LIC MUTUAL FUND & NOMURA ANNOUNCE THE LAUNCH OF
LIC NOMURA MUTUAL FUND

Mumbai/Tokyo, March 30, 2011—LIC Mutual Fund and Nomura today announced the
launch of LIC Nomura Mutual Fund. Shri Namo Narain Meena, Honourable Minister of State
for Finance, Government of India, announced the launch at a function held in Mumbai today
to unveil the company’s new logo. The Minister wished the new partnership all success.

LIC Mutual Fund Trustee Company Private Limited and LIC Mutual Fund Asset Management
Company Limited (LIC MF) have entered into a joint venture with Nomura Asset Management
Company Ltd. This is pursuant to Nomura having acquired 35 percent of the fully paid-up
equity share capital of both LIC MF AMC and the Trustee Company. LIC Mutual Fund
Trustee Company Pvt. Ltd. has now been renamed LIC NOMURA Mutual Fund Trustee
Company Pvt. Ltd., while LIC Mutual Fund Asset Management Company Ltd. will now be
known as LIC Nomura Mutual Fund Asset Management Company Ltd.

Speaking at the function, Mr. T. S. Vijayan, Chairman, LIC Nomura Mutual Fund Asset
Management Company Ltd., said: “This partnership will help the investors in our Mutual Fund
as they will get the benefit of the expertise and global experience of Nomura along with the
well established trustworthiness of the LIC name.”

Mr. Takumi Shibata, Deputy President and Chief Operating Officer of Nomura Holdings, said:
“The joining of hands of LIC and Nomura, two leaders in their respective fields, will be a
coming together of the excellent track-record and on-the-ground knowledge of LIC MF AMC
with the global research, product development and investment management capabilities of
Nomura Asset Management. With these enhanced capabilities, LIC Nomura Mutual Fund
AMC will be well positioned to move further up the ranks of asset management companies in
India and into a leading position in the near future.”

Mr. Thomas Mathew T., Chairman, LIC Nomura MF Trustee Co. Pvt. Ltd., spoke of the
strengthening of both the product range and service delivery that will result from this joint
venture.

Mr. Atsushi Yoshikawa, President and CEO, Nomura Asset Management, said: “Nomura
Asset Management has a long history in the mutual fund business. We have solid expertise
and skills in the management of many asset classes including global equity and fixed income
products. We are immensely happy to bring our business experience to India through our
joint venture LIC Nomura.”

Mr. Vikas Sharma, President and CEO of Nomura Financial Advisory & Securities, said: “This
is a significant landmark and will be a combination of the strengths and expertise of both LIC
and Nomura. India is a market of key strategic importance to Nomura. This joint venture
further strengthens Nomura’s commitment to India.”

The primary objective underlying the joint venture between Nomura and LIC Mutual Fund is
to leverage the respective business skills, know-how, experience and expertise of both
parties to maximize the potential of LIC Nomura MF AMC.

Going forward, Nomura will provide and procure for LIC Nomura MF AMC its expertise on
various matters such as structuring the nature and standards of operations for risk
management, equity/debt/investment research, information technology operations,
compliance and distribution of LIC NOMURA MF AMC’s products to overseas investors to
enhance the customer base. Indian investors can look forward to an enhanced and
differentiated offering of services and products from the joint venture.

About LIC MF

LIC Mutual Fund, formerly known as Jeevan Bima Sahyog AMC Ltd., has been in business
since 19 June, 1989 and has floated 100 schemes over the period. As on date, continuous
sale and repurchase is available under 26 open ended schemes. The AMC has been able to
mobilize and deploy substantial funds. LIC Mutual Fund Asset Management Company Ltd.
has its Corporate Office situated in Mumbai and has a pan India presence of 28 Area Offices
and 93 Business Centres.

The AMC has an excellent track record in Debt and Liquid Schemes which has led to its
winning 6 ICRA Awards including Star Fund of the Year (Debt). LIC Mutual Fund also won
the Economic Times “Most Trusted Brand’ award amongst Mutual Funds for 2010. This
year, the company has again won two ICRA seven star awards - for the three year period
ending 31st December, 2010, under Liquid Funds Category and Floating Rate Fund
Category.

About Nomura

Nomura is a leading financial services group and the preeminent Asian-based investment
bank with worldwide reach. Nomura provides a broad range of innovative solutions tailored to
the specific requirements of individual, institutional, corporate and government clients through
an international network in over 30 countries. Based in Tokyo and with regional headquarters
in Hong Kong, London, and New York, Nomura employs over 27,000 staff worldwide.
Nomura’s unique understanding of Asia enables the company to make a difference for clients
through three business divisions: retail, asset management, and wholesale (global markets
and investment banking).

With its global research capabilities, investment expertise cultivated over its long history, and
cutting-edge financial technologies, Nomura Asset Management has developed a range of
high quality and sophisticated investment products designed to pursue superior investment
performance and to meet the diverse needs of its clients. NAM offers an extensive product
range, from traditional products based on active fund management or quantitative
approaches to alternative products based on equities, fixed income, and other investment
instruments backed by expanding research capabilities and by continuing to employ
advanced risk management practices to complement rigorous compliance measures.
 

For further details, please visit:
www.licmutual.com
www.nomura.com