Debt Mutual Fund Strategy

6 Confidential/Restricted 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Jan-19 Energy Price Index based 120.0 100.0 Dec-2021 Energy Price Movement (%) since Jan 2022 280.0 With tightening of 260.0 240.0 220.0 200.0 supply of Natural Gas market due to Russia Ukraine conflict, Natural Gas prices moved up sharply since Jan'22 180.0 160.0 140.0 Jan-2022 Feb-2022 Mar-2022 Apr-2022 -Natural Gas May-2022 Jun-2022 Jul-2022 Unemployment Rate in the Euro Area has been Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 declining 166.6 Europe continues to struggle with stagflation and high energy costs, on the back of ongoing Russia-Ukraine Conflict Aug-2022 Sep-2022 Source: Bloomberg Oct-2022 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% Source: Cogensis Apr-22 Jul-22 Oct-22 -3.0% Ja n-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 0 CPI Inflation (% YoY) 2 864 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 29 10 Aug-21 Sep-21 -Euro Area UK Classification - Restricted Inflation Trend In Euro Area 12 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Increase in energy prices leading to higher inflation and impacting consumer sentiments in the region. Jun-22 Jul-22 Aug-22 Sep-22 Source: Eurostat, ONS Consumer Confidence Index Sep-20 Nov-20 Jan-21 Euro Consumer Confidence Index - Europe 0 -5 -10 -15 -20 -25 High inflation and interest rates led to decline in Consumer Confidence -30 -35 Mar-21 May-21 Industrial Production in Euro Area witnessing signs of improvement | …... Europe has unveiled Euro 200 bn energy-assistance plan for its households and businesses. Despite strong inflationary headwind and cost of living issues in Europe, Subsidy for energy should help Consumer and Industries. Dec-21 Jan-22 Feb-22 Source: Bloomberg Mar-22 Apr-22 May-22 Ju n-22 Jul-22 HDFC BANK RESEARCH Classification - Restricted HDFC BANK We understand your world Aug-22 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Source: European Commission services Jul-22 Sep-22

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