ICICI Prudential

Long Short
Fund -
Series II

(A Scheme under ICICI Prudential Strategic Alpha Fund – A Category III Alternative Investment Fund)
PRIVATE AND CONFIDENTIAL
The contents of this document are only for information purpose. The contents of this literature should not be considered as an advertisement and are not an offer for sale or solicitation for
investments in the ICICI Prudential Long Short Fund – Series II (Scheme). All data/information used in the preparation of this material is dated and may or may not be relevant any time after
the issuance of this material. The AMC takes no responsibility of updating any data/information in this material from time to time. The recipient of this material is solely responsible for any
action taken based on this material. Please refer to page number 31 for risk factors and disclaimers.
 Index

Yearly Returns over Past 1 Year

Current Investment Presenting An Established An Overview -

Landscape & ICICI Prudential Track Record of ICICI Prudential
Potential Opportunity for Long Short Fund Performance – AMC Ltd - Long
Positive Returns Series - II ICICI Prudential Short AIFs
Long Short –
Series I

2
 Where are we today?

Equity Valuation – 10 Year G-Sec 1 Year AAA Corporate

Not very cheap Yield – 7.3% Bond* – 6.6%

Long Short Funds aims to generate Absolute Returns

with Low Volatility, compared to Nifty 50 Index over
medium to long term.

PRIVATE AND CONFIDENTIAL

Source: MFI Explorer from ICRA Analytics Ltd (@kindly refer to disclaimer on page 30), *CRISIL Ltd – Monthly update. Data as on July 31, 2022. Note: The past performance of any investment,
investment strategy or investment style is not indicative of future performance. There can be no assurance that this investment will achieve any target return.
3
 Potential Benefits of an Absolute Return Strategy

Can help diversify a portfolio of pure long-only equity investments.

Helps to spread risk, and generate potential returns irrespective of market

movements

Potential to deliver positive returns over time

Private and Confidential

There can be no assurance that the Strategy will achieve any target return. Any past performance is not necessarily indicative of future results.
4
 Relative Return Vs Absolute Return

Relative Return Strategy Absolute Return Strategy

Aims to outperform an equity benchmark index over time. Aims to deliver positive returns.
Returns of strategy correlated to the equity benchmark index. In a falling market aims for potential positive/neutral return.
Tends to mirror the volatility of the market index. Lower volatility as compared to the market index.
NAV NAV
200.00 200.00
Relative Return Strategy Equity Index Absolute Return Strategy Equity Index
175.00 175.00

150.00 150.00

125.00 125.00

100.00 100.00

75.00 75.00

50.00 50.00

Time Time
Private and Confidential
The above charts are for illustration purpose only. Actual results may differ. There can be no assurance that the Strategy will achieve any target return. Any past performance is not necessarily indicative of future results. NAV rebased to 100.
5
 Presenting
ICICI Prudential

Long Short Fund – Series II

(A Scheme under ICICI Prudential Strategic Alpha Fund –
A Category III Alternative Investment Fund)

6
 How it Works in Different Market Conditions?

UP MARKET DOWN MARKET SIDEWAYS MARKET

Aims to be inversely
Aims to be positively correlated in a Aims to generate
correlated in an up market down market absolute returns

Strategy may lag the Strategy aims to have a lower Strategy aims to outperform the
market due to a lower net drawdown in a correction market in these phases as
exposure. Investment phase of the market due to a divergence of stock returns
Manager may add value if lower net exposure. Investment within the sector can be a
long appreciates more Manager may add value if short potential source of alpha.
than the short basket. position declines more than the
long basket.

The criteria mentioned above are only indicative. There may be other criteria may be selected on basis of actual market situations
7
 Performance of Series-I Scheme Across Market Cycles –
ICICI Prudential Long Short Fund – Series I

Rising Market Flat/Sideways Market Falling Market

ICICI Prudential Long Short Fund – Series I 1 May 2021 to 1 Oct 2021 to 1 Nov 2021 to
(Series – I) 30 Jun 2021 31 Oct 2021 30 Nov 2021

Series - I Return 5.08% 0.77% 1.46%

Nifty 50 Index Return 7.45% 0.30% -3.90%

Standard Deviation - Series – I 3% 2% 1%

Standard Deviation - Nifty 50 9% 10% 13%

PRIVATE AND CONFIDENTIAL

Series –I performance for Class B1 Unit holders and after considering the NAV re-balancing and consolidation done on yearly basis based on the provision of PPM. Past performance may or may not
sustain in future. Returns mentioned above are after deduction of applicable expense and management fee. Further, the return shall be subject to applicable taxes at Maximum Marginal Rate (MMR) as
mentioned in the PPM of the Fund. An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for Category III AIFs, is enclosed herewith as Annexure I. Performance is
computed from the first day of the respective months.
8
 An Alternative Way to Aim for Positive Returns

RISK ADJUSTED LOWER POTENTIAL INVESTMENT

RETURNS VOLATILITY DOWNSIDE FLEXIBILITY
PROTECTION

The strategy aims to It aims to have lower The strategy aims to Aims to deploy a
deliver risk adjusted volatility, as measured limit downside in combination of
returns across a by standard adverse market strategies that help
broad array of deviation, compared condition by investing diversify the portfolio
market conditions. to Nifty 50 Index in derivatives. to stay ahead of the
curve.

PRIVATE AND CONFIDENTIAL

There can be no assurance that the Fund will achieve any target return. Any past performance is not necessarily indicative of future results.
9
 Investment Strategy: ICICI Prudential Long Short Fund – Series II (Series II)

• The Series II may invest into companies forming

CASH part of various broad indices.
MARKET

• The Series II aims to take directional position in

Investment DERIVATIVES - equities based on prevailing Macro environment
and Market factors. Index Futures may be used
Strategy FUTURES
to manage net equity positions.

• The Series II may invest into options aiming to

benefit in directional market.
DERIVATIVES -
OPTIONS • It intends to write options. This strategy may
help in directional and range bound market.

PRIVATE AND CONFIDENTIAL

The investment criterias mentioned above are only indicative. There may be other criteria for identifying investments in the Fund. Kindly refer to the PPM for more details.
10
 Directional Positions: A Research Driven Approach

LONG POSITION

• Research driven investment approach that focuses on macro and market indicators.
• Invest in companies which are part of broad based index to participate in trend of broad market.
• Looking for convergence between macro and market signals for taking net long or short exposure.

SHORT POSITION

• Weakening macro indicators.

• Stretched valuation.
• Deteriorating industry or business fundamentals, earning trends.
PRIVATE AND CONFIDENTIAL
The investment strategy mentioned herein above is only indicative. Please refer to the PPM for further details of the Scheme.
11
 Macro and Market Signals

MARKET FACTORS MACRO FACTORS

•Nifty 50 • Currency

•Bank Nifty • Debt Yields

•Midcap Index • Spread

PRIVATE AND CONFIDENTIAL

The investment criterias mentioned above are only indicative. There may be other criteria for identifying investments in the Scheme.
12
 Seeks a Convergence of Macro and Market Signals

NET

STRONG
NEUTRAL LONG

MARKETS
NET
NEUTRAL

WEAK
SHORT

WEAK STRONG

MACROS

CONVERGENCE OF MACRO SIGNALS AND MARKET:

The Series II aims to take net long positions in scenarios where INR is stable, G-Sec Yields/spreads are low,
and market factors are positive. When INR is volatile, yields are rising and markets factors are weak, the
Series II may have net short positions.

PRIVATE AND CONFIDENTIAL

The investment strategy mentioned herein above is only indicative. Please refer to the Private Placement Memorandum for further details of the Scheme. The investment criterias mentioned
above are only indicative. There may be other criteria that would be considered or identifying investments in the Scheme depending on varied market conditions.
13
 Key Investment Guiding Principles: Macro and Market

A past instance of convergence of Macro & Market signals - ICICI Prudential Long Short Fund – Series I

12500 Nifty 50 INR / US Dollar 73

72
12000
71

11500
70

69
11000

68
10500
67

10000 66
Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19

The above chart of CY2019 shows that post the ‘Pulwama’ incident in Feb 2019, INR and Nifty 50 index started strengthening together, leading up to the 2019
pre-election rally. In March 2019, the Nifty 50 index was up by 7.70%, while ICICI Prudential Long Short Fund – Series I was up by 6.93%. Similarly, between June
to July 2019, a correction in the markets with the weakening of the rupee, is a classic example of a convergence of Macro and Market signals. In July 2019, the
Nifty 50 index delivered -5.69% while ICICI Prudential Long Short Fund – Series I delivered 1.57%.

PRIVATE AND CONFIDENTIAL

Source: NSE Ltd (www.nseindia.com), RBI. Returns mentioned above of the Scheme and Index are absolute returns for particular months. Past Performance may or may not sustain in future.
14
 Managing Risk – A Brief Overview

The Investment Manager internally assesses the risks, and accordingly maps the same in the risk control matrix with the
measures/mitigants to counter those risks.

Indicative Range Monitoring

Gross Exposure: Max 200% Changes in gross exposure

Long position in single security: Max 10%

Concentration in stock and sectors
Short position in single security: Max 10%

Liquidity Stress Test Days to liquidate the portfolio

Monitoring Volatility, Profit / Loss at Scheme Level

PRIVATE AND CONFIDENTIAL

The above details are for information only. It may change depending on the market prevailing situations
15
 Long Short Category - Alternative Investment Funds
Organization Structure – ICICI Prudential Asset Management Company Ltd

Managing Director & Chief Executive Officer

Nimesh Shah

Executive Director & Chief Investment Officer

S Naren

Fund Manager^ Head –Risk Management

Nandik Mallik Amit Bhosale

Investment Analysts Dealers

Equity Research Analysts**

**We have an integrated common research team which includes Equity Research Analysts across the business activities engaged by the AMC. Note: The Fund Manager reports to the Executive Director and Chief Investment Officer. The Fund Manager will be responsible
for making the final investment and divestment decisions with respect to the investments by the Scheme which shall be in accordance with the Investment Objective. ^In addition to Mr Nandik Mallik, Mr Ayush Shah is a member of the key investment team. Kindly refer
to the PPM for details of his profile. 16
 Fund Manager^

Nandik Mallik
Fund Manager,
ICICI Prudential AMC Ltd

Mr. Nandik Mallik is Fund Manager for ICICI Prudential Long Short Fund – Series I & Series II. His role
includes sector and market research with emphasis on directional macro call. He joined ICICI
Prudential AMC Ltd. in January 2017. He reports to the Chief Investment Officer (CIO) of ICICI
Prudential AMC Ltd.
Previously, he was working with Edelweiss Asset Management Limited as a Fund Manager (Equities).
He has also worked with Credit-Suisse (CS), London & at BNP Paribas, London. He has additional
experience with ICICI Bank Ltd as an Associate for currency and interest Rate derivatives structuring.
He has also worked with Fair Isaac Corporation (FICO) as a consultant for credit scorecard modelling.
He holds an engineering degree from the Indian Institute of Technology, Kharagpur; a PGDM in Finance
from Indian Institute of Management, Calcutta and an additional Masters Degree (MS - Finance) from
the London Business School.

Private and Confidential

^In addition to Mr Nandik Mallik, Mr Ayush Shah is a member of the key investment team. Kindly refer to the PPM for details of his profile.
17
 Portfolio Exposure - ICICI Prudential Long Short Fund – Series II

PROFILE OF HOLDINGS (%) SECTOR BREAKUP (%)#

Exposure Long Short Sector Long Short

Equity Exposure* 9.96 - Banks 2.53 -
Index Exposure 84.79 77.20 Software & Services 0.74 -
Total 94.75 77.20 Energy 0.71 -
Total Gross Exposure 171.95 Materials 0.38 -
Automobiles & Components 0.25 -

TOP 5 HOLDINGS (as a percentage of total gross exposure)

LONG EXPOSURE (%) SHORT EXPOSURE (%)

Stock /Index Name % Exposure Stock /Index Name % Exposure

Bank Nifty 49.35 Bank Nifty 35.40
HDFC Bank Ltd 0.67 Nifty 9.45
Reliance Industries Ltd 0.62 - -
ICICI Bank Ltd 0.61 - -
Infosys Ltd 0.37 - -
Private and Confidential
Portfolio holdings as on July 31, 2022. Past performance may or may not sustain in future. The sector(s)/stock(s) mentioned above do not constitute any recommendation of the same and the
Fund may or may not have any future position in these sector(s)/stocks(s). * Equity Exposure mentioned above includes derivative exposure and are post offsetting exposure. #The sector break
up is basis the long exposure of the Fund. The short exposure details are only the corresponding numbers for the respective sector.
18
 Performance of ICICI Prudential Long Short Fund – Series II (Series II)

Trailing Returns (%) 1 Month 3 Month 6 Months Since Inception

Series II 0.83 2.16 4.68 4.36
Nifty 50 8.73 0.33 -1.05 -1.13

Monthly Returns (%) Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22
Series II -0.31 0.19 2.01 0.26 0.38 0.94 0.83
Nifty 50 -0.08 -3.15 3.99 -2.07 -3.03 -4.85 8.73

Standard Deviation Correlation with Max Drawdown

Risk Profile
CY22TD (%) Nifty 50 CY22TD CY22TD (%)^
Series II 2.11 -0.31
0.09
Nifty 50 16.23 -9.65

PRIVATE AND CONFIDENTIAL

Fund commencement date is January 1, 2022. Performance as on July 31, 2022 for Class B1 Unit holders Past Performance may or may not sustain in future. Returns mentioned above are after
deduction of applicable expense and management fee. Further, the return shall be subject to applicable taxes at MMR as mentioned in the PPM of the Fund. Please Note: The returns of this Scheme are
not compared with the performance data released by CRISIL, since as on March 31, 2021, the Scheme had not completed one year from its initial closing. ^Based on month-end values of Series-I and
Nifty 50 index.
19
An Established Track Record of Performance
In the First Series
ICICI Prudential

Long Short Fund – Series I

(A Scheme under ICICI Prudential Strategic Alpha Fund –
A Category III Alternative Investment Fund)

20
 Statistics: ICICI Prudential Long Short Fund – Series I

Nifty 50 return
Since Correlation*
since inception of
Inception Return with Nifty 50
Series I
Daily Returns
14.34% 10.71%
CAGR -0.02
CAGR

Standard Standard
Deviation* of Deviation* of
Series I Nifty50

6.19% 17.28%

PRIVATE AND CONFIDENTIAL

Performance as on July 31, 2022 for Class B1 Unit holders and after considering the NAV re-balancing and consolidation done on yearly basis based on the provision of PPM. Returns mentioned above
are after deduction of applicable expense and management fee. Further, the return shall be subject to applicable taxes at MMR as mentioned in the PPM of the Series I. Past performance may or may
not be sustained in future. Since inception date is August 20, 2018. * Correlation and Standard Deviation is for period: August 20, 2018 to July 31, 2022. Source for Index figures: www.nseindia.com .
An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for Category III AIFs, is enclosed herewith as Annexure I.
21
 Performance of ICICI Prudential Long Short Fund – Series I

Max
Correlation
Series-I/ Standard Drawdown
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec CY with
Index Deviation (Month-end
Nifty 50
Values)^
Series-I - - - - - - - -0.78* 12.17 -8.36 1.01 -0.56 2.5 10.6% -8.4
2018 -0.16
Nifty 50 - - - - - - - 1.83* -6.42 -4.98 4.72 -0.13 -5.3 12.9% -11.1

Series-I 2.21 1.64 6.93 -1.45 1.08 0.81 1.57 -0.47 3.61 -0.38 2.08 0.54 19.5 8.0% -1.4
2019 0.07
Nifty 50 -0.29 -0.36 7.70 1.07 1.49 -1.12 -5.69 -0.85 4.09 3.51 1.50 0.93 12 11.3% -7.5

Series-I -0.02 1.11 -2.47 -1.01 0.04 0.85 4.43 2.65 3.96 0.80 -0.17 3.54 14.3 6.0% -3.5
2020 -0.14
Nifty 50 -1.7 -6.4 -23.2 14.7 -2.8 7.5 7.5 2.84 -1.23 3.51 11.39 7.81 14.9 26.0% -28.1

Series-I 1.16 2.46 0.91 1.06 3.27 1.75 0.29 0.81 0.29 0.77 1.46 0.72 16.0 3.00% 0.00
2021 0.32
Nifty 50 -2.48 6.56 1.11 -0.41 6.50 0.89 0.26 8.69 2.84 0.30 -3.90 2.18 24.1 12.88% -3.9

Series-I -0.14 0.24 2.03 0.23 0.44 0.94 0.88 - - - - - 4.70 2.12% -0.14
2022 0.10
Nifty 50 -0.08 -3.15 3.99 -2.07 -3.03 -4.85 8,73 - - - - - -1.13 16.23% -9.65

Private and Confidential

Performance as on July 31, 2022 for Class B1 Unit holders and after considering the NAV re-balancing and consolidation done on yearly basis based on the provision of PPM. Past performance may or may not
sustain in future. Returns mentioned above are after deduction of applicable expense and management fee. Further, the return shall be subject to applicable taxes at MMR as mentioned in the PPM of the
Fund. *Returns are calculated from 20th Aug 2018. Monthly Returns are in absolute terms. An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for Category III AIFs, is
enclosed herewith as Annexure I. ^Based on month-end values of Series-I and Nifty 50 index.
22
 Calendar Year Performance of ICICI Prudential Long Short Fund – Series I

Absolute Returns Lower Volatility Downside Protection

Calendar Year Performance Standard Deviation Drawdown
0.0
24.1
-0.1
26.0 -1.4
19.5 -3.5 -3.9
16.0
14.3 14.9 -8.4 -7.5
12 -9.7
-11.1
16.2
4.7 12.9 12.9
2.5 10.6 11.3
8.0
6.0
-1.1 3.0 2.1
-5.3 -28.1
CY18* CY19 CY20 CY21 CY22TD
CY18* CY19 CY20 CY21 CY22TD CY18* CY19 CY20 CY21 CY22TD
Series I Nifty 50 Based on the monthly NAV and Index value.

PRIVATE AND CONFIDENTIAL

Performance for Class B1 Unit holders and after considering the NAV re-balancing and consolidation done on yearly basis based on the provision of PPM. Past performance may or may not sustain in
future. Returns mentioned above are after deduction of applicable expense and management fee. Further, the return shall be subject to applicable taxes at MMR as mentioned in the PPM of the Fund.
*Returns, standard and drawdown are calculated from 20th Aug 2018. Returns are in absolute terms. An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for
Category III AIFs, is enclosed herewith as Annexure I. Data as on July 31, 2022. Source for Index Data: NSE website.
23
 Performance of ICICI Prudential Long Short Fund – Series I

Performance of monthly investment windows: Invested for one year and above period

Year % CAGR Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Series-I - - - - - - - 14.3* 14.7 11.7 14.6 14.6

2018
Nifty 50 - - - - - - - 10.7* 10.3 12.5 14.3 13.2

Series-I 15.2 14.8 14.6 12.8 13.6 13.6 13.7 13.5 14.1 13.1 13.7 13.3
2019
Nifty 50 13.6 14.1 14.5 12.4 12.3 12.2 12.9 15.5 16.4 15.2 14.3 14.1

Series-I 13.5 14.0 14.0 15.8 16.9 17.6 17.9 16.2 15.4 13.7 13.9 14.7
2020
Nifty 50 14.2 15.5 19.3 34.4 27.9 30.9 27.7 24.5 23.9 25.9 24.8 18.3

Series-I 13.1 13.0 11.8 11.8 11.7 9.5 8.6 9.0 - - - -

2021
Nifty 50 13.8 16.6 12.4 12.3 13.6 8.6 8.4 8.9 - - - -
PRIVATE AND CONFIDENTIAL
Performance as on July 31, 2022 for Class B1 Unit holders and after considering the NAV re-balancing and consolidation done on yearly basis based on the provision of PPM. Past performance may or may
not sustain in future. Returns mentioned above are after deduction of applicable expense and management fee. Further, the return shall be subject to applicable taxes at MMR as mentioned in the PPM of
the Fund. *Returns are calculated from 20th Aug 2018. Returns are in CAGR. An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for Category III AIFs, is enclosed
herewith as Annexure I. Performance is computed from the first day of the respective months. CAGR – Compounded Annualised Growth Rate.
24
 Lower Volatility Compared to the Nifty 50 index – Past 1 Year

Annualised Quarterly Standard Deviation

17.59% 17.79%
15.97%

12.19% 12.60%
11.70%

7.84%

4.30%
3.40% 3.31%
2.01% 2.56%
1.64% 1.89%

Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22

Series - I Nifty 50 Index

PRIVATE AND CONFIDENTIAL

As on June 30, 2022 for Class B1 Unit holders and after considering the NAV re-balancing and consolidation done on yearly basis based on the provision of PPM. Past performance may or may not be
sustained in future. Source for Index figures: www.nseindia.com . An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for Category III AIFs, is enclosed herewith as
Annexure I. ICICI Prudential Long Short Fund – Series I (Series – I)

25
 Performance of ICICI Prudential Long Short Fund – Series I

180
160 ICICI Prudential Long Short Fund - Sr I 170
150
140 Nifty 50
120
100
80
60
Nov-18

May-20

Nov-21
Apr-19

Oct-20

Apr-22
Dec-19
Feb-20

Jul-20

Feb-22

Jul-22
Jun-19

Jun-21
Aug-18

Sep-19

Mar-21

Aug-21
Jan-19

Jan-21
PERFORMANCE TRACK RECORD (%)
1 Month 3 Months 6 Months 1 Year 2 Years 3 Years Since Inception^

ICICI Prudential Long Short Fund - Series I 0.88 2.28 4.84 9.00 16.19 13.54 14.34

Nifty 50 8.73 0.33 -1.05 8.85 24.48 15.56 10.71

PRIVATE AND CONFIDENTIAL

^Fund commencement date is 20th Aug 2018. Performance as on July 31, 2022 for Class B1 Unit holders and after considering the NAV re-balancing and consolidation done on yearly basis based on
the provision of PPM. Past Performance may or may not sustain in future. Returns mentioned above are after deduction of applicable expense and management fee. Further, the return shall be subject to
applicable taxes at MMR as mentioned in the PPM of the Fund. Returns are calculated from 20th Aug 2018. Returns are in CAGR. Returns below 1 year period are in absolute terms and above one year
are in CAGR. An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for Category III AIFs, is enclosed herewith as Annexure I.
26
 An Overview - ICICI Prudential AMC Ltd - Long Short AIFs

• ICICI Prudential AMC Ltd (AMC) has an AUM of over Rs 4,800 cr under ICICI Prudential Long Short Fund –
Series I and ICICI Prudential Long Short Fund – Series II (as on July 31, 2022).
• ICICI Prudential Long Short Fund – Series I, has been recognized in the industry based on its performance.*
• Winner - Best AIF CAT 3 Long Short on basis of 2-years of Absolute Returns (PMS AIF World – February
6, 2021)
• Winner – Best AIF in CAT 3 Long Short on basis of absolute returns (PMS AIF World – February 7. 2020)
• The Investment Manager has an experienced team of fund manager and investment analysts, along with an
independent risk team
• ICICI Prudential Long Short Fund – Series I has delivered positive return in its since inception period and
with a lower volatility as compared to the Nifty 50 index (as on July 31, 2022).

PRIVATE AND CONFIDENTIAL

Past Performance may or may not sustain in future. An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for Category III AIFs, is enclosed herewith as Annexure I. The
contents of this document are only for information purpose only and should not be considered as an advertisement and are not an offer for sale or solicitation for investments in the ICICI Prudential Long
Short Fund - Series I. *Kindly refer slide – Award Disclaimers
27
 Key highlights of the Fund

Scheme Name ICICI PRUDENTIAL LONG SHORT FUND - SERIES II (Series II)
The investment objective of Series II is to achieve long-term capital appreciation from investments primarily in listed securities of Indian companies
Investment Objective and to earn dividend income for its Contributors from such investments. Apart from its income from portfolio of listed equity shares, it shall aim to
earn returns by taking derivative positions under long/ short investment strategy.

Fund Manager^ Mr. Nandik Mallik (Please refer to the PPM for the details of Investment Team)

Minimum Investment Class A: Rs 1 cr (Persons nominated by the Investment Manager) | Class B: Rs 1 cr to <5 cr | Class C: Rs. 5 cr to <20 cr | Class D: Rs 20 cr & above

Capital Contribution 100% Upfront

Subsequent Subscription/
Subsequent Subscription: Monthly / Redemption: Monthly
Exit windows
Formation and Offering Expense Up to 1% of aggregate capital contribution

1.50% of the NAV pa (charged on a daily basis) for Unit holders of Class B & C, 1% of the NAV pa (charged on a daily basis) for Unit holders of
Management Fee Class A & D

Hurdle Rate 12% p.a. (pre-tax)

20% per annum(pa) for unit holders Class A & B and 15% pa for unit holders of Class C & D on pre tax basis over hurdle, with high watermark*.
Performance Fee To be charged on annual basis and at the time of exit.

Exit Load Unit holders if Class B, Class C & D: 3 months from the date of each allotment – 0.5% of the NAV, Above 3 months: Nil. Unit holders of Class A: Nil

Includes individual, Hindu undivided family, company, firm, limited liability partnership, association of persons or a body of individuals,
Eligible Investors local authority and every artificial juridical person not falling within any of the preceding categories.

NAV Frequency Monthly ( Last business day)

PRIVATE AND CONFIDENTIAL *HIGH WATER MARK NAV IS THE CLOSING NAV (AFTER TAX) OF THE YEAR IN WHICH PERFORMANCE FEES WAS LAST CHARGED.
Please refer to the PPM for details .Note: All fees are excluding applicable taxes. The fees mentioned above including other investment terms are indicative and not exhaustive. The fees and charges
applicable on the Scheme shall be in accordance with the contribution agreement. Exit Load shall be charged Post charging of Performance Fees. ^In addition to Mr Nandik Mallik, Mr Ayush Shah is a
member of the key investment team. Kindly refer to the PPM for details of his profile.
28
 Annexure I

An extract of the industry level benchmark as on March 31, 2021, calculated by CRISIL for Category III AIFs, is shown below. Investors may refer to the complete report along with the methodology
document on CRISIL’s website. Investors may note that the benchmark calculated by CRISIL is at an aggregate level considering all the AIF schemes available under CAT III AIFs across the industry.

Performance as on March 31, 2021 1 - year (%) 2 - year (%)

ICICI Prudential Long Short Fund – Series I (INR) 24.22 15.52

Crisil AIF Index - Cat III (INR) 60.31 14.03

ICICI Prudential Long Short Fund – Series I (USD) 27.40 12.06

Crisil AIF Index - Cat III (USD) 64.42 10.62

Schemes that have completed at least one year since their first close as on March 31, 2021, have been considered for the benchmark. In all, 170 schemes have been considered for the above analysis
Returns refer to post-expense, pre-carry, pre-tax values. Returns for more than one year are annualized.

29
 Award Disclaimer

The awards announced on February 6, 2021 and February 7, 2020 by PMS AIF World. PMS AIF World in association with a leading business school of India, worked on encrypted
data points of close to 140 PMS and 40 AIFs using the latest sophisticated portfolio and investment management techniques.

PMS AIF WOLRD organised a Team in coalition with IIM-Ahmedabad comprising of 2nd year students and professor of finance. This was done for an un-biased analysis. For
analysis, post expense NAV Data across 36 AIFs (29 Long only and 7 Long Short) was shared with the team in a coded manner, for the confidentiality of data.

Long only AIFs were evaluated on the basis of absolute returns, but Long Short Funds were evaluated both on absolute returns as well as risk adjusted returns.

For detailed methodology, nominations, and winners, please refer the below link:
Awards 2021:
https://www.pmsaifworld.com/indias-best-pms-aif-as-per-performance-methodology-categories-winners/

Awards 2020:
https://www.pmsaifworld.com/top-winners-of-pms-aif-world-awards-2020-on-the-basis-of-risk-adjusted-returns/

The contents of this literature should not be considered as an advertisement and are not an offer for sale or solicitation for investments in the ICICI Prudential Long Short Fund -
Series I. The recipient alone shall be fully responsible/are liable for any decision taken on this material. All data/information used in the preparation of this material is dated and may
or may not be relevant any time after the issuance of this material. ICICI Prudential Asset Management Company Ltd (the AMC/Investment Manager) takes no responsibility of
updating any data/information in this material from time to time.

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 Risk Factors and Disclaimers

The contents of this note have been prepared for initial discussions only, this may undergo change in the future All data/information used in the preparation of this material is dated and may or
may not be relevant any time after the issuance of this material. ICICI Prudential Asset Management Company Limited, (the Investment Manager/the AMC) takes no responsibility of updating any
data/informa- tion in this material from time to time. The recipient of this material is solely responsible for any action taken based on this material. The information contained herein are strictly
confidential and are meant solely for the benefit of the addressee and 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 the AMC. Further, the information contained herein should not be construed as forecast or promise. The recipient of this material is urged
to read the Private Placement Memorandum (PPM) and is advised to consult their own legal and tax consultants/advisors before making any investment in the Alternative Investment Fund.
Investing in securities including equities and derivatives involves certain risks and considerations associated generally with making investments in securities. The value of the investments may be
affect- ed generally by factors affecting financial markets, such as price and volume, volatility in interest rates, currency exchange rates, changes in regulatory and administrative policies of the
Government or any other appropriate authority (including tax laws) or other political and economic developments. Consequently, there can be no assurance that the objective of the Scheme would
achieve. The value of the portfolio may fluctuate and can go up or down. Contributors could lose some or all of their investment. The Stock(s)/Sector(s) mentioned in this material do not constitute
any recommendation of the same and the portfolios may or may not have any future positions in these Stock(s)/Sector(s). Contributor could lose some or all of their investment.
All recipients of this material must before dealing and or transacting in any of the products referred to in this material must make their own investigation, seek appropriate professional advice and
careful- ly read the Private Placement Memorandum. Actual results may differ materially from those suggested in this note 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, inflation, etc. There is no assurance or guarantee that the objectives
of the AIF will be achieved. Investment Manager’s investment decisions may not be always profitable, as actual market movements may be at variance with anticipated trends. The investors are not
being offered any guaranteed or assured returns. The AMC reserves the right to modify or make investments in accordance with the provisions of the Fund Documents for the Fund. The details of
the deals/investments observed in the recent past is provided only for illustration. There is no guarantee or assurance of such deals/investments will be executed by the AMC.
In the preparation of the material contained in this document, the AMC has used information that is provided by its internal research and/or have been obtained from published sources and/or
prepared by other parties. The AMC 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 "MAY", "WILL", "SHOULD", "EXPECT", "ANTICIPATE", "ESTIMATE", "INTEND", "CONTINUE" OR "BELIEVE and similar expressions or variations of
such expressions, that are “forward looking statements”. By their nature, all forward-looking statements involve risk and uncertainty. Any forward-looking statements contained in this document
speak only as of the date on which they are made. The AMC (including its affiliates) and any of its directors, officers, employees and any other persons associated with this shall not liable for any
loss, damage of any nature, includ- ing 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 whatsoever and shall not be liable for updating the document. In case of any inconsistency between this presentation and the PPM and the contribution agreement, the contribution
agreement shall prevail.
@ Icra disclaimer: Although reasonable care has been taken to ensure that the information herein is true, such information is provided on ‘as is’ basis without any warranty of any kind, express
or implied, or otherwise including the warranties of merchantability, its fitness for any particular purpose or satisfactory quality regardless of whether imposed by contract, statute, course of dealing,
custom or usage or otherwise.
Private and Confidential
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Thank you
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