As on June 30, 2019 Invesco DAWN Portfolio (DAWN: D - Demand Recovery across cyclical & consumer discretionary sectors, A - Attractive valuation to provide margin of safety, W - Winning companies on the cusp of a new demand cycle leading to operating & financial leverage efficiencies, N - New credit & investment cycle to provide a boost to earnings recovery)

Investment Objective Investment Strategy To generate capital appreciation by investing in . Exposure to sectors and stocks which are expected to benefit from revival in cyclical recovery companies available at reasonable valuations. . Emphasis on mean reversion & value style. High impetus on companies with quality business models & management . Allocation to companies which exhibit operating & financial leverage. . Bottom up stock picking approach without bias towards market cap or sector

Key Facts Indexed Performance (In ₹ Lacs) Portfolio Benchmark

Portfolio Manager & Experience 30 Mr. Amit Nigam Total Experience: 17 yrs. 28.07 Managing this portfolio since May 16, 2018 28 27.54 Benchmark Index 26 S&P BSE 500

Inception Date 24 August 28, 2017

Performance Attributes 22 Standard Deviation: N.A. Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Beta: N.A. Values rebased to ₹ 25 Lacs, Since August 28, 2017 Sharpe Ratio: N.A. Based on 3 yrs., monthly data points (Risk-free rate of Cumulative Performance 5.97% based on Overnight MIBOR) In % 1 mth 3 mths 6 mths 1 year 2 yrs. 3 yrs. 5 yrs. 7 yrs. 10 yrs. Since Inc. Portfolio -1.35 -1.05 5.85 9.34 N.A. N.A. N.A. N.A. N.A. 5.40 Market Capitalization Large Cap: 62.96% Benchmark -1.46 -0.08 5.17 5.25 N.A. N.A. N.A. N.A. N.A. 6.51 Mid Cap: 13.98% Since Inc.: Since Inception. N.A.: Not Applicable Small Cap: 16.82% Calendar Year Performance Average Weighted ₹ 149,666 crores Market Capitalization: In % YTD 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 Median Market # ₹ 42,505 crores Portfolio 5.85 -5.45 10.04 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Capitalization: Benchmark 5.17 -3.08 10.18# N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Source: Bloomberg, Internal Past performance may or may not be sustained in future. The data given above is for model portfolio. Returns up to 1 year are absolute & over 1 year are Compounded Annualized. The returns are calculated on the basis of daily market value of the Portfolio Fundamentals Portfolio. # From August 28, 2017 Dividend Yield1 0.46% Price to Earnings1 FY 19 22.9 Portfolio Holdings Sector Allocation Price to Earnings1 FY 20 Estimate 17.5 Holding % of Net Assets Sector % of Net Assets Price to Earnings1 FY 21 Estimate 14.7 ICICI Bank Ltd. 11.45 Financials 29.21 2 Year EPS CAGR (FY19-FY21)2 22.5% Ltd. 6.22 Industrials 12.50 Return on Assets1 FY 20 3.2% I T C Ltd. 5.43 Consumer Staples 9.10 Return on Equity1 FY 20 17.1% Gujarat State Petronet Ltd. 4.81 Information Technology 8.88 Source: Factset, Internal. Exide Industries Ltd. 4.80 HealthCare 8.56 1. Weighted Harmonic Mean. 2. EPS Growth is derived Ltd. 4.73 Consumer Discretionary 7.10 from P/E ratios. Note: Excludes companies with net loss for appropriate results for various ratios. EPS: Indusind Bank Ltd. 4.67 Energy 7.00 Earnings per share. Ltd. 4.56 Utilities 4.81 Enterprises Ltd. 4.37 Telecommunication Service 3.98 Theme Split Ltd. 4.20 Materials 2.61 Theme % of Net Assets Ltd. 4.15 Cash & Cash Equivalent 6.24 Cyclical Recovery 38.64 Container Corporation Of India Ltd. 4.04 Operating & Financial Leverage 36.14 Returns Attributors/ Detractors for June 2019 Ltd. 3.98 Value 18.98 Top 3 Attributors KNR Constructions Ltd. 3.80 Note: Cyclical Recovery: Transition of a company from Apollo Hospitals Enterprises Ltd. Ltd. 3.67 a period of recession to expansion as part of business ICICI Bank Ltd. cycle which is affected by ups and downs in the overall Equitas Holdings Ltd. 3.45 Container Corporation Of India Ltd. economy. Operating Leverage: Companies currently State 3.42 operating with low capacity utilization and having large Timken India Ltd. 2.69 portion of costs fixed in nature. These companies can Top 3 Detractors make more money from additional sale as demand Tata Metaliks Ltd. 2.61 recovers. Financial Leverage: Companies which can Indusind Bank Ltd. Corporation Ltd. 2.44 generate returns greater than the interest expense Equitas Holdings Ltd. associated with the debt they use to fund growth. Further, Wonderla Holidays Ltd. 2.30 these companies could increase their profit margin from Tech Mahindra Ltd. decline in interest rates and reduction in debt in wake of Isgec Heavy Engineering Ltd. 1.98 profit growth. Value: Value investing seeks to purchase Equity Holdings 93.76 stocks at an even greater discount to their intrinsic value.

Large Cap:1st 100th company in terms of full market capitalization. Mid Cap:101st to 250th company in terms of full market capitalization. Small Cap:251st company onwards in terms of full market capitalization. All data provided above is for model portfolio. The returns of model portfolio given above are for illustration purpose only. Model portfolio returns does not take into account expenses/charges and Profit/Loss on account of derivative transactions. Returns under client wise portfolio may vary vis-à-vis returns of model portfolio due to various factors viz. timing of investment/additional investment in client’s portfolio, timing of withdrawals in client’s portfolio, mandates given by respective client, profit/loss on account of derivative transactions, expenses charged to respective portfolio, dividend income in the respective portfolio etc. The stocks referred above should not be construed as recommendations from Invesco Asset Management (India) Private Ltd. (“IAMI” / “Portfolio Manager”). The Portfolio may or may not have any present or future positions in these stocks or in any other portfolios offered by IAMI. The performance of above stocks should not be construed as performance of the portfolio as the portfolio would be constituted of number of stocks having different weights and the individual stock held by the portfolio may or may not give positive returns. Disclaimer: The Portfolio manager does not offer guaranteed or assured returns. Securities investments are subject to market risks, please read the Disclosure Document carefully before investing. Invesco Asset Management (India) Private Ltd. - Portfolio Manager – Registration No. PM/INP000005273