1

January 2020

This product is suitable for investors who are seeking*• to generate long-term capital appreciation / income• investment predominantly in Mid-Cap companies

*Investors should consult their financial advisers if in doubt about whether theproduct is suitable for them.

Riskometer

Note : The scheme has undergone change in fundamental attribute w.e.f May 23, 2018. Please refer to scheme Information document available on www.hdfcfund.com / ISCs for further details.

What are Mid-caps

2

Source: As compiled by AMFI – As on 31st Dec 2019.#Classification as per SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017, theuniverse of “Mid Cap” shall consist of 101st to 250th company in terms of full market capitalization. *Stock cut off – Market Cap above Rs 150 Cr . Historicalperformance indications and financial market scenarios are not reliable indicator of current or future performance

Large Caps – 100

Companies

Mid Caps

150 Companies

Rs 8,234 crores

Small Caps*

1,106 Companies

Stock Universe – Market Cap Range #

>Rs. 26,291 Cr

< Rs. 8,858Cr

Rs.25,587 to Rs. 8,234 Cr

Nifty 50 TRI Vs Nifty Midcap 100 TRI

3

Source : IISLReturns based on Average Returns calculated on daily rolling for respective Period .Volatility based on standard deviation calculated on daily rolling for respective Period.Assumed 6.0% Risk Free rate for the above simulation #The Sharpe ratio is the average return earned in excess of the risk-free rate per unit of volatility or total risk. Generally, the greater the value of the Sharpe ratio, the more attractive the risk-adjusted return. Data since inception date of NIFTY Midcap 100 TRI i. e January 01, 2003.

5 Year NIFTY Midcap TRI NIFTY 50 TRI

Returns 17% 14%

Volatility 10% 8%

Sharpe Ratio#

(1 year, 3 year, 5 year & 10 Years ( Jan 01, 03 – Dec 31, 19)

10 Year NIFTY Midcap TRI NIFTY 50 TRI

Returns 16% 13%

Volatility 4% 4%

Higher long term risk adjusted returns

Annualized Returns & Volatility

1 Year NIFTY Midcap TRI NIFTY 50 TRI

Returns 25% 20%

Volatility 38% 26%

3 Years NIFTY Midcap TRI NIFTY 50 TRI

Returns 19% 16%

Volatility 16% 13%0.50

0.82

1.13

2.82

0.52

0.77

1.00

1.92

1 Year 3 Years 5 Years 10 Years

NIFTY Midcap 100 TRI NIFTY 50 TRI

Relative Index Performance

4

Source: IISL. Returns are of December 31, 2019.The NIFTY 50 TRI is indexed to a base unit of 1000 .Past Performance may or may not be sustained in the future. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. *Data since inception date of HDFC Midcap Opportunities Fund i. e June 25, 2007.Mid-caps are considered riskier than Large-caps.

As a result of recent corrections in Mid-cap segment, Mid-caps returns have converged with large cap returns

Period NIFTY Midcap 100

TRI NIFTY 50 TRI

Last 1 Year -3.4% 13.5%

Last 3 Years 7.2% 15.6%

Last 5 Years 7.5% 9.4%

Last 10 Years 10.0% 10.2%

Since June 25, 2007* 10.4% 10.0%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Jun-0

7

Apr-

08

Jan-0

9

Oct

-09

Aug-1

0

May-1

1

Feb-1

2

Dec-

12

Sep-1

3

Jul-14

Apr-

15

Jan-1

6

Nov-1

6

Aug-1

7

May-1

8

Mar-

19

Dec-

19

Nifty Midcap 100 TRI Nifty 50 TRI

Midcaps Ahead

5

Convergence of Large cap and Midcap Indices and valuations

• Midcaps have corrected in last 2 year

• Absolute and relative valuations of midcaps have moderated

Source: CLSA, Bloomberg, Midcap refers to NIFTY Midcap 100 . Largecap refers to NIFTY 50, data updated till Dec, 2019 since inception of HDFC Midcap Opportunities Fund – June 25, 2007. Based on 1 Yr forward PEHistorical performance indications and financial market scenarios are not reliable indicator of current or future performance.

60%

80%

100%

120%

140%

160%

180%

05 06 07 08 09 10 11 12 13 14 15 16 17 18 19

NIFTY Midcap premium to NIFTY 50 Average

HDFC Mid-cap Opportunities Fund –Portfolio Strategy

6

• Launched on June 25, 2007 as a mid-cap fund with the objective to generate returns by investing predominantly in mid cap companies.

Fund History

• Bottom up portfolio construction

• Focus on well managed mid cap companies at acceptable valuations.Investment Approach

• Invest predominantly in mid cap companies.

• Maintains a diversified position

• Identifying companies with reasonable growth prospects.

• Identify companies with sound financial strength and sustainable business models.

Investment Strategy

The current investment strategy is subject to change depending on the market conditions.

HDFC Mid-cap Opportunities Fund –Portfolio Construct

7

Portfolio as per 31st Dec 2019. Full Market Cap data as on Dec 31, 2019 from Ace Equity. HDFC Mutual Fund/AMC is not guaranteeing returns on investmentsmade in this scheme. ** Weighted Average Market Cap as on Dec 31, 2019 (Source: Ace Equity). Unlisted Securities has not been considered. The currentinvestment strategy is subject to change depending on the market conditions. Equity Exposure of Fund rebased to 100%. $ For complete asset allocation pleaserefer page 18.

At least 65% in midcap companies and remaining in a mix of large & small companies $.

• Targets quality small and midcap companies with growth at reasonable valuations.

• Well diversified portfolio across sectors at all times.

Market Cap** ( In Rs. Crore) Weighted Average Market Cap** (in Rs Crore)

16244

18883

5,000.0

10,000.0

15,000.0

20,000.0

HDFC Mid-cap OpportunitiesFund

NIFTY Midcap 100

HDFC Mid-cap Opportunities Fund NIFTY Midcap 100

28%

46%

15%

10%10%

49%

34%

7%

0%

10%

20%

30%

40%

50%

60%

70%

Less thanRs. 10,000 Cr

Rs. 10,000 -Rs. 20,000 Cr

Rs. 20,000 -Rs. 30,000 Cr

More ThanRs. 30,000 Cr

HDFC Mid-cap Opportunities Fund NIFTY Midcap 100

Portfolio re-aligning as per SEBI classification

8

The above Classification is as per SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017, the universe of “Large Cap” companies shall consist of first 100 companies, “Mid Cap” shall consist of 101st to 250th and “Small Cap” shall consist of companies below 250th company in terms of full market capitalization. For portfolio till May 18, Compiled by AMFI - As on 31st December 2017 for portfolio from June as complied by AMFI in respective half years ending June 18, Dec 18,Jun 19 and Dec 19. Unlisted securities has not been considered.Note: The portfolio while being realigned as per SEBI’s classification, continues to be within the existing SID norms.For further details on investment strategy/asset allocation refer Scheme Information Document/Key Information Memorandum

Now, portfolio predominantly spread between Mid Caps & Small Caps

63.5

77.1

59.9

65.4 65.2 64.168.9 67.8

65.5 65.6

0

10

20

30

40

50

60

70

80

90

Sep 17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

LARGE CAP(%) MID CAP(%) SMALL CAP(%)

Well Diversified all along.

9

• Source: MFI, As on 31st December 2019

13

3923

44

28

4

0

10

20

30

40

50

60

70

80

9,161 10,915

12,848

20,959 21,085 22,796

-

5,000

10,000

15,000

20,000

25,000

Dec 14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

In R

s. C

rore

s

AUM Movement Number of Stocks

68

74

76

78

69

73

62

64

66

68

70

72

74

76

78

80

Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19

Average Portfolio Turnover ratio : 25

More than 90% allocation to equities at all times

10

Source: MFI

* Others includes exposure in debt instruments and cash & cash equivalents (including net current assets)

For complete portfolio as on Dec 31, 2019 please refer www.hdfcfund.com

Dec-19Dec-18Dec-17Dec-16Dec-15Dec-14Dec-13Dec-12Dec-11Dec-10Dec-09

Others (%)* 86364535575

Equity (%) 9294979496959795959395

0%

20%

40%

60%

80%

100%

Risk management through wide sectoral diversification

11

Source:-Bloomberg (Sector classification as per IISL). For complete portfolio as on December 31, 2019 please refer www.hdfcfund.comStocks/sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. The Fund may or may not have any present or futurepositions in these stocks/sectors.The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security coveredunder the respective sector/s .The same has been prepared on the basis of information, which is already available in publicly accessible media.

Changes in sector weight connotes active management , a key differentiator

Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Financial Services 25.6 24.8 26.8 26.3 27.6 24.1 25.1 22.2 22.8 24.1 24.2 21.4 22.1

Consumer Goods 11.1 10.8 9.3 9.0 9.8 11.8 10.8 11.0 11.3 10.3 10.7 12.4 12.9

Automobile 7.7 7.6 8.5 8.7 11.5 15.1 16.2 16.9 14.7 13.0 12.4 11.6 12.2

Industrial Manufacturing 15.0 13.8 13.7 12.5 13.4 10.0 10.1 11.1 10.5 10.3 9.9 10.9 10.4

Chemicals 1.9 2.9 4.3 4.2 4.5 4.8 7.4 8.1 7.8 7.5 8.4 9.2 9.1

Pharma 7.7 7.7 7.0 7.1 6.7 5.9 6.9 8.1 7.9 8.0 7.7 7.8 8.2

Construction 5.5 5.0 5.9 5.9 7.4 8.8 6.9 6.8 5.8 6.2 6.4 6.2 6.4

Services 4.8 5.6 6.8 6.6 4.7 4.8 4.5 4.6 4.5 4.5 4.4 5.1 4.8

IT 5.5 4.9 5.3 5.0 4.8 6.2 6.5 6.3 4.9 4.7 5.0 4.0 4.0

Media & Entertainment 4.5 4.2 4.5 4.5 3.8 2.8 2.3 2.0 1.7 1.6 1.5 1.3 1.1

Textiles 1.1 1.1 1.0 1.1 1.0 2.1 2.3 2.3 0.9 1.9 0.7 1.1 1.0

Fertilisers & Pesticides 3.2 3.0 3.3 2.9 2.4 0.5 0.4 0.2 0.2 0.2 0.2 0.2 0.2

Energy 6.3 3.3 3.1 3.3 2.9 0.3 0.9 1.0 0.7 -- -- --

Healthcare Services 0.3 0.2 0.2 0.2 0.1 -- -- -- -- -- -- --

Cement & Cement Products -- -- -- -- -- -- -- -- -- -- -- --

Sectors% Weight

Fund Performance

12

Source: MFI, IISL . For Complete performance details please refer page 23-24. The NIFTY Midcap 100 TRI is indexed to a base unit of 10. Past performance maynot be sustained in the future. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. * Since Inception date of HDFC MidcapOpportunities Fund – 25/06/2007.Past performance may or may not be sustained in the future.

`10,000 invested in HDFC Mid-Cap Opportunities becomes ` 53,599 against ` 34,396 invested in Nifty Midcap 100 TRI since the inception of the Scheme as on December 31, 2019

Scheme/Benchmark CAGR Returns (%)*

HDFC Mid-cap Opportunities Fund – Growth Option (Regular Plan) 14%

Nifty Mid-cap 100 TRI (Benchmark) 10%

5.4 x

3.4 x

0

10

20

30

40

50

60

70

HDFC Mid-Cap Opportunities Fund - Growth Option (Regular Plan) Nifty Midcap 100 TRI

Resilient performance across market cycles

13

P1- Global Financial Crisis Lows:-08-Jan-08 to 09-Mar-09, P5 - Oil Price correction:-31-Aug-13 to 31-Mar-15P2- Post Crisis Recovery:-09-Mar-09 to 09-Nov-10, P6 - ECB easing and global growth stabilisation: 31-Mar-15 to 31-Jan-18P3- Eurozone debt crisis:-09-Nov-10 to 30-Jan-12, P7- LTCG on equities:-31-Jan-18 to 28-Mar-18P4- Policy paralysis:-30-Jan-12 to 31-Aug-13, P8 - Since Inception:-25-Jun-07* to 31-Dec-19

*Data since 25-June-07 ( Inception date of HDFC Mid-cap Opportunities Fund)Source:- MFI

Past performance may or may not be sustained in the future. Period : June 25, 2007 to Dec 31, 2019. The above returns are of Regular plan - growth option.Returns greater than 1 year period are compounded annualized (CAGR). Load is not taken into consideration for computation of performance. Different plans viz.Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distributionexpenses / commission charged in the Regular Plan. For Complete performance details please refer page 23-24.

Outperformed in 6 out of 8 cycles & Minimised downside in rough patches

P1 P2 P3 P4 P5 P6 P7 P8

HDFC Midcap -54.7% 103.3% -12.4% 4.5% 70.6% 17.9% -30.4% 14.3%

Nifty Midcap 100 TRI -62.6% 108.1% -23.4% -1.4% 55.1% 19.4% -47.9% 10.4%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

Performance Analysis

14

Past performance may or may not be sustained in the future. The above returns are of Regular plan - growth option. Returns greater than 1 year period arecompounded annualized (CAGR). Load is not taken into consideration for computation of performance. Different plans viz. Regular Plan and Direct Plan havea different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commissioncharged in the Regular Plan. Scheme Inception Date : Jun 25, 2007. Benchmark for the fund is NIFTY Midcap 100 and the returns for the benchmark arebased on Total Returns values. For Complete performance details please refer page 23-24.

Positive performance in HDFC Mid-cap Opportunities Fund across most investment horizons- (Daily Rolling Returns Since June 25,2007)

Eg. Over a 5 year horizon, investment in HDFC Mid-cap Opportunities Fund has always yielded positive returns with minimum return over 5 years period of 7.1%

Particulars

3 Years 5 Years 7 Years 10 Years

Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark

Maximum Returns 45.3% 39.7% 32.5% 26.5% 31.3% 24.4% 26.2% 21.2%

Minimum Returns -0.1% -8.8% 7.1% -0.7% 14.8% 5.1% 15.6% 9.5%

Average Returns 20.2% 14.3% 20.6% 14.2% 20.9% 14.3% 19.7% 14.0%

Total number of Observations

2336 2336 1837 1837 1345 1345 611 611

Number of PositiveObservations

2335 2162 1837 1837 1345 1345 611 611

% of Positive Observations

100% 93% 100% 100% 100% 100% 100% 100%

Note : The above table shows the performance on a daily rolling returns basis for respective periods (3,5,7 and 10 years) since June 25, 2007. Themaximum, minimum and average returns are calculated on the basis of total observations for respective rolling period. Rolling return period – June 25,2007 to Dec 31, 2019.

Consistent Performance Over Long Term

15

Past performance may or may not be sustained in the future. The above returns are of Regular plan - growth option. Returns greater than 1 year period arecompounded annualized (CAGR). Load is not taken into consideration for computation of performance. Different plans viz. Regular Plan and Direct Plan havea different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commissioncharged in the Regular Plan. Scheme Inception Date : Jun 25, 2007. For Complete performance details please refer page 23-24.

Eg. Over a 5 year horizon, investment in HDFC Mid-cap Opportunities Fund has always yielded positive returns. Further, over 90% instances, investors have earned returns exceeding 10% and so on

Returns 1 Year 3 Years 5 Years 7 Years 10 Years

CAGR ( %)

More than 15% 47 66 79 100 100

More than 10% 56 86 94 -- --

More than 0% 73 100 100 -- --

More than -10% 87 -- -- -- --

More than -20% 94 -- -- -- --

Number of Observations 2759 2276 1777 1285 551

Note : The above table shows the performance on a daily rolling returns basis for respective periods (3,5,7 and 10 years) since June 25, 2007. The %instances are calculated on the basis of total observations for respective rolling period. Rolling return period – June 25, 2007 to September 30, 2019.

Consistent Performance Over Long Term

16

Past performance may or may not be sustained in the future. The above returns are of Regular plan - growth option. Returns greater than 1 year period arecompounded annualized (CAGR). Load is not taken into consideration for computation of performance. Different plans viz. Regular Plan and Direct Plan havea different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commissioncharged in the Regular Plan. Scheme Inception Date : Jun 25, 2007. For Complete performance details please refer page 23-24.

Eg. Over a 5 year horizon, investment in HDFC Mid-cap Opportunities Fund has always yielded positive returns. Further, over 90% instances, investors have earned returns exceeding 10% and so on

Returns 1 Year 3 Years 5 Years 7 Years 10 Years

CAGR ( %)

More than 15% 46 64 77 100 100

More than 10% 55 84 91 -- --

More than 0% 74 100 100 -- --

More than -10% 87 -- -- -- --

More than -20% 95 -- -- -- --

Number of Observations 2820 2336 1837 1345 611

Note : The above table shows the performance on a daily rolling returns basis for respective periods (3,5,7 and 10 years) since June 25, 2007. The %instances are calculated on the basis of total observations for respective rolling period. Rolling return period – June 25, 2007 to December 31, 2019.

Monthly Rolling SIP: Performance ( July 07 – Dec 19)

17

Past performance may or may not be sustained in the future. The above returns are of Regular plan - growth option. Returns are XIRR. Load is not taken intoconsideration for computation of performance. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the DirectPlan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. Scheme managing since Jun 25,2007. Benchmark for the fund is NIFTY Midcap 100 and the returns for the benchmark are based on Total Returns values. The above investment simulation isfor illustrative purposes only and should not be construed as a promise on minimum returns and safeguard of capital. For Complete performance detailsplease refer page 23-24.

Particulars

3 Years 5 Years 7 Years 10 Years

Fund Benchmark Fund Benchmark Fund Benchmark Fund Benchmark

Minimum Returns -3.6% -8.4% 4.1% 1.9% 11.9% 8.4% 14.3% 9.5%

Maximum Returns 46.4% 36.2% 31.1% 26.7% 29.1% 22.8% 24.4% 19.6%

Average Returns 20.7% 14.8% 20.5% 14.6% 22.2% 16.4% 19.8% 14.8%

Total Observations 115 115 91 91 67 67 31 31

Positive Returns 111 99 91 91 67 67 31 31

% of Positive Observations 97% 86% 100% 100% 100% 100% 100% 100%

Eg. Over a 5 year SIP investment in HDFC Mid-cap Opportunities Fund, the fund has always yielded positive returns.

Note : The above table shows the performance of a monthly rolling SIP for respective periods (3,5,7 and 10 years) since inception of the Scheme on June 25,2007, July 01, 2007 being first monthly SIP and assuming ` 10,000 invested systematically on the first Business Day of every month over a period of time. XIRRreturns are calculated as on month end of the respective cycle .The % instances are calculated on the basis of total observations for respective rolling period.Monthly Rolling return period – July 01, 2007 to Dec 31, 2019.

Product Features

18

Type of Scheme An open ended equity scheme predominantly investing in mid cap stocks

Inception Date June 25, 2007

Investment ObjectiveTo provide long-term capital appreciation/income by investing predominantly in Mid-Cap companies. There is no assurance that the investment objective of the Scheme will be realized.

Fund Manager $ Mr. Chirag Setalvad

Investment Plans Regular Plan & Direct Plan

Investment OptionsUnder Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility

Minimum Application Amount

(Under Each Plan/Option)

Purchase: Rs. 5,000 and any amount thereafterAdditional Purchase: Rs. 1,000 and any amount thereafter

Load Structure

Entry Load: Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’ assessment of various factors including the service rendered by the ARN Holder.Exit Load: • In respect of each purchase / switch-in of units, an exit load of 1.00% is payable if units are redeemed

/ switched – out within 1 year from the date of allotment• No exit load is payable if units are redeemed / switched – out after 1 year from the date of allotment• In respect of systematic transactions such as SIP , STP etc exit load prevailing on the date of

registration/enrolment shall be levied.

No Entry/ Exit Load shall be levied on bonus units and units allotted on dividend reinvestment.

For further details on load structure, please refer to the Scheme Information Document.

Benchmark NIFTY Midcap 100 Index

HDFC Mid-Cap opportunities Fund – Asset Allocation Pattern

19

Under normal circumstances, the asset allocation (% of total assets) of the Scheme’s

portfolio will be as follows :

Types of InstrumentsMinimum Allocation

(% of Total Assets)Maximum Allocation

(% of Total Assets)Risk Profile

Equity and Equity Related Instrumentsof Mid Cap companies**

65 100 High

Equity and Equity Related Instruments other than above 0 35

High

Debt Securities (including securitiseddebt) and money market instruments. 0 35

Low to Medium

Units issued by REITs and InvITs 0 10 Medium to High

Non-convertible preference shares 0 10 Low to Medium

** Investment universe of “Mid Cap”:The investment universe of “Mid Cap” shall comprise companies as defined by SEBI from time to time. In terms of SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017, the universe of “Mid Cap” shall consist of 101st to 250th company in terms of full market capitalization and that the Scheme will be required to adhere the following:- The list of stocks of Mid Cap companies prepared by AMFI in this regard will be adopted.- The said list would be uploaded on the AMFI website and would be updated every six months based on the data as on the end of June and December of each year or periodically as specified by SEBI.- Subsequent to any updation in the said list as uploaded by AMFI, the portfolio of the Scheme will be rebalanced within a period of one month.The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time.The Scheme may invest upto a maximum 35% of the total assets in Foreign Securities and upto 100% of its total assets in Derivatives.

Fund Facts – As on December 31, 2019

20

For complete portfolio details refer www.hdfcfund.com

Total Equity & Equity Related Holdings 92.4%

Cash, Cash Equivalents and net Current Assets 7.6%

Average AUM (Rs in crores) 22,525

Total Number of stocks in the Portfolio 73

Top 10 Holdings (As a % Of Total Holdings) 31.7%

Top 15 Holdings (As a % Of Total Holdings) 42.1%

Portfolio Turnover Ratio (%) 3.6%

Current Portfolio Beta 0.85

Financial Year: Performance

21

Past performance may or may not be sustained in the future. The above returns are of Regular plan - growth option. Returns greater than 1 year period arecompounded annualized (CAGR). Load is not taken into consideration for computation of performance. Different plans viz. Regular Plan and Direct Plan have adifferent expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission chargedin the Regular Plan. Returns as on 29th March, 2019. Scheme Inception Date : Jun 25, 2007.$ For year 2007-08 return since inception of the scheme has been considered. For Complete performance details please refer page 23-24.

HDFC Mid-Cap Opportunities Fund – Growth Option (Regular Plan) has outperformed its benchmark (NIFTY Midcap 100 TRI*) in 9 out of 12 years since 2007

HDFC Mid-cap

Opportunities Fund

(A)

Nifty Midcap 100

TRI (B)Excess Return (A-B)

2007-08 -5.1% 7.7% -12.83%

2008-09 -38.1% -44.5% 6.39%

2009-09 122.8% 129.4% -6.66%

2010-11 15.3% 5.5% 9.81%

2011-12 8.5% -2.6% 11.15%

2012-13 5.2% -2.5% 7.75%

2013-14 30.5% 18.3% 12.19%

2014-15 63.4% 52.5% 10.85%

2015-16 -1.4% -0.6% -0.78%

2016-17 37.4% 36.5% 0.91%

2017-18 11.4% 10.3% 1.12%

2018-19 1.5% -1.9% 3.35%

Returns

Year

Why HDFC Midcap Opportunities Fund

22

Opportunity to invest in a diversified portfolio of predominantly mid sized companies

Provides diversification to an investor’s overall equity mutual fund portfolio

One of the most experienced fund management and research teams in the country with a track record of managing equityassets across market cycles

Strong emphasis on risk management to mitigate the inherently greater volatility of a portfolio dominated by mid capcompanies

One of the largest fund in the mid-cap category with a strong track record of more than 12 years*

HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme. The current investment strategy is subject to change dependingon the market conditions.* In terms of Month end AUM as on December 31, 2019. Source – MFI. For Complete performance details please refer page 23-24.

HDFC Mid-cap Opportunities Fund – SIP Performance summary

23

HDFC Mid-Cap Opportunities Fund – Assuming Investment of ` 10,000 on the first Business Day of every Month over a period of time.

Past performance may or may not be sustained in the future. CAGR returns are computed after accounting for the cash flow by using XIRR method (investmentinternal rate of return) for Regular Plan - Growth Option. Load is not taken into consideration for computation of performance. Different plans viz. Regular Planand Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /commission charged in the Regular Plan. Scheme managing since Jun 25, 2007. The above investment simulation is for illustrative purposes only and should notbe construed as a promise on minimum returns and safeguard of capital. # Benchmark Index: NIFTY Midcap 100 (Total Returns Index), ## Additional BenchmarkIndex: NIFTY 50 (Total Returns Index). $ Scheme Inception Date : Jun 25, 2007. Returns as on December 31, 2019.

Particulars Since Inception$ 10 Years 5 Years 3 Years 1 year

Total Amount Invested (Rs. in ‘000) 1510.00 1200.00 600.00 360.00 120.00

Mkt Value As on December 31, 2019(Rs. in ‘000)

4472.75 2578.96 695.86 362.92 122.30

Returns (%) 16.06% 14.63% 5.87% 0.53% 3.57%

Benchmark Returns (%) # 11.35% 10.52% 4.32% -1.56% 2.42%

Addl. Benchmark Returns (%) ## 11.43% 11.63% 11.51% 11.38% 14.05%

HDFC Mid-cap Opportunities Fund – Scheme Performance summary

24

Value of Rs 10,000 invested

Scheme Returns (%)

Benchmark Returns (%) #

Additional Benchmark

Returns (%) ##Scheme

Benchmark(Rs)#

Additional Benchmark

(Rs)##

Last 1 year 0.20 -3.40 13.48 10,020 9,660 11,348

Last 3 years 8.01 7.18 15.63 12,604 12,316 15,468

Last 5 years 8.23 7.49 9.38 14,850 14,354 15,661

Since inception (Jun 25, 2007)

14.34 10.37 10.04 53,599 34,396 33,151

Past performance may or may not be sustained in the future. The above returns are of Regular plan - growth option. Returns greater than 1 year period arecompounded annualized (CAGR). Load is not taken into consideration for computation of performance. # Benchmark Index: NIFTY Midcap 100 (Total Returns Index)## Additional Benchmark Index : NIFTY 50 (Total Returns Index). Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses ofthe Direct Plan under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. Returns as on 31st Dec, 2019.The Scheme is managed by Chirag Setalvad since Jun 25, 2007.

Performance of Other schemes managed by the Fund manager

25

Scheme

Managing Scheme Since

Performance

1 yearCAGR (in %)

3 year 5 year

CAGR (in %) CAGR (in %)

Chirag Setalvad manages 9 schemes

Performance of Top 3 schemes managed by Chirag Setalvad

HDFC Hybrid Equity Fund (Equity Assets) Apr 02, 07 7.52 10.03 8.53

NIFTY 50 Hybrid Composite Debt 65:35 Index

12.69 12.73 9.18

HDFC Long Term Advantage Fund Apr 02, 07 10.11 12.94 9.71

S&P BSE SENSEX TRI 15.66 17.11 9.87

HDFC Small Cap Fund June 28, 14 -9.49 10.17 8.45

NIFTY Smallcap 100 TRI -8.54 1.32 3.08Performance of Bottom 3 schemes managed by Chirag Setalvad

HDFC Retirement Savings Fund - Equity Plan

Feb 25, 16 5.24 10.83 NA

NIFTY 500 TRI 8.97 13.64 NA

HDFC Multi - Asset Fund (Equity Assets)^ Apr 02, 07 9.34 6.24 6.45

90% NIFTY 50 Hybrid Composite Debt 65:35 Index + 10% Domestic Prices of Gold

13.90 12.76 9.16

HDFC Retirement Savings Fund - Hybrid-Debt Plan (Equity Assets)

Feb 26, 16 7.57 6.75 NA

NIFTY 50 Hybrid Composite Debt 15:85 Index 11.28 8.33 NA

Past performance may or may not be sustained in the future. The above returns are of Regular plan - growth option. Load is not taken into consideration for computation of performance. On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. Top 3 and bottom 3 schemes managed by the Fund Manager have been derived on the basis of since inception returns vis-à-vis the benchmark. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme is considered from the date the benchmark is available. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses/ commission charged in the Regular Plan . ^The Scheme formerly, a debt oriented hybrid fund, has undergone change in Fundamental attributes w.e.f. May 23, 2018 and become a multi asset fund investing in equities, debt and gold. Accordingly, the Scheme’s benchmark has also changed. Hence, the performance of the Scheme from inception till May 22, 2018 may not strictly be comparable with those of the new benchmark. Returns/ Data as on 31st December, 2019

Disclaimer

The presentation dated 14th January, 2020 has been prepared by HDFC Asset Management Company Limited (HDFC AMC) basedon internal data, publicly available information and other sources believed to be reliable. Any calculations made areapproximations, meant as guidelines only, which you must confirm before relying on them. The information given is for generalpurposes only. Past performance may or may not be sustained in future. The current investment strategies are subject to changedepending on market conditions. The statements are given in summary form and do not purport to be complete. The views /information provided do not have regard to specific investment objectives, financial situation and the particular needs of anyspecific person who may receive this information. The information/ data herein alone are not sufficient and should not be usedfor the development or implementation of an investment strategy. The statements contained herein may include statements offuture expectations and other forward-looking statements that are based on our current views and involve known and unknownrisks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or impliedin such statements. Stocks/Sectors referred in the presentation are illustrative and should not be construed as an investmentadvice or a research report or a recommended by HDFC Mutual Fund / AMC. The Fund may or may not have any present or futurepositions in these sectors. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in the Scheme(s). Thedata/statistics are given to explain general market trends in the securities market, it should not be construed as any researchreport/research recommendation. Neither HDFC AMC and HDFC Mutual Fund nor any person connected with them, accepts anyliability arising from the use of this document. The recipient(s) before acting on any information herein should make his/her/theirown investigation and seek appropriate professional advice and shall alone be fully responsible / liable for any decision taken onthe basis of information contained herein. For complete portfolio/details refer to our website www.hdfcfund.com

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY

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Thank You

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