As there has been a trend of performance concentration across market cycles, different investment styles may perform at different phases of a market cycle. Our Market Outlook for November 2020

1. MONTHLY MARKET
OUTLOOK
Mapnottoscale.Thismaphasbeenusedfordesignandrepresentational purposeonly,itdoesnotdepictthegeographical boundaries ofanycountry.
Thesedonotconformtotheexternal boundaries ofanycountry
November 2020

2. 2
Global Indices Performance
Spike in COVID infection
rates in US and Europe,
and absence of major
stimulus from US kept
major indices low. Indian
equities did well as COVID
cases declined and Q2
results were better than
anticipated
Germany - DAX Index; China - SSE Composite Index; France - CAC 40 Index; Japan - Nikkei; Eurozone - Euronext 100; Hong Kong - HangSeng; US - Dow Jones; Singapore - Strait Times; Russia - RTS Index; Indonesia - Jakarta
Composite Index; U.K. - FTSE; South Korea - Kospi; Brazil - Ibovespa Sao Paulo Index; Indonesia – Jakarta Composite Index; Switzerland – Swiss Market Index; Taiwan – Taiwan Stock Exchange Corporation; India – S&P BSE
Sensex; Returns in % terms. GDP – Gross Domestic Product. Data Source: MFI & ACEMF JP Morgan; Returns are absolute returns for the index calculated between Sep 30, 2020 – Oct 31, 2020. Past performance may or may not
sustain in future. COVID – Coronavirus Disease. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html.
5
4
3
0 0
-1 -1
-2
-3 -3
-4 -5 -5
-6
-9 -9
-12
-9
-6
-3
0
3
6
Indonesia
India
HongKong
Taiwan
China
Brazil
Japan
Singapore
SouthKorea
Europe
France
US
UK
Switzerland
Germany
Russia
Returns(%)
Returns Performance - October 2020

3. 3
India – Sectoral Indices Performance
• Banking & Financials
performed well as
Q2FY21 results and asset
quality were better than
anticipated
• Energy and Healthcare
were key laggards
All indices are of S&P BSE and carry the prefix of S&P BSE; Abbreviated CD - S&P BSE Consumer Durables; CG - S&P BSE Capital Goods; FMCG - S&P BSE Fast Moving Consumer Goods; HC - S&P BSE Health Care; Infra. - S&P BSE India
Infrastructure; IT - S&P BSE Information Technology, NBFC – Non-banking Finance Companies. Data Source: MFI, ACEMF ; Returns are absolute returns for the TRI variant of the index (except Infrastructure Index) calculated between Sep
30, 2020 – Oct 31, 2020; Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position
in this sector(s)/stock(s). AGR – Adjusted Gross Revenue. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html.
12
9 8
6
5
3 3 2
1 0
-1 -1 -1
-2 -3
-6-8
-4
0
4
8
12
16
Bankex
Finance
Realty
IT
Power
BasicMat.
Telecom
CG
Infra
Metal
CD
FMCG
Oil&Gas
Auto
HC
Energy
Returns(%)
Returns Performance - October 2020

4. 4
Indian Economy Gaining strength
post COVID-19 led slowdown

5. 5
Declining COVID-19 cases in India
Source: CEIC, Ministry of Health & Family Welfare, Deutsche Bank. Data as of Nov 3, 2020.
New Confirmed cases seem to be on a decline No. of Daily Deaths too have moderated

6. 6
Continued Normalisation in Activity Levels
Source: Morgan Stanley. Data as of Oct 31, 2020. E-Way Bill – Electronic Way Bill, GST – Goods & Services Tax. Past performance may or may not sustain in future
E-way Bills data showing pick up post months of lull GST Collections crossed Rs. 1 Tn. mark in October
14%
-26%
-84%
-53%
-13%
-7%
-4%
10%
17%
-90%
-70%
-50%
-30%
-10%
10%
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
E-Way Bills (YoY)
8%
-8%
-72%
-38%
-9%
-14% -12%
3%
10%
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
GST Collections (YoY)

7. 7
Continued Normalisation in Activity Levels
54.5
51.8
27.4
30.8
47.2 46.0
51.9
56.8
58.9
0
10
20
30
40
50
60
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Manufacturing PMI
Manufacturing PMI rose to 58.9 Vs. 56.8 in Sep-2020 Power Demand accelerated in Oct-20
7.1%
-8.9%
-23.7%
-16.7%
-10.4%
-2.7% -2.1%
4.6%
12.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Power Demand (YoY)
Source: Morgan Stanley. PMI – Purchasing Manager’s Index. Data as of Oct 31, 2020. Past performance may or may not sustain in future

8. 8
Healthy Forex Reserves
Source: JP Morgan. Data as of Oct 31, 2020. Forex – Foreign Exchange Reserves
India’s foreign exchange reserves have increased substantially.
The reserves are sufficient to cover more than 12 months of imports
412 419 422 428 430 429 434
443
451 457
471
482 476 479
490
506
523
538
545
561
380
420
460
500
540
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
India Forex Reserves (USD Bn)

9. 9
Current Account Deficit to Surplus
Source: RBI. Data as of June 2020.
India’s Current Account Deficit turned into surplus in Q4FY20 and has reached 3.9% in Q1FY21
-2.1 -1.84
-2.3
-2.9 -2.7
-0.7
-2.0
-0.9
-0.4
0.1
3.9
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
India's Current Account Balance (% of GDP)

10. 10
OUR EQUITY OUTLOOK
Select segments of market expected to do well.
Add equities in a staggered manner

11. 11
Performance Concentration in the past

12. 12
Year 1992
 Narrow rally in select stocks
 Historic budget of 1991 underpinned
this skyrocketing uptrend
 Sectors such as Cement, Public
Sector Banks and Metals led the
charge
Appropriate Strategy
Reasons for Rally
 Steering away from such select
stocks and investing in stocks with
inexpensive valuations
Source: MFI, Capitaline. Period considered is Apr 23, 1991 to Aug 6, 1992. Returns are in absolute terms. Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not constitute any
recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this sector(s)/stock(s). FII – Foreign Institutional Investors.
350
600
850
1100
1350
Apr91
May91
Jun91
Jul91
Aug91
Sep91
Oct91
Nov91
Dec91
Jan92
Feb92
Mar92
Apr92
May92
Jun92
Jul92
S&P BSE Sensex
Markets went up
by 229%

13. 13
1993-94: 1st Liquidity Boom
2000
2500
3000
3500
4000
4500
Apr93
Jul93
Oct93
Jan94
Apr94
Jul94
Oct94
Jan95
Apr95
S&P BSE Sensex
127% returns till
Sep-94
 FIIs allowed to invest in Indian
equities
 Between FY’93 and 96 3,502 IPOs
launched, raising INR 32,472 Crs.
 Private sector players were allowed
to participate in the Mutual Fund
Industry
Appropriate Strategy
Reasons for Rally
 Gold as an asset class was
available at inexpensive valuations
Source: MFI, Capitaline. Period considered is Apr 3, 1993 to Apr 3, 1995. Returns are in absolute terms. Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not constitute any
recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this sector(s)/stock(s). FII – Foreign Institutional Investors.

14. 14
1998-2000: Tech Boom
Source: MFI. Period considered is Nov 26, 1998 till to May 18, 2000. Returns are in absolute terms. Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not constitute any recommendation
and ICICI Prudential Mutual Fund may or may not have any future position in this sector(s)/stock(s).
 Internet set the foundation for the
next uptrend
 Valuations of IT companies were
based on site visitors
 The upward trend was led by
Telecom-Media-Technology (TMT)
companies
Appropriate Strategy
Reasons for Rally
 Old economy sectors like
industrials, consumer durables,
power, etc. were reasonably valued
2700
3200
3700
4200
4700
5200
5700
6200
Nov98
Apr99
Aug99
Dec99
May00
S&P BSE Sensex
108% returns
till Feb-2000

15. 15
2003 to 2008: Rise of BRIC nations
BRIC – Brazil, Russia, India, China. Source: MFI. Period considered is May 7, 2003 till to Nov 18, 2008. Returns are in absolute terms. Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned in this slide do not
constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this sector(s)/stock(s).
 BRIC was considered and projected
as new building blocks of the global
economy
 This was due to the demographic
advantage and subsequently higher
growth potential
 The rally was led by Infrastructure
Appropriate Strategy
Reasons for Rally
 Growth stocks were reasonably
valued
2500
5000
7500
10000
12500
15000
17500
20000
22500
May03
Sep03
Feb04
Jul04
Dec04
Apr05
Sep05
Feb06
Jul06
Nov06
Apr07
Sep07
Jan08
Jun08
Nov08
S&P BSE Sensex
577% returns
till Dec-07

16. 16
2014 to 2017: 2nd Liquidity Boom
Share in the Overall Market Cap (%)
Index 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Jul-20 Aug-20 Sep-20 Oct-20
Top-
100
79 75 74 71 79 77 78 79 78 81 75 74 72 65 70 75.1 73.9 74.0 74.1
101-
250
11 12 12 13 11 12 13 13 14 13 14 15 15 16 16 15.2 15.7 15.6 15.5
Above
250
11 13 14 16 10 11 9 8 8 6 10 11 14 18 14 9.7 10.4 10.4 10.5
 Strong election mandate+ Global Liquidity  Largecaps were reasonably valued
Reasons for Rally Appropriate Strategy
Top 100 indicates top 100 companies by market capitalization,101-250 indicates next 150 companies by market cap and above 250 indicates 251st onwards by marketcap. Source : Edelweiss Securities, Data as of Oct 31,2020

17. 17
2020
 Current Market Rally driven by select
Megacaps
 Invest in stocks based on Value, Special
Situations theme & Potential Future
Leaders
Reasons for Rally Appropriate Strategy

18. 18
2020 – Growth Vs. Value Spreads at all time high
-30%
-20%
-10%
0%
10%
20%
30%
40%
1975
1978
1981
1984
1987
1990
1993
1996
1999
2002
2005
2008
2011
2014
2017
CYTD'20
MSCI World Growth vs Value Index Outperformance (%)
Run-up to 2000
bubble
Currently, Growth Vs.
Value CYTD
performance spread is
the largest ever, far
exceeding even the
run-up to 2000 bubble.
Value is expected to
perform
Source: JP Morgan. Data as of Oct 31, 2020. Past performance may or may not sustain in future. CYTD – Calendar Year Till Date

19. 19
Value Investing –
Value Vs. Growth
Barring a handful of
growth stocks, markets
have broadly
underperformed.
This makes ‘VALUE’ as a
theme relatively
attractive to ‘GROWTH’
Total Universe considered is 1693 listed stocks. Stocks are arranged in descending order as per Marketcap. Marketcap change is considered for period between 28-Feb-18 and 31-Oct-20. Source: Capitaline. Past performance
may or may not sustain in future
65%
23%
-7% -2%
1%
-25%
-57%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
Top10
Top11-20
Top21-50
Top51-100
101-250
251-500
>=501
Marketcap Change (Since Feb'18 till Oct'20)

20. 20
Value Investing –
US Dollar, Emerging Markets & Value Theme
Source: Morgan Stanley. Data as of Oct 31, 2020. Past performance may or may not sustain in future. EM - Emerging Markets, GFC – Global Financial Crisis
Historically, Emerging Markets have gained when
the US Dollar depreciates
Historically, Value theme has performed
in tandem with Emerging Markets
US Dollar may depreciate further due to ample liquidity. Going by the historic trends, Emerging Markets may do well with
USD depreciation & Value theme may perform better than the growth theme
30
50
70
90
110
Dec-07
Apr-09
Jul-10
Oct-11
Feb-13
May-14
Aug-15
Dec-16
Mar-18
Jun-19
Oct-20
MSCI Value Vs. Emerging Markets
MSCI EM Value Index MSCI Emerging Markets Index
70
80
90
100
400
600
800
1000
1200
Dec-07
Oct-08
Jul-09
Apr-10
Jan-11
Oct-11
Jul-12
Apr-13
Jan-14
Oct-14
Jul-15
Apr-16
Jan-17
Oct-17
Jul-18
Apr-19
Jan-20
Oct-20
USDollarIndex
MSCIEmergingMarketsIndex
US Dollar Index Vs. MSCI Emerging Markets Index
MSCI Emerging Markets Index US Dollar Index

21. 21
Value Investing –
Emerging Markets: Value Vs. Growth
Historically, post market corrections, ‘Value’ theme has recovered better than ‘Growth’ theme. We expect
Value theme to perform post the current pandemic
Year
Returns post Corrections
MSCI India Value Index MSCI India Growth Index
2008 to 2009 (Lehman Crisis) 116% 110%
2013 to 2014 (Taper Tantrum) 41% 35%
Feb-16 to Nov-16* (China Crisis) 15% 11%
2018 to 2019 (NBFC Crisis) 10% 7%
Source: Edelweiss Research. Past performance may or may not sustain in future. * All returns mentioned are 1Y returns except for Feb-16 to Nov-16. For 2008 to 2009, Period considered is 20-Nov-08 to 20-Nov-09, For 2013 to 2014,
Period considered is 31-Aug-13 to 31-Aug-14. For 2018 to 2019, Period considered is 30-Nov-18 to 31-Dec-19. Returns mentioned are in absolute terms. Past performance may or may not sustain in future

22. 22
Value Investing through
ICICI Prudential Value Discovery Fund
PORTFOLIO POSITIONING
Top 10 Sector Holdings % to NAV
Software 18.9%
Pharmaceuticals 11.7%
Auto 8.6%
Power 6.5%
Banks 6.1%
Pesticides 5.8%
Telecom-Services 5.8%
Transportation 4.5%
Auto Ancillaries 4.2%
Cement 3.7%
Our View on Select Overweight & Underweight Sectors
• Software – Comfortable Valuations, Strong Balance Sheet, high cash to survive disruption,
global presence, better diversification, continued deal wins and Good earnings visibility are
few factors that make this sector a value proposition
• Pharmaceuticals – Sector valuations are reasonable, may do well due to its critical nature
post COVID-19, earnings visibility is high & is a good defensive play in times of volatility
• Auto – Valuations have turned reasonable. The scheme has a higher exposure towards rural
focused auto companies with good earnings visibility
• Banking & Financials – The scheme is underweight on this sector as valuations are high,
the sector represents almost 35% of the broader index (Nifty 50 Index) and the economic
slowdown due to COVID-19 may hurt the sector due to higher NPA (Non-Performing Assets
and lower NIM (Net Interest Margin)
Data as of Oct 31, 2020. Source: MFIE The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this stock(s)/sector(s).
Under/Over weight sectors are determined with respect to the benchmark i.e. Nifty 500 Value 50 TRI. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit
http://www.icraonline.com/legal/standard-disclaimer.html.

23. 23
2000 (Dot Com Bubble) 2008 (Lehman Crisis) Now (COVID-19 Pandemic)
Sector Weightage
CONSUMER GOODS 27.5%
OIL & GAS 24.2%
IT 12.2%
FINANCIAL SERVICES 10.1%
PHARMA 7.2%
Sector Weightage
OIL & GAS 19.3%
TELECOM 9.7%
FINANCIAL SERVICES 8.9%
POWER 5.5%
CONSTRUCTION 3.6%
Sector Weightage
FINANCIAL SERVICES 35.5%
IT 17.2%
OIL & GAS 15.0%
CONSUMER GOODS 11.6%
AUTOMOBILE 5.5%
Data as of Oct 31, 2020. Source: NSE. The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this stock(s)/sector(s). Since
COVID-19 is an on-going pandemic, further change in sectoral leadership can be expected
Aim to invest in potential future leaders
Sectoral Leadership has changed in
the past with every Crisis
Nifty 50 Index Constituents – The Great Churn

24. 24
ICICI Prudential Focused Equity Fund –
Focused on future potential leaders
Data as of Oct 31, 2020. Source: MFIE. The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund may or may not have any future position in this stock(s)/sector(s). MFI
Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html.
PORTFOLIO POSITIONING
Top 10 Sector Holdings % to NAV
Software 18.3%
Auto 8.2%
Power 7.6%
Telecom - Services 7.5%
Consumer Non Durables 7.2%
Pharmaceuticals 6.8%
Finance 5.4%
Non - Ferrous Metals 4.9%
Banks 4.4%
Auto Ancillaries 3.9%
• Software
• Power
• Telecom
• Auto
• Transportation
Overweight
Sectors
Underweight
Sectors
• Banks & Finance
• Oil, Gas & Petroleum Products
• Consumer Non Durables
• Industrial Products & Capital
Goods
• Retailing
Overweight / Underweight sectors relative to the
benchmark i.e. S&P BSE 500 Index

25. 25
Aim to generate alpha through Smallcaps
Top 100 indicates top 100 companies by market capitalization,101-250 indicates next 150 companies by market cap and above 250 indicates companies post the top 250 companies by market cap. Source: Capitaline, Data as of
Oct 31,2020
Share in the Overall Market Cap (%)
Index 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Jul-20 Aug-20 Sep-20 Oct-20
Top-
100
79 75 74 71 79 77 78 79 78 81 75 74 72 65 70 75.1 73.9 74.0 74.1
101-
250
11 12 12 13 11 12 13 13 14 13 14 15 15 16 16 15.2 15.7 15.6 15.5
Above
250
11 13 14 16 10 11 9 8 8 6 10 11 14 18 14 9.7 10.4 10.4 10.5
Smallcap space looks reasonable from valuations point of view

26. 26
ICICI Prudential Smallcap Fund
Solid research &
screening process
Well Defined
Investment Strategy
& Portfolio Construct
Young and Agile:
AUM as on Oct 31, 2020 is
Rs. 1,448.28 Crs
Solid Investment
Process
The asset allocation and investment strategy of the scheme will be as per the Scheme Information Document

27. 27
Special Situations Investing
Aim to benefit from the opportunities arising out of the on-going temporary crisis due to the
economic fallout from COVID-19 through a special situations theme based fund
Government Action/
Regulatory Changes
Special Situation due to temporary Crisis
in a. Company b. Sectors c. Economy
Global
Events/Uncertainties
The above list is illustrative and not exhaustive, there may be several other opportunities that may give rise to special situations
Presenting ICICI Prudential India Opportunities Fund

28. 28
Managing Volatility through
ICICI Prudential Balanced Advantage Fund
Source: BSE India & MFI, Data as of Oct 31, 2020. The in-house valuation model starts from March 2010 onwards. ICICI Prudential BAF stands for ICICI Prudential Balanced Advantage Fund. The asset allocation and investment
strategy will be as per Scheme Information Document. MFI Explorer is a tool provided by ICRA Online Ltd. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html
39614
59
30
40
50
60
70
80
15000
20000
25000
30000
35000
40000
Mar-10
Jan-11
Dec-11
Oct-12
Sep-13
Aug-14
Jun-15
May-16
Mar-17
Feb-18
Jan-19
Nov-19
ICICIPrudentialBalancedAdvantage
FundNetEquityExposure(%)
S&PBSESensexLevels
S&P BSE Sensex Levels vis-a-vis ICICI Prudential BAF Net Equity Exposure (%)
S&P BSE Sensex Net Equity Exposure %
Oct-20

29. 29
Manage Volatility through
ICICI Prudential Asset Allocator Fund (FOF)
Presenting ICICI Prudential Asset Allocator Fund (FOF)
The Right Allocation is not only dependent on Equity Valuation, but also on the opportunities available in Debt Market
Aims to allocate predominantly between EQUITY & DEBT at the Right TIME –
This Scheme aims to capture the optimum allocation of Debt & Equity based on the attractiveness of one asset class over the other.
Equity Allocation Debt Allocation
Allocation between asset classes
• The Scheme is actively managed by Fund Managers having expertise of equity and debt markets
• The Scheme allocates predominantly between equity and debt mutual fund schemes based on in-house valuation model
The asset allocation and investment strategy will be as per Scheme Information Document.

30. 30
• ‘Value’ theme expected to recover and perform better over long term – Invest
in schemes with Value Bias
OUR RECOMMENDATIONS
• Aim to benefit from on-going temporary crisis due to COVID-19 – Invest in
schemes that aim to benefit from special situations
• Aim to benefit from recent correction in smallcap space and subsequent
reasonable valuations – Invest in schemes with smallcap bias
• Sectoral leadership changes with every crisis – Invest in potential
future leaders through high conviction ideas
• ‘Volatility’ expected to prevail – Invest in Dynamic Asset Allocation Scheme /
Hybrid FOF schemes
FOF – Fund of Funds

31. 31
To Sum Up…
• There has always been a trend of performance concentration across market cycle. Hence, different investment
styles perform at different phases of a market cycle
• Currently, markets may look overvalued on the surface. However, the rally is driven by select Mega-cap stocks.
Value stocks are available at inexpensive valuations. We expect Value theme to outperform going forward
• Markets have delivered flat to negative returns in last 3 years. The earnings growth too in the last 3 years has
been negative. Hence, there is headroom for equity markets to perform as sentiments around equity is not
euphoric
• Indian economy is witnessing a gradual recovery post phased re-opening and continued normalisation in activity
levels
• India is also well placed in terms of fundamentals including Demographic advantage, healthy forex reserves,
improving current account balance, etc. among other factors
• Considering the above factors, equity markets are in the neutral zone making a case for staggered investments
in equity. Dynamic Asset Allocation scheme can be considered for managing near term volatility

32. 32
Our Equity Valuation Index
Our Equity Valuation Index
is currently recommending
adding equities in a
staggered manner with a
‘Long Term Horizon’ while
maintaining Asset
Allocation
Equity Valuation index is calculated by assigning equal weights to Price-to-Earnings (PE), Price-to-Book (PB), G-Sec*PE and Market Cap to GDP ratio. G-Sec – Government Securities. GDP – Gross Domestic Product, Data as of Oct 31, 2020
107.5
50
70
90
110
130
150
170
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Aggressively invest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
Invest in Equities

33. 33
Time to earn Carry and maintain Duration
OUR DEBT OUTLOOK

34. 34
Macro Snapshot
Fiscal Year Ends FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 Latest*
Inflation (CPI%) 10.2 9.5 5.9 4.9 3.8 3.6 3.4 5.8 7.3
Current Account (% of
GDP)
-4.8 -1.7 -1.3 -1.1 -0.6 -1.9 -2.4 0.1 3.9
Fiscal Deficit (% of GDP) 4.9 4.5 4.1 3.9 3.5 3.5 3.4 4.6 4.6
Crude Oil (USD/barrel) 109 107 53 39 60 58 65 23 37.5
GDP Growth (%) 5.6 6.6 7.2 7.9 7.9 7.3 6.1 4.2 -23.9
Forex Reserves (USD bn) 292 304 342 356 370 424 413 490 560
Currency (USD/INR) 54 60 63 66 65 65 70 75 74.11
Source: CRISIL Research, RBI, CCIL India, CMIE, Data as on 31-Oct-2020 unless stated otherwise; FY refers to fiscal year ends Apr - Mar; *Inflation (CPI) is for the month of Sep-20, Currency, Forex Reserves as on
Oct 23, 2020, Current Account Deficit data & GDP Data is as of Q1FY21 (June 2020), Fiscal Deficit data is as of FY20.

35. 35
The Month Gone by – Fixed Income Space
Data Source: CRISIL Research. MPC – Monetary Policy Committee. Data as of Oct 31, 2020
In the last month, yields on the longer end cooled off a bit, due to MPC dovish stance and announcement of various
measures to improve transmission of rates and financial stability
3
4
5
6
7
1M 3M 6M 1 Yr 2Yrs 3 Yrs 5 Yrs 10 Yrs
Yield Curve – Gsec (%)
30-Sep-20 31-Oct-20
3
4
5
6
7
8
1M 3M 6M 1 Yr 2Yrs 3 Yrs 5 Yrs 10 Yrs
Yield Curve – Corporate Bond (%)
30-Sep-20 31-Oct-20

36. 36
Data Source: RBI. Data as of Oct 31, 2020. TLTRO – Targeted Long Term Repo Operation
The Month Gone by – Fixed Income Space
• The Reserve Bank of India (RBI) kept its policy rates unchanged. However, it opened its arsenal of
measures. Some of the measures are :
 Increasing the quantum of liquidity infusion into the market, via special open market operations (OMOs) and outright bond
purchases
 Announcing Rs1tn of on-tap TLTROs
 Conducting OMOs in state developments bonds (SDLs) as a special case during the current financial year
 In addition, the RBI extended the dispensation of the enhanced held-to-maturity limit of 22% up to March 31, 2022, for
securities acquired between September 1, 2020 and March 31, 2021
• RBI forecasts India’s growth to contract by 9.5%
• Inflation remained above RBI comfort zone at 7.3% for Sep-20, we expect inflation to ease in the coming
months, as supply restrictions are removed
• Demand conditions, however, continue to remain weak and warrant both monetary and fiscal support.

37. 37
Fixed Income Space – Pick your side!
High Duration
Aggressively in
High Duration
Low Duration
Instrument Type
Yields (%)
1-Jan-20 31-Oct-20
AAA(3 Year) 6.86 4.95
A1+(6Mnth CD) 5.56 3.83
Repo Rate 5.15 4.00
Gsec(10 Year) 6.51 5.88
AA(3 Year) 7.85 7.96
A(3 Year) 9.47 8.99
Source: CRISIL Research, Data as on Oct 31, 2020, CD – Certificate of Deposit, bps – basis points, Past performance may or may not sustain in future
191
173
115
63
-11
48
-50
0
50
100
150
200
250
AAA(3Year)
A1+(6MnthCD)
RepoRateCut
Gsec(10Year)
AA(3Year)
A(3Year)
Rate Transmission (bps) for CY 2020
Value Zone
Expensive Zone

38. 38
Our Recommendation
Source: CRISIL Research, Data as on Oct 31, 2020, CD – Certificate of Deposit, bps – basis points, Past performance may or may not sustain in future
Maintain
Duration
Value Zone
Expensive Zone
Add Spread Assets191
173
115
63
-11
48
-50
0
50
100
150
200
250 AAA(3Year)
A1+(6MnthCD)
RepoRateCut
Gsec(10Year)
AA(3Year)
A(3Year)
Rate Transmission (bps) for CY 2020

39. 39
Some basics with illustrations
Term Premium Credit Spread/ Spread Premium
Steeper the yield curve, higher the term premium, which may
make the longer end of the yield curve more attractive
Yield 1
Yield 2
Yield 3
Rate(%)
Duration (Years)
Instrument Name Yield (%) Premium (%)
3 Year -GSEC X -
3 Year- AAA Y Y minus X
3 Year- AA Z Z minus X
Higher the spread premium, higher would be the risk reward
benefit to move to higher spread assets

40. 40
Current Scenario
Source: CRISIL Research, Data as on Oct 31, 2020,Past performance may or may not sustain in future
Term Premium Credit Spread / Spread Premium
Currently, the term premium is at one of the highest levels seen in
the last 10 years
Currently, the spread premium is one of the widest as
compared to the levels seen historically
-3
-2
-1
0
1
2
3
4
Oct-02
Oct-03
Oct-04
Oct-05
Oct-06
Oct-07
Oct-08
Oct-09
Oct-10
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Oct-19
Oct-20
Term Premium (10 Yr Gsec - 1 Yr Tbill) % Long Term Average Premium %
Avg. 77 bps
244 bps
3
4
5
6
7
8
6 Months 1 Yr 3 Yr 5 Yr
Yields(%)
AA AAA Gsec Repo Rate
Avg. 48
bps
Avg. 16
bps
S
P
R
E
A
D
Avg. 357 bps

41. 41
Approach & Recommendations –
Surplus Parking Space
Maintain Duration and add spread assets to the portfolio
Data as of Oct 31, 2020, Past performance may or may not sustain in future. This graph is used to indicate current YTM and does not indicate in any manner performance of the scheme.
3.08
3.3
3.54
4.59
4.85
5.51
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
ICICI Prudential
Overnight Fund
ICICI Prudential Liquid
Fund
ICICI Prudential
Money Market Fund
ICICI Prudential
Savings Fund
ICICI Prudential Ultra
Short Term Fund
ICICI Prudential
Floating Interest Fund
YTM-31-October-2020 (%)
Repo Rate
Low carry zone over repo

42. 42
Data as on Oct 31, 2020, YTM – Yield to Maturity, Past performance may or may not sustain in future. This graph is used to indicate current YTM and does not indicate in any manner performance of the scheme
Maintain Duration and add spread assets to the portfolio
Approach & Recommendations –
Short Term Parking Space
Repo Rate
Modified
Duration :
3.5 Yrs.
Modified
Duration :
5.3 Yrs.
4.91
5.3
5.36
7.27
6.65
8.51
3
4
5
6
7
8
9
ICICI Prudential
Corporate Bond Fund
ICICI Prudential
Banking & PSU Debt
Fund
ICICI Prudential Short
Term Fund
ICICI Prudential
Medium Term Bond
Fund
ICICI Prudential All
Seasons Bond Fund
ICICI Prudential Credit
Risk Fund
YTM -31-October-2020 (%)

43. 43
Portfolio Positioning
• Across our portfolios we have maintained duration, due to higher term premium
• In Schemes which aim to invest in short end of the yield curve (predominantly less than 1 Year), we
have added exposure towards T-bills, as the spread between T-bills and Commercial
Papers/Certificate of Deposits have compressed significantly.
• We have added good quality spread assets (AA Corporate Bond) in our select portfolios, due to higher
spread premium at this juncture.
• We believe going forward the quantum of rate cuts may come down as compared to what we have
seen historically, hence Accrual strategy may take the driving seat and capital appreciation strategy
may take the back seat.
• As the longer end of the yield curve remains elevated, we believe RBI may continue to conduct
various operations to flatten the yield curve or to reduce the term premium, which may aid in better
transmission of rates.

44. 44
Maintain Duration and Add Spread Assets
Data as on Oct 31, 2020, Past performance may or may not be sustained in future, * Includes TREPS & Net Current Assets, ^ Includes Treasury Bills, # - Excludes unrated which stands at 3.1%
Scheme Name Cash* + Gsec^
AAA/A1+
(% Holding)
AA
(% Holding)
Below AA-
(% Holding)
YTM
Modified
Duration
ICICI Prudential Overnight Fund 100.0% 0.0% 0.0% 0.0% 3.1% 1 Day
ICICI Prudential Liquid Fund 54.6% 45.4% 0.0% 0.0% 3.3% 33 Days
ICICI Prudential Money Market Fund 36.2% 63.8% 0.0% 0.0% 3.5% 133 Days
ICICI Prudential Ultra Short Term Fund 9.9% 60.4% 27.3% 2.4% 4.9% 154 Days
ICICI Prudential Savings Fund 38.9% 50.0% 11.1% 0.0% 4.6% 331 Days
ICICI Prudential Floating Interest Fund 43.1% 29.1% 26.5% 1.4% 5.5% 470 Days
ICICI Prudential Corporate Bond Fund 37.1% 62.9% 0.0% 0.0% 4.9% 2.72 Yrs
ICICI Prudential Short Term Fund 44.0% 41.0% 14.9% 0.0% 5.4% 2.76 Yrs
ICICI Prudential Banking & PSU Debt Fund 34.6% 47.7% 17.7% 0.0% 5.3% 3.09 Yrs
ICICI Prudential Medium Term Bond Fund 20.0% 24.0% 56.1% 0.0% 7.3% 3.53 Yrs
ICICI Prudential Credit Risk Fund#
13.0% 9.7% 49.0% 23.0% 8.5% 2.29 Yrs
ICICI Prudential All Seasons Bond Fund 60.7% 8.5% 30.8% 0.0% 6.7% 5.31 Yrs
Spread Assets

45. 45
Our Debt Valuation Index
We believe 2-5 Years
segment is expected to
provide good risk-adjusted
returns. Hence, we are
positive on short to
medium duration funds
Data as on Oct 31, 2020. Debt Valuation Index considers WPI, CPI, Sensex returns, Gold returns and Real estate returns over G-Sec yield, Current Account Balance and Crude Oil Movement for calculation.
Ultra Low Duration
4.64
1
2
3
4
5
6
7
8
9
10
Oct-17
Dec-17
Feb-18
Apr-18
Jun-18
Aug-18
Oct-18
Dec-18
Feb-19
Apr-19
Jun-19
Aug-19
Oct-19
Dec-19
Feb-20
Apr-20
Jun-20
Aug-20
Oct-20
Ultra Low Duration
Low Duration
Moderate Duration
High Duration
Aggressively in High Duration

46. 46
Scheme Recommendations
Approach Scheme Name Call to Action Rationale
Extreme Short Duration
ICICI Prudential Overnight Fund
ICICI Prudential Liquid Fund
Move to high duration/better
spread schemes
Very Low carry
Short Duration
ICICI Prudential Savings Fund
ICICI Prudential Ultra Short Term Fund
ICICI Prudential Floating Interest Fund
Invest for parking surplus funds
Better Accrual +
Moderate Volatility
Medium Duration
ICICI Prudential Short Term Fund
ICICI Prudential Banking & PSU Debt Fund
ICICI Prudential Credit Risk Fund
ICICI Prudential Medium Term Bond Fund
ICICI Prudential All Seasons Bond Fund
Core Portfolio with more than
1 Yr horizon
Higher Accrual + Capital
Appreciation

47. 47
Our Equity Schemes
Scheme Name Type of Scheme
ICICI Prudential Bluechip Fund An open ended equity scheme predominantly investing in large cap stocks
ICICI Prudential Large & Mid Cap Fund An open ended equity scheme investing in both large cap and mid cap stocks.
ICICI Prudential Midcap Fund An open ended equity scheme predominantly investing in mid cap stocks.
ICICI Prudential Smallcap Fund An open ended equity scheme predominantly investing in small cap stocks.
ICICI Prudential Value Discovery Fund An open ended equity scheme following a value investment strategy.
ICICI Prudential Multicap Fund
An open ended equity scheme investing across large cap, mid cap, small cap
stocks.
ICICI Prudential India Opportunities Fund An Open Ended Equity Scheme following Special Situations theme

48. 48
Our Hybrid Schemes / Fund of Funds Scheme
Scheme Name Type of Scheme
ICICI Prudential Asset Allocator Fund (FOF)*
An open ended fund of funds scheme investing in equity oriented schemes,
debt oriented schemes and gold ETFs/schemes.
Scheme Name Type of Scheme
ICICI Prudential Balanced Advantage Fund An open ended dynamic asset allocation fund
ICICI Prudential Regular Savings Fund An open ended hybrid scheme investing predominantly in debt instruments
ICICI Prudential Equity Savings Fund An open ended scheme investing in equity, arbitrage and debt.
ICICI Prudential Equity & Debt Fund
An open ended hybrid scheme investing predominantly in equity and equity related
instruments
ICICI Prudential Multi-Asset Fund
An open ended scheme investing in Equity, Debt and Exchange Traded Commodity
Derivatives/units of Gold ETFs/units of REITs & InvITs/Preference shares
*Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.

49. 49
Our Fixed Income Schemes
Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price
Scheme Name Type of Scheme
ICICI Prudential Ultra Short Term Fund
An open ended ultra-short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between
3 months and 6 months.
ICICI Prudential Short Term Fund
An open ended short term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between
1 Year and 3 Years.
ICICI Prudential Medium Term Bond Fund An open ended medium term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between 3
Years and 4 Years. The Macaulay duration of the portfolio is 1 Year to 4 years under anticipated adverse situation.
ICICI Prudential Credit Risk Fund An open ended debt scheme predominantly investing in AA and below rated corporate bonds.
ICICI Prudential Floating Interest Fund
An open ended debt scheme predominantly investing in floating rate instruments (including fixed rate instruments converted to
floating rate exposures using swaps/derivatives).
ICICI Prudential All Seasons Bond Fund An open ended dynamic debt scheme investing across duration.
ICICI Prudential Savings Fund
An open ended low duration debt scheme investing in instruments such that the Macaulay duration of the portfolio is between
6 months and 12 months
ICICI Prudential Banking & PSU Debt Fund
An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public
Financial Institutions and Municipal Bonds
ICICI Prudential Corporate Bond Fund An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds.
ICICI Prudential Money Market Fund An open ended debt scheme investing in money market instruments
ICICI Prudential Liquid Fund An open ended liquid scheme
ICICI Prudential Bond Fund
An open ended medium to long term debt scheme investing in instruments such that the Macaulay duration of the portfolio is between
4 Years and 7 Years. The Macaulay duration of the portfolio is 1 Year to 7 years under anticipated adverse situation
ICICI Prudential Gilt Fund An open ended debt scheme investing in government securities across maturity
ICICI Prudential Overnight Fund An open ended debt scheme investing in overnight securities
ICICI Prudential Long Term Bond Fund An open ended debt scheme with Macaulay duration greater than 7 years

50. 50
Riskometers
ICICI Prudential Multi-Asset Fund is suitable for investors whoare seeking*:
 Long term wealth creation
 An open ended scheme investing across asset classes.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Equity & Debt Fund is suitable for investors who are seeking*:
 Long term wealth creation solution
 A balanced fund aiming for long term capital appreciation and current income by investing in equity as well as fixed income securities.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Balanced Advantage Fund is suitable for investors who are seeking*:
 Long term wealth creation solution
 An equity fund that aims for growth by investing in equity and derivatives.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

51. 51
Riskometers
ICICI Prudential Bluechip Fund is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended equity scheme predominantly investing in large cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Value Discovery Fund is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended equity scheme following a value investment strategy
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Large & Mid Cap Fund is suitable for investors whoare seeking*:
 Long term wealth creation
 An open ended equity scheme investing in both largecap and mid cap stocks
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

52. 52
Riskometers
ICICI Prudential Credit Risk Fund is suitable for investors who are seeking*:
 Medium term savings
 A debt scheme that aims to generate income through investing predominantly in AA and below rated corporate bonds while
maintaining the optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Medium Term Bond Fund is suitable for investors who are seeking*:
 Medium term savings
 A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum balance
of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Regular Savings Fund is suitable for investors who are seeking*:
 Medium to long term regular income solution
 A hybrid fund that aims to generate regular income through investments primarily in debt and money market instruments and long term
capital appreciation by investing a portion in equity.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

53. 53
Riskometers
ICICI Prudential Short Term Fund is suitable for investors who are seeking*:
 Short term income generation and capital appreciation solution
 A debt fund that aims to generate income by investing in a range of debt and money market instruments of various maturities.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential All Seasons Bond Fund is suitable for investors who are seeking*:
 All durationsavings
 A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum balance
of yield, safety andliquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Smallcap Fund is suitable for investors who are seeking*:
 Long Term wealth creation
 An open ended equity scheme that seeks to generate capital appreciation by predominantly investing in equity and equity related
securities of small cap companies.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price

54. 54
Riskometers
ICICI Prudential Floating Interest Fund is suitable for investors who are seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in floating rate instruments
*Investors should consult their financial advisers if in doubt about whether the product is suitable forthem
ICICI Prudential Ultra Short Term Fund is suitable for investors who are seeking*:
 Short term regular income
 An open ended ultra-short term debt scheme investing in a range of debt and money market instruments
*Investors should consult their financial advisers if in doubt about whether the product is suitable forthem
ICICI Prudential Midcap Fund is suitable for investors who are seeking*:
 Long Term wealth creation
 An open-ended equity scheme that aims for capital appreciation by investing in diversified mid cap companies.
*Investors should consult their financial advisers if in doubt about whether the product is suitable forthem

55. 55
Riskometers
ICICI Prudential India Opportunities Fund (The scheme is suitable for investors who are seeking*)
 Long term wealth creation
 An equity scheme that invests in stocks based on special situations theme.
*Investors should consult their financial advisors if in doubt about whether the product is suitable forthem.
ICICI Prudential Equity Savings Fund is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended scheme that seeks to generate regular income through investments in fixed income securities, arbitrage and other
derivative strategies and aim for long term capital appreciation by investing in equity and equity related instruments.
*Investors should consult their financial advisers if in doubt about whether the product is suitable forthem
ICICI Prudential Multicap Fund is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended equity scheme investing across largecap, mid cap and small cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

56. 56
Riskometers
ICICI Prudential Savings Fund is suitable for investors who are seeking*:
 Short term savings
 An open ended low duration debt scheme that aims to maximize income by investing in debt and money market instruments while
maintaining optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Banking & PSU Debt Fund is suitable for investors who are seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions
and Municipal Bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
ICICI Prudential Corporate Bond Fund is suitable for investors whoare seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in highest rated corporate bonds
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Macaulay duration is the weighted average term to maturity of the cash flows from a bond. The weight of each cash flow is determined by dividing the present value of the cash flow by the price

57. 57
Riskometers
ICICI Prudential Money Market Fund is suitable for investors who are seeking*:
 Short term savings
 A money market scheme that seeks to provide reasonable returns, commensurate with low risk while providing a high level of liquidity
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
•Long Term wealth creation
•An open ended fund of funds scheme investing in equity oriented schemes, debt oriented schemes and gold ETF/schemes.
*Investorsshouldconsulttheirfinancialadvisorsif in doubt aboutwhethertheproduct is suitablefor them.
ICICI Prudential Asset Allocator Fund (FoF) (An open ended fund of funds scheme investing in equity oriented schemes,
debt oriented schemes and gold ETFs/ schemes) is suitable for investors who are seeking*:
Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.
ICICI Prudential Focused Equity Fund (An open ended equity scheme investing in maximum 30 stocks across market-capitalisation i.e
focus on multicap) is suitable for investors who are seeking*:
• Long term wealth creation
• An open ended equity scheme investing in maximum 30 stocks across market-capitalisation.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

58. 58
Riskometers
ICICI Prudential Liquid Fund (an open ended liquid fund) is suitable for investors who are seeking*:
 Short term savings solution
 A liquid fund that aims to provide reasonable returns commensurate with low risk and providing a high level of liquidity
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
ICICI Prudential Overnight Fund (an open ended debt scheme investing in overnight securities) is suitable for investors who are seeking*:
 Short term savings solution
 An overnight fund that aims to provide reasonable returns commensurate with low risk and providing a high level of liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Long Term Bond Fund is suitable for investors who are seeking*:
 Long term wealth creation
 A debt scheme that invests in debt and money market instruments with an aim to maximise income while maintaining an optimum balance of
yield, safety and liquidity.
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

59. 59
Riskometers
ICICI Prudential Bond Fund is suitable for investors who are seeking*:
 Medium to Long term savings
 A debt scheme that invests in debt and money market instruments with an aim to maximise income while maintaining an optimum balance of
yield, safety and liquidity.
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
ICICI Prudential Gilt Fund is suitable for investors who are seeking*:
 Long term wealth creation
 A Gilt scheme that aims to generate income through investment in Gilts of various maturities.
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

60. 60
Disclaimer
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
All figures and other data given in this document are dated. The same may or may not be relevant at a future date. The AMC takes no responsibility of updating any
data/information in this material from time to time. The information shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other
person or to the media or reproduced in any form, without prior written consent of ICICI Prudential Asset Management Company Limited. Prospective investors are
advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units
of ICICI Prudential Mutual Fund. Past Performance may or may not be sustained in future.
Disclaimer: In the preparation of the material contained in this document, ICICI Prudential Asset Management Company Ltd. (the AMC) has used information that is pub-
licly available, including Budget speech and information developed in-house. The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and
ICICI Prudential Mutual Fund may or may not have any future position in this stock(s). Some of the material used in the document may have been obtained from mem-
bers/persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material
used in this document is believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any informa-
tion. We have included statements / opinions / recommendations in this document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and
similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward
looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and
political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc. ICICI Prudential Asset Management Company Lim-
ited (including its affiliates), the Mutual Fund, The Trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature,
including but not limited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any
manner. Further, the information contained herein should not be construed as forecast or promise or investment advice. The recipient alone shall be fully responsible/are
liable for any decision taken on this material.