Debt outlook and Asset Allocation

1. Panel Discussion on Asset Classes of Equity, Debt & Gold Panel Discussion on Asset Classes of Equity, Debt & Gold Asset Allocation and Debt Outlook Asset Allocation and Debt Outlook Speakers: Fund Manager, Equity Sr. Fund Manager, Alternative Investments 3 3rd December, 2021 2021 Sorbh Gupta Sorbh Gupta – – Fund Manager, Equity Chirag Mehta Chirag Mehta – – Sr. Fund Manager, Alternative Investments rdDecember, December 17, 2020 1

2. Debt Outlook Debt Outlook

3. 3 Policy Landscape is Shifting Globally Policy Landscape is Shifting Globally Source: RBI Bulletin, Data as of November 2021

4. 4 Inflation Breached the 6% ‘Laxman Rekha’ Inflation Breached the 6% ‘Laxman Rekha’ CPI Core CPI 8.0% RBI's Upper Threshold 6.0% 4.0% 2.0% RBI's Lower Threshold 0.0% Source: MOSPI, Quantum Research, Data upto October 2021

5. 5 Yield Curve is steepest in a decade Yield Curve is steepest in a decade India Sovereign Yield Curve 7.0% 30-Nov-21 6.5% 28-Feb-20 YIELD TO MATURITY 6.0% 5.5% 5.0% 4.5% 4.0% 3.5% 3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y TIME TO MATURITY 8Y 9Y 10Y 11Y 12Y 13Y 14Y 15Y 19Y 24Y 30Y Source: Refinitiv, Quantum Research, Data as of November 30, 2021

6. Equity Outlook Equity Outlook

7. 7 Strong Tailwinds for Sustained Economic Expansion Strong Tailwinds for Sustained Economic Expansion Pick up in IT hiring and Wage inflation • Low Home Loan rates acting as strong catalyst for Real Estate sales • Gst, Demonitisation & Covid have accelerated market share gain of large peers – • Listed players should report faster earnings growth than the sector Risks Strong third Covid wave if any could defer economic recovery • Rapid Rise in inflation could start impacting consumer discretionary spend and • interest rates

8. 8 Consensus Earnings Upgrades After Many Years of Flat Growth Consensus Earnings Upgrades After Many Years of Flat Growth Past performance may or may not be sustained in the future. Past performance may or may not be sustained in the future. Source: Bloomberg Finance L.P.; as of October 29, 2021

9. 9 QLTEVF Portfolio Valuations: At A 41% Discount To The Index On T12M And 31% Less QLTEVF Portfolio Valuations: At A 41% Discount To The Index On T12M And 31% Less Expensive On FY23e Expensive On FY23e QLTEVF* QLTEVF* As % of S&P BSE As % of S&P BSE- -30 Index 30 Index S&P BSE S&P BSE- -30 Index** 30 Index** Analysts’ views expressed FY2023 Analysts’ views expressed FY2024 Number of Stocks Median market cap. (USD mn) Wtd. dividend yield Historical PER of portfolio (T12M) Wt of stocks with PER < 20, historical 616 414 28 13,055 1.7% 23.9x 31% 86% 84% 93% 37% 150% 59% 517% 717 492 30 34,922 1.2% 40.2x 6% % Wt of stocks with PER > 20, historical 69% 73% 94% % Wt of stocks with PER > 30, historical ESTIMATES FOR FY2023 Analysts polled Wtd. PER: March 2023E Wtd. EPS Growth: March 2023E PEG Ratio (excludes cash) 2023E ESTIMATES FOR FY2024 Analysts polled Wtd. PER: March 2024E Wtd. EPS Growth: March 2024E PEG Ratio (excludes cash) 2024E 48% 65% 74% 616 14.5x 22.6% 0.64x 86% 67% 97% 69% 717 21.6x 23.3% 0.93x 414 13.1x 11.4% 1.15x 84% 70% 68% 104% 492 18.8x 16.9% 1.11x Source: Quantum Research, Data as of October 29, 2021|* QLTEVF cash weight excluded.** S&P BSE-30 Index weight is based on free float. The figures mentioned in WTD PER, WTD EPS and PEG ratio are calculated on the basis of Bloomberg consensus estimates for companies owned by the Fund as well as the companies in the S&P BSE 30. The Fundamental Characteristics, both for portfolio as well as the benchmark, have been computed using the Aggregation Methodology.

10. “ASSET ALLOCATION’ “ASSET ALLOCATION’ Key to Successful Long Term Key to Successful Long Term Investment Investment

11. Suggested Fund Allocation Suggested Fund Allocation 12-80-20 Approach Emergency Funds equivalent to 12 month expenses. 20% in gold funds 80% in equity funds Please note that the above is the suggested fund allocation only and is not to be considered as investment advice/ recommendation. Please seek independent professional advice and arrive at an informed investment decision before making any investments.

12. Our Suggested Allocation Our Suggested Allocation

13. Q&A Q&A

14. 14 Q&A on Debt Q&A on Debt How does debt as an asset class help in asset allocation? • Will the current interest rate be increased in near future considering high inflation? • How can an investor choose between liquid fund and savings account considering • returns are almost same? Why should one invest in liquid fund, return or safety? •

15. 15 Q&A on Equity Q&A on Equity Corona Variants and economy – how does an investor plan his/her investment? • High expectation that market will fall, what is your views and suggestions to the • investors? In current scenario value funds had performed better, what difference QLTEVF • makes? Reason behind launching ESG when Quantum already have a value fund. • What kind of corrective measures undertaken after the recent underperformance? • The portfolio of ESG and QLTEVF have common stocks, then what advantages an • investor can expect from each funds? Why have QLTEVF underperformed recently and not beating benchmarks? • QLTEVF falls more than the peers and market when it falls, explain? • Reason behind High Expense ratio and exit load for QLTEVF. •

16. 16 Q&A Q&A - - Contd Contd Why should one invest in gold and your views on golded to other schemes? • Why should we invest in QMAF, when we ourself can diversify our portfolio? • ESG investing and its scope in India. • Why QEFOF has been pushed a lot, is it because your underperformance in QLTEF? • Is it the right time to invest in Equity? •

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