Debt Mutual Fund Strategy

25 0.0 0.5 Jun-14 Confidential/Restricted 1.0 1.5 Aug-14- Oct-14 2.0 Dec-14 2.5 Feb-15- Apr-15 80.0 70.0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 Mar-14 Aug-14 Dec-14 Largecap vs Midcap Apr-15 Aug-15 Jan-16 Classification - Restricted Valuation gap between large cap and mid cap have now started expanding... high inflationary condition could lead to increase in pressure in mid and small cap companies leading to reversion in valuation gap..... 1.3 1.3 Jun-15 Aug-15 Oct-15 Dec-15- Feb-16 1.4 May-16 Sep-16 Valuation differential between Large Cap and Midcap Indices Trailing P/E S&P BSE Midcap 1.9 Jul-18 Valuation Premium of Midcap over Sensex Apr-16 Jun-16 Aug-16- Oct-16 Dec-16 Feb-17- Apr-17 Jun-17 Aug-17 Oct-17- Dec-17 Feb-18 Apr-18 Jun-18 Aug-18- Oct-18 Dec-18 Feb-19- Trailing P/E S&P BSE Sensex 1.4 1.1 Apr-19 Jun-19- Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21- 2.0 0.9 HDFC BANK RESEARCH Classification - Restricted HDFC BANK We understand your world 1.1 0.9 Jun-21- Aug-21 Oct-21 Dec-21- Feb-22- Apr-22- Jun-22- Aug-22- Oct-22 Source: Capitaline 0.9 0.9 Source: Capitaline 1.1.1

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