The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not

be circulated to investors/prospective investors.

STAND OUT FROM

ICICI Prudential PMS
THE CROWD

CONTRA
STRATEGY

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. ICICI Prudential Asset Management Company Limited (the Portfolio Manager/ the
AMC) takes no responsibility of updating any data/information in this material from time to time. The recipient of this material is solely responsible for any action taken based on this material. The information contained herein are
1 form,
strictly confidential and are meant solely for the benefit of the addressee and shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any
without prior written consent of the AMC. Further, the information contained herein should not be construed as forecast or promise. Past performance of the Portfolio Manager may not be indicative of the performance in the
future.
The Please contained
information refer to page 28-29
herein for for
is solely riskprivate
factorscirculation
and disclaimers.
for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Index

O1 Key Drivers of Stock Price

O2 Investment Framework

O3 Presenting ICICI Prudential PMS Contra Strategy

O4 Current Strategy Positioning & Performance

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Key Drivers of
Stock Price

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Drivers of Stock Price

Price = EPS x P/E

Fundamentally Function of RoE and

Driven Capital Allocation

Price Benefitting from Both Earnings growth & P/E rerating.

4
The aforesaid factors/framework are only indicative. There may be other factors that may be relevant for determination of stock prices. P/E – Price to earnings, EPS – Earnings per share.

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Markets Reward Companies with
Earnings Potential

Universe of top NSE 500 Companies by Market Cap (Dec 2007 – Dec 2022)

No. of PAT Median ROE Median P/E

15-Year CAGR ↓
Companies Growth 2007 2022 2007 2022

Focus to >15% 105 16.7% 18.05 18.52 19.59 39.65

PE
Identify Rerating
0% - 15% 282 10.4% 18.81 12.61 17.35 19.51

-15% - 0% 96 3.9% 16.25 4.06 19.98 7.32

Aim to PE
Eliminate Derating
Negative Negative Negative
<-15% 17 14.80 45.46
Growth Earnings Earnings

Source: Edelweiss, NSE | Data as on Dec 31, 2022 | Profit Growth: Reported Profit After Tax. Return/Market Cap between December 31, 2007 to December 31, 2022 | Universe of top 500 NSE Listed
companies by Marketcap over the 15 year period. Past Performance may or may not sustain in future.
5

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 The Trend has Changed

“There are decades where nothing happens; and there are weeks where decades happen”
- Vladimir Ilyich
April 30, 2015 to April 30, 2015 to January 1, 2020 to
June 30, 2023 December 31, 2019 June 30, 2023

Price EPS Price EPS Price EPS

Index
CAGR CAGR CAGR CAGR CAGR CAGR
S&P BSE Sensex 10.4% 7.6% 9.5% 1.6% 11.6% 16.9%
S&P BSE Midcap 11.1% 11.3% 8.1% 2.2% 15.7% 25.8%
S&P BSE Smallcap 12.0% 19.2% 4.9% 0.0% 23.2% 53.4%

350
300
S&P BSE Sensex Index S&P BSE Midcap Index
250
S&P BSE Smallcap Index
200
150
100
50
Apr-15 Dec-15 Jul-16 Mar-17 Nov-17 Jun-18 Feb-19 Sep-19 May-20 Dec-20 Aug-21 Mar-22 Nov-22 Jun-23
Source: Index Values - www.bseindia.com . Data as on June 30, 2023. EPS – Earnings per Share of Index constituents. 6
Past Performance may or may not sustain in future. Graph rebased to 100
The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Nifty 50 Index Movement

884.20

100% 1 April 2021

19,638
30 September 2023

32% Change (%)

33.6
1 April 2021 to
14,867 442.47 30 September 2023
-34%

22.21

Nifty 50 Index Nifty PE Nifty EPS

Source: Index Values -NSE India Limited. Data as on September 30, 2023. PE – Price to Earnings of Nifty 50 Index constituents | EPS – Earnings per Share of Nifty 50 Index constituents. Past 7
Performance may or may not sustain in future
The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 INVESTMENT
FRAMEWORK

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Investment Framework

In search of companies
with meaningful earnings
growth and sustainable
competitive advantage
1 Business

2 Management M V Valuation 3

Aims to Identify Prominent businesses, with

Competent Management, at Reasonable Valuations
Please note that BMV framework mentioned above is developed in house and only indicative in nature. The strategies offered by the Portfolio Manager may or may not follow the above framework at all
times. The framework is developed in order to select the right companies through a filtration process and endeavor the strategy to attain their investment objective. These models are based on various broad
market parameters prevalent in the market and are dynamic in nature. 9

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 The Circle of Competence

Meaningful
Growth

Evaluate Margin of Evaluate

Safety Moat*

Management Cash, not

Leadership accounting profits

Improving
HHI#

The aforesaid factors/framework are only indicative. There may be other factors that may be relevant for identification/selection of stock. All these factors may not be applicable for
the investment approach, The factor shall be referred as applicable. #HHI refers to the Herfindahl–Hirschman Index, a commonly accepted measure of market/segment concentration.
*Moat: A competitive sustainable advantage 10

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Evaluation, Selection and Sizing

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. *The number of
companies is indicative and may increase or decrease based on the discretion of Investment Manager. 11

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Top Down: Manufacturing & Manufacturing Allied

Manufacturing
Allied

Utilities Banking

Industrial Logistics
Products

Manufacturing

Aerospace & Defense, Textiles,

Auto, Chemicals, Metals
The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios/Scheme may or may not have any future positions in these Stock(s)/Sector(s). The 12
above factors are only indicative and the Portfolio Manger may have different approaches for making investment in respective strategies.
The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
12
 B2B: Emerging as Faster Growth Companies

41% PAT Growth

22% 23% 21%

17%
12% 14%
9% 8% 10% 7%
5% 4%
2%

Banks Other Financial Manufacturing Manufacturing Consumer IT Pharma As the economy opened up,
Services Allied the reforms implemented by
Mar 2014 - Mar 2020 Mar 2020 - Mar 2023 the government over the past
decade acted as a catalyst
33% 33%
Mcap Growth and the low interest rates and
27%
25% improved demand
19% 20% environment played a role in
16%
13% B2B companies growth.
6% 6% 7%
2%

Manufacturing Manufacturing Consumer IT Pharma Other Financial

Allied Services
Mar 2014 - Mar 2020 Mar 2020 - Mar 2023 13
Source for financials and price - NSE India (https://www.nseindia.com/companies-listing/corporate-filings-financial-results) , Data as of March 2023. March 2014 – March 2020 : Pre Covid ; March 2020 –
March 2023 : Post Covid
The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Research Team

A Multifaceted ~20 Member Research Team*

Agriculture & Auto & Banks & Building

Cement
Agriculture Input Auto Anc Finance Materials

Commercial Consumer Consumer Non

Chemicals Construction
Services Durables Durables

Pharmaceuticals Hotels &

Education Capital Goods IT
Leisure

Media & Metals & Power &

Oil & Gas Paper
Entertainment Mining Utilities

Real Estate Retail Telecom Textiles Transportation

*The above mentioned sectors does not represent a list of exhaustive sectors. Research team which includes Equity Research analysts across the business activities engaged by the AMC. IPAMC: ICICI 14
Prudential Asset Management Company Ltd. Note: Investment team shall be supported by the dealing team and common research team
The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Fund Management Strength

ANAND SHAH
Head – PMS & AIF Investment

Portfolio Investment Dealing Team

Managers Support

Chockalingam Geetika Sandip Dhaval Priti Vineet

Narayanan Gupta Santdasani Desai Agarwal Sawant
Sr. Fund Manager Fund Manager AVP - Investments AVP - Dealing Dealing – PMS & Dealing –
PMS Equity PMS Equity AIF PMS & AIF

Equity Research Analysts**

**We have an integrated common research team which includes Equity Research analysts across the business activities engaged by ICICI Prudential Asset Management Company Ltd. Note: Investment 15
team shall be supported by the dealing team and research team

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 PRESENTING

ICICI Prudential PMS

CONTRA STRATEGY

16

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Contrarian Investing: How it works?

High Entry Barriers Businesses going through Unfavourable Business Cycle:

Investing into sector or companies where prevailing sentiments are not
positive at the time of purchase. Aims to invest into Competent Players
/ Survivors within the sectors.

Consolidation in Industry:
Industry challenges leading to reduction in players. Distress exits may
create growth opportunities for existing players.

Special Situations:
This may include, Mergers, Acquisitions, Changes in Holding-
Subsidiary company, Product or department spin offs, etc.

17
The aforesaid points are only indicative. There may be other factors that may be relevant for identification of a contrarian investing opportunity.

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Contrarian Investing: How it works?

Identification of sectors or companies which are facing temporary headwinds.

Parameters such as RoE, RoCE, Market Cap by Cash Profit, P/E, Corporate Governance &
Capital Allocation Track Record are used to determine investability.

Concentrated portfolios of high conviction ideas.

The aforesaid points are only indicative. There may be other factors that may be relevant for identification of a contrarian investing opportunity.
RoE – Return on equity, RoCE – Return on Capital Employed, P/E – Price to Earnings 18

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Key Features of the Investment Approach

Investment Objective: ICICI Prudential PMS Contra Strategy (the “Contra Strategy”) seeks to generate capital appreciation by
investing predominantly in equity and equity related instruments through contrarian investing.

Strategy : Equity

Types of Securities: The Contra Strategy predominantly invests in listed equity and equity related securities. The Contra Strategy
may also take exposure to exchange traded derivative instruments for hedging purpose. For liquidity or defensive considerations or
pending deployment, the Portfolio Manager may invest in debt, money market instruments, mutual fund schemes or debt ETFs.

Key Investmeant Horizon: Benchmark Index: Investment across Minimum Investment Amount:
Features 4 Years & Above S & P BSE 500 TRI Market capitalisations Rs. 50,00,000

The investment strategy, approach and the structure of the Contra strategy herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions
or cycles. The investment strategy and the composition of the portfolio as stated herein is only indicative in nature and is subject to change within the provisions of the disclosure document and
portfolio management services agreement. Please refer to the disclosure document & portfolio management services agreement for details and risk factors. The details of investment approach
mentioned here are brief subset of details mentioned in the Disclosure Document(DD). Clients should refer the DD before investing.
19
The investment process mentioned above are indicative in nature. There may be other investment process for stock selection.

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Some Alpha
Stories

20

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Consolidation in Industry: Telecom Sector

Bharti Airtel Limited Increased EBITDA over the years

80,000.00

• Bharti Airtel ranks among the top three mobile service providers 70,000.00
globally in terms of subscribers. The Top 2 companies in the telecom 60,000.00

INR Crores
sector account for over 70% of the wireless market share, one of them 50,000.00
being Bharti Airtel (36% share) as on April 30, 2023 in India, which is 40,000.00
it’s all time high.
30,000.00
• As on March 31, 2023 the company had a 20%YoY jump in data traffic 20,000.00
and a 69% growth in data subscribers since September 2016. FY2023 FY2022 FY2021 FY2020

• ARPU at Rs193 is up 93% from lows in Q2FY19 EBITDA

ARPU (Rs.) 71% rise in 4 Years
• The Company is ramping up 5G services alongside; since its 5G launch 250
in October 2022 its data subs addition at 14million. 190 193 200
200 178 183
135 143 145 146
150 117

In Rs.
100
50
0

The Stock(s)/Sector(s) mentioned in this material do not constitute any research analysis or recommendation of the same and portfolio may or may not have any future positions in these stock(s)/Sector(s).
Source: Company Research Report by CLSA Limited, Industry Report (FY2022) by Telecom Regulatory Authority of India, Company Update. EBITDA: Earnings Before Interest Tax, Depreciation and 21
Amortisation; ARPU – Average Revenue Per User |As on September 30, 2023, the portfolio has an exposure to Bharti Airtel Ltd

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Consolidation in the Supply Chain: Ferrous Metals

Tata Steel Limited ROE is likely to continue to rise

ROE (%)
50
• There is consolidation in the steel sector globally due to China’s carbon 42.6
40
neutral move, inventory tightness and removal of VAT Rebates on
exports by the Chinese Government. 30
18.5
20 12.3 14.4 15.1 12.8
10 6.9

• Tata Steel Limited has presence across the entire value chain of steel 0
manufacturing from mining and processing iron ore and coal to -10
producing and distributing finished products. -9.2
-20
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Leverage reduces sharply with improvement in earnings
• Due to captive iron mines owned by the Company it has a resource
moat as it can procure raw materials at low costs. Net Debt/EBITDA ratio
8
5.9
6
• The consolidated adjusted net leverage falling below 3.0x, on a 4.4
sustained basis, are some of the factors which may be positives in the 4 3.3 3.2
2.7
future, for the growth of the Company. 2 0.9
1.6

0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023
Source: Tata Steel Limited Annual Reports

The Stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and portfolio may or may not have any future positions in these stock(s)/Sector(s). Source:
www.nseindia.com, Company Update. Past Performance may or may not sustain in future. Further, the above transactions are the transactions in the portfolio of the oldest client .The actual portfolio
composition or the transactions shall vary from client to client. Please refer to the information available on the PMS portal to review the composition and transaction details in the portfolio. As on
September 30, 2023, the portfolio has an exposure to Tata Steel Ltd. Source: Company Research report by Kotak Securities, Stock Updated by CITI Research| EBITDA – Earnings Before Interest Tax Depreciation 22
and Amortization | ROE – Return on Equity
The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Current Portfolio
Positioning

23

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Portfolio Statistics – September 30, 2023

Aim to focus on businesses which can grow earnings with an eye

on improving ROE and reasonable valuations

PAT Growth ROE P/E

YOY PAT 3 Year PAT 4 Year PAT

September 30,
Strategy / Index Growth1 Growth2 Growth3 FY21 FY23
2023
(Abs) (CAGR) (CAGR)

ICICI Prudential PMS Contra Strategy 8.53% 41.16% 38.15% 10.75 15.76 14.77

1TTM PAT of companies declared results up to June 2023 vs corresponding TTM period one year ago
2TTM PAT of companies declared results up to June 2023 vs corresponding TTM period three years ago
3TTM PAT of companies declared results up to June 2023 vs corresponding TTM period four years ago

Source: Financial data from Edelweiss Securities, www.bseindia.com, Morning Star | Profit Growth - Aggregate profit after tax growth (TTM vs TTM PY) of portfolio companies under each Strategy as on
June 30, 2023.|Statistics based on strategy portfolio holding as on September 30, 2023 | P/E – Price to Earnings, P/B – Price to Book Value | Valuations are of the aggregate portfolio under each Strategy.
The portfolio data mentioned above is of the oldest client and data of an individual 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. 24

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 ICICI Prudential PMS Contra Strategy
September 30, 2023

Top 15 Holdings % Assets Sector % Assets Total

Larsen & Toubro Ltd 7.13 Ferrous Metals 15.86
Bharti Airtel Ltd 6.67 Non - Ferrous Metals 5.18
ICICI Bank Ltd 6.56 Aerospace & Defense 3.68
Manufacturing 33.13 Market Cap Break –up*
State Bank of India 6.32 Textiles & Apparels 3.17
Godawari Power and Ispat 5.53 Auto Components 2.96 Small Large cap
cap 53%
Tata Steel Ltd 5.46 Chemicals & Petrochemicals 2.28 25%
Hindalco Industries Ltd 5.18 Financial Banks 23.13
31.11
Bank Of Baroda 5.05 Services Finance 7.98
Tata Communications 4.23 Transport Services 7.29
Repco Home Finance Ltd 4.12 Manufacturing Construction 7.13 Mid
20.41 cap
VRL Logistic Ltd 4.11 Allied Industrial Products 3.18 22%
Muthoot Finance Ltd 3.86 Power 2.81
Hindustan Aeronautics 3.68 Telecom - Services 10.90
Consumer 12.25
The Great Eastern Shipping 3.18 Realty 1.35
Bharat Forge Ltd 3.18

The portfolio data and the statistical analysis mentioned above is of the oldest client of the Strategy. The portfolio of individual clients may vary significantly. The sector(s)/stock(s)
mentioned above do not constitute any recommendation of the same and the Strategy may or may not have any future position in these sector(s)/stocks(s). The above data is 25
confidential and solely for information purpose only. | *Figures have been rounded off

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Strategy Performance as on September 30, 2023

Performance as on September 30, 2023

1 3 6 1 2 Years 3 Years 4 Years 5 Years Since
Month Months Months Year CAGR CAGR CAGR CAGR Inception*
Contra Strategy 3.89% 9.30% 27.41% 33.19% 17.67% 33.66% 24.66% 20.93% 19.98%
S&P BSE 500 TRI 2.11% 5.49% 19.39% 17.48% 8.47% 24.28% 18.14% 15.13% 13.64%

Calendar Year Performance as on September 30, 2023

YTD 2022 2021 2020 2019

Contra Strategy 19.90% 20.04% 36.11% 17.65% 9.98%

S&P BSE 500 TRI 12.64% 4.77% 31.63% 18.41% 8.98%

For performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India (APMI) visit: APMI (apmiindia.org).
Performance data provided herein is not verified by SEBI.

Contra Strategy – ICICI Prudential PMS Contra Strategy

*Inception Date ; 14–Sep-18

Index Data Source: www.bseindia.com | 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 Client 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. Please note that performance of your portfolio may vary from that of other clients and that generated by the
Investment Approach across all clients because of 1) the timing of inflows and outflows of funds; and 2) differences in the portfolio composition because of restrictions and other constraints. Past
performance may or may not be sustained in future and is no guarantee of future results. clients 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.
26

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Key Highlights of The Investment Approach

Investment Objective: ICICI Prudential PMS Contra Strategy (the “Contra Strategy”)seeks to generate capital appreciation by investing
predominantly in equity and equity related instruments through contrarian investing

Strategy : Equity

Types of securities: Predominantly invests in listed equity and equity related securities. The Strategy may also take exposure to exchange traded
derivative instruments for hedging purpose. For liquidity or defensive considerations or pending deployment, the Portfolio Manager may invest in
debt, money market instruments, mutual fund schemes or debt ETFs.

Basis for Selection of securities: The Portfolio Manager follows ‘Contra’ style of investing which involves taking contrarian bets on equity stocks i.e.
taking calls/exposure on stocks which are currently not in favour in the market but are expected to do well in the long run. The Portfolio Manager may
also select stocks of companies in sectors where entry barriers are high, sectors in consolidation or of companies in special situation.

Investment Horizon: 4 years and above | Inception Date: September 14, 2018 | Benchmark: S&P BSE 500 TRI | Minimum Investment: Rs 50 Lacs

The investment strategy, approach and the structure of the strategy herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or
cycles. The investment strategy and the composition of the portfolio as stated herein is only indicative in nature and is subject to change within the provisions of the disclosure document and client
agreement without any prior notice to investors. Please refer to the disclosure document & client agreement for details and risk factors. Investment Objective in line with Disclosure Document (DD).
Basis of selection of securities, Risks associated with Strategy specific investment approach mentioned here are brief subset of details mentioned in the DD. Investors should refer the DD before
investing.
27

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Strategy Specific Risks & Disclaimer

The Contra Strategy predominantly select stocks following a Contrarian style of investing.
• There could be time periods when securities selected based on their relevancy to the investment style followed by the Portfolio Manager underperform
relative to other stocks or the overall markets. This could impact performance.
• The Contra Strategy aims at maintaining a diversified portfolio without any undue concentration in any sector or stock and the portfolio may
underperform relative to concentrated portfolios during certain periods of time.
• The Contra Strategy invests across market capitalisations. Hence, risks relevant to investing in small and mid-cap stocks are also applicable for the
strategy.
• In addition to the above, the Portfolio would be subject to the following risks, which are elaborated in the Risk Factors section of the Disclosure
Document:
– Risks related to equity and equity related instruments
– 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 this Disclosure Document.
.

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
28

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Risk Factors & Disclaimers

Investment in securities involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including the possible loss of principal. The value of the portfolio may be affected by
changes in the general market conditions, factors and forces affecting capital market. There can be no assurance that the objective of the Portfolio would be achieved. Investors are advised to refer to
the Disclosure Document, Portfolio Management Services Agreement and other related documents carefully and consult their legal, tax and financial advisors to determine possible legal, tax and
financial or any other consequences of investing/redeeming under this Portfolio, before making a decision. Please note that performance of one investor in the portfolio may vary significantly from that
of other investors and that generated by the Investment Approach across all investors because of 1) the timing of inflows and outflows of funds; and 2) differences in the portfolio composition because
of restrictions and other constraints.

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, including specific risk factors, before investing.

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 in accordance with
the regulatory provisions.

No claims may be made or entertained for any variances between the performance depictions and individual portfolio performance or for any losses (notional or real) or against any loss of opportunity
for gain under various PMS Strategies. The Portfolio Manager (including its affiliates) and any of its employee/officers’, directors 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. The recipient(s) alone shall be fully responsible/are
liable for any decision taken on the basis of this material. The investments discussed in this may not be suitable for all investors.

Please note that past performance of the financial strategies, 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. The investors are not being offered any guaranteed or assured returns.

In the preparation of this material, the Portfolio Manager has used information that is publicly available, including information developed in-house. Some of the material used herein may have been
obtained from members/persons other than the Portfolio Manager and/or its affiliates and which may have been made available to the Portfolio Manager and/ or to its affiliates. Information gathered
and material used herein is believed to be from reliable sources. The Portfolio Manager 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. The Portfolio Manager has included statements/opinions/recommendations in this material, which
contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ
materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general
economic and political conditions in India and other countries globally, the money 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 as mentioned in the portfolio data and may or may not be relevant any time after the issuance of this material. The Portfolio
Manager takes no responsibility of updating any data/information in this material from time to time.
ICICI Prudential Asset Management Company Limited is registered with SEBI as a Portfolio Manager vide registration number INP000000373.

29

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.
 Thank You

30

The information contained herein is solely for private circulation for reading/understanding of registered distributors and should not be circulated to investors/prospective investors.