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

May, 2015 1

HDFC Equity Fund(Open Ended Growth Scheme)

^ The Fund has outperformed benchmark in 18 out of 20 years of existence

Note: Risk is represented as:Investors understand that their principal will be at:

(BLUE) low risk. (YELLOW) medium risk. (BROWN) high risk.

Ÿ Capital appreciation over long term

Ÿ Investment predominantly in equity and equity related instruments

of medium to large sized companies

Ÿ High risk (BROWN)

This product is suitable for investors who are seeking*

^Performing consistently over two decades and several market cycles

The wonders of compounding...

refer pages 4 and 8.

20YEARS

OF WEALTHCREATION

2** Past performance may or may not be sustained in Future. Refer page no. 22 for detailed performance

¦ Launched in December 1994 as , it was renamed as Centurion Open End Fund Zurich

India Equity Fund HDFC Equity Fund and finally (‘The Fund’) in June 2003

¦ From a small beginning of ~Rs 52 crores AUM in Jan 1, ’95 is today HDFC Equity Fund

the largest* Equity Fund in India with an AUM of ~ Rs 18,000 crores and ~ 6.7 lac stinvestors as on 31 March, 2015

¦ In this journey of 20 years, Rs 10,000 has become ~Rs 4.7 lacs(~47 times), CAGR of

~21.0% **

¦ Our sincere thanks to all investors, distributors and well wishers in making this

possible. A special thanks to ~5,000 investors who have stayed with the Fund

right through this 20 year journey

A strong belief in India & its entrepreneurs, a disciplined approach to investing and focus on

long term has made this possible.

Every journey begins with a small step...

* Based on data available on AMFI website @ www.amfiindia.com - Average AUM : Rs 18,721 crs (Jan – Mar 2015),

3

HDFC Equity Fund - Standing the test of time

Elections, wars, global crises, bubbles, tapering etc.… has seen it allHDFC Equity Fund

Year Elections, wars, scams, global crisis, tapering, etc.

1996 General elections - Congress loses

1997 Asian currency crisis

1998 Pokhran II - Nuclear tests by India, US sanctions; SENSEX down ~20% in next two months

1999 Kargil war; ; 10 yr G Sec yields at 12.3%SENSEX up by 63% in year 1999

2000 Tech Bubble - IT stocks trading at 100 - 200 P/E

2001 9/11; Ketan Parekh scam; UTI Crisis; IT stocks down ~80-90%

2003 BJP India shining campaign; , 10 yr G Sec yields near 5%SENSEX up ~73% in year 2003

2004 General elections - BJP loses; in one daySENSEX down ~12%

2008 Global Financial Crisis; Satyam scam; SENSEX down ~50% in the year; Meltdown in Real Estate stocks, etc.

2009 UPA wins again; on May 18th; 10 yr G Sec yield at 5.3%SENSEX up ~17% in a day

2011 Corruption scandals - 2G, Commonwealth games, Coal Scam; SENSEX down ~25% in 2011

2012 Quantitative Easing 3 (QE3); SENSEX up ~26% in the year

2013 QE taper worry, Slow GDP growth, twin deficits of CAD and FD, high inflation, 10 Yr Gsec yield at ~9%

2014 Stunning BJP win in General Elections; SENSEX up ~ 30% in the year

4

HDFC Equity Fund - Adding value across cycles

9695 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5.0

Valu

e o

f R

s. 1

0,0

00

in

vest

ed

in

19

95

Asian Crisis

Pokhran II

Tech Bubble bursts

9/11; KP scam;UTI Crises, ITdown ~80%

BJP loses

Lehmancrises,Satyamscam

2nd termfor UPA

2G, CG, CoalScam, etc.

QE3 taper worry

HDFC Equity Fund

Rs. 4.7 lacs

HDFC Equity Fund

CNX 500

Rs. inLacs

Sensex Levels ~4,000 ~10,000 ~20,000 ~9,000 ~20,000 ~29,000

S&P BSE

~5,000

CNX 500

Rs. 0.7 lacs

Clear majority for BJP

HDFC Equity Fund : Rs 10,000 invested at inception has become ~Rs 470,000 in ~20 years at a CAGR of 21.0%

CNX 500 : Rs 10,000 invested at inception has become ~Rs 70,000 in ~20 years at a CAGR of 10.1%

** Past performance may or may not be sustained in Future. Refer page no. 22 for detailed performance

Reference made to S&P BSE SENSEX in this document is only for easy understanding of market movement and must not be construed as future

performance of S&P BSE SENSEX. The Benchmark for this FUND is CNX 500.

5

HDFC Equity Fund - Investment Philosophy

Steadfast adherence to few principles has worked well for over medium to long periodsHDFC Equity Fund

¦ A predominantly large cap portfolio with

limited exposure to mid caps

¦ Preference for strong & growing companies -

Strong companies not only survive, but emerge

stronger in challenging times, reducing

permanent losses

¦ Effective diversification of portfolio – The

portfolio has always been diversified across key

sectors and variables across the economy to

reduce risk

¦ A long term approach to investing and a Low

portfolio turnover

“We don't have to be smarter than the rest. We have to be more disciplined than the rest.”

- Warren Buffett

For latest scheme portfolio visit our website – www.hdfcfund.com

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15

78 75 75 75 82

FY 11 FY 12 FY 13 FY 14 FY 15

44 29 32 37 39

Large Cap (%)

Annual Portfolio turnover ratio (in %)

6

Avoiding big mistakes - Key to wealth creation

¦ It takes several years and a 400% return for Rs. 20 to become Rs. 100; the reverse however can

happen much faster and a loss of just 80% makes Rs. 20 of Rs. 100. Thus, one large mistake can

have a big impact in the wealth creation journey

¦ The key to wealth creation over long periods is thus, not aiming for highest returns every year,

but in avoiding big mistakes each year

¦ HDFC Equity Fund has successfully navigated several bubbles / meltdowns i.e. IT, media, real

estate, power, cement sector, etc. in this journey of 20 years

HDFC Equity Fund – Focused on not just returns, but also on managing risk by avoiding big mistakes

Sectors referred above are illustrative and not recommended by HDFC Mutual Fund / HDFC Asset Management Company Ltd. HDFC Mutual Fund/AMC

is not guaranteeing any returns on investments made in this Fund. Past performance may or may not be sustained in future.

Bubble / Meltdown Period Indicative % Fall in stock prices

Textile 1995-97 60-70

Cement 1999-00 70

FMCG 1999-09 Near 0 CAGR returns in 10 years

IT 2000-01 90-95

Media 2000-01 80-90

Realty 2007-08 70

Power 2007-08 90

Metals 2008-09 70

7

Equities work better over long term

Illustrative Study based on return distribution of HDFC Equity Fund

Following table represents rolling returns of HDFC Equity Fund since inception distributed over different holding periods and

return brackets, e.g., returns have been more than 20% p.a. in ~55% of 1 year holding periods, more than 20% p.a. in ~55% of 3

year holding periods, more than 20% p.a. in ~67% of 5 year holding periods , more than 20% p.a. in ~98% of 10, more than 20%

p.a. in ~100% of 15 & 20 years holding periods (Row 1) etc.

¦ It can be clearly seen, that as the holding period increases, return profile improves

¦ This is consistent with the belief that equities are a long term asset class and that risk

reduces as holding period increases

“Time spent in markets is more important than timing the markets”

Past performance may or may not be sustained in Future. Refer page no. 22 for detailed performance

CAGR (%) 1 Year 3 Years 5 Years 10 Years 15 Years 20 Years

more than 20 55 55 67 98 100 100

more than 15 62 66 85 100 100 100

more than 10 65 76 92 100 100 100

more than 0 73 88 100 100 100 100

more than -10 80 99 100 100 100 100

more than -20 88 100 100 100 100 100

less than -20 12 0 0 0 0 0

Performance data computed till Mar, 2015. Where NAV as on the end of a particular month is not available, NAV of the nearest date available is considered. Returns are

monthly rolling. The holding periods in the above simulation is purely an assumption and not the actual holding period of investors in the Fund.

8

Getting more from Equity Funds - Patience is the keyIllustrative Study based on return distribution of over 20 YearsHDFC Equity Fund

Short term returns in equities

are volatile; hence equity

investments should be made

with a long term horizon

Long term returns are less

volatile; risk in equities reduces

as holding period increases

Benefits of compounding are

bigger over longer periods

For detailed calculation

process & disclaimer

please refer next page

Past performance may or may not be sustained in Future. Returns for periods more than 1 year are shown on a compounded annualized basis.

DateFund

NAV

CNX

500

Returns (%)

1 Year 3 Years 5 Years 10 Years 15 Years 20 Years

Fund CNX 500 Fund CNX 500 Fund CNX 500 Fund CNX 500 Fund CNX 500 Fund CNX 500

Jan 95 10 974

Dec 95 7 647 -29 -34

Dec 96 5 627 -23 -3

Dec 97 7 667 23 6 -13 -12

Dec 98 9 609 38 -9 9 -2

Dec 99 24 1292 156 112 63 27 19 6

Dec 00 19 908 -20 -30 41 11 22 7

Dec 01 18 701 -3 -23 26 5 27 2

Dec 02 23 773 24 10 -1 -16 28 3

Dec 03 52 1531 126 98 40 19 41 20

Dec 04 66 1805 28 18 53 37 23 7 21 6

Dec 05 107 2464 63 37 67 47 41 22 31 14

Dec 06 145 3323 36 35 41 29 51 37 39 18

Dec 07 223 5355 54 61 50 44 58 47 42 23

Dec 08 112 2296 -50 -57 2 -2 17 8 28 14

Dec 09 231 4329 106 89 17 9 29 19 26 13 23 10

Dec 10 299 4941 29 14 10 -3 23 15 32 18 28 15

Dec 11 219 3603 -27 -27 25 16 9 2 28 18 28 12

Dec 12 293 4743 34 32 8 3 6 -2 29 20 29 14

Dec 13 305 4915 4 4 1 0 22 16 19 12 26 15

Dec 14 468 6774 54 38 29 23 15 9 22 14 22 12 21 10

@@HDFC Equity Fund

Ratio of gain14/20 16/18 16/16 11/11 6/6 1/1

@HDFC Equity Fund Ratio

of Outperformance18/20 17/18 16/16 11/11 6/6 1/1

9

Calculation process & detailed disclaimer of Page 8

Getting more from Equity Fund’s – Patience is the key

Rolling Returns as on 31st December, 2014. Benchmark; CNX 500, Return for 1 year is absolute and above 1 year is CAGR (The rate

at which an investment grows annually over a specified period of time). Values of NAV and Benchmark are as on 31st of every

month of the respective period excluding inception date. Returns column represents the return earned on the investment for the

referred period. For e.g. If you invested in Jan-95 when NAV was Rs10, then 1 year returns (in Dec-95) would have been -27%, 3

years returns (in Dec-97) would have been -13%, 5 years returns (in Dec-99) would have been 20%, 10 year returns (in Dec-04)

would have been 21%, 15 year returns (in Dec-09) would have been 23% and 20 year returns (in Dec-14) would have been 21% .

The above figures are rounded off to the nearest decimals. @ Number of times the scheme has outperformed the benchmark.

@@ Number of times the investor has made positive returns. Past performance may or may not be sustained in the future. The

AMC / Mutual Fund is not guaranteeing or promising or forecasting any returns. # Inception date of HDFC Equity Fund is January

01, 1995. Returns shown are annualised rolling returns with a yearly frequency.

10

No investment too small, No dream too big

“Compound interest is the eighth wonder of the world.

He who understands it, earns it ... he who doesn't ... pays it.” – Albert Einstein

Past performance may or may not be sustained in the future. The above investment simulation is for illustrative purposes only and should not be construed as a

promise on minimum returns and safeguard of capital. The AMC / Mutual Fund is not guaranteeing or promising or forecasting any returns. SIP does not assure a

profit or guarantee protection against a loss in a declining market.  Inception date of HDFC Equity Fund is January 01, 1995.  1. Benchmark 2. Additional

Benchmark. Returns as on March 31, 2015. The above SIP investment is assumed to be invested on the 1st business day of every month over a period of time.

A SIP of just Rs 2,000 per month (total investment ~Rs 4.8 lacs) in has grown to ~1.01 crores by Mar 15HDFC Equity Fund

(refer below table)

Start early, stay invested, Patience pays!!

An illustration of the advantage of SIP investments. This is how a SIP of Rs. 2,000 p.m. would have grown over a period of time.

HDFC Equity Fund - Growth Option Since Inception 15 Year SIP 10 Year SIP 5 Year SIP 3 Year SIP 1 Year SIP

Market Value of HDFC Equity Fund (Rs. in lacs) 1.01 crs 28.83 6.24 1.95 1.09 0.26

Total Amount Invested (Rs. in lacs) 4.8 lacs 3.60 2.40 1.20 0.72 0.24

HDFC Equity Fund Annualised Returns (%) 25.22 24.64 18.17 19.45 29.05 19.44

Market Value of SIP in CNX 500 Index (Rs. in lacs) 25.80 13.71 4.62 1.78 1.01 0.27

1Annualised Returns (%) CNX 500 Index 14.47 16.22 12.57 15.78 23.60 20.67

Market Value of SIP in CNX Nifty Index (Rs. in lacs) 22.92 12.66 4.60 1.73 0.97 0.26

2Annualised Returns (%) of CNX Nifty Index 13.52 15.30 12.48 14.55 20.64 15.75

11

HDFC Equity Fund - Consistency in performance & dividends

Outperformed benchmark in 18 out of 20 years across cycles

Good years, bad years, dividends each year (for those who prefer cash)

“It's not what we do once in a while that shapes our lives. It's what we do consistently.”

– Anthony Robbins

^Past performance may or may not be sustained in the future. All dividends are on face value of Rs 10 per unit. After payment of the dividend, the per Unit NAV

falls to the extent of the payout and statutory levy (if applicable). There is no assurance or guarantee to Unit holders as to rate/quantum of dividend distribution or

that the dividends will be paid regularly. NAV of the Regular Plan-Dividend Option

Past performance may or may not be sustained in the future.Where NAV as on the end of a particular month is not available, latest released NAV is considered, Year- Calendar Year.

Year 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Equity Fund -28.8 -23.5 22.6 38.0 156.0 -20.0 -2.8 24.2 126.3 27.5 62.7 35.9 53.6 -49.7 105.6 29.2 -26.7 34.1 3.8 53.8

CNX 500 -33.6 -3.1 6.5 -8.7 112.1 -29.7 -22.8 10.3 98.1 17.9 36.5 34.9 61.1 -57.1 88.6 14.1 -27.1 31.7 3.6 37.8

Excess Return 4.8 -20.3 16.1 46.8 43.9 9.7 20.0 13.9 28.2 9.7 26.2 1.0 -7.5 7.4 17.0 15.1 0.4 2.5 0.2 16.0

Since 1999 1999 1999 2000 2000 2002 2003 2003 2004 2004 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Dividend per unit (Rs) (A) 1.6 2.0 3.0 1.7 1.2 2.0 2.5 1.5 3.0 5.0 5.0 5.5 3.0 4.0 4.0 4.0 4.0 4.0 5.5

NAV (Record Date) (B) 16.0 19.1 21.5 12.7 13.5 17.1 18.8 20.8 23.4 41.9 40.4 45.4 23.3 46.9 49.0 44.0 41.4 43.8 59.8

Dividend Yield (%) (A/B) 10 10 14 13 9 12 13 7 13 12 12 12 13 9 8 9 10 9 9

12

Bigger Funds or Smaller - Figures don’t lie!

The above table shows simple average returns of all equity funds arranged in different quartiles basis the descending order of AUM at the beginning of the year.

Loads have not been taken into consideration for calculation of returns.The investment objective, asset allocation and investment strategy of the schemes

considered for the above simulation may differ. Where AUM as on the end of a particular month is not available, AUM of the nearest date available is considered.

This simulation is only an illustration should not be construed as a recommendation or an investment advice. In view of the individual circumstances and risk

profile, each investor is advised to consult his / her professional advisor before making a decision to invest. Source: Bloomberg, Capitaline, NAV India

Bigger Funds have done better than smaller!!

In reality, there are no large funds in India

i.e. HDFC Equity Fund, the largest equity Fund is just ~0.2% of market capitalization

Choose a Fund by its track record, investment discipline, consistency of performance and not by size.

For those who still value size, bigger Funds have done better !

Year CY 05 CY 06 CY 07 CY 08 CY 09 CY 10 CY 11 CY 12 CY 13 CY 14

Largest Funds / Q1 47.9 38.6 57.7 -53.6 84.3 18.9 -24.6 33.5 3.3 52.5

Q2 48.2 36.2 60.9 -55.5 85.8 17.6 -24.6 33.5 3.7 53.8

Q3 48.1 33.9 55.9 -55.1 83.9 19.4 -22.8 31.4 6.3 51.2

Smallest Funds / Q4 41.8 34.0 60.8 -54.8 81.1 18.1 -25.1 29.4 4.1 45.0

Number of Schemes 107 138 165 200 239 260 278 285 294 308

13

Fund Selection - Lane Changing does not work!

¦ The above data illustrates the calendar year performance of 11 largest diversified Equity / Balanced funds

as on Dec 31, 2014 for last 11 years

¦ It is evident that flavor of the season investing does not work. There is merit in sticking with funds that

have a disciplined approach to investments and have performed across cycles

“If investing is entertaining, if you're having fun, you're probably not making any money”

– George Soros

Internal Computation of the above table ^Past performance may or may not be sustained in Future.

RANK 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

1 H H G H E D D E H G I

2 D D A B G H E C A A H

3 F G B A J F F J D J D

4 E F I I F A C B F C E

5 B I C F B J G G J F J

6 C E H D C E J A G D F

7 A B F J A C A F B B A

8 I A D C D I H D E E B

9 G C E E I G B H I I C

10 J J J G H B I I C H G

14

Economic Outlook & positioning of HDFC Equity Fund

A stable, proactive, long term focussed Government : Coal & telecom auctions, gas pooling, DBT, GST (FY16), MMRDA,

Bankruptcy act likely, diesel deregulation, resolving stalled projects, roads and railway spending increased, etc.

¦ Falling inflation – low commodity prices,

stable INR, improving supplies; Real rates of

3% indicate lower yields going forward

¦ Recent IIP readings are encouraging

¦ CAD – Q4FY15/FY16 likely to be surplus

after 11 years

¦ Steadily improving growth; Capex should

revive in FY16

FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15/E Mar 15

CPI (Avg %) 9.5 7.9 6.7 4.1 5.2 5.2

WPI (Avg %) 5.9 5.8 3.9 0.3 -1.8 -2.3

IIP growth (%) -0.1 4.5 1.3 1.9 3.8 5.0

Trade Deficit ($ bn) 147.6 34.7 38.6 39.2 27.0 NA

Invisibles ($ bn) 115.2 26.8 28.5 30.9 30.9 NA

CAD ($ bn) -32.4 -7.9 -10.1 -8.3 3.9 NA

FY13 FY14 FY15 FY16

GDP Growth (%) 5.1 6.9 7.4 8.1

Fiscal Deficit 4.8 4.6 4.1 3.9

thBy 2020, India is likely to be 5 largest economy in the world and fastest growing as well

Source: Morgan Stanley, Kotak, BOAML

Economy : Ready, set,...go

15

Equity Markets : A positive outlook

Reasonable P/E’s * despite markets ** run up EBITDA margins bottoming out

¦ Despite the run up in 2014, since 2008 equity markets are up only ~40% vs. nominal GDP growth of ~100%

¦ EBITDA margins to improve from 17 year lows due to improving economy, lower inflation, lower wage growth

and lower commodity prices

“Opportunities are like sunrises, if you wait too long you can miss them.”

– William Arthur

Reference made to S&P BSE SENSEX in this document is only for easy understanding of market movement and must not be construed as future performance of

S&P BSE SENSEX. The Benchmark for this FUND is CNX 500.

Roll PE (LHS)

BSE (RHS)

average (LHS)

93 95 97 99 01 03 05 07 09 11 13 15E

14.0

16.0

18.0

20.0

22.0

24.0 % S&P BSE Sensex EBITDA margin (%)

Source: BAMLSource: CLSA

90 141210080604020098969492

**

*

16

Lower interest rates are good for equities

¦ There is near consensus about lower rates in India in 2015 & beyond

¦ Equities benefit in several ways from lower interest rates:

à Lower rates means lower interest expense & higher profits

à Lower rates lead to higher fair P/E multiples

à Lower rates improves economic growth prospects

“Interest rates are like gravity” – Warren Buffett

This implies, lower rates improve valuations of assets and vice versa

HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund. Past performance may or may not be sustained in future.

17

Time to say bye bye to Gold and buy buy to equities

¦ As can be seen from the table above, long term returns on equities are much higher than returns

on gold

¦ A difference of ~6.3% in CAGR over long term (36 years) resulted in ~8 times higher wealth

¦ Equities over time grow in line with the nominal growth of the economy (real growth plus

inflation), while gold returns close to inflation

Equities - The Real Gold?

Past performance may or may not be sustained in Future. Refer page no. 22 for detailed performance

*Disclaimer: Above referred asset classes are not strictly comparable. The views expressed may hold true in the context of prevailing economic

conditions and is subject to change. HDFC Mutual Fund/AMC is not guaranteeing returns on equities.

The table below summarises the returns of Gold and S&P BSE SENSEX (‘Sensex‘) since 1979, when the Sensex commenced with a

base value of 100

in last 36 years... Sensex Gold

CAGR (%) 16.9 10.6

Rs. 10,000 has become 27.96 lac 3.7 lac

Source: World Bank, Bloomberg, Data pertains from March 31, ‘79 to Mar 31, ’15

18

Who is smarter? Indians or FIIs?

¦ FII ownership increased from 0 to 23% in 22 years (~1% per annum)

¦ While, FIIs have invested $154 bn in Indian equities between 2001-14, locals have bought gold worth $245 bn in

same period

¦ Thus, the dollars received by the locals & more have been invested in gold. Gold as was pointed out in previous

page (page 17) has yielded near inflation (9-10%) returns vs ~17% CAGR for the Sensex.

¦ In effect, locals have been exchanging a ~17% CAGR asset for a 9-10% CAGR one. This certainly is not a smart

thing to do.

¦ India offers significantly higher growth than World growth

¦ Favourable demographics, rising affordability, low penetration

of consumer goods, rich natural resources, large size are key

drivers of growth

¦ Barring 2008-09 (Lehman crisis), FIIs have been net buyers of

Indian equities

th¦ By 2020 India is expected to be the 5 largest economy in the

world

Why are FIIs so positive on India:

(FIIs were allowed to invest from September 1992 onwards; shareholding of FII not available from 1992 – 2000) Source: SEBI

stYear ending March 31 1992 ... 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total

FII ownership (%) 0 ... 12 13 13 16 17 19 20 18 15 17 18 19 21 23 -

FII flows ($ bn) 0 ... 2 2 1 10 9 11 6 13 -11 23 25 8 26 29 154

Net Gold Import ($ bn) 0 ... 4 3 3 5 9 9 12 14 17 25 35 49 41 19 245

0

9

8

7

6

5

4

3

2

1

3.8

5.3

3.8

3.2

5.45.7

3.2 2.8

7.7

5.3

2.52.6

1961-1970 1971-1980 1981-1990 1991-2000 2001-2010 2010-2013

Real India GDP Real World GDP

Source: BOAML

Decadal GDP (average % change)

Source: IMF

19

HDFC Equity Fund - Portfolio positioning

¦ Midcaps have outperformed largecaps by highest margin in CY14 in last 10 years

¦ Midcap’s discount to largecap’s is lowest in last 5 years

¦ HDFC Equity Fund has steadily reduced exposure to midcaps

Steady reduction in exposure to midcaps in FY15

(% Return) CY 05 CY 06 CY 07 CY 08 CY 09 CY 10 CY 11 CY 12 CY 13 CY 14

NIFTY 36.3 39.8 54.8 (51.8) 75.8 17.9 (24.6) 27.7 6.8 31.4

CNX Midcap 35.0 29.0 76.9 (59.4) 99.0 19.2 (31.0) 39.2 (5.1) 55.9

Outperformance (1.3) (10.8) 22.2 (7.6) 23.2 1.2 (6.4) 11.5 (11.9) 24.5

HDFC Equity Fund Jun-14 Sep-14 Dec-14 Mar-15

Midcaps (%) 28 27 23 18

Source: Bloomberg, CY- Calendar Year, The current investment strategy is subject to change depending on the market conditions

Given the NIL discount of midcaps vs. largecaps and a predominantly largecap

portfolio, HDFC Equity Fund is well positioned in the current market environment

17.0

9.0

11.0

13.0

15.0

2010 2011 2012 2013 2014 2015

CNX MIDCAP (3M Moving Avg. PE)

NIFTY (3M Moving Avg. PE)

20

HDFC Equity Fund - Strongly positioned for improving

economic outlook

Overweight Banks

Overweight Capex

Overweight Oil & Gas

Neutral IT & Pharma

Underweight FMCG

Large Cap exposure

:

:

:

:

:

:

Improving economic outlook, peaking interest rates, improving outlook for asset quality

Early signs of capex recovery

Sharp fall in subsidies

Reasonable valuations, INR appreciation is a key risk

Slowing growth, expensive valuations

Exposure to large caps is ~80%, Fund has reduced exposure to midcaps in 2014

HDFC Equity Fund is well positioned for improving economic outlook and lower interest rates

Sectors referred above are illustrative and not recommended by HDFC Mutual Fund / HDFC Asset Management Company Ltd. The Fund may or may

not have any present or future positions in these sectors. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this Fund.

Past Performance may or may not be sustained in the future

21

Why HDFC Equity Fund? Whom is it suited for?

¦ HDFC Equity Fund is a good investment vehicle for those who believe in the growth

prospects of India and understand the power of compounding

¦ The Fund offers:

à Best in class returns across several economic & market cycles

à Long term oriented, disciplined and consistent approach to investments

à Unbroken dividend track record for last 10 years (7-13% dividend yield) (Refer page 11)

The best time to invest was yesterday, the second best is today !

* Past Performance may or may not be sustained in the future. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments made in this

Fund. In view of the individual circumstances and risk profile, each investor is advised to consult his / her professional advisor before making a decision

to invest in the Scheme. Refer page no. 22 for detailed performance

22

Scheme Performance Summary

Scheme

Discrete Returns (%)Value of

investment of Rs.

10,000 Since

Inception (Rs.)

NAV/Index

Value as on

31st Mar 15

Mar 31, 14 to

Mar 31, 15

Mar 28, 13 to

Mar 31, 14

Mar 30, 12 to

Mar 28, 13

Since Inception

CAGR (in %)

HDFC Equity Fund 469.724 41.49 22.25 3.61 20.93 469,724

1CNX 500 Index 6978.15 33.56 17.56 5.13 10.07 69,781

2CNX Nifty Index 8491.00 26.65 17.82 7.31 N.A. N.A.

Other Funds managed by Prashant Jain, Fund Manager of HDFC Equity Fund

HDFC Top 200 Fund$ 342.678 35.11 20.31 4.52 22.38 417,830

1S&P BSE 200 3537.55 31.93 17.04 6.03 14.01 112,823

2S&P BSE SENSEX 27957.49 24.89 18.68 8.23 12.52 88,459

HDFC Prudence Fund$@ 376.12 41.84 19.03 3.29 20.13 486,125

1CRISIL Balanced Fund Index 5230.30 22.53 13.29 8.18 N.A. N.A.

2CNX Nifty Index 8491.00 26.65 17.82 7.31 9.55 69,036

HDFC Infrastructure Fund# 16.711 58.70 10.91 -8.57 7.54 16,711

1CNX 500 Index 6978.15 33.56 17.56 5.13 8.48 17,766

2CNX Nifty Index 8491.00 26.65 17.82 7.31 8.41 17,688

HDFC MF MIP Long Term Plan +^ 34.5855 21.49 8.50 8.07 11.64 34,586

1CRISIL MIP Blended Index 2936.22 16.45 6.46 9.06 7.84 23,420

2CRISIL 10 Year Gilt Index 2630.54 14.57 -0.95 11.25 5.03 17,385

Past performance may or may not be sustained in the future. $All dividends declared prior to the splitting of the Scheme into Dividend & Growth Options are assumed to be

reinvested in the units of the Scheme at the then prevailing NAV (ex-dividend NAV). #The Scheme is co-managed by Prashant Jain and Srinivas Rao Ravuri. +The Scheme is co-

managed by Prashant Jain (Equities) and Shobhit Mehrotra (Debt). @Scheme performance may not strictly be comparable with that of its Additional Benchmark in view of the

balanced nature of the scheme where a potion of scheme's investments are made in debt instruments. ^Scheme performance may not strictly be comparable with that of its

Additional Benchmark in view of hybrid nature of the scheme where a portion of scheme's investments are made in equity instruments. 1. Benchmark. 2. Additional Benchmark.

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Product Features

$ Dedicated Fund Manager for Overseas Investments: Mr. Rakesh Vyas.

For complete Scheme details refer SID/KIM.

Ÿ Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based

on the investors’ assessment of various factors including the service rendered by the ARN Holder.

Ÿ In respect of each purchase / switch–in of units, an Exit load of 1.00% is payable if units are redeemed / switched–out within 1 year

from the date of allotment

Ÿ No exit load is payable if units are redeemed / switched out after 1 year from the date of allotment.

Type of Scheme Open Ended Growth Scheme

Inception Date (Date of allotment) January 1, 1995

Investment Objective To achieve capital appreciation

Fund Manager $ Prashant Jain

Plans HDFC Equity Fund, HDFC Equity Fund - Direct Plan

Options Under Each Plan: Growth & Dividend. The Dividend Option offers Dividend Payout and Reinvestment facility

Minimum Application Amount

(Under Each Plan/Option)

Purchase: Rs. 5,000/- and any amount thereafter

Additional Purchase : Rs 1000/- and any amount thereafter

Load Structure Entry Load:

Exit Load:

Benchmark Index CNX 500 Index

For further details on load structure, please refer to the Scheme Information Document / Key Information Memorandum of the Scheme

Asset Allocation PatternUnder normal circumstances, the asset allocation of the scheme’s portfolio will be as follows:

Type of Instruments Normal Allocation (% of Net Assets) Risk Profile of the Instrument

Equity & Equity related instruments 80 - 100 Medium to High

Debt and Money Market instruments * 0 - 20 Low to medium

*Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of the Scheme.

The scheme may seek investment opportunity in the ADR / GDR / Foreign Equity and Debt Securities (max. 40% of net assets) subject to SEBI (Mutual Funds) Regulations, 1996. The scheme may use derivatives

mainly for the purpose of hedging and portfolio balancing (max 25% of net assets) based on the opportunities available subject to SEBI (Mutual Funds) Regulations, 1996.

Disclaimer

The views expressed herein are based on the basis of internal data, publicly available information and other sources believed to be

reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The

information contained in this document is for general purposes only and is not an offer to sell or a solicitation to buy/sell any

mutual fund units/securities. The document 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 not sufficient and should not be used for the development or

implementation of an investment strategy. The same should not be construed as an investment advice to any party. The

statements contained herein are based on our current views and involve known and unknown risks and uncertainties that could

cause actual results, performance or events to differ materially from those expressed or implied in such statements. Neither HDFC

Asset Management Company (HDFC AMC) and HDFC Mutual Fund (the Fund) nor any person connected with them, accepts any

liability arising from the use of this document. The recipient(s) before acting on any information herein should make his/her/their

own investigation and seek appropriate professional advice and shall alone be fully responsible / 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.

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