Equity & Debt Strategy

Mid Oct – Nov’ 2018

Equity Market Update &

Equity MF Strategy

Confidential | 3

Nifty 50 fell 6% and Midcap declining 13% in September

15,800

16,800

17,800

18,800

19,800

20,800

21,800

22,800

9,250

9,750

10,250

10,750

11,250

11,750

12,250

24-Aug 30-Aug 5-Sep 11-Sep 17-Sep 23-Sep 29-Sep 5-Oct

NIFTY Index Nsemcap index

Reports of Govt

measures to

support INR

with custom

duties

Escalation of

US, China trade

war

US Fed rate

hiked by 25 bps

US confirmed tariff

s on further $267bn

of Chinese goods

India’s CAD

widened to 2.4%

of GDP

INR continues to

weaken & crude

prices rise

Excise cut on

petrol, RBI

keeps repo rate

unchanged

-2,526

1,414

-1,918

-7,776

4,858

286

-1,277

396

9,105

3,883 4,057

8,784

-10,000

-8,000

-6,000

-4,000

-2,000

0

2,000

4,000

6,000

8,000

10,000

Jun 18 Jul 18 Aug 18 Sep 18

FII DII excl MF MF

Nifty 50 and Midcap 100 saw corrections; weak macros, trade

tariffs & NBFC concerns dampened sentimentsMF buying strong despite falling markets and FII selling

Technology sector benefited from INR depreciation

Source: Bloomberg, Kotak Institutional Equities (KIE), AMFI, NSE Infoedge, Citi ResearchAs of 10th October, 2018

cr

Net Flows to Equity Mutual Funds remained above 10k cr

cr 10,6239,639 10,085

11,647

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Jun 18 Jul 18 Aug 18 Sep 18

Net investment in Cash market

Note: Amount excludes Arbitrage Funds, assumes 65% equity flow from Balanced

32.8%

-10.9%-5.4%

-12.1%

-38.3%

-22.8% -24.1%

1.6%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%Sectoral Comparison of CYTD18 Returns

Confidential | 4

US Fed tapering with strong US GDP growth; impacting EMs equities including India

Since 1st Apr, Emerging markets have corrected by 16%, Nifty

50 has been an outlier

INR depreciated 12% in FYTD19 on macro concerns despite

RBI intervention

Fed Balance sheet leaner by $286 bn in last 1 Year; ECB Bond

buying slowing, reduced from 30bn to 15bn monthly

As of 10th October 2018Source: Bloomberg, KIE

US economy growing at strong rate (seen in GDP numbers) over

2 years

2.1%

-13.5%-15.8%

-13.1%

-8.8%

-13.2%

-2.4%

6.5%

-20%

-15%

-10%

-5%

0%

5%

10%

Nifty 50 NiftyMidcap

MSCI EM Shanghai SouthKorea

Hongkong Germany US

YoY%

In local currency terms

1,000

2,000

3,000

4,000

5,000

4,000

4,100

4,200

4,300

4,400

4,500

4,600

Oc

t 1

4

Dec 1

4

Fe

b 1

5

Ap

r 15

Ju

n 1

5

Au

g 1

5

Oc

t 1

5

Dec 1

5

Fe

b 1

6

Ap

r 16

Ju

n 1

6

Au

g 1

6

Oc

t 1

6

Dec 1

6

Fe

b 1

7

Ap

r 17

Ju

n 1

7

Au

g 1

7

Oc

t 1

7

Dec 1

7

Fe

b 1

8

Ap

r 18

Ju

n 1

8

Au

g 1

8Fed Assets ECB Assets

$ Bn € Bn

56

58

60

62

64

66

68

70

72

74

76

385

390

395

400

405

410

415

420

425

430

Jan 18 Jan 18 Mar 18 Apr 18 May 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18

Forex Reserves ($ Mn) USDINR 5.4

4.64.54.23.94.1

3.4

2.62.3

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Jun 18Mar 18Dec 17Sep 17Jun 17Mar 17Dec 16Sep 16Jun 16

Confidential | 5

-22-13

-6 -6 -4 -3 -2 -1 -1

1 1 1 3 4 7 8 12 1321

41

-30-20-10

01020304050

Can F

in

Mo

tila

l (A

spire)

LIC

HF

Dew

an

RE

C

PF

C

Pira

mal

PM

B H

F

L&

T F

in (

C*)

Avera

ge

Chola

IIF

L (

C*)

HD

FC

Ltd

ST

FC

India

bulls

Ed

elw

eis

s (

C*)

Capital F

irst

M&

MF

S

Ba

jaj F

in

BH

AF

IN

8.89

7.0

7.5

8.0

8.5

9.0

Oct 18Aug 18Jul 18Jun 18Apr 18Mar 18Feb 18

Longer tenure yields have spiked in the last 1 year, leading to

pressure on NIMs & incentivising NBFCs to borrow from short termSome NBFCs have ALM mismatch in less than 1 year tenure

Mutual funds have been an important source of funding to NBFCs,

incremental lending has slowed post-ILFS issueBanking liquidity had turned negative in September

Source: Bloomberg, CLSAYoY% growth

Concerns on NBFC impacting equity markets

PFs3%

Insurance, 19%

Banks44%

Mutual Funds,

33%

AIFIs1%

% of total assets

-382.37

-1500

-1000

-500

0

500

Am

ou

nt

in R

s. B

n

3 Yr AAA Corp Bond

Confidential | 6

Earnings and Valuation

Post recent correction, Mid Caps now are at a 5% premium

over large caps

Q2FY2018 PAT for our universe expected to grow at 12.5%,

PAT impacted by Bank provisioning and base effect

FY19 earnings outlook relatively stable compared to FY17 and

FY18

400.00

450.00

500.00

550.00

600.00

650.00

700.00

Apr 15 Aug 15 Dec 15 Apr 16 Aug 16 Dec 16 Apr 17 Aug 17 Dec 17 Apr 18 Aug 18

FY2019 FY2018 FY2017

Source: Bloomberg, KIE * Based on KIE Estimates on free float basis.As of 10th October 2018

14

16

18

20

22

24

26

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

12m Forward PE of Mid Cap over Large Cap

Nifty Mid cap

Nifty 50

5% Premium

11.1

-40.8

21.1

59.0

36.7

56.1

30.2

69.8

14.1 12.5

(60.0)

(40.0)

(20.0)

-

20.0

40.0

60.0

80.0

Sep 2018 EPS Growth Expected

Current PEPremium/Discou

nt to 10 Year average

1 Month Return

MSCI EM 11.8 -13 -3

India 21.6 14 -8

China 12.3 -25 -2

Brazil 19.3 -44 0

South Korea 10.4 -38 -5

India still expensive compared to EM peers post correction

since Sep

EPS

Confidential | 7

Key Triggers

• Global Economic data : World GDP improving

• Domestic Q1 Earnings: Several companies posted strong growth in Q1FY19

• Resolution of NPA: Effective addressal of NCLT lists

• Weaker Rupee: To 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

• Inflation: Despite INR slide, CPI inflation is lower than RBI’s target

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, weaker currency and low GST collection could lead to lower re-rating of Equity valuations

• State Elections : A combined opposition can be a threat to BJP in the upcoming elections

• Weaker Rupee: Would impact on FII flows

• Contagion effect in NBFC sector: Liquidity concerns coupled with ALM mismatch leading to stress in select companies

Risks

Source: Bloomberg, KIE

Confidential | 8

India Equities: Valuations & Strategy – Shift from Neutral to Underweight

Nifty fell 6% for the month on the back of the various global factors likeincreased crude oil prices, stronger USD along with various domesticfactors like status quo maintained by RBI, depreciating INR and a defaultby a large financial institution. All these led Equity markets to remain inrisk-off mode.

Given various factors and the visibility of a volatile election year, wecontinue to maintain a “20% Underweight” in Equities.

Mutual Funds: As domestic liquidity continues to drive markets, weadvise new investments to be staggered in Mutual Funds via SIPs/STPs.

Recommended allocation within equity mutual funds is as under:

• 50% Large Cap allocation (Prefer Large Cap stocks over Mid capsince Mid cap valuations are still above historical levels)

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

• For investors who want equity exposure but have low appetitefor volatility, they can take equity exposure through AggressiveHybrid Funds. Such funds have around 25% to 30% of theirportfolio into Debt instruments which provides cushion to theportfolio return during market volatility.

Source: EPS Estimates by KIE

Units Now1 Yr

Prior

Macros & Flows

Nifty 50 10,300 9,900

12 Month Forward PE 17.6 17.96

FII Inflow (cumulative CYTD) $ bn -2.70 7.09

MF Inflow (cumulative CYTD) $ bn 7.64 9.33

Gsec Yields % 7.99 6.73

USD INR 74.00 63.98

US Yields 3.22 2.30

Micros

Earnings Growth (KIE Universe) 13.00 -8.1

GDP Growth (Qtr) 8.2 5.6

PMI 50.5 49.0

Non-Food Credit Growth 13.2 7.1

Capital Goods Import (YoY%) 45.3 14.6

Confidential | 9

Recommended Large Cap, Multi Cap & Balanced Fund Performances

Source: MFI ExplorerReturns are CAGR as on Oct 16, 2018 and for Regular Plans with Growth option. Corpus size is as on Sept, 2018.

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

Large Cap Funds

Aditya Birla Sun Life Frontline Equity Fund 20,227 -3.37 8.37 15.20 All Risk Profiles except Secure

Axis Bluechip Fund 2,877 4.27 10.01 14.37 All Risk Profiles except Secure

ICICI Prudential Bluechip Fund (erstwhile ICICI Prudential Focused Bluechip Equity Fund) 18,966 1.36 10.66 15.23 All Risk Profiles except Secure

SBI Bluechip Fund 19,213 -4.06 7.81 15.95 All Risk Profiles except Secure

UTI Nifty Next 50 Index Fund 241 - - - All Risk Profiles except Secure

Large & Mid Cap Funds

Aditya Birla Sun Life Equity Advantage Fund (erstwhile Aditya Birla Sun Life Advantage Fund) 5,664 -12.98 8.83 19.25 All Risk Profiles except Secure

IDFC Core Equity Fund (erstwhile IDFC Classic Equity Fund) 2,805 -2.91 11.49 13.78 All Risk Profiles except Secure

Invesco India Growth Opportunities Fund (erstwhile Invesco India Growth Fund) 863 1.70 10.89 17.21 All Risk Profiles except Secure

Kotak Equity Opportunities Fund (erstwhile Kotak Opportunities Fund) 2,324 -5.94 8.93 16.14 All Risk Profiles except Secure

Mirae Asset Emerging Bluechip Fund 5,681 -2.62 15.26 29.60 All Risk Profiles except Secure

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

Axis Focused 25 Fund 5,853 2.30 13.31 16.59 All Risk Profiles except Secure

Kotak Standard Multicap Fund (erstwhile Kotak Select Focus Fund) 20,382 -1.07 10.86 18.80 All Risk Profiles except Secure

L&T India Value Fund 7,743 -6.58 10.06 22.83 All Risk Profiles except Secure

Mirae Asset India Equity Fund (erstwhile Mirae Asset India Opportunities Fund) 8,755 1.23 12.23 19.94 All Risk Profiles except Secure

Motilal Oswal Multicap 35 Fund 12,769 -8.71 9.97 - 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 ) 2,051 -16.68 10.48 22.64 All Risk Profiles except Secure

HDFC Small Cap Fund 4,948 4.14 16.63 21.41 All Risk Profiles except Secure

Kotak Emerging Equity Scheme 3,114 -7.70 9.99 25.76 All Risk Profiles except Secure

L&T Midcap Fund 3,095 -8.00 13.04 26.41 All Risk Profiles except Secure

Aggressive Hybrid Funds

Aditya Birla Sun Life Equity Hybrid '95 (erstwhile Aditya Birla Sun Life Balanced 95) 13,827 -4.63 7.86 15.37 All Risk Profiles except Secure

L&T Hybrid Equity Fund (erstwhile L&T India Prudence Fund) 10,219 -2.21 8.08 16.44 All Risk Profiles except Secure

Reliance Equity Hybrid Fund 13,603 -2.32 8.75 16.57 All Risk Profiles except Secure

SBI Equity Hybrid Fund (erstwhile SBI Magnum Balanced Fund) 27,305 0.86 8.56 16.49 All Risk Profiles except Secure

Balanced Advantage Funds (Balanced Advantage OR Dynamic Asset Allocation)

ICICI Prudential Balanced Advantage Fund 28,616 2.41 7.91 12.96 All Risk Profiles except Secure

Kotak Balanced Advantage Fund 2,053 - - - All Risk Profiles except Secure

Indices

Nifty 3.46 8.71 11.68

Debt Market Update &

Debt MF Strategy

Confidential | 11

Indicators

Policy Action

• MPC retained repo rate at 6.5%• Policy stance changed to “Calibrated Tightening”• Given the benign near-term inflation trajectory, we could

see limited scope for a rate hike in December

Inflation

• CPI inflation at 3.77% in September compared to 3.69% in Aug

• Depreciating INR and rising crude remain key risks to inflation as MPC as highlighted they will only respond to adverse inflationary impact

Corporate and G-Sec Benchmark Yield• We expect 10 Year to range 7.9-8.1%• We like AAA segment in 1 to 3 year tenor

Liquidity• Liquidity conditions improved significantly with the system • RBI scheduled to do 3 OMOs of INR 12,000 cr each in

October• Facility to Avail Liquidity under Liquidity Coverage Ratio

(FALLCR) increased from 11% to 13% of deposits to allow banks to avail of higher liquidity

INR• INR likely to remain under pressure as the DM monetary

policies unwind and their effects on EMs are visible over the next few years

• As the global economy undergoes a prolonged period of adjustment from the winding up of easy monetary policy in DMs, phases of pains in the EMs will continue

Key Risks• Global monetary tightening, • Crude Prices, • GST revenues, • Inflation, • Contagion effect in NBFCs

G-Sec Supply• RBI has done 4 OMOs, aggregating to 42,000 Cr. 2

additional OMO of INR 12,000 Crs each announced• Government cut Gross borrowing for H2 by INR 70,000

cr by reducing buybacks while Net G-Sec supply will remain same

Debt Market: Key Variables

Source: Bloomberg, KIE

Confidential | 12

Rising Crude prices have impacted Current Account Deficit leading to INR depreciation and heavy FII outflows

1,049

-803

-2,105

-2,538

-1,712

2

458

-1,461

-537

Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18

-3,000

-2,500

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

US

D M

illi

on

FIIs have sold $2bn of Debt in last 2 months on concern over

Crude prices and rising US interest rates

74.23

Nov17

Dec17

Jan18

Feb18

Mar18

Apr18

May18

Jun18

Jul 18 Aug18

Sep18

Oct18

63.0

65.0

67.0

69.0

71.0

73.0

75.0

Indian currency has depreciated due to rising CAD deficit and

heavy FII outflows from both Debt and Equity capital markets

944.42

Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18

800

850

900

950

1000

1050

GST collections have again stagnated, well below

breakeven rate

Note: As of 11th October 2018, Source Bloomberg, Nomura

83.09

Feb 18 Mar 18 Apr 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18

50

55

60

65

70

75

80

85

Crude price increased over concern on Iran sanctions

$/bbl

Rs bn

Confidential | 13Note: As of 11th Oct 2018, Source Bloomberg, MFI

8.84

8.50

8.23

7.68

Oct 18Jul 18Apr 18Jan 18

7.00

7.20

7.40

7.60

7.80

8.00

8.20

8.40

8.60

8.80

9.00

3 Year AAA has inched up by 125 bps in last 9 months

7.97

7.777.77

7.43

Oct 18Jul 18Apr 18Jan 18

7.10

7.20

7.30

7.40

7.50

7.60

7.70

7.80

7.90

8.00

8.10

10 Year yield at ~ 8%

Most indicators leading to pressure on rates

3.48

8.058.72

12.46

4.41

11.9713.06

17.43

Aug 18Aug 17Aug 16Aug 15

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

Dynamic funds Gilt funds

Long end funds have cut duration significantly

5.50

6.00

6.50

7.00

7.50

8.00

8.50

% Y

ield

Repo Rate (1 yr forward) 1 yr OIS

Shorter tenure yields increased due to rate hike

Confidential | 14

Now 1 Year Prior

Policy rate % 6.5% 6.0%

INR 72.49 65.27

Brent oil $/bbl 82.72 57.54

Trade balance $ bn (17.4) (12.7)

FII Net flows (CYTD) $ bn (7.1) 20.0

Liquidity Rs bn -420.8 1860.29

CPI % 3.77% 3.28%

Macro Variables Witnessing weakening of macro variables in last one year

Note: As of 11th Oct 2018, Source Bloomberg

Confidential | 15

15Performance as on 8th Oct 2018

Debt Funds Performance – Last 1 YearSignificant inch-up in yields has led liquid funds to out-perform all other segments

6.536.05

3.954.2

1.39

0.26

0.0

2.0

4.0

6.0

8.0

Liquid Funds Ultra ShortDuration Funds

Medium &Credit Risk Fund

Short-TermFund

Dynamic Gilt

Performance Comparison

Confidential | 16

Tenors G-Sec AAA - PSU AAA- Corp AA+ AA AA- A+

3M 6.1 7.8 8.1 8.3 8.6 8.8 9.6

6M 6.3 8.1 8.4 8.6 8.9 9.1 9.9

1Y 7.5 8.7 8.9 9.1 9.3 9.4 10.2

3Y 7.8 8.8 8.9 9.2 9.4 9.3 10.2

5Y 8.0 8.8 8.8 9.2 9.4 9.3 10.2

7Y 8.0 8.9 8.9 9.2 9.5 9.3 10.2

10Y 8.0 8.9 8.9 9.3 9.5 9.5 10.3

15Y 8.3 8.9 8.9 9.3 9.5 9.6 10.5

Credit SpreadsThe current spreads call for high quality (AAA) in upto 3 year segment

Source: Bloomberg, KIE

Confidential | 17

India Fixed Income: Strategy

10 Year Gsec is hovering around 8% on concerns of INR weakening despite few steps announced by RBI and Government like OMO and reduced Gross borrowing. Despite the earlier rate hike, 10 Year spread over repo is still at high level (~150 bps vs ~60bps historical). Since rates could remain volatile in the short term, we prefer “Roll Down” strategies with low duration risk if held till maturity like FMPs.

Additional spread of Credit Funds over AAA have reduced due to increase in AAA/AA yields, hence we prefer funds with AAA, AA allocation from risk-reward perspective. Therefore we recommend no incremental allocation to “Credit Funds” in current market environment.

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

Prefer core allocations in the 1 to 3 year segment

Due to absolute high yields, we advice investors to allocate excess liquidity to Debt funds at current level via FMPs/Roll Down Strategy.

Source : AMCs, other Financial websites

Confidential | 18

Recommended Short Term Bond, High Yield & Debt Others Performances

Scheme NameCorpus (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 13,271 4.89 5.06 6.30 All Risk Profiles except Secure

Axis Banking & PSU Debt Fund 1,231 4.52 5.60 6.64 All Risk Profiles

ICICI Prudential Banking & PSU Debt Fund 4,965 3.23 3.65 5.69 All Risk Profiles except Secure

IDFC Banking & PSU Debt Fund 618 3.85 4.32 5.45 All Risk Profiles

L&T Triple Ace Bond Fund 333 0.77 1.83 2.77 All Risk Profiles except Secure

Sundaram Corporate Bond Fund 343 0.72 1.16 4.17 All Risk Profiles

Dynamic Debt (Medium to Long Duration/ Dynamic Bond/Gilt)ICICI Prudential All Seasons Bond Fund (erstwhile ICICI Prudential Long Term Plan) 2,023 2.98 2.99 5.73 All Risk Profiles except SecureICICI Prudential Bond Fund (erstwhile ICICI Prudential Income Opportunities Fund) 2,854 1.30 1.59 4.19 All Risk Profiles

Source: MFI ExplorerReturns are CAGR as on Oct 16, 2018 and for Regular Plans with Growth option. Corpus size is as on Sept, 2018.

Confidential | 19

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.