Dear Subscriber,

In terms of the applicable regulations issued by Pension Fund Regulatory and Development
Authority, the Pension Fund Manager (‘PFM’) is required to draw up the annual accounts of
the various National Pension System (‘NPS’) Schemes managed by it, at the end of each
financial year and thereafter have the same audited from the statutory auditor of such NPS
schemes, duly appointed by the NPS Trust for the same.

The audited annual accounts of the NPS schemes are thereafter recommended by the Board
of Directors of the PFM to the NPS Trust for their approval, after which the same are
required to be sent across to the concerned NPS subscribers.

In this regard, we would like to bring to your kind attention that the annual accounts of the
NPS schemes managed by the Company, for the financial year 2018 – 2019, duly audited by
its statutory auditors Haribhakti & Co. LLP have been approved by the Board of NPS Trust.

The Asset under Management as at March 31, 2019 of all the schemes collectively was
₹ 5,16,468.68 Lakhs

Synopsis of various schemes

SCHEME E TIER I - Equity market instruments

The net assets of the Scheme at March 31, 2019 stood at ₹ 2,08,186.32 lakhs
At March 31, 2019, 95.44% of the net assets were invested in Equity Shares and 4.56% in
money market instruments and cash/cash equivalent & net current assets.
The performance of the scheme is measured by reference to the performance of the Nifty
100 TRI Index.
The performance of Scheme E Tier I at March 31, 2019 is presented below:
Period Returns (%)^ Benchmark Returns (%) #
1 Year 13.32% 13.96%
2 Years 12.40% 13.02%
3 Years 15.81% 15.58%
Since inception @ 15.10% 14.56%

^ Past performance may or may not be sustained in the future. Returns are compounded
annualized (CAGR).
# Benchmark index: NIFTY 100 TRI
@ Date of Inception: August 01, 2013
SCHEME E TIER II - Equity market instruments
The net assets of the Scheme at March 31, 2019 stood at ₹ 7,381.23 lakhs.
At March 31, 2019, 98.17% of the net assets were invested in Equity Shares and 1.83% in
money market instruments and cash/cash equivalent & net current assets.
The performance of the scheme is measured by reference to the total performance of the
Nifty 100 TRI Index.
The performance of Scheme E Tier II at March 31, 2019 is presented below:
Period Returns (%)^ Benchmark Returns (%) # $
1 Year 13.19% 13.96%
2 Years 12.48% 13.02%
3 Years 15.98% 15.58%
Since inception @ 12.19% 14.56%

^ Past performance may or may not be sustained in the future. Returns are compounded
annualized (CAGR).
# Benchmark index: NIFTY 100 TRI
@ Date of Inception: August 01, 2013

SCHEME C TIER I - Credit risk bearing fixed income instruments

The net assets of the Scheme at March 31, 2019 stood at ₹ 1,20,566.71 lakhs.
At March 31, 2019, 94.91% of the net assets were invested in bonds and non-convertible
debentures and 5.09% in money market instruments and cash/cash equivalent & net
current assets.
The performance of Scheme C Tier I at March 31, 2019 is presented below:
Period Returns (%)^ Benchmark Returns (%) #
1 Year 8.15% 7.36%
2 Years 7.26% 6.35%
3 Years 8.88% 8.30%
Since inception @ 10.24% 9.80%

^ Past performance may or may not be sustained in the future. Returns are compounded
annualized (CAGR).
# Benchmark index: NPS - Corporate Bond Index
@ Date of Inception: August 01, 2013
SCHEME C TIER II - Credit risk bearing fixed income instruments
The net assets of the Scheme at March 31, 2019 stood at ₹ 3,996.90 lakhs.
At March 31, 2019, 92.76% of the net assets were invested in bonds and non-convertible
debentures and 7.24% in money market instruments and cash/cash equivalent & net
current assets.
The performance of Scheme C Tier II at March 31, 2019 is presented below:
Period Returns (%)^ Benchmark Returns (%) # $
1 Year 7.92% 7.36%
2 Years 7.28% 6.35%
3 Years 8.94% 8.30%
Since inception @ 9.09% 9.80%

^ Past performance may or may not be sustained in the future. Returns are compounded
annualized (CAGR).
# Benchmark index: NPS - Corporate Bond Index
@ Date of Inception: August 01, 2013

SCHEME G TIER I - Government securities

The net assets of the Scheme at March 31, 2019 stood at ₹ 1,70,895.41 lakhs.
At March 31, 2019, 94.33% of the net assets were invested in government securities and
5.67% in money market instruments and cash/cash equivalent & net current assets.

The performance of Scheme G Tier I at March 31, 2019 is presented below:

Period Returns (%)^ Benchmark Returns (%) #

1 Year 9.35% 8.11%

2 Years 6.94% 5.78%
3 Years 8.68% 7.78%
Since inception @ 9.78% 9.08%
^ Past performance may or may not be sustained in the future. Returns are compounded
annualized (CAGR).

# Benchmark index: NPS – Government Securities Index

@ Date of Inception: August 01, 2013

SCHEME G TIER II - Government securities
The net assets of the Scheme at March 31, 2019 stood at ₹ 4,668.95 lakhs.
At March 31, 2019, 96.72% of the net assets were invested in government securities and
3.28% in money market instruments and cash/cash equivalent & net current assets.
The performance of Scheme G Tier II at March 31, 2019 is presented below:
Period Returns (%)^ Benchmark Returns (%) #
1 Year 9.42% 8.11%
2 Years 7.03% 5.78%
3 Years 8.70% 7.78%
Since inception @ 10.22% 9.08%

^ Past performance may or may not be sustained in the future. Returns are compounded
annualized (CAGR).

# Benchmark index: NPS – Government Securities Index

@ Date of Inception: August 01, 2013

SCHEME A TIER I - Alternative Asset Class

The net assets of the Scheme at March 31, 2019 stood at ₹ 773.16 lakhs.
At March 31, 2019, 70.67% of the assets were invested in Asset Backed, Trust Structured
and Miscellaneous Investments and 29.33% in money market instruments and cash/cash
equivalent & net current assets.

The performance of Scheme A Tier I at March 31, 2019 is presented below:

Period Returns (%)^ Benchmark Returns (%) #
1 Year 8.74% N.A.
2 Years 8.97% N.A.
3 Years N.A. N.A.
Since inception @ 8.43% N.A.

^ Past performance may or may not be sustained in the future. Returns are compounded
annualized (CAGR).
# Benchmark index: As per fund objective of Scheme A, the fund is mandated to invest in
Commercial/Residential mortgage based securities, Units issued by REITs, Alternative
Investment Funds, Units issued by InvITs, Asset backed securities, etc. and for that there is
no comparable market benchmark is available and hence benchmark returns are not
disclosed for this fund.
@ Date of Inception: October 10, 2016
Accordingly, the duly audited annual accounts of the NPS schemes managed by the
Company, for the financial year 2018 -2019, as approved by the Board of NPS Trust is
available at our website: https://www.hdfcpension.com

The Annual Report can also be downloaded through the following link:

https://www.hdfcpension.com/downloads/public-disclosures/HDFC-Pension-Annual-
Financial-Statement-FY-2018-19.pdf

Thanks & Regards,

Sumit Shukla
Chief Executive Officer

HDFC PENSION MANAGEMENT COMPANY LIMITED

For any further queries, please write to us at hdfcpensioninvest@hdfcpension.com or call us
at 022 – 6751 6123/6177.