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1 FINANCIAL SERVICES September 2018

2 Table of Content Executive Summary..3 Advantage India....4 Market Overview Recent Trends and Strategies Growth Drivers and Opportunities.19 Key Industry Organisations Useful Information

3 EXECUTIVE SUMMARY Gross national savings above 30 per cent of GDP As of March 2017, India s Gross National Savings (GNS), as a percentage of GDP, stood at 30 per cent. India s HNWI population to double by 2020 The number of High Net Worth Individual (HNWI) increased to 330,400 in 2017 and the population of HNWIs is expected to double by For the year , the Assets Under Management (AUM) of the mutual fund industry stood at Rs lakh crore (US$ 360 billion). Robust AUM growth Mutual fund industry AUM recorded a CAGR (in Rs) of per cent over FY India is considered one of the preferred investment destinations globally. The Association of Mutual Funds in India (AMFI) is targeting nearly five fold growth in assets under management (AUM) to INR 95 lakh crore (US$ 1.47 trillion) and a more than three times growth in investor accounts to 130 million by Fundraising via IPOs on the rise The total amount of Initial Public Offerings increased to Rs 84,357 crore (US$ 13,089 million) by the end of FY18. In FY19 (up to June 2018) US$ 1.2 billion has been raised from 37 (Initial Public Offerings) IPOs. Note: NBFC Non-Banking Financial Company Source: IMF, ICRA, Economic Times, Capgemini Wealth Report, Aranca Research, EY report 3 Financial Services

4 ADVANTAGE INDIA Financial Services

5 ADVANTAGE INDIA Rising incomes are driving the demand for financial services across income brackets. Financial inclusion drive from RBI has expanded the target market to semi-urban and rural areas. Investment corpus in Indian insurance sector can rise to US$ 1 trillion by India benefits from a large cross-utilisation of channels to expand reach of financial services. Maharashtra has launched its mobile wallet facility allowing transferring of funds from other mobile wallets. Maharashtra is the first state to launch it. To support fintech startups a Financial Inclusion Lab will be set up by IIM- Ahmedabad, Dell and Bill Gates foundations for which JP Morgan will create a US$ million fund. ADVANTAGE INDIA Credit, insurance and investment penetration is rising in rural areas. HNWI participation is growing in the wealth management segment. Lower mutual fund penetration of 5 6 per cent reflects latent growth opportunities. The Government of India launched India Post Payments Bank (IPPB), to provide every district with one branch which will help increase rural penetration. As of August 2018, two branches out of 650 branches are already operational. Government has approved new banking licenses and increased the FDI limit in the insurance sector. Gold Monetization Scheme, 2015, Atal Pension Scheme, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana. Note: FDI Foreign Direct Investment, IIM Indian Institute of Management Source: IMF, World Bank, KPMG report Indian Mutual Fund Industry, Ministry of External Affairs 5 Financial Services

6 Financial Services MARKET OVERVIEW

7 SEGMENTS OF THE FINANCIAL SERVICES SECTOR Financial services Capital markets Insurance NBFCs Asset Management. Life. Asset finance company. Broking. Non-life. Investment company. Wealth Management. Loan company. Investment Banking. Note: NBFC - Non Banking Financial Company Source: Aranca Research 7 Financial Services

8 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19* ASSETS UNDER MANAGEMENT HAVE MORE THAN DOUBLED SINCE FY08 The asset management industry in India is among the fastest growing in the world. The number of mutual fund (MF) portfolios have increased to 74.6 million as of June As of August 2018, the Assets Under Management of the mutual fund industry stood at Rs 2.52 trillion (US$ billion). Inflows in India's mutual fund schemes via the Systematic Investment Plan (SIP) route reached Rs 67,190 crore (US$ billion) during FY18 from Rs 43,921 crore (US$ 6.55 billion) during FY17. During April - August 2018, Rs 36,760 crore (US$ 5.48 billion) was collected. Equity mutual funds have registered a net inflow of Rs 46,208 crore (US$ 6.89 billion) in April - August 2018, thereby taking their asset base to Rs 14,948 crore (US$ 2.23 billion). Mutual fund Visakhapatnam assets under port management* traffic (million (AUM) tonnes) (in US$ billion) CAGR (in Rs): 15.51% Note: AUM Assets Under Management, * - between April-August 2018, CAGR in Rs till FY18 Source: Association of Mutual Funds - AMFI, Aranca Research 8 Financial Services

9 CORPORATE INVESTORS ARE BY FAR THE LARGEST INVESTOR IN MUTUAL FUNDS CATEGORY Leading AMCs in India (as of April-June 2018) Investor breakup as of June 2018 (US$ million) Top 5 AMCs in India AUM (US$ billion) ICICI Prudential Asset Management Co. Ltd Corporates HDFC Asset Management Co. Ltd High Networth Individuals* Aditya Birla Sun Life Asset Management Co. Ltd Retail Reliance Nippon Life Asset Management Ltd SBI Funds Management Private Limited UTI Asset Management Company Ltd Banks/FIs FIIs In June 2018, corporate investors AUM stood at US$ billion, while HNWIs and retail investors reached US$ billion and US$ billion, respectively. As of November 2017, India stood at fourth position with it s contribution of 4 per cent in terms of individual market share in HNWI population growth in APAC (Asia Pacific) region. In 2017, Alternative Investment Funds (AIFs) in India doubled to 346 and raised US$ 5.7 billion. Note: HNWI - High Net Worth Individuals, AMC - Asset Management Company, AUM Assets Under Management * - individuals investing 500,000 and above Source: AMFI, Money Control, India Private Equity Report 2018 by Bain and Co 9 Financial Services

10 BROKING: EQUITY MARKET TURNOVER INCREASED SIGNIFICANTLY IN RECENT YEARS Indian stocks markets, S&P Sensex and Nifty 50, rose per cent in FY18. Listed companies on major stock exchanges in Asia-Pacific countries (as of August 2018) The number of companies listed on the NSE rose from 135 in 1995 to 1,903 by the end of August ,500 India has scored a perfect 10 in protecting shareholders' rights on the back of reforms implemented by Securities and Exchange Board of India (SEBI) in World Bank's Ease of Doing Business 2018 report. 2,262 2,253 2,000 2,219 1,903 1,500 1,488 1, Australian SE Hong Kong SE Korea SE NSE India Shanghai SE Note: NSE National Stock Exchange Source: National Stock Exchange, SEBI 10 Financial Services

11 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19* 5,850 6,049 6,268 6,361 6,445 6,641 6,779 6,877 7,024 7,357 7,719 7,651 7,501 7,480 VIBRANT CAPITAL MARKET EVIDENT THROUGH LARGE NUMBER OF LISTINGS Companies listed on NSE and BSE Amount raised by IPOs (US$ million) 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, FY14 FY15 FY16 FY17 FY18 FY19^ The number of listed companies on NSE* and BSE* were 1,903 and 5,577, respectively. The total amount of Initial Public Offerings (IPO) increased to Rs 84,357 crore (US$ 13,089 million) by the end of In FY19 (up to June 2018) US$ 1.2 billion has been raised from 37 IPOs. Total IPOs are projected to reach Rs 35,000 crore (US$ 5.22 billion) in 2018 with major portion backed by private equity. During , 155 SME IPOs raised Rs. 2,247 crore (US$ million). Note: FII Foreign Institutional Investors, NSE National Stock Exchange, SME - Small and Medium-sized Enterprises, BSE Bombay Stock Exchange, * - NSE as on August 2018 and BSE as on June 2018, ^ - April-June 2018 Source: SEBI, EY, ICRA 11 Financial Services

12 84, , , , , , , , , ,400 WEALTH MANAGEMENT: AN EMERGING SEGMENT The number of HNWIs in India reached 330,400 by the end of Between 2011 and 2017, number of HNWIs in India has seen a steady rise at a CAGR of per cent. By the end of 2025, global HNWI wealth is estimated to grow to over US$ 100 trillion. High net worth households would grow at an even faster rate till 2019 growing at a CAGR of about 21.5 per cent. Advisory asset management and tax planning has one of the highest demand among wealth management services by HNWIs; this is followed by financial planning. 350, , ,000 Visakhapatnam Number port of HNWIs traffic in (million India tonnes) 200, , ,000 50, Note: HNWI High Net Worth Individuals Source: World Wealth Report, Capgemini 12 Financial Services

13 THE LIFE INSURANCE SEGMENT HAS GROWN SIGNIFICANTLY IN RECENT YEARS Life insurance Premium (US$ billion) Major private players in the life insurance segment (as of July 2018) 70 Name Total premiums (US$ million) HDFC Standard SBI Life FY13 FY14 FY15 FY16 FY17 FY18* FY19^ ICICI Prudential Max Life Bajaj Allianz In FY18, the total first year premium of life insurance companies was valued at Rs 193, crore (US$ billion). It reached Rs 18, crore (US$ 2.78 billion) between April August Over FY11 17, life insurance premiums witnessed growth at a CAGR of 0.24 per cent. Business of life insurance companies from first year premium stood at Rs 56, crore (US$ 8.49 billion) for the period FY19 (up to July 2018). Note: * - FY18 only includes First Year Premium of Life Insurers, ^ - FY19 only includes First Year Premium of Life Insurers till August 2018, CAGR till FY17 Source: IRDA 13 Financial Services

14 NON-LIFE INSURANCE SEGMENT HAS BEEN RISING AS WELL Non-Life insurance premiums were Rs 1.5 lakh crore (US$ billion) during FY18. Visakhapatnam Non-life insurance port premiums traffic (million (US$ tonnes) billion) During FY02 18, increase in non-life insurance premiums witnessed at a CAGR of per cent In April-July 2018, the gross direct premiums reached Rs 49, crore (US$ 7.32 billion), showing an year-on-year growth rate of per cent FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19* Note: YoY Year on Year, * - from April July 2018, CAGR till FY 2018 Source: IRDA, General Insurance Council 14 Financial Services

15 , , , , , NBFC: GROWING IN PROMINENCE NBFCs are rapidly gaining prominence as intermediaries in the retail finance space Visakhapatnam NBFC Public port Deposit traffic (in(million US$ million) tonnes) NBFCs finance more than 80 per cent of equipment leasing and hire purchase activities in India 7,000 The public deposit of NBFCs increased from US$ million in FY09 to Rs billion (US$ 6, million) in FY17, registering a Compound Annual Growth Rate (CAGR) of per cent. The gross loans of India s Non-Banking Finance Company- Microfinance Institutions (NBFC-MFIs) increased 24 per cent yearon-year in Q2 FY18 to Rs 38,288 crore (US$ 5.89 billion). 6,000 5,000 4,000 NBFC s market share in commercial loans increased to 2.8 per cent in from 2 per cent in *. 3,000 2,000 1,000 - FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Note: NBFC - Non Banking Financial Company, * - as per latest data available. Source: RBI, Microfinance Institutions Network (MFIN) 15 Financial Services

16 Financial Services RECENT TRENDS AND STRATEGIES

17 RECENT TRENDS Insurance Sector New distribution channels such as bank assurance, online distribution and NBFCs have widened the reach and reduced operational costs The life insurance sector has witnessed the launch of innovative products such as Unit Linked Insurance Plans (ULIPs) Most general insurance public companies are planning to expand beyond Indian markets, especially in South- East Asia and the Middle East Insurance industry in India is expected to reach US$ 280 billion by 2020 Mobile Wallets Digital Transactions NBFCs As the Reserve Bank of India (RBI) allows more features such as unlimited fund transfers between wallets and bank accounts, mobile wallets will become strong players in the financial ecosystem, India's mobile wallet industry is estimated to grow at a compound annual growth rate (CAGR) of 148 per cent to reach US$ 4.4 billion by Indian companies are strengthening their footprint on foreign shores, enhancing geographical exposure. Digital transactions reached an all-time high of 1.11 billion in January India's digital payments are estimated to increase to US$ 1 trillion by 2023, backed by global technology majors boosting infrastructure as aggregators for retail payments. NBFCs have served the unbanked customers by pioneering into retail asset-backed lending, lending against securities and microfinance. NBFCs aspire to emerge as a one-stop shop for all financial services Non-Banking Financial Companies are expected to raise their share to per cent by 2020 through recapitalisation program for public New banking licence-related guidelines issued by RBI in early 2013 place NBFCs ahead in competition for licenses owing largely to their rural network New RBI guidelines on NBFCs with regard to capital requirements, provisioning norms and enhanced disclosure requirements are expected to benefit the sector in the long run Source: Aranca Research, 'World Payment Report 2017' by Capgemini, Credit Suisse, Crisil 17 Financial Services

18 STRATEGIES ADOPTED In May 2017, financial services company JM Financial Ltd. voiced plans to extend its real estate lending business and set up an affordable housing finance unit - JM Financial Home Loans Ltd. The company has received approval for the new unit from National Housing Bank (NHB) in November Innovation In insurance industry, several new and existing players have introduced innovative insurance-based products, value add-ons and services. Few foreign companies have also entered the domain, including Tokio Marine, Aviva, Allianz, Lombard General, AMP, New York Life, Standard Life AIG and Sun Life. HDFC Capital Advisors Ltd has raised US$ 550 million for its second affordable housing fund, HDFC Capital Affordable Real Estate Fund-2 (H-CARE-2), which will invest in affordable and mid-income and residential projects in 15 cities across India. Mergers and Acquisition In H12018, 74 deals of acquisition took place in financial sector. The total value of such transactions was US$ billion. In 1H2018 GIC, KKR, OMERS, Carmignac Group and Premji Invest acquired 4 per cent stake in HDFC with investment of US$ 1,731 million. Kohlberg Kravis Roberts and Co (KKR) invested US$ 315 million in Max Group during the same period. Stepped up IT expenditure The explosion of mobile phones, uptake of technologies such as cloud computing and rising pace of convergence and interconnectivity have led companies in the financial services industry to ramp up investment in Information Technology (IT) to better serve their end-customers Expanding geographical presence Indian companies are strengthening their footprint on foreign shores, enhancing geographical exposure. Source: Ministry of External Affairs, RBI, EY Annual Report 2018, PE Roundup 1H2018 & Jun 18 report by EY, NBFC, Online Financial Services, Payment Solutions. 18 Financial Services

19 Financial Services GROWTH DRIVERS AND OPPORTUNITIES

20 GROWTH DRIVERS IN FINANCIAL SECTOR In September 2018, SEBI asked for recommendations to strengthen rules which will enhance the overall governance standards for issuers, intermediaries or infrastructure providers in the financial market. Government Initiatives In December 2017, SEBI made an announcement regarding integration of stocks and commodities trading on a single exchange from October In November 2017, The Government of India disinvested in 22 state owned companies which later formed a part of a new ETF index, called the S&P BSE Bharat 22. Financial sector growth can be attributed to rise in equity markets and improvement in corporate earnings. Shift to Financial Asset class In FY17, individual wealth in India expanded to Rs 344 lakh crore (US$ 5, billion) from Rs 310 lakh crore (US$ 4, billion) in FY16. Individual wealth in India recorded increased growth rate from per cent in FY17 to 8.50 per cent in FY16. Others In August 2018, a maiden fund called Franklin India Long Short Equity AIF was launched by Franklin Templeton Alternative Investments (India) Pvt. Ltd (FTAIIPL). It aims to diversify investors investment portfolio. Source: NSE, News articles, Microfinance Institution Network The total number of mutual fund portfolios is expected to reach 133 million portfolios in 2025 from around 133 million portfolios in December Financial Services

21 GROSS NATIONAL SAVINGS TO CONTINUE GROWING AT A HEALTHY PACE Gross National Savings as percentage of GDP was per cent in FY17. Visakhapatnam Gross national savings port traffic as per (million cent tonnes) of GDP India s HNWIs wealth is likely to expand at a CAGR of 19.7 per cent and reach around US$ 3 trillion by As per the Union Budget , the recapitalisation of public sector banks is expected to allow banks to lend additional Rs 5 lakh crore (US$ billion) FY2017 Note: F Forecast, Deloitte Center for Financial Services Source: IMF, Reserve Bank of India 21 Financial Services

22 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19* 1,069 1,228 1,381 1,432 1,470 1,574 1,646 1,666 1,688 1,736 1,808 1,817 1,872 1,903 CONTINUED GROWTH IN EQUITIES AND INNOVATIVE PRODUCTS Number of listed companies - NSE Turnover for derivatives segment (US$ billion) 2,000 1,800 1,600 1,400 1,200 1, FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 The Indian equity market is expanding in terms of listed companies and market cap, widening the playing field for brokerage firms. Sophisticated products segment is growing rapidly, reflected in the steep rise in growth of derivatives trading. With the increasing retail penetration there is immense potential to tap the untapped market. Growing financial awareness is expected to increase the fraction of population participating in this market. Total wealth held by individuals in unlisted equities is projected to grow at a CAGR of per cent to reach Rs lakh crore (US$ billion) by FY22. Private equity (PE) investments in India increased 59 per cent to US$ 24.4 billion in 2017, with average deal size of US$ 42.8 million. It reached US$ 304 million with a volume of 8 deals, between January June The total number of companies listed on National Stock Exchange by end of August 2018 was 1,903. Turnover for derivatives segment for was Rs 1, lakh crore (US$ 25,599 billion). Note: * - As of August 2018 Source: National Stock Exchange, Venture Intelligence Karvy India Wealth Report 2017, PE Roundup 1H2018 & Jun 18 report by EY 22 Financial Services

23 RISING SCOPE FOR WEALTH MANAGEMENT India is one of the fastest growing wealth management markets in the world. The HNWI population in India is young and therefore more receptive towards sophisticated financial products. India has over 330,400 individuals with net worth of more than US$ 1 million with assets close to US$ 8,230 billion in Investor protection The regulatory environment for fiduciary duties in wealth management is evolving; players will benefit greatly from quickly adopting new investor protection measures. Brand building Brand building coupled with partnership based model will improve the advisory penetration. Greater focus on transparency will speed up the process. Innovation Investment in required technologies, imbibing state-of-the-art best practices of advisory and creating customised and innovative products will enable growth. Source: Aranca Research, News Articles 23 Financial Services

24 HNWI POPULATION TO DOUBLE BY 2020 HNWI population in India is expected to expand rapidly over the next seven years. Total wealth holdings by HNWI in India is estimated to be US$ 1.5 trillion and is expected to reach US$ 3 trillion by In Asia-Pacific, India is among the top five countries in terms of HNWIs. High-net-worth population and wealth in India Year Population Wealth (US$ billion) , , , , , , , ,400 8,230 Source: Deloitte Center for Financial Services, Capgemini Asia Pacific Wealth Report Financial Services

25 INSURANCE TO BENEFIT FROM WIDENING REACH ACROSS SEGMENTS Targeted at rural segment, potentially addressing two-thirds of Indian population policy incentives are driving growth. Passenger car sales in the country grew at a y-o-y of 3.33 per cent in FY18. Increasing number of insurance registered for passenger cars and for construction activities will rise with India s infrastructure growth plans. Insurance Only one per cent population covered currently, suggesting that the vast market is yet to be tapped. Health insurance accounts for 1.2 per cent of total healthcare spend. Demand for agricultural and livestock insurance growing on the back of rising awareness among rural population. Note: F Forecasts, E Estimated, Deloitte Center for Financial Services Source: YoY Year on Year 25 Financial Services

26 HUGE UNTAPPED POTENTIAL AT THE BOTTOM OF THE PYRAMID Two-thirds of India s population lives in rural areas where financial services have made few inroads so far. Rural India, however, has seen steady rise in incomes creating an increasingly significant market for financial services. There are several standalone networks of SHG, NGO s and MFI s in different parts of rural India. Cross-utilisation of these channels can facilitate faster penetration of a wider suite of financial services in rural India. Increasing use of technology to reach rural India is the paradigm-shifting enabler. Internet kiosk based channels are expected to become the bridge that connects rural India to financial services. Credit Rural credit segment is a large market, which can be tapped by ensuring timely loans which are critical to agricultural sector. Self Help Groups and NGOs are useful vehicles to make inroads into rural India. Investments Safe investment options have a potential to tap into rural household savings. Some private players are coming up with innovative products like third party money market mutual funds to cater to rural investment needs. Agricultural, livestock and weather insurance are potentially large markets in rural India. Insurance Harnessing existing networks of MFIs, NGOs can speed up the process. Market size to reach US$ 280 billion by Note: MFI Micro Finance Institutions; NGO Non Governmental Organisation; SHG Self Help Groups Source: Aranca Research 26 Financial Services

27 FAVOURABLE POLICY MEASURES AND GOVERNMENT INITIATIVES (1/2) Budgetary Measures Under the Union Budget , the government has allocated Rs 3 trillion (US$ billion) towards the Mudra (Micro-Units Development & Refinance Agency Ltd) Scheme. As per the Union Budget , the recapitalisation of PSBs is expected to allow banks to lend additional Rs 5 lakh crore (US$ billion). Goods and Services Tax (GST) The Goods and Services Tax (GST) on financial services transactions like banking transactions, mutual funds, insurance and stock market has been increased from the current 15 per cent to 18 per cent. The Government of India is planning to introduce a two percentage point discount in the Goods and Services Tax (GST) on business-to-consumer (B2C) transactions made via digital payments. FDI requirement for fund based and non fund based financial entities In April 2018, the Government of India issued minimum FDI capital requirement of US$ 20 million for unregistered /exempt financial entities engaged in fund based activities and threshold of US$ 2 million for unregistered financial entities engaged in non-fund based activities. Note: QFI Qualified Foreign Investors Source: Dun and Bradstreet., Media articles 27 Financial Services

28 FAVOURABLE POLICY MEASURES AND GOVERNMENT INITIATIVES (2/2) Insurance products are covered under the EEE (exempt, exempt, exempt) method of taxation. This translates to an effective tax benefit of approximately 30 per cent on select investments (including life insurance premiums) every financial year. Tax incentives Reduction in securities transaction tax from per cent to 0.1 per cent on cash delivery transactions and from per cent to 0.1 per cent on equity futures. Indian tax authorities plan to sign a bilateral advance pricing agreement with a number of companies in Japan. The agreement is aimed at avoiding conflicts with multinational companies over sharing of taxes between India and the countries where these firms are based. SBI and FTSE Russell, the arm of the London Stock Exchange, announced plans to jointly develop a Bond Index for global investors to benchmark Indian bond market, against that of its competitors. Other initiatives The Government of India has launched the 'Bharat 22' exchange traded fund (ETF), which will be managed by ICICI Prudential Mutual Fund, and is looking to raise Rs 8,000 crore (US$ 1.22 billion) initially. The Securities and Exchange Board of India (SEBI) has allowed exchanges in India to operate in equity and commodity segments simultaneously, starting from October SEBI has decided to allow strategic investors such as registered Non-Banking Financial Companies (NBFCs) and international multilateral financial institutions to invest upto 25 per cent of the total offer size of Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). Source: Media articles 28 Financial Services

29 Financial Services KEY INDUSTRY ORGANISATIONS

30 INDUSTRY ORGANISATIONS Insurance Brokers Association of India (IBAI) Association of Mutual Funds in India (AMFI) Maker Bhavan No 1, 4th Floor, Sir V T Marg, Mumbai India Phone: ibai@ibai.org One Indiabulls Centre, Tower 2, Wing B, 701, 841 Senapati Bapat Marg, Elphinstone Road, Mumbai India Phone: / Fax: contact@amfiindia.com Finance Industry Development Council (FIDC) 222, Ashoka Shopping Centre, II Floor, L T Road, Near G T Hospital Mumbai India Phone: Fax: info@fidcindia.com 30 Financial Services

31 Financial Services USEFUL INFORMATION

32 GLOSSARY AUM: Assets Under Management BSE: Bombay Stock Exchange CAGR: Compound Annual Growth Rate FII s: Foreign Institutional Investors GDP: Gross Domestic Product HCV: Heavy Commercial Vehicle HNWIs: High-Net-Worth Individuals IRDA: Insurance Regulatory and Development Authority LIC: Life Insurance Corporation NBFCs: Non Banking Financial Company NSE: National Stock Exchange RBI: Reserve Bank of India SEBI: Securities and Exchange Board of India US$ : US Dollar 32 Financial Services

33 EXCHANGE RATES Exchange Rates (Fiscal Year) Exchange Rates (Calendar Year) Year INR INR Equivalent of one US$ Year INR Equivalent of one US$ Q Source: Reserve Bank of India, Average for the year 33 Financial Services

34 DISCLAIMER India Brand Equity Foundation (IBEF) engaged Aranca to prepare this presentation and the same has been prepared by Aranca in consultation with IBEF. All rights reserved. All copyright in this presentation and related works is solely and exclusively owned by IBEF. The same may not be reproduced, wholly or in part in any material form (including photocopying or storing it in any medium by electronic means and whether or not transiently or incidentally to some other use of this presentation), modified or in any manner communicated to any third party except with the written approval of IBEF. This presentation is for information purposes only. While due care has been taken during the compilation of this presentation to ensure that the information is accurate to the best of Aranca and IBEF s knowledge and belief, the content is not to be construed in any manner whatsoever as a substitute for professional advice. Aranca and IBEF neither recommend nor endorse any specific products or services that may have been mentioned in this presentation and nor do they assume any liability or responsibility for the outcome of decisions taken as a result of any reliance placed on this presentation. Neither Aranca nor IBEF shall be liable for any direct or indirect damages that may arise due to any act or omission on the part of the user due to any reliance placed or guidance taken from any portion of this presentation. 34 Financial Services