April 2017

What are Liquid Funds?

Liquid funds are open ended schemes that invest in debt and money market instruments with a maximummaturity of up to 91 days

The features of liquid funds are:

Mitigation of risk arising out of interest rate volatility

Stable income generation

High liquidity

Low credit risk

No lock-in period

No exit load

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“Don’t Let Your Money Sit Idle in a Savings Bank Account”

Refer last slide for disclaimers

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Overnight Funds

Liquid Funds

Ultra Short Term Funds

Low Duration Funds

Short Duration Funds

Medium Duration Funds

Long Duration Funds

Positioning of Liquid Funds

RISK (Maturity)

RET

UR

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Low risk among Mutual Funds categories

Ideal for parking surplus money pending deployment or for meeting contingencies

Refer last slide for disclaimers

Suitability

HDFC Liquid Fund is suitable for investors -

Desiring a high degree of liquidity and minimum interest rate risk

Having a short investment horizon (ranging between 1 day and 3 months)

Using it as an alternate to a traditional savings / current bank account for parking of shortterm surplus

Using it as a channel to transfer funds systematically to other schemes such as diversifiedequity funds

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Refer last slide for disclaimers

Liquid Funds – NAV applicability*

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*For complete details on cut off timings and NAV applicability, refer SID/KIM.Refer last slide for disclaimers.

NAV applicability for liquid funds is different from that for other funds:

Subscriptions:

• For subscription applications received up to 2pm, along with availability of funds for utilisation by the scheme before 2 pm – theclosing NAV of the immediately preceding day is applicable

• For subscription application received after 2 pm, along with availability of funds for utilisation by the scheme on the same day –the closing NAV of the day immediately preceding the next business day is applicable

• Where are funds are not available for utilisation before 2pm/on the same business day – the closing NAV of the day immediatelypreceding the day on which funds are available for utilisation is applicable

Redemptions:

• For applications received up to 3 pm, the closing NAV of the same business day is applicable

• For applications received up to 3 pm, where next day is a non-business day, the closing NAV of the day immediately preceding thenext business day is applicable

• For applications received after 3 pm, the closing NAV of the next business day is applicable

Cut-off time for redemptions through Instant Access Facility:

• For valid IAF request received up to 3.00 pm on a calendar day, the applicable NAV shall be the lower of (i) NAV of previouscalendar day and (ii) NAV of calendar day on which the request is received

• For valid IAF request received after 3.00 pm on a calendar day, the applicable NAV shall be lower of (i) NAV of calendar day onwhich such request is received and (ii) NAV of the next calendar day

Liquid Funds offer high liquidity*

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*For complete details on cut off timings, NAV applicability and payout requirements, refer SID/KIM.Refer last slide for disclaimers.

T+1 redemption – Under normal circumstances, HDFC Mutual fund endeavours to credit redemptionproceeds within 1 business day from the acceptance of the redemption request

The only type of fund to announce NAVs on all days including public holidays. This enables the executionof transactions at the NAV of the day preceding the next business day:– For example, if redemption applications are received on a Friday up to 3pm, the NAV on the following Sunday (the day

immediately preceding Monday, which is the next business day) is applicable.

– HDFC Mutual fund endeavours to credit funds on Monday under normal circumstances

The only category of funds where it is possible to purchase units at the preceding day’s NAV, and redeemthem on the same day at that day’s NAV, with the mutual fund endeavouring the credit of redemptionproceeds on the next business day (under normal circumstances)

HDFC Mutual Fund also offers an Instant Access Facility (IAF) for liquid funds (refer next slide)

Liquid Fund : Instant Access Facility (IAF)*

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*For complete details on Instant Access Facility refer to the Scheme Information Document of HDFC Liquid Fund available on our website www.hdfcfund.com.Refer last slide for disclaimers.

Instant Access Facility

Under HDFC Liquid Fund

Features: Instant Access Facility (IAF)*

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1. As a fraud prevention measure, IAF shall not be processed if the investor has submitted a change in bank account request in the previous 7 days.2. The limit shall get reset at midnight every day. This limit shall be applicable per day per investor at PAN level (First holder PAN level in case of joint holding).3. The decision of the AMC in determining the redeemable balance shall be final. The AMC reserves the right to modify the margin limit, at any time, as specified by SEBI or at its discretion without giving any

prior notice.4. The Trustee/AMC reserves the right to suspend IAF offered under the Scheme on account of circumstances leading to a systemic crisis or event(s) that severely constricts market liquidity or the efficient

functioning of the markets or other technical or operational circumstances beyond the control of the AMC.

*For complete details on Instant Access Facility refer to the Scheme Information Document of HDFC Liquid Fund available on our website www.hdfcfund.com. Refer last slide for disclaimers.

Instant Access Facility (“IAF”)

• Facilitates credit of the redeemed amount to the investor’s bank account instantly

• The redeemed amount can be credited at any time of the day or any day of the week–regardless of bank working hours, Immediate Payment Service (IMPS)

Eligible Scheme/ Plans/Options

• IAF is available in HDFC Liquid Fund ("the Scheme") under Growth Option of Regular and Direct Plans

Eligible Investors

• IAF is available only to resident individual investors fulfilling the following criteria:1

• Complete CBS (Core Banking System) account number is registered in the folio along with IFSC code

• Investor’s bank is IMPS enabled

Mode of Transaction • Currently, IAF is available only on (www.hdfcfund.com) HDFCMF Online platform

Mode of Holding • IAF services are available only for units held in the non-demat (Account Statement) form

Minimum and Maximum IAF Limit

• All IAF requests are to be submitted in amount terms subject to

• Minimum amount: `5,000

• Maximum (daily) amount: `50,000 or 90% of latest value of investment in the Scheme, whichever is lower2 & 3

Cut-off timings and Applicable NAV

For Applicable NAV and cut-off time for redemptions through Instant Access Facility – refer slide 5

NAV Movement Illustration:Growth and Dividend Options

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Stable returns as compared to other category of Mutual Funds

The appreciation portion of the daily dividend option is endeavored to be paid as dividend

Dividends received are subject to Dividend Distribution Tax and are tax free in the hands of the investor

Growth Option (Regular Plan) Daily Dividend Option (Regular Plan)*

NAV data for the period April 1 2018 to 31st March 2019.The NAV movement shown is only for illustration purposes only. Past performance may or may not be sustained in the future. Refer slide titled “Scheme PerformanceSummary” for complete performance details.* There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution or that the dividends will be paid regularly. Dividend payment is subjectto availability of distributable surplus. . For record-date wise dividend history for all Plans / Options, refer www.hdfcfund.comInformation given herein is as per prevailing tax laws which are subject to change.Refer last slide for disclaimers.

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NAV Movement for FY 2018-19

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Returns Movement Illustration:Comparative HDFC Liquid Fund with Saving Interest rate & Reverse Repo

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The return data for HDFC Liquid Fund is the 7 day simple annualised return data on a daily basis for the period 1st April 2015 to 30th April 2019.The daily annualised return movement are Pre Tax and are shown for illustration purposes only. Past performance may or may not be sustained in thefuture. Refer slide titled “Scheme Performance Summary” for complete performance details.Source : MFI, RBI Handbook of Statistics on the Indian Economy & Bloomberg.Refer last slide for disclaimers.

Liquid Funds generally offer better returns than banks’ saving interest rates & RBI policy rates

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HDFC Liquid Fund - Growth Reverse Repo Rate Saving Bank Interest

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Since Inception Track Record

*Returns shown are simple annualized. Date of Inception of HDFC Liquid Fund: 17 Oct 2000. Past performance may or may not be sustained in the future. The face value of HDFC Liquid Fund was changed from Rs. 10/- to Rs. 1000/- w.e.f August 30, 2015 and NAVs since inception have been adjusted to reflect this change. Refer slides 16 and 17 for complete performance details.Refer last slide for disclaimers.

Key Statistics Since Inception*

7 days 15 days 30 days

Min Returns -1.52% 2.87% 3.54%

Max Returns 14.81% 12.97% 11.47%

Total No. of Observations 5577 5572 5561

No. of Observations with Returns < 0%

3 0 0

% No. of observations with Returns < 0%

0.05% 0.00% 0.00%0

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HDFC Liquid Fund - Growth

Tax Consequence

Income distributed by the Scheme will be subject to applicable Dividend Distribution Tax,however will be exempt from Income-tax in the hands of investors

On income distribution if any made by the Scheme, additional income tax is payable by thescheme under section 115 R of the Income - tax Act, 1961, at the following rates

Category of Investors Dividend Distribution Tax (%)

Individuals / HUFs / Non-resident individuals 29.12%*

Others 34.944%*

*Including applicable surcharge, and health and education cess.Investors should be aware that the fiscal rules / tax laws may change and there can be no guarantee that the current tax position may continue indefinitely.In view of the individual nature of tax consequences, each investor is advised to consult his / her professional tax advisor.Refer last slide for disclaimers.

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Product Features

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Nature of Scheme Open-ended Liquid Scheme

Inception Date

(Date of allotment)October 17th 2000

Investment ObjectiveTo generate income through a portfolio comprising money market and debt instruments. There is noassurance that the investment objective of the Scheme will be realized.

Fund Manager $ Anupam Joshi

Plan & Options Regular plan and Direct Plan. Under both the Plans: Growth & Dividend Option. The Dividend Option offersDaily Dividend Option (Reinvestment facility only) and Weekly and Monthly Dividend Option (with Payoutand Reinvestment facility).

Minimum Application Amount.(Under Each Plan/Option)

Purchase: Under Growth, Weekly Dividend and Monthly dividend Option : Rs. 5,000 and any amountthereafter Under Daily Dividend Option : Rs. 10,000 and any amount thereafter

Additional Purchase: Under Growth, Weekly Dividend and Monthly dividend Option : Rs. 1,000 and anyamount thereafter Under Daily Dividend Option : Rs. 5,000 and any amount thereafter

Load StructureEntry Load: Not Applicable.Exit Load: Nil

Benchmark

Additional Benchmark

CRISIL Liquid Fund Index

CRISIL 1 Year T-Bill Index

Fund FactsHDFC Liquid Fund (Rated (ICRA)A1+mfs by ICRA)

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$ Dedicated Fund Manager for Overseas Investments: Mr. Amar KalkundrikarFor further details, please refer to the Scheme Information Document and at Investor Service Centres of HDFC Mutual FundRefer last slide for disclaimers

* Computed on the invested amountFor complete monthly portfolio details, visit www.hdfcfund.comRefer last slide for disclaimers.

Portfolio Composition(As on April 30, 2019)

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Portfolio Classification by Asset Class (%) HDFC Liquid Fund (% of NAV)

CP 68.41

CD 25.47

Credit Exposure 5.73

SDL, T-bills 4.86

Cash, Cash Equivalents and Net Current Assets -4.47

Portfolio Classification by Rating Class (%)

AAA / AAA(SO) / A1+ / A1+(SO) & Equivalent 99.56

AA+ 0.05

Sovereign 4.86

Cash, Cash Equivalents and Net Current Assets -4.47

Additional Information:

Average Portfolio Maturity* 41 days

Macaulay Duration* 40 days

Modified Duration* 33 days

Yield to Maturity* 7.27%

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Scheme Performance (HDFC Liquid Fund)

PeriodScheme Returns

(%)

Benchmark Returns

(%)#

Additional Benchmark

Returns ##(%)

Value of Rs. 10,000 invested

Scheme (Rs) Benchmark #(Rs)Additional

Benchmark (Rs) ##

Last 7 days 6.84 5.61 2.24 10,013 10,011 10,004

Last 15 days 6.93 6.18 3.60 10,028 10,025 10,015

Last 1 Month 6.98 6.40 4.68 10,057 10,053 10,038

Last 1 Year 7.34 7.62 7.32 10,734 10,762 10,732

Last 3 Years 7.00 7.18 6.70 12,254 12,315 12,148

Last 5 Years 7.61 7.68 7.34 14,436 14,483 14,253

Since Inception* 7.28 NA 6.41 36,813 NA 31,626

Past performance may or may not be sustained in the future. Returns less than 1 year period are simple annualized and greater than 1 year are compounded annualized (CAGR). Load isnot taken into consideration for computation of above performance(s).The above returns are of regular plan –growth option. Performance of dividend option under the scheme for theinvestors would be net of distribution tax as applicable. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under theScheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. *Inception date of the scheme 17th October,2000. The scheme has beenmanaged by Anupam Joshi since October 27, 2015 . # CRISIL Liquid Fund Index ## CRISIL 1 year T-Bill Index. Data as on April 30, 2019. N.A.: Not Available.Refer last slide for disclaimers.

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Performance Summary(Other schemes managed by the fund manager)

Performance of close-ended schemes, being close-ended in nature, is not strictly comparable with that of open-ended schemes since the investment strategy for close-ended schemes is primarily buy-and-hold whereas open-ended schemes are actively managed.

Past performance may or may not be sustained in the future. The above returns are of Regular Plan – Growth Option. Load is not taken into consideration for computation of performance. On account ofdifference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable. Top 3 and bottom 3 schemes managed by the FundManager have been derived on the basis of returns since inception vis-à-vis the benchmark. In case the benchmark is not available on the Scheme’s inception date, the returns for the concerned scheme isconsidered from the date the benchmark is available. Returns as on 30th April, 2019. Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under theScheme will be lower to the extent of the distribution expenses/ commission charged in the Regular Plan. NA – Not Available.

Refer last slide for disclaimers.

Scheme Scheme managing since 1 year (%)

3 years 5 years

CAGR (%) CAGR (%)

Anupam Joshi manages 19 schemes in existence for more than 1 year

Performance of Top 3 schemes managed by Anupam Joshi

HDFC FMP 1190D March 2016 23-Mar-16 8.44 9.33 NA

CRISIL Composite Bond Fund Index 8.06 7.25 NA

HDFC FMP 1161D July 2016 27-Jul-16 8.23 NA NA

CRISIL Composite Bond Fund Index 8.06 NA NA

HDFC FMP 1128D June 2016 29-Jun-16 7.79 NA NA

CRISIL Composite Bond Fund Index 8.06 NA NA

Performance of Bottom 3 schemes managed by Anupam Joshi

HDFC FMP 1150D March 2018 16-Mar-18 8.08 NA NA

CRISIL Composite Bond Fund Index 8.06 NA NA

HDFC FMP 1143D March 2018 13-Mar-18 8.08 NA NA

CRISIL Composite Bond Fund Index 8.06 NA NA

HDFC FMP 1208D March 2019 07-Mar-18 6.67 NA NA

CRISIL Composite Bond Fund Index 8.06 NA NA

Product Risk Profile

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*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.Refer the last slide for disclaimers.

HDFC Liquid Fund is suitable for investors who are seeking:* Riskometer

• Regular income over short term• To generate income through a portfolio comprising money market and debt

instruments

DISCLAIMER: This presentation is dated 16th May, 2019 and has been prepared by HDFC Asset Management Company Limited (HDFC AMC)based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meantas guidelines only, which you must confirm before relying on them. The information contained in this document is for general purposes only. Thedocument is given in summary form and does not purport to be complete. The document does not have regard to specific investment objectives,financial situation and the particular needs of any specific person who may receive this document. The information/ data herein alone are notsufficient and should not be used for the development or implementation of an investment strategy. The statements contained herein are based onour current views and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differmaterially from those expressed or implied in such statements. Past performance may or may not be sustained in future. Neither HDFC AMC andHDFC Mutual Fund nor any person connected with them, accepts any liability arising from the use of this document. The recipient(s) before actingon any information herein should make his/her/their own investigation and seek appropriate professional advice and shall alone be fullyresponsible / liable for any decision taken on the basis of information contained herein.

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED

DOCUMENTS CAREFULLY.

Disclaimer & Risk Factors

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