Nippon Life India Asset Management Limited

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April 27, 2026 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

12.0%

w Annexures 2 Mutual Fund Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1

10.1%

exures 2 Mutual Fund Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar

18.0%

2 Mutual Fund Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 D

56.3%

tual Fund Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 Dec-25

3.6%

nd Industry 3 Quarterly AUM Trend Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 Dec-25 Mar-26

12.7%

3 Quarterly AUM Trend Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 Dec-25 Mar-26 Equity Arb

8.5%

arterly AUM Trend Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 Dec-25 Mar-26 Equity Arbitrag

17.8%

ly AUM Trend Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 Dec-25 Mar-26 Equity Arbitrage Deb

57.0%

end Industry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 Dec-25 Mar-26 Equity Arbitrage Debt Liquid

4.0%

dustry QAAUM (INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 Dec-25 Mar-26 Equity Arbitrage Debt Liquid ETFs

13.9%

(INR trillion) 67.4 12.0% 10.1% 18.0% 56.3% 3.6% 81.0 12.7% 8.5% 17.8% . 57.0% 4.0% 81.5 13.9% 8.9% 16.8% 56.4% 4.1% Mar-25 Dec-25 Mar-26 Equity Arbitrage Debt Liquid ETFs ▪ Proportio

“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 10% 12% 11% 11% 134 149 166 184 6% 195 -1% 193 CAGR: 10% 19% 14% 229 261 11% 290 10% 318 9% 345 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 ▪ India is among the Top-10 largest economies in the world ▪ GDP growth rate is among the highest vs.”

“have created a conducive growth platform Source: 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.”

“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: 26%/5-yr: 20%/10-yr: 19% MF AUM (INR trillion) % of GDP 12% 14% 13% 13% 10% 17% 16% 15% 13.6 18.6 22.7 24.6 24.7 32.2 37.7 40.0 23% 79.5 21% 19% 66.7 55.0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Source: AMFI, MOSPI Note: a) AUM is based MAAUM for March, b) FY26 GDP is as per Second Advance Estimates, c) GDP data is as per new series with base year FY22-23 with prior periods re-calculated 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% 34 37 3.1% 45 3.7% 4.2% 54 61 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Unique MF Investors (mn) % of total population ▪ Mutual Fund penetration in India is low as % of GDP vs global average ▪ Roughly 4% of India’s population invests in MFs ▪ Mutual Fund investors increased at a 22% CAGR over FY21-26 Source: World Bank, Intl. Investment Funds Association, AMFI, Statista GDP and MF AUM