The current environment is akin to shifting sands, where dynamism is at its peak. Hence, it would be prudent to have an active management approach. Read our annual outlook 2022, to know more.

1. 1

2. Recap of Outlook 2021 – Turning Points ahead
2
Normalization of
Stimulus Measures
Central Banks pausedfurther rate cuts
& speeding up taperingprogram
Concentrated to Broad
Based Rally
During CY2021,market rally was broadbased
unlike 2020
Less returns potential
in Duration
RBI has paused further rate cuts &
is likely tohike rates
Deflation to Reflation
Emerging & Developed Countries are
witnessinghighinflation
Changein Market Cycle
2021 witnessedextreme market
movements due to changing macros
WHAT WE SAID LAST YEAR?
Source – www.CNBC.com,EdelweissResearch,RBI,JMFinancial,Morgan Stanley.Dataas ofDec 31,2021. RBI – ReserveBank of India.*Pleaseclick onfollowinglinkfor detailedoutlook 2021document – AnnualOutlook 2021

3. 3
Outlook 2022 - Shifting Sands (A Year of Active Management)
Our previous yearly outlook mentionedhow various factors like easy liquidity, deflation, etc. may witness
turning points which may lead to trend reversals going forward. We saw major turning points play out as
anticipated. In the coming year, we believe that with rising inflation, rate hikes & withdrawal of stimulus, no
clear roadmap on the Pandemic, many economieswill be affected Globally. On the domestic front, barring
Valuations, economy appearsto be on a strong footing. Sentimentsin certain areas appear Euphoric. Global
monetary & fiscal policies especiallythat of US Fed may affect Domestic Equity markets.
The current environmentis akinto shiftingsands,where dynamismis at its peak.Hence,it
would be prudent to have an active managementapproach.We believe,schemeswhichhave
the flexibility to investacross differentassetclasses,Marketcapand Themes may do well

4. Global Indices Performance
Map not to scale. This map has been used for design and representational purpose only, it does not depict the geographical bo
undaries of the country. These do not conform to the external boundaries of India recognized by the Survey of India.
Germany - DAX Index; China - SSE Composite Index; France - CAC 40 Index; Japan - Nikkei; Hong Kong - HangSeng; US - Dow Jones; Singapore - Strait Times; Russia - RTS Index; Indonesia - Jakarta Composite Index; U.K. - FTSE; South Korea - Kospi; Brazil - Ibovespa
Sao Paulo Index; Indonesia – Jakarta Composite Index; Taiwan – Taiwan Stock Exchange Corporation; India – S&P BSE Sensex; Returns in % terms. Data Source: MFI & ACEMF; Returns are absolute returns for the index calculated between December 31, 2020 –
December 24, 2021. Past performance may or may not be sustained in future.. MFI Explorer is a tool provided by ICRA Online Lt
d. For their standard disclaimer please visit http://www.icraonline.com/legal/standard-disclaimer.html
4
• Most economies clockedin
positive returns for the year
due to reduction in COVID
cases, stimulusmeasures &
release of pent-up demand
• Hong Kong, China & Brazil
were major laggards owing to
regulatory changes and
political uncertainty
respectively
Europe
22%
UK
14%
Germany
15%
Russia
14%
Japan
5%
South
Korea
5%
Taiwan
22%
China
4%
Brazil
-12%
Australia
7.3%
SouthAfrica
16.7%
Singapore
9%
India
20%
France
28%
US
17%
Indonesia
10%
Hong Kong
-15%
Switzerland
19%

5. Shifting Sands - Moderating Global Growth
Source:Morgan Stanley Research.Data as ofSep30,2021.GDP – Gross DomesticProduct
5
• Global growth which
was driven by ample
liquidity and pent-up
demand post COVID-19,
is now showing signs of
moderation
• The shift in growth
dynamics is due to
contracting liquidity
-15%
-5%
5%
15%
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
GDP Growth (YoY %)
European Union United States Japan United Kingdom
Average: 2%

6. Shifting Sands - Deflation to Reflation
Source:JMFinancial.Data as ofNov 30,2021.CPI Inflation considered,UK – UnitedKingdom,US– UnitedStates
6
Most of the Emerging & Advanced Economiesare witnessing the shift from Deflation to Reflation
over last one year. The shift can be attributed to abundant liquidity in the system released
by economies to tackle COVID led growth challenges
-6.0%
-2.0%
2.0%
6.0%
10.0%
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Inflation (YoY %) - Emerging Economies
Brazil Russia India China South Africa
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Inflation (YoY %) - Advanced Economies
Euro area Japan UK US

7. Shifting Sands – Moderating global liquidity
Source:Morgan Stanley Research.Data as ofNov 30,2021.EA – EuroArea,UK– UnitedKingdom,US – UnitedStates.
7
With the steady pace of recovery of many economies, Global Central Banks & Govt. are slowly withdrawing
excess liquidity from markets. This shift has been a major game changer for markets
16
18
20
22
24
26
28
30
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Jun-23
Dec-23
US, EA, Japan, UK
Central Bank Balance Sheet (Trn. USD)
Expected trajectory
-2%
2%
6%
10%
14%
18%
Nov-11
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
Nov-17
Nov-18
Nov-19
Nov-20
Nov-21
Change in Central Banks Balance Sheets
(% GDP, 12M change)
US EA Japan UK Total

8. INDIAN EQUITY
MARKETS IN
2021
8

9. Source: BSEIndia; Timeperiod considered: 31-Dec-20to 24-Dec-21Past performance may or may not sustain in future
Mid and Smallcaps – Back to back year of gains!
9
Small & Midcaps continued their onward march by outperforming broader market
S&P BSE SENSEX S&P BSE MIDCAP S&P BSE SMALLCAP
14%
16%
20%
0%
5%
10%
15%
20%
25%
2019 2020 2021
S&P BSE Sensex Returns
-7%
32%
57%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2019 2020 2021
S&P BSE Smallcap Returns
-3%
20%
36%
-10%
0%
10%
20%
30%
40%
2019 2020 2021
S&P BSE Midcap Returns

10. Shifting Sands – Challenging Domestic ‘V’aluations
Source:Edelweiss Research,NSE.Data as ofDec 18,2021. P/E – Price toEarningsRatio,P/B – Price toBook ratio,SD– Std.Deviation.Past performancemay or maynot sustainin future
10
The start point for Indian Equity Markets i.e. Valuations have shifted significantly from lows to highs
15
25
35
45
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Nifty 50 P/E
Nifty 50 PE Average
-1 SD +/- 1SD
2.0
3.0
4.0
5.0
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Nifty P/B Ratio
Nifty 50 P/B ratio Average
-1 SD +/- 1SD
40
60
80
100
120
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Marketcap to GDP (%)
Market Cap to GDP (%) Long Term Average

11. Shifting Sands – Business ‘C’ycle at nascent stage
Source:Morgan Stanley.Debt toEquity data is consideredfor S&P BSE500excludingfinancials.Past performance may or maynot sustain in future.GDP – GrossDomestic Product
11
Corporate Balance Sheets appear to be healthy given rise in profits and decline in Debt over last 2 years
3.3%
1%
2%
3%
4%
5%
F2011
F2013
F2015
F2017
F2019
F2021
Corporate Profit to GDP
50%
60%
70%
80%
-15%
-5%
5%
15%
25%
35%
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
Corporate Debt/Equity
Debt Change (YoY) Net Debt / Equity

12. Shifting Sands – Personal Balance Sheet
Source – NSSO,Income Tax data,Census,SparkCapital ResearchNote:SparkCapital Projections.E - Estimated
<$2000
$2000-$5000
>$5000
25m
people
102m people
1.1bn people
33m
people
516m people
766m people
41m
people
825m people
536m people
2015
5x jump
2021 2025E
1.6x jump
12
There has been a 5x jump in the middle income bracket (peoplecrossing $2000 per capita income mark)
in last 6 years. The middle & high income strata are in good shape despite COVID led disruptions
which can help in lifting up the lower strata

13. Supportive Govt. Policies
Production Linked Incentive Boost domestic manufacturing with an aim to bring import substitution &
increase Global Market Share
The Insolvency& Bankruptcy Code 2016 enabled insolvency resolution in
a time bound manner & aimed at reducing NPAs in the banking sector
This step provided Indian Banks with the advantage of capital adequacyand
good size that most foreign banks have
This tax, introduced in 2016, simplified taxsystem by subsuming all indirect
taxes which is easy to administer
Creation of Land banks to make land easily identifiable for industrial projects
coupled with provision of details about logistics
Make in India & Skill India to foster innovation & to cater to skill development
in India
Insolvency & Bankruptcy Code
Consolidation of PSU Banks
Goods & Services Tax
Land Reforms
Make in India
13
PSU – Public Sector Undertaking,NPA– Non PerformingAsssets

14. Source:US Fed– US FederalReserve, COVID– CoronavirusDisease
‘T‘riggers/Risk
US FED RATE HIKE
ROADMAP
Quantum of taper &
pace of rate hikesby
US Fed
US 10Y TREASURY
YIELDS
US Treasury
Yieldsreaching
2%
COVID
Impact& Severity
of new COVID
variants (currently
Omicron)
14
We may re-visit our approach & recommendations once these factors come into action

15. Source:InternalResearch,IPO – InitialPublic Offering
Euphoric ‘S’entiments
15
Sentiments appear Euphoric in certain market segments
Retail investors participation in Direct Equity
3.2 3.6
4.1
5.5
7.7
0
2
4
6
8
-1
1
2
3
4
5
6
FY18
FY19
FY20
FY21
9MFY22
Total
Accounts
(Crs)
CDSL
&
NSDL
(Crs)
Rise in number of Demat Accounts
CDSL NSDL Total
0
10
20
30
0
25
50
75
100
2019 2020 2021
No.
of
times
over
subscribed
Total
No.
of
IPOs
IPO Participation Rate
Total no. of IPOs Average of Over Subscription Times
Increasing IPO Participation Rate

16. Summary & Outlook
2021 was a year of unprecedented
stimulus measures
The currentscenario reminisces one
of shifting sands wherein markets
may be volatile due to dynamically
changing macros
On the domestic front, the starting
point i.e. Valuationscurrentlyseem
to be high
Equity markets may do well over long term
but we remain cautiousover medium term
These factors warrantthe need for Asset
Allocation & Active Investment
Management
We recommend schemes which have the
flexibilityto invest across different Asset
Classes, Marketcap & Themes
16

17. 17
Fixed Income Outlook
Shifting Sands –
A year of active management

18. Case for Active Management
Shifting
Sands
RBI Policy Measures
HighValuations on
shorter end
Macros at a Divergence
18

19. RBI Policy Measures and Debt Cycle
2017 2018 2020 2021
Inflation Band : +/- 4%
Interest rates
2019
2022E
Inflation Band : +/- 4%
Interest
rates
SHORTER DEBT CYCLE:
Mainly due to inflation targeting, which resulted in short-term
volatilitybut long stable cycle
LONGER DEBT CYCLE:
RBI giving precedence to growth at the cost of inflation,
may result in longer cycle with higher volatility at the turns
RBI – Reserve BankofIndia,E - estimated
19
POST 2013: DEBT CYCLE EXPECTED DEBT CYCLE

20. RBI Policy Measures – Expected Roadmap
LAF – Liquidity AdjustmentFacility
CEASE INJECTING LIQUIDITY
RBI STATUS
INITIATED
INITIATED
PENDING
PENDING
PENDING
LIQUIDITY ABSORPOTION
NARROWINGLAF CORRIDOR
CHANGEIN STANCE
REPO RATE HIKE
01
02
03
04
05
20
We expect RBI to normalize stimulusmeasures& take below steps to strike a balance between Growth & Inflation

21. Shifting Sands – Macros at a divergence
Source – JP Morgan Research.Data as ofNov 30,2021,US – UnitedStates,GDP – GrossDomestic Product
21
Global stimulus measures were unprecedented compared to domestic stimulus,
which resulted in a relatively matured Business Cycle phase than India
Global Stimulus vs Domestic Stimulus
-20
-16
-12
-8
-4
0
Mar-12
Dec-12
Sep-13
Jun-14
Mar-15
Dec-15
Sep-16
Jun-17
Mar-18
Dec-18
Sep-19
Jun-20
Mar-21
Dec-21
Fiscal Deficit as % of GDP
India US
Global Business Cycle vs Domestic Business Cycle
0
5
10
15
20
25
Jan-16
Aug-16
Mar-17
Oct-17
May-18
Dec-18
Jul-19
Feb-20
Sep-20
Apr-21
Nov-21
Unemployment Rate (%)
India Unemployment rate US Unemployment rate

22. High valuations at the
short-end of the yield curve,
which still trades below or
close to repo-rate. Belly of
the curve, offers low
risk-rewardbenefit.
Long-end term premium is
reasonable but need to be
managed actively based
on RBI measures
KEY TAKEAWAY:
Shifting Sands – Valuations
Data as on Dec 28,2021,CRISIL Research
3
4
5
6
7
1M 10 Yrs
3M 6M
Gsec Yield Curve (%)
1 Yr 2Yrs 3 Yrs 5 Yrs
Corporate Bond Yield Curve (%)
High term premium
but follow tactical
approach due to
rising interest-rate
cycle
Risk reward
benefit
moderate to
low
Low carry
22

23. To Sum Up – Shifting Sands in Fixed Income Space
23
SCENARIO IN LAST COUPLE OF YEARS
Easy Monetary Policy + Interest Rate Cuts
=
led to higher returns for Duration Funds
APPROACH
Long Duration Funds and Passive Long
Duration Funds
SCENARIO GOING FORWARD
Normalization of liquidity conditions + rate
hikes + change in policy stance
=
May result in volatility
APPROACH
• Be nimble, recommend active management
approach
• Invest in Spread Assets
• Instruments like FRB (Floating rate bonds)
which may benefit from rising interest rates

24. Triggers/Risk
24
Quick
Growth
rebound
US Fed Roadmap
for withdrawal of
stimulus
US Fed
10Y Rates
Global Bond
Indexinclusion
Impact & Severity of
new COVID variants
(currently OMICRON)
May result in faster
withdrawal of stimulus
Faster withdrawal –
negative for markets
Higher rates may result
in outflow
May help in absorption
of bond supply
May impact pace of
growth recovery

25. 2022 – Avoid Investing Mistakes
25
Reacting to temporary under-
performance due to active management
Not following Asset Allocation
Not giving due respect to valuations
Investing based on past
returns
Investing in IPOs without
understanding the business
Not opting for debt as a capital
preservation tool
01
06 02
04
05 03

26. 26
Investment Approach &
Scheme Recommendations for 2022

27. Investment Approach For 2022 (Equity) – ABCDEF
27
The asset allocationandinvestmentstrategy will be as per SchemeInformation Document.
6
C3 CONSERVATIVE
D4
DEBT
E5 EQUITY SAVINGS/ARBITRAGE
F6 FUND OF FUNDS
A1 ASSET ALLOCATION
B2 BOOSTER STP
1
2
3
4
5
(Correct allocation between asset classes)
(Staggered Investment based on Valuations)
(Aim for Wealth Preservation)
(An approach when markets at all time high)
(Parking of Funds)
(may provide flexibility to navigate markets)
ICICI Prudential Booster Systematic Transfer Plan (“Booster STP”) is a facility wherein unit holder(s) can opt to transfer variable amount(s) from designated open ended Scheme(s) of the Fund [hereinafter referred to as “Source Scheme”] to the designated
open-ended Scheme(s) of the Fund [hereinafter referred to as “Target Scheme”] at defined intervals. The Unitholder would be required to provide a Base Installment Amount that is intended to be transferred to the Target Scheme. The variable amount(s)
or actual amount(s) of transfer to the Target Scheme will be linked to the Equity Valuation Index (hereinafter referred to as EVI). The EVI is derived by assigning equal weights to Price to Earnings (PE), Price to book (PB), (G-Sec x PE) and Market Cap to
Gross Domestic Product (GDP) or such other factors as may be determined by the AMC from time to time. For list of source and target schemes investors are requested to refer to application form.

28. Our Recommendations based on Investment Approach 2022 (Equity)
28
• ICICI Prudential Balanced
Advantage Fund
• ICICI Prudential Multi-Asset
Fund
• ICICI Prudential Equity &
Debt Fund
• ICICI Prudential Flexicap Fund
• ICICI Prudential Business
Cycle Fund
• ICICI Prudential MNC Fund
• ICICI Prudential Value
Discovery Fund
Asset
Allocation
Top Lumpsum
Schemes
Top SIP schemes Fund of Funds
• ICICI Prudential Value Discovery
Fund
• ICICI Prudential India Opportunities
Fund
• ICICI Prudential Bluechip Fund
• ICICI Prudential Focused Equity Fund
• ICICI Prudential Midcap Fund & ICICI
Prudential Smallcap Fund
• ICICI Prudential Asset Allocator
Fund (FOF)
• ICICI Prudential Thematic
Advantage Fund (FOF)
• ICICI Prudential Passive Multi-
Asset Fund of Funds
• ICICI Prudential Global
Advantage Fund (FOF)
The asset allocation andinvestment strategy willbe as per Scheme Information Document.
Recommend Booster STP

29. Floating Rate
Instruments
Active
Management
Spread
Assets
Strategies to navigate Fixed Income Markets
29

30. Source:CRISIL Research,Data as on Nov 30,2021.Past performance may or may not sustain in future
Active Duration Management in ICICI Prudential’sFixed Income Schemes
30
Pre-pandemic
phase
COVID (Wave 1):
increased duration to
benefitfrom RBI
easing monetary
conditions
Economy Opening
Up:
lowered duration
COVID (Wave 2):
increased duration
as RBI expected to
give precedence to
growth
RBI normalizing
stimulus measures :
moderated duration
Feb-2020 Aug-2020 Feb-2021 July-2021 Nov-2021
ICICI Prudential All Seasons Bond Fund 4.61 5.72 2.44 4.12 3.19
ICICI Prudential Banking & PSU Debt Fund 2.43 3.37 1.79 3.86 3.74
ICICI Prudential Bond Fund 3.82 4.89 3.96 5.38 4.41
ICICI Prudential Corporate Bond Fund 1.84 2.88 1.76 2.31 2.84
ICICI Prudential Credit Risk Fund 1.76 2.24 1.38 1.92 1.78
ICICI Prudential Floating Interest Fund 0.96 1.37 0.54 0.99 1.53
ICICI Prudential Gilt Fund 6.95 8.05 5.53 5.91 7.33
ICICI Prudential Liquid Fund 0.09 0.11 0.10 0.09 0.06
ICICI Prudential Long Term Bond Fund 7.43 7.93 7.14 8.72 8.40
ICICI Prudential Medium Term Bond Fund 2.89 3.55 2.14 2.97 3.10
ICICI Prudential Money MarketFund 0.32 0.42 0.24 0.28 0.14
ICICI Prudential Savings Fund 0.80 0.92 0.55 0.82 0.87
ICICI Prudential Short Term Fund 2.31 2.85 1.61 2.40 2.01
ICICI Prudential Ultra Short Term Fund 0.42 0.30 0.38 0.33 0.23
Major Phases &
Duration
Movement

31. Scheme Recommendations- Fixed Income/Arbitrage/Conservative Hybrid
31
Approach Scheme Name Call to Action Rationale
Arbitrage ICICI Prudential Equity Arbitrage Fund
Invest with 3 Months &
above horizon
Spreads at reasonable
levels
Measured Equity ICICI Prudential Equity Savings Fund
Invest with 6 Months &
above horizon
Potential for upside and
limiting downside
Short Duration
ICICI Prudential Savings Fund
ICICI Prudential Ultra Short Term Fund
ICICI Prudential Floating Interest Fund
Invest for parking surplus
funds
Accrual + Moderate
Volatility
Accrual Schemes
ICICI Prudential Credit Risk Fund
ICICI Prudential Medium Term Bond Fund
Core Portfolio with >1 Yr
investment horizon
Better Accrual
Dynamic Duration ICICI Prudential All Seasons Bond Fund
Long Term Approach with
>3 Yrs investment horizon
Active Duration and
Better Accrual

32. Our Equity
Valuation Index
highlights that
valuations are
not cheap &
recommends
Asset Allocation
Our guiding light for Equity Market Valuations
Equity Valuation index is calculatedby assigningequalweightstoPrice-to-Earnings (PE),Price-to-Book (PB),G-Sec*PEandMarket CaptoGDP ratio.G-Sec– Government Securities.GDP – GrossDomestic Product,Dataas of Dec 31, 2021
32
127.1
50
70
90
110
130
150
170
Dec-05
Dec-06
Dec-07
Dec-08
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Aggressively Invest in Equities
Neutral
Incremental Money to Debt
Book Partial Profits
Invest in Equities

33. Data as on Dec 31,2021. Debt Valuation Index considersWPI,CPI,Sensex returns,GoldreturnsandReal estate returns overG-Secyield,CurrentAccount Balance,Fiscal Balance,CreditGrowth andCrude Oil Movementfor calculation.
Our guiding light for Duration Risk Management
Our Debt Valuation
Index suggests
caution on high
duration as the
interest rates are
expected to
remain volatile
33
Very Cautious
Aggressive
Very Aggressive
Cautious
Very Cautious
Cautious
Aggressive
Very Aggressive
2.04
0
1
2
3
4
5
6
7
8
9
10
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Very Cautious
Cautious
Moderate
Aggressive
Highly Aggressive

34. 34
Riskometers & Disclaimers

35. 35
Our Equity Schemes
Scheme Name Type of Scheme
ICICI Prudential Bluechip Fund An open ended equity scheme predominantly investing in large cap stocks
ICICI Prudential Large &Mid Cap Fund An open ended equity scheme investing in both large cap and mid cap stocks.
ICICI Prudential Midcap Fund An open ended equity scheme predominantly investing in mid cap stocks.
ICICI Prudential SmallcapFund An open ended equity scheme predominantly investing in small cap stocks.
ICICI Prudential Value Discovery Fund An open ended equity scheme following a value investmentstrategy.
ICICI Prudential Multicap Fund An open ended equity scheme investing acrosslarge cap, mid cap, small cap stocks.
ICICI Prudential India Opportunities Fund An Open Ended Equity Scheme following Special Situations theme
ICICI Prudential BusinessCycle Fund An open ended equity scheme following Business Cycles based investing theme
ICICI Prudential Focused Equity Fund
An open ended equity scheme investing in maximum 30 stocks across market-capitalization i.e.
focus on multicap
ICICI Prudential Dividend Yield Equity Fund An open ended equity scheme predominantly investing in dividend yielding stocks
ICICI Prudential Infrastructure Fund An open ended equity scheme following infrastructure theme
ICICI Prudential Flexicap Fund An open ended dynamic equity schemeinvesting across large cap, mid cap & small cap stocks

36. Our Hybrid Schemes / Fund of Funds Scheme
36
Scheme Name Type of Scheme
ICICI Prudential Asset Allocator Fund (FOF)*
An open ended fund of funds scheme investing in equity oriented
schemes, debt oriented schemes and gold ETFs/schemes.
ICICI Prudential Passive Multi-Asset Fund Of
Funds*
An open ended fund of funds scheme investing in equity, debt, gold &
global index funds/exchange traded funds
Scheme Name Type of Scheme
ICICI Prudential Balanced Advantage Fund An open ended dynamic asset allocation fund
ICICI Prudential Regular Savings Fund An open ended hybrid scheme investing predominantlyin debt instruments
ICICI Prudential Equity Savings Fund An open ended scheme investing in equity, arbitrage and debt.
ICICI Prudential Equity & Debt Fund
An open ended hybrid scheme investing predominantlyin equity and equity related
instruments
ICICI Prudential Multi-AssetFund An open ended scheme investing in multi assets
*Investors may please note that they will be bearing the recurring expenses of this Scheme in addition to the expenses of the underlying Schemes in which this Scheme makes investment.

37. Our Fixed Income Schemes
37
Macaulay duration is the weightedaverage termtomaturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price
Scheme Name Typeof Scheme
ICICI PrudentialUltra Short Term Fund
An open ended ultra-short term debt schemeinvesting in instruments suchthat the Macaulay duration of the portfolio is between 3 months and 6 months.A
moderate interest rate risk and moderate credit risk.
ICICI PrudentialShort Term Fund
An open ended short term debt schemeinvesting in instruments suchthat theMacaulay duration of theportfolio is between 1 Year and 3 Years.A relatively
high interest rate risk and moderatecredit risk.
ICICI Prudential Medium Term Bond Fund An open ended medium term debt schemeinvestingin instruments suchthat the Macaulay duration of the portfolio is between 3 Years and 4 Years. TheMacaulay
duration of the portfolio is 1 Year to 4 years under anticipated adverse situation.A relatively high interest rate riskand moderatecredit risk.
ICICI PrudentialCredit Risk Fund An open ended debt schemepredominantly investingin AA and below rated corporate bonds. A relatively high interest rate risk and relatively high credit risk.
ICICI PrudentialFloating Interest Fund
An open ended debt schemepredominantly investingin floatingrate instruments (including fixedrate instruments converted tofloating rate exposures using
swaps/derivatives).A relatively highinterest rate risk and moderatecredit risk.
ICICI PrudentialAll Seasons Bond Fund An open ended dynamic debt schemeinvestingacross duration. A relatively high interest rate risk and moderate credit risk.
ICICI Prudential Savings Fund
An open ended low duration debt schemeinvesting in instruments suchthat theMacaulay duration of the portfolio is between 6 months and12 months.A
relatively high interest rate risk and moderate credit risk.
ICICI Prudential Banking & PSU Debt Fund
An open ended debt schemepredominantly investingin Debt instruments of banks, Public Sector Undertakings,Public Financial Institutions and Municipal
Bonds.A relatively high interest rate risk and moderatecredit risk.
ICICI PrudentialCorporate Bond Fund An open ended debt schemepredominantly investingin AA+ and above rated corporate bonds. A relatively high interest rate risk and moderate credit risk.
ICICI PrudentialMoney Market Fund An open ended debt schemeinvestingin money market instruments.A relatively low interest rate risk and moderate credit risk.
ICICI Prudential Liquid Fund An open ended liquid scheme.A relatively lowinterest rate risk and moderatecredit risk.
ICICI Prudential Bond Fund
An open ended medium tolong term debt schemeinvestingin instruments suchthat the Macaulay duration of the portfoliois between4 Years and 7 Years. TheMacaulay
duration of the portfoliois 1 Year to7 years under anticipated adversesituation. A relatively high interest rate risk and moderatecredit risk.
ICICI Prudential Gilt Fund An open ended debt schemeinvestingin government securities across maturity.A relatively high interest rate risk and relatively lowcredit risk.
ICICI Prudential Overnight Fund An open ended debt schemeinvestingin overnight securities.A relatively lowinterest rate riskand relatively low credit risk.
ICICI Prudential Long Term Bond Fund An open ended debt schemewithMacaulay duration greater than7 years. A relatively high interest rate riskand relatively lowcredit risk.

38. Riskometers
38
ICICI Prudential Multi-Asset Fund is suitable for investors whoare seeking*:
 Long term wealth creation
 An open ended scheme investing across asset classes.
*Investors should consult theirfinancial advisersif in doubt about whether the product is suitable for them
ICICI PrudentialEquity & Debt Fundis suitablefor investors whoare seeking*:
 Long term wealth creationsolution
 A balanced fund aiming for long term capital appreciation and current income by investing in equity as well as fixed income securities.
*Investors should consult theirfinancial advisersif in doubt about whether the product is suitable for them
ICICI PrudentialBalancedAdvantageFundis suitablefor investors who are seeking*:
 Long term capital appreciation/income
 Investing in equity and equity related securitiesand debt instruments.
*Investors should consult their financial advisersif in doubt about whether the product is suitable for them
ICICI Prudential Bluechip Fund is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended equity scheme predominantly investing in large cap stocks.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

39. Riskometers
39
ICICI Prudential Value Discovery Fund is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended equity scheme following a value investment strategy
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Large & Mid Cap Fund is suitable for investors who are seeking*:
 Long term wealth creation
 An open ended equity scheme investing in both largecap and mid cap stocks
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Credit Risk Fund is suitable for investors who are seeking*:
 Medium term savings
 A debt scheme that aims to generate income through investing predominantly in AA and below rated corporate bonds while
maintaining the optimum balance of yield, safety and liquidity
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them
ICICI Prudential Regular Savings Fund is suitable for investors who are seeking*:
 Medium to long term regular income solution
 A hybrid fund that aims to generate regular income through investments primarily in debt and money market instruments and long
term capital appreciation by investing a portion in equity.
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them

40. Riskometers
40
ICICI Prudential Medium TermBond Fund is suitable for investors who are seeking*:
 Medium term savings
 A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum
balance of yield, safety and liquidity
*Investors shouldconsult theirfinancialadvisers ifin doubt about whether the product is suitable for them
ICICI Prudential Short Term Fund is suitable for investors who are seeking*:
 Short term income generation and capital appreciation solution
 A debt fund that aims to generate income by investing in a range of debt and money market instruments of various maturities.
*Investors shouldconsult their financialadvisersifin doubt about whether the product is suitable for them
ICICI Prudential All Seasons Bond Fund is suitable for investors who are seeking*:
 All duration savings
 A debt scheme that invests in debt and money market instruments with a view to maximize income while maintaining optimum balance
of yield, safety andliquidity
*Investors shouldconsult their financialadvisersifin doubt about whether the product is suitable for them
ICICI Prudential Smallcap Fund is suitable for investors who are seeking*:
 Long Term wealth creation
 An open ended equity scheme that seeks to generate capital appreciation by predominantly investing in equity and equity related
securities of small cap companies.
*Investors shouldconsult their financialadvisersifin doubt about whether the product is suitable for them
Macaulay duration is the weightedaverage termto maturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price

41. Riskometers
41
ICICI Prudential Floating Interest Fund is suitable for investors who are seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in floating rate instruments
*Investors shouldconsult theirfinancialadvisers ifin doubt about whetherthe product is suitable forthem
ICICI Prudential Ultra Short Term Fund is suitable for investors who are seeking*:
 Short term regular income
 An open ended ultra-short term debt scheme investing in a range of debt and money market instruments
*Investors shouldconsult theirfinancialadvisers ifin doubt about whetherthe product is suitable forthem
ICICI Prudential Midcap Fund is suitable for investors who are seeking*:
 Long Term wealth creation
 An open-ended equity scheme that aims for capital appreciation by investing in diversified mid cap companies.
*Investors shouldconsult theirfinancialadvisers ifin doubt about whetherthe product is suitable forthem
ICICI PrudentialIndia OpportunitiesFund(The schemeis suitablefor investors whoare seeking*)
 Long term wealth creation
 An equity scheme that invests in stocks based on special situations theme.
*Investors shouldconsult theirfinancialadvisors ifin doubt about whetherthe product issuitable for them.
ICICI PrudentialEquity SavingsFundis suitablefor investors whoare seeking*:
 Long term wealth creation
 An open ended scheme that seeks to generate regular income through investments in fixed income securities, arbitrage and
other derivative strategies and aim for long term capital appreciation by investing in equity and equity related instruments.
*Investors shouldconsult theirfinancialadvisersifindoubt about whetherthe product is suitableforthem
Investors understandthat
their principal will be at
Low to Moderate Risk
Macaulay duration is the weightedaverage termto maturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price

42. Riskometers
42
ICICI PrudentialMulticapFundis suitablefor investors whoare seeking*:
 Long term wealth creation
 An open ended equity scheme investing across largecap,mid cap and small cap stocks.
*Investors shouldconsult theirfinancialadvisersifin doubt about whetherthe product is suitablefor them
ICICI Prudential Savings Fund is suitable for investors who are seeking*:
 Short term savings
 An open ended low duration debt scheme that aims to maximize income by investing in debt and money market instruments
while maintaining optimum balance of yield, safety andliquidity
*Investors shouldconsulttheir financial advisers ifin doubt about whether the product is suitable for them.
ICICI Prudential Banking & PSU Debt Fund issuitable for investors who are seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial
Institutions and Municipal Bonds
*Investors shouldconsulttheir financial advisers ifin doubt about whether the product is suitable for them.
ICICI Prudential Corporate Bond Fund is suitable for investors whoare seeking*:
 Short term savings
 An open ended debt scheme predominantly investing in highest rated corporate bonds
*Investors shouldconsulttheir financial advisers ifin doubt about whether the product is suitable for them.
Macaulay duration is the weightedaverage termtomaturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price
Investors understandthat
their principal will be at
Low to Moderate Risk

43. Riskometers
43
ICICI Prudential Money Market Fund is suitable for investors who are seeking*:
 Short term savings
 A money market scheme that seeks to provide reasonable returns, commensurate with low risk while providing a high level of
liquidity
*Investors shouldconsulttheir financialadvisorsifin doubt aboutwhetherthe product issuitablefor them.
•Long Term wealthcreation
•An open ended fund of funds scheme investing in equity oriented schemes, debt oriented schemes and gold ETF/schemes.
*Investors shouldconsulttheir financialadvisorsif in doubt about whether the product is suitable for them.
ICICI Prudential Asset Allocator Fund (FoF) is suitable for investors whoare seeking*:
Investors may please note that they will be bearing the recurring expenses of this Scheme in additionto the expenses of the underlying Schemes in which this Scheme makes investment.
ICICI Prudential Focused Equity Fund is suitable for investors who are seeking*:
• Long term wealth creation
• An open ended equity scheme investing in maximum 30 stocks across market-capitalisation.
*Investors shouldconsult theirfinancialadvisersifin doubt about whetherthe product is suitablefor them
ICICI Prudential Gilt Fund is suitable for investors who are seeking*:
 Long term wealth creation
 A Gilt scheme that aims to generate income through investment in Gilts of various maturities.
*Investors shouldconsulttheir financialadvisorsifin doubt aboutwhetherthe product issuitablefor them.
Macaulay duration is the weightedaverage termto maturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price

44. Riskometers
44
ICICI Prudential Liquid Fund is suitable for investors who are seeking*:
 Short term savings solution
 A liquid fund that aims to provide reasonable returns commensurate with low risk and providing a high level of liquidity
*Investors shouldconsulttheir financialadvisorsifin doubt aboutwhetherthe product issuitablefor them.
ICICI Prudential Overnight Fund is suitable for investors who are seeking*:
 Short term savings solution
 An overnight fund that aims to provide reasonable returns commensurate with low risk and providing a high level of liquidity
*Investors shouldconsult theirfinancialadvisersifindoubt about whetherthe product is suitablefor them
ICICI Prudential Long Term Bond Fund issuitable for investors who are seeking*:
 Long term wealth creation
 A debt scheme that invests in debt and money market instruments with an aim to maximise incomewhile maintaining an optimum balanceof
yield, safety and liquidity.
*Investors should consulttheir financialadvisorsifin doubt aboutwhetherthe product issuitablefor them.
ICICI Prudential Bond Fund issuitable for investors who are seeking*:
 Medium to Long term savings
 A debt scheme that invests in debt and money market instruments with an aim to maximise income while maintaining an optimum balanceof
yield, safety and liquidity.
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
Investors understandthat
their principal will be at
Low to Moderate Risk
Macaulay duration is the weightedaverage termto maturityofthe cash flows from a bond.The weight ofeach cash flowis determinedby dividingthe presentvalueofthe cash flowby the price

45. Riskometers
45
ICICI Prudential Business Cycle Fund is suitable for investors who are seeking*:
 Long Term wealth creation
 An equity scheme that investsin Indian markets with focus on riding business cycles through dynamic allocation between various
sectors and stocksat different stagesof business cycles
*Investors shouldconsult theirfinancialadvisors ifin doubt about whetherthe product issuitable for them.
ICICI Prudential Dividend Yield Equity Fund is suitable for investors who are seeking*:
 Long Term wealth creation
 An open ended equity scheme that aims for growth by primarilyinvesting in equity and equity related instruments of dividend yielding companies.
*Investors shouldconsult their financialadvisersifin doubt about whether the product is suitable for them
ICICI Prudential Equity Arbitrage Fund is suitable for investors who are seeking*
 Short Term Income Generation
 A hybrid scheme that aims to generate low volatility returns by using arbitrage and other derivative strategies in equity markets and investments in
debt and money market instruments
*Investors shouldconsult theirfinancialadvisors ifin doubt about whetherthe product issuitable for them.
ICICI Prudential Infrastructure Fund is suitable for investors who are seeking*
 Long Term Wealth Creation
 An open ended equity schemethat aims for growth by primarily investingin companies belonging to infrastructure & allied sectors
*Investors shouldconsult theirfinancialadvisors ifin doubt about whetherthe product issuitable for them.

46. Riskometers
46
Please note thatthe Risk-o-meter(s) specifiedabove willbe evaluatedandupdatedon a monthly basis.The above riskometersare as on Nov 30,2021 Please refer to https://www.icicipruamc.com/news-and-updates/all-news
for more details.
ICICI Prudential Flexicap Fund is suitable for investors who are seeking*:
•Long Term wealth creation
•An open ended dynamic equity scheme investing across large cap, mid cap and small cap stocks
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
ICICI Prudential Passive Multi-Asset Fund of Funds is suitable for investors who are seeking*:
•Long Term wealth creation
•An open ended fund of funds scheme investing in equity, debt, gold and global index funds/exchange traded funds
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

47. Benchmark Riskometers
47
Scheme Name Scheme Benchmark Name
ICICI Prudential BluechipFund Nifty 100 TRI
ICICI Prudential Long Term Equity Fund (Tax
Saving)
NIFTY 500 TRI
ICICI Prudential ESG Fund Nifty 100 ESG TRI
ICICI Prudential Value Discovery Fund Nifty 500 Value 50 TRI
ICICI Prudential MulticapFund NIFTY 500 Multicap50:25:25 TRI
ICICI Prudential Focused Equity Fund S&P BSE 500 TRI
ICICI Prudential Large & Mid Cap Fund Nifty LargeMidcap 250 TRI
ICICI Prudential Midcap Fund Nifty Midcap 150 TRI
ICICI Prudential SmallcapFund Nifty Smallcap250 TRI
ICICI Prudential Business Cycle Fund NIFTY 500 TRI
ICICI Prudential Infrastructure Fund S&P BSE India Infrastructure TRI
ICICI Prudential FlexicapFund S&P BSE 500 TRI
ICICI Prudential Dividend YieldFund Nifty Dividend Opportunities 50 TRI
ICICI Prudential Passive Multi-Asset Fundof
Funds
CRISIL Hybrid 50+50- Moderate Index (80% weightage) + S&P Global 1200
Index (15% weightage) + Domestic Gold Price (5% weightage)

48. Benchmark Riskometers
48
Scheme Name Scheme Benchmark Name
ICICI Prudential Regular Savings Fund Nifty 50 Hybrid Composite Debt 15:85 Index
ICICI Prudential Equity Savings Fund Nifty Equity Savings TRI
ICICI Prudential Equity & Debt Fund CRISILHybrid 35+65 - Aggressive Index
ICICI Prudential Multi-Asset Fund
Nifty 200 TRI (65%) + Nifty Composite Debt Index
(25%) + LBMA AM Fixing Prices (10%)
ICICI Prudential Balanced Advantage Fund
CRISILHybrid 50+50 - Moderate Index
ICICI Prudential Asset Allocator Fund (FOF)
ICICI Prudential Credit Risk Fund CRISILShort Term Credit Risk Index

49. Benchmark Riskometers
49
Scheme Name Scheme Benchmark Name
ICICI Prudential Overnight Fund CRISIL Overnight Index
ICICI Prudential Equity Arbitrage Fund Nifty 50 Arbitrage Index
ICICI Prudential Corporate Bond Fund CRISIL AAA Short Term Bond Index
ICICI Prudential Money Market Fund CRISIL Money Market Index
ICICI Prudential LiquidFund Crisil Liquid Fund Index
ICICI Prudential Savings Fund
Nifty Low Duration Debt Index
ICICI Prudential All Seasons Bond Fund
Nifty Composite Debt Index

50. Benchmark Riskometers
50
Scheme Name Scheme Benchmark Name
ICICI Prudential Banking & PSU Debt Fund CRISILBanking and PSU Debt Index
ICICI Prudential Gilt Fund
CRISILDynamic Gilt Index
ICICI Prudential Medium Term Bond Fund
CRISILMedium Term Debt Index
ICICI Prudential Short Term Fund
CRISILShort Term Bond Fund Index
ICICI Prudential All Seasons Bond Fund
Nifty Composite Debt Index
ICICI Prudential Long Term Bond Fund
Nifty Long Duration Debt Index
ICICI Prudential Bond Fund
Nifty Medium to Long Duration Debt Index
ICICI Prudential Ultra Short Term Fund Nifty Ultra Short Duration Debt Index
ICICI Prudential Floating Interest Fund CRISILLow Duration Debt Index

51. Potential Risk Class Matrix
51
Sr No Scheme Name Position in the Matrix
1 ICICIPrudential Medium TermBond Fund
2 ICICIPrudential All Seasons Bond Fund
3 ICICIPrudential Savings Fund
4 ICICIPrudential Floating Interest Fund
5 ICICIPrudential Corporate Bond Fund
6 ICICIPrudential Banking & PSU Debt Fund
7 ICICIPrudential Short TermFund
8 ICICIPrudential Bond Fund
9 ICICIPrudential Long Term Bond Fund
10 ICICIPrudential Gilt Fund
11 ICICIPrudential Ultra Short TermFund

52. Potential Risk Class Matrix
52
Sr No Scheme Name Position in the Matrix
12 ICICIPrudential Overnight Fund
13 ICICIPrudential Liquid Fund
14 ICICIPrudential Money Market Fund
15 ICICIPrudential CreditRisk Fund
Disclaimer:
As per SEBI Circular dated , June 07, 2021; the potential risk class (PRC) matrix basedon interest rate risk and credit risk,is as below:

53. Mutual Fund Disclaimer
53
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
All figures and other data given in this document are dated. The same may or may not be relevant at a future date. The AMC takes no responsibility of updating any data/information in
this material from time to time. The information shall not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or
reproduced in any form, without prior written consent of ICICI Prudential Asset Management Company Limited. Prospective 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. Past Performance may or
may not be sustained in future.
ICICI Prudential Booster Systematic Transfer Plan (“Booster STP”) is a facility wherein unit holder(s) can opt to transfer variable amount(s) from designated open ended Scheme(s) of the
Fund [hereinafter referred to as “Source Scheme”] to the designated open-ended Scheme(s) of the Fund [hereinafter referred to as “Target Scheme”] at defined intervals. The Unitholder
would be required to provide a Base Installment Amount that is intended to be transferred to the Target Scheme. The variable amount(s) or actual amount(s) of transfer to the Target
Scheme will be linked to the Equity Valuation Index (hereinafter referred to as EVI). The EVI is derived by assigning equal weights to Price to Earnings (PE), Price to book (PB), (G-Sec x
PE) and Market Cap to Gross Domestic Product (GDP) or such other factors as may be determined by the AMC from time to time. For list of source and target schemes investors are
requested to refer to application form.
Disclaimer: In the preparation of the material contained in this document, ICICI Prudential Asset Management Company Ltd. (the AMC) has used information that is pub- licly available,
including Budget speech and information developed in-house. The stock(s)/sector(s) mentioned in this slide do not constitute any recommendation and ICICI Prudential Mutual Fund
may or may not have any future position in this stock(s). Some of the material used in the document may have been obtained from mem- bers/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. ICICI Prudential
Asset Management Company Lim- ited (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. Further, the information contained herein should not be construed as forecast or promise or investment advice. The recipient alone shall be fully responsible/are liable for
any decision taken on this material.