#1INVESTOR PRESENTATION Q2 FY18 - CE THROUGH EXCELLENCE DEAVOURS MAS FINANCIAL SERVICES LTD.) The Power of Distribution REGISTERED OFFICE MAS Financial Services Limited 6, Ground Floor, Narayan Chambers, Ashram Road, Ahmedabad-380009#2Disclaimer CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution This presentation has been prepared by and is the sole responsibility of MAS Financial Services Limited (together with its subsidiary MAS Rural Housing & Mortgage Finance Limited). By accessing this presentation, you are agreeing to be bound by the trailing restrictions. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to purchase or subscribe for, any securities of the company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contractor commitment therefore. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Certain statements contained in this presentation that are not statements of historical fact constitute "forward-looking statements." You can generally identify forward-looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, "expect", "intend", "may", "objective", "goal", “plan”, “potential”, “project”, “pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to differ materially include, among other: (a) material changes in the regulation governing our businesses; (b) the company's inability to comply with the capital adequacy norms prescribed by the RBI; (c) decrease in the value of the Company's collateral or delays in enforcing the Company's collateral upon default by borrowers on their obligations to the Company; (d) the Company's inability to control the level of NPAs in the Company's portfolio effectively; (e) certain failures, including internal or external fraud, operational errors, systems malfunctions, or cyber security incidents; (f) volatility in interest rates and other market conditions; and (g) any adverse changes to the Indian economy. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes. SLIDE: 2#3Table of Content Company Overview Mission, Vision and Belief Milestones Product Offerings AUM & PAT CELLENCE THROUGH EUR MAS FINANCIAL SERVICES LTD. The Power of Distribution 4 5 6 7 9 10 11 Capital Infusion Key Performance Highlights - H1 FY18 vs H1 FY17 Key Performance Highlights - Q2 FY18 vs Q2 FY17 Financial Performance Trends - Q2 FY18 12 13 Retail Presence & Distribution Network 18 Credit Assessment & Risk Management Framework 19 Quality of the Portfolio 21 Eminent Board of Directors 23 Financial Statement: FY15-H1FY18 25 MAS Rural Housing & Mortgage Finance Limited (MRHMFL) – Subsidiary 26 Financial Performance Trends - Q2 FY18 (MRHMFL) 27 IPO Details 29 Marquee Anchor Investors 31 Glossary 32 SLIDE: 3#4Company Overview Diversified Product Portfolio SPECAILISED IN RETAIL LENDING SINCE 20 YEARS Micro-Enterprise loans (MEL) SME loans ส 2-Wheeler loans Commercial Vehicle loans AUM with immaculate Quality AUM: INR 34,740 Mn (YoY Growth of 25.58%) Gross NPA: 1.20% CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution Strong Retail Presence & Wide Distribution Network 6 states and Sourcing Intermediaries 5,00,000+ NCT of Delhi Active loan accounts 316 328 3,263 Customer locations 105 NBFCs 74 branches CONSISTENT GROWTH Consistent Profitability & Returns Revenue: INR 1,061 Mn 22.52% Hv Return on Avg. Net Worth* E PAT: INR 251 Mn Net NPA: 0.96% EFFICIENT LIABILITY MANAGEMENT Capitalization TOTAL CRAR: 23.81% TIER I CRAR : 21.30% TIER II CRAR: 2.51% BANK Hv 4.29% Return on Avg. Total Assets* 2.97% Return on Avg. AUM* 37.42% of AUM Assigned to Banks/Fls Fund Raising 8.95% Cost of borrowings* NCDs Term loans Commercial Paper * All the above figures are for Q2 FY18 Figures have been annualized. ☐ Cash credit SLIDE: 4#5Vision, Mission & Belief VISION CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution To be one of the most efficient distributors of financial services and create value on a very large scale. MISSION To constantly endeavour, to attain excellence and create a very wide Financial distribution network and to be catalyst; in providing the most efficient financial services which we term as financial inclusion. BELIEF "We have miles to go & Promises to keep......" "Together we can and we will" SLIDE: 5#6Major events and milestones in the history 2018 Listing of Equity Shares on Bombay Stock Exchange & National Stock Exchange 2017 AUM crossed INR 30 Bn Bank loan rating upgraded to "IND A" with Stable outlook 2016 2015 Raised Subordinate Debentures of INR 400 Mn Raised Subordinate Debentures of INR 200 Mn AUM crossed INR 20 Bn 2014 Sarva Capital purchased 50% CCPS held by FMO from secondary market 2013 Disbursement & AUM crossed INR 10 Bn 2012 Fourth round of capital infusion of INR 650 Mn by DEG 2011 Listing of NCDs on Bombay Stock Exchange 2008 CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution Second and third round of Capital infusion by FMO & ICICI Venture of INR 435 Mn and INR 400 Mn respectively Floated housing finance subsidiary 2006 First round of Capital infusion of INR 65 Mn by Bellwether Micro Fund 1995 MAS Financial Services Limited got incorporated. Started retail finance operations into Two- wheeler loans and Micro-Enterprise loans. SLIDE: 6#7Diversified product offerings presenting significant growth opportunities CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution MAS focuses on serving the underserved credit needs of mid and low income group segments ■ ■ " Micro-Enterprise Loans Loans of up to INR 300,000 to Micro-Enterprises who primarily include retailers, traders, small manufacturers and service providers Tenure up to 36 months; Average ticket size in H1 FY18 - - INR 48,034 AUM as of September 30, 2017 - INR 20,929 Mn " ◉ SME Loans Loans of up to INR 50 mn to SMEs who primarily include manufacturers, distributors, dealers and service providers engaged in various industries SME loans include working capital loans, loans for machinery and loans to purchase Industrial Sheds. Tenure up to 60 months; Average ticket size in H1 FY18 - INR 9.59 Mn AUM as of September 30, 2017 - INR 9,050 Mn ـمــة Two Wheeler Loans ■ Two-wheeler loans to our customers, who primarily include farmers, self-employed and salaried individuals and professionals Tenure up to 36 months; Average ticket size in H1 FY18 INR 45,880 AUM as of September 30, 2017 - INR 3,454 Mn ■ Commercial Vehicle (CV) Loans Loans of up to INR 700,000 for the purchase of new and used CVs to small road transporters, used cars to small traders and manufactures and tractors to the persons engaged in Agricultural activities Tenure up to 60 months; Average ticket size in H1 FY18- INR 187,338 - AUM as of September 30, 2017 - INR 1,308 Mn SLIDE: 7#8Recent Growth in Overall AUM MAS' has exhibited steady growth in AUM over the years AUM by Product Category (INR Mn) CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution Segment growth YOY Sept-16 vs Sept-17 1,221 25.58% 1,308 Commercial 25.46% 3,454 Vehicle loans 2,854 1,359 1,439 2,469 9,050 2,576 7,638 2-Wheeler (3.74%) loans 1,643 4,290 5,240 2,397 2,149 39.87% ISME loans 72.72% 20,929 19,849 18,597 17,346 13,863 Micro- Enterprise loans(MEL) 12.54% Mar-15 Mar-16 Mar-17 Sept-16 Sept-17 PARTICULARS MAR-15 MAR-16 MAR-17 SEPT-16 SEPT-17 AUM 20,052 25,650 31,561 27,665 34,740 SLIDE: 8#9Consistent Growth in AUM and PAT Asset Under Management (AUM) EXCELLENCE THROUGH ENDEAVOURS MAS FINANCIAL SERVICES LTD. The Power of Distribution In INR Mn 31,561 25,650 42.14% 20,052 13,910 10,123 6,909 3,884 5,118 1,510 2,312 2,597 2,682 20 Mar-1996 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Profit After Tax (PAT) 674 534 46.40% 390 311 259 183 132 157 69 80 75 22 FY1996 FY6 FY7 FY8 FY9 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 SLIDE: 9#10CAPITAL INFUSION CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution Growth Funded Mainly By Internal Accrual, Raised Capital Very Judiciously NAME OF INVESTOR INSTRUMENT PRIMARY/ SECONDARY INVESTMENT YEAR AMOUNT INR Mn STATUS AS ON 30 SEPTEMBER 2017 Bellwether Redeemable Preference Shares Primary 2006 65.00 Redeemed Microfinance ICICI Ventures Redeemable Preference Shares Primary 2008 400.00 Redeemed 434.72 (Sold 50% FMO Compulsorily Convertible Preference Shares Primary 2008 investment amount Converted to Sarva Capital) DEG Compulsorily Convertible Debentures Primary 2012 650.00 SARVA CAPITAL Compulsorily Convertible Preference Shares Secondary 2014 217.36 Converted Converted MOTILAL OSWAL Equity Shares (Pre-IPO) Primary 2017 1350.00 Pre-IPO Besides redeemable preference share, only two rounds of primary capital raised before the Pre-IPO round PARTICULARS INR Mn Pre IPO Round 1350.00 Fresh Issue Of Equity Shares 2330.00 Total Infusion in Company through IPO 3680.00 SLIDE: 10#11Key Performance Highlights - H1 FY18 vs H1 FY17 CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution AUM PAT ROTA* NET NPA COB* ICR H1 FY18 INR 34,740 Mn INR 481 Mn 4.36% 0.96% 8.94% 1.96 times 26% 42% 20% 7% 5% 17% H1 FY17 INR 27,665 Mn INR 340 Mn 3.64% 1.03% 9.40% 1.67 times ABBREVIATIONS AUM ASSET UNDER MANAGEMENT PAT PROFIT AFTER TAX ROTA RETURN ON AVG. TOTAL ASSET NPA NON PERFORMING ASSETS COB COST OF BORROWING ICR INTEREST COVERAGE RATIO * Figures have been annualized.#12Key Performance Highlights - Q2 FY18 vs Q2 FY17 CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution AUM PAT ROTA* NET NPA COB* ICR Q2 FY18 INR 34,740 Mn INR 251 Mn 4.29% 0.96% 8.95% 1.97 times 26% 32% 8% 7% 5% 13% Q2 FY17 INR 27,665 Mn INR 190 Mn 3.99% 1.03% 9.43% 1.74 times ABBREVIATIONS AUM ASSET UNDER MANAGEMENT PAT PROFIT AFTER TAX ROTA RETURN ON AVG. TOTAL ASSET NPA NON PERFORMING ASSETS COB COST OF BORROWING ICR INTEREST COVERAGE RATIO * Figures have been annualized. SLIDE: 12#13Financial Performance Trends - Q2 FY18 ASSETS UNDER MANAGEMENT (AUM) > 25.46% 31,561 25,650 20,052 | 27,665 25.58% Robust Performance 34,740 40.54% NET WORTH .7 3,769# CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution 72.29% In INR Mn 4,580# 2,279 1,908 2,658 Mar-15 Mar-16 Mar-17 Sept-16 Mar-15 Sept-17 Mar-16 Mar-17 Sep-16 Sep-17 BORROWING 17,852 14,855 15,129 15,581 12,132 ON & OFF BOOK AUM 38% 37% 38% 40% 37% 62% 63% 62% 60% 63% Mar-15 Mar-16 Mar-17 Sept-16 Sept-17 Mar-15 # Pre - IPO infusion of INR 1000 Mn and INR 350 Mn in March 2017 and April 2017 respectively Mar-16 Mar-17 Sept-16 Sept-17 SLIDE: 13#142,259 Financial Performance Trends - Q2 FY18 22.95% REVENUE 2,939 3,415 866 22.43% Consistent Rise in ... 1,061 CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution NET INTEREST INCOME (NII) 25.71% 1,599 1,204 1,902 In INR Mn 37.96% 665 482 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 582 PROFIT BEFORE TAX (PBT) 33.12% 817 1,031 PROFIT AFTER TAX (PAT) 31.44% -7 674 534 > 390 34.34% 385 286 190 31.82% 251 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 SLIDE: 14#15Financial Performance Trends - Q2 FY18 RETURN ON AVG. TOTAL ASSET (ROTA)* Focus on Efficiency CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution RETURN ON AVG. AUM (ROAUM)* I 3.99% 3.51% 3.24% 3.05% 4.29% 2.97% 2.82% 2.30% 2.34% 2.36% FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 RETURN ON AVG. NET WORTH (RONW)* 31.41% 27.59% 28.39% | 24.35% OPERATING EXPENSE RATIO (OE RATIO)* 2.52% 2.41% 2.11% 2.11% 2.10% 22.52%# FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 FY-15 FY-16 # Pre - IPO infusion of INR 1000 Mn and INR 350 Mn in March 2017 and April 2017 respectively FY-17 Q2 FY17 Q2 FY18 * Figures have been annualized. SLIDE: 15#16Financial Performance Trends - Q2 FY18 CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution OPERATING EXPENSE AS % OF NII* COST OF BORROWING (COB)* 35.60% 34.38% 9.03% 9.22% 31.75% I 29.56% 26.69% FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 FY-15 FY-16 9.44% I 9.43% 8.95% Efficiently maintaining the quality of assets FY-17 Q2 FY17 Q2 FY18 GROSS NPA NET NPA 1.18% 1.20% 1.03% 1.04% 1.08% 1.09% 0.93% 0.95% 0.96% 0.85% FY-15 FY-16 FY-17 *Quarterly figures have been annualized. Q2 FY17 Q2 FY18 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 SLIDE: 16#17Financial Performance Trends - Q2 FY18 Adequately Capitalized CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution CAPITAL ADEQUACY RATIO (CAR) DEBT EQUITY RATIO (DER) 6.36 6.52 5.86 Mar-15 Mar-16 4.01 Mar-17 In INR Mn 23.81% 22.94% 19.92% 18.36% 3.90 17.13% Sept-16 Sept-17 Mar-15 Healthy Coverage INTEREST COVERAGE RATIO (ICR) 1.97 1.55 1.61 1.68 1.74 Mar-16 Mar-17 Sept-16 Sept-17 Enhancing Shareholders' Value EQUITY DIVIDEND PAYOUT & ITS % OF PAT 125 107 76 18.55% 20.08% 19.49% FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 FY-15 FY-16 FY-17 SLIDE: 17#18Retail Presence and Distribution CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution MAS have 74 branches across 6 states and NCT of Delhi 500,000+ active customers across 3,263 locations in Rural, semi urban and urban locations Rajasthan Branches - 5 branches in Jaipur, Ajmer, Jodhpur, Bikaner and Udaipur Gujarat ⚫ Branches the state - 36 Branches across Maharashtra • Branches 20 branches covering major towns Delhi NCT • Branch - 1 Karnataka Madhya Pradesh . Branches 8 branches covering major towns • Branches - 2 branches in Bangalore and Hubali Tamil Nadu • - 2 branches in Branches Chennai and Coimbatore SLIDE: 18#19Diverse base of channel partners along with regional NBFCs provide wide distribution CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution Penetrate existing markets, enter newer markets, maintain optimal growth, profitability & quality Direct Distribution Network and Relationships Presence in the high growth markets in West and South ◉ MAS has expanded to 74 branches in 6 states and NCT Delhi Currently MAS' portfolio is concentrated in Gujarat and Maharashtra Customer Base Understanding of target market, and relationships with key stakeholders helped MAS to thrive in a competitive environment Channel Partners Partnerships with Financial Institutions Partnering with Regional NBFCs to achieve wider credit distribution Credit distribution through 105 NBFCs Allows MAS to widen its network while maintaining a relatively lower risk profile Establishes knowledge partnerships and increase its local market knowledge 55.93% of the underlying assets of the total AUM as on 30th Sept. 2017 is created through various NBFCs. Mid/low income segment MELS and SMEs Sourcing Relationships 683 Sales Feet on Street Sourcing Intermediaries 316 328 Credit Assessment Business Diligence Business analysis, credit assessment, evaluation of collection procedures etc. Hypothecated portfolio Receivables from NBFCs 100% hypothecated, regular diligence Expand & repeat business Results of regular diligence, forms base for further business We understand that efficient intermediaries is key for creating and maintaining quality portfolio while serving informal segment SLIDE: 19#20Robust and Comprehensive Credit Assessment and Risk Management Framework CELLENCE THROUGH ENDEAVOUR MAS FINANCIAL SERVICES LTD. The Power of Distribution MAS aims to give credit where it is due with the dictum of adherence and adaptability Robust credit assessment Income Profile Credit assessment process overview by Product Micro-Enterprise Loans - ☐ Analysis of business potential and end use, cash flows and model (business to be cash profit for the previous 3 years) Asset Profile ☐ Stability Qualitative & Quantitative Checks End use of loan Track Record Requires a guarantor or co-applicant according to the assessment of the applicant's profile SME Loans " ◉ Business operating history is required from minimum 1 year to 5 years depending on loan size 50-70% of turnover to be reflected in current account Eligibility criteria is based on turnover, debt/equity ratio and net worth on a case-to-case basis Two-wheeler Loans ☐ " At least one property (residential or business) should be owned by the applicant or jointly residing family members For a student applicant, a co-applicant is compulsory Commercial Vehicle Loans ◉ Requires vehicle hypothecation and insurance cover Analysis of income, experience, and business stability requirements depending on whether the applicant is a first time user, first time owner, fleet operator or a captive user SLIDE: 20#21Quality of the portfolio: Consistently maintained Catalyst in growth of Entrepreneurs, not creating just borrowers NPA DETAILS* 1.50% CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution 1.18% 1.20% 1.04% 1.08% 1.09% 1.00% 1.03% 0.93% 0.95% 0.96% 0.85% 0.50% 0.00% Mar-15 Mar-16 Mar-17 GROSS NPA NET NPA *NPA classification criteria For FY15: >5 months installment overdue For FY16 TO FY17: >4 months installment overdue From Q1 FY18 onwards: >3 months installment overdue Sept-16 Sept-17 SLIDE: 21#22Asset Under Management - Credit Quality CELLENCE THROUGH ES MAS FINANCIAL SERVICES LTD. The Power of Distribution 8.00% ASSET UNDER MANAGEMENT- DPD 6.00% 0.68% 0.86% 0.49% 0.38% 0.49% 0.72% 0.89% 0.58% 1.22% 0.59% 1.14% 0.63% 0.91% 0.71% 4.00% 0.65% 1.52% 1.23% 1.11% 1.41% 0.98% 2.00% 2.79% 2.86% 2.97% 2.41% 2.38% 0.00% Mar-15 Mar-16 Mar-17 Sept-16 Sept-17 ■1 - 30 DPD 31 - 60 DPD 61 - 90 DPD 91-120 DPD > 120 DPD SLIDE: 22#23Eminent Board of Directors CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution Extensive industry experience and deep domain knowledge of financial services sector Mr. Kamlesh Chimanlal Gandhi Chairman & MD Mr. Kamlesh Chimanlal Gandhi, aged 51 years, is the Founder, Chairman and Managing Director of MAS since inception. He visualized the opportunities in the retail financial services very early and has been leading the strategic initiatives and the execution team at MAS. He has close to 30 years of experience in the financial services sector. Under his leadership the company grew very consistently at CAGR of more than 40% over all these years. Mr. Mukesh Chimanlal Gandhi Director & CFO Mr. Mukesh Chimanlal Gandhi, aged 59 years, is a Co-founder, whole-time Director and Chief Financial Officer of MAS Financial Services Limited. He has been associated with the Company since May 25, 1995 He was designated as the Director (Finance) and Chief Financial Officer of the Company on March 20, 2015. He holds bachelor's and Master's degrees in commerce from Gujarat University He has over 21 years of experience in the financial services sector, with the Company He is also the chairman of the Gujarat Finance Company Association and a director of the Finance Industry Development Council Mrs. Darshana Saumil Pandya Executive Director & COO Darshana Saumil Pandya, aged 44 years, is an executive Director and Chief Operational Officer of MAS Financial. She has been associated with the Company since June 1, 1996, and as an executive Director since September 23, 2016 She holds a bachelor's degree in commerce from Gujarat University She has over 20 years of experience in the financial service sector SLIDE: 23#24Eminent Board of Directors CELLENCE THROUGH E MAS FINANCIAL SERVICES LTD. The Power of Distribution Extensive industry experience and deep domain knowledge of financial services sector Bala Bhaskaran Independent Director Mr. Chetan Ramniklal Shah Independent Director ◉ He has been associated with the Company as a Director since November 1995 and as an independent Director since April 2014 ☐ He is a management graduate with two decades of experience in the consultancy and financial sector. ☐ He has a number of management consultancy inputs from his rich experience He has done his engineering from IIT-Madras, MBA from IIM-Bangalore and CFA from ICFAI ■ He has been associated with the Company since June 2008 and as an independent Director since April 2014 He holds bachelor's degrees in commerce and law (general) from Gujarat University He is also a qualified chartered accountant registered with the Institute of Chartered Accountants of India He has over 33 years of experience in the financial services sector and has in the past worked with the Natpur Co-operative Bank as the Manager - Finance Mr. Umesh Rajanikant Shah Independent Director ■ He has been associated with the Company as an independent Director since December 2016 He is a Chartered Accountant He has more than 35 years of experience in the diverse fields connected with Finance, Accounting, Auditing and Taxation He also has 5 years hands-on experience of working in an NBFC SLIDE: 24#25Financial Statement: FY15 – H1 FY18 PROFIT & LOSS STATEMENT INR Mn FY 2015 FY 2016 Total Revenue 2259.07 2939.06 Expenses CELLENCE THROUGH MAS FINANCIAL SERVICES LTD. The Power of Distribution FY 2017 H1 FY 2017 3415.17 1,700.98 H1 FY 2018 2,038.94 Finance Costs 1055.43 1339.86 1513.15 773.43 771.02 Operating Expense 428.54 549.87 603.94 284.91 337.21 Provisions and Loan Losses Profit Before Tax Profit After Tax 193.46 232.82 267.36 123.68 193.95 581.64 816.51 1030.72 518.96 736.76 389.96 533.90 673.72 339.63 481.29 BALANCE SHEET STATEMENT INR Mn MAR-15 MAR-16 MAR-17 SEPT-16 SEPT-17 LIABILITY Share Capital Reserves and Surplus Compulsorily Convertible Debentures (Unsecured) Share Holders Fund Non-current liabilities Current liabilities Total Liability 594.71 594.71 904.27 634.71 495.69 813.89 1184.04 2365.15 1523.67 4084.00 499.80 499.80 499.80 1908.40 2278.55 3769.22 499.80 2658.18 0.00 4579.69 2098.21 4598.39 4516.16 4403.78 5736.63 10821.47 11265.17 11956.27 12149.81 13607.12 14828.08 18142.12 20241.65 19211.78 23923.44 ASSETS Fixed assets Non-current assets Current assets Total Assets 45.16 3683.15 11099.77 63.73 5035.64 13042.75 71.62 7917.73 12252.30 69.14 5934.06 13208.58 103.68 9850.62 13969.14 14828.08 18142.12 20241.65 19211.78 23923.44 SLIDE: 25#26MAS Rural Housing & Mortgage Finance Limited (MRHMFL) - Subsidiary The Drea Dream Realis Let Us Re MRHMFL MAS is targeting affordable housing finance segment through its subsidiary MAS Rural Housing & Mortgage Finance Limited (“MAS Housing” or MRHMFL) is a non-deposit taking, NHB registered, housing finance institution. It was incorporated in 2008 and headquartered in Ahmedabad, Gujarat MRHMFL provides loans for purchase of new and old houses, construction of houses on owned plots, home improvement loans and loans for purchase and construction of commercial property. It also extend loans to developers for construction of affordable housing projects MRHMFL provides housing loans in rural and semi-urban areas of Gujarat, Maharashtra, Rajasthan, and Madhya Pradesh With its continued focus on the rural and semi-urban segments, the company has 68 branches and have sourcing arrangements with 45 intermediaries - typically project developers and property agents Housing Loans ■ Loans of up to INR 5 Mn for residential and INR 10 Mn for commercial ■ Provides housing loans to customers, who are primarily salaried and self-employed individuals and loans to developers for construction of affordable housing project ■ Tenure up to 240 months for residential and 120 months for commercial ■ Average Ticket size in H1 FY18 - INR 1.27 Mn ■ AUM as of Sept 30, 2017 - INR 1,888 Mn SLIDE: 26#27Financial Performance Trends – Q2 FY18 MRHMFL - ASSETS UNDER MANAGEMENT (AUM) 1,764 1,605 1,341 938 1,888 The Drea Realis Let Us Re MRHMFL In INR Mn NET WORTH 300 308 289 260 228 Mar-15 Mar-16 Mar-17 Sept-16 Mar-15 Sept-17 Mar-16 Mar-17 Sep-16 Sep-17 709 BORROWING 1,469 1,476 1,242 1,144 GROSS NPA & NET NPA 0.41% 0.42% 0.35% 0.34% 0.30% 0.32% 0.18% 0.15% 0.00%0.00% Mar-15 Mar-16 Mar-17 Sept-16 Sept-17 Mar-15 Mar-16 Mar-17 Sept-16 Sept-17 SLIDE: 27#28Financial Performance Trends - Q2 FY18 MRHMFL 118 157 REVENUE 233 66 57 99 The Drea Realis Let Us Re MRHMFL NET INTEREST INCOME (NII) 103 55 74 In INR Mn 26 28 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 29 29 PROFIT BEFORE TAX 22 29 8 6 20 20 PROFIT AFTER TAX 19 15 + 5 SLIDE: 28 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18 FY-15 FY-16 FY-17 Q2 FY17 Q2 FY18#29IPO - "Stupendous Subscription.......... Super duper Listing.......' Total IPO size of 4600.42 Mn Offer Size ◉ ◉ ◉ Objective of Offer ◉ ■ Price Band LENCE EXCELLEN THROUGH ENDEAVOURS MAS FINANCIAL SERVICES LTD. " The Power of Distribution Fresh Issue of Equity Shares aggregating up to INR 2,330.0 Mn Offer for sale by investors FMO, DEG and Sarva Capital of worth INR 2,270.42 Mn 3,990,422 Mn shares worth INR 1,350 Mn was issued as part of a pre-IPO placement. Augmenting capital base to meet future capital requirements To carry out the sale of Equity Shares by the Selling Shareholders INR 456 to INR 459 (A discount of INR 45 on the offer price was offered by the company to eligible employees). The Anchor Investor Opened On: October 5, 2017 Bid/ Issue Opened On: October 6, 2017 Bid/ Issue Closed On: October 10, 2017 Finalization of Basis of Allotment: October 13, 2017 Bid/ Offer Program ■ Initiation of refunds: October 16, 2017 ■ " Credit of Equity Shares to demat accounts: October 16, 2017 Commencement of trading of the Equity Shares on the Stock Exchanges: October 18, 2017 SLIDE: 29#30IPO - "Stupendous Subscription.......... Super Duper Listing…...... LENCE EXCELLEN THROUGH ENDEAVOURS MAS FINANCIAL SERVICES LTD. " The Power of Distribution Sr. No. Category No. of shares offered/reserved No. of shares bid for No. of times Subscription Qualified Institutional Buyers 1 1987028 294737952 148.33 (QIBs) 2 Non Institutional Investors 1490270 564117088 378.53 3 4 Retail Individual Investors (RIIs) Employee Reserved 3477296 55532512 15.97 170316 409696 2.41 Total 7124910 914797248 128.39 ◉ Listing Gain The Shares of the company got listed at INR 660 with a premium of INR 201 (43.79%) SLIDE: 30#31Marquee Anchor Investors NAME OF THE ANCHOR INVESTORS EXCELLENCE THROUGH ENDEAVOURS MAS FINANCIAL SERVICES LTD. The Power of Distribution NAME OF THE ANCHOR INVESTORS THE NOMURA TRUST AND BANKING CO LIMITED AS TRUSTEE OF NITM ASIA OPEN HDFC TRUSTEE COMPANY LTD - HDFC EQUITY SAVING FUND ICICI PRUDENTIAL EQUITY INCOME FUND DSP BLACKROCK BALANCED FUND DSP BLACKROCK EQUITY FUND RELIANCE CAPITAL TRUSTEE CO LTD A/C RELIANCE SMALL CAP FUND SBI MAGNUM MONTHLY INCOME PLAN SBI LONG TERM ADVANTAGE FUND SBI BANKING & FINANCIAL SERVICES FUND SBI RESURGENT INDIA OPPORTUNITIES SCHEME JP MORGAN INDIA SMALLER COMPANIES FUND WASATCH EMERGING INDIA FUND BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED A/C BIRLA SUN LIFE BANKING AND FINANCIAL SERVICES FUND UTI BANKING SECTOR FUND AXIS MUTUAL FUND TRUSTEE LTD A/C AXIS MUTUAL FUND A/C AXIS FOCUSED 25 FUND SBI LIFE INSURANCE COMPANY LIMITED CREDIT SUISSE (SINGAPORE) LIMITED SUNDARAM BALANCED FUND SUNDARAM FINANCIAL SERVICES OPPORTUNITIES FUND IDFC DYNAMIC EQUITY FUND IDFC EQUITY FUND SLIDE: 31#32Glossary AUM Assets Under Management Bn Billion CCPS Compulsorily Convertible Preference Shares COB Cost of Borrowing CRAR Capital To Risk Assets Ratio Financial Institutions DPD Days Past Due Fls ICR Interest Coverage Ratio IPO Initial Public Offer MEL Micro Enterprise Loans Mn Million NBFC Non Banking Financial Company Non Convertible Debentures National Capital Territory Net Interest Income NCD NCT NII NPA PAT Profit After Tax Non-performing Asset ROTA Return On Avg. Total Asset Small And Medium Enterprises SME YOY Year On Year LENCE EXCELLEN THROUGH ENDEAVOURS MAS FINANCIAL SERVICES LTD. The Power of Distribution SLIDE: 32#33EXCELLENCE THROUGH ENDEAVOURS MAS FINANCIAL SERVICES LTD. The Power of Distribution BEST WISHES INVESTOR CONTACT Name: Ankit Jain Designation: VP- Finance Contact No.: 079-30016682 Email ID: [email protected]