UTI Flexi Cap Fund (Formerly UTI Equity Fund)

1. December 2023 1 Information Classification: UTI AMC - Public

2. You don’t go on an adventure ride without a safety gear? You never go hiking without the Harness! SAFETY & GEAR You never go rafting without a Life-Jacket! 2 Information Classification: UTI AMC - Public

3. Investments and adventure Investments are like going on an Adventure Ride and the risk at stake is your hard-earned money ● 3 Information Classification: UTI AMC - Public

4. Asset classes generate varying returns at different times Return Volatility CY Equity Savings 9.6 14.7 11.2 5.1 13.4 9.9 8.2 6.1 19.9 6.7 8.3 Equity Savings 2.1 4.4 5.7 3.8 1.6 2.8 2.2 5.1 4.6 3.0 2.8 Equity Debt Arbitrage Equity 8.6 9.4 9.8 9.0 8.4 5.2 9.0 10.3 6.6 3.6 6.3 8.2 8.7 8.5 6.6 5.3 4.4 6.0 4.4 3.3 3.9 6.2 6.9 13.5 16.8 9.2 5.2 7.4 6.3 12.9 16.4 8.4 6.8 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 12.3 26.1 15.4 -0.8 19.9 14.2 7.9 -1.0 47.0 9.6 11.0 A hybrid portfolio of equity, debt & arbitrage tend to mellow down the volatility in returns Data as of December 31, 2023. Average daily 1-year Rolling Returns for each calendar year. Standard deviation is used as a measure of Volatility in returns. Reference: Equity – Nifty 50 TRI; Debt – CRISIL Short Term Bond Index; Arbitrage – Nifty 50 Arbitrage Index; Equity Savings – CRIISL Equity Savings Index Source: MFIE, CRISIL Indices, NSE India. Past performance may or may not be sustain in the future. 4

5. Drawdown capture Equity Fixed Income Equity Savings 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0% 0% 0% 0% -1% -1% -1% -1% -1% -2% -2% -2% -2% -2% -2% -3% -4% -4% -4% -5% -5% -5% -6% -7% -10% -11% -12% -14% -14% -14% -15% -16% The partial hedged equity portion results in better drawdown capture in Equity Savings Index than the fully unhedged equity index Data as of December 31, 2023. Reference: Equity – Nifty 50 TRI, Fixed Income – CRISIL Short Term Bond Index, Equity Savings – CRIISL Equity Savings Index Source: MFIE, NSE, CRISIL Indices. Past performance may or may not sustain in the future. 5

6. Combining the different assets bring the balance in risk-return outcomes 1 2 3 In each year, different asset class outperforms others Each asset class has an inherent risk in itself A mix of equity, debt & equity arbitrage tends to balance the portfolio in an optimized manner 6

7. PRESENTING UTI EQUITY SAVINGS FUND (An open-ended scheme investing in equity, arbitrage and debt) 7

8. A fund that seeks to provide capital appreciation with lower volatility 01 Equity (20-50%) Gross Equity exposure >65% Equity Growth Potential Tax* Advantage 02 Equity Arbitrage (20-75%) Lowers Volatility Fixed Income (10-35%) 03 Fixed Income Potential Income Generation *Subject to prevailing tax laws 8

9. Investment Strategy – Equity Portfolio Intends to maintain ~25-40% net long equity; following Value strategy with Large-cap bias Evaluate businesses based on their ability to generate RoCEs > Cost of Capital over the entire cycle & benefit from mean reversion Margin of safety – stocks trading cheaper relative to their history or peers Sector selection –Top-down approach to pick sectors available at below mean valuations with reasonable prospects Valuation metrics - P/E and RoE of the portfolio would be significantly lower than the values for the benchmark index reflecting the investment strategy 9

10. Investment Strategy: Arbitrage The arbitrage position in the fund is to hedge the active equity exposure by taking a long stock and short future ▪ positions by identifying price gap between cash and futures segment of equity market This reduces the risk of equity holdings and impact of equity drawdowns ▪ The fund will take derivative/arbitrage positions within the framework of scheme information document as per the ▪ stated investment objective and asset allocation of the scheme *subject to prevailing tax laws 10

11. Portfolio Snapshot - Equity % Net Equity (Unhedged) Company Name Sector Asset Allocation (% NAV) HDFC Bank Ltd Financial Services 10.90 ₹ 325 Cr Fund Size ICICI Bank Ltd Financial Services 9.34 Gross Equity 71.38% Infosys Ltd IT 7.44 Net Equity 34.22% Reliance Industries Ltd Oil & Gas 7.36 Arbitrage 37.16% Larsen & Toubro Ltd Construction 5.91 Fixed Income 28.62% ITC Ltd FMCG 4.58 GSEC 16.88% Axis Bank Ltd Financial Services 4.14 Indusind Bank Financial Services 3.97 NCD 7.66% Kotak Mahindra Bank Ltd Financial Services 3.48 TREPS, Repo, Cash 4.08% Grasim Industries Ltd Construction Materials 3.08 Total Top-10 60.20 Other Stocks 39.80 Equity Total 100.00 Data as of December 31, 2023. The company wise exposure in equity portfolio shown above is scaled up to 100%. For detailed portfolio visit www.utimf.com 11

12. Portfolio Quants – Equity Sector Allocation Portfolio Statistics -30.00 -25.00 % NAV -20.00 -15.00 -10.00 -5.00 % Active Weight 0.00 5.00 0.99 96.16% Beta Large Cap Financial Services 34.7 -4.4 0.91% 3.84% Sharpe Ratio Mid Cap Oil & Gas 12.6 1.8 IT 9.4 -5.7 5.54% - SD Small Cap Automobile 8.5 3.1 Construction 5.9 0.7 4.31 PTR Healthcare 4.7 3.1 FMCG 4.6 -4.4 Portfolio Composition Power 4.1 0.9 Telecom 3.7 0.5 OCF RoCE Metals & Mining 3.6 1.2 Fund BM Fund BM Construction Materials 3.1 1.6 Services 3.0 3.0 76% 85% 43% 60% C1 R1 Realty 2.2 2.2 24% 12% 41% 25% C2 R2 Consumer Durables 0.0 -3.7 - 3% 17% 15% C3 R3 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 Data as of December 31, 2023. The net equity exposure in the scheme is rebased to 100. BM – Benchmark, SD – Standard Deviation, PTR – Portfolio Turnover Ratio. ^Computed on 3 years monthly rolling period. Risk free rate - 6.90% (FBIL Overnight MIBOR) RoCE – Return on Capital Employed. Operating Cash Flow (OCF) Tiers (C)- 3 Tiers based on the number of years in which they have generated positive operating cash flows in the previous 5 years (for manufacturing companies). RoCE/ Implied RoE Tiers (R) - 3 Tiers based on the previous 5-year average return on capital (for manufacturing companies & non-lending non- banking finance companies (NBFCs)) & based on the previous 5-year average return on asset for banks & NBFCs (including housing finance companies). % Active Weight is compared to S&P BSE Sensex 50 Index. 12

13. Portfolio Net Equity Trend 80 Arbitrage position Net Equity 12M Avg Net Equity 70 60 50 40 34.53 30 20 10 0 The fund has maintained ~68% gross equity & ~34% net equity position since inception. 13 Data as of last day of the respective month.

14. Portfolio Commentary – Equity Portfolio ▪ Run as a large-cap strategy with a focus on relative valuation ▪ Top-down approach to investing – Focus on sectors trading at a reasonable discount to their long-term averages – Identify the large companies with reasonable discounts to long-term averages – Focus on quality filters in stock selection Current Positioning We remain positive on the domestic growth and our top sector weights are financials and automobiles which are the best play on domestic demand recovery. We have added weights in financials in the last quarter driven by reasonable growth prospects and attractive valuations. We also remain positive on power and telecom on this domestic recovery theme. • We have trimmed exposures in IT as the sector is seeing pressures on the IT spending and valuations are above long-term mean. We are neutral on metals and have slight overweight position on healthcare. • We are underweight on consumer sector and capital goods on the back of expensive valuations. • The equity portfolio remains a large-cap oriented portfolio. • 14

15. Investment Strategy – Fixed Income Portfolio Intends to invest 10-35% of the portfolio in debt & money market instruments Aims to invest in well-researched & high-quality issuers along with tactical allocation to Sovereign Securities, to maintain credit quality and liquidity Fund Manager intends to take incremental Debt exposure in securities with Credit rating up to “AA+ & above” For Fixed Income, endeavor is to follow accrual strategy Fund Manager takes a view on portfolio duration basis interest rate scenario and outlook 15

16. Portfolio Commentary For Fixed Income, endeavor is to follow Accrual strategy ▪ The fund has increased the duration in the range of 3.50 to 4 years primarily through sovereign securities and corporate bonds ▪ Considering long term nature of funds and medium-term view on rates, we will continue to maintain the existing duration ▪ With the current high spread on corporate bonds and expected index related inflows in G-secs provides decent investment opportunity ▪ The fund may also benefit in the near to medium term from any action on improvement of system liquidity and/or rate cut ▪ Primarily focused on the quality and liquidity of the portfolio ▪ 16

17. Portfolio Snapshot – Fixed Income Quantitative Indicators Issuer Name Rating % NAV Government Securities 15.30 Month-end AUM ₹ 325 cr 07.18% GSEC MAT -24/07/2037 Sov 9.14 YTM* 7.34 % 7.06% GS MAT - 10/04/2028 Sov 3.07 Average Maturity 6.75 years 7.26% GSEC MAT - 06/02/2033 Sov 3.09 Modified Duration 4.51 years Corporate Bonds 7.66 Indian Railways Fin Corpn Ltd AAA 1.52 Macaulay Duration 4.70 years LIC Housing Finance Ltd AAA 1.54 Power Finance Corporation Ltd AAA 1.52 REC Ltd AAA 1.55 Small Industries Development Bank of India AAA 1.53 Indian Railways Fin Corpn Ltd AAA 1.52 Treasury Bills 1.58 TREPS/Repo/Cash 34.87 Fixed Income Total 100.00 The fixed income exposure includes cash & other receivables, and it is rebased to 100. Data as on December 31, 2023. *Annualized Portfolio YTM – Yields of all securities are annualized. 17

18. Why UTI Equity Savings Fund? Aims to create long-term wealth creation by investing in companies that generate economic value Diversified portfolio construct that limits the volatility Portfolio management within well- defined investment philosophy & investment process Relatively lesser participation in equity drawdowns Lower volatility compared to diversified equity fund Tax efficiency due to equity taxation Past performance may or may not be sustain in the future. The fund does not give any assurance/guarantee of any return. Investors should consult financial adviser before investing. 18

19. Fund Features To provide capital appreciation and income distribution to the investors using arbitrage opportunities, investment in equity/equity-related instruments and debt/ money market instruments. However, there is no assurance or guarantee that the investment objective of the Scheme would be achieved. Investment Objective However, there can be no assurance that the investment objective of the Scheme will be achieved. The Scheme does not guarantee/ indicate any returns. Type of Scheme An open-ended scheme investing in equity, arbitrage and debt Fund Manager Equity: V Srivatsa Fixed Income: Sunil Patil Benchmark CRISIL Equity Savings Index Entry Load: Not Applicable Exit Load: A. Redemption/ Switch-out within 12 months from the date of allotment: (i) Up to 10% of the allotted Units – NIL (ii) beyond 10% of the allotted Units ‐ 1.0% B. Nil thereafter Load Structure Minimum Application Amount Initial Purchase: ₹5000 and in multiples of ₹1/- Additional Purchase: ₹1,000 and in multiples of ₹1/- For further details, please refer to the Scheme Information Document available on the website www.utimf.com 19

20. Portfolio Managers Mr. V Srivatsa is an Executive Vice President & Fund Manager – Equity at UTI AMC Ltd. He is a B.Com graduate, C.A., C.W.A., and has a PGDM from IIM, Indore. He has been with UTI AMC Ltd. since 2002. Prior to joining UTI, he worked with Ford, Rhodes Parks & Co., Chartered Accountants for 2 years, and as Officer Audit in Madras Cements Ltd. He started in UTI AMC in the Department of securities research covering varied sectors such as Information Technology, Capital goods, and Metals. He was promoted as fund manager offshore in December 2005 after a three-year stint in the Dept. of Security Research. He was given additional responsibilities of the equity portion of hybrid funds in October 2009. Mr. Sunil Patil has been associated with UTI AMC Ltd. for more than 3 decades. He holds a degree in Masters in Financial Management and Masters in Commerce. He has over 34 years of rich experience in Primary Market Investment and Dealing. He is an integral part of the Fixed Income Fund Management team and is currently managing the fixed-income portfolio of certain hybrid strategies, fixed income Index funds and close-ended and interval fixed income funds. 20

21. Disclaimers REGISTERED OFFICE: UTI Tower, ‘GN’ Block, Bandra Kurla Complex, Bandra (E), Mumbai - 400051. Phone: 022 – 66786666. UTI Asset Management Company Ltd (Investment Manager for UTI Mutual Fund) Email: invest@uti.co.in. (CIN-U65991MH2002GOI137867). For more information, please contact the nearest UTI Financial Centre or your AMFI/NISM certified UTI Mutual Fund Independent Financial Advisor (IFA) for a copy of the Statement of Additional Information, Scheme Information Document, and Key Information Memorandum cum Application Form. Disclaimers: The information on this document is provided for information purposes only. It does not constitute any offer, recommendation, or solicitation to any person to enter any transaction or adopt any hedging, trading, or investment strategy, nor does it constitute any prediction of likely future movements in rates or prices or any representation that any such future movements will not exceed those shown in any illustration. Users of this document should seek advice regarding the appropriateness of investing in any securities, financial instruments, or investment strategies referred to in this document and should understand that statements regarding future prospects may not be realized. The recipient of this material is solely responsible for any action taken based on this material. Opinions, projections, and estimates are subject to change without notice. UTI AMC Ltd is not an investment adviser and is not purporting to provide you with investment, legal, or tax advice. UTI AMC Ltd or UTI Mutual Fund (acting through UTI Trustee Company Pvt. Ltd) accepts no liability and will not be liable for any loss or damage arising directly or indirectly (including special, incidental, or consequential loss or damage) from your use of this document, howsoever arising, and including any loss, damage or expense arising from, but not limited to, any defect, error, imperfection, fault, mistake or inaccuracy with this document, its contents or associated services, or due to any unavailability of the document or any part thereof or any contents or associated services. The fund Strategy shown is subject to change with respect to peer-set and benchmark. Limits mentioned are internal prudential norms. For asset allocation and related details, please refer to the Scheme Information Document of the respective schemes. All complaints, regarding UTI Mutual Fund can be directed towards service@uti.co.in and for any unsatisfactory or lack of response visit www.scores.gov.in (SEBI SCORES portal) and /or visit https://smartodr.in/ (Online Dispute Resolution Portal). Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. 21