Equity Market Outlook. Inflation

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2 The Market O v e r v i e w Equity Market Outlook Technicals as on March 28, 2018 s by Institutions in the cash segment (Rs. billion) Mar-18* Feb-18 FIIs (Net Purchases / Sales) MFs (Net Purchases / Sales) Avg Advance Decline Ratio Mar-18 Feb-18 BSE NSE Valuation Ratios Indices Movement Mar-18 Mar Year Average P/E ratio- Sensex P/E ratio- Nifty Price/Book Value Ratio-Sensex Price/Book Value Ratio-Nifty Dividend Yield-Sensex Dividend Yield-Nifty Last 1 Yr S&P BSE Sensex -3.56% 11.30% Nifty % 10.25% S&P BSE Auto -3.12% 9.29% S&P BSE Bankex -3.94% 11.37% S&P BSE Capital Goods -3.14% 12.35% S&P BSE Consumer Durables 5.07% 45.91% S&P BSE Fast Moving Consumer Goods -2.06% 11.00% S&P BSE Healthcare -6.77% % S&P BSE Information Technology -3.24% 16.74% S&P BSE Metal % 12.86% S&P BSE MidCap -3.62% 13.24% S&P BSE Oil & Gas -5.75% 7.75% S&P BSE PSU -5.70% -8.56% S&P BSE Realty -9.66% 39.37% S&P BSE SmallCap -6.25% 17.74% S&P BSE Teck -3.40% 12.85% Data Source: Sebi, NSDL, BSE, NSE, Crisil Research. *as on Mar 27, 2018 Global economy Global trade war concerns took centre stage after the US imposed trade sanctions on China, including restrictions on investments and tariffs on $60 billion worth of products. China responded by announcing a plan for reciprocal tariffs on 128 US products. The Organisation for Economic Cooperation and Development (OECD) warned that the trade war could derail global economic recovery, it however raised 2018 and 2019 growth projections of the global economy by 0.3% each to 3.9%. The US Federal Reserve (Fed) raised its benchmark federal funds rate by 25 bps, the sixth rate hike since December The central bank also raised the gross domestic product (GDP) forecast for 2018 to 2.7% and for 2019 to 2.4%. Meanwhile, the final reading of the Q GDP growth estimate showed that the country's economy expanded at 2.9% annual rate compared with 2.5% reported earlier. The UK's central bank, the Bank of England, maintained the interest rate at 0.5% but said ongoing tightening was needed to get inflation back to 2%. The OECD raised the country's 2018 growth forecast to 1.3% amid strengthening global recovery. The European Central Bank (ECB) kept its policy rate unchanged at 0% and hinted at tightening the policy by dropping its long-held pledge to accelerate its $37 billion monthly bond-buying program. The bloc's economy expanded 2.7% in Q compared with similar growth in the previous quarter. The Bank of Japan kept monetary policy unchanged and maintained its upbeat view on the economy in its March meeting. Minutes of the meeting, which released later, showed that some policymakers called for greater scrutiny on the potential drawbacks of massive monetary stimulus and signaled the possibility of a future interest rate hike. Meanwhile, the government maintained its assessment that the economy is gradually recovering. China has set its GDP growth rate for 2018 at around 6.5%, same as last year, as it aims to reduce risks to its financial system from a rapid build-up in debt. In order to curb risk in the financial sector, the government announced plans to merge the China Banking Regulatory Commission and the China Insurance Regulatory Commission, creating a new body with enhanced oversight of the banking and insurance sector. Source: CRISIL Research Fundamentals and economics: Growth India's GDP grew at five-quarter high of 7.2% in Q compared with 6.5% in Q As per the second advanced estimates of the Central Statistics Office (CSO), the economy is expected to grow at 6.6% in compared to earlier estimate of 6.5%. The gross value added (GVA) growth stood at 6.7% in Q compared with 6.2% in Q The Index of Industrial Production (IIP) expanded at 7.5% year-on-year in January 2018 compared with 7.1% growth in December The third consecutive month of rise was owing to growth in manufacturing and electricity sectors. From the end-use perspective, growth in the industrial and investmentoriented manufacturing sectors outpaced the consumer-oriented sectors'. According to use-based classification, infrastructure and construction goods displayed strong buoyancy in qrowth. Capital goods grew a strong 14.6%, aided by the low base of last year, indicating a pick-up in private investment activity. Consumer goods put up an impressive performance during the month with consumer durables up 8.0% (low base effect) and non-durables up 10.5%. The core sector output expanded 5.3% in February 2018 compared to 6.1% growth in January 2018 Cumulative growth during April to February period was 4.3% as against 4.7% in the same period last fiscal. Source: Mospi.nic.in, CRISIL Centre for Economic Research (CCER) Inflation Consumer Price Index (CPI)-based inflation declined for the second consecutive month to 4.44% in February 2018 from 5.07% in January None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. 2

3 The Market O v e r v i e w In this fiscal to date, CPI inflation averaged 3.5%, a sharp slide from 4.6% for the same period in fiscal Food inflation fell to 3.3% in February 2018 from 4.7% in January 2018 led by a sharp decline in inflation in milk and products, vegetables, cereals, meat and fish, and continuing deflation in pulses. Fuel inflation eased to 5.9% in February 2018 from 6.4% in January In fuel and light, inflation fell sharply to 6.8% from 7.7%, while inflation in petrol and diesel rose to 2.8% from 1.7%. Core inflation (CPI excluding food, fuel and light, petrol and diesel) was unchanged at 5.1% for the third consecutive month. Housing inflation, which had been rising since July, was also unchanged at 8.3%. Wholesale Price Index (WPI)-based inflation eased for the third straight month in February 2018, easing to 2.48% from 2.84%. The gauge is a good 150 bps below its November 2017 peak and has slid with food (mainly primary food articles) and fuel inflation (mainly mineral oils). % Source: Mospi.nic.in, CCER Brent Brent crude oil prices rose nearly 7% in the month to close at $70.27 per barrel on March 29, 2018 compared with $65.78 per barrel on February 28, 2018 owing to rising tension between Iran and Saudi Arabia and unexpected decline in the weekly US crude oil inventories. Oil prices gained further after the Organization of the Petroleum Exporting Countries (OPEC) announced that a group of two dozen oil producers had cut production far beyond agreed-upon levels in February. However, further gains were capped on concerns about a trade war and a jump in the US crude oil production. Source: CCER CPI Inflation Deficit India's fiscal deficit jumped to Rs 7.15 trillion at the end of February, exceeding the revised target of Rs 5.94 lakh cr for the entire fiscal. India's Account Deficit (CAD) widened to $13.5 billion (2% of GDP) in Q from $7.2 billion (1.1% of GDP) in the preceding quarter and $8.0 billion (1.4% of GDP) in the same quarter of last fiscal. The increase was due to widening of goods trade deficit to $44.1 billion, the highest merchandise trade deficit since Q1 FY14. However, services trade surplus increased 14% quarter-on-quarter to $20.9 billion. Net income receipts from abroad increased 34.4% quarteron-quarter to $9.7 billion driven by increase in remittances from Indians working abroad. Foreign portfolio investments (FPIs) were a net $5.3 billion in Q3 FY18, more than double of $2.1 billion inflows in the previous quarter. In this fiscal so far (April-December 2017), cumulative FDI inflows have been $23.8 billion, which is $6.9 billion less than what was seen in the same period last fiscal. However, FPI inflows jumped to $19.8 billion compared with $3.2 billion net outflows last fiscal. Foreign exchange reserves continued to increase for the fourth consecutive quarter, but at a lesser pace compared with the previous quarter. Foreign exchange reserves increased by $9.4 billion in Q Export growth halved to 4.5% year-on-year to $25.8 billion in February 2018 from 9.1% in January 2018, marking the third straight month of WPI Equity Market Outlook falling export growth. Imports outpaced exports but slowed significantly to 10.4% to $37.8 billion in February 2018 from 26.1% in the previous month. Consequently, the country's trade deficit narrowed $12 billion in February 2018 from $16.3 billion in January Some good news rang in from services trade; services exports increased 20.4% in January 2018, the highest since April Imports moderated resulting in an increase in Trade surplus to $6.5 billion, the highest in two years. Source: Ministry of Commerce and Industry, CRISIL Research, RBI Currency The rupee recovered most of its losses to end flat against the US dollar in March. Earlier in the month the rupee weakened tracking gains in the greenback following the release of some encouraging US economic indicators. Persistent fears about US President Donald Trump's protectionist agenda and intermittent dollar demand from oil importers pulled the rupee down. Weakness in the euro against the dollar due to political uncertainty in Italy after voters gave no party a majority in the country's Parliamentary election, also dented sentiment for the rupee. However encouraging domestic inflation, industrial production, and trade deficit data helped the rupee recoup losses. The US President's cabinet shuffle mid-month triggered greenback weakness and supported the rupee. The US Fed's decision to retain its projection of three interest rate hikes this year following its latest review gave the rupee a shot in the arm. The local currency garnered more support from the ruling party's victory in the north-east assembly elections, and from reports stating that North Korea is willing to drop its nuclear program in exchange for a security guarantee. Intra-month, the rupee also took cues from the dollar's movement in response to developments surrounding US President Donald Trump's proposed tariffs. Source: CRISIL Research Market sentiment Flows After aggressive selling in February 2018, Foreign Portfolio investors were buyers of equities in March They bought equities worth Rs billion in March 2018 (until March 27, 2018) compared to selling of Rs billion in the previous month. Mutual fund continued to be buyers of equities in March. They bought equities worth Rs billion in March (until March 27, 2018) compared to buying of Rs. 162 billion in the previous month. Source: Sebi, NSDL Market Performance Domestic equities continued to trend south for the second consecutive month with S&P BSE Sensex and Nifty 50 losing around 4% each in March None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. Rs. in billion FPI Flows 200 MF Flows

4 The Market However, Sensex and Nifty ended FY2018 with gains of 11.3% and 10.25%, respectively. Discouraging domestic developments pertaining to the banking sector, including the Reserve Bank of India's decision to bar lenders from issuing Letters of Undertaking and Letters of Comfort pulled down the market. A sharp widening of the CAD to 2% of the GDP in the December quarter weighed on the market as well. Renewed domestic political uncertainty after the Telugu Desam Party decided to quit the National Democratic Alliance and moved a no-confidence motion against the government also took a toll. Volatility amid the expiry of March 2018 futures and options contracts, and selling ahead of the financial year ending further impacted the market. Domestic equities mirrored the turmoil in global equities, which fell on rising concerns about the interest rate hike by the US Fed amid release of positive US economic cues. Prospects of a global trade war also dented sentiments after protectionist measures were announced by US President Donald Trump, including imposing import curbs on steel and aluminum from China and other countries. The market fell further due to political uncertainty in Italy and rising diplomatic tension between Britain and Russia. More losses were, however, capped due to release of strong domestic macros including rise in the growth rate and industrial output, and easing of inflation. Announcement of the lower-than-expected borrowing programme for the first half of fiscal 2019 and easing global trade war worries also boosted the sentiments. All the S&P BSE Sectoral indices ended lower in March 2018 except S&P BSE Consumer Durables index. Metal stocks witnessed heavy selling pressure due to imposition of import tariffs by the US on steel and aluminum from China and other countries. Source: NSE, BSE, Crisil Research Market Outlook and Triggers Markets remained volatile for the second consecutive month with indices S&P BSE Sensex and Nifty 50 falling around 4% each due to renewed political uncertainty and underlying weakness in global equities. The US Fed hiked rates with a more hawkish stance and concerns over a global trade war escalated during the month. We continue to remain neutral on equity as the valuations are not cheap. We continue to prefer large-cap stocks over mid- and small-cap segment due to its relatively attractive valuations. We believe that earnings could improve over the next few months and growth, which suffered a temporary setback in the last fiscal due to GST and demonetisation, could return back to its long term average. We expect growth to be more consumption-driven with government measures focusing on rural economy boosting rural consumption. O v e r v i e w Synchronised global growth and relentless execution of reforms could further support growth. We believe India being a heavily populous country with a young and dynamic population could continue to remain a favourable long-term investment destination for foreign investors. However it must be noted that headwinds such as tightening of global monetary policy, rise in crude oil prices and events in the run-up to the 2019 elections could keep markets volatile in the medium-term. Investors who aim to benefit from volatility could consider investing in asset allocation schemes. Investors who aim to maintain asset allocation by taking adequate exposure in debt could consider investing in conservative hybrid schemes. For Investors looking for pure equity exposure, we recommend investing in largecap-oriented schemes. Our Recommendations Investors may continue with their s in pure equity schemes. For new investors, we recommend in Asset Allocation Schemes. As uncertainty regarding global events and state elections cannot be ruled out, we believe the markets could be volatile in the near term. Hence we recommend investments in asset allocation schemes or conservative hybrid schemes. Investors with high risk appetite could invest in thematic schemes encompassing export and services sector. Our Recommendations Equity Schemes Pure Equity Schemes ICICI Prudential Value Discovery Fund ICICI Prudential Top 100 Fund ICICI Prudential Multicap Fund ICICI Prudential Focused Bluechip Equity Fund Asset Allocation Schemes ICICI Prudential Balanced Advantage Fund ICICI Prudential Balanced Fund ICICI Prudential Dynamic Plan ICICI Prudential Equity Income Fund Conservative Hybrid Schemes ICICI Prudential MIP 25 (An Open Ended Income Scheme. Monthly income is not assured and is subject to the availability of distributable surplus.) Theme-based Schemes ICICI Prudential Exports and Other Services Fund These schemes are positioned aggressively to gain from recovery in the economy. These Schemes aim to generate long term wealth creation. These schemes aim to benefit from volatility and can be suitable for investors aiming to participate in equities with low volatility. This scheme predominantly invests in fixed income securities and a portion in equity and equity related securities Investors could invest in this thematic scheme for tactical allocation. It would be a high risk investment option. Equity Valuation Index Equity valuations show that the market valuations are in the zone where investors are recommended to invest in schemes with low net equity levels within the asset allocation schemes category. 170 Equity Valuation Index Book Partial Profits Stay Invested EIF/BAF Dynamic/Balanced Multicap Schemes Midcap Schemes 50 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Equity valuation index is calculated by assigning equal weights to Price to equity (PE), Price to book (PB), G-Sec*PE and Market Cap to Gross Domestic Product (GDP) EIF ICICI Prudential Equity Income Fund; BAF ICICI Prudential Balanced Advantage Fund; Dynamic ICICI Prudential Dynamic Plan; Balanced ICICI Prudential Balanced Fund None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. 4

5 The Market O v e r v i e w Fixed Income Market Outlook Average Liquidity Support by RBI Rs billion Includes: LAF, MSF, SLF & Term Repo Bank Credit Growth 11.5% Money Market Tenure 1M 3M 6M 12M Bond Market CD Tenure G-Sec Change 1Y 3Y 5Y 10Y Macro Economy Data Release Latest Indicator Update IIP GDP USD/INR WPI CPI Month Overview (as on March 28, 2018) Credit Markets INDICATORS Credit Spreads Bank Deposit Growth 6.6% Change in basis points (bps) Change CP Change % (Jan) 7.2% (3QFY18) (Mar) 2.48% (Feb) 4.44% (Feb) Change in basis points AAA CB Credit Spreads as on March 28, 2018 Change Previous Update % (Dec) 6.5% (2QFY18) (Feb) 2.84% (Jan) 5.07% (Jan) Data Source RBI, Mospi.Nic.in, CRISIL Fixed Income Database, LAF Liquidity Adjustment Facility, MSF Marginal Standing Facility, SLF Standing Liquidity Facility, CP - Commercial Paper, CD Certificate of Deposit, CB Corporate Bond, IIP India Industrial Production, CPI Consumer Price Index, WPI Wholesale Price Index, CAD Account Deficit, GDP Gross Domestic Product Tenure 6M 1Y 2Y 3Y 5Y 7Y 10Y 15Y AAA 0.76% 0.97% 0.54% 0.34% 0.35% 0.56% 0.46% 0.30% AA+ 0.92% 1.24% 0.79% 0.62% 0.71% 0.89% 0.80% 0.59% AA 1.18% 1.49% 1.04% 0.89% 1.00% 1.21% 1.21% 1.00% AA- 1.32% 1.64% 1.25% 1.21% 1.33% 1.57% 1.69% 1.51% A+ 1.58% 1.88% 1.46% 1.50% 1.62% 1.83% 2.03% 1.85% A 1.74% 2.05% 1.78% 1.82% 1.96% 2.17% 2.28% 2.10% A- 2.06% 2.37% 2.17% 2.49% 2.56% 2.83% 2.91% 2.76% Source: CRISIL Credit Ratio CRISIL's credit ratio the number of rating upgrades to downgrades improved to 1.88 in six months to September 2017 from 1.22 times in March For the rolling 12 months, the credit ratio was 1.59 and the debt-weighted credit ratio debt upgrades to downgrades was at 1.94, indicating that the trend of recovery in credit quality has sustained for a year now. Source: CRISIL Our Outlook A credit ratio in first-half FY18 has printed at a healthy 1.88 times. This improvement goes on to show that the credit cycle is bottoming out. As capacity utilisation is low, we do not expect further investment in capital expenditure. We believe these companies will repay their loans and reduce debt, thereby improving their balance sheet. Credit profile of many corporates has been improving and we have witnessed upgrades in our portfolios of companies engaged in various sectors. Therefore, we believe this reflects that economic recovery cycle is well underway, and that the credit market is still improving. Money Markets INDICATORS Liquidity Currency in circulation rose 42.3% year on year in the week ended March 16, 2018 against 22.8% de-growth a year ago. The RBI, via its liquidity window, injected Rs billion on a net daily average basis in March 2018 compared with net liquidity injection of Rs billion in February Interbank call money rates remained below the repo rate for most of the month amid comfortable liquidity in the banking system. Inflows from redemptions of Treasury bills, which were issued under the market stabilisation scheme last year, also kept fund demand muted. Surplus funds prompted the RBI to conduct sporadic reverse repo auctions to drain away excess liquidity. However, some stress was seen in the call rates on account of outflows pertaining to the Goods and Services Tax (GST). Meanwhile, the central bank decided to inject Rs 1 lakh crore short-term money into the banking system ahead of the financial yearend that normally sees cash crunch. Source: RBI, CRISIL Fixed Income Database Inflation Consumer Price Index (CPI)-based inflation declined for the second consecutive month to 4.44% in February 2018 from 5.07% in January In this fiscal to date, CPI inflation averaged 3.5%, a sharp slide from 4.6% for the same period in fiscal Most of the fall in inflation is on account of lower food and core prices. Food inflation fell to 3.26% in February 2018 from 4.70% in January Fuel inflation calculated by adding petrol, diesel, fuel and light components eased to 5.9% in February 2018 from 6.4% in January Core inflation (CPI excluding food, fuel and light, petrol and diesel) was unchanged at 5.1% for the third consecutive month. Housing inflation, which had been rising since July, was also unchanged at 8.3%. Wholesale Price Index (WPI)-based inflation eased for the third straight month in February 2018, easing to 2.48% from 2.84%. Source: Mospi.Nic.in, CRISIL Centre for Economic Research (CCER) Bank Credit / Deposit Growth Bank credit growth rose 11.5% year on year in the fortnight ended March 02, 2018 versus 11% year on year in the fortnight ended February 02, Non-food bank credit rose to Rs trillion as on March 02, 2018 compared with outstanding credit of Rs trillion as on February 02, Time deposit growth rose to 6.3% in the fortnight ended March 02, 2018 versus 5.4% in the fortnight ended February 02, Demand deposits witnessed 9.1% year on year growth in the fortnight ended March 02, 2018 versus 8.1% year on year growth in the fortnight ended February 02, India's M3 money supply rose 10.4% year on year in the fortnight ended March 02, 2018 versus 6.6% a year ago. Reserve money rose 33.1% year on year in the week ended March 16, 2018 versus de-growth of 16% a year ago. Source: RBI Bond Markets INDICATORS Account India's current account deficit (CAD) widened to $13.5 billion (2% of GDP) in Q from $7.2 billion (1.1% of GDP). The increase was due to widening of goods trade deficit to $44.1 billion, which is $10.8 billion higher year on year. A sharp jump in oil prices buoyed import growth even as export growth was stagnant relative to the previous quarter. However, services trade surplus increased 17.8% year on year to $20.9 billion. Note: None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. 5

6 The Market O v e r v i e w Fixed Income Market Outlook Net income receipts from abroad (comprising primary income and secondary income) increased 28.7% year on year to $9.7 billion. The rise was driven by 18% year on year increase in remittances from Indians working abroad, to $10.5 billion. A significant chunk of capital inflows came in the form of trade credit and advances ($4.8 billion net inflows in Q3, $0.8 billion higher on-quarter and $1.8 billion higher year on year). There were also $3 billion net inflows under NRI deposits compared with $0.7 billion inflows in the previous quarter and $18.5 billion outflows in the same quarter last year. Foreign exchange reserves continued to increase for the fourth consecutive quarter, but at a lesser pace compared with the previous quarter. Foreign exchange reserves increased by $9.4 billion compared with an increase of $9.5 billion in the previous quarter and a decrease of $1.2 billion in the same quarter last year. Source: RBI Physical assets Indian gold prices ended higher in March 2018 to close at Rs 30,775 per 10 grams on March 28, 2018 vis-à-vis Rs 30,413 per 10 grams on February 28, 2018 on the National Commodity and Derivatives Exchange (NCDEX), owing to buying by local jewellers and due to uptrend in global markets. Source: NCDEX The RBI's policy The RBI's Monetary Policy Committee (MPC) left the policy rates unchanged at its review meeting on April 5, It maintained the repo rate at 6%, the reverse repo at 5.75%, and the marginal standing facility rate at 6.25%. Five of the six committee members supported the decision, with one voting for a 25 basis points (bps) hike. The MPC believes the Indian economy's recovery is still nascent and requires nurturing. However, it noted that growth has been showing signs of recovery with the investment activity expected to improve further supported by the primary capital market. The MPC turned dovish and reduced its inflation target for FY 2019 H target was revised downwards to % from %, while the H target was brought marginally down to 4.4% from %. Source: RBI, CCER Government Borrowing In the Union Budget , the government pegged net market borrowings at Rs 4.07 trillion in fiscal 2019 compared with Rs 4.79 trillion in fiscal However, gross borrowing for the next fiscal has been raised to Rs 6.05 trillion from Rs 5.99 trillion in fiscal The RBI notified that the Centre will borrow Rs 2.88 trillion via sale of dated securities during April-September, which is about 48% of its annual borrowing plan. Auctions of government securities worth Rs 480 billion are scheduled for April Source: Union Budget , RBI Fixed Income Outlook The 10-year G-Sec yield fell to levels of 7.40% in the month of March 2018, down 17 bps from levels of 7.57% in February The month also marked an improvement in market sentiments, due to reduction in government borrowing for the next six months and with the RBI allowing banks to spread mark to market losses on bonds over four quarters. Although inflation has fallen in the last two months, RBI's Monetary Policy Committee (MPC) may still remain cautious due to the uncertainty in oil prices, possibility of increase in Minimum Support Price (MSP), other populist measures and global bond yields movement. Macroeconomic indicators have continued to surprise markets positively. However, downside risks to growth persists such as the stand-off in global trade, particularly between China and the US, and concerns around the domestic banking sector. The MPC will continue to remain watchful even as the statement at the April 2018 policy meet may sound dovish than the February 2018 policy meet. We expect inflation to average around 5% in the first half of FY19 with a mild upside risk. For the medium-term, we continue to maintain a neutral stance on yields as we evaluate global growth trajectory and economic indicators. Given the current market conditions, it's important that investors have a diversified asset allocation by taking adequate exposure into debt schemes. We recommend investors to invest in accrual schemes such as ICICI Prudential Regular Savings Fund as they offer relatively high yield to- maturity. Also, we recommend investors to invest in short duration schemes or invest in Systematic Plans (s) in medium to long duration schemes. But for those investors who wish to benefit from volatility may invest in ICICI Prudential Long Term Plan. Our Recommendation For new allocations we recommend short to medium duration, accrual based schemes or dynamically managed schemes. Our Recommendations Accrual Schemes ICICI Prudential Corporate Bond Fund ICICI Prudential Regular Savings Fund ICICI Prudential Savings Fund ICICI Prudential Regular Income Fund (An open ended income scheme. Income is not assured and is subject to the availability of distributable surplus) Dynamic Duration Schemes ICICI Prudential Long Term Plan Short Duration Schemes ICICI Prudential Short Term Plan These schemes are better suited for investors looking for accrual strategy. This scheme can dynamically change duration strategy based on market conditions. This scheme maintains short-duration maturity. Debt Valuation Index Debt Valuation Index High Durationin Aggressively in High Duration High Duration Moderate Duration Low Duration Ultra Low Duration Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Debt Valuation Index considers WPI, CPI, Sensex YEAR ON YEAR returns, Gold YEAR ON YEAR returns and Real estate YEAR ON YEAR returns over G-Sec yield, Account Balance and Crude Oil Movement for calculation. Note: None of the aforesaid recommendations are based on any assumptions. These are purely for reference and the investors are requested to consult their financial advisors before investing. 6

7 Index Fund Name Abbreviations Brief Description Page No. Equity Funds Large Cap ICICI Prudential Focused Bluechip Equity Fund IPFBEF Diversified Largecap Equity fund focussed on Top 200 stocks by Market capitalisation 8 ICICI Prudential Select Large Cap Fund IPSLCF Concentrated Large Cap Fund 9 Large & Mid-cap ICICI Prudential Top 100 Fund IPT100F A large and mid cap equity Fund with high variation in sector allocation 10 compared to benchmark Multi-cap ICICI Prudential Dynamic Plan IPDP Conservative multi-cap Fund investing in equity and debt. 11 ICICI Prudential Multicap Fund IPMULTIF Diversified equity fund investing in a mix of large, mid and small cap stocks 12 Value Style ICICI Prudential Value Discovery Fund IPVDF Diversified Value Style Investing with flexicap approach 13 Mid Cap ICICI Prudential Midcap Fund IPMIDF Diversified Mid-Cap Oriented Fund 14 Thematic/Sectoral ICICI Prudential Infrastructure Fund IPIF Thematic Fund encompassing Infrastructure 15 ICICI Prudential Exports and Other Services Fund IPEOSF Exports and Services Industry Oriented Thematic Fund 16 Tax Planning ICICI Prudential Long Term Equity Fund (Tax Saving) IPLTEF(TS) Open Ended Equity Scheme with Tax Saving advantage 17 Balanced ICICI Prudential Balanced Fund IPBF A balanced Fund with allocation to equity (ranging from 65-80%) and Debt. 18 ICICI Prudential Child Care Plan (Gift Plan) IPCCP(GP) Diversified Long Term Child Benefit Oriented Plan 19 Equity Oriented Dynamic Asset Allocation ICICI Prudential Balanced Advantage Fund IPBAF Asset Allocation Fund with equity exposure ranging between 30-80% and has exposure to debt. 20 ICICI Prudential Equity Income Fund IPEIF Asset Allocation Fund with allocation to equity (range 20% -40%), arbitrage and fixed income. 21 Hybrid Funds ICICI Prudential MIP 25 (An open ended Income fund. Monthly income is not assured and is subject to the availability of distributable surplus.) IPMIP25 Hybrid Fund which generally invests 0-25% in Equity 22 ICICI Prudential Regular Income Fund (An open ended income fund. Income is not assured and is subject to the availability of distributable surplus.) IPRIF A hybrid debt Fund which generally invests 0-5% in Equity 23 Debt Funds Liquid ICICI Prudential Money Market Fund IPMMF Open Ended Money Market Fund 24 Ultra Short Term ICICI Prudential Savings Fund IPSF Ultra Short Term Income Fund with exposure to Floating rate instruments 25 ICICI Prudential Ultra Short Term Plan IPUSTP Ultra Short Term Income Fund with moderate duration 26 Short Term ICICI Prudential Dynamic Bond Fund IPDBF Actively Managed Dynamic Bond Fund with 1-5 years Modified duration range 27 ICICI Prudential Short Term Plan IPSTP Short Term Income Fund 28 Credit Opportunities ICICI Prudential Regular Savings Fund IPRSF Retail Debt-Accrual Fund 29 ICICI Prudential Corporate Bond Fund IPCBF Medium Term Income Fund investing in Corporate Bonds 30 Income ICICI Prudential Income Plan IPIP Long Term Income Fund with high duration strategy 31 ICICI Prudential Long Term Plan IPLTP Dynamic Income Fund with 1 to 10 years Modified Duration range 32 Annexure for Returns of all the Schemes Systematic Plan () Performance of Select Schemes Annexure - I 59 Annexure - II 60 Dividend History for all Schemes Objective of all the schemes 65 Riskometer's 66 Schedule 1: One Liner Definitions 67 Schedule 2: How To Read Factsheet Statutory Details & Risk Factors 70 7

8 ICICI Prudential Focused Bluechip Equity Fund An Open Ended Equity Fund This Product is suitable for investors who are seeking*: Long term wealth creation solution A focused large cap equity fund that aims for growth by investing in companies in the large cap category Riskometer *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Style Box Fund Details Fund Managers** : Sankaran Naren (Managing this fund since Jul, 2017 & Overall 26 years of experience) Rajat Chandak (Managing this fund since Jul, 2017 & Overall 8 years of experience) Indicative Horizon: 5 years and above Inception/Allotment date: 23-May-08 Monthly AAUM as on 31-Mar-18 : Rs. 16, crores Closing AUM as on 31-Mar-18 : Rs. 16, crores NAV (As on 28-Mar-18): IPFBEF Growth Option : IPFBEF Dividend Option : IPFBEF Direct Plan Growth Option : IPFBEF Direct Plan Dividend Option : Options : Growth & Dividend (dividend payout*** and re-investment facility available) Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1) Min.Addl. : Rs.500 (plus in multiples of Re.1) (w.e.f. 10-January-17) Entry load : Not Applicable Exit load for Redemption / Switch out :- Lumpsum & / STP / SWP Option Upto 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil : Monthly Frequency: Rs. 500/- and in multiple of Rs. 1/- Quarterly Frequency: Rs. 5,000/- and in multiple of Rs. 1/- SWP : Rs. 500/- and in multiples of Rs. 1/- STP/ Flex STP/ Value STP *: Daily Frequency: Rs. 250/- and in multiples of Rs. 50/- Weekly, Monthly and Quarterly Frequency: Rs. 1,000/- and in multiples of Rs. 1/- Min.Redemption Amt. : 500/- or all units where amount is below 500/- Dividend History : Refer page no. from 60 to 64 Returns : Refer page no. from 57 to 58 Total Expense : IPFBEF : 2.23% p. a. IPFBEF Direct Plan : 1.06% p. a. Objective : Refer page no. from 65 Particulars Returns of ICICI Prudential Focused Bluechip Equity Fund - Growth Option as on March 31, (IPFBEF) Scheme Nifty 50 Index (Benchmark) NAV (Rs.) Per Unit (as on March 28,2018 : 38.64) Notes: 1. Different plans shall have different expense structure. The performance details provided herein are of ICICI Prudential Focused Bluechip Equity Fund. 2. The scheme is currently managed Sankaran Naren and Rajat Chandak. Mr. Sankaran Naren has been managing this fund since Jul Total Schemes managed by the Fund Manager is 34 (34 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Sankaran Naren. Mr. Rajat Chandak has been managing this fund since Jul Total Schemes managed by the Fund Manager is 11 (11 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Rajat Chandak. 3. Date of inception:23-may Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. 5. Load is not considered for computation of returns. 6. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period 7. The performance of the scheme is benchmarked to the Total Return variant of the Index Auto 8.91% Maruti Suzuki India Ltd. 3.53% Eicher Motors Ltd. 2.70% TVS Motor Company Ltd. 1.69% Tata Motors Ltd. 0.39% Tata Motors Ltd. - DVR 0.30% Mahindra & Mahindra Ltd. 0.18% Ashok Leyland Ltd. 0.11% Auto Ancillaries 3.52% Motherson Sumi Systems Ltd. 3.52% Banks 25.83% ICICI Bank Ltd. 7.26% HDFC Bank Ltd. 6.30% State Bank Of India 4.21% Axis Bank Ltd. 2.99% Kotak Mahindra Bank Ltd. 2.13% IndusInd Bank Ltd. 1.69% The Federal Bank Ltd. 0.68% Bank Of Baroda 0.47% Yes Bank Ltd. 0.10% Cement 0.72% Ultratech Cement Ltd. 0.72% Construction Project 3.62% Larsen & Toubro Ltd. 3.62% Consumer Non Durables 6.64% 0.72% ITC Ltd. 3.56% 0.72% Britannia Industries Ltd. 2.08% Dabur India Ltd. 0.55% Asian Paints Ltd. 0.46% Ferrous Metals 0.69% Tata Steel Ltd. 0.65% Tata Steel Ltd. Partly Paid Shares - Right 0.04% Finance 5.81% Bajaj Finserv Ltd. 2.77% HDFC Ltd. 1.45% ICICI Securities Ltd. 0.87% Muthoot Finance Ltd. 0.60% ICICI Lombard General Insurance Company Ltd. 0.11% Gas 1.75% GAIL (India) Ltd. 1.75% Media & Entertainment 0.60% Zee Entertainment Enterprises Ltd. 0.60% 1 Year 3 Year 5 Year Company/Issuer Rating % to % to NAV NAV Derivatives Portfolio as on March 31, 2018 Non - Ferrous Metals 2.29% Hindalco Industries Ltd. 2.29% Oil 2.29% 0.67% Oil & Natural Gas Corporation Ltd. 2.29% 0.67% Petroleum Products 3.84% Indian Oil Corporation Ltd. 1.91% Reliance Industries Ltd. 1.63% Bharat Petroleum Corporation Ltd. 0.20% Hindustan Petroleum Corporation Ltd. 0.10% Pharmaceuticals 4.70% Cipla Ltd. 2.08% Sun Pharmaceutical Industries Ltd. 1.22% Biocon Ltd. 0.88% Lupin Ltd. 0.53% Power 7.12% NTPC Ltd. 3.30% Power Grid Corporation Of India Ltd. 3.23% Tata Power Company Ltd. 0.58% Retailing 0.99% Avenue Supermarts Ltd. (D-Mart) 0.99% Software 9.35% 0.73% Infosys Ltd. 4.59% Tech Mahindra Ltd. 2.22% HCL Technologies Ltd. 1.73% Tata Consultancy Services Ltd. 0.80% Wipro Ltd. 0.01% 0.73% Telecom - Services 2.80% Bharti Airtel Ltd. 2.57% Idea Cellular Ltd. 0.23% Transportation 2.66% Interglobe Aviation Ltd. 1.65% Container Corporation Of India Ltd. 1.01% CPs and CDs 3.59% NABARD CRISIL A % IDFC Bank Ltd. ICRA A % Units of Mutual Fund 0.21% ICICI Prudential Nifty 100 iwin ETF 0.21% Short Term Debt and net current assets -0.05% Total Net Assets % Top Ten Holdings Derivatives are considered at exposure value Quantitative Indicators Average P/E : Average P/BV : 5.88 Average Dividend Yield : 1.27 Annual Portfolio Turnover Ratio : Equity times, Others (Debt and Derivatives) times Combined Annual Portfolio Turnover Ratio : 0.98 times Std Dev (Annualised) : 13.13% Sharpe Ratio : 0.04 Portfolio Beta : 0.94 R squared : 0.94 Benchmark Std Dev (Annualised) : 13.55% Portfolio turnover has been computed as the ratio of the lower value of purchase and sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last Overnight MIBOR cut-off of 9.39% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Ms. Priyanka Total Expense Ratio is weighted average for the month. Ratio excludes Goods and Service Tax on management fees and includes B-15 clawback reversal, if any. Minimum number of installments for monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, * Minimum number of installments for daily, weekly and monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, Refer page No. 69 for definition of Flex STP and Value STP. Minimum number of installments for both monthly and quarterly will be 2. w.e.f February 01, *** In case the unit holder has opted for dividend payout option, the minimum amount for dividend payout shall be 100 (net of dividend distribution tax and other statutory levy, if any), else the dividend would be mandatorily reinvested Company/Issuer Rating % to % to NAV NAV Derivatives 8

9 ICICI Prudential Select Large Cap Fund An Open Ended Equity Fund This Product is suitable for investors who are seeking*: Long term wealth creation solution An equity fund that aims to generate capital appreciation by investing in equity or equity related securities of companies forming part of S&P BSE 100 Index *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Riskometer Style Box Fund Managers **: Mrinal Singh (Managing this fund since Dec, 2015 & Overall 14 years of experience) Mittul Kalawadia (Managing this fund since Jan, 2018 & Overall 10 years of experience) Indicative Horizon : 5 years and above Inception/Allotment date: 28-May-09 Monthly AAUM as on 31-Mar-18 : Rs crores Closing AUM as on 31-Mar-18 : Rs crores NAV (As on 28-Mar-18): IPSLCF Growth Option : IPSLCF Dividend Option : IPSLCF Direct Plan Growth Option : IPSLCF Direct Plan Dividend Option : Options : Growth, Dividend (dividend payout*** and re-investment facility available) Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1) Min.Addl. : Rs.1,000 (plus in multiples of Re.1) Entry load : Not Applicable Exit load for Redemption / Switch out :- Lumpsum Option Within 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil : Monthly Frequency: Rs. 1,000/- and Quarterly Frequency: Rs. 5,000/- and SWP : Rs. 500/- and in multiples of Rs. 1/- STP/ Flex STP/ Value STP * : Daily Frequency: Rs. 250/- and in multiples of Rs. 50/- Weekly, Monthly and Quarterly Frequency: Rs. 1,000/- and in multiples of Rs. 1/- Min.Redemption Amt. : 500/- or all units where amount is below 500/- Dividend History : Refer page no. from 60 to 64 Returns : Refer page no. from 57 to 58 Total Expense : IPSLCF : 1.90% p. a. IPSLCF Direct Plan : 1.52% p. a. Objective : Refer page no. from 65 Particulars Company/Issuer Top Ten Holdings Returns of ICICI Prudential Select Large Cap Fund - Growth Option as on March 31, (IPSLCF) 1 Year 3 Year 5 Year Scheme S&P BSE 100 Index (Benchmark) Nifty 50 Index (Additional Benchmark) NAV (Rs.) Per Unit (as on March 28,2018 : 27.94) Notes: 1. Different plans shall have different expense structure. The performance details provided herein are of ICICI Prudential Select Large Cap Fund. 2. The scheme is currently managed by Mrinal Singh and Mittul Kalawadia. Mr. Mrinal Singh has been managing this fund since Dec Total Schemes managed by the Fund Manager is 15 (14 are jointly managed [Excludes FoF Schemes]). Refer annexure from page no. 33 for performance of other schemes currently managed by Mrinal Singh. Mr. Mittul Kalawadia has been managing this fund since Jan Total Schemes managed by the Fund Manager is 15 (15 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Mittul Kalawadia. 3. Date of inception: 28-May Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. 5. Load is not considered for computation of returns. 6. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period 7. The performance of the scheme is benchmarked to the Total Return variant of the Index Portfolio as on March 31, 2018 % to NAV Auto 12.65% Mahindra & Mahindra Ltd % Banks 1.83% State Bank Of India 1.83% Construction Project 1.62% Larsen & Toubro Ltd. 1.62% Consumer Non Durables 9.63% ITC Ltd. 9.63% Gas 8.21% GAIL (India) Ltd. 8.21% Petroleum Products 7.63% Indian Oil Corporation Ltd. 7.63% Pharmaceuticals 14.21% Sun Pharmaceutical Industries Ltd % Cipla Ltd. 2.28% Power 16.01% NTPC Ltd. 9.32% Power Grid Corporation Of India Ltd. 6.68% Software 15.60% Infosys Ltd. 9.54% Wipro Ltd. 6.06% Telecom - Services 6.23% Bharti Airtel Ltd. 6.23% Short Term Debt and net current assets 6.39% Total Net Assets % Average P/E : Average P/BV : 3.08 Average Dividend Yield : 1.91 Annual Portfolio Turnover Ratio : Equity times, Others (Debt and Derivatives) times Combined Annual Portfolio Turnover Ratio : 0.47 times Std Dev (Annualised) : 13.46% Sharpe Ratio : Portfolio Beta : 0.95 R squared : 0.92 Benchmark Std Dev (Annualised) : 13.59% Note : Default trigger is now set at 50% of the appreciation of NAV. Portfolio turnover has been computed as the ratio of the lower value of purchase and sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last Overnight MIBOR cut-off of 9.39% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Ms. Priyanka Total Expense Ratio is weighted average for the month. Ratio excludes Goods and Service Tax on management fees and includes B-15 clawback reversal, if any. Minimum number of installments for monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, * Minimum number of installments for daily, weekly and monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, Refer page No. 69 for definition of Flex STP and Value STP. Minimum number of installments for both monthly and quarterly will be 2. w.e.f February 01, *** In case the unit holder has opted for dividend payout option, the minimum amount for dividend payout shall be 100 (net of dividend distribution tax and other statutory levy, if any), else the dividend would be mandatorily reinvested

10 ICICI Prudential Top 100 Fund An Open Ended Equity Fund This Product is suitable for investors who are seeking*: Long term wealth creation solution An equity fund that aims to provide long term capital appreciation by predominantly investing in equity and equity related securities. Riskometer *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Style Box Fund Details Fund Managers** : Sankaran Naren (Managing this fund from Feb 2012, earlier managed from Aug 2009 to Feb 2011 & has Overall 26 Years of experience) Mr Prakash Gaurav Goel (Managing this fund since October, 2017 & Overall 14 years of experience) Indicative Horizon: 5 years and above Inception/Allotment date: 09-Jul-98 Monthly AAUM as on 31-Mar-18 : Rs. 3, crores Closing AUM as on 31-Mar-18 : Rs. 3, crores NAV (As on 28-Mar-18): IPT100F Growth Option : IPT100F Dividend Option : IPT100F Direct Plan Growth Option : IPT100F Direct Plan Dividend Option : Options : Growth, Dividend (dividend payout*** and re-investment facility available) Application Amount for fresh Subscription : Rs.5,000 (plus in multiples of Re.1) Min.Addl. : Rs.1,000 (plus in multiples of Re.1) Entry load : Not Applicable Exit load for Redemption / Switch out :- Lumpsum & / STP / SWP Option Within 1 Year from allotment - 1% of applicable NAV, more than 1 Year - Nil : Monthly Frequency: Rs. 1,000/- and Quarterly Frequency: Rs. 5,000/- and SWP : Rs. 500/- and in multiples of Rs. 1/- STP/ Flex STP/ Value STP * : Daily Frequency: Rs. 250/- and in multiples of Rs. 50/- Weekly, Monthly and Quarterly Frequency: Rs. 1,000/- and in multiples of Rs. 1/- Min.Redemption Amt. : 500/- or all units where amount is below 500/- Dividend History : Refer page no. from 60 to 64 Returns : Refer page no. from 57 to 58 Total Expense : IPT100F : 2.20% p. a. IPT100F Direct Plan : 1.04% p. a. Objective : Refer page no. from 65 Particulars Scheme Nifty 50 Index (Benchmark) NAV (Rs.) Per Unit (as on March 28,2018 : ) Returns of ICICI Prudential Top 100 Fund - Growth Option as on March 31, (IPT100F) Notes: 1. Different plans shall have different expense structure. The performance details provided herein are of ICICI Prudential Top 100 Fund. 2. The scheme is currently managed by Sankaran Naren and Prakash Gaurav Goel. Mr. Sankaran Naren has been managing this fund since Feb Total Schemes managed by the Fund Manager is 34 (34 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Sankaran Naren. Mr. Prakash Gaurav Goel has been managing this fund since October Total Schemes managed by the Fund Manager is 7 (7 are jointly managed). Refer annexure from page no. 33 for performance of other schemes currently managed by Prakash Gaurav Goel. 3. Date of inception:09-jul Past performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. 5. Load is not considered for computation of returns. 6. In case, the start/end date of the concerned period is a nonbusiness date (NBD), the NAV of the previous date is considered for computation of returns. The NAV per unit shown in the table is as on the start date of the said period 7. The performance of the scheme is benchmarked to the Total Return variant of the Index. As TRI data is not available since inception of the scheme, benchmark performance is calculated using composite of Nifty 50 Index PRI values from 09-Jul-98 to 30-Jun-99 and TRI values since 30-Jun-99. Company/Issuer 1 Year 3 Year 5 Year Portfolio as on March 31, % to NAV Company/Issuer Auto 2.34% Minerals/Mining 1.25% Tata Motors Ltd. - DVR 2.34% Coal India Ltd. 1.25% Auto Ancillaries 0.62% Non - Ferrous Metals 3.78% Apollo Tyres Ltd. 0.62% Hindalco Industries Ltd. 2.86% Banks 20.26% Vedanta Ltd. 0.92% ICICI Bank Ltd. 5.16% Oil 3.49% HDFC Bank Ltd. 3.90% Oil & Natural Gas Corporation Ltd. 3.49% State Bank Of India 2.99% Pesticides 0.60% The Federal Bank Ltd. 2.96% Rallis India Ltd. 0.60% Axis Bank Ltd. 2.91% Petroleum Products 1.47% Union Bank Of India 1.00% Indian Oil Corporation Ltd. 1.47% Kotak Mahindra Bank Ltd. 0.68% Pharmaceuticals 4.73% Bank Of Baroda 0.65% Sun Pharmaceutical Industries Ltd. 2.35% Chemicals 3.44% Cipla Ltd. 1.86% Tata Chemicals Ltd. 3.44% Alembic Pharmaceuticals Ltd. 0.44% Construction Project 4.03% Lupin Ltd. 0.08% Larsen & Toubro Ltd. 2.28% Power 10.66% Engineers India Ltd. 0.99% NTPC Ltd. 4.26% Ashoka Buildcon Ltd. 0.76% Power Grid Corporation Of India Ltd. 3.16% Consumer Non Durables 9.51% CESC Ltd. 1.35% ITC Ltd. 3.97% Tata Power Company Ltd. 1.27% Britannia Industries Ltd. 1.65% NLC India Ltd. 0.51% Colgate - Palmolive (India) Ltd. 1.57% NHPC Ltd. 0.12% Glaxosmithkline Consumer Healthcare Ltd. 1.21% Services 2.02% Mcleod Russel India Ltd. 0.70% Thomas Cook (India) Ltd. 2.02% Asian Paints Ltd. 0.42% Software 11.96% Ferrous Metals 0.68% Infosys Ltd. 4.65% Tata Steel Ltd. 0.62% HCL Technologies Ltd. 3.16% Tata Steel Ltd. Partly Paid Shares - Right 0.06% Wipro Ltd. 2.26% Finance 7.89% Tata Consultancy Services Ltd. 1.03% HDFC Ltd. 2.96% Tech Mahindra Ltd. 0.85% Sundaram Finance Ltd. 1.33% Telecom - Services 2.42% Mahindra & Mahindra Financial Services Ltd. 1.04% Bharti Airtel Ltd. 2.42% Max Financial Services Ltd. 0.87% Transportation 1.93% IDFC Ltd. 0.70% The Great Eastern Shipping Company Ltd. 1.76% BSE Ltd. 0.70% Gateway Distriparks Ltd. 0.16% Ltd. Sundaram Finance Holdings 0.25% Short Term Debt and net current assets 3.00% Muthoot Finance Ltd. 0.04% Total Net Assets % Gas 2.62% GAIL (India) Ltd. 2.62% Top Ten Holdings Media & Entertainment 1.28% Ltd. Zee Entertainment Enterprises 1.28% Quantitative Indicators Average P/E : Average P/BV : 3.95 Average Dividend Yield : 1.63 Annual Portfolio Turnover Ratio : Equity times, Others (Debt and Derivatives) times Combined Annual Portfolio Turnover Ratio : 0.78 times Std Dev (Annualised) : 13.15% Sharpe Ratio : 0.00 Portfolio Beta : 0.89 R squared : 0.83 Benchmark Std Dev (Annualised) : 13.55% Portfolio turnover has been computed as the ratio of the lower value of purchase and sales, to the average net assets in the past one year (since inception for schemes that have not completed a year). The figures are not netted for derivative transactions. Risk-free rate based on the last Overnight MIBOR cut-off of 9.39% **In addition to the fund manager managing this fund, the ADR/GDR exposure is managed by Ms. Priyanka Khandelwal. Industry classification is done as per Global Industry Classification Standard (GICS) by MSCI and Standard & Poor s for Foreign Total Expense Ratio is weighted average for the month. Ratio excludes Goods and Service Tax on management fees and includes B-15 clawback reversal, if any. Disclaimer The Global Industry Classification Standard ( GICS ) was developed by and is the exclusive property and a service mark of MSCI Inc. ( MSCI ) and Standard & Poor s Financial Services LLC ( S&P ) and is licensed for use by ICICI Prudential Asset Management Company Ltd. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Minimum number of installments for monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, * Minimum number of installments for daily, weekly and monthly frequency will be 6 and for Quarterly frequency will be 4. w.e.f February 01, Refer page No. 69 for definition of Flex STP and Value STP. Minimum number of installments for both monthly and quarterly will be 2. w.e.f February 01, *** In case the unit holder has opted for dividend payout option, the minimum amount for dividend payout shall be 100 (net of dividend distribution tax and other statutory levy, if any), else the dividend would be mandatorily reinvested % to NAV 10