Manufacture of jeeps and station wagons 9,796 0.65%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 19 0.00%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 8,900 0.59%

Generation and transmission of electricity: hydro-electric power plants 38,653 2.55%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 47,084 3.11%

Manufacture of gas; distribution of gaseous fuels through mains 9,880 0.65%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 6,635 0.44%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 46,808 3.09%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 47,119 3.11%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 161

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Dynamic Floor Fund II

% of Total Funds

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 26,355 1.74%

Activities of hire - purchase financing 141,760 9.35%

Activities of Mutual Funds including Unit Trust of India 12,170 0.80%

Production, supply and documentation of ready-made (non-customized) software 106,333 7.01%

Government of India 84,975 5.60%

Net Assets 303,692 20.03%

Grand Total 1,516,238 100.00%

Industry Pension Floor Fund II

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 2,186 0.63%

Bank of Baroda CD - 15.02.2011 9,283 2.69%

Central Bank of India CD - 04.10.2010 5,827 1.69%

Corporation Bank CD - 21.02.2011 2,518 0.73%

HDFC Bank Ltd 5,275 1.53%

ICICI Bank Ltd 8,197 2.38%

Oriental Bank of Commerce CD - 20.08.2010 1,009 0.29%

PNB CD - 12.08.2010 6,029 1.75%

Punjab National Bank 1,220 0.35%

State Bank of Bikaner & Jaipur CD -04.03.11 7,509 2.18%

State Bank of India 4,927 1.43%

State Bank of Travancore CD - 09.03.2011 5,016 1.45%

Total 58,995 17.10%

Others

Off shore extraction of petroleum 6,591 1.91%

Industry Pension Floor Fund II

% of Total Funds

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 202 0.06%

Manufacture of cigarette and cigarette tobacco 5,395 1.56%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 14,992 4.35%

Manufacture of allopathic pharmaceutical preparations 3,529 1.02%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 2,177 0.63%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 2,059 0.60%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 8,906 2.58%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 4,442 1.29%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 4,059 1.18%

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162 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Floor Fund II

% of Total Funds

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 1,793 0.52%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 7,377 2.14%

Manufacture of motor cars 1,643 0.48%

Manufacture of jeeps and station wagons 1,753 0.51%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 1,608 0.47%

Generation and transmission of electricity: hydro-electric power plants 6,669 1.93%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 5,572 1.62%

Manufacture of gas; distribution of gaseous fuels through mains 1,816 0.53%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 1,162 0.34%

Industry Pension Floor Fund II

% of Total Funds

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 8,454 2.45%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 13,604 3.94%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 4,784 1.39%

Activities of hire - purchase financing 20,673 5.99%

Activities of Mutual Funds including Unit Trust of India 6,750 1.96%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 66 0.02%

Production, supply and documentation of ready-made (non-customized) software 17,293 5.01%

Government of India 22,388 6.49%

Net Assets 110,182 31.94%

Grand Total 344,934 100.00%

Industry Guarantee Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 1,179 0.71%

Bank of Baroda CD - 15.02.2011 501 0.30%

Bank of India CD - 18.03.2011 7,512 4.54%

Canara Bank CD - 08.03.2011 2,354 1.42%

Central Bank of India CD - 04.10.2010 2,428 1.47%

HDFC Bank Ltd 2,806 1.70%

ICICI Bank Ltd 4,306 2.60%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 163

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Guarantee Fund

% of Total Funds

Punjab National Bank 671 0.41%

State Bank of Bikaner & Jaipur CD -04.03.11 2,503 1.51%

State Bank of India 2,602 1.57%

State Bank of Travancore CD - 09.03.2011 501 0.30%

Total 27,364 16.54%

Government of India

7.27% GOI - 03.09.13 1,491 0.90%

7.40% GOI 2012 - 03.05.12 19,405 11.73%

8.20% GOI - 15.02.22 456 0.28%

8.75% GOI - 13.12.2010 514 0.31%

Total 21,866 13.22%

Others

Off shore extraction of petroleum 3,303 2.00%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 125 0.08%

Manufacture of cigarette and cigarette tobacco 3,103 1.88%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 13,179 7.97%

Manufacture of allopathic pharmaceutical preparations 1,905 1.15%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 1,288 0.78%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 1,012 0.61%

Industry Guarantee Fund

% of Total Funds

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 4,132 2.50%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 2,408 1.46%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 2,042 1.23%

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 921 0.56%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 943 0.57%

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164 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Guarantee Fund

% of Total Funds

Manufacture of motor cars 873 0.53%

Manufacture of jeeps and station wagons 980 0.59%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 819 0.49%

Generation and transmission of electricity: hydro-electric power plants 3,693 2.23%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 3,813 2.30%

Manufacture of gas; distribution of gaseous fuels through mains 956 0.58%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 732 0.44%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 4,752 2.87%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 9,689 5.86%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 2,538 1.53%

Activities of hire - purchase financing 8,589 5.19%

Activities of Mutual Funds including Unit Trust of India 8,320 5.03%

Production, supply and documentation of ready-made (non-customized) software 10,773 6.51%

Net Assets 25,342 15.32%

Grand Total 165,459 100.00%

Industry Pension Guarantee

Fund

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 2,389 0.69%

Bank of India CD - 18.03.2011 2,734 0.79%

Canara Bank CD - 08.03.2011 471 0.14%

Canara Bank CD-10.05.2010 3,594 1.04%

Central Bank of India CD - 04.10.2010 5,827 1.68%

Corporation Bank CD - 21.02.2011 2,518 0.73%

HDFC Bank Ltd 5,739 1.66%

ICICI Bank Ltd 8,836 2.55%

Oriental Bank of Commerce CD - 22.10.2010 2,528 0.73%

PNB CD - 12.08.2010 5,007 1.45%

PNB CD - 15.07.2010 1,011 0.29%

Punjab National Bank 1,335 0.39%

State Bank of Bikaner & Jaipur CD -04.03.11 6,508 1.88%

State Bank of Bikaner & Jaipur CD - 04.01.2011 1,014 0.29%

State Bank of Hyderabad CD - 04.01.2011 1,013 0.29%

State Bank of India 5,356 1.55%

State Bank of Patiala CD - 15.11.2010 2,018 0.58%

State Bank of Travancore CD - 09.03.2011 2,693 0.78%

Union Bank of India CD - 07.10.2010 4,857 1.40%

Total 65,447 18.91%

Others

Off shore extraction of petroleum 7,169 2.07%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 248 0.07%

Manufacture of cigarette and cigarette tobacco 5,988 1.73%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 165

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Guarantee

Fund

% of Total Funds

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 21,400 6.18%

Manufacture of allopathic pharmaceutical preparations 3,755 1.08%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 2,393 0.69%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 2,348 0.68%

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 10,323 2.98%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 4,849 1.40%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 4,626 1.34%

Industry Pension Guarantee

Fund

% of Total Funds

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 1,883 0.54%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 6,882 1.99%

Manufacture of motor cars 1,799 0.52%

Manufacture of jeeps and station wagons 1,923 0.56%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 1,697 0.49%

Generation and transmission of electricity: hydro-electric power plants 8,008 2.31%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 937 0.27%

Manufacture of gas; distribution of gaseous fuels through mains 1,966 0.57%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 1,286 0.37%

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166 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Pension Guarantee

Fund

% of Total Funds

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 9,322 2.69%

Commission agents dealing in agricultural raw material, live animals, food, beverages, intoxicants and textiles. 11,285 3.26%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 5,225 1.51%

Activities of hire - purchase financing 24,410 7.05%

Activities of Mutual Funds including Unit Trust of India 10,400 3.00%

Other financial intermediation n.e.c. (Provident and insurance services are classified in division 66.) 3,746 1.08%

Production, supply and documentation of ready-made (non-customized) software 22,920 6.62%

Government of India 9,644 2.79%

Net Assets 94,254 27.23%

Grand Total 346,134 100.00%

Industry Peak Guarantee

Fund I

% of Total Funds

Monetary intermediation of commercial banks, saving banks and discount houses

Axis Bank Ltd 600 0.37%

Bank of Baroda CD - 15.02.2011 301 0.18%

Bank of India CD - 18.03.2011 2,504 1.53%

Canara Bank CD - 08.03.2011 973 0.59%

Central Bank of India CD - 04.10.2010 1,748 1.06%

Industry Peak Guarantee

Fund I

% of Total Funds

Corporation Bank CD - 21.02.2011 1,209 0.74%

HDFC Bank Ltd 1,446 0.88%

ICICI Bank Ltd 2,253 1.37%

PNB CD - 12.08.2010 1,502 0.92%

Punjab National Bank 335 0.20%

State Bank of Bikaner & Jaipur CD -04.03.11 2,503 1.52%

State Bank of India 1,397 0.85%

State Bank of Travancore CD - 09.03.2011 301 0.18%

Union Bank of India CD - 07.10.2010 971 0.59%

Total 18,043 10.99%

Others

Off shore extraction of petroleum 1,817 1.11%

Mining of iron ores [includes mining of hematite, magnetite, limonite, siderite or taconite etc. which are valued chiefly for iron content. Production of sintered iron ores is also included]. 25 0.02%

Manufacture of cigarette and cigarette tobacco 1,460 0.89%

Manufacture of other petroleum products n.e.c. (includes manufacture of petroleum jelly, micro-crystalline petroleum wax, slack wax, ozokerite, lignite wax, petroleum coke, petroleum bitumen and other residues of petroleum oils or of oils obtained from bituminous minerals. Manufacture of candles is classified in 3699) 3,941 2.40%

Manufacture of allopathic pharmaceutical preparations 939 0.57%

Manufacture of other perfumes and toilet preparations n.e.c. (includes manufacture of scented sachets, perfumed papers, contact lens solution and animal preparations etc.) 557 0.34%

Manufacture of portland cement, aluminous cement, slag cement and similar hydraulic cement, except in the form of clinkers 552 0.34%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 167

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures (Contd.)

Industry wise disclosure of investments with exposure of 10% and above segregated at scrip level

Industry Peak Guarantee

Fund I

% of Total Funds

Manufacture of non-alloy steel hot rolled flat products (including plates, sheets, strips, wide coils) 2,280 1.39%

Manufacturing of Copper (includes basic processing, smelting, refining for production of base metal; its further rolling, drawing and extruding; and production of powders or flakes, foil, plates, sheets or strip, bars, rods, profiles, wires, tubes, pipes and tube or pipe fittings) 1,213 0.74%

Manufacture of other movers n.e.c. hydraulic turbines, water wheels and their regulatory machinery; gas turbines for marine propulsion or for use as prime movers of electric generators or pumps; boiler-turbine set or a stationary steam engine with integral boiler. 1,198 0.73%

Manufacture of electricity distribution and control apparatus [electrical apparatus for switching or protecting electrical circuits (e.g. switches, fuses, voltage limiters, surge suppressors, junction boxes etc.) for a voltage exceeding 1000 volts; similar apparatus (including relays, sockets etc.) for a voltage not exceeding 1000 volts; boards, panels, consoles, cabinets and other bases equipped with two or more of the above apparatus for electricity control or distribution of electricity including power capacitors.] 523 0.32%

Manufacture of motor vehicles for the transport of goods: ordinary lorries, trucks and goods vans; lorries with automatic discharging devices, tankers, drop frame lorries, refuse collectors, etc.; special purpose motor lorries and trucks e.g. motor breakdown lorries, armoured cars, street sweepers, mobile medical and dental clinics, travelling libraries etc.; also included over-the-road tractors for semi - trailers 455 0.28%

Industry Peak Guarantee

Fund I

% of Total Funds

Manufacture of motor cars 452 0.28%

Manufacture of jeeps and station wagons 468 0.28%

Manufacture of motorcycles (including mopeds) and cycles fitted with an auxiliary engine, whether or not with an attached side car (manufacture of helmets is classified in class 2520) 439 0.27%

Generation and transmission of electricity: hydro-electric power plants 1,826 1.11%

Collection and distribution of electric energy to households, industrial, commercial and other users n.e.c. 230 0.14%

Manufacture of gas; distribution of gaseous fuels through mains 507 0.31%

Construction and maintenance of roads, rail-beds, bridges, tunnels, pipelines, rope-ways, ports, harbours and runways etc. 286 0.17%

Construction n.e.c. including special trade construction [includes construction and maintenance of sports stadia and other construction not elsewhere classified and special trade construction such as foundation work, water well drilling scaffolding etc. carried out on a fee or contract basis.] 2,232 1.36%

Provision of value added telecom services: paging, e-mail, cellular phone, video conferencing, internet (service directly purchased from internet service providers) etc. 1,313 0.80%

Activities of hire - purchase financing 6,030 3.67%

Activities of Mutual Funds including Unit Trust of India 6,240 3.80%

Production, supply and documentation of ready-made (non-customized) software 4,768 2.90%

Government of India 16,184 9.86%

Net Assets 90,168 54.93%

Grand Total 164,148 100.00%

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168 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures

NAV Highest Lowest & closing at the end of the year

Sr. No.

Fund Name Highest NAV Lowest NAV Closing NAV

1 Kotak Guaranteed Money Market Fund 17.28 15.85 17.28

2 Kotak Group Money Market Fund 17.12 15.75 17.12

3 Money Market Fund 10.07 9.99 10.07

4 Pension Money Market Fund II 10.09 9.99 10.09

5 Kotak Dynamic Gilt Fund 15.09 14.28 15.08

6 Kotak Guaranteed Gilt Fund 15.05 14.27 15.03

7 Kotak Pension Gilt Fund 15.39 14.59 15.38

8 Kotak Group Gilt Fund 15.43 14.54 15.42

9 Gilt Fund 10.07 9.99 10.06

10 Kotak Dynamic Bond Fund 16.05 14.74 16.05

11 Kotak Guaranteed Bond Fund 16.00 14.65 16.00

12 Kotak Pension Bond Fund 16.12 14.76 16.12

13 Kotak Group Bond Fund 16.36 14.72 16.36

14 Bond Fund 10.13 9.99 10.13

15 Pension Bond Fund II 10.10 9.99 10.10

16 Kotak Dynamic Floating Rate Fund 14.10 13.46 14.10

17 Kotak Guaranteed Floating Rate Fund 14.13 13.49 14.13

18 Kotak Pension Floating Rate Fund 14.16 13.55 14.16

19 Kotak Group Floating Rate Fund 14.39 13.68 14.39

20 Floating Rate Fund 10.05 9.99 10.05

21 Kotak Group 36M FMP 02/01/2011 12.22 11.31 12.22

22 Kotak Group 12M FMP 28/03/2009 — — —

23 Kotak Group 36M FMP 12/09/2011 12.11 11.18 12.11

24 Kotak Group 11M FMP 06/10/2009 11.01 10.50 —

25 Kotak Group 60M FMP 27/11/2013 12.37 11.26 12.37

26 Kotak Group 50M FMP 27/02/2013 11.46 10.52 11.46

27 Kotak Group 59M FMP 08/12/2013 11.52 10.56 11.52

28 Kotak Dynamic Balanced Fund 29.31 21.80 29.20

29 Kotak Guaranteed Balanced Fund 26.72 22.04 26.67

30 Kotak Pension Balanced Fund 27.18 22.48 27.13

31 Kotak Group Balanced Fund 29.13 21.96 29.03

32 Balanced Fund 10.44 9.81 10.40

33 Pension Balanced Fund II 10.22 9.99 10.18

34 Kotak Dynamic Growth Fund 33.55 23.75 33.36

35 Kotak Guaranteed Growth Fund 30.59 24.65 30.51

36 Kotak Pension Growth Fund 13.02 10.51 12.98

37 Kotak Group Growth Fund 12.29 8.55 —

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Kotak Mahindra Old Mutual L i fe Insurance L imited 169

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures

NAV Highest Lowest & closing at the end of the year

Sr. No.

Fund Name Highest NAV Lowest NAV Closing NAV

38 Kotak Aggressive Growth Fund 33.21 19.63 32.87

39 Kotak Group Agressive Growth Fund 20.42 12.12 —

40 Kotak Advantage Multiplier Fund 13.02 11.02 12.95

41 Kotak Advantage Plus Fund 13.00 11.10 12.92

42 Kotak Advantage Fund 13.10 11.51 —

43 Kotak Advantage Multiplier Fund II 13.02 11.01 12.95

44 Kotak Advantage Plus Fund II 13.03 11.15 12.95

45 Frontline Equity Fund 10.18 9.30 10.11

46 Pension Frontline Equity Fund 10.82 9.95 10.74

47 Kotak Opportunities Fund 19.31 10.35 19.17

48 Kotak Pension Opportunities Fund 11.06 10.00 10.98

49 Classic Opportunities Fund 10.49 9.55 10.41

50 Pension Classic Opportunities Fund 10.76 9.89 10.68

51 Dynamic Floor Fund 16.17 13.26 16.04

52 Kotak Group Dynamic Floor Fund 16.20 15.41 16.12

53 Kotak Pension Floor Fund 10.74 9.89 10.56

54 Dynamic Floor Fund II 10.19 9.67 10.14

55 Pension Floor Fund II 10.06 9.59 10.01

56 Guarantee Fund 10.57 10.00 10.52

57 Pension Guarantee Fund 10.12 9.64 10.07

58 Peak Guarantee Fund I 10.39 10.00 10.33

Note: NAV used is before Appropriation and Expropriation.

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170 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures

Annualised Expense Ratio to Average Daily Assets of the Fund

Sr. No.

Fund Name Annualised Expense

Average Daily Assets of the

Funds

Annualised Expense Ratio

1 Kotak Guaranteed Money Market Fund 15 2,275 0.66%

2 Kotak Group Money Market Fund 1 57 0.88%

3 Money Market Fund 4 1,100 1.40%

4 Pension Money Market Fund II 22 5,993 1.45%

5 Kotak Dynamic Gilt Fund 1,623 147,149 1.10%

6 Kotak Guaranteed Gilt Fund 4,213 382,002 1.10%

7 Kotak Pension Gilt Fund 2,287 207,306 1.10%

8 Kotak Group Gilt Fund 669 75,830 0.88%

9 Gilt Fund 1 388 1.46%

10 Kotak Dynamic Bond Fund 2,732 206,400 1.32%

11 Kotak Guaranteed Bond Fund 3,899 294,601 1.32%

12 Kotak Pension Bond Fund 4,614 348,612 1.32%

13 Kotak Group Bond Fund 8,174 926,445 0.88%

14 Bond Fund 49 12,186 1.46%

15 Pension Bond Fund II 4 1,467 1.44%

16 Kotak Dynamic Floating Rate Fund 1,528 115,445 1.32%

17 Kotak Guaranteed Floating Rate Fund 3,651 275,859 1.32%

18 Kotak Pension Floating Rate Fund 1,229 92,826 1.32%

19 Kotak Group Floating Rate Fund 1,148 130,110 0.88%

20 Floating Rate Fund — 50 1.18%

21 Kotak Group 36M FMP 02/01/2011 186 33,808 0.55%

22 Kotak Group 12M FMP 28/03/2009 — — —

23 Kotak Group 36M FMP 12/09/2011 85 10,956 0.77%

24 Kotak Group 11M FMP 06/10/2009 129 32,326 0.78%

25 Kotak Group 60M FMP 27/11/2013 531 80,225 0.66%

26 Kotak Group 50M FMP 27/02/2013 49 7,479 0.66%

27 Kotak Group 59M FMP 08/12/2013 165 29,981 0.55%

28 Kotak Dynamic Balanced Fund 3,348 233,506 1.43%

29 Kotak Guaranteed Balanced Fund 23,821 1,661,265 1.43%

30 Kotak Pension Balanced Fund 71,295 4,972,043 1.43%

31 Kotak Group Balanced Fund 8,770 795,138 1.10%

32 Balanced Fund 4 944 1.47%

33 Pension Balanced Fund II 1 496 1.41%

34 Kotak Dynamic Growth Fund 12,655 764,888 1.65%

35 Kotak Guaranteed Growth Fund 331,684 20,046,890 1.65%

36 Kotak Pension Growth Fund 2,496 150,868 1.65%

37 Kotak Group Growth Fund 47 4,111 1.22%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 171

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures

Annualised Expense Ratio to Average Daily Assets of the Fund

Sr. No.

Fund Name Annualised Expense

Average Daily Assets of the

Funds

Annualised Expense Ratio

38 Kotak Aggressive Growth Fund 51,096 2,895,267 1.76%

39 Kotak Group Agressive Growth Fund 22 1,887 1.33%

40 Kotak Advantage Multiplier Fund 2,248 67,918 3.31%

41 Kotak Advantage Plus Fund 24,828 750,240 3.31%

42 Kotak Advantage Fund 111 3,571 3.33%

43 Kotak Advantage Multiplier Fund II 1,700 51,373 3.31%

44 Kotak Advantage Plus Fund II 21,713 656,124 3.31%

45 Frontline Equity Fund 168 39,775 1.47%

46 Pension Frontline Equity Fund 12 3,990 1.43%

47 Kotak Opportunities Fund 43,550 1,974,365 2.21%

48 Kotak Pension Opportunities Fund 382 24,798 2.20%

49 Classic Opportunities Fund 691 162,892 1.46%

50 Pension Classic Opportunities Fund 46 13,877 1.43%

51 Dynamic Floor Fund 49,762 2,578,208 1.93%

52 Kotak Group Dynamic Floor Fund 423 135,001 1.38%

53 Kotak Pension Floor Fund 4,345 314,812 1.92%

54 Dynamic Floor Fund II 1,635 388,761 1.46%

55 Pension Floor Fund II 259 80,873 1.44%

56 Guarantee Fund 103 48,947 1.45%

57 Pension Guarantee Fund 374 92,684 1.46%

58 Peak Guarantee Fund I 38 18,077 1.67%

3 - Launched on 05/01/2010 48 - Launched on 19/07/2009 24 - Closed on 06/10/2009

4 - Launched on 28/12/2009 49 - Launched on 16/12/2009 37 - Closed on 08/03/2010

9 - Launched on 02/02/2010 50 - Launched on 07/01/2010 39 - Closed on 16/02/2010

14 - Launched on 21/12/2009 52 - Launched on 08/01/2010 42 - Closed on 10/03/2010

15 - Launched on 14/01/2010 53 - Launched on 13/07/2009

20 - Launched on 28/12/2009 54 - Launched on 17/12/2009

32 - Launched on 21/12/2009 55 - Launched on 10/01/2010

33 - Launched on 24/01/2010 56 - Launched on 07/02/2010

45 - Launched on 17/12/2009 57 - Launched on 21/12/2009

46 - Launched on 11/01/2010 58 - Launched on 14/02/2010

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172 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures

Gross Income Ratio to Average Daily Assets of the Fund

Sr. No.

Fund Name Annualised Income

Average Daily Assets of the

Funds

Annualised Income Ratio

1 Kotak Guaranteed Money Market Fund 213 2,275 9.38%

2 Kotak Group Money Market Fund 5 57 9.26%

3 Money Market Fund 16 1,100 6.29%

4 Pension Money Market Fund II 91 5,993 5.91%

5 Kotak Dynamic Gilt Fund 10,614 147,149 7.21%

6 Kotak Guaranteed Gilt Fund 24,790 382,002 6.49%

7 Kotak Pension Gilt Fund 14,450 207,306 6.97%

8 Kotak Group Gilt Fund 5,325 75,830 7.02%

9 Gilt Fund 4 388 6.29%

10 Kotak Dynamic Bond Fund 20,988 206,400 10.17%

11 Kotak Guaranteed Bond Fund 30,096 294,601 10.22%

12 Kotak Pension Bond Fund 36,132 348,612 10.36%

13 Kotak Group Bond Fund 107,879 926,445 11.64%

14 Bond Fund 364 12,186 10.81%

15 Pension Bond Fund II 28 1,467 9.01%

16 Kotak Dynamic Floating Rate Fund 7,018 115,445 6.08%

17 Kotak Guaranteed Floating Rate Fund 16,742 275,859 6.07%

18 Kotak Pension Floating Rate Fund 5,359 92,826 5.77%

19 Kotak Group Floating Rate Fund 7,801 130,110 6.00%

20 Floating Rate Fund — 50 3.27%

21 Kotak Group 36M FMP 02/01/2011 2,920 33,808 8.64%

22 Kotak Group 12M FMP 28/03/2009 — — —

23 Kotak Group 36M FMP 12/09/2011 1,016 10,956 9.28%

24 Kotak Group 11M FMP 06/10/2009 1,695 32,326 10.24%

25 Kotak Group 60M FMP 27/11/2013 8,524 80,225 10.62%

26 Kotak Group 50M FMP 27/02/2013 743 7,479 9.93%

27 Kotak Group 59M FMP 08/12/2013 2,968 29,981 9.90%

28 Kotak Dynamic Balanced Fund 72,043 233,506 30.85%

29 Kotak Guaranteed Balanced Fund 350,603 1,661,265 21.10%

30 Kotak Pension Balanced Fund 995,426 4,972,043 20.02%

31 Kotak Group Balanced Fund 216,414 795,138 27.22%

32 Balanced Fund 63 944 24.23%

33 Pension Balanced Fund II 6 496 6.36%

34 Kotak Dynamic Growth Fund 266,891 764,888 34.89%

35 Kotak Guaranteed Growth Fund 4,573,674 20,046,890 22.81%

36 Kotak Pension Growth Fund 28,447 150,868 18.86%

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Kotak Mahindra Old Mutual L i fe Insurance L imited 173

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures

Gross Income Ratio to Average Daily Assets of the Fund

Sr. No.

Fund Name Annualised Income

Average Daily Assets of the

Funds

Annualised Income Ratio

37 Kotak Group Growth Fund 1,445 4,111 37.74%

38 Kotak Aggressive Growth Fund 1,379,845 2,895,267 47.66%

39 Kotak Group Agressive Growth Fund 879 1,887 53.12%

40 Kotak Advantage Multiplier Fund 14,102 67,918 20.76%

41 Kotak Advantage Plus Fund 157,655 750,240 21.01%

42 Kotak Advantage Fund 748 3,571 22.37%

43 Kotak Advantage Multiplier Fund II 10,731 51,373 20.89%

44 Kotak Advantage Plus Fund II 129,846 656,124 19.79%

45 Frontline Equity Fund 3,947 39,775 34.50%

46 Pension Frontline Equity Fund 356 3,990 40.68%

47 Kotak Opportunities Fund 892,432 1,974,365 45.20%

48 Kotak Pension Opportunities Fund 2,520 24,798 14.49%

49 Classic Opportunities Fund 17,247 162,892 36.46%

50 Pension Classic Opportunities Fund 1,290 13,877 40.39%

51 Dynamic Floor Fund 449,803 2,578,208 17.45%

52 Kotak Group Dynamic Floor Fund 1,153 135,001 3.76%

53 Kotak Pension Floor Fund 14,395 314,812 6.37%

54 Dynamic Floor Fund II 24,033 388,761 21.49%

55 Pension Floor Fund II 3,278 80,873 18.27%

56 Guarantee Fund 2,192 48,947 30.83%

57 Pension Guarantee Fund 3,378 92,684 13.17%

58 Peak Guarantee Fund I 267 18,077 11.71%

3 - Launched on 05/01/2010 48 - Launched on 19/07/2009 24 - Closed on 06/10/2009

4 - Launched on 28/12/2009 49 - Launched on 16/12/2009 37 - Closed on 08/03/2010

9 - Launched on 02/02/2010 50 - Launched on 07/01/2010 39 - Closed on 16/02/2010

14 - Launched on 21/12/2009 52 - Launched on 08/01/2010 42 - Closed on 10/03/2010

15 - Launched on 14/01/2010 53 - Launched on 13/07/2009

20 - Launched on 28/12/2009 54 - Launched on 17/12/2009

32 - Launched on 21/12/2009 55 - Launched on 10/01/2010

33 - Launched on 24/01/2010 56 - Launched on 07/02/2010

45 - Launched on 17/12/2009 57 - Launched on 21/12/2009

46 - Launched on 11/01/2010 58 - Launched on 14/02/2010

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174 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

25E. Unit Linked Disclosures – Other Disclosures

Fundwise Disclosure of Appreciation/(Depreciation) in value of Investment Segregated Classwise as at 31st March, 2010

Investment Type

Sr. No.

Fund Name Corporate Bonds

Equities Government Guaranteed

Bonds

Government Securities

Grand Total

1 Kotak Guaranteed Money Market Fund — — — — —

2 Kotak Group Money Market Fund — — — — —

3 Money Market Fund — — — — —

4 Pension Money Market Fund II — — — — —

5 Kotak Dynamic Gilt Fund (226) — 17 (1,344) (1,554)

6 Kotak Guaranteed Gilt Fund (605) — 73 (3,139) (3,671)

7 Kotak Pension Gilt Fund (218) — 113 (1,677) (1,782)

8 Kotak Group Gilt Fund (102) — (29) (489) (620)

9 Gilt Fund (—) — — 1 —

10 Kotak Dynamic Bond Fund 1,380 — (10) (84) 1,286

11 Kotak Guaranteed Bond Fund 1,437 — (6) (354) 1,078

12 Kotak Pension Bond Fund 1,560 — (10) (385) 1,165

13 Kotak Group Bond Fund 3,648 — 5 (280) 3,373

14 Bond Fund 87 — 7 8 102

15 Pension Bond Fund II 6 — — (1) 5

16 Kotak Dynamic Floating Rate Fund (196) — 5 (145) (336)

17 Kotak Guaranteed Floating Rate Fund (508) — 4 (386) (890)

18 Kotak Pension Floating Rate Fund (142) — (37) (72) (251)

19 Kotak Group Floating Rate Fund (233) — 5 (167) (395)

20 Floating Rate Fund (—) — — (—) (—)

21 Kotak Group 36M FMP 02/01/2011 423 — — — 423

22 Kotak Group 12M FMP 28/03/2009 — — — — —

23 Kotak Group 36M FMP 12/09/2011 796 — — — 796

24 Kotak Group 11M FMP 06/10/2009 — — — — —

25 Kotak Group 60M FMP 27/11/2013 6,580 — — — 6,580

26 Kotak Group 50M FMP 27/02/2013 312 — — — 312

27 Kotak Group 59M FMP 08/12/2013 1,022 — — — 1,022

28 Kotak Dynamic Balanced Fund 349 23,450 (6) (252) 23,540

29 Kotak Guaranteed Balanced Fund 5,847 130,479 (181) (3,328) 132,817

30 Kotak Pension Balanced Fund 3,954 384,863 (616) (11,127) 377,074

31 Kotak Group Balanced Fund (267) 83,527 (61) (964) 82,235

32 Balanced Fund (1) 56 — (—) 55

33 Pension Balanced Fund II — 1 — (—) 1

34 Kotak Dynamic Growth Fund 998 105,920 (55) (328) 106,535

35 Kotak Guaranteed Growth Fund 1,400 1,945,481 (3,655) (19,363) 1,923,863

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Kotak Mahindra Old Mutual L i fe Insurance L imited 175

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

Investment Type

Sr. No.

Fund Name Corporate Bonds

Equities Government Guaranteed

Bonds

Government Securities

Grand Total

36 Kotak Pension Growth Fund 18 16,012 4 (548) 15,485

37 Kotak Group Growth Fund — — — — —

38 Kotak Aggressive Growth Fund 213 609,626 (4) (75) 609,760

39 Kotak Group Agressive Growth Fund — — — — —

40 Kotak Advantage Multiplier Fund 197 3,946 — (173) 3,969

41 Kotak Advantage Plus Fund 1,739 38,367 (13) (1,150) 38,944

42 Kotak Advantage Fund — — — — —

43 Kotak Advantage Multiplier Fund II 91 2,853 (1) (165) 2,778

44 Kotak Advantage Plus Fund II 59 31,303 — (27) 31,335

45 Frontline Equity Fund (2) 3,796 — (2) 3,792

46 Pension Frontline Equity Fund (1) 343 — (1) 342

47 Kotak Opportunities Fund 450 496,753 (38) (182) 496,983

48 Kotak Pension Opportunities Fund — 1,865 — (1) 1,864

49 Classic Opportunities Fund 24 16,166 — (106) 16,084

50 Pension Classic Opportunities Fund (—) 1,231 — (8) 1,223

51 Dynamic Floor Fund 1,242 121,637 (391) (4,789) 117,699

52 Kotak Group Dynamic Floor Fund (12) 666 2 (45) 611

53 Kotak Pension Floor Fund (73) 5,780 15 (458) 5,265

54 Dynamic Floor Fund II 379 19,816 — 210 20,405

55 Pension Floor Fund II 21 2,573 1 (72) 2,523

56 Guarantee Fund (11) 1,255 — (24) 1,220

57 Pension Guarantee Fund 79 2,558 — 4 2,641

58 Peak Guarantee Fund I 11 244 — (66) 188

Grand Total 31,720 4,050,567 (4,862) (51,554) 4,025,871

25E. Unit Linked Disclosures – Other Disclosures

Fundwise Disclosure of Appreciation/(Depreciation) in value of Investment Segregated Classwise as at 31st March, 2010

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176 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

26. Employee benefits

(a) Gratuity

In accordance with Payment of Gratuity Act, 1972 the Company provides for gratuity, a defined benefit retirement plan covering all employees. The plan provides a lump sum payment to vested employees at retirement or termination of employment based on the respective employee’s salary and the years of employment with the Company subject to maximum of Rs. 3.50 lakhs per employee.

The gratuity benefit is provided through unfunded plan and annual contributions are charged to profit and loss account. Under the scheme, the settlement obligation remains with the Company.

Reconciliation of opening and closing balance of the present value of the defined benefit obligation for gratuity benefits is given below.

As of 31st March, 2010

As of 31st March, 2009

Change in Defined benefit obligations as at Present value of Defined benefit obligations, 1st April 52,785 35,212

Service cost 23,765 19,453

Interest cost 5,410 4,381

Liabilities Assumed on Acquisition/(Settled on Divestiture) 2,388 919

Benefits paid (2,072) (4,681)

Actuarial (gain)/loss on obligations (10,271) (2,499)

Present value of Defined benefit obligations as at 31st March 72,005 52,785

Reconciliation of present value of the obligation and the fair value of the plan assets

Opening Fair Value of Plan assets as at 1st April Nil Nil

Contributions by the employer for the year 2,072 4,681

Benefits paid (2,072) (4,681)

Closing Fair Value of Plan assets Nil Nil

Net asset/(liability) as at 31st March Nil Nil

Cost recognised for the period

Current service cost 23,765 19,453

Interest cost 5,410 4,381

Expected return on plan assets Nil Nil

Actuarial (gain)/loss (10,271) (2,499)

Net gratuity cost 18,904 21,335

Actuarial assumptions used

Discount rate 8.01% 7.18%

Salary escalation rate 15% p.a. for first two year, 10.00% p.a for next two

years & 6.00% p.a. thereafter.

0% p.a. for first year, 10.00% p.a for next two years & 6.00%

p.a. thereafter.

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

(b) Superannuation

The eligible permanent employees of the Company, who have opted for the scheme, are entitled to receive retirement benefits under the superannuation scheme operated by the Company. The contribution for the year amounts to Rs. 3,037 (2009-3,602)

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Kotak Mahindra Old Mutual L i fe Insurance L imited 177

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

(c) Provident fund

IIn accordance with Indian regulations, employees of the Company are entitled to receive benefits under the provident fund, a defined contribution plan, in which, both the employee and the Company contribute monthly at a determined rate. These contributions are made to a recognised provident and administered by a Board of Trustees. The employee contributes 12% of his or her basic salary and the Company contributes an equal amount. The investments of the funds are made according to rules prescribed by the Government of India.The Company’s contribution for the year amounts to Rs. 106,741 (2009-111,189)

(d) Accumulated Compensated Absences

The Company accrues the liability for compensated absences based on the actuarial valuation as at the balance sheet conducted by an independent actuary.

27. Details of penal actions taken by various Government Authorities (IRDA Cir No.005/IRDA/F&A/CIR/MAY-09 dtd. May 07, 2009)

Authority Non-compliance/Violation

Amount

Penalty Awarded

Penalty Paid Penalty Waived/Reduced

1. Insurance Regulatory and Development Authority Nil Nil Nil Nil

2. Service Tax Authorities Nil Nil Nil Nil

3. Income Tax Authorities Nil Nil Nil Nil

4. Any other Tax Authorities Nil Nil Nil Nil

5. Enforcement Directorate/Adjudicating Authority/ Tribunal or any Authority under FEMA

Nil Nil Nil Nil

6. Registrar of Companies/NCLT/CLB/Department of Corporate Affairs or any Authority under Companies Act, 1956

Nil Nil Nil Nil

7. Penalty awarded by any Court/Tribunal for any matter including claim settlement but excluding compensation

Nil Nil Nil Nil

8. Securities and Exchange Board of India* Nil Nil Nil Nil

9. Competition Commission of India Nil Nil Nil Nil

10. Any other Central/State/Local Government/Statutory Authority

Nil Nil Nil Nil

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178 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

28. Statement showing the Controlled Fund (IRDA Cir No: IRDA/F&I/CIR/F&A/045/03/2010 dtd March 17, 2010)

(Rs. in crores)

2009-10 2008-09

1. Computation of Controlled fund as per the Balance Sheet

Policyholders’ Fund (Life Fund)

Participating

Individual Assurance 536.83 459.60

Individual Pension 46.15 39.80

Any other (Pl. Specify) — —

Non-participating

Individual Assurance — —

Group Assurance 73.11 33.25

Individual Annuity 36.37 37.70

Any other (Pl. Specify) — —

Linked*

Individual Assurance 4,355.59 2,446.50

Group Assurance* — 180.60

Individual Pension 790.26 435.72

Group Superannuation 32.66 —

Group Gratuity 287.82 —

Any other (Pl. Specify) — —

Funds for Future Appropriations* 205.14 108.52

Total (A) 6,363.93 3,741.68

Shareholders’ Fund

Paid up Capital 510.29 510.29

Reserves & Surpluses 52.14 52.14

Fair Value Change — —

Total (B) 562.43 562.43

Misc. expenses not written off — —

Credit/(Debit) from P&L A/c. (255.12) (324.34)

Total (C ) (255.12) (324.34)

Total shareholders’ funds (B+C) 307.31 238.09

Controlled Fund (Total (A+B+C)) 6,671.24 3,979.76

2. Reconciliation of the Controlled Fund from Revenue and Profit & Loss Account

Opening Balance of Controlled Fund 3,979.76 3,038.98

Add: Inflow

Income

Premium Income 2,868.05 2,343.19

Less: Reinsurance ceded 18.20 35.45

Net Premium 2,849.85 2,307.74

Investment Income 1,061.09 (345.22)

Other Income 2.90 2.86

Funds transferred from Shareholders’ Accounts 17.70 30.13

Total Income 3,931.54 1,995.51

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Kotak Mahindra Old Mutual L i fe Insurance L imited 179

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

(Rs. in crores)

2009-10 2008-09

Less: Outgo

(i) Benefits paid (Net) 496.68 243.04

(ii) Interim Bonus Paid — —

(iii) Change in Valuation of Liability 2,524.14 840.91

(iv) Commission 167.92 225.43

(v) Operating Expenses 573.84 607.72

(vi) Provision for Taxation

(a) FBT — 2.68

(b) I.T. — —

Total Outgo 3,762.58 1,919.79

Surplus of the Policyholders’ Fund 168.96 75.72

Less: transferred to Shareholders’ Account 70.85 20.21

Net Flow in Policyholders’ account 98.11 55.52

Add: Net income in Shareholders’ Fund 69.22 14.34

Net In Flow / Outflow 4,147.10 3,108.83

Add: change in valuation Liabilities 2,524.14 840.91

Add: Increase in Paid up Capital — 30.02

Closing Balance of Controlled Fund 6,671.24 3,979.76

As Per Balance Sheet 6,671.24 3,979.76

Difference, if any — —

3. Reconciliation with Shareholders’ and Policyholders’ Fund

3.1 Policyholders’ Funds - Traditional-PAR and NON-PAR

Opening Balance of the Policyholders’ Fund 570.35 486.21

Add: Surplus of the Revenue Account 1.49 0.10

Add: change in valuation Liabilities 120.62 84.04

Total 692.46 570.35

As per Balance Sheet 692.46 570.35

Difference, if any — —

3.2 Policyholders’ Funds - Linked

Opening Balance of the Policyholders’ Fund 3,171.33 2,359.04

Add: Surplus of the Revenue Account 96.63 55.41

Add: change in valuation Liabilities 2,403.51 756.87

Total 5,671.47 3,171.33

As per Balance Sheet 5,671.47 3,171.33

Difference, if any — —

Shareholders’ Funds

Opening Balance of Shareholders’ Fund 238.09 193.73

Add: net income of Shareholders’ account (P&L) 69.22 14.34

Add: Infusion of Capital — 30.02

Closing Balance of the Shareholders fund 307.31 238.09

As per Balance Sheet 307.31 238.09

Difference, if any — —

*Refer Schedule 16 - Note 4

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180 Kotak Mahindra Old Mutual L i fe Insurance L imited

Registration No: 107; Date of Registration: January 10, 2001

Schedules Forming Part of the Financial Statements (Contd.) for the year ended 31st March, 2010 (Currency: In thousands of Indian Rupees unless otherwise stated)

29. Debit balance in the Profit & Loss Account (Shareholder’s Account) The debit balance in Profit and Loss Account (Shareholder’s Account) as on 31.03.2010 of Rs. 2,551,175 (2009: Rs. 3,243,421) comprises of Unabsorbed Depreciation of Rs. 573,089 (2009: Rs. 573,089) and Accumulated losses of Rs. 1,978,086 (2009: Rs. 2,670,332).

As per our report of even date attached For and on behalf of the Board of Directors

For M. P. Chitale & Co. For S. R. Batliboi & Co. Uday Kotak Rafael Galdon Dipak GuptaChartered Accountants Firm Registration No.:301003E Chairman Vice-Chairman Director

Chartered Accountants

Murtuza Vajihi Shrawan Jalan G. Murlidhar Gaurang Shah Andrew CartwrightPartner Partner Chief Operating Officer Managing Director Appointed

Membership No-102102 & Company Secretary Actuary

Mumbai MumbaiApril 27, 2010 April 27, 2010

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