Debt Mutual Fund Strategy

Classification - Restricted 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 9.1 8.5 8.6 8.3 8.5 8.3 40.0 33.4 7.9 8.2 30.0 20.0 10.0 0.0 -10.0 -5.0 -20.0 -30.0 High Inflation - Low Growth: The World is starting to be divided between controlling Inflation and Driving Economic Growth... US CPI Inflation % US Quarterly GDP Growth % IMF - Overview of the World Projections in October Difference from July Economic Outlook Projections Estimates 2022 2023 2022 2023 World Output 3.2 2.7 0.0 -0.2 Advanced Economies 2.4 1.1 -0.1 -0.3 United States 1.6 1 -0.7 0.0 6.3 6.7 4.3 2.3 6.9 Euro Area 3.1 0.5 0.5 -0.7 2.6 Germany 1.5 -0.3 0.3 -1.1 France 2.5 0.7 0.2 -0.3 -1.6 -0.6 Italy 3.2 -0.2 0.2 -0.9 Spain 4.3 1.2 0.3 -0.8 Japan 1.7 1.6 0 -0.1 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 United Kingdom 3.6 0.3 0.4 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Jan-22 Feb-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 -0.2 -31.4 -40.0 Canada 3.3 1.5 -0.1 -0.3 Source:- U.S. Bureau of Labor Statistics Q1CY20 Q2CY20 Q3CY20 Q4CY20 Q1CY21 Q2CY21 Q3CY21 Q4CY21 Q1CY22 Q2CY22 Q3CY22 Other Advanced Economies 2.8 2.3 -0.1 -0.4 Emerging Market and Developing Economies 3.7 3.7 0.1 -0.2 Emerging and Developing Asia 4.4 4.9 -0.2 -0.1 12.00 10.00 Euro Area CPI Inflation % Euro Area Quarterly GDP Growth % China 3.2 4.4 -0.1 -0.2 India4 6.8 6.1 -0.6 0.0 10.7 15.0 9.9 ASEAN-5 5.3 4.9 0.0 -0.2 12.6 8.00 6.00 4.00 7.4 7.4 8.1 8.6 8.9 9.1 10.0 Emerging and Developing Europe Russia 0 0.6 1.4 -0.3 3.4 -2.3 2.6 1.2 Latin America and the Caribbean 3.5 1.7 0.5 5.9 4.9 5.0 5.1 4.1. 3.4 3.0 -0.3 5.0 0.4 0.2 0.2 0.1 0.0 Brazil 2.8 1.0 1.1 -0.1 2.1 2.3 Mexico 0.5 0.8 0.6 2.1 1.2 0.2 -0.3 0.0 Middle East and Central Asia 5 3.6 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 2.00 0.00 -2.00 0.9 0.9 1.3 1.6 2.0 1.9 2.2 0.2 0.1 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 27 Feb-22 Mar-22 Apr-22 May-22 Source:- Eurostat Jun-22 1-22 Aug-22 Sep-22 Oct-22 -5.0 -0.6 -0.3 -3.8 Saudi Arabia 7.6 3.7 0.0 0 Sub-Saharan Africa 3.6 3.7 -0.2 -0.3 Nigeria 3.2 3 -10.0 -0.2 -0.2 South Africa 2.1 1.1 -0.2 -15.0 Q1CY19 Q2CY19 Q3CY19 Q4CY19 -0.3 -11.5 Q1CY20 Q2CY20 Q3CY20 Q4CY20 Q1CY21 Q2CY21 Q3CY21 Q4CY21 Q1CY22 Q2CY22 Q3CY22 Source:- Eurostat Source:- International Monetary Fund - IMF Confidential/Restricted HDFC BANK HDFC BANK RESEARCH We understand your world Classification - Restricted

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