Scheme Riskometer: First Tier Benchmark Riskometer:

NIFTY 500 TRI

Long term Capital appreciation

Investment in equity and equity related instruments of companies engaged in
and/ or expected to benefit from adoption of innovative strategies & theme

The benchmark riskometer

is at Very High risk
 Communication from months to seconds

Telegraphs Radio Cell Phones Smartphones

1814 1844 1876 1904 1927 1973 1974 2007

Steam-Powered Telephone Television Personal

Printing Press Computer

Source: education.cfr.org’ This information is for illustrative purposes only.

There is no assurance that the Funds will invest in any or all of these innovation examples.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Storage from Bits to Terabyte

Drum Memory Floppy Disks Optical Disks Cloud Storage

1947 1950 1951 1976 1980 1982 2000 2006

Williams- Tape Drives Hard Disks Memory Drives

Kilburn Tube

Source: Echoglobal; This information is for illustrative purposes only.

There is no assurance that the Funds will invest in any or all of these innovation examples.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Music from boxes to digital streaming

Phonograph Walkman iPOD

1811 1877 1954 1979 1998 2002 2007

Music Box Transistor Radio Mp3 Player Smartphones

Source: blackpoolgrand.co.uk; This information is for illustrative purposes only.

There is no assurance that the Funds will invest in any or all of these innovation examples.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Pace of Innovation is accelerating

Median age of S&P Median age of S&P Average S&P Average age of a 5-year valuation growth
top 10, 2000 top 10, 2018 500 tenure by 2027 unicorn start-up in post-IPO unicorns1

85 33 12 6 8.7
years years years years x

The increasing
pace of innovation
is disrupting
business models.
“Innovate or
perish” has
become the
watchword.

Source: McKinsey & Company Report; This information is for illustrative purposes only and not necessarily representative of the past or
future portfolio composition. There is no assurance that the Funds will invest in any or all of these innovation examples.
This information is not intended as an investment recommendation, nor does it constitute investment advice.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Innovation – A key disruptor across sectors

Financial Services Consumption

UPI Energy Quick Commerce
Automobiles
Block chain Hydrogen Augmented reality
Electric Vehicles
Self Drive cars Payment Aggregator Battery Storage Omnichannel integration
Hybrid vehicles Grid integration

Technology Healthcare
Media & Entertainment Cloud computing Industrials Medtech
OTT AI & IoT Robots & Drones E-Pharmacy
Digital Content & Ads Data centers 3D printing Biotechnolgy
Music streaming Nanotechnology

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Factors influencing India Innovation Story

Booming Startup Ecosystem Growing Consumer Market

Inherent Talent Pool Strong Digital Infrastructure

Government Initiatives Strong Funding Ecosystem

India’s position in the Global Innovation Index* has improved to 40th rank in 2023 from 81st in 2015.
Due to the above favorable tailwinds, we believe India is currently at the cusp of an innovation cycle.

Source: SBIMF Research. *Published by the World Intellectual Property Organization.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Booming Startup Ecosystem
E-commerce Fintech Enterprise Consumer Soonicorn mix across key segments
Tech Services
Edtech, 6.2% Media &
Entertainment,
Fintech, 6.2%
31.9%
7
7
Enterprise
Tech,11.5%
36 13

Media & Logistics Health Edtech

Entertainment tech
19

31
Others, Ecommerce,
27.4% 16.8%

India has the 3rd largest start-up ecosystem in the world with 115 startups in the Unicorn Club
which are expected to double by 2030. The number of Unicorns in India are expected
to more than double by 2030 led by e-commerce & Fintech.

Source: Inc42. Data as on April, 2024. The above data is for information only and is not intended for investment. Investment in the fund
will be made in line with investment objective / asset allocation / strategy of the fund. The slide contains both listed as well as unlisted
companies. As per MF Regulations, the fund can only invest in listed or proposed to be listed companies.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Inherent Talent Pool

Global Tech Talent in Tech Industry

● 2.5 million STEM* graduates every
year - one of the largest sources of
40% Size of Bubble indicates the
Total Tech Talent supply
STEM talent in the world.
Demand Supply Gap, as a % of Supply

38% as during July 2022 ● India boasts a significantly higher

to June 2023 relative AI skill penetration rate,
36%
USA surpassing the G20 average by more
34% 5.2 M, 34 - 36%
than 3X.
32% ● Tier 2 and Tier 3 cities in India
UK
30% 1.5 M, 30 - 32% collectively contribute to 60% of fresh
Canada graduates in engineering, arts and
28% 816 K, 28 - 30% China science colleges.
Australia 5.0 M, 26 - 28%
26% 589 K, 27 - 29% ● Based on the past trends the fresh talent
24% India which can transition in digital roles is
4.6 M, 25 - 27% expected to grow 2X by 2028
22% compared to 2020.
Low Reskillability Reskillability Index 1
High Reskillability

Among the countries with the large tech talent pools, India and China boast the lowest demand-supply
gap. This can be attributed to upskilling ecosystem & proactive government initiatives.

Source: Draup Talent Database, Nasscom Report Nov 2023. 1Reskillability Index - Defined by estimated growth in Digital Tech Talent pool
that can be gained by reskilling the workforce. Tech talent in tech Industry includes Core tech talent in tech industry and digital tech talent
in tech industry (Core + Digital tech talent). *STEM - Science, Technology, Engineering and Mathematics.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Strong Digital Infrastructure

800 Mn 138 Data Centers with

Smartphones 737+MW Capacity

118 Bn UPI Transactions 7k+ 5G

in 2023 Enabled Cities

646.7k Km Optical 338 Mn Digital

Fiber Laid Payment Users

10Mn+ Active $0.16 - Cost of

5G Devices 1GB Internet

India’s digital ecosystem has seen rapid expansion in the recent times, taking India on a global
level in terms of harnessing the power of technology.

Source: Nasscom India’s Digital Public Infrastructure Report – Feb 2024, Inc24, NPCI.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Growing Consumer Market

Indian Households based on Income

Households 219M 308M 356M

Rich Rich Rich

2M 11M 35M

Mid. Mid. Mid.

Class Class Class
30M 91M 165M

Aspirer Aspirer Aspirer

121M 161M 136M

Destitute Destitute Destitute

66M 45M 20M

2005 2020 2031F

India has a large and growing consumer market, with more than 1.4 billion people. As the country
continues to develop and the middle class grows, the consumer market will only continue to expand.

Note: Destitutes <1.25L, Aspirers: 1.25-5L; Middle Class: 5-30L; Rich: >30L basis income per household in real terms (INR at 2020-21 prices)
Source: The rise of India’s middle Class: Results from ICE 360o Surveys, PRICE. Data as on July 2023.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Government Initiatives
Total Outlay Planned
PLI Scheme
(` Bn)
Startup India
LSEM and IT Hardware 460
Initiatives
KSM/DI/API 69
01
Pharmaceutical drugs 150
Atal Innovation
02 Mission Manufacturing of Medical Devices 34
White Goods 62
Food Processing 108
National Innovation Telecom 122
03
Foundation India High Efficiency Solar PV Modules 240
Advanced Chemistry Cell Battery 181
Automobiles and auto components 259
India Stack Textile Products: MMF segment and Technical Textiles 107
Specialty Steel 63
Credit Guarantee Semiconductor 760
Scheme for startups Total 2,616

Various government initiatives are providing a boost to the Indian start-up ecosystem
and innovation trend in the country.

Source: Startupindia.gov.in; https://aim.gov.in/; https://nif.org.in/; PLI guideline documents from various central govt. ministries,
SBIFM Research. Note: LSEM - Large Scale Electronic Manufacturing, KSM/DI/API - Key Starting materials/Drug Intermediaries and
Active Pharmaceutical Ingredients. Data as of Feb 2024.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Strong Funding Ecosystem
Startups Sector Listing Year
Indian Startup Funding D2C 2023
Logistics 2022
160 146 148 FinTech 2022
136
140
Marketplace 2021
120 111
EnterpriseTech 2021
100
FinTech 2021
80 69
58 E-Commerce 2021
60
45
40 33 FoodTech 2021
20
20 14
5 FinTech 2021
0
EnterpriseTech 2021
2021

2022
2014

2020

Q12024
2016

2017

2018

2019

2023
2015

Gaming 2021
Marketplace 2019
Funding Amount ($ Bn)
Market place 2013
Marketplace 2010
HRTech 2006

Indian startups have raised a total funding of around $148 Bn until Q1 2024, these startups can
potentially look to raise further funds from public listing.

Source: Inc24, Orios Venture Partners. Data as on April, 2024. The above data is for information only and is not intended for investment.
Investment in the fund will be made in line with investment objective/ asset allocation/ strategy of the fund. As per MF Regulations,
the fund can only invest in listed or proposed to be listed companies.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Theme Illustrations

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Ecommerce

Ecommerce as a percentage of Ecommerce Market Opportunity ($ Bn)

total retail sales
450
400
40.0% 400
35.0% 31.9% 350 330
C AGR
30.0% 300 19% 270
25.0% 26.8% 250 220
20.0% 200 180
145
15.0% 150 116 123
10.0% 7.5% 100
5.0% 50
0.0% 0
2011

2021
2012

2022

2024E
2025E
2026E
2027E
2010

2014

2020
2008
2009

2013

2016
2017
2018
2019

2023
2015

2023

2024

2025

2026

2027

2028

2029

2030
China US India Market Opportunity ($ Bn)

On the back of rising population, changing lifestyle, growing digital economy,

online retail market in India is expected to see significant growth and
become the 3rd largest online retail market by CY2030. Within ecommerce we believe
Food Delivery, Online Fashion, Online Pharmacy and Cab Hailing have better growth prospects.

Source: Euromonitor; Inc42, The themes mentioned are not a recommendation to buy/sell in the said sub-themes.
The scheme may or may not be a part of the investment universe.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Adtech

Digital Advertising Share of Total Advertising Spend

90%

80%

70%

60%

50%

40%

30%

20%

10%

CY21

CY22

CY24E
CY20
CY17

CY18

CY19

CY23
USA China India

The share of digital advertising spend in India is still significantly low. On the back of rising
internet penetration, the Adtech market in India is expected to grow at a CAGR of 25.7%
from 2024 to 2030 as against 22.4% CAGR growth expected in global Adtech market. We believe both
global and domestic Adtech segments offer good investment opportunities at the current juncture.

Source: Madison; Grand View Research; The themes mentioned are not a recommendation to buy/sell in the said sub-themes.
The scheme may or may not have position in the said themes.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Cloud Computing

Global Cloud System Infrastructure Cloud Spending as a %

Services market ($ Bn) Overall Infra spends
400 50% 46%
355 43%
45%
350 39%
296 40% 36%
300
35% 31%
250 239 27%
30%
190 25% 22%
200
148 20% 17%
150 120
15% 13%
93 10%
100 8%
64 10%
46
50 25 32 5%
- 0%

2021

2022

2024E

2025E

2026E

2027E
2020
2017

2018

2019

2023
2021

2022

2024E

2025E

2026E

2027E
2020
2017

2018

2019

2023

Spending on public cloud services is expected to double by 2027 driven by

increased adoption of Generative AI and application modernization.
We believe SaaS Product Companies and Cloud Infrastructure Providers will benefit from this growth.

Source: Gartner; The themes mentioned are not a recommendation to buy/sell in the said sub-themes.
The scheme may or may not have position in the said themes.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Electric Vehicles

Electric Passenger Vehicle Domestic Electric 2W & 4W

Global Penetration penetration

2W 4W
6
5.4
5 4.5

% share of total units

4

3
2.3
1.9
2
1.3
1 0.6
0.4 0.2
0.1 0.1 0.1 0.1
0
FY19 FY20 FY21 FY22 FY23 FY24

India's EV market is expected to grow at an impressive CAGR of 49% from 2022 to 2030.
India is taking rapid strides towards achieving its target of 30% EV market share by 2030.
EV sales projection however demands for an equitable availability of supporting infrastructure.

Source: SNE Research, HIS, Vaahan data, company disclosures; The themes mentioned are not a recommendation to buy/sell in the said
sub-themes. The scheme may or may not have position in the said themes.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 FinTech

Online/ Digital spends as % of Digital Retail Payment

private consumption expenditure Transactions

Total Online/ Digital Spends - india 15Bn 114Bn Others,

2.28
90.0 60% NACH,
80.0 Others, 3.42
50%
70.0 0.15 NACH, IMPS,
60.0 40% 2.55 5.70
IMPS,
50.0 NEFT,
30% 1.05
40.0 5.70
30.0 20% NEFT, n
1.95 ei Cards,
20.0
10% x ris are 13.68
h
10.0 Cards, 12 I S
0.0 0% 8.40 UP UPI,
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 83.22
UPI, 0.90

% of Private Consumption Expenditure (RHS) 2018 2023

Total Retail Person to Merchant Spends Rs. Trn. (LHS)

India is said to have the third largest fintech ecosystem globally. In addition to the demographics,
factors such as the India Stack, JAM Trinity, Financial Inclusion and UPI have led to a fast-paced growth
for FinTech segment. The key segments in FinTech that we believe can benefit from this growth are
Digital Lending, InsurTech and WealthTech.

Source: RBI Website; Annual Report & Data Release; The themes mentioned are not a recommendation to buy/sell in the said sub-themes.
The scheme may or may not have position in the said themes.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Clean Energy

Green Hydrogen Production Cost Transmission length vs. Installed generation

Estimates ($/kg) capacity (ckm/GW)

2.50
600 US
2.1 662
2.00 2.0 2.0 India 1,142
1.8 1.8 1.8
1.6 1.6 1.7 500
1.6 1.6
1.5 1.5
1.50
1.3 1.4 1.4 1.4 1.4 1.4
1.3
1.2 1.3 1.2 400
1.1 0.9 1.0 1.0 1.0 1.0 1.0

000' ckm
1.00 0.9 0.9 0.9 0.9 0.9 0.9 Turkey
0.7 0.7 0.7 0.8 0.8 0.8 700
0.7 0.7 300
0.6 0.6 0.6 0.6 France
0.5 0.6 Indonesia
795 748
0.50
200 Australia Italy 692 Japan
634 537
0.00 Thailand
Peru

Thailand
Poland
Brazil

Sweden
Spain

Vietnam
UAE
US
Chile
India
South Africa

Argentina

Australia

China
Colombia

France
Canada

Malaysia

Indonesia
Mexico

Germany

Italy

Turkey
UK
100 812
Germany 210
-
Vietnam
- 100Spain 200 300 400 500 600 700 800
415
451 GW
2030 2050

India has the potential to be one the lowest cost hydrogen producers globally. India's Transmission
length to GW of installed capacity (ckm/ GW) is higher than nearly all countries benchmarked.

Source: SNE Research, HIS, Vaahan data, company disclosures; The themes mentioned are not a recommendation to buy/sell in the said
sub-themes. The scheme may or may not have position in the said themes.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 About the Fund

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Investment Strategy

Product/ Service Innovators

Companies that develop new products or services or
significantly invest in R&D for new innovations. They
challenge existing markets or create entirely new
categories.

Process Innovators
Companies that innovate new processes, potentially
disrupting existing business models and gaining market
share through technological and process advancements.

Innovation Adaptors
Incumbent companies that adapt to innovative business
models, products, or services within their industry, showing
agility in response to emergent trends.
These adaptive innovators may not necessarily overhaul
their entire business model but exhibit innovative strategies
in specific segments or verticals that has potential to
meaningfully impact the business.

Each category presents opportunities and risks, which will guide investment decisions. For detailed investment strategy please refer
Scheme Information document carefully.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Product/ Service Innovators – Case Study
The innovative/ novel drugs segment grew Leading to overall expansion
much faster than the generic drugs segment in gross margins %
80%

1200 20%
78.0%
18% 78%
1000 Total Rev CAGR FY15-24 : 7%
Innovative/ novel drugs segment CAGR: 32% 16%
14% 76%
800 75.8% 75.7%
12% 75.4%
600 10% 74.3%
74% 74.1%
8%
400 73.2%
6% 72.9%
4% 72% 72.0% 71.9%
200
2%
0 0% 70%

FY21
FY21

FY22
FY20

FY24
FY16

FY17

FY18

FY19

FY23
FY15
FY22
FY20

FY24
FY16

FY17

FY18

FY19

FY23
FY15

Innovative/Novel Drug segment Sales (USD mn)

Contribution to total revenue % (RHS)

This pharma company was able to innovate through its R&D investments and move up the value chain towards innovative/novel drugs
development from being a generic drug developer.

This pivot has helped the company to create a completely new business segment with strong moat and subsequently increase its overall
profitability.

The above is for illustration purposes only to give an idea about the investment philosophy. These stocks may/ may not be part of the portfolio.
The fund manager will take appropriate call at the time of construction of the portfolio. It should not be considered as investment advice in any
aspect. Please consult your financial advisor before taking any decision of investment.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Process Innovators – Case Study
The company garnered 2x mkt share compared And continues to grow faster
to its nearest competition in 3PL space than its competition

50 46
35
45 31
30

Revenue Growth %
40
Market Share (%)

35 25
30
23 23 20
25
20 15
15 10
8 9
10
5
5 2 1
0 0
Innovator Competitor 1 Competitor 2 Competitor 3 -1
(5)
Innovator Competitor 1 Competitor 2 Competitor 3 Competitor 4
Market share in Third party logistics space % Revenue growth rate in FY24

This delivery company was able to dominate the traditional logistics industry and was able to outpace competitors through sheer operational
efficiency and innovative processes.

The company adapted technology achieving higher automation, operational efficiency and lower cost of delivery compared to peers.
Its proprietary Technology Platform consists of over 80 applications covering all supply chain processes.

The company adopted a “Mesh Network” for logistics, opposed to hub-and-spoke model of traditional logistics players, enabling higher
utilization of trucks through serving of touchpoints as per demand/ availability.

The above is for illustration purposes only to give an idea about the investment philosophy. These stocks may/ may not be part of the portfolio.
The fund manager will take appropriate call at the time of construction of the portfolio. It should not be considered as investment advice in any
aspect. Please consult your financial advisor before taking any decision of investment.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Innovation Adaptors – Case Study
Despite being a late entrant, the company And repeated the same in the
became a market leader quick delivery segment

90%

80% 80% 75%

70% 70%
75% 56%
60% 60%
53%
50% 50%
40% 40%
40% 43% 40% 36%
32% 32%
30% 30% 25% 28%
24%
20% 20% 15%
10% 10%
0% 1% 0%
0%
0%
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24

Others Adaptor Competitor1 Adaptor Competitor1 Competitor2

Market share trends in food delivery % Market share trends in quick commerce %

This food delivery company is a late adaptor in an already highly competitive space with a strong incumbent. However, the company was
able to emerge the market leader, using its technology and operational innovation.

The company was able to replicate the same in another emerging trend, quick commerce.

The above is for illustration purposes only to give an idea about the investment philosophy. These stocks may/ may not be part of the portfolio.
The fund manager will take appropriate call at the time of construction of the portfolio. It should not be considered as investment advice in any
aspect. Please consult your financial advisor before taking any decision of investment.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 How do we identify Innovative companies

Target businesses adopting automation, AI,

or sustainable practices in their processes Identify incumbent companies that
that lead to cost reduction & improved demonstrate agility in adapting to new
efficiency & value enhancement. technologies or business models.

Identify companies with a proven trend Focus on those making strategic

of launching successful products/ investments in emerging market
services reflecting their ability to segments or verticals in addition to its
innovate & capture market share. core business.

Focus on companies with a significant Focus on firms that not only innovate but
portion of their revenue allocated to R&D also create sustainable competitive
& strategic partnerships. advantages through their innovations.

This is based on the prevailing market conditions & current views and is subject to change within the limits of the SID basis the
fund manager's view.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Portfolio Construction Approach

Min 80% of net assets investing into companies

falling into innovation theme buckets

Upto 35% of net assets investing into global stocks

aligned with the underlying theme

True to its label diversified portfolio investing

across sectors & Market cap

Aims to have a portfolio of ~35-40 stocks with

bottom-up stock selection approach

Companies with Long runway for growth, competitive

advantage, potential for generating Strong ROE
& cashflows etc.

Further, to achieve diversification the Scheme may also invest residual net assets i.e. up to
20% of the net assets in companies other than the companies following innovation theme.

This is based on the prevailing market conditions & current views and is subject to change within the limits of the SID basis the
fund manager's view.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Fund Facts &
Product Suitability

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Suitable for…

Investment Opportunity Investors looking for a fund that consistently seeks out investment
opportunities in upcoming trends and disruptive business ideas will
find this fund true to label.

Investors seeking capital appreciation through investments in

forward-looking business ideas and a growth-oriented long-term
portfolio will find this fund appealing.

Investors seeking diversification through portfolio allocation across

sectors and market caps, offering a unique avenue to tap into
emerging trends and markets.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Fund Facts

Name
First Tier Benchmark Index
SBI Innovative Opportunities Fund
NIFTY 500 TRI
An open-ended equity scheme following innovation theme.

Category Minimum Application^

Thematic ` 5,000/- and in multiples of ` 1 thereafter

Fund Manager& Minimum Monthly SIP*

Mr. Prasad Padala Minimum ` 500 & in multiples of ` 1

Exit Load

• For Ongoing basis: 1% of the applicable NAV - If units purchased or switched in from another scheme of the fund are redeemed or
switched out on or before 1 year from the date of allotment.
• NIL - If units purchased or switched in from another scheme of the fund are redeemed or switched out after 1 year from the date of
allotment.
For details, please refer to the Scheme Information Document (SID). &Mr. Pradeep Kesavan is the dedicated fund manager for overseas
securities. ^Additional Purchase: ` 1,000 and in multiples of ` 1 thereafter. *For detailed minimum amount of SIP across frequencies &
number of installments, please refer to SID/KIM.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Why SBIFML

Trusted by over Servicing investors across

15 million Investors ~99% pin codes of the country

Managing assets Investment team of ~70 members

for over 37 years with an average experience
of 15 years of the country

Signatory of UNPRI & CFA Asset An array of digital tools

Manager Code of Conduct for ease of transaction

Source: Internal.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)
 Disclaimer

This presentation is for information purposes only and is not an offer to sell or a solicitation to buy any mutual fund units/
securities. The views expressed herein are based on the basis of internal data, publicly available information & other sources
believed to be reliable. Any calculations made are approximations meant as guidelines only, which need to be confirmed
before relying on them. These views alone are not sufficient and should not be used for the development or implementation of
an investment strategy. It should not be construed as investment advice to any party. All opinions and estimates included here
constitute our view as of this date and are subject to change without notice. Neither SBI Funds Management Limited, SBI
Mutual Fund nor any person connected with it, accepts any liability arising from the use of this information. The recipient of this
material should rely on their investigations and take their own professional advice.

Mutual Fund investments are subject to market risks,

read all scheme related documents carefully.

SBI Funds Management Limited (A joint venture between SBI & AMUNDI)