Equity & Debt Strategy

Mid Aug – Sept’ 2018

Equity Market Update &

Equity MF Strategy

Confidential | 3

Nifty 50 rose 6% coupled with Midcap Index rising 3.8% in July

17,700

18,200

18,700

19,200

19,700

20,200

10,100

10,300

10,500

10,700

10,900

11,100

11,300

11,500

25-Jun 1-Jul 7-Jul 13-Jul 19-Jul 25-Jul 31-Jul

NIFTY Index Nsemcap index

Expectations of

strong 1QFY19

earning results

Weak Chinese

GDP print &

widening trade

deficit of India

Govt announced

MSPs for most

Kharif cropsUS & EU

agreement to de-

escalate trade

tensions

BJP wins no-

confidence

motion

RBI rate hike

-6,130-9,276

-2,526

517

-2,750

1,372

4,858

-1,292

11,16713,085

9,105

5,460

-15,000

-10,000

-5,000

0

5,000

10,000

15,000

Apr 18 May 18 Jun 18 Jul 18

FII DII excl MF MF

Nifty 50 rises to all-time high in July along with recovery in

Midcap 100 FII selling reversed leading to recovery in markets

76% of top 500 stocks are below their 31st Jan ‘18 value,

highlighting the divergence between Large cap & Mid cap

performance

Source: Bloomberg, Kotak Institutional Equities (KIE), AMFIAs of 2nd August, 2018

cr

Net Flows to Equity Mutual Funds fell below 10k cr this

month

cr

13,446 13,083

10,6239,639

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Apr 18 May 18 Jun 18 Jul 18

Net investment in Cash market

Note: April excludes Arbitrage Funds

> 207%

10 to 208%

0 to 108%

0 to -1019%

-10 to -2021%

-20 to -3018%

< -3018%

As of 31st July 2018

Confidential | 4

Emerging Markets impacted due to trade war, tapering liquidity and high crude oil prices; India protected till now due to strong Domestic flows

Since 31st Jan, Emerging markets have corrected by 13%,

Nifty 50 has been an outlier

Crude prices have started to stabilize, OPEC has increased

production in last few months by ~1mn bpd

QE Unwind program is gaining pace, Fed Balance sheet

leaner by $188 bn in last 1 Year

As of 2nd August 2018Source: Bloomberg

40

50

60

70

80

30.5

31.5

32.5

33.5

34.5

Oct16

Dec16

Feb17

Apr17

Jun17

Aug17

Oct17

Dec17

Feb18

Apr18

Jun18

Aug18

OPEC supply (mn bpd) Crude $/BBL RHS

US Yield curve at risk of inversion due to Fed hikes

impacting short term rates while market-linked long term

rates remain steady

4,150,000

4,200,000

4,250,000

4,300,000

4,350,000

4,400,000

4,450,000

4,500,000

4,550,000

Au

g 1

4

Oct

14

Dec 1

4

Fe

b 1

5

Ap

r 15

Ju

n 1

5

Au

g 1

5

Oct

15

Dec 1

5

Fe

b 1

6

Ap

r 16

Ju

n 1

6

Au

g 1

6

Oct

16

Dec 1

6

Fe

b 1

7

Ap

r 17

Ju

n 1

7

Au

g 1

7

Oct

17

Dec 1

7

Fe

b 1

8

Ap

r 18

Ju

n 1

8

2.9%

-9.0%

-13.4%

-18.9%

-10.1%

-13.8%

-5.7%

-0.4%

-20%

-15%

-10%

-5%

0%

5%

Nifty 50 NiftyMidcap

MSCI EM Shanghai SouthKorea

Hongkong Thailand US

$ Mn

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50US 2 Yr G-sec US 30 Yr G-sec

Confidential | 5

4.5

-0.6

5.2

20.517.6

-5

0

5

10

15

20

25

Feb-18 Mar-18 Apr-18 May-18 Jun-18

Export Growth (%YOY)

71.271.8

74.1

75.2

69

70

71

72

73

74

75

76

Q1 FY17-18 Q2 FY17-18 Q3 FY17-18 Q4 FY17-18

Capacity Utilisation

Capacity utilisation has risen to 75.2%, highlights factories’

strong order flow

PMI further strengthened to 54.1, Services sees strongest

growth since October 2016

Personal loans continue to grow while credit to services

grew due to NBFC accessing bank credit over bond market

Export growth strengthened on the back of petrochem and

metal exports, labour intensive sectors like textile still

under stress

Source: KIE, NomuraYoY% growth

Domestic Economy showing greenshoots in both Consumption and Manufacturing, Credit & Exports also picking up

-5

0

5

10

15

20

25

Credit growth (services) Credit growth (industry)

Credit growth (personal loans)

49.7

50.8

51.9

50.4

53.3

54.1

47

48

49

50

51

52

53

54

55

Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18

Confidential | 6

Earnings and Valuation

Post recent correction, Mid Caps still at a 13% premium

over large caps

Q1FY2018 PAT for our universe has grown by 24.3% so far,

Nifty PAT impacted by Bank provisioning and Tata motors

FY19 earnings outlook relatively stable compared to FY17

and FY18We expect 24% Nifty 50 Earnings growth for FY19 and FY20

21.126.9

43.6

13.0

29.0

20.0 20.2

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Auto Banking Consumers Energy Pharma Tech Nifty 50

PE 2019E

400.00

450.00

500.00

550.00

600.00

650.00

700.00

Apr 15 Oct 15 Apr 16 Oct 16 Apr 17 Oct 17 Apr 18

FY2019

FY2018

FY2017

Source: Bloomberg, KIE * Based on KIE Estimates on free float basis.As of 2nd August 2018

14

16

18

20

22

24

26

Jul 15 Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Jul 18

12m Forward PE of Mid Cap over Large Cap

Nifty Mid cap

Nifty 50

13% Premium

-42.6

13.4

0.1 3.9

-0.1

-22.9-16.7

1.25.7

-11.8 -9.4

13.4

(45.3)

(11.0)

21.7

47.6

(4.0)

58.5

38.2

14.1 12.4

24.3

(60.0)

(40.0)

(20.0)

-

20.0

40.0

60.0

80.0 Actual/Expected % YoY Growth

Confidential | 7

Key Triggers

• Global Economic data : World economy improving

• Q1 Earnings: Several companies posted strong growth in current quarter

• Resolution of NPA: Effective addressal of NCLT lists

• Weaker Rupee: Benefit export-oriented sectors like Auto, Chemicals, IT and Pharma

• Monsoon/Rural recovery: Government focus on rural economyincluding increase of MSP could benefit rural consumption

Positive Triggers

• Trade Wars: Further tariffs imposed by US/China and strict enforcement of Iran sanctions

• Monetary Policy: Faster than expected monetary tightening in Europe and US

• Weaker Macro: Higher crude prices and low GST collection could lead to de-rating of Equity valuations

• Elections: A combined opposition can be threat to BJP in next elections

Risks

Confidential | 8

India Equities: Valuations & Strategy – Maintain Neutral Stance

Nifty rose 6% for the month to life time high levels on the back of stable macro and a good start to the earnings seasons. MidcapIndex also recovered and rose 4% for the month. However Year To Date (YTD) the divergence between Nifty 50 and Midcap 100continues with the former clocking a gain of ~8%, while the latter slipped ~11%. In terms of flows, SIP flows reduced marginally,while FIIs turned positive after 3 consecutive months of outflows.

At current levels of approx. 11,355 (13th August 2018), Nifty is trading at a 1 year forward PE of 19.7X. In the current scenario, wecontinue to maintain a Neutral stance..

Mutual Funds: As domestic liquidity continues to drive markets, we advise new investments to be staggered in Mutual Funds viaSIPs/STPs.

Recommended allocation within equity mutual funds is as under:

• 50% Large Cap allocation (Prefer Large Caps due to relatively Favorable Valuations)

• 50% Multi Cap allocation (such funds currently have a bias toward large cap)

• For investors who want equity exposure but have low appetite for volatility, they can take equity exposure through

Balanced Funds. Balanced funds have around 25% to 30% of their portfolio into Debt instruments which provides cushion

to the portfolio return during market volatility.

Source: EPS Estimates by KIE

Confidential | 9

Recommended Large Cap, Multi Cap & Balanced Fund Performances

Source: MFI ExplorerReturns are CAGR as on August 10, 2018 and for Regular Plans with Growth option. Corpus size is as on July, 2018.

Scheme Name Corpus (In crs.) 1 Year 3 Years 5 Years Investor Suitability

Large Cap Funds

Aditya Birla Sun Life Frontline Equity Fund 21,380 9.26 10.15 19.61 All Risk Profiles except Secure

Axis Bluechip Fund 2,568 23.64 12.39 18.69 All Risk Profiles except Secure

ICICI Prudential Bluechip Fund (erstwhile ICICI Prudential Focused Bluechip Equity Fund) 18,747 13.83 11.52 19.10 All Risk Profiles except Secure

SBI Bluechip Fund 19,064 9.28 9.97 20.61 All Risk Profiles except Secure

UTI Nifty Next 50 Index Fund 228 - - - All Risk Profiles except Secure

Large & Mid Cap Funds

Aditya Birla Sun Life Equity Advantage Fund (erstwhile Aditya Birla Sun Life Advantage Fund) 6,342 6.96 11.75 25.29 All Risk Profiles except Secure

IDFC Core Equity Fund (erstwhilr IDFC Classic Equity Fund) 2,763 10.49 12.23 17.80 All Risk Profiles except Secure

Invesco India Growth Opportunities Fund (erstwhile Invesco India Growth Fund) 774 18.05 12.43 21.49 All Risk Profiles except Secure

Kotak Equity Opportunities Fund (erstwhile Kotak Opportunities Fund) 2,560 8.47 10.68 20.56 All Risk Profiles except Secure

Mirae Asset Emerging Bluechip Fund 5,351 13.31 16.52 33.68 All Risk Profiles except Secure

Multi Cap Funds (Multi Cap/ Value/ Focused/ Dividend Yield/ Contra)

Axis Focused 25 Fund 5,499 24.50 15.75 21.70 All Risk Profiles except Secure

Kotak Standard Multicap Fund (erstwhile Kotak Select Focus Fund) 21,271 12.66 12.73 23.34 All Risk Profiles except Secure

L&T India Value Fund 8,160 8.40 11.95 27.59 All Risk Profiles except Secure

Mirae Asset India Equity Fund (erstwhile Mirae Asset India Opportunities Fund) 7,945 13.55 13.25 23.63 All Risk Profiles except Secure

Motilal Oswal Multicap 35 Fund 13,016 9.58 13.11 - All Risk Profiles except Secure

Mid & Small Cap Funds (Mid Cap/Small Cap)

Aditya Birla Sun Life Small Cap Fund (erstwhile Aditya Birla Sun Life Small & Midcap Fund ) 2,247 7.81 14.57 28.43 All Risk Profiles except Secure

HDFC Small Cap Fund 4,578 24.27 17.71 25.40 All Risk Profiles except Secure

Kotak Emerging Equity Scheme 3,327 10.95 12.61 30.69 All Risk Profiles except Secure

L&T Midcap Fund 3,066 10.23 14.73 31.44 All Risk Profiles except Secure

Aggressive Hybrid Funds

Aditya Birla Sun Life Equity Hybrid '95 (erstwhile Aditya Birla Sun Life Balanced 95) 14,841 7.24 9.78 18.87 All Risk Profiles except Secure

L&T Hybrid Equity Fund (erstwhile L&T India Prudence Fund) 10,936 7.74 9.62 19.62 All Risk Profiles except Secure

Reliance Equity Hybrid Fund 14,203 7.53 10.46 19.79 All Risk Profiles except Secure

SBI Equity Hybrid Fund (erstwhile SBI Magnum Balanced Fund) 24,959 12.59 9.99 19.03 All Risk Profiles except Secure

Balanced Advantage Funds (Balanced Advantage OR Dynamic Asset Allocation)

ICICI Prudential Balanced Advantage Fund 28,547 8.15 8.72 15.51 All Risk Profiles except Secure

Kotak Balanced Advantage Fund - - - - All Risk Profiles except Secure

Indices

Nifty 16.39 10.25 15.45

Debt Market Update &

Debt MF Strategy

Confidential | 11

Indicators

Policy Action

• Rate hiked by 25bps to 6.50%• Tone was neutral highlighting both growth and

inflation risks• We now expect RBI to keep a hold on hikes for

remaining year

Inflation

• RBI increased expectation of 2HFY19 to 4.8% from earlier 4.7%

• We expect March 2019 CPI to be In line with RBI estimate• Risks such as MSP impact, crude prices, fiscal slippages

and weak INR could be at play

10 Year G-Sec Benchmark Yield• G-Sec segment expected to remain within 7.70% -

8.00%• We continue to believe that this will be a shallow rate

hike cycle

Liquidity• Liquidity expected to tighten going forward• Quantum and frequency of OMO Purchase key trigger for

liquidity

INR• FII outflows and CAD put pressure on INR, RBI expected to

support INR• Broad range of 67-69 to hold

Key Risks• Global monetary tightening• Increase in Inflation expectation• Crude Prices• Fiscal Deficit

G-Sec Supply• RBI has done 3 OMO of 30,000 cr• Weak demand sentiment and low volumes

Debt Market: Key Variables

Confidential | 12

Long end yield softened by ~10 bps due to balanced commentary by RBI monetary committee

-252

-1,000

0

1,000

Am

ou

nt

in R

s. B

n

128

7.78

6.50

0

20

40

60

80

100

120

140

160

180

200

5.75

6.25

6.75

7.25

7.75

Spre

ad (

bp

s)

% Y

ield

Spread 10 Year G Sec Repo Rate

Despite rate hike, 10 Year spread over repo still at high level

35

-11 -14 -17 -19-16 -11

-70

-50

-30

-10

10

30

50

6.80

7.20

7.60

8.00

1Y 2Y 3Y 4Y 5Y 8Y 10Y

Sp

read

(b

ps

)

% Y

ield

Change Current G-Sec Yield 1M earlier G-Sec Yield

Shorter tenure yields increased due to rate hike

Liquidity below neutral due to rising cash levels and

quarterly tax payments

Rising household inflation expectation and core

inflation are a concern

Note: As of 8th August 2018, Source Bloomberg

5.00%

6.35%

Aug17

Sep17

Oct 17 Nov17

Dec17

Jan18

Feb18

Mar18

Apr18

May18

Jun18

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

CPI Core Inflation

Confidential | 13

Fall in Crude prices helped reduce FII selling pressure

52379

1,191

-142

-803

-2,105

-2,538

-1,712

2

Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18

-3,000

-2,500

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

US

D M

illi

on

FII selling was subdued in July, FIIs have sold ~7bn USD

since 31st Jan 2018

68.66

Sep17

Oct17

Nov17

Dec17

Jan18

Feb18

Mar18

Apr18

May18

Jun18

Jul18

Aug18

63.0

64.0

65.0

66.0

67.0

68.0

69.0

70.0

Indian currency has been stable for the last 2 months,

depreciated by ~7.5% in 2018

964.83

Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18

0

200

400

600

800

1000

1200

GST collections improving, breakeven rate close to 1.05

bn/month

Note: As of 8th August 2018, Source Bloomberg, Nomura

72.28

Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18

50

55

60

65

70

75

80

85

Brent price reduced to $72/bbl ,still above Fiscal

estimates based on $68/bbl

$/bbl

Rs bn

Confidential | 14

Apr 18 May 18 Jun 18 Jul 18

-15000

-10000

-5000

0

5000

10000

15000

Public Banks Private Banks Mutual Funds

After consecutive months of selling, PSU Banks have

turned net buyers, MF selling as investors exit high

duration funds

1.30

1.17

Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18

1.0

1.1

1.1

1.2

1.2

1.3

1.3

1.4

1.4 Spread of Credit Fund over AAA Fund

Additional spread of Credit Funds over AAA have reduced

slightly due to increase in AAA yields, hence we prefer funds

with AAA, AA allocation from risk-reward perspective

Debt Market Trends

Note: As of 8th August 2018, Source Bloomberg, MFI

CCIL Gsec Net buying

Rs cr

Liq

uid

Ult

raS

ho

rt/L

ow

Du

rati

on

/Mo

ne

y…

Sh

ort

Te

rm/C

orp

ora

te

Bo

nd

/Ban

kin

g

Me

diu

m/

Cre

dit

Fu

nd

s

Me

diu

mto

Lo

ng

/Dyn

am

ic/

Gilt

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

In Last 1 Year , Liquid Funds have outperformed other

Debt categories due to marked to market impact

5.5

5.7

5.9

6.1

6.3

6.5

6.7

6.9

Mar 18 Apr 18 May 18 Jun 18 Jul 18

7.5

7.7

7.9

8.1

8.3

8.5

8.7

8.9

NABARD AAA 2028 NABARD Tax Free 2031 (RHS)

Tax Free yields have been stagnant while AAA yields of

same bonds have increased by ~50 bps in last 6 months

Credit Fund – L&T and Kotak Credit RiskAAA Fund – ICICI Pru Bond Fund, IDFC Corporate Bond Fund

Confidential | 15

India Fixed Income: Strategy

Substantial part of the portfolio should be deployed through a mix of high rated and credit accrual strategies. Exit from duration funds only for investors who have completed 3 years and can deploy with another 3 years view.

Investment Focus:

Passive Accrual-Oriented Debt funds

High quality portfolios (~100% AAA / Sovereign) Portfolio is run on a passive accrual basis i.e buying a bond and holding it till maturity thereby earning from the accruing of

interest Higher predictability of return, lower volatility & lower interest rate risk

High Yield Credit-Oriented Funds

Low volatility on account of maturity of portfolio between 3 – 5 years, attractive and stable accrual yields Experienced teams to carefully evaluate and tightly monitor high yielding debt instruments

Short Term Bond Funds

Actively managed to run a low avg. maturity of 2-3 years, attractive risk-reward Lower volatility and interest rate risk than Dynamic Bond Funds, better suited from a risk-adjusted basis in volatile markets

For investments up to 3 months, prefer Ultra Short Term FundsFor investments for atleast 6 months, prefer a mix of Ultra Short Term Funds and Arbitrage Funds.

Source : AMCs, other Financial websites

Confidential | 16

Recommended Short Term Bond, High Yield & Debt Others Performances

Source: MFI ExplorerScheme Returns are as on Aug 10, 2018 and for Regular Plans with Growth option. Corpus size is as on July 31, 2018.

Scheme Name TierCorpus (In

crs.)6m 1Yr 2Yr Investor Suitability

Short Term 1-3 yrs (Corporate Bond/ Banking & PSU/Short Duration)

Aditya Birla Sun Life Corporate Bond Fund I 15,654 5.99 5.02 6.87 All Risk Profiles except Secure

HDFC Banking and PSU Debt Fund I 3,178 4.27 4.19 6.41 All Risk Profiles except Secure

ICICI Prudential Banking & PSU Debt Fund I 5,590 5.57 3.63 6.65 All Risk Profiles except Secure

Kotak Banking and PSU Debt Fund I 1,022 5.27 4.46 6.63 All Risk Profiles except Secure

Axis Banking & PSU Debt Fund II 816 6.49 6.24 7.08 All Risk Profiles

IDFC Banking & PSU Debt Fund II 717 5.98 4.81 5.90 All Risk Profiles

L&T Triple Ace Bond Fund II 213 3.54 2.63 3.61 All Risk Profiles except Secure

Sundaram Corporate Bond Fund II 382 3.16 1.91 5.27 All Risk Profiles

Medium & Credit Risk Funds (Medium Duration/Credit Risk)

Kotak Credit Risk Fund I 5,286 6.08 5.35 7.06 All Risk Profiles except Secure

L&T Credit Risk Fund I 3,882 5.15 4.79 7.02 All Risk Profiles except Secure

UTI Medium Term Fund I 227 5.10 4.89 7.11 All Risk Profiles except Secure

Aditya Birla Sun Life Credit Risk Fund II 7,869 7.13 5.70 8.15 All Risk Profiles except Secure

BOI AXA Credit Risk Fund II 1,649 8.33 7.61 9.09All Risk Profiles except Secure & Conservative

ICICI Prudential Credit Risk Fund II 11,147 6.74 5.57 7.30 All Risk Profiles except Secure

Dynamic Debt (Medium to Long Duration/ Dynamic Bond/Gilt)ICICI Prudential All Seasons Bond Fund (erstwhile ICICI Prudential Long Term Plan) I 2,088 5.69 2.41 6.85 All Risk Profiles except SecureICICI Prudential Gilt Fund (erstwhile ICICI Prudential Long Term Gilt Fund) I 1,208 7.70 0.25 5.25 All Risk Profiles except SecureUTI Dynamic Bond Fund I 1,269 5.23 1.46 6.50 All Risk Profiles except SecureUTI Gilt Fund I 505 6.41 0.41 6.61 All Risk Profiles except SecureICICI Prudential Bond Fund (erstwhile ICICI Prudential Income Opportunities Fund) II 3,181 2.95 1.91 5.24 All Risk Profiles

Confidential | 17

DisclaimerThe aforesaid is for information purposes only and should not be construed to be investment advice under SEBI (Investment Advisory) Regulations.

In the preparation of the material contained in this document, Kotak Mahindra Bank has used information that is publicly available, including information developed in-house. Some of the material used in the document may have been obtained from members/persons other than the Kotak Mahindra Bank and/or its affiliates and which mayhave been made available to Kotak Mahindra Bank and/or its affiliates. Information gathered & material used in this document is believed to be from reliable sources. KotakMahindra Bank however does not warrant the accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material nosuch party will assume any liability for the same. Kotak Mahindra Bank and/or any affiliate of Kotak Mahindra Bank does not in any way through this material solicit any offerfor purchase, sale or any financial transaction/commodities/products of any financial instrument dealt in this material. All recipients of this material should before dealingand or transacting in any of the products referred to in this material make their own investigation, seek appropriate professional advice

We have included statements/opinions/recommendations in this document which contain words or phrases such as "will", "expect" "should" and similar expressions orvariations of such expressions, that are "forward looking statements". Actual results may differ materially from those suggested by the forward looking statements due torisks or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in India andother countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipatedturbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes indomestic and foreign laws, regulations and taxes and changes in competition in the industry. By their nature, certain market risk disclosures are only estimates and could bematerially 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

Kotak Mahindra Bank (including its affiliates) and any of its officers directors, personnel and employees, shall not liable for any loss, damage of any nature, including but notlimited to direct, indirect, punitive, special, exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner. The recipientalone shall be fully responsible/ are liable for any decision taken on the basis of this material. The investments discussed in this material may not be suitable for all investors.Any person subscribing to or investing in any product/financial instruments should do so on the basis of and after verifying the terms attached to such product/financialinstrument. Financial products and instruments are subject to market risks and yields may fluctuate depending on various factors affecting capital/debt markets. Please notethat past performance of the financial products and instruments does not necessarily indicate the future prospects and performance thereof. Such past performance mayormay not be sustained in future. Kotak Mahindra Bank (including its affiliates) or its officers, directors, personnel and employees, including persons involved in thepreparation or issuance of this material may; (a) from time to time, have long or short positions in, and buy or sell the securities mentioned herein or (b) be engaged in anyother transaction involving such securities and earn brokerage or other compensation in the financial instruments/products/commodities discussed herein or act as advisoror lender / borrower in respect of such securities/financial instruments/products/commodities or have other potential conflict of interest with respect to anyrecommendation and related information and opinions. The said persons may have acted upon and/or in a manner contradictory with the information contained here. Nopart of this material may be duplicated in whole or in part in any form and or redistributed without the prior written consent of Kotak Mahindra Bank. This material is strictlyconfidential to the recipient and should not be reproduced or disseminated to anyone else

This material is not a research report as per the SEBI (Research Analyst) Regulations, 2014.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.