Nippon Life India Asset Management Limited

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July 28, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Dalal Street, Fort, Mumbai 400 001 Plot No. C/1, G Block, Bandra Ku

12.3%

w Annexures 2 Mutual Fund Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.

10.1%

exures 2 Mutual Fund Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Ju

18.2%

2 Mutual Fund Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24

56.0%

tual Fund Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24 Mar-25

3.4%

nd Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24 Mar-25 Jun-2

12.0%

3 Quarterly AUM Trend Industry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24 Mar-25 Jun-25 Equity Ar

18.0%

y AUM Trend Industry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24 Mar-25 Jun-25 Equity Arbitrage Deb

56.3%

nd Industry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24 Mar-25 Jun-25 Equity Arbitrage Debt Liquid

3.6%

ustry QAAUM (INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24 Mar-25 Jun-25 Equity Arbitrage Debt Liquid ETFs

12.2%

(INR trillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24 Mar-25 Jun-25 Equity Arbitrage Debt Liquid ETFs ▪ Proportio

9.5%

rillion) 59.0 12.3% 10.1% 18.2% 56.0% 3.4% 67.4 12.0% 10.1% 18.0% . 56.3% 3.6% 72.1 12.2% 9.5% 18.0% 56.6% 3.7% Jun-24 Mar-25 Jun-25 Equity Arbitrage Debt Liquid ETFs ▪ Proportion of

“Investment Funds Association, AMFI, Statista GDP and MF AUM data as of 2024 41 Key Enablers – Robust Economic Growth India GDP (INR trillion) YoY growth CAGR: 10% 11% 10% 12% 11% 11% 125 138 154 171 189 19% 6% 201 236 199 -1% 14% 269 12% 301 10% 331 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 ▪ India is now the 4th largest economy in the world ▪ GDP growth rate is among the highest vs.”

“have created a conducive growth platform Source: RBI, MOSPI 42 Key Enablers – Financialisation of Savings Gross Financial Savings (INR trillion) % of Household Savings 52.1% 51.5% 60.5% 57.9% 62.4% 58.9% 60.5% CAGR: 11% 68.1% 55.1% 58.4% 62.8% 12 13 15 16 21 23 23 31 26 29 34 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 No.”

“of demat accounts (mn) ADTO* (INR bn) 1,207 ▪ 658 716 55 90 576 114 386 41 883 151 192 FY20 FY21 FY22 FY23 FY24 FY25 In the last decade, households have increasingly preferred financial assets over physical assets to achieve long term savings’ goals ▪ No.”

“Besides the above, he was involved in risk management at Enterprise Risk Management (ERM) Project Office.”

“No representation, warranty, guarantee or undertaking, express or implied, is or will be made as to, and no reliance should be placed on, the accuracy, completeness or fairness of the information, estimates, projections and opinions contained in this presentation.”

CAGR for MF AUM

1

CAGR for MF AUM

3-yr: 21%/5-yr: 22%/10-yr: 19% 20% 18% 66.7 55.0 16% 16% 15% 32.2 37.7 40.0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Source: RBI, SEBI, MOSPI Note: a) AUM is based MAAUM for March, b) 2024-2025 GDP as per Second Adv .Estimates 40 Under-penetration Presents High Growth Potential MF AUM/GDP 66% 68% 87% 101% 133% 58% 58% 59% 20% World Brazil Canada Germany India Japan Sweden United Kingdom United States Unique MF Investors 2.4% 2.6% 3.1% 3.7% ▪ Mutual Fund penetration in India is low as % of GDP vs global average 34 37 45 54 ▪ Roughly 4% of India’s population invests in MFs 1.6% 23 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Unique MF Investors (mn) % of total population ▪ Mutual Fund investors increased at a 21% CAGR over FY20-25 Source: World Bank, Intl. Investment Funds Association, AMFI, Statista GDP and MF AUM data as of 2024 41 Key Enablers – Robust Economic Growth India GDP (INR trillion) YoY growth CAGR: 10% 11% 10% 12% 11% 11% 125 138 154 171 189 19% 6% 201 236 199 -1% 14% 2