ICICI Prudential PMS PIPE Strategy

Our Philosophy forGrowth

In-depth Study Careful Evaluation Stringent Selection

All data/informatio n used in the preparation of this material is dated a nd may or may not be relevant a ny time after the issua nce of this ma terial. ICICI Prudential Asset Ma nagement Compa ny Limi ted (the Portfolio Ma nager/ the
AMC) ta kes no responsibility of updating a ny data /information in this ma terial from time to time. The recipient of this material is solely responsible for any action taken ba sed on this material. The information contai ned herei n are
strictly confidential and are mea nt solely for the benefit of the addressee and shall not be altered in any way, transmi tted to, copied or distributed, in part or in whole, to any o ther person or to the media or reproduced in any
form, wi tho ut prior written consent o f the AMC. Further, the informa tion contained herei n should no t be construed a s forecast or promise. Past performa nce o f the Portfolio Manager may not be i ndicative of the performance 1 in
the future. Please refer to page 29 to 31 for risk factors and disclaimers.
Index

01 Experience in Portfolio Management Services

02 Investment Framework

03 Opportunity

04 Presenting ICICI Prudential PMS PIPE Strategy

05 Current Strategy Positioning & Performance

2
 ICICI Prudential Asset Management Company Ltd.
Portfolio Management Services (PMS)

First Asset Management Company (AMC)

in India to acquire PMS licence in 2000 1 4 Assets Under Management in the tune of
~Rs 3,300 Cr+ spread across 3500+
clients

Industry trend setter in launching

innovative products 2 5 Having strong parentage, the Portfolio
Manager has ability to access a large
customer base

Portfolio Offerings-Various investment strategies

Established a track record of ~20 Years 3 6 in Large cap/Mid cap/ Small cap/Diversified/
Concentrated, Value/Growth Strategies

3
AUM Data as on February 28, 2022
 Our Experience in Riding Dominant Themes

We have been able to

Themes Dormant or Alpha is generated by
identify potential
Dominant are riding the dominant
dominant themes and
by-products themes through
create strategies
of market cyclicality market cycles
around them.

4
Past performance may or may not be sustained in future
Investment Framework

5
 Core Belief: Companies create wealth, not markets

In search of companies with meaningful and sustainable earnings growth

Business
FIRST FILTER

Management M V Valuation

SECOND FILTER THIRD FILTER

Aims to Identify Prominent businesses, with Competent Management, at Reasonable Valuations

The aforesaid factors/framework are only indicative. There may be other factors that may be relevant for identification/selection of stock depending upon the varied market conditions
6
 First Filter: Business

 Company growing faster than industry, industry faster than

market
 Structural and long-term sustainable Growth
 Focused; simple to understand

 Brand franchise  Cost advantage

 Industry structure  License area
Moats  Technology/Patents  Distribution, etc

 Foreseeable changes in business leading to a positive outcome

 Receding competitive intensity- watch out for increasing HHI
Positive
 Sectors which have experienced consolidation of players have
Changes
created wealth in long term

The aforesaid factors/framework are only indicative. There may be other factors that may be relevant for identification/selection of stock
#HHI refers to the Herfindahl–Hirschman Index, a commonly accepted measure of market/segment concentration
7
 Second Filter: Management

COMPETENCE
Sales • Faster Than Sector
Margin • Improving
Capital • Prudent & Smarter

Leadership GOVERNANCE
Interests • Aligned with Shareholders

Track Record • Credible

The aforesaid factors/framework are only indicative. There may be other factors that may be relevant for identification/selection of stock
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 Third Filter: Valuation

Cash flow is central Intrinsic value, DCF,

in our Investment Dividend Yield, Op.
Cash Process about a Cash Yield, etc.
company’s value

FAIR
Valuation VALUE
The narrower the Better risk-reward
Evaluate
‘moat*’ or weaker profile
Margin of
the management,
Safety the greater is the
margin of safety
required

The aforesaid factors/framework are only indicative. There may be other factors that may be relevant for identification/selection of stock. DCF: Discounted Cash Flow. Op.: Operating
*Moat: A sustainable competitive advantage
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 The Circle of Competence

Meaningful
Growth

Evaluate
Margin of Evaluate
Safety Moat*

Cash, not
Management
accounting
Leadership
profits
Improving
HHI#

The aforesaid factors/framework are only indicative. There may be other factors that may be relevant for identification/selection of stock. #HHI refers to the Herfindahl–Hirschman Index, a commonly accepted 10
measure of market/segment concentration. *Moat: A sustainable competitive advantage
11
 India’s Statistics: What’s Trending?

Divergence Between Large Cap stocks and

Mid & Small Cap Stocks

200 S&P BSE Sensex S&P BSE MID CAP S&P BSE SMALL CAP

180

160
166

140
138
131
120

100

80

60

40
Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 Jun-21 Oct-21 Feb-22

12
Source: BSE. All data as of February 28, 2022. Past performance may or may not sustain in future.
 Is it happening for the first time?

In 2012 -2013: Top 10 stocks led the Rest of the market regained the lost
market movement ground in subsequent period
120
300
115
114 256
110 250
Re-based at 100

105

Re-based at 100
200
162
100
99
150
95

90 100

85 50
80
0
Oct-13 Dec-14 Jan-16 Feb-17 Apr-18

Top 10 stocks Overall Market (excluding top 10 stocks)

Top 10 stocks Overall Market (excluding top 10 stocks)

In FY2012-13 too, the top 10 stocks with largest market-cap ran ahead the rest of the market.
Consequently, the broader market gathered pace, giving way to a major bull market.
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Source: Edelweiss Research, Data of NSE. | Overall Market, including the top 10 stocks, comprises of all listed securities onNSE.
 Midcaps and Smallcaps – A Peek Into History

The performance of major market capitalization segments (large, mid and small) have
typically converged at the beginning of a fresh rally.
1400

1200

1000 Major Market

Market fall tailed by sharp
Cap Segments
spurts in small caps,
800 have converged
followed by midcaps and
once again in the
large caps.
600 past

400

200 Convergence in performance

typically at the start of a fresh rally
0

S&P BSE Sensex S&P BSE MID CAP S&P BSE SMALL CAP

14
Source: NSE BSE Website. Data as on February 28, 2022. Past performance may or may not be sustained in future
 Cost of Capital: Key Driver of Profitability

Interest rate cuts has been the trigger of the equity market movement

35,000 Repo Rate Movement Vs S&P BSE Smallcap Index 12

S&P BSE Smallcap Index Repo Rate
30,000
S&P BSE Smallcap Index

10
25,000

Repo Rate (%)

20,000 8

15,000 6
10,000
4
5,000
0 2
2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022
Cost of capital is a key trigger for Earning Growth, Stock Prices have appreciated with fall in interest rates with a lag effect.

15
Data as on February 28, 2022 | Source: NSE BSE Website, RBI. Past performance may or may not be sustained in future
 Presenting

ICICI Prudential PMS

PIPE Strategy

16
ICICI Prudential PMS PIPE Strategy

INVESTMENT OBJECTIVE
ICICI Prudential PMS PIPE Strategy (the “Strategy”) aims to provide long-term capital appreciation and
generate returns by investing predominantly: in Mid and Small Cap segment of the market by having exposure
in companies enjoying some economic moat; and/or undergoing special situations or in the midst of
unfavourable business cycle.

BENCHMARK
The Strategy shall be benchmarked to Nifty Mid Smallcap 400 Index^

INDICATIVE TENURE
The ideal investment horizon in the PIPE Strategy shall be 5 years and above.

The Strategy features mentioned herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or cycles. The Strategy features as stated herein is only
indicative in nature and is subject to change within the provisions of the disclosure document and client agreement. Please refer to the disclosure document & client agreement for details and risk factors.
The details pertaining to the investment approach mentioned herein is a subset of details specified in the Disclosure Document. Kindly refer the Disclosure Document for the detailed investment approach
before investing.
^Benchmark changed from S&P BSE Smallcap Index to Nifty Mid Smallcap 400 Index, with effect from December 01, 2021. The Nifty Mid Smallcap 400 Index includes all companies from Nifty Midcap 150 and
Nifty Smallcap 250 indices. It intends to measure performance of the mid and small market capitalization companies. Hence, the Portfolio Ma nager believe Nifty Mid Smallcap 400 Index is an ideal benchmark
as it represents the mid and smallcap companies’ universe.
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About the Strategy

• The Portfolio Manager under the PIPE Strategy predominantly invests in mid and small capitalisation
companies which may be undergoing special situations or are in the midst of unfavourable business cycle.

• The Strategy intends to invest in companies with market capitalization less than the largest market
capitalisation stock in Nifty Mid Smallcap 400 Index.

• The Strategy shall follow top down approach in sector selection and bottom up process for stock
selection.

• The Strategy may look to invest in companies which are fundamentally strong, and which may be
considered to be one of the market leaders in their industries.

The Strategy features mentioned herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or cycles. The Strategy features as stated herein is only
indicative in nature and is subject to change within the provisions of the disclosure document and client agreement. Please refer to the disclosure document & client agreement for details and risk factors. The
details pertaining to the investment approach mentioned herein is a subset of details specified in the Disclosure Document. Kindly refer the Disclosure Document for the detailed investment approach before
investing.

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Current Positioning

19
 Core Belief: Companies create wealth, not markets

In search of companies with meaningful and sustainable earnings growth

Aiming to identify Companies growing faster than industry, industry faster than market –
Aggregate Earning Growth of Portfolios
ICICI Prudential PMS PIPE
Strategy Name
Strategy
YoY Aggregate Profit Growth of underlying portfolio
100%
companies for Trailing 12 Month
P/E of the Strategy 9.94
P/B of the Strategy 1.92

Benchmark Nifty Mid Smallcap 400 Index

P/E of the Benchmark 26.62

P/B of the Benchmark 3.67

Source of financials of Companies: Edelweiss Securities, www.bseindia.com | Profit Growth - Aggregate profit af ter tax growth (TTM vs TTM PY) of portfolio companies under each Strategy as on February 28, 2022. | P/E – Price to Earnings, P/B – Price to Book
Value ;Source of P/E & P/B-Mornings tar | Valuations are of the aggregate portfolio under each Strategy. The portfolio data mentioned above is of the oldest client and data of an indiv idual client may vary significantly from the above. The Strategy features mentioned
herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or cycles. Please refer to the disclosure document & client agreement for details and risk factors. Above details represents dated facts of the
underlying portfolio companies depending on the varied prevailing market and economic conditions. Past performance may or may not sustain in future.
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20
 Current Positioning

Market Capitalization Break-up (%) Top 10 Holdings

Stocks % to Net Assets
Mid Vardhman Textiles Ltd 7.21
Cap VRL Logistic Ltd 7.20
32% Sarda Energy and Minerals Ltd 6.36

Godawari Power and Ispat Ltd 6.30

Inox Leisure Ltd 5.01

The Federal Bank Limited 4.89

Small
Cap Gateway Rail Freight Limited 4.77

68% Brigade Enterprises Ltd 3.80

Birla Corporation Ltd 3.60

Automotive Axles Ltd 3.13

The Portfolio is predominantly invested
in Mid & Small cap Stocks
The portfolio data mentioned above is of the oldest client and data of an individual client may vary significantly from the above. The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and
the portfolios may or may not have any future positions in these Stock(s)/Sector(s). Data as on February 28, 2022.

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 Portfolio Statistics

No of Stocks: 29 Top 5 Sector Exposure

Top 10 holdings: 52%

Transportation 13.49

Top 5 Sectors: 50% Ferrous Metals 12.66

Auto Ancillaries 8.93

Banks 7.60
Valuation Parameters (TTM)
Finance 7.58

PE Ratio: PB Ratio : P/S Ratio:

9.94 1.92 1.66

The portfolio data and the statistical analysis mentioned above is of the oldest client of the Strategy and data of an individual client may vary significantly from the above. Valuation Parameters Source: ICICI Prudential PMS PIPE Strategy Factsheet
PE: Price to Earning. PB: Price to book, P/S: Price to Sales. The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future positions in these Stock(s)/Sector(s). Data
as on February 28, 2022. Past performance may or may not be sustained in future.
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Performance

Strategy Performance*

1 Month 3 Months 6 Months 1 Year 2 Years Since Inception

ICICI Prudential PMS PIPE Strategy -3.58% -0.96% 3.39% 31.47% 35.48% 28.11%

Nifty Mid Smallcap 400 Index^ -7.74% -5.19% -0.56% 22.97% 31.75% 29.96%
Data as on February 28, 2022. *Strategy performance mentioned above is the aggregate performance of all clients in the Strategy using the Time Weighted Rate of Return (TWRR) methodology and the performance of an individual clients may
vary significantly from the above. Returns for one year or less are on absolute basis, while returns more than one year are on annualized basis. All the returns calculated above are after deduction of the applicable expenses. Past performance
may or may not be sustained in future and is no guarantee of future results. Inception Date: 5 Sep 2019, is the date of onboarding of first client of the Strategy.

^Benchmark changed from S&P BSE Smallcap Index to Nifty Mid Smallcap 400 Index, with effect from December 01, 2021. The Nifty Mid Smallcap 400 Index includes all companies from Nifty Midcap 150 and Nifty Smallcap 250 indices. It
intends to measure performance of the mid and small market capitalization companies. Hence, the Portfolio Manager believe Nifty Mid Smallcap 400 Index is an ideal benchmark as it represents the mid and smallcap companies’ universe.

Investor’s may note that the entity level performance of the Portfolio Manager is disclosed in the Disclosure Document and the same is available on the
website of Portfolio Manager - www.iciciprupms.com.

Performance data provided herein is not verified by SEBI.

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 The Proposition : Potential Sources of Alpha

1) Investing in growth stories which seem sustainable

Potential of price appreciation backed by Earnings Per Share growth.

2) Investing in companies with possibilities of demand explosion and margin expansions.

Expansion of revenue and profit growth rates surpasses historical averages leading to PE re-rating. Improves
visibility and valuations leading to PE re-rating.

3) Buying businesses undergoing special situations, cyclicality and mispriced by market, now available at huge
discount.
Aiming to provide margin of safety
The aforesaid factors are only indicative and the investee companies of the Portfolio may or may not meet the aforesaid criteria. The Portfolio Manager’s reserves the right to invest in accordance with the Client
Agreement and the Disclosure Document

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 The Proposition : Sources of Alpha

Price
Likely profile of investee companies
• Potential for High growth with established business models
Maturity/ decline
• Addressing sizable revenue opportunity with unmatched Market
cap
PRICE

Low PE(x) Growth in PE(x)

and Valuation Earnings Acceleration • Consistent capital productivity ratios compared to its peers in
Proposed Entry by Wider acceptance leading to increase in the industry
portfolio
Wider
Acceptance
• Effective management
Discovery • Enjoys an economic moat which may helps generate economic
profits over an extended period of time
Scepticism
• May be out of flavor and offer significant potential for returns
• May be available at distressed valuations wherein the value
Seed/ Start
up Capital
Optim ization Expansion
of Capital
Increased
Institutional
Maturity
unlocking triggers are identifiable
Of Capital
Structure TIME Flow s

Time horizon- Typically 3 to 5 years

The aforesaid factors are only indicative and the investee companies of the Portfolio may or may not meet the aforesaid criteria. The Portfolio Manager’s reserves the right to invest in accordance with the Client
Agreement and the Disclosure Document

25
Investment Matrix

STOCK UNIVERSE STOCK SCREENING

2500 COMPANIES ACTIVE COVERAGE OF RESEARCH OUTPUT
+ IPOs 350 COMPANIES ACTIVE RESEARCH
Screening by market cap, • Stock Recommendation
liquidity, Industry and Corporate An Initiation note is prepared • Model Portfolio
Governance actively covering the stock.

DESK RESEARCH MEETINGS CHANNEL CHECKS

•Annual Report Analysis

• Industry Conferences • Distributor Meetings
•Quarterly Result Analysis
•Industry Research • Vendor Meetings • Expert Meetings

•Sell Side Research

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The aforesaid points are only indicative. There may be other factors that may be relevant for stock research.
 Risk Control Measures

The word “risk” derives from the early Italian risicare, which means “to dare”. In this sense, risk is a choice rather
than a fate.
- Peter L. Bernstein, Against the Gods, The Remarkable Story of Risk.

Risk parameters are highly unstable through time because

noise driven volatility differs from event-driven volatility.

RISK EVALUATION WHILE PORTFOLIO CONSTRUCTION RISK EVALUATION WHILE PORTFOLIO MONITORING

Quantitative Filters Event Driven Volatility Noise Driven Volatility

Qualitative Filters Compelling valuations may
•Valuation: PE, PB, RoE, RoCE etc. If the investment thesis is intact,
• Moat* in Business
the Portfolio Manager may increase trigger increase in the
•Net Debt to EBITDA – Company’s weight.
• Management Track Record the weight in the holding.
ability to decrease debt
If the investment thesis is
•Market cap to sales, FCF to sales broken, the portfolio manager
may exit from the stock.
• Cash Conversion Cycle
The Risk Control measures mentioned above are only indicative. There may be other parameters which will be considered for eva luation of risk by the Portfolio Manager.
*Moat: A sustainable competitive advantage
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Abbreviations used: PE – Price to Earnings; PB – Price to Book Value; RoE, Return on Equity; RoCE – Return on Capital Employed; EBITDA – Earnings before Interest, Tax, Depreciation and Amortization; FCF – Free Cash Flow
 Key Highlights of The Strategy

Strategy Name ICICI Prudential PMS PIPE Strategy

ICICI Prudential PMS PIPE Strategy (the “Strategy”) aims to provide long-term capital appreciation
and generate returns by investing predominantly: in Mid and Small Cap segment of the market by
Investment Objective having exposure in companies enjoying some economic moat; and/or undergoing special
situations or in the midst of unfavourable business cycle.

Basis for selection The Portfolio Manager under the Strategy predominantly invests in mid and small capitalisation
of securities as a part companies which may be undergoing special situations or are in the midst of unfavourable
of investment approach business cycle

Benchmark* Nifty Mid Smallcap 400

Minimum Investment Rs. 50 Lacs

Indicative Investment Horizon The ideal investment horizon in the Strategy shall be 5 years and above.

Investor’s may invest with us directly as well. To invest in any of our PMS strategies directly, kindly
Direct Option
write to us at PMS@icicipruamc.com

The investment strategy, approach and the struc ture of the strategy herein involves ri sk and there can be no assurance tha t specific objectives will be met under differi ng market conditions or cycles. The investment
stra tegy and the composition of the portfolio as stated herei n is only indicative in nature a nd is subject to cha nge withi n the provisions of the disclosure document and client agreement. Please refer to the disclosure
document & client agreement for details a nd risk factors. Investment Objective in li ne wi th Disclosure Document (DD). Details pertaini ng to the Investment Approach/Strategy mentioned here are b rief subset of details
mentioned in the DD. Investors should refer the DD before investing

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 Strategy Specific Risk Factors

Investing in mid and smaller companies may lack depth of management, be unable to generate funds necessary for growth or development, or be developing or marketing
new products or services for which markets are not yet established and may never become established. They could also suffer from disadvantages such as outdated
technologies, lack of bargaining power with suppliers, low entry barriers and inadequate management depth. Overall, the risks of investing in mid and small companies are:
• transparency may not be on par with established companies;
• liquidity on the exchanges may be lower than large companies;
• corporate governance may be an issue with some companies; and
• Resilience to withstand shocks of business/economic cycles may be comparatively lower than large companies.

The Strategy invests in mid and small capitalisation companies that are undergoing special situations or are in midst of an unfavourable business cycle. Such strategy may
take longer than anticipated to play out as desired by the Portfolio Manager which may fluctuate the PIPE Strategy returns.

The Strategy predominantly invests in equity and equity related securities including exchange traded derivatives and liquid and other short term mutual fund schemes
including liquid ETF. Please refer the Disclosure Document for the below risk factors:
• Risks related to equity and equity linked investments
• Risks related to derivative investments
• Risks related to investments in debt and debt related instruments

The above mentioned risk factors and general risk factors relating to the Portfolio are elaborated in the 'Risk Factors' section of the Disclosure Document:
https://www.iciciprupms.com/downloads/disclosure-document

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 Risk Factors & Disclaimers

Investing in securities involves certain risks and considerations associated generally with making investments in securities. The value of the portfolio investments may be affected generally by factors
affecting financial markets, such as price and volume, volatility in interest rates, currency exchange rates, changes in regulatory and administrative policies of the Government or any other appropriate
authority (including tax laws) or other political and economic developments. Consequently, there can be no assurance that the objective of the Portfolio would be achieved. The value of the portfolios
may fluctuate and can go up or down. Prospective investors are advised to carefully review the Disclosure Document, Client Agreement, and other related documents carefully and in its entirety and
consult their legal, tax and financial advisors to determine possible legal, tax and financial or any other consequences of investing under this Portfolio, before making an investment decision. The
Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future positions in these Stock(s)/Sector(s).
The composition of the portfolio is subject to changes within the provisions of the disclosure document. The benchmark of the portfolios can be changed from time to time in the future. The inability of
the Portfolio Manager to make intended securities purchases due to settlement problems could cause the portfolio to miss certain investment opportunities. By the same rationale, the inability to sell
securities held in the portfolio due to the absence of a well-developed and liquid secondary market for securities would result, at times, in potential losses to the portfolio. Please note that past perfor-
mance of the financial products, instruments and the portfolio does not necessarily indicate the future prospects and performance thereof. Such past performance may or may not be sustained in future.
Portfolio Manager’s investment decisions may not be always profitable, as actual market movements may be at variance with anticipated trends. The investors are not being offered any guaranteed or
assured returns. The AMC may be engaged in buying/selling of such securities. Please refer to the Disclosure Document and Client Agreement for portfolio specific risk factors.
Individual returns of Clients for a particular portfolio type may vary significantly from the data on performance of the portfolios as may be depicted by the Portfolio Manager from time to time. This is due
to factors such as timing of entry and exit, timing of additional flows and redemptions, individual client mandates, specific portfolio construction characteristics or structural parameters, which may have
a bearing on individual portfolio performance. No claims may be made or entertained for any variances between the performance depictions and individual portfolio performance. Neither ICICI Prudential
Asset Management Company Ltd. (the AMC) nor its Directors, Employees or Sponsors shall be in any way liable for any variations noticed in the returns of individual portfolios.
The Client shall not make any claim against the Portfolio Manager against any losses (notional or real) or against any loss of opportunity for gain under various PMS Strategies, on account of or arising out
of such circumstance/ change in market condition or for any other reason which may specifically affect a particular sector or security.

30
 Risk Factors & Disclaimers

The Portfolio Manager shall have the sole and absolute discretion to invest in respect of the Client’s investment in any type of security subject to the Agreement and as stated in the Disclosure Document
and make such changes in the investments and invest some or all of the Client’s investment amount in such manner and in such markets as it deems fit would benefit the Client. The Portfolio Manager’s
decision (taken in good faith) in deployment of the Clients’ account is absolute and final and can never be called in question or be open to review at any time during the currency of the agreement or any
time thereafter except on the ground of malafide, fraud, conflict of interest or gross negligence. This right of the Portfolio Manager shall be exercised strictly in accordance with the relevant Acts, rules
and regulations, guidelines and notifications in force from time to time.
By their nature, certain market risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ
from those that have been estimated. The recipient(s) alone shall be fully responsible/are liable for any decision taken on the basis of this material. All recipients of this material should before dealing
and/or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice. The investments discussed in this may not be suitable for all inves-
tors. Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/debt markets. There is no assurance or guarantee that the
objectives of the portfolio will be achieved. Please note that past performance of the financial products, instruments and the portfolio does not necessarily indicate the future prospects and performance
thereof. Such past performance may or may not be sustained in future. Portfolio Manager’s investment decisions may not be always profitable, as actual market movements may be at variance with
anticipated trends. The investors are not being offered any guaranteed or assured returns.
In the preparation of this material the AMC has used information that is publicly available, including information developed in-house. Some of the material used herein may have been obtained from mem-
bers/persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its affiliates. Information gathered and material used herein is believed to be from
reliable sources. The AMC however does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no such party will
assume any liability for the same. We have included statements/opinions/recommendations in this material, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and also PE
ratios, EPS and Earnings Growth for forthcoming years and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those
suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political
conditions in India and other countries globally, the monitory and interest policies of India, inflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices, the performance of
the financial markets in India and globally, changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry.
All data/information used in the preparation of this material is dated and may or may not be relevant any time after the issuance of this material. The Portfolio Manager/ the AMC takes no responsibility
of updating any data/information in this material from time to time. The Portfolio Manager/ the AMC (including its affiliates), and any of its officers directors, personnel and employees, shall not liable for
any loss, damage of any nature, including but not limited to direct, indirect, punitive, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner.
ICICI Prudential Asset Management Company Limited is registered with SEBI as a Portfolio Manager vide registration number INP000000373.
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