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The information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors of ICICI Prudential Asset Management company Ltd and should not

be circulated to investors/prospective investors. The information contained herein is solely for private circulation for reading/understanding of registered Advisors/ Distributors of ICICI Prudential Asset Management company Ltd and should not

be circulated to investors/prospective investors.



Structural Reforms in India

Source: www.india.gov.in. UIDAI: Unique Identification Authority of India

2012

UIDAI launched

online verification

and issuance of

Aadhaar Card,

Direct Benefit

Transfer based on

Aadhaar Card

initiated.

2014

Launch of Jan

Dhan Programme.

India’s Mission for

Financial Inclusion.

2015

Pradhan Mantri

Awas Yojana

launched with aim

to provide

affordable housing

for economic

weaker section.

2016

Demonetization:

Rs.500 and Rs.1000

bank notes ceased

to be legal tender.

2017

• Implementation

of Goods &

Service Tax.

• Issuance of

Bank

Recapitalization

Bonds.

•Announcement

of Bharatmala

and Sagarmala

Project.

2

http://www.india.gov.in/



Reforms That May Impact Bharat

One Nation – One Tax:

Goods & Services Tax (GST)

Building Bharatmala

Building Sagarmala

Digital India Housing For All

Electrifying Rural India Recapitalization of Indian

Public Sector Banks

3



Investment Opportunities

The asset allocation and investment strategy of the scheme is subject to the provisions of the Scheme Information Document. The sector(s)/stock(s) mentioned in this presentation do

not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may not have any future position in these sector(s)/stock(s).

Build Bharat Financing Bharat Rural Bharat

Opportunity to Invest in Rising Bharat

4





Build Bharat: Government’s Thrust on Infrastructure

Mega Highway Project of building ~83,000 km roads over the next 5 yrs.

Capex Outlay of Rs. 6.92 lac crore

3500 km of Railway lines to be commissioned in FY-18 with Rs 1.31 lakh crore.

24,200 Railway lines to be electrified by FY-21 covering 90% of total route.

PMAY – Urban: 1.02 cr units to be built

PMAY – Rural: 1.2 cr. Units to be built. Total outlay of Rs 0.31 lac crore

Electrification of ~40 mn. households by FY-18 under Saubhagya Scheme. Total

outlay of Rs 0.16 lac crore.

Source: Macquerie Research Oct 2017; PMAY: Pradhan Mantri Awas Yojana.

5



Build Bharat

Source: India’s Road Sector Report by JM Financial Reseach, Oct 24th

2017. MORTH: Ministry Of Roads Transportation Highways, NHAI : National Highway authority of India, PMGSY: Pradhan Mantri Gram Sadak Yojana

• In FY 17, projects awarded for 16,271 km. (66% higher from previous peak of FY12).

• Future orders are expected to be around 16000 km/year over the next 2-3 years.

• 2,100 km of coastal roads expected to be built connecting coasts of India.

• Sagarmala Project will require 27 mn mt of cement, using approx. 7% of installed capacity

Awarding Activity has registered 55% growth YoY Construction Activity has registered 35% growth YoY

27

5

9

22

29

45

FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

Awarded Km(per day)

14

16

12 12

17

23

FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

Construction Km(per day)

6



Build Bharat – Steam left in Metals

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

Nickel ($)

• Prices of metals (Zinc, Nickel, Aluminum, etc) have seen a sharp recovery in last few quarters.

• Despite recent run-up metal prices are still below its previous highs.

• The recent policy action on global front, like China shutting down production in metal sector, may lead to demand supply mismatch and can help domestic companies in related sector.

• Government initiative on Infrastructure spending like Bharatmala, Housing for all etc. also makes a case for investment in metal sector.

Sources : Internal. Past Performance may or may not sustain in future.

($)

7

0

2000

4000

6000

8000

10000

12000 Copper





Sectors To Be Impacted By Build Bharat

The stocks/sectors mentioned in this slide is only for illustration purpose only. The stocks mentioned herein are a part of the scheme benchmark i.e. S&P BSE 500 Index. The sector(s)/stock(s) mentioned in this presentation do not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may not have any future position in these sector(s)/stock(s).The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme. Please refer to the SID for investment pattern, strategy and risk factors.

8

ACC

Shree Cement

Tata Steel

JSW Steel

Larsen & Turbo

PNC Infratech Cummins India

Triveni Turbine

Power Grid Corporation

POWER

CEMENT

STEEL

CONSTRUCTION

PROJECTS

BUILD

BHARAT



Rural Bharat

Rural India accounts for over 65% of the total

population.

Growth in India’s rural economy (~47% of

country’s income and 54% of country’s

expenditure) has slowed over the past four

years.

While a poor monsoon impacted the rural

economy negatively in 2014 and 2015, a

sharp decline in food prices impacted

farming incomes in 2016.

With trend reversal in Rural wage data on

account of government efforts coupled with

good monsoon last year, Rural consumption

is expected to improve.

Source: Deutsche Bank, Reserve Bank of India.

9

Real Rural Wage Rate Growth (%)



Initiatives Impacting Rural Bharat

10

PMAY– Gramin, GoI

plans to spend Rs

81975 crore between

2016-2019.

Rs 16,320-crore

scheme to supply

electricity to all

households by

December 2018

E-market platform for

transparent commodity

transactions, It is expected

that farmers transacting

through here will get better

pricing power.

Implementation of PMFBY

led to increase in gross

coverage area from 25%

in FY 2016 to 30% in FY

2017

PMKSY has been approved for

implementation across the country

with an outlay of Rs. 50,000 crore in

five years (2015-2020).

RURAL

ECONOMY

Source: PIB.nic.in, PMKSY - Pradhan Mantri Krishi Sinchayee Yojana



Changing Consumption Pattern

Affluence can be Much More Widespread by 2025

India’s nominal YoY expenditure growth

of 12% is more than double the

anticipated global growth of 5%

India is expected to become third

largest consumer market by 2025.

Emerging cities is expected to see the

highest growth among elite and affluent

household by 2025.

It is expected that around 120 cities can

match todays metropolitan area in

average household income.

11 Source : BCG Analysis, Customer Segments were defined on the basis of annual household income: elite > $ 30,800; affluent = $15,400 to $30,800



12

Chemicals

Consumption Consumer Durables

Auto

PI Industries

Pidilite Industries Ltd

ITC

Britannia Industries

Hindustan Unilever Ltd

Voltas Ltd

Whirpool of India

VIP Industries


Sectors To Be Impacted By Rural Bharat

Rural

Bharat

Mahindra & Mahindra

Maruti





13

• Larger than Expected Recapitalization Plan Positive for Public Sector Banks

• Recapitalization plan of Rs. 2.11 trn to revitalize the PSBs struggling with high levels of NPAs.

• We believe this is positive for state owned banks as two key constraints of loan growth and

capital shortage are addressed by recapitalization of PSBs

• With this recapitalization, the banks are expected to meet any new borrowing requirement of

infrastructure led companies.

• Housing for all by 2022 could have a positive impact on Housing Finance and Banking Sector.

• Good monsoon coupled with green shoots visible in rural consumption may create demand in

sectors like vehicle financing and others

Source: PIB; Motilal Oswal Securites Report; NPA – Non-Performing Assets

Financing Bharat



14

67.7

73.8

82.2 82.6

79.2

90.0

86.3

72.8

73.5 73.3 74.1 73.5

69.0 68.8

70.2

72.6

Long Term Average Capacity Utilization in (%)

The capacity utilization is below the long term average of 76%. As demand increases, the

corporates may look to increase its capacity.

Source: Kotak Securities

Financing Bharat



Financing

Bharat

Sectors To Be Impacted By Financing Bharat


Muthoot

Finance

Manappuram

Finance

Magma Fincorp

M&M Finance Services

SBI

Bank of Baroda

ICICI Bank

NBFC

Micro Finance Auto Finance

Banks

15





Set Stage for Future Growth

16





17 Source: MFI Explorer. Returns are of S&P BSE Sensex. 1

st working day for Start of the Year and Last working day for end of the year. Returns are in CAGR. *2017 returns are as on 31

st Dec 2017.

Past Performance may or may not sustain in future.

Current Decade: India, One of the Fastest growing and large economies with strong domestic

demand but low decadal returns so far.

Set Stage For Future Growth

1981

21.3% CAGR

1990 Assassination of the Prime Minister

& Asian Debt Crisis.

1991

14.2% CAGR

2000 Trade Liberalization, 6 Prime Ministers,

Coalition Govts. Harshad Mehta’s Scam.

2001

17.8% CAGR

2010 Coalition Govts, Global Financial Crisis.

2011

7.40% CAGR

2017* Reform Oriented Stable Government.



18

NFO Period : January 17th, 2018 to January 31st, 2018

Fund Managers*: S. Naren, Vinay Sharma & Mittul Kalawadia

To Benefit From Opportunities Arising Due To Rising Bharat, Invest In



*Priyanka Khandelwal for investment in ADR/GDR/ Foreign securities.



19 The asset allocation and investment strategy of the scheme is subject to the provisions of the Scheme Information Document. The sector(s)/stock(s) mentioned in this presentation do

not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may not have any future position in these sector(s)/stock(s).

ICICI Prudential Value Fund – Series 20

(1262 days close ended scheme)

Themes that can benefit from government reforms like Infra, banking &

finance and rural consumption that are likely to play out well with ~3.5

years investment horizon

Helps in bottom-up stock selection with clear ~3.5 years view

Ability to reduce net equity risk at market peaks

Aims to limit downside of the portfolio by using hedging strategies



Track Record of Scheme Completed 3 Years

Scheme Name Launch Date

No of Dividend

Declared since

inception

Dividend

Received

Valuation as

on 4th

Jan

2018

ICICI Prudential Value Fund - Series 1 07-Nov-13 10 ₹ 7,95,000 ₹ 14,90,000

ICICI Prudential Value Fund - Series 2 06-Dec-13 10 ₹ 8,00,000 ₹ 13,92,000

ICICI Prudential Value Fund - Series 3 20-Mar-14 10 ₹ 8,00,000 ₹ 12,46,000

ICICI Prudential Value Fund - Series 4 08-May-14 8 ₹ 8,00,000 ₹ 12,23,000

ICICI Prudential Value Fund - Series 5 10-Sep-14 3 ₹ 2,25,000 ₹ 12,57,000

Past performance may or may not sustain in future. For more information on dividend kindly refer our website: www.icicipruamc.com

Investment Amount of Rs.10,00,000/- during NFO(New Fund offer)

20 Payment of dividend is subject to availability of distributable surplus and Trustee approval. It should be noted that pursuant to payment of dividend, the NAV of the plan/dividend option of the Scheme would fall to the extent of dividend payout and statutory levy, if any



21

Tenure :1262 days

NFO Period :17th January 2018 to 31st January 2018

MICR cheques :Till end of business hours on 31st January 2018

RTGS and transfer cheques :Till end of business hours on 31st January 2018

Switches :Switches from equity schemes and other schemes - 31st January 2018;

Till cut off time (specified for switch outs in the source scheme)

Option to be launched :CICI Prudential Value Fund - Series 20 – Cumulative & Dividend

ICICI Prudential Value Fund - Series 20 Direct Plan – Cumulative & Dividend

Entry / Exit Load :Nil

Minimum Application Amount :Rs.5,000/- (plus in multiple of Rs.10)

Liquidity :To be listed

Benchmark :S&P BSE 500 Index

Fund Manager* :Sankaran Naren, Vinay Sharma & Mittul Kalawadia

*Priyanka Khandelwal for investment in ADR/GDR/ Foreign securities.

ICICI Prudential Value Fund – Series 20 Features



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

Disclaimer: All figures and data given in the document are dated unless stated otherwise. In the preparation of the material contained in this document, the AMC 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 AMC and/or its affiliates and which

may have been made available to the AMC and/or to its affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC however does not

warrant the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendations in this document, which contain words, or phrases such

as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by

the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and political conditions in

India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in interest

rates, foreign exchange rates, equity prices or other rates or prices etc.

The AMC (including its affiliates), the Mutual Fund, the trust and any of its officers, directors, personnel and employees, shall not liable for any loss, damage of any nature, including but not limited 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 recipient alone shall be fully responsible/are

liable for any decision taken on this material.

The sector(s)/stock(s) mentioned in this presentation do not constitute any recommendation of the same and ICICI Prudential Mutual Fund may or may not have any future position in these

sector(s)/stock(s). Past performance may or may not be sustained in the future. The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the

scheme. Please refer to the SID for investment pattern, strategy and risk factors.

Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of

ICICI Prudential Mutual Fund.

22

ICICI Prudential Value Fund – Series 20 is suitable for investors who are seeking:*

Long term wealth creation

A close-ended equity fund that aims to provide capital appreciation by investing in well-

diversified portfolio of stocks through fundamental analysis.

*Investors should consult their financial advisors if in doubt about whether the product is

suitable for them.

Riskometer & Disclaimer



23

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