CitiChoice

Snapshot: July to September, 2019

Suitable for Investor Rating 4 and above
 Dear Customer,
Indian equity markets continued to benefit from FII inflows of USD 3.2bn in 1QFY20, after witnessing a record surge through 4QFY19. Nifty 50
returned 1.4% in the period Apr-Jun19, supported by Banks and IT sectors, while Pharma, Auto and FMCG sectors continued to drag. Net equity
inflows for domestic mutual funds grew 48% YoY in Jun19, while debt funds continued to witness net outflow on account of rating downgrades
and unfavorable credit risk events. SIP flows remained stable at ~INR 81bn despite volatile equity flows indicating resilience from retail investors.
The 2019 General Elections concluded with the NDA returning to power at the Centre, and the BJP securing over 300 Lok Sabha seats on its own –
strongest single-party tally since 1984. Union Budget FY2019-20 presented by the new government included measures to improve ease of doing
business, digitization, manufacturing growth, whileincreasing FDI investment limits. The Budget also announced measures to support fledging
PSU banks and NBFC sectors. Market expectation of a significant consumption boost did not materialize as the government focused on balancing
growth with an eye on fiscal discipline.
Weak agricultural and slowing investment activity dragged India’s GDP growth to 5.8% year-on-year (YoY) in 4QFY19. Headline inflation
continued to inch up led by rising Food CPI, partly offset by moderating Core inflation. Increasing agricultural income, along with various farm-
supporting measures announced by the government may help arrest the slide in rural consumption growth.
The RBI continued to provide liquidity through OMOs, repo rate cuts and FX Swaps. Banking system liquidity surplus averaged ~INR 420bn in
Jun19. Despite a late start, rainfall deficiency has improved to 12% below normal in early July from 33% in end-June. Citi analysts expect easier
monetary policy and political stability, coupled with resumption of government spending, to effect a pick-up in economic activity in 2HFY20, and
project a GDP growth of 7% YoY for FY20. We provide a quick snapshot of the key events that influenced markets over the previous quarter.
Quarter Update (1QFY20)
India Economic News
Ÿ 4QFY19 earnings grew by a 27% YoY (vs 41% expected), marked by lower-than-expected recovery in Banks
Ÿ Few large NBFCs defaulted and faced credit rating downgrades in 1QFY19
Ÿ The NDA returned to power at the Centre, securing 353 seats in the May 2019 Lok Sabha Elections
Ÿ RBI cut the policy repo rate twice by 25bps each during Apr and Jun19 MPC reviews, while changing the policy stance from
“Neutral” to “Accommodative” in Jun19
Ÿ Union Budget FY2019-20 pegged fiscal deficit at 3.3% of GDP, lower than 3.4% estimated for FY2018-19
Ÿ Corporate tax rate reduced to 25% from 30% for companies with turnover under INR 400cr
Ÿ Tax rate of 20% imposed on share buybacks, at par with the Dividend Distribution Tax rate
Ÿ The government raised import duty on gold, electronic goods, textile, steel, etc., while lowering duty on capital goods, renewable
energy products, etc.
Ÿ Merchandise trade deficit remained broadly stable in Jun19. However, bothexports and imports shrunk by 9.7% and 9.1% YoY respectively
Ÿ Headline inflation rose to 3.2% YoY in Jun19, with rising Food CPI (2.4% YoY) and moderating Core (4.1% YoY)

Key Global Events

Ÿ US and China agreed to a temporary haltto further tariff hikes during the G20 summit held in Jun19
Ÿ President Mario Draghi stated the ECB’s readiness to provide additional stimulus to meet its inflation target of 2% during his
speech at Sintra, on 18th Jun19
Ÿ Brent Crude oil prices softened by ~3.5% between Apr-Jun19

As we head into the second quarter of FY20, Citi analysts continue to expect global growth at 2.9% YoY in CY2019 but lower their
CY2020 global growth projection to 2.8% (lower by 0.1%). Developed Markets (DMs) are forecasted to grow at 1.8% and Emerging
Markets (EMs) at 4.4% YoY in CY2019. Global inflation expectations were lowered to 2.4% for CY2019 and CY2020 (by -0.1ppt
each).Citi analysts expect the US Fed to deliver a 25bps cut in Jul19, with a possibility of another cut in Sep19.
We are delighted to bring to you our latest issue of CitiChoice. This issue includes an update on the markets along with the list of equity
and fixed-income schemes that have been shortlisted using various qualitative and quantitative parameters.
We would like to thank you for continuing to place your trust in us and look forward to your continued patronage.
Sincerely,

Sharad Mohan,
MD & Head - Retail Bank
Global Consumer Bank, Citibank, N.A., India.

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.
INDIA MARKET UPDATE

INDIA MARKET RETURNS Quarter1 FY20

India’s Gross Domestic Product (GDP) growth slowed to a 5 year low of 5.8% YoY in 4QFY19, led by a sharp fall in investment growth,
whose contribution to GDP growth fell to 1.1 percentage-point (ppt) vs 3.7ppt in the prior year. The drop may partly be explained by pre-
election uncertainty delaying investment decisions and lack of government spending during the election period. However, structural
headwinds from low rural and urban wage growth, stress in the shadow-banking sector and global trade tensions remain. GDP
Sensex 1.9%
growth for FY19 was recorded at 6.8% YoY, Citi analysts expect India’s GDP to grow by 7% YoY in FY20.
Union Budget FY2019-20, presented by the re-elected Government, attempted to boost the financial system through Nifty 1.4%
measures like a PSU bank recapitalization package of INR 70,000 cr, support for NBFCs, easing FDI investment norms and
measures to promote ease of doing business. The Government also proposed to increase the minimum public ownership BSE 100 0.9%
threshold to 35% (from 25% currently) for all listed companies and increased the effective tax rate by 3% / 7% for
individuals with income above INR 2cr / INR 5cr through application of surcharge. Fiscal deficit was budgeted at 3.3% for
FY20, maintaining the glide path to fiscal consolidation assuming ~25% YoY growth in revenues and ~20% YoY growth in Nifty Mid Cap -3.3%
expenses for the current fiscal.
Headline CPI continues to inch up in 2019, reaching 3.2% YoY in Jun19 (vs 2% YoY in Jan19) led by rising food prices. Food BSE Mcap -4.3%
inflation recovered to 2.4% YoY in Jun19, out of the deflationary territory observedat the start of the year. Core inflation
moderated to 4.1% YoY in Jun19 (from 5.7% YoY in Dec18) evidencing slowing economic activity. Citi analysts expect CPI to
approach the 4% mark by 4QFY20 (30-40bps above RBI’s forecast) and estimate headline inflation to average 3.6% YoY for BSE Scap -5.2%
FY20 weighed down by more than anticipated moderation in core inflation.
RBI cut the policy repo rate by another 25bps to 5.75% in its June MPC meeting. With the third consecutive reduction, the repo BSE 200 0.4%
rate is now at its lowest since Jul10. The RBI also changed its monetary policy stance from ‘neutral’ to ‘accommodative’.
Acknowledging the softness in high frequency growth indicators the RBI revised down its FY20 GDP growth forecast further by
20bps to 7.0%. Liquidity in the banking system turned surplus in Jun19 after almost a year of deficit. Citi analysts expect the RBI BSE 500 -0.1%
to cut repo rate by 25 bps in the Aug19 policy review, however further cuts remain contingent on growth and inflation data.
Merchandise trade deficit remained stable at ~USD 15.3bn in Jun19, with a broad based fall in both exports (-9.7% YoY) and Auto -4.9%
imports (-9.1% YoY). Indicating continued weakness in domestic investment, Capital goods import fell by 7.7% YoY, the most
in 36 months, while Service trade surplus fell to a 12-month low weighed down by global trade uncertainties. 2.4%
Banks
Earnings for 4QFY19 grew 27% YoY (vs. 41% expected) for BSE-100, marked by weaker-than-expected decline in
provisioning expenses for banks. Overall FY19 Nifty earnings grew by 9.5% YoY (vs. 23.8% expected in Jun18) – bulk of the
shortfall came from Financials and Auto, partially offset by currency led gains in IT. Citi analysts expect Nifty earnings to grow Cons Dur 9.5%
6% YoY in 1QFY20. Nifty earnings for FY20 is expected to grow by 21% YoY, mainly driven by reduction in provisioning
expenses for banks and recovery in autos and healthcare. Cap Goods 7.5%
FII inflows surged in 4QFY19 to reach a 7-quarter high of USD 9.4bn. 1QFY20 saw another USD 3.2bn inflow, possibly driven by
the election outcome. With market valuation on the higher side (P/E 1sd above 5yr mean and 50% premium to EMs), Citi
analysts revise their Sensex target to 41,000 for Mar20, implying a P/E of 17x 1yr forward earnings. FMCG -3.2%
Citi analysts expect a pick-up in economic activity in 2HFY20, contingent on continued easy monetary policy, gradual easing
of NBFC stress, continued FDI flow and policy certainty. Gradual rise in food prices, aided by various farm supportive Healthcare 10.5%
measures announced by the government may help arrest the slide in rural consumption growth.
(Source: Citi Research) IT 2.4%
Quarterly (Apr-Jun 2019)
Metal 2.2%
29-Mar-19 28-Jun-19 I-SEC Gilt 3.89% Oil & Gas 3.1%

USDINR Rate 69.15 69.03 Crisil STBEX 1.94% Power 2.9%

10-Yr G-Sec 7.35 6.88 Crisil MIBEX 3.19% Realty 6.0%
1-Yr Bank CD 7.48 7.18
Crisil LiquiFex 1.78% -20% -15% -10% -5% 0.0% 5% 10% 15% 20%
3- Month Bank CD 7.25 6.45
Crisil CompBex 3.62%

Crisil BalancEx 1.73%

0.00% 2.00% 4.00% 6.00% (Source: Bloomberg)
 GLOBAL MARKET UPDATE

UNITED STATES SNAPSHOT

After growing at 2.9% in 2018, Citi analysts expect growth for the US to be restrained at 2.6% YoY in
CY2019. Consumption driven domestic growth accelerated in recent months, rebounding after Actualized Returns
America
December-February period which experienced drags from transitory factors such as government Apr - Jun 2019 (%)
shutdown, tighter financial conditions and delayed tax returns. Additionally, strong job growth (+224K Dow Jones 2.59%
jobs added in Jun19) and faster pace of wage growth maykeep the unemployment rate trending lower.
S&P 500 3.79%
Wage growth is expected to range between 3-3.5%, supported by the low unemployment rate. NASDAQ 3.58%
However, improvement in labor productivity and room for firms to compress profit margins may keep
Brazil Bovespa 5.82%
consumer price inflation subdued in 2019. Rising energy prices mayprovide some support to headline
inflation in the near term. Citi analysts expect core inflation to remain subdued for majority of the year,
(Source: Bloomberg)
picking up towards the 2% target around the start of 2020.

US Fed Chair Jerome Powel emphasized risks to the domestic outlook from slowing global growth and
trade tensions during the June FOMC meeting, indicating a willingness to lower rates if needed. Citi
analysts expect a 25bp rate cut in July, followed by a further 25bp cut in September,combined with an
early end to balance-sheet reduction – contingent upon deterioration in domestic economic data and
escalation in trade tensions.

EURO AREA SNAPSHOT

Citi analysts lower their forecast for Eurozone’s GDP growth to 1.1% YoY for 2019 (from 1.2% earlier) to reflect
more softness in economic activity in 2QCY19. Eurozone’s composite Purchasing Managers' Index (PMI) for Actualized Returns
Europe Apr - Jun 2019 (%)
Jun19 recorded a 7-year high of 52.1 supported by services, however, manufacturing PMI continued to lag at
47.8. Consequently, Germany continues to be a persistent underperformer, as the positives from cheaper oil FTSE 100 2.01%
seems to be outweighed by Chinese slowdown, trade disputes and Brexit. On the positive side, the threat of a
CAC 40 3.52%
trade war from the US has expedited negotiations with EU’s trade partners like Canada, Japan, Singapore
and Mercosur. Citi analysts see the possibility of a minor US-EU trade deal by October, with potential reduction DAX 7.57%
of steel tariffs, however, the threat of higher car tariffs may remain.
(Source: Bloomberg)
Citi analysts expect inflation-Harmonised Index of Consumer Prices (HICP) to average 1.2% YoY in
2019. Following President Mario Draghi’s Sintra speech, the European Commercial Bank (ECB) appears
to be poised to provide additional support to aggregate demand and to meet its inflation target. Citi
analysts expect a slight improvement in domestic demand dynamics towards 2HCY20 as a result of
fresh monetary policy stimulus by the ECB. Citi analysts believe that the ECB is more likely to combine
policy instruments like a reduction in DFR (Deposit Facility Rate) and resumption of quantitative easing
(QE) when it decides to apply more stimulus.

(Source: Citi Research)

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.
GLOBAL MARKET UPDATE

JAPAN SNAPSHOT

Citi analysts revise down their GDP growth forecast to +0.6% YoY (from +0.7% YoY earlier) for 2019,
Actualized Returns
leaving the growth estimate for 2020 unchanged at +0.1% YoY. Citi analysts expect a 1.2% fall in industrial Japan
Apr - Jun 2019 (%)
production in 2019 due to tepid manufacturing activity in China and the ongoing US-China trade tensions.
Decline in profits for manufacturers may also weigh down business investment and compensation. Nikkei 0.33%
(Source: Bloomberg)
Core CPI inflation is expected to moderate in the near term as the positive contribution from energy
prices dissipates and cuts in mobile charges by major phone carriers come into effect. Citi analysts
keep their core CPI forecast unchanged at 0.6% YoY for 2019 and 2020 as the impact of free education
is expected to offset the consumption tax hike.

Citi analysts believe that there is little room left for policymakers to effect direct economic stimulus
and expect the Bank of Japan (BoJ) to leave monetary policy unchanged (no additional easing)
throughout 2019.

SNAPSHOT
EMERGING MARKETS

Citi analysts expect Emerging Markets (EMs) to grow by 4.4% YoY in in CY2019 and 4.6% in CY2020. Actualized Returns
Aisa Pacific Apr - Jun 2019 (%)
An eventual US-China trade deal, with extended negotiations remains more likely than a complete
breakdown. Citi analysts expect Chinese monetary policy to give priority to stabilizing growth and Hang Seng -1.75%
boosting market sentiment over fiscal deleveraging in the near term. Assuming status quo on punitive
Strait Times 3.88%
tariffs imposed on Chinese exports, Citi analysts expect CNY to remain under 7 per dollar.
Shanghai Comp -3.62%
Further recovery in Emerging Markets depends on effective resolution of challenging political climates
in Latin America (Argentina and Brazil), while Mexico remains vulnerable to trade tensions with the US. (Source: Bloomberg)

In EMEA, recovery in Turkey and Russia also remains critical to the EM growth recovery. Citi analysts
expect CPI inflation for Emerging Markets to average 4.0% YoY in 2019 and 3.7% YoY in 2020. For
longer-term investors, Asian markets, especially China, are likely to continue to outperform in 2019.

(Source: Citi Research)

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 CITICHOICE SUMMARY

CitiChoice Summary of Changes (QoQ)

Category Sub Category Inclusions Exclusions

Equity Large & Mid Cap Funds Aditya Birla Sun Life Equity
Advantage Fund - Regular Plan - Growth

Debt No Change
 Suitable Since Inception Volatility Measures (3 Years)
for AUM (crs)
NAV as on 29-Jun-2018- 30-Jun-2017- 30-Jun-2016-
Scheme Name/Index Name Inception Date^ Minimum as on
June 28, 28-Jun-2019 29-Jun-2018 30-Jun-2017
June 30, Current Value Std Sharpe
Investor 2019 (`) Absolute Absolute Absolute CAGR Beta
2019 of ` 10,000 Deviation Ratio
Rating (IR)

Large Cap Funds

Aditya Birla Sun Life Frontline Equity Fund - Regular Plan - Growth 30-Aug-02 3 21,754.19 227.32 6.24% 6.19% 18.99% 20.38% 2,27,320 11.68% 0.96 0.38
Reliance Large Cap Fund - Growth 8-Aug-07 3 12,778.43 35.90 14.00% 7.31% 24.41% 11.34% 35,904 13.35% 1.05 0.67
SBI Blue Chip Fund - Growth 14-Feb-06 3 22,234.68 40.51 7.85% 7.55% 15.82% 11.03% 40,514 12.00% 0.97 0.37
Mirae Asset Large Cap Fund - Regular - Growth 4-Apr-08 3 12,606.94 52.13 12.12% 9.97% 24.69% 15.83% 52,125 12.35% 1.01 0.74
Nifty 50 TRI 11.39% 14.09% 16.28% 11.70% 0.66
Large & Mid Cap Funds
DSP Equity Opportunities Fund - Regular Plan - Growth 16-May-00 3 5,646.97 221.00 6.75% 5.53% 24.11% 17.57% 2,21,002 13.33% 1.03 0.45
Mirae Asset Emerging Bluechip Fund - Growth 9-Jul-10 4 7,391.19 54.17 13.50% 4.98% 34.88% 20.71% 54,166 13.86% 1.04 0.78
S&P BSE 200 TRI 8.24% 12.43% 19.57% 12.02% 0.60
Midcap Funds
HDFC Mid-Cap Opportunities Fund - Growth 25-Jun-07 4 22,354.48 54.31 -0.93% 5.96% 28.63% 15.12% 54,312 12.97% 0.76 0.37
L&T Midcap Fund - Growth 9-Aug-04 4 4,661.88 131.82 -2.64% 5.43% 37.83% 18.91% 1,31,820 12.86% 0.74 0.49
Nifty Midcap 100 TRI -2.04% 3.57% 30.01% 16.22% 0.27
Smallcap Funds
Aditya Birla Sun Life Small cap Fund - Regular Plan - Growth 31-May-07 4 2,396.39 33.24 -12.96% 3.98% 31.24% 10.45% 33,245 15.20% 0.73 0.05
Reliance Small Cap Fund - Growth 16-Sep-10 4 8,144.56 39.57 -4.13% 11.50% 34.79% 16.95% 39,573 15.36% 0.91 0.48
S&P BSE SmallCap TRI -10.44% 4.75% 31.45% 16.16% 0.13
Multicap Funds
Franklin India Equity Fund - Growth 29-Sep-94 3 11,535.36 588.02 2.42% 7.65% 14.46% 17.88% 5,88,022 11.53% 0.91 0.20
Kotak Standard Multicap Fund - Growth 11-Sep-09 3 24,651.61 36.31 10.78% 8.37% 24.06% 14.06% 36,313 11.93% 0.95 0.67
Nifty 500 TRI 6.63% 11.30% 20.86% 12.23% 0.55
Aggressive Hybrid & Balanced Advantage
Aditya Birla Sun Life Equity Hybrid 95 Fund - Regular Plan - Growth 10-Feb-95 3 13,033.11 758.84 2.82% 4.80% 17.57% 19.42% 7,58,840 9.05% 1.09 0.24
ICICI Prudential Balanced Advantage Fund - Growth 30-Dec-06 3 28,889.44 36.11 8.28% 7.55% 12.97% 10.82% 36,110 5.80% 0.86 0.55
HDFC Balanced Advantage Fund - Growth (Adjusted NAV) 1-Feb-94 3 41,428.64 206.97 15.63% 1.62% 22.84% 18.61% 7,66,040 11.86% 1.32 0.58
CRISIL Hybrid 35+65 - Aggressive Index 9.63% 8.57% 16.86% 7.96% 0.66

Source: CRISIL Limited

 Suitable Since Inception Volatility Measures (3 Years)
for AUM (crs)
NAV as on 29-Jun-2018- 30-Jun-2017- 30-Jun-2016-
Scheme Name/Index Name Inception Date^ Minimum as on
June 28, 28-Jun-2019 29-Jun-2018 30-Jun-2017
June 30, Current Value Std Sharpe
Investor 2019 (`) Absolute Absolute Absolute CAGR Beta
2019 of ` 10,000 Deviation Ratio
Rating (IR)

ELSS Funds
Aditya Birla Sun Life Tax Relief 96 - Regular Plan - Growth 7-Mar-08 3 8,715.00 30.99 -0.55% 14.10% 21.27% 10.51% 30,990 11.11% 0.84 0.47
DSP Tax Saver Fund - Regular Plan - Growth 18-Jan-07 3 5,498.71 48.94 10.80% 5.15% 22.16% 13.60% 48,937 13.09% 1.03 0.50
Nifty 50 TRI 11.39% 14.09% 16.28% 11.70% 0.66
Value/Contra/Thematic/Sectoral Funds
HDFC Capital Builder Value Fund - Growth 1-Feb-94 3 4,560.86 291.38 1.32% 13.66% 21.37% 14.19% 2,91,375 12.26% 0.96 0.48
L&T India Value Fund - Growth 8-Jan-10 4 8,230.60 36.27 3.69% 2.56% 30.19% 14.57% 36,268 14.41% 1.13 0.40
Reliance Banking Fund - Growth 26-May-03 4 3,077.90 297.26 13.77% 5.78% 38.04% 23.45% 2,97,259 15.96% 1.16 0.77
S&P BSE 500 TRI 6.54% 11.54% 20.91% 12.15% 0.56

3 yr Risk Free Rate: 6.36%

1 yr Risk Free Rate: 6.59%
^ Regular Plan, Growth Option
All details as on 28th June 2019
All Rights Reserved. Citibank, N.A.
*Notes:-
Risk Free Rate is the average of 91-day T-Bill for 1 year & 3 years.
Annualized Returns are point-to point returns calculated on a compounded annualised growth rate basis.
DRP measures the probability of the investment getting lower returns that short tenor risk free securities. DRP is the count of the number of times the fund's daily return falls below the risk free rate over the period of the analysis.
Portfolio beta is a measure of volatility of a portfolio vis-a-vis the respective benchJunk. It is calculated as covariance(scheme,benchJunk)/variance(scheme)
Volatility (Standard Deviation) is measured using daily rolling returns over the period of analysis
Sharpe Ratio is calculated as difference between returns and risk free rate divided by standard deviation of returns.

Disclaimer: CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the
accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the
Report and no part of this report should be construed as an investment advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently
of, and does not have access to information obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report
are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.
 Suitable Since Inception Volatility Measures (1 Years)
for AUM (crs)
NAV as on 29-Jun-2018- 30-Jun-2017- 30-Jun-2016-
Scheme Name/Index Name Inception Date^ Minimum as on
June 28, 28-Jun-2019 29-Jun-2018 30-Jun-2017
June 30, Current Value Std Sharpe
Investor 2019 (Rs)** (Absolute)^^ (Absolute)^^^ Absolute CAGR Beta
2019 of ` 10,000 Deviation Ratio
Rating (IR)

Gilt Funds
HDFC Gilt Fund - Growth 25-Jul-01 3 1,181.11 38.26 10.12% -0.67% 11.91% 7.77% 38,261 1.74% 0.43 2.07
ICICI Prudential Gilt Fund - Growth 19-Aug-99 3 1,043.25 66.02 11.00% -0.19% 14.93% 9.96% 66,021 1.86% 0.50 2.39
CRISIL Dynamic Gilt Index 8,683.82 13.15% -0.51% 11.47% 3.15% 2.06
Medium to Long & Medium Duration Bond Funds
IDFC Bond Fund - Income Plan - Regular Plan - Growth 14-Jul-00 3 657.48 46.14 12.37% -0.81% 13.13% 8.40% 46,136 3.03% 0.45 1.90
ICICI Prudential Bond Fund - Growth 18-Aug-08 3 3,238.26 26.33 9.51% 1.92% 10.76% 9.32% 26,329 1.70% 0.46 1.77
IDFC Bond Fund - Medium Term Plan - Regular Plan - Growth 8-Jul-03 3 2,331.62 31.95 9.57% 3.27% 9.27% 7.54% 31,953 1.36% 0.47 2.25
Crisil Composite Bond Fund Index 3,277.44 11.60% 1.30% 11.47% 2.72% 1.84
Short Duration funds
ICICI Prudential Short Term Fund - Growth 25-Oct-01 2 8,187.00 39.38 8.53% 4.07% 10.12% 8.06% 39,378 0.95% 0.48 2.16
IDFC Bond Fund - Short Term - Regular Plan - Growth 14-Dec-00 2 7,205.51 38.72 9.08% 4.51% 8.03% 7.57% 38,720 1.17% 0.49 2.20
Kotak Bond Short Term Plan - Growth 2-May-02 2 8,845.93 35.51 8.90% 4.25% 8.73% 7.66% 35,515 1.04% 0.44 2.31
Crisil Short Term Bond Fund Index 3,351.26 9.04% 4.63% 8.88% 1.10% 2.30
Liquid Funds*
ICICI Prudential Liquid Fund - Growth 17-Nov-05 1 64,116.55 280.27 7.44% 6.89% 6.90% 7.86% 28,027 0.05% 0.10 10.85
Kotak Liquid - Regular Plan - Growth 4-Nov-03 1 32,940.51 3,837.76 7.39% 6.87% 6.88% 7.44% 30,755 0.04% 0.10 12.58
Crisil Liquid Fund Index 3,143.48 7.61% 7.01% 6.86% 0.11% 6.78

Source: CRISIL Limited

3 yr Risk Free Rate: 6.36%
1 yr Risk Free Rate: 6.59%
^ Regular Plan, Growth Option
*For liquid funds and respective benchmark index, holiday NAVs have been considered on accrual basis
**For liquid funds, NAV as on June 30, 2019
^^ June 30, 2018 to June 30, 2019 for liquid funds and respective benchmark
^^^ June 30, 2017 to June 30, 2018 for liquid funds and respective benchmark

Disclaimer: CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this Report based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the
accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any entity covered in the
Report and no part of this report should be construed as an investment advice. CRISIL especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently
of, and does not have access to information obtained by CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report
are that of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written approval.

Source: CRISIL Limited

 INDIA MODEL PORTFOLIOS

Asset Class Mix:

Asset Class/Sub-Asset Class IP 4 Allocation

Equity 68.00%
Onshore Large Cap Equity 42.00%
Onshore SMID Cap Equity 14.00%
Global Equity 12.00%

Fixed Income 30.00%

Long-Term India Fixed Income 7.50%
Short-Term India Fixed Income 22.50%

Cash 2.00%
Cash 2.00%

Alternates 0.00%
Gold 0.00%
a. Model Portfolios are subject to change by Citibank.
b. Allocation to cash is a function of individual needs.
c. In order to keep the portfolios well-positioned for changing macroeconomic and Junket environment, the Asset Allocation in the Model Portfolios are reviewed
periodically basis Citi’s research views.

Disclaimer: Citibank’s Model Portfolio is not a program or offering, but is a diversification tool that is meant for your reference purposes only and not to be construed as any
advice. Model Portfolios are: (i) not binding on part of the customer; (ii) not monitored by Citibank with respect to customer individual investment holdings; and (iii) not
personalized to the specific needs of an individual customer.

INVESTMENT PRODUCTS: NO BANK GUARANTEE: NOT GOVERNMENT INSURED: SUBJECT TO MARKET RISK: POSSIBLE LOSS OF PRINCIPAL: PLEASE READ THE OFFER DOCUMENT(S) BEFORE INVESTING.
Generic Disclaimers:

Citibank, N.A. provides investment services as a distributor of third party Investment Products (shortly referred as ‘investment products’). Citibank, N.A. does NOT provide investment advisory services in any manner or
form. Investment products do not pertain to Citibank and are not bank deposits or obligations of or guaranteed by Citibank, N.A. Citigroup, Inc or any of its affiliates or subsidiaries. Investment products are not insured
by any governmental agency and are subject to investment risks, including the possible loss of the principal amount invested. Past performance is not indicative of future results, prices/invested sum is subject to Junket
risks which may result in appreciation or depreciation. The ownership of any investment decision(s) shall exclusively vest with the Investor after analyzing all possible risk factors and by exercise of his/her/its
independent discretion and Citibank, N.A shall not be liable or held liable for any consequences thereof.

Investment products are not available to US persons, Residents of Canada and may not be available in all jurisdictions. By making any investment, you confirm your deemed acceptance to the conditions mentioned
herein.

Citibank, N.A. may discuss with you (‘customer/investor’) about investment products (shortly referred as ‘investment products’) which are in line with your investor rating as maintained with us. Investment products
are referred/ distributed by Citibank, N.A. on a non -discretionary and non participation basis. Such discussion would be a service without any consideration by Citibank to the Investor and the final investment decision
shall at all times exclusively remain with the investor.

Investor investing in funds denominated in non-local currency should be aware of the risk of exchange rate fluctuations that may cause a loss of principal. This document does not constitute the distribution of any
information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a document or make such
an offer or solicitation. Please read the Key Information Memorandum(s)/Scheme Investment Document(s) & Statement of Additional Information/Term Sheet/Prospectus carefully before investing and no claim
whatsoever shall be made against Citibank, N.A. any of its affiliates or subsidiaries and / or employees claiming any influence/recommendation/responsibility/liability for your decision to invest in any investment
product.

Investor should ensure to understand, accept the identities of different parties and the roles that they play in relation to the various Investment Product(s). Investor acknowledges that, there may be various actual or
potential conflicts of interest between Citibank, N.A. India, Citigroup Capital Junkets Ltd., Citigroup Inc. or their affiliates or subsidiaries (collectively “Connected Persons”) and that of an investor itself, as a result of the
various investment and/or commercial businesses and/or activities of the Connected Persons. You are deemed to accept, on purchasing/ subscribing / investing to a particular Investment Product(s), that any such
conflict may exist and may be prejudicial to an investment in the Investment Product(s).

Portfolio diversification is an important tool to consider while making investment decisions. Concentrated positions may entail greater risks than a diversified portfolio. Certain factors that affect the assessment of
whether your overall investment portfolio is sufficiently diversified may not be evident from a review that only includes your Citibank account(s). It is therefore important that you carefully review your entire
investment portfolio to ensure that it meets your investment goals and is well within your risk tolerance level, including your objectives for asset and issuer diversification. To discuss asset allocation and potential
strategies please contact your Relationship Manager or visit the nearest branch.

Citigroup, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to any taxpayer outside of Citigroup, Inc. and its affiliates. This email/brochure/letter/communication and any
attachments are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties. Any such investor/taxpayer should seek advice based on the
taxpayer's particular circumstances from an independent tax advisor. By making any investment, you confirm your deemed acceptance to the conditions mentioned herein.

Citibank, N.A. provides no independent research or analysis in the substance or preparation of this report. The information in this report has been obtained from reports issued by Citigroup Global Junkets and Citigroup
Investment Research. Such information is based upon sources Citigroup Global Junkets (CGM) / Citigroup Investment Research (CIR) believe to be reliable. CGM and / or Citibank, N.A., however, do not guarantee its
accuracy and it may be incomplete or condensed. All opinions and estimates constitute CGM's view as of the date of report and are subject to change without notice. This report / presentation is provided for general
information only and nothing contained in the material constitutes a recommendation for the purchase or sale of any security and/or currency. As a prerequisite condition for arriving at a decision to invest, any investor
considering an investment should seek independent advice on the suitability or otherwise of the particular investment.

Data and research provided by CRISIL. This performance analysis is based on the framework and methodology developed by CRISIL for Citibank. It is presumed that, CRISIL has taken due care and caution in compilation
of data. Information has been obtained by CRISIL from sources it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of the information and is not responsible for any errors
or omissions or for the results obtained from the use of such information. CRISIL is not responsible for any errors in data reproduction. CRISIL especially states that it has no financial liability whatsoever to the
subscribers/ users/ transmitters/ distributors of this analysis.

Source: CRISIL Fund Analyzer, Asset Management Company, Bloomberg and Citi Research