Multi-Pronged Risk Management and Protection Philosophy

Government bond auctions ☐ Government Bonds - Tenorwise Issuance 21% 29% 27% 28% 35% 35% 79% 71% 73% 72% 65% 65% FY17 FY18 FY19 FY20 ■>15yrs 1,54,520 1,80,529 2,04,000 <=15yrs 3,73,525 4,97,579 3,82,941 2,38,000 4,44,000 Total 5,28,045 6,78,109 5,86,941 6,82,000 FY21 2,65,575 10,01,835 12,67,410 Q1FY22 96,000 2,52,000 3,48,000 Auction of >15 year maturity bonds has been ~25-30% on an average facilitates writing annuity business at scale The central govt. borrowing calendar for H1 FY22 is Rs 7,24,000 cr, ~60% of the full-year target of Rs 12,05,000 cr Source: CCIL & National Statistics Office, Union Budget, RBI 44 Rs cr HDFC Life

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