ABRIDGED ANNUAL REPORT FOR F. Y

Transcription

1 ABRIDGED ANNUAL REPORT FOR F. Y Sponsors: ICICI Bank Limited Regd. Office: Landmark, Race Course Circle, Vadodara , India; and Prudential plc, Laurence Pountney Hill, London EC4ROHH, UK. Investment Manager: ICICI Prudential Asset Management Company Limited Corporate Identity Number: U99999DL1993PLC Corporate Office: One BKC, 13th Floor, Bandra Kurla Complex, Mumbai , Tel: (022) Fax: (022) Website: id : enquiry@icicipruamc.com Central Service Office: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East), Mumbai Tel.: , Fax No.: Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi Trustee: ICICI Prudential Trust Limited Corporate Identity Number: U74899DL1993PLC Registered Office: 12th Floor, Narain Manzil, 23 Barakhamba Road, New Delhi Registrars: Computer Age Management Services Pvt. Ltd. (CAMS) Registered Office: New No 10. Old No. 178, Opp. to Hotel Palm Grove, MGR Salai (K.H.Road), Chennai ICICI Prudential Value Discovery Fund ICICI Prudential Dynamic Plan ICICI Prudential Focused Bluechip Equity Fund ICICI Prudential Infrastructure Fund ICICI Prudential Long Term Equity Fund (Tax Saving) ICICI Prudential Asset Management Company Limited Ms. Chanda Kochhar Nominee Director ICICI Bank Limited (Chairperson) Mr. Guy Robert Strapp Nominee Director Prudential Corporation Holdings Limited Mr. N. S. Kannan Nominee Director ICICI Bank Limited Mr. C. R. Muralidharan Independent Director Mr. Suresh Kumar Independent Director Ms. Lakshmi Venkatachalam Independent Director Mr. Ved Prakash Independent Director Chaturvedi Mr. Dilip Karnik Independent Director Mr. Nimesh Shah Managing Director Mr. Sankaran Naren Executive Director ICICI Prudential Trust Limited Mr. M. N. Gopinath Mr. Sandeep Batra Mr. Lakshman Kumar Mylavarapu Mr. Radhakrishnan Nair Mr. Vinod Dhall Independent Director (Chairman) Nominee Director ICICI Bank Limited Nominee Director Prudential Corporation Holdings Limited Independent Director Independent Director

2 INDEPENDENT AUDITOR S REPORT To the Trustees of ICICI Prudential Mutual Fund Report on the Financial Statements We have audited the accompanying financial statements of the schemes of ICICI Prudential Mutual Fund - ICICI Prudential Value Discovery Fund, ICICI Prudential Dynamic Plan, ICICI Prudential Focused Bluechip Equity Fund, ICICI Prudential Infrastructure Fund, ICICI Prudential Long Term Equity Fund (Tax Saving) (collectively the s ), which comprise the balance sheets as at March 31, 2017,the revenue accounts and cash flow statements for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management of ICICI Prudential Asset Management Company Limited, the schemes asset manager, is responsible for the preparation of these financial statements that give a true and fair view of thefinancial position, financial performance and cash flows of the s in accordance with accounting principles generally accepted in India, including the accounting policies and standards specified in the Ninth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto ( the Regulations ). This responsibility also includes maintenance of adequate accounting records and the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the purpose of expressing an opinion on the effectiveness of the entity s internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the balance sheet, of the state of affairs of the respective s as at March 31, 2017; (b) in the case of the revenue account, of the surplus of the respective s for the year ended on that date; and (c) in the case of the cash flow statement, of the cash flows of the respective s for the year ended on that date. Report on Other Legal and Regulatory Requirements As required by Regulation 55(4) and clause 5(ii)(2) of the Eleventh Schedule of the Regulations, we report that: a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; b. In our opinion, the balance sheet and revenue account dealt with by this report have been prepared in conformity with the accounting policies and standards specified in the Ninth Schedule to the Regulations; and c. The balance sheets,revenue accounts and cash flow statements, dealt with by this report are in agreement with the books of account of the. d. In our opinion, and on the basis of information and explanations given to us, the methods used to value non traded securities as at March 31, 2017 are in accordance with the Regulations and other guidelines issued by the Securities and Exchange Board of India and approved by the Board of Directors of ICICI Prudential Trust Limited, and are fair and reasonable. For S.R. Batliboi & Co. LLP Chartered Accountants ICAI Firm Registration Number: E/E Sd/- per Viren H. Mehta Partner Membership Number: Place: Mumbai Date: July 24,

3 ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai Dear Unitholder, We have pleasure in presenting the 24 th Annual Report of the s of ICICI Prudential Mutual Fund ( the Mutual Fund or the Fund ) for the year ended March 31, 2017, along with the audited financial statements of the s. I. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES A. Performance of the s and Investment Folios 1. Performance of the s ICICI Prudential Trust Limited ( the Company/Trustee ) is acting as the Trustee to all the s/plans of the Fund. The net asset values (NAVs) and other pertinent details of the various s are given below: Name Date of Allotment Quarterly AAUM for the period ended March 31, 2017 (` in lakh) Quarterly AAUM for the period ended March 31, 2016 (` in lakh) Net Asset Value per unit at March 31, 2017 (`) Last 1 year return Returns Since inception returns Category ICICI Prudential Dynamic Plan 31-Oct-02 6,15, ,12, % 24.29% Open Ended Equity Fund Nifty 50 Index 18.55% 17.01% ICICI Prudential Value Discovery Fund 16-Aug-04 1,613, ,056, % 22.61% Open Ended Equity Fund S&P BSE 500 Index 24.02% 15.47% ICICI Prudential Infrastructure Fund 31-Aug , , % 14.30% Open Ended Equity Fund Nifty Infrastructure Index 21.53% 5.10% ICICI Prudential Focused Bluechip Equity Fund 23-May-08 1,243, , % 14.94% Open Ended Equity Fund Nifty 50 Index 18.55% 7.22% ICICI Prudential Long Term Equity Fund (Tax Saving) 19-Aug , , % 21.82% Open Ended Equity Linked Saving Nifty 500 Index 23.91% 12.76% Past performance may or may not be sustained in the future. NAV of growth option is considered for computation of returns without considering load. Returns are calculated on the basis of CAGR. For computation of since inception returns the allotment NAV has been taken as ` 10 Performance figures have been computed based on the last declared NAV. Returns have been calculated based on NAV of Growth option, wherever applicable. Allotment date shown is the date from which units under the plans are available throughout. 2. Investment Folios ICICI PRUDENTIAL TRUST LIMITED TRUSTEES REPORT The total number of live folios as at March 31, 2017 were lakh. B. Market Review and Outlook Market Review FY 17 1 Global Economy: The US Federal Reserve (Fed) hiked interest rates for second time in the three months (Jan-Mar 2017) by 25 bps to a range of 0.75%-1% amid steady economic growth, improvement in jobs and rise in inflation. During the period, European Central Bank has kept its key interest rates and bond buying programme unchanged at its latest monetary policy meeting and also raised the European Union bloc s growth forecast. Meanwhile, UK submitted a formal request to exit the European Union (EU), invoking Article 50 of the Treaty on EU, commencing two years 1 FY represents a financial year from April 1 to March 31 of the following year. FY 17 represents the financial year ended in FY 18 and FY 19 represent financial year ending in 2018 and 2019 respectively. 3

4 of negotiations with its European partners. The Bank of England held interest rates steady at 0.25% at its monetary meeting. China achieved 6.7% GDP growth in 2016, the lowest in over 26 years. Indian economy: According to the Central Statistics Office (CSO), the Indian economy is estimated to expand by 7.1% in FY 17. Inflation over the last one year has remained range bound. Retail inflation has remained in 3-4% range, meanwhile, wholesale prices have remained suppressed for major part of the year. Current Account Deficit (CAD) has widened modestly and is around 1.4% for FY 17. India s Fiscal deficit in the April February 2017 period stood at ` 6.06 trillion or 113.4% of budget estimate for , as against 107.1% of budget during the same period last year. Indian equity market: Indian equity markets witnessed a rally with Sensex crossing the 30,000 mark for the first time and Nifty 50 touched a record high. The market was mainly boosted by solid macro stability and strengthening of the rupee against dollar. Indian debt market: Reserve Bank of India s (RBI) Monetary Policy Committee continued with the interest rate cut cycle, by reducing the repo rate by 50 bps in FY 17 and it also took various other measures to increase the market liquidity. Meanwhile, the government too supported RBI s effort by keeping a check on its borrowing. In its Union Budget, the government pegged the gross borrowing for FY 18 at ` 5.8 trillion, largely unchanged from FY 17. The net borrowing for FY 18 is pegged at ` 3.48 trillion, lower than the FY17 figure of ` 4.07 trillion. Despite the pressures on the Government budgets, the Government has gone ahead with a fiscal deficit target of 4% of GDP for FY 18 vis-à-vis 3.5% of GDP for FY 17. Gold review: Indian gold prices closed the year at ` 28,590 per 10 grams on March 31, 2017 as against ` 29,080 per 10 grams on March 31, 2016 on the MCX (Multi-Commodity Exchange). Gold prices have fallen down. Key Statistics of FY 17 Domestic Indices March 31, 2017 March 31, 2016 % change Nifty 50 9,173 7, S&P BSE MID CAP 14,096 10, S&P BSE Sensex 29,620 25, S&P BSE SMALL CAP 14,433 10, International Indices March 31, 2017 March 31, 2016 % change Dow Jones 20,663 17, FTSE 7,322 6, HangSeng 24,111 20, Nasdaq 5,911 4, Nikkei 19,217 16, SSE Composite Index 3,222 3, Strait Times 3,175 2, Currency Movement Commodity Price Movement March 31, March 31, % change March 31, March 31, % change INR/USD Brent ($/bbl) INR/GBP Gold ($/ounce) 1, , INR/EUR Silver ($/ounce) INR/YEN Fixed Income March 31, 2017 March 31, 2016 % change 4 Institutional Flow as on March 31, 2017 (Equity) Call Rate 6.04% 12.00% Pur ( ` Cr.) Sales ( ` Cr.) Net ( ` Cr.) YTD ( ` Cr.) 91 day T-Bill 5.78% 7.69% FII Flows 12,232 11, ,631

5 364 Days T-Bill 6.10% 7.06% MF Flows 5,563 3,704 1,859 9,893 CBLO 5.47% 7.38% Repo 6.25% 6.75% Reverse Repo 5.75% 5.75% 0 10Yr G Sec 6.68% 7.5% Yr CD 6.65% 8.20% G Sec Volume (` bln) 47, , US 10 Yr Bond 2.39% 1.77% March 31, 2017 March 31, 2016 % change S&P BSE Consumer Durables 15,257 11, S&P BSE Mid cap 14,096 10, S&P BSE IT 10,365 11, S&P BSE FMCG 9,270 7, S&P BSE Oil & Gas 13,563 9, S&P BSE Small Cap 14,433 10, S&P BSE Auto 22,013 18, S&P BSE Bankex 24,221 18, S&P BSE HealthCare 15,312 15, S&P BSE Power Index 2,274 1, S&P BSE PSU 8,596 6, S&P BSE Metals 11,804 7, S&P BSE Capital Good 16,446 12, S&P BSE Realty 1,600 1, So how is FY 18 shaping up? Economic outlook India is amongst the fastest growing countries in the world, along with political stability. Therefore, over the next two years or so there are investment opportunities in the equity market. We expect markets to provide reasonable returns in FY 18. However, the same is subject to an earnings upgrade cycle, which is critical for the current valuations to sustain and the volitality, which may arise due to uncertainity of global events. With the macroeconomic indicators largely positive, we expect their effect to trickle down to the microeconomic level in FY 18. Key microeconomic indicators such as pick-up in consumer durable goods production, automobile sales, and capital expenditure have been quite constructive. The government s focus on policy implementation is leading to an economic revival. Further, sustained foreign direct investments and stability in crude oil prices could boost markets. We believe global investors will continue to focus on India as its long-term economic growth story remains intact. Equity market outlook: Fundamentally, a good structural bull market plays out when the three economic production factors land, labour and capital bottom out. Post demonetisation, land prices are likely to decrease, interest rates have already come off and labour costs have reduced over the last three to four years. This means we are currently in a situation where all the three factors are on a downward trajectory, which can be a big positive. Further, we expect the deleveraging cycle to continue, thus leading to a rise in capacity utilisation and corporate earnings. Valuations on parameters such as market capitalisation to GDP (gross domestic product) are reasonable and profit as a percentage of GDP has reduced substantially. Going forward, we expect these matrices to improve which in turn could translate to better equity returns over the next two years. While equities sound promising over the long term, the short term could be paved by heightened volatility. Debt market outlook: Debt asset class has generated returns during the process of deleveraging. In line with this view, we believe that the outlook of fixed income can be reasonably good for the next six-to-twelve months. Furthermore, we believe that more investors are likely to turn to fixed income investments, as traditional investment avenues could lose their 5

6 lustre. The Reserve Bank of India and the Government also took various steps to make financial assets attractive. Over the last five years, gold has given negative returns in US dollar terms while real estate too has hardly delivered any returns globally. On the other hand, financial savings have witnessed an unprecedented spurt since We believe that interest rates can come down further, however larger part of the rally is now behind us and hence, incremental returns from fixed income may moderate hereon. C. Operations of the s 1. Average Assets under Management (AAUM) The AAUM of the Mutual Fund for the quarter ended March 31, 2017 stood at ` 2,43, crore, while for the quarter ended March 31, 2016 the AAUM of the Mutual Fund was ` 1,75, crore. As of March 31, 2017, the Fund comprised 44 open ended schemes, 1 international fund, 6 exchange traded funds (including 1 Gold ETF), 18 interval funds, 1 fund of funds scheme investing overseas, 6 fund of fund schemes investing domestically and 267 close ended schemes. During the year under review, the Fund launched 2 Equity Exchange Trade Funds, 26 Fixed Maturity Plans, 7 Capital Protection Oriented s, 4 Multiple Yield Funds, 5 Close Ended Equity Funds. 2. Operations and Consumer Service With a view to rendering timely and efficient customer service, the Investment Manager of the Fund, viz., ICICI Prudential Asset Management Company Ltd. ( the AMC ) has been effectively leveraging on its 162 branches including 67 functioning as official points of acceptance of transactions, as on March 31, 2017, effectively servicing the large client base. Additionally a dedicated contact center has been effective in providing investor support and redressing their grievances. The AMC s focus has always been on technological innovation for facilitating investors convenience. 3. -wise commentary i. ICICI Prudential Value Discovery Fund ICICI Prudential Value Discovery Fund is an open ended equity scheme that seeks to generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks. Value stocks are those, which have attractive valuations in relation to earnings or book value or current and/or future dividends. The Growth option of the scheme posted a return of 20.67% in FY 17. The benchmark S&P BSE 500 Index posted a return of 24.02% for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 16, crore. ii. ICICI Prudential Dynamic Plan ICICI Prudential Dynamic Plan is an open ended flexi-cap opportunities fund that seeks to generate capital appreciation by actively investing in equity and equity related securities. For defensive considerations, the scheme may invest in fixed income securities, derivatives and hold cash. The Growth option of the scheme posted a return of 31.17% in FY 17, better than 18.55% posted by the benchmark Nifty 50 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 6, crore. iii. ICICI Prudential Focused Bluechip Equity Fund ICICI Prudential Focused Bluechip Equity Fund is an open ended equity scheme that seeks to generate long term capital appreciation and income distribution to unitholders from a portfolio that is invested predominantly in equity and equity related securities of large cap companies and the balance in debt securities, money market instruments and cash. The Growth option of the scheme posted a return of 24.78% in FY 17, better than the 18.55% posted by the benchmark Nifty 50 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 12, crore. iv. ICICI Prudential Infrastructure Fund ICICI Prudential Infrastructure Fund is a thematic fund encompassing infrastructure. It is an open ended equity scheme that seeks to generate capital appreciation and income distribution to unit holders by investing predominantly in equity or equity related securities of the companies belonging to the infrastructure development and balance in debt securities and money market instruments. The Growth option of the scheme posted a return of 32.65% in FY 17, better than the 21.53% posted by the benchmark Nifty Infrastructure Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 1, crore. 6

7 v. ICICI Prudential Long Term Equity Fund (Tax Saving) ICICI Prudential Long Term Equity Fund is an open ended Equity Linked Savings (ELSS) that aims to generate long term capital appreciation by primarily investing in equity and related securities. The Growth option of the scheme posted a return of 26.99% in FY 17, better than the 23.91% posted by the benchmark Nifty 500 Index for the year. The AAUM of the scheme during the last quarter of FY 17 was ` 3, crore. II. BRIEF BACKGROUND OF SPONSORS, TRUST, TRUSTEE AND THE AMC A. Sponsors 1. ICICI Bank Limited ICICI Bank is India s largest private sector bank with total assets of ` 7, billion at March 31, 2017 and profit after tax ` billion for the year ended March 31, ICICI Bank currently has a network of 4,850 Branches and 13,882 ATM s across India. The Bank offers a wide range of banking and financial services including commercial banking and treasury operations. ICICI Bank and their subsidiaries offers a wide range of banking and financial services including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services. ICICI Bank s international footprint consists of subsidiaries in the United Kingdom and Canada, branches in the United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Dubai International Finance Centre, South Africa, China and Qatar Financial Centre and representative offices in the United Arab Emirates, Bangladesh, Malaysia and Indonesia. The UK subsidiary of the Bank has eight branches in UK and a branch each in Belgium and Germany. ICICI Bank s equity shares are listed in India on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). 2. Prudential plc Prudential plc and its affiliated companies constitute one of the world s leading financial services groups, serving around 24 million insurance customers and has 599 billion of assets under management (as of December 31, 2016). Prudential plc is incorporated in England and Wales and is listed on the stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America. The Group is structured around four main business units: Prudential Corporation Asia Prudential Corporation Asia has leading insurance and asset management operations across 14 markets in Asia and serves the families of the region s high-potential economies. Prudential has been operating in Asia for over 90 years and has built high performing businesses with effective multichannel distribution, a product portfolio centred on regular savings and protection, award-winning customer services and a widely recognised brand. Jackson National Life Insurance Company Jackson is one of the largest life insurance companies in the US, providing retirement savings and income strategies aimed at large number of people approaching retirement.jackson s pursuit of excellence in product innovation and distinctive distribution capabilities have helped us forged a solid reputation for meeting the needs of customers. Jackson s variable annuities offer a distinctive retirement solution designed to provide a variety of investment choices to help customers pursue their financial goals. Prudential UK & Europe Prudential is a leading provider of savings and retirement income products in UK. Its core strengths lies in investments that help customers meet their long-term goals, while also protecting them against short-term market fluctuations. They provide long term savings solutions for UK customers, meeting people s needs through our core strengths in with-profits and retirement, underpinned by its expertise in areas such as longevity, risk management and multi-asset investment. M&G M&G is an international asset manager with more than 85 years experience of investing on behalf of individuals and institutions.our goal is to help our customers prosper by securing long-term returns from their savings. For individual investors, we offer funds across diverse geographies, asset classes and investment strategies, aimed at growing their long-term savings or producing regular income. For institutional investors, we offer investment strategies to meet their clients long-term needs for capital growth or income. 7

8 B. ICICI Prudential Mutual Fund ICICI Prudential Mutual Fund ( the Mutual Fund or the Fund ) was set up as a Trust by the Settlers, in accordance with the provisions of the Indian Trusts Act, 1882 under a Trust Deed dated August 25, 1993 (since amended from time to time). The Fund is sponsored by Prudential plc (through its wholly owned subsidiary Prudential Corporation Holdings Ltd) and ICICI Bank Ltd. ICICI Bank Ltd. had contributed ` 10 lakh and Prudential plc, with the approval of Reserve Bank of India, had contributed ` 12.2 lakh to the corpus of the Fund. C. ICICI Prudential Trust Limited ICICI Prudential Trust Limited ( the Company/Trustee ) is the Trustee of the Fund (including its schemes). It was incorporated under the Companies Act, 1956, in terms of a Trust Deed executed on August 25, The Trust Deed is registered under the Indian Registration Act, The Trustee is the exclusive owner of the Fund and holds the same in trust for the benefit of the unit holders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in Securities and Exchange Board of India (Mutual Fund) Regulations, 1996 (the Regulations ) and the Trust Deed. The Trustee seeks to ensure that the Fund and the schemes floated thereunder are managed by the AMC in accordance with the Trust Deed, the Regulations, and the directions and guidelines issued by the Securities & Exchange Board of India (SEBI), the stock exchanges concerned, the Association of Mutual Funds in India and other Regulatory agencies. 1. Share Capital ICICI Bank Ltd. holds 51% of the share capital of the Trustee; Prudential plc, through its wholly owned subsidiary, Prudential Corporation Holdings Ltd., holds the remaining 49%. 2. Board of Directors As of March 31, 2017, the Board comprised: Sr. No. Name of the Director Status 1. Mr. M. N. Gopinath Independent Director (Chairman) 2. Mr. Sandeep Batra Nominee Director ICICI Bank Ltd. 3. Mr. Lakshman Kumar Mylavarapu* Nominee Director Prudential Corporation Holdings Limited 4. Mr. Radhakrishnan Nair Independent Director 5. Mr. Vinod Dhall Independent Director * Mr. Lakshman Kumar Mylavarapu has been appointed as a Nominee Director on the Trust Board with effect from January 9, Mr. Keki Bomi Dadiseth resigned from the Trust Board with effect from April 21, D. ICICI Prudential Asset Management Company Limited ICICI Prudential Asset Management Company Limited ( the AMC ), a company incorporated on June 22, 1993 under the Companies Act, 1956, was registered with SEBI on October 13, 1993 to act as the Investment Manager to all the s of ICICI Prudential Mutual Fund. The Trustee has entered into an Investment Management Agreement dated September 3, 1993 with the AMC to function as the Investment Manager for all the schemes of the Fund. The AMC has been providing portfolio management services (PMS) since October 2000, with the requisite approvals/permissions from SEBI and the Trustee as envisaged under Regulation 24(b) of the Regulations. Further, the AMC is rendering Advisory Services to SEBI-registered foreign portfolio investors (FPIs). The AMC is also providing investment management services to Alternative Investment Funds registered under SEBI (Alternative Investment Funds) Regulations, These activities are not in conflict with the activities of the Mutual Fund. In the situations of unavoidable conflicts of interest, the AMC undertakes that it shall satisfy itself that adequate disclosures are made of sources of conflict, potential material risk or damage to investor interest and develop parameters for the same. The AMC has secured a leading position in the Indian mutual fund industry with quarterly AAUM of ` 2,43, crore for the quarter ended March 31, The AMC manages a comprehensive range of s to meet the varying investment needs of its investors spread across various cities through 294 Official Points of Transactions (including 227 branches operated through the Registrar of the Mutual Fund) in the country as on March 31, Share Capital ICICI Bank Ltd. holds 51% of the share capital of the AMC; Prudential plc, through its wholly owned subsidiary, Prudential Corporation Holdings Ltd., holds the remaining 49%. 2. Board of Directors As on March 31, 2017, the Board comprised: 8

9 Sr. No. Name of the Director Status 1. Ms. Chanda Kochhar Nominee Director ICICI Bank Ltd. (Chairperson) 2. Mr. Guy Robert Strapp Nominee Director Prudential Corporation Holdings Limited 3. Mr. N. S. Kannan Nominee Director ICICI Bank Ltd. 4. Mr. C. R. Muralidharan Independent Director 5. Mr. Suresh Kumar Independent Director 6. Ms. Lakshmi Venkatachalam Independent Director 7. Mr. Ved Prakash Chaturvedi* Independent Director 8. Mr. Dilip Karnik** Independent Director 9. Mr. Nimesh Shah Managing Director 10. Mr. Sankaran Naren*** Executive Director * Mr. Ved Prakash Chaturvedi has been appointed as an Independent Director on the Board of the AMC with effect from July 14, ** Mr. Dilip Karnik has been appointed as an Independent Director on the Board of the AMC with effect from March 6, *** Mr. Sankaran Naren has been appointed as an Executive Director on the Board of the AMC with effect from April 22, Mr. Vijay Thacker an Independent Director has retired from the Board of the AMC upon completion of his tenure with effect from January 21, III. INVESTMENT OBJECTIVES OF THE SCHEMES ICICI Prudential Dynamic Plan To generate capital appreciation by actively investing in equity and equity related securities. For defensive considerations, the may invest in debt, money market instruments and derivatives. The investment manager will have the discretion to take aggressive asset calls i.e. by staying 100% invested in equity market/equity related instruments at a given point of time and 0% at another, in which case, the fund may be invested in debt related instruments at its discretion. The AMC may choose to churn the portfolio of the in order to achieve the investment objective. The is suitable for investors seeking high returns and for those who are willing to take commensurate risks. Although the endeavors to achieve the investment objective, there is no assurance that the investment objective of the will be realized. ICICI Prudential Focused Bluechip Equity Fund To generate long-term capital appreciation and income distribution to unit holders from a portfolio that is invested in equity and equity related securities of about 20 companies belonging to the large cap domain and the balance in debt securities and money market instruments. The Fund Manager will always select stocks for investment from among Top 200 stocks in terms of market capitalization on the National Stock Exchange of India Ltd. If the total assets under management under this scheme goes above ` 1,000 crores the Fund Manager reserves the right to increase the number of companies to more than 20. Although the endeavors to achieve the investment objective, there is no assurance that the investment objective of the will be realized. ICICI Prudential Value Discovery Fund To generate returns through a combination of dividend income and capital appreciation by investing primarily in a well-diversified portfolio of value stocks. Value stocks are those, which have attractive valuations in relation to earnings or book value or current and/or future dividends. Although the endeavors to achieve the investment objective, there is no assurance that the investment objective of the will be realized. ICICI Prudential Infrastructure Fund To generate capital appreciation and income distribution to unit holders by investing predominantly in equity/equity related securities of the companies belonging to the infrastructure development and balance in debt securities and money market instruments. Although the endeavors to achieve the investment objective, there is no assurance that the investment objective of the will be realized. ICICI Prudential Long Term Equity Fund (Tax Saving) To generate long-term capital appreciation through investments made primarily in equity and equity related securities of companies. Although the endeavors to achieve the investment objective, there is no assurance that the investment objective of the will be realized. 9

10 IV. SIGNIFICANT ACCOUNTING/ VALUATION POLICIES Accounting policies are in accordance with Securities and Exchange Board of India (Mutual Fund) Regulations, The changes in the accounting/valuation policies, if any, are stated in the notes to the financial statements. V. UNCLAIMED DIVIDEND AND REDEMPTION Details of unclaimed dividends and redemptions under the various schemes are given below: Unclaimed dividend and redemption data for the year ended March 31, 2017 Unclaimed Dividend/ Redemption normally represent the time lag between funding of the respective accounts (with bank) by the AMC and the time taken for presentation of redemption/ dividend warrant by the investors. Unclaimed Dividend/Redemption amount in respect of s/ Plans as on March 31, 2017, is as follows: Name Dividend Redemption Amount (`) Count Amount (`) Count ICICI Prudential Dynamic Plan 41,381, ,447 46,165, ,774 ICICI Prudential Focused Bluechip Equity Fund 14,904, ,171 21,304, ICICI Prudential Value Discovery Fund 54,887, ,721 28,251, ,140 ICICI Prudential Infrastructure Fund 20,668, ,137 32,356, ,618 ICICI Prudential Long Term Equity Fund (Tax Saving) 126,466, ,691 20,410, ,125 VI. DISCLOSURE OF INVESTOR COMPLAINTS The disclosure regarding investors complaints is given below: Redressal of Complaints received against the Mutual Fund for the Financial Year ended March 31, 2017 Name of the Mutual Fund ICICI Prudential Mutual Fund Total Number of Folios : 49,94,923 Complaint Code I A I B I C I D II A II B II C II D III A III B III C Type of Complaint# Non receipt of Dividend on Units Interest on delayed payment of Dividend Non receipt of Redemption Proceeds Interest on delayed payment of Redemption Non receipt of Statement of Account/Unit Certificate Discrepancy in Statement of Account Data corrections in Investor details Non receipt of Annual Report/ Abridged Summary Wrong switch between s Unauthorized switch between s Deviation from attributes (a) No. of complaints pending at the beginning of the Year (b) No. of Complaints received during the year Within 30 days Resolved days days Beyond 180 days Action on (a) and (b) Non Actionable 0-3 months 3-6 months Pending 6-9 months ,871 3, months

11 Complaint Code Type of Complaint# (a) No. of complaints pending at the beginning of the Year (b) No. of Complaints received during the year Within 30 days Resolved days days Beyond 180 days Action on (a) and (b) Non Actionable 0-3 months 3-6 months Pending 6-9 months III D Wrong or excess charges/load III E Non updation of changes viz. address, PAN, bank details, nomination, etc IV Others* Total 46 4,648 4, * If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately. Example : Complaint number from I A to III E is 1000 and Others alone is 500 and transmission linked complaints (within others) are 200 then provide Transmission as separate reason (V) along with all other parameters # including against its authorized persons/ distributors/ employees. etc. Non actionable means the complaint that are incomplete / outside the scope of the mutual fund months VII. CORPORATE GOVERNANCE Pursuant to SEBI circular no. SEBI/IMD/CIR no. 18/198647/2010 dated March 15, 2010 and subsequent clarifications/circulars issued by SEBI, the Fund has formulated a policy for exercise of voting rights by the AMC in investee companies (i.e. companies in whose securities schemes of the Fund have invested). The AMC has disclosed the Voting Policy and the votes exercised during FY 17 on a quarterly and annual basis alongwith Scrutinizer s certification on website of the AMC, viz. VIII. STATUTORY INFORMATION A. The Sponsors are not responsible or liable for any loss resulting from the operation of the schemes of the Fund beyond their initial contribution of ` 22.2 lakh for setting up the Fund and accretions/additions thereto. B. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market values of the underlying investments. C. Full Annual Report shall be put on the website ( and shall be available for inspection at the Central Service Office of the AMC. Present and prospective unit holder can contact the Central Service Office of the AMC to obtain a copy of the trust deed and the full Annual Report of the Fund/ AMC. The AMC/ Fund reserve the right to charge fees for providing copies of these documents. IX. RISK MANAGEMENT SYSTEM As mandated by a SEBI circular dated September 30, 2002, and in line with the policies of the sponsors of the Fund, the AMC has adopted a fullfledged risk-management framework. In the opinion of the Trustee, on the basis of the data presented by the AMC and reviewed at meetings of its Board of Directors, the system serves its objectives adequately. X. LIABILITY AND RESPONSIBILITY OF THE TRUSTEE AND THE SPONSORS The Trustee s primary responsibility is to safeguard the interests of the unit holders and, inter alia, ensure that the AMC functions in the interests of investors and in accordance with the Regulations, the provisions of the Trust Deed, and the Information Documents of the s of the Fund. From the information provided to the Trustee by the AMC and discussions with AMC officials at meetings of its Board and Committee, and reviews by the Trustee through its Board of Directors at such meetings, the Trustee is of the opinion that the AMC has operated in the interests of the unit holders and functioned in compliance with the Regulations. XI. ACKNOWLEDGEMENT The Trustee expresses its gratitude to the unit holders for their continued support, to SEBI, RBI, AMFI, the registrars, bankers, the custodians of the Fund, the stock exchanges where the units of various s are listed, ICICI Bank and Prudential plc. and the management and employees of the AMC for their continued support and assistance during the year. For and on behalf of ICICI Prudential Trust Ltd. Place: Mumbai Date: July 19, 2017 Note: Source for compilation of key statistics and other data is the website of third party research agencies 11 Sd/- Radhakrishnan Nair Director

12 ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai Abridged Balance Sheet as at March 31,2017 (figures as per Audited Financials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) ICICI Prudential Value Discovery Fund ICICI Prudential Dynamic Plan ICICI Prudential Focused Bluechip Equity Fund As at March 31, 2017 As at March 31, 2016 As at March 31, 2017 As at March 31, 2016 As at March 31, 2017 As at March 31, 2016 LIABILITIES 1 Unit Capital 1,86, ,51, , , ,02, ,87, Reserves & Surplus 2.1 Unit Premium Reserve 5,89, ,92, , , ,09, ,81, Unrealised Appreciation Reserve 3,44, ,71, , ,41, ,03, Other Reserves 5,81, ,08, ,35, ,72, ,32, ,24, Loans & Borrowings Current Liabilities & Provisions 4.1 Provision for doubtful Income / Deposits Other Current Liabilities & Provisions 12, , , , , , TOTAL 17,15, ,40, ,40, ,32, ,99, ,03, ASSETS 1 Investments 1.1 Listed Securities: a Equity Shares 15,36, ,24, ,16, ,45, ,14, ,39, b Indian Depository Receipts c Warrants Preference Shares Equity Linked Debentures Other Debentures & Bonds , , Securitised Debt Securities Securities Awaited Listing: Equity Shares - 5, Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities Unlisted Securities: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds - - 6, , Securitised Debt Securities Government Securities , Treasury Bills Commercial Papers - - 4, , , Certificate of Deposits - 46, , Bill Rediscounting Units of Domestic Mutual Fund , , Foreign Securities , , Gold Investments 15,36, ,75, ,11, ,02, ,17, ,84, Deposits 82, , , , Other Current Assets 3.1 Cash & Bank Balance 2, , , CBLO / Reverse Repo Lending 83, , , , , , Others 10, , , , , , Deferred Revenue Expenditure (To the Extent not written off) TOTAL 17,15, ,40, ,40, ,32, ,99, ,03, Fund Manager Mrinal Singh Sankaran Naren & Atul Patel Manish Gunwani Annexure I- Notes to Accounts Figures Less than ` 500 are shown as zero 12

13 ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai Abridged Balance Sheet as at March 31,2017 (figures as per Audited Financials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) ICICI Prudential Infrastructure Fund As at March 31, 2017 As at March 31, 2016 ICICI Prudential Long Term Equity (Tax Saving) As at March 31, 2017 As at March 31, 2016 LIABILITIES 1 Unit Capital 54, , , , Reserves & Surplus 2.1 Unit Premium Reserve 4, , , , Unrealised Appreciation Reserve 20, , Other Reserves 72, , ,09, ,09, Loans & Borrowings Current Liabilities & Provisions 4.1 Provision for doubtful Income / Deposits Other Current Liabilities & Provisions , , , TOTAL 1,51, ,26, ,34, ,91, ASSETS 1 Investments 1.1 Listed Securities: a Equity Shares 1,36, ,19, ,20, ,66, b Indian Depository Receipts c Warrants Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities Securities Awaited Listing: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities Unlisted Securities: Equity Shares Preference Shares Equity Linked Debentures Other Debentures & Bonds Securitised Debt Securities Government Securities Treasury Bills Commercial Papers , Certificate of Deposits , Bill Rediscounting Units of Domestic Mutual Fund Foreign Securities Gold Investments 1,36, ,19, ,20, ,80, Deposits 1, , Other Current Assets 3.1 Cash & Bank Balance , , CBLO / Reverse Repo Lending 10, , , , Others 3, , , , Deferred Revenue Expenditure (To the Extent not written off) TOTAL 1,51, ,26, ,34, ,91, Fund Manager Sankaran Naren and Atul Patel George Heber Joseph Annexure I- Notes to Accounts Figures Less than ` 500 are shown as zero 13

14 ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai Abridged Revenue Account for the year ended March 31,2017 (figures as per Audited Financials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) ICICI Prudential Value Discovery Fund ICICI Prudential Dynamic Plan ICICI Prudential Focused Bluechip Equity Fund Year Ended Year Ended Year Ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, INCOME 1.1 Dividend 13, , , , , , Interest 8, , , , , , Realised Gains/(Losses) on Foreign - - (15.88) (27.04) - - Exchange Transactions 1.4 Realised Gains/(Losses) on Interscheme 7, (2.42) 1, , (138.83) sale of Investments 1.5 Realised Gains/(Losses) on External Sale/ 90, , , , ,10, , Redemption of Investments 1.6 Realised Gains/(Losses) on Derivative - 1, , (1,060.07) 5, (2,231.11) Transactions 1.7 Other Income ( A ) 1,21, ,01, ,01, , ,43, , EXPENSES (Note 7) 2.1 Interest on Borrowing Management Fees 11, , , , , , Service Tax on Management Fees 1, , , , , Transfer Agent's Fees & Expenses 1, Custodian Fees Trusteeship Fees Commission to Agents 15, , , , , , Marketing & Distribution Expenses Audit Fees Other Operating Expenses Deferred Revenue Expenses Written Off ( B ) 30, , , , , , Net Realised Gains / (Losses) for the 90, , , , ,19, , Year / Period (A-B = C) 4 Change in Unrealised Depreciation in - 1,25, , ,07, value of Investments (D) 5 Net Gains / (Losses) for the Year/Period 90, (46,828.16) 88, (40,724.12) 1,19, (61,218.96) ( E= C - D) 6 Change in Unrealised Appreciation in 1,72, , ,37, value of Investments (F) 7 Net Surplus/ (Deficit) for the year/ 2,63, (46,828.16) 1,56, (40,724.12) 2,56, (61,218.96) period (G = E + F) 7.1 Add: Balance Transfer from Unrealised 1,71, ,97, , ,03, ,11, Appreciation Reserve 7.2 Less: Balance Transfer to Unrealised 3,44, ,71, , ,41, ,03, Appreciation Reserve 7.3 Add/(Less) : Equalisation 1,04, , (14,979.08) (10,303.45) 7, , Surplus/(Deficit) brought forward 4,08, ,59, ,72, ,87, ,24, ,59, Total 6,03, ,24, ,50, ,83, ,52, ,38, Dividend Appropriation 9.1 Income Distributed during the year/period 22, , , , , , Tax on Income distributed during the year/ period 10 Retained Surplus/ (Deficit) Carried forward to Balance Sheet 5,81, ,08, ,35, ,72, ,32, ,24, Fund Manager Mrinal Singh Sankaran Naren & Atul Patel Manish Gunwani Annexure I- Notes to Accounts Figures Less than ` 500 are shown as zero 14

15 ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai Abridged Revenue Account for the year/period ended March 31, 2017 (figures as per Audited Financials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) ICICI Prudential Infrastructure Fund ICICI Prudential Long Term Equity (Tax Saving) Year Ended Year Ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, INCOME 1.1 Dividend 1, , , , Interest Realised Gains/(Losses) on Foreign Exchange Transactions 1.4 Realised Gains/(Losses) on Interscheme sale of Investments 1.5 Realised Gains/(Losses) on External Sale/ 16, , , , Redemption of Investments 1.6 Realised Gains/(Losses) on Derivative 1, (3,751.56) - - Transactions 1.7 Other Income ( A ) 20, , , , EXPENSES (Note 7) 2.1 Interest on Borrowing Management Fees 2, , , , Service Tax on Management Fees Transfer Agent's Fees & Expenses Custodian Fees Trusteeship Fees Commission to Agents , , Marketing & Distribution Expenses Audit Fees Other Operating Expenses Deferred Revenue Expenses Written Off ( B ) 3, , , , Net Realised Gains / (Losses) for the 17, , , , Year / Period (A-B = C) 4 Change in Unrealised Depreciation in - 31, , value of Investments (D) 5 Net Gains / (Losses) for the Year/Period 17, (23,912.90) 42, (15,901.53) ( E= C - D) 6 Change in Unrealised Appreciation in 21, , value of Investments (F) 7 Net Surplus/ (Deficit) for the year/ 38, (23,912.90) 84, (15,901.53) period (G = E + F) 7.1 Add: Balance Transfer from Unrealised - 30, , Appreciation Reserve 7.2 Less: Balance Transfer to Unrealised 20, , Appreciation Reserve 7.3 Add/(Less) : Equalisation (4,409.60) (13,034.84) 53, , Surplus/(Deficit) brought forward 63, , ,09, ,65, Total 77, , ,19, ,14, Dividend Appropriation 9.1 Income Distributed during the year/period 5, , , , Tax on Income distributed during the year/ period 10 Retained Surplus/ (Deficit) Carried 72, , ,09, ,09, forward to Balance Sheet Fund Manager Sankaran Naren & Atul Patel George Heber Joseph Annexure I- Notes to Accounts Figures Less than ` 500 are shown as zero 15

16 ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai Notes to Accounts Annexure I to the Abridged Balance Sheet and Revenue Account for the Year ended March 31, 2017 for the following schemes: Code DISCO DYNMIC FOCUS INFRA TAX Name ICICI Prudential Value Discovery Fund ICICI Prudential Dynamic Plan ICICI Prudential Focused Bluechip Equity Fund ICICI Prudential Infrastructure Fund ICICI Prudential Long Term Equity Fund (Tax Saving) 1 Investments 1.1 All investments of the scheme except Government Securities and Treasury Bills are registered in the name of the Trustees for the benefits of the s Unitholders. All investments in Government Securities and Treasury Bills are held in an SGL account in the name of ICICI Prudential Mutual Fund. 1.2 Open Positions of derivatives: Code As on March 31, 2017 As on March 31, 2016 Long Positions % to Net Assets Short Positions % to Net Assets Long Positions % to Net Assets Short Positions % to Net Assets DYNMIC 10, % , % - - FOCUS 28, % , % - - INFRA 6, % - - 3, % - - Disclosure as required under SEBI Circular -Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010 Annexure I(b) for the year a Hedging Positions through Futures as on March 31, 2017 is Nil. b Other than hedging Positions through Futures as on March 31, 2017 Underlying Security Name Long/(Short) Future price when purchased (in `) Current price of the contract (in `) Margin Maintained DYNMIC STATE BANK OF INDIA Long DYNMIC ITC LIMITED Long FOCUS CIPLA LIMITED Long FOCUS HINDUSTAN UNILEVER LIMITED Long FOCUS BHARAT PETROLEUM CORPORATION LTD. Long FOCUS STATE BANK OF INDIA Long FOCUS WIPRO LIMITED Long FOCUS TVS MOTOR COMPANY LIMITED Long , INFRA STATE BANK OF INDIA Long INFRA INDIAN OIL CORPORATION LIMITED Long INFRA TATA STEEL LIMITED Long c For the Period ended March 31, 2017 the following transactions through futures have been squared off/ expired: Hedging Transactions Transactions Where futures were bought Transactions Where futures were Sold Combined Hedged Net Total % of existing Assets No of Contract Gross Notional Value No of Contract Gross Notional Value Profit/(Loss) hedged through Futures DYNMIC - - 7,641 41, (306.17) - FOCUS - - 3,144 18, (202.43) - Other than Hedging Transactions Transactions Where futures were bought Transactions Where futures were Sold Combined Non Hedged Total exposure due to No of Contract Gross Notional Value No of Contract Gross Notional Value Net Profit/(Loss) Futures (non hedging positions) as a % of Net Assets DYNMIC 33,473 2,02,937 10,994 68, , % FOCUS 44,082 2,85,808 7,750 56, , % INFRA 6,048 38, , % d Hedging Positions through Put Options as on March 31, 2017 is Nil. e No hedging transaction through Options were transacted during the year ended March 31, f Other than Hedging Position through Options as on March 31, 2017 is Nil. g For the period ended March 31, 2017 with regard to non-hedging transactions through options which have already been exercised/expired Underlying Security Name Call/Put Strike price Number of contracts Gross Notional Value (in ` Lakhs) Net Profit/(Loss) (in ` Lakhs) DYNMIC NIFTY PUT h Hedging Positions through swap as on March 31, 2017 is Nil. 16

17 Disclosure as required under SEBI Circular -Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010 Annexure I(b) for the year a Hedging Positions through Futures as on March 31, 2016 is Nil. b Other than hedging Positions through Futures as on March 31, 2016 Underlying Security Name Long/(Short) Future price when purchased (in `) Current price of the contract (in `) Margin Maintained DYNMIC LUPIN LIMITED Long 1, , DYNMIC CESC LIMITED Long DYNMIC GRASIM INDUSTRIES LIMITED Long 3, , DYNMIC CIPLA LIMITED Long DYNMIC THE FEDERAL BANK LIMITED. Long DYNMIC TATA CHEMICALS LIMITED Long FOCUS GRASIM INDUSTRIES LIMITED Long 3, , FOCUS CIPLA LIMITED Long FOCUS BHARAT PETROLEUM CORPORATION LTD. Long FOCUS MAHINDRA AND MAHINDRA LIMITED Long 1, , FOCUS HINDUSTAN ZINC LIMITED Long INFRA BHARAT HEAVY ELECTRICALS LIMITED Long INFRA THE FEDERAL BANK LIMITED. Long c For the Year ended March 31, 2016, the following transactions through futures have been squared off/ expired: Hedging Transactions Transactions Where futures were bought Transactions Where futures were Sold Combined Hedged Net Total % of existing Assets No of Contract Gross Notional Value No of Contract Gross Notional Value Profit/(Loss) hedged through Futures DYNMIC - - 6,927 16, FOCUS - - 3,341 11, INFRA , (0.28) - For the Year ended March 31, 2016 the following transactions through futures have been squared off/ expired: Other than Hedging Transactions Transactions Where futures were bought Transactions Where futures were Sold Combined other than Total exposure due to No of Contract Gross Notional Value No of Contract Gross Notional Value Hedging Net Profit/(Loss) Futures (non hedging positions) as a % of Net Assets DISCO 6,571 18, , DYNMIC 1,23,109 3,34, ,973 26, (1,301.76) 2.65% FOCUS 74,195 2,66, (2,440.32) 1.02% INFRA 33,517 92, (3,751.28) 2.57% d Hedging Positions through Put Options as on March 31, 2016 is Nil. e No hedging transaction through Options were transacted during the year ended March 31, f Other than Hedging Position through Options as on March 31, 2016 is Nil. g Non hedging transactions through options have already been exercised / expired for the year ended March 31, 2016 is Nil. h Hedging Positions through swap as on March 31, Nil 1.3 Investments made by schemes in Sponsor/Associates/Group Companies: code Name of Sponsor/ Associate/Group Company Nature of Investment Market value of Investment by Market value of Investment by DISCO GMR Infrastructure Ltd $ Equity Shares 11, , DISCO ICICI Bank Limited Equity Shares 93, , DYNMIC ICICI Bank Limited Equity Shares 48, , DYNMIC ICICI Bank Limited Term Deposits Derivatives - 2, DYNMIC ICICI Prudential Life Insurance Company Limited Equity Shares FOCUS ICICI Bank Limited Equity Shares 89, , FOCUS ICICI Bank Limited Term Deposits Derivatives - 5, INFRA GMR Infrastructure Ltd $ Equity Shares INFRA ICICI Bank Limited Equity Shares 11, , INFRA ICICI Bank Limited Term Deposits Derivatives - 2, TAX ICICI Bank Limited Equity Shares 9, ,

18 Name of Sponsor/ Associate/Group Company Nature of Investment Aggregate Market Value of Investment by all s Aggregate Market Value of Investment by all s Brigade Enterprises Limited $ Equity Shares 8, City Union Bank Ltd $ Equity Shares 1, , Eastspring Investment Asian Equity Fund Overseas Mutual Fund Units 1, , GMR Infrastructure Ltd $ Equity Shares 14, , ICICI Bank Limited Debentures and Bonds 2,13, Equity Shares 4,89, ,68, Term Deposits Derivatives - 75, ICICI Home Finance Company Limited Debentures and Bonds 35, , Zero Coupon Debentures - 2, ICICI Prudential Life Insurance Company Limited Equity Shares 2, The above investments are in normal course and are in accordance with the investment objective of relevant scheme. $ The disclosure has been made as director (s) of the AMC is/ are also on the board of the aforesaid companies. 1.4 Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during Name of the Issuer Instrument Amount Avenue Supermarts Limited Equity Share FOCUS 26, Equitas Holdings Limited Equity Share DYNMIC 5, TAX 8, ICICI Prudential Life Insurance Company Limited Equity Share DISCO 29, DYNMIC 7, FOCUS 17, Motherson Sumi Systems Limited Equity Share FOCUS 4, Ujjivan Financial Services Limited Equity Share DYNMIC 6, TAX 5, Subscription by scheme (excluding Secondary Market Purchases) in the issues lead managed by the associate company during Name of the Issuer Instrument Amount Ashoka Buildcon Limited Equity Share INFRA 2, GMR Infrastructure Limited Equity Share DISCO 1, DYNMIC Tata Motors Limited Equity Share DISCO DYNMIC Subscription to any issue of equity or debt on private placement basis where the sponsor or its associate companies have acted as arranger or manager during :Nil (Previous Year - Nil) 1.6 Open Position of securities borrowed : Nil (Previous Year - Nil) Open Position of securities lend : Nil (Previous Year - Nil) 1.7 Details of NPA Aggregate market value : Nil (Previous Year - Nil) Provision thereof Nil (Previous Year - Nil) 1.8 Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets: Unrealised Gain / (Loss) % of Net Assets Unrealised Gain / (Loss) % of Net Assets DISCO 3,44, % 1,71, % DYNMIC 63, % (4,695.78) -0.90% FOCUS 2,41, % 1,03, % INFRA 20, % (1,143.06) -0.91% TAX 26, % (14,785.07) -5.11% 1.9 Aggregate Value of Purchase and Sale with Percentage to average assets : Average Net Assets Purchases % to Sales % to Average Net Purchases % to Average Net Average Net Assets Average Net Assets Assets Assets Sales % to Average Net Assets Equity Securities DISCO 14,23, ,02, % 4,67, % 10,18, ,85, % 3,31, % DYNMIC 5,74, ,72, % 8,29, % 5,53, ,77, % 5,56, % FOCUS 11,55, ,77, % 6,58, % 9,35, ,53, % 2,97, % INFRA 1,34, ,07, % 1,28, % 1,53, , % 1,18, %

19 Average Net Assets Purchases % to Average Net Assets Sales % to Average Net Assets Average Net Assets Purchases % to Average Net Assets Sales % to Average Net Assets TAX 3,50, ,48, % 4,83, % 2,71, ,68, % 4,31, % Other than Equity Securities DISCO 14,23, ,08,95, % 2,09,18, % 10,18, ,47,21, % 1,47,19, % DYNMIC 5,74, ,85, % 78,60, % 5,53, ,90, % 44,32, % FOCUS 11,55, ,23,01, % 1,22,88, % 9,35, ,27, % 86,08, % INFRA 1,34, ,25, % 17,18, % 1,53, ,95, % 24,07, % TAX 3,50, ,13, % 19,21, % 2,71, ,86, % 18,90, % Total DISCO 14,23, ,15,98, % 2,13,85, % 10,18, ,53,06, % 1,50,50, % DYNMIC 5,74, ,58, % 86,89, % 5,53, ,65, % 49,86, % FOCUS 11,55, ,29,79, % 1,29,46, % 9,35, ,81, % 89,05, % INFRA 1,34, ,33, % 18,47, % 1,53, ,88, % 25,25, % TAX 3,50, ,61, % 24,04, % 2,71, ,54, % 23,21, % Equity Securities excludes transactions in futures & options/interest Rate Swaps. Other than equity securities includes Units of Mutual Fund, debt and money market including CBLO and Fixed Deposits Non-Traded securities in the portfolio: As at March 31, 2017 As at March 31, 2016 Particulars Amount % of Net Assets Value Amount % of Net Assets Value DISCO Aggregate value of non traded Equity - - 5, % DISCO Aggregate value of non traded Money Market Instruments , % DYNMIC Aggregate value of non traded Debt 18, % 17, % DYNMIC Aggregate value of non traded Equity % DYNMIC Aggregate value of non traded Money Market Instruments 4, % 29, % FOCUS Aggregate value of non traded Money Market Instruments , % FOCUS Aggregate value of non traded Units of Mutual Fund 2, % 2, % TAX Aggregate value of non traded Money Market Instruments , % 2 Details of Transaction with Associates under regulation 25(8). Brokerage paid to associates/related parties/group companies of Sponsor/AMC Name of Associate/ related parties/group companies of Sponsor/ AMC Nature of Association/ Nature of relation Value of transaction % of total value of transaction of the fund Brokerage % of the total brokerage related to scheme Value of transaction % of total value of transaction of the fund Brokerage % of the total brokerage related to scheme ICICI Securities Limited Group Company DISCO 26, % % 42, % % DYNMIC 76, % % 49, % % FOCUS 77, % % 58, % % INFRA 20, % % 28, % % TAX 69, % % 81, % % Commission paid to associates/related parties/group companies of Sponsor/AMC Name of Associate/ related parties/group companies of Sponsor/ AMC Nature of Association/ Nature of relation Value of transaction % of total value of transaction of the fund Commission % of the total commission related to scheme Value of transaction (` in Lakhs) % of total value of transaction of the fund Commission % of the total commission related to scheme ICICI Bank Sponsor DISCO 49, % 1, % 35, % % DYNMIC 5, % % 7, % % FOCUS 25, % % 21, % % INFRA % % % % TAX 8, % % 4, % % ICICI Securities Limited Group Company DISCO 35, % % 26, % % DYNMIC 2, % % 3, % % FOCUS 17, % % 22, % % INFRA % % % % TAX 4, % % 3, % % 19

20 Name of Associate/ related parties/group companies of Sponsor/ AMC ICICI Securities Primary Dealership Limited Unique Investment Consultants $$ One World Financial & Advisory $$ Nature of Association/ Nature of relation Value of transaction % of total value of transaction of the fund Commission % of the total commission related to scheme Value of transaction (` in Lakhs) % of total value of transaction of the fund Commission % of the total commission related to scheme Group Company DISCO - - ^^ ^^ 0.07 ^^ ^^ ^^ FOCUS ^^ ^^ TAX - - ^^ ^^ - - ^^ ^^ Distributor is a DISCO 2.12 ^^ 0.09 ^^ 2.36 ^^ 0.09 ^^ relative of an employee of the DYNMIC 0.30 ^^ 0.02 ^^ 0.30 ^^ 0.02 ^^ AMC FOCUS 0.25 ^^ 0.02 ^^ 0.50 ^^ 0.01 ^^ INFRA 1.03 ^^ 0.02 ^^ TAX 4.76 ^^ 0.15 ^^ 2.70 ^^ 0.08 ^^ Distributor is a DISCO ^^ - - relative of an employee of the DYNMIC ^^ 0.08 ^^ AMC FOCUS % % Jagdish H Thacker $$ Shaila Badar $$ Rudra Pratap Singh $$ Ramamoorthy Setty Muthuram $$ & Abinash Bardhan $$ Distributor is a relative of an employee of the AMC Distributor is a relative of an employee of the AMC Distributor is a relative of an employee of the AMC Distributor is a relative of an employee of the AMC Distributor is a relative of an employee of the AMC TAX ^^ 0.03 ^^ DYNMIC - - ^^ ^^ - - ^^ ^^ FOCUS - - ^^ ^^ - - ^^ ^^ TAX - - ^^ ^^ - - ^^ ^^ DISCO 1.46 ^^ 0.05 ^^ 0.14 ^^ 0.02 ^^ FOCUS 0.39 ^^ 0.01 ^^ 0.02 ^^ ^^ ^^ TAX ^^ ^^ ^^ DISCO 0.21 ^^ 0.01 ^^ TAX 1.10 ^^ 0.05 ^^ ^^ ^^ ^^ ^^ DISCO 1.20 ^^ 0.07 ^^ DYNMIC 2.15 ^^ 0.10 ^^ INFRA - - ^^ ^^ TAX - - ^^ ^^ DISCO 4.09 ^^ 0.20 ^^ FOCUS 6.68 ^^ 0.17 ^^ INFRA 0.03 ^^ ^^ ^^ TAX 2.31 ^^ 0.11 ^^ Other Charges paid to associates/related parties/group companies of Sponsor/AMC Entity Nature of Payment Amount ICICI Bank Bank Charges * DISCO DYNMIC FOCUS INFRA TAX MF Utilities India Pvt Ltd Investor Service Charges DISCO DYNMIC FOCUS INFRA TAX Commission disclosed above is net of recovery * Bank charges paid include transaction charges paid to ICICI Bank Limited (Professional clearing member) for futures and options transactions Note : The schemes have paid Management Fees and Trusteeship fees to ICICI Prudential Asset Management Company Limited and ICICI Prudential Trust Limited respectively as disclosed in Revenue Acoount. ^^ Amount less than Rs Lakhs / Percentage less than Holding by a major shareholder of AMC, viz, ICICI Bank Limited whether directly or indirectly. $$ The disclosure has been made as Distributor is a relative of an employee of the AMC. & Commission paid to Ramamoorthy Setty Muthuram was not disclosed for previous year as the relative of the distributor has joined as an employee of the AMC during the FY

21 3 Investors holding units in the over 25% of the NAV as on March 31, 2017 are Nil. (Previous year Nil) 4 Unit Capital movement during the year ended : Plan Balance at the beginning of the year Issued during the year/period (Includes Units issued during NFO) Repurchased during the year/period Balance at close of the year Face Value of Units at the close of the year Units Units Units Units Amount (`) DISCO Direct Dividend Option 2,32,93,007 3,35,18,763 (1,10,30,078) 4,57,81,692 45,78,16,923 DISCO Direct Growth Option 9,61,46,668 9,55,70,423 (3,34,89,623) 15,82,27,468 1,58,22,74,678 DISCO Dividend Option 62,93,16,780 27,37,04,855 (18,34,90,107) 71,95,31,528 7,19,53,15,277 DISCO Growth Option 76,22,74,875 37,16,87,258 (18,94,45,697) 94,45,16,436 9,44,51,64,357 DISCO Total 1,51,10,31,329 77,44,81,299 (41,74,55,505) 1,86,80,57,124 18,68,05,71,235 DYNMIC Direct Dividend Option 3,31,66,440 1,43,34,022 (1,29,51,423) 3,45,49,039 34,54,90,391 DYNMIC Direct Growth Option 3,19,03,377 1,37,34,452 (1,10,15,264) 3,46,22,565 34,62,25,649 DYNMIC Dividend Option 54,54,90,590 21,53,03,077 (28,82,88,535) 47,25,05,131 4,72,50,51,314 DYNMIC Growth Option 19,99,43,228 3,20,60,307 (4,23,98,985) 18,96,04,550 1,89,60,45,499 DYNMIC Institutional - I Growth Option 2,20,733 - (92,827) 1,27,906 12,79,059 DYNMIC Institutional Growth Option 25,984 - (4,954) 21,030 2,10,301 DYNMIC Total 81,07,50,353 27,54,31,858 (35,47,51,989) 73,14,30,221 7,31,43,02,214 FOCUS Direct Dividend Option 4,59,76,322 1,77,43,157 (2,90,63,079) 3,46,56,400 34,65,64,000 FOCUS Direct Growth Option 50,81,19,553 20,17,76,647 (7,95,81,812) 63,03,14,387 6,30,31,43,871 FOCUS Dividend Option 84,66,63,802 29,12,44,793 (32,53,73,971) 81,25,34,624 8,12,53,46,236 FOCUS Growth Option 2,47,52,18,440 67,54,45,020 (60,43,29,737) 2,54,63,33,722 25,46,33,37,222 FOCUS Institutional - I Growth Option 3,684 - (264) 3,420 34,196 FOCUS Total 3,87,59,81,800 1,18,62,09,616 (1,03,83,48,863) 4,02,38,42,553 40,23,84,25,526 INFRA Direct Dividend Option 32,54,072 1,91,17,579 (6,70,841) 2,17,00,810 21,70,08,100 INFRA Direct Growth Option 1,43,08,749 92,70,970 (45,71,316) 1,90,08,403 19,00,84,026 INFRA Dividend Option 32,66,77,379 21,23,53,217 (24,10,49,195) 29,79,81,401 2,97,98,14,014 INFRA Growth Option 22,84,82,282 2,62,66,287 (5,27,80,551) 20,19,68,018 2,01,96,80,181 INFRA Total 57,27,22,482 26,70,08,053 (29,90,71,903) 54,06,58,632 5,40,65,86,320 TAX Direct Dividend Option 1,23,49,112 69,17,240 (8,52,391) 1,84,13,961 18,41,39,611 TAX Direct Growth Option 42,97,317 28,94,602 (2,07,463) 69,84,456 6,98,44,558 TAX Dividend Option 37,31,27,762 7,00,79,227 (3,75,44,690) 40,56,62,299 4,05,66,22,993 TAX Growth Option 7,73,30,503 2,51,45,359 (75,84,500) 9,48,91,361 94,89,13,611 TAX Total 46,71,04,694 10,50,36,427 (4,61,89,044) 52,59,52,077 5,25,95,20,774 Plan Balance at the beginning of the year Issued during the year/period (Includes Units issued during NFO) 21 Repurchased during the year/period Balance at close of the year Face Value of Units at the close of the year Units Units Units Units Amount (`) DISCO Direct Dividend Option 1,17,43,537 1,52,26,905 (36,77,435) 2,32,93,007 23,29,30,067 DISCO Direct Growth Option 5,03,04,723 6,89,85,550 (2,31,43,605) 9,61,46,668 96,14,66,679 DISCO Dividend Option 54,66,32,240 22,64,03,440 (14,37,18,900) 62,93,16,780 6,29,31,67,803 DISCO Growth Option 58,46,44,562 31,44,59,686 (13,68,29,373) 76,22,74,875 7,62,27,48,746 DISCO Total 1,19,33,25,063 62,50,75,581 (30,73,69,314) 1,51,10,31,329 15,11,03,13,294 DYNMIC Direct Dividend Option 2,03,50,172 1,53,59,798 (25,43,531) 3,31,66,440 33,16,64,401 DYNMIC Direct Growth Option 1,76,99,393 1,86,63,266 (44,59,282) 3,19,03,377 31,90,33,772 DYNMIC Dividend Option 61,51,89,418 7,33,18,543 (14,30,17,371) 54,54,90,590 5,45,49,05,898 DYNMIC Growth Option 21,20,11,506 3,93,42,835 (5,14,11,113) 19,99,43,228 1,99,94,32,277 DYNMIC Institutional - I Growth Option 2,99,881 - (79,148) 2,20,733 22,07,334 DYNMIC Institutional Growth Option 30,063 - (4,079) 25,984 2,59,845 DYNMIC Total 86,55,80,435 14,66,84,443 (20,15,14,524) 81,07,50,353 8,10,75,03,527 FOCUS Direct Dividend Option 1,40,37,124 3,32,65,148 (13,25,950) 4,59,76,322 45,97,63,222 FOCUS Direct Growth Option 27,39,97,108 27,40,23,664 (3,99,01,219) 50,81,19,553 5,08,11,95,525 FOCUS Dividend Option 80,70,55,672 23,84,42,470 (19,88,34,341) 84,66,63,802 8,46,66,38,019 FOCUS Growth Option 2,06,89,35,036 85,29,33,256 (44,66,49,853) 2,47,52,18,440 24,75,21,84,396 FOCUS Institutional - I Growth Option 3,827 - (144) 3,684 36,835 FOCUS Total 3,16,40,28,768 1,39,86,64,538 (68,67,11,507) 3,87,59,81,800 38,75,98,17,996 INFRA Direct Dividend Option 26,60,895 85,54,373 (79,61,196) 32,54,072 3,25,40,724

22 Plan Balance at the beginning of the year Issued during the year/period (Includes Units issued during NFO) Repurchased during the year/period Balance at close of the year Face Value of Units at the close of the year Units Units Units Units Amount (`) INFRA Direct Growth Option 90,70,072 95,99,194 (43,60,518) 1,43,08,749 14,30,87,486 INFRA Dividend Option 36,86,36,560 2,37,27,466 (6,56,86,646) 32,66,77,379 3,26,67,73,794 INFRA Growth Option 28,00,90,068 1,35,50,237 (6,51,58,023) 22,84,82,282 2,28,48,22,817 INFRA Total 66,04,57,595 5,54,31,271 (14,31,66,383) 57,27,22,482 5,72,72,24,820 TAX Direct Dividend Option 79,77,980 45,58,110 (1,86,977) 1,23,49,112 12,34,91,120 TAX Direct Growth Option 24,09,087 19,21,589 (33,359) 42,97,317 4,29,73,167 TAX Dividend Option 33,64,78,060 6,64,92,863 (2,98,43,161) 37,31,27,762 3,73,12,77,623 TAX Growth Option 6,38,31,484 1,94,11,323 (59,12,304) 7,73,30,503 77,33,05,028 TAX Total 41,06,96,611 9,23,83,885 (3,59,75,801) 46,71,04,694 4,67,10,46,938 Note: Balance at the beginning of the year includes units alloted during NFO as initial capital. 5 Contingent Liability as at March 31, 2017: Nil (Previous year: Nil) 6 Movement of Investor Education Fund balance for ICICI Prudential Mutual Fund during the Financial Year ended March 31, 2017 is as follows: Particulars Amount Opening Balance - 1, Accretion to Investor Education & Awareness Fund including income earned on investment 4, , Less: Uitilisation towards investor education and awareness initiatives 2, , Less: Amount contributed to AMFI 2, Closing Balance Expenses other than management fee are inclusive of service tax wherever applicable. 8 Unclaimed Dividend & Unclaimed Redemption as at March 31, 2017 Particulars Count Amount Unclaimed Dividend 1,51,126 4, Unclaimed Redemption 41,880 5, This disclosure has been carried out for all the schemes and the amount is set aside at a pool level. 9 These Abridged Financial Statements have been derived from the Audited Financial Statements referred to in the Audit Report. Audit Report attached herewith is reproduction of Audit Report on Audited Financial Statements. 10 Previous year figures are regrouped wherever necessary. 22

23 ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai Historical Per Unit Statistics (On the basis of closing units) for the year ended March 31, 2017 (figures as per Audited Financials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) ICICI Prudential Value Discovery Fund ICICI Prudential Dynamic Plan ICICI Prudential Focused Bluechip Equity Fund Year Ended Year Ended Year Ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, NET ASSET VALUE (`) A Open Direct Dividend Option Direct Growth Option Dividend Option Growth Option Institutional - I Growth Option Institutional Growth Option B High Direct Dividend Option Direct Growth Option Dividend Option Growth Option Institutional - I Growth Option Institutional Growth Option C Low Direct Dividend Option Direct Growth Option Dividend Option Growth Option Institutional - I Growth Option Institutional Growth Option D End Direct Dividend Option Direct Growth Option Dividend Option Growth Option Institutional - I Growth Option Institutional Growth Option Assets Under Management Closing 17,02, ,24, ,38, ,23, ,84, ,97, Average (AAuM) 14,23, ,18, ,74, ,53, ,55, ,35, Gross Income as % of AAuM * 8.53% 9.97% 17.59% 4.13% 12.42% 7.08% 4 Expense Ratio A Total Expense as % of AAuM (plan wise) * Direct Option 1.08% 1.14% 1.48% 1.42% 1.31% 1.25% Other than Direct Option 2.31% 2.34% 2.28% 2.25% 2.24% 2.27% Institutional - I Option % 1.41% 1.31% 1.26% Institutional Option % 1.41% - - B Management Fee as % of AAuM (plan wise) * Direct Option 0.81% 0.83% 1.19% 1.12% 1.03% 0.93% Other than Direct Option 0.82% 0.86% 1.19% 1.11% 1.03% 0.94% Institutional - I Option % 1.11% 1.03% 0.94% Institutional Option % 1.11% Net Income as % of AAuM * 6.36% 7.74% 15.41% 1.96% 10.34% 4.95% 6 Portfolio Turnover Ratio Aggregate for all Asset category Portfolio Turnover Ratio Equity

24 ICICI Prudential Value Discovery Fund ICICI Prudential Dynamic Plan ICICI Prudential Focused Bluechip Equity Fund Year Ended Year Ended Year Ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, Total Dividend per unit distributed during the Year / Period (plan- wise) Direct Dividend Option Direct Growth Option Dividend Option Growth Option Returns Last One Year Direct Option 22.16% -3.62% 32.23% -6.24% 25.92% -5.69% Other than Direct Option 20.67% -4.76% 31.17% -7.02% 24.78% -6.63% Benchmark 24.02% -7.80% 18.55% -8.84% 18.55% -8.84% Since Inception Direct Option 22.37% 22.43% 18.16% 14.13% 16.60% 13.87% Other than Direct Option 22.61% 22.78% 24.29% 23.79% 14.94% 13.75% Benchmark Direct Option 12.53% 9.21% 10.73% 8.43% 10.73% 8.43% Other than Direct Option 15.47% 14.76% 17.01% 16.90% 7.22% 5.86% Benchmark Index S&P BSE 500 Index Nifty 50 Index Nifty 50 Index * Annualised Note: 1 Returns and Benchmark Returns for schemes launched during the year are computed from date of allotment. These returns are shown on absolute basis. For the remaining schemes, Returns and Benchmark Returns are shown on CAGR basis. 2 Returns have been calculated based on Growth option NAV. In case where Growth option NAV is not available, Dividend option NAV is considered. 3 Gross Income = Amount against (A) in the Revenue account i.e income 4 Net Income = Amount against (C) in the Revenue account i.e Net realised Gains/(Losses) for the Year/Period 5 Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year/Period 6 AAuM = Average daily net assets 7 Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions (except in case of Direct Plan where NAV of corresponding Other than Direct Plan is considered) made by the investors during the year are shown on absolute basis and accordingly corresponding previous year figures are not shown. 8 Performance figures have been computed based on the last declared NAV. 9 Plans closed during the year are not considered for current year disclosures. 24

25 ICICI Prudential Mutual Fund Address: 2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon, Mumbai Historical Per Unit Statistics (On the basis of closing units) for the year ended March 31, 2017 (figures as per Audited Financials) (As per format prescribed for Abridged scheme wise Annual Report- SEBI/IMD/CIR No.8/132968/2008 dt 24/07/08) ICICI Prudential Infrastructure Fund ICICI Prudential Long Term Equity Fund (Tax Saving) Year Ended Year Ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, NET ASSET VALUE (`) A Open Direct Dividend Option Direct Growth Option Dividend Option Growth Option Institutional - I Growth Option Institutional Growth Option B High Direct Dividend Option Direct Growth Option Dividend Option Growth Option Institutional - I Growth Option Institutional Growth Option C Low Direct Dividend Option Direct Growth Option Dividend Option Growth Option Institutional - I Growth Option Institutional Growth Option D End Direct Dividend Option Direct Growth Option Dividend Option Growth Option Institutional - I Growth Option Institutional Growth Option Assets Under Management Closing 1,51, ,25, ,32, ,89, Average (AAuM) 1,34, ,53, ,50, ,71, Gross Income as % of AAuM * 15.30% 7.21% 14.52% 13.24% 4 Expense Ratio A Total Expense as % of AAuM (plan wise) * Direct Option 1.85% 1.78% 1.15% 1.41% Other than Direct Option 2.49% 2.38% 2.44% 2.47% Institutional - I Option Institutional Option B Management Fee as % of AAuM (plan wise) * Direct Option 1.51% 1.44% 0.87% 1.07% Other than Direct Option 1.51% 1.49% 0.87% 1.09% Institutional - I Option Institutional Option Net Income as % of AAuM * 12.85% 4.85% 12.16% 10.82% 6 Portfolio Turnover Ratio Aggregate for all Asset category Portfolio Turnover Ratio Equity

26 ICICI Prudential Infrastructure Fund ICICI Prudential Long Term Equity Fund (Tax Saving) Year Ended Year Ended March 31, 2017 March 31, 2016 March 31, 2017 March 31, Total Dividend per unit distributed during the Year / Period (plan- wise) Direct Dividend Option Direct Growth Option Dividend Option Growth Option Returns Last One Year Direct Option 33.48% % 28.64% -4.75% Other than Direct Option 32.65% % 26.99% -5.72% Benchmark 21.53% % 23.91% -7.52% Since Inception Direct Option 13.74% 8.27% 19.39% 16.67% Other than Direct Option 14.30% 12.70% 21.82% 21.51% Benchmark Direct Option 4.06% -0.80% 12.84% 9.64% Other than Direct Option 5.10% 3.66% 12.76% 12.12% Benchmark Index Nifty Infrastructure Index Nifty 500 Index * Annualised Note: 1 Returns and Benchmark Returns for schemes launched during the year are computed from date of allotment. These returns are shown on absolute basis. For the remaining schemes, Returns and Benchmark Returns are shown on CAGR basis. 2 Returns have been calculated based on Growth option NAV. In case where Growth option NAV is not available, Dividend option NAV is considered. 3 Gross Income = Amount against (A) in the Revenue account i.e income 4 Net Income = Amount against (C) in the Revenue account i.e Net realised Gains/(Losses) for the Year/Period 5 Portfolio Turnover = Lower of sales or purchase divided by Average AUM for the Year/Period 6 AAuM = Average daily net assets 7 Performance for scheme options in which units are fully redeemed & were reissued at Face Value on fresh subcriptions (except in case of Direct Plan where NAV of corresponding Other than Direct Plan is considered) made by the investors during the year are shown on absolute basis and accordingly corresponding previous year figures are not shown. 8 Performance figures have been computed based on the last declared NAV. 9 Plans closed during the year are not considered for current year disclosures. 26

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