#1Indiabulls HOUSING FINANCE Investor Presentation#2Contents 1. Business Update 2. Performance Metrics 3. Strong Foundation for Retail Asset-Light Model: Strong Partnerships, Indiabulls HOUSING FINANCE Pg. No. 03 04 Low Costs & Tech-enabled Distribution 05 4. Stable Asset Quality & High Provision Levels 06 5. Granular Asset Liability Maturity Management: Liquidity-led Fortress Balance Sheet 07 6. Access to Funding 08 7. OakNorth Bank Investment: Annualised IRR of 48% in Six Years 09 8. Scalable Retail-focused Asset-Light Business Model 10 9. eHome Loans: Indiabulls Integrated Home Loan Technology Platform 11 10. For Tier III & IV Locations: Phygital Channel Strategy 12 11. Environmental, Social and Governance [ESG] 13 12. Effective Oversight: Independent Chairman, Strong Board, Audit Committee 13. Appendix 15 16 2#3Business Update Key Financial Highlights: Particulars Loan Book CRAR Tier 1 Net Gearing PBT PAT • Indiabulls HOUSING FINANCE Q2 FY21-22 Q1 FY21-22 Q4 FY20-21 64,062 65,438 66,047 31.2% 30.9% 30.7% 24.9% 24.3% 24.0% 3.0x 3.1x 3.4x 390 369 357 286 282 276 Strong balance sheet with strong capital adequacy, high liquidity and robust provisioning Quarterly earnings have stabilized and is showing trend of growth AUM to stabilize from Q3FY22 onwards Real estate sector is in strong upward trajectory thereby providing high impetus to the Company's borrowers in their businesses. Record all time high registrations in real estate in most cities 1 Cr= 10 Mn AUM: Assets Under Management 3 Amount in Cr#4Performance Metrics Particulars CRAR Tier I Net Debt to Equity Cost to Income Ratio [FY21] Book Spread Gross NPA Net NPA As at Sept 30, 2021 31.2% 24.9% 3.0x 12.8% 2.5% 2.69% 1.53% Indiabulls HOUSING FINANCE Stable Net NPA at 1.53%. Provision at 4.0x of regulatory requirements. Provisions to loan book at a very healthy 4.9% IBH has 7 co-lending partners and all relationships are fully operational: HDFC Ltd., Central Bank of India, Yes Bank, RBL Bank, Canara Bank, Punjab & Sind Bank and Indian Bank Disbursed 325 Cr in the month of September 2021 through co-lending. On track to disburse 1,000 Cr through co-lending in Q3FY22 4#5Strong Foundation for Retail Asset-Light Model: Indiabulls Strong Partnerships, Low Costs, Tech-enabled Distribution HOUSING FINANCE Strategic Area Progress in Q2FY22 Wholesale Book Strong sales traction in projects of wholesale borrowers. Company firmly on track to reduce Consolidation wholesale book by 33% by Mar 22 Will add 50 technology-enabled branches in FY22. Added 18 technology-enabled branches in last 3 Expanding Reach, quarters Increasing Customer Base Co-Lending Partnerships 7 co-lending partnerships in place. Company on track of achieving target of 1.5x increase in retail customers by Mar 23 Tie-ups with HDFC Ltd., Central Bank of India, Yes Bank, Punjab & Sind Bank and Indian Bank for Home loans Tie-ups with RBL Bank, Central Bank of India, Canara Bank and Punjab & Sind Bank for secured MSME loans 5#6Indiabulls Stable Asset Quality & High Provision Levels HOUSING FINANCE Q2 FY22 Q1 FY22 Q4 FY21 Q3 FY21 Q2 FY21 Gross NPA Gross NPA % 2,074 2,268 2,147 2,113 2,012 2.69% 2.86% 2.66% 2.44% 2.21% Net NPA 1,179 1,227 1,285 1,267 1,487 Net NPA % 1.53% 1.55% 1.59% 1.46% 1.63% Stage 3 Provisions/ Gross NPA 43% 46% 40% 40% 26% Total Provisions/ Gross NPA 152% 159% 115% 114% 107% Amounts in Cr Total provisions at 3,153 Cr [4.9% of loan book], which is 4.0x times of the regulatory requirement and 152% of Gross NPAs. High provision cushion places the portfolio in a strong position to negotiate any macroeconomic uncertainties Net NPAs are down to 1,179 Cr in Q2FY22 from 1,487 Cr in Q2FY21 Total loans restructured under the RBI's Resolution Framework [OTR 1.0 & 2.0], amounted to only 0.15% of the loan book Total loans disbursed as at September 30, 2021 under the Emergency Credit Line Guarantee Scheme [ECLGS] stood at 176 Cr, amounting to only 0.27% of the loan book Average vintage of the retail loan book is now ~4 years - as loans have run down, borrower equity in the financed property has significantly increased leading to low current LTVs. Asset quality levels have hence stabilised for the portfolio Real estate sector is in strong upward trajectory thereby providing high impetus to the Company's borrowers in their businesses. Record all time high registrations in real estate in most cities Collection efficiency has normalized to pre-COVID levels NPA: Non-Performing assets 9#7Granular Asset Liability Maturity Management: Indiabulls Liquidity-led Fortress Balance Sheet HOUSING FINANCE 10,034 1,487 10,641 24,862 17,572 13,609 15,386 11,694 8,528 5,754 1,534 1,838 46,576 37,243 77,819 77,819 72,186 68,277 60,293 61,475 59,188 49,007 1d-14d 15d-1m 1m-2m 2m-3m 3m-6m 6m-1yr 1yr-3Yr 3Yr-5Yr 5Yr-7yr 7Yr-10yr 10Yr+ Assets Liabilities The ALM above is shown on a cumulative basis up to each bucket, with positive cash of 9,476 Cr at the end of 1 year The Company has voluntarily created a reserve fund for repayment of its USD 350 million of Dollar Bonds due in May 22 by setting aside an amount equivalent to 75% of the total maturity proceeds of these bonds in a scheduled manner. The first two tranches totalling to 1,365 Cr, representing 50% of the total dollar bond repayment, has already been paid into the reserve fund Detailed quarter-wise break-up provided in the appendix on page 23 Amount in Cr 7#8Access to Funding In H1FY22, IBH has raised the following monies: Term Loans of over 5 years' tenure Loans of 1 to 3 years' tenure Bonds of over 3 years' tenure Bonds of 1 to 3 years' tenure Loan Sell Downs/ Structured Refinance Equity/ Quasi-equity Total Amount * 2,800 Cr 4,399 Cr 157 Cr 635 Cr * 2,678 Cr * 1,517 Cr * 12,186 Cr Indiabulls HOUSING FINANCE . • Over the past 1 year, the Company raised USD 716 Mn of equity/ quasi-equity capital through QIP, FCCB issuances and stake sale in Oak North Bank Raised 792 Cr through public issue of NCDs in September 2021, the issue was subscribed roughly 4x of the base issue size CRISIL, an S&P Global Company and ICRA, a Moody's Investors Service Company, has revised upwards the rating outlook of the Company to AA [Stable] 00#9OakNorth Bank Investment: Annualised IRR of 48% in Six Years Event Indiabulls HOUSING FINANCE Amount in Cr Annualised Period Nov 2015 Dec 2017 Acquired 39.76% stake in Oak North Bank Sold one-third stake to GIC - sovereign wealth fund of Singapore Sep-20 to Oct-21 Sold stake to multiple funds Total Value of Investment Amount IRR 663 768 2,281 3,049 48% In Nov 2015, IBH had acquired 39.76% stake in OakNorth Bank for USD 100 Mn [663 Cr]. The Company's stock fell 25% the day after announcement of investment in OakNorth Bank Through various rounds of secondary market sale, IBH has realized monies of 3,049 Cr against the original investment, realizing an annualised IRR of 48% over 6 years IBH has now fully exited this investment and now holds no stake in OakNorth Bank 6#10Scalable Retail-focussed Asset-Light Business Model Indiabulls HOUSING FINANCE • . . With co-lending partnerships in place, retail disbursal growth has gained momentum in FY22 The Company disbursed retail loans of 325 Cr through co-lending in the month of Sep-21. This will scale up to 500 Cr of monthly disbursals by Dec-21 and 800 Cr of monthly disbursals by Mar-22 IBH has co-lending agreements with: - HDFC Ltd., Central Bank of India, Yes Bank, Punjab & Sind Bank & Indian Bank for home loans RBL Bank, Central Bank of India, Canara Bank and Punjab & Sind Bank for secured MSME loans Co-Lending partnerships will enable IBH to cater to a wide gamut of customers across geographies, ticket-size and yield spectrum Company will continue with its strategy of letting high-ticket Commercial Real Estate [CRE] loans and Business loans run off/ re-finance 10#11• • e Home Loans: Indiabulls Integrated Home Loan Technology Platform Integrated Home Loan Technology Platform Social Media Integration Access to Source Data Indiabulls HOUSING FINANCE Customers Analytics Developers and DSAs Fee Generation 80 One app for all needs Automated underwriting Product personalisation Real-time access to GST, Bank Statements, tax info Shorter working capital cycles Cross-sell: Insurance, MFs Increased customer engagement and touch-points Collapse developer working capital cycle Enhanced DSA productivity and earning opportunities Operational Outcomes Customer delight: Reduced TAT. Round-the-clock access Enhanced productivity and operating efficiencies Proportion of self-employed segment maintained Manifold Operational Leverage Efficiency and Productivity Cost Reduction Seamless sourcing process. Low customer drop-out Time spent on travel vastly reduced Manual data entry eliminated saving 5 man-hours per file Credit can focus on appraisal and not data capture Save in manpower from automation of effort-intensive steps Vastly increased productivity of existing resources • Lower dependency on physical branches. Fewer needed. • Reduction in stationery, printing and document storage expenses Brand Recall and Reach Branchless reach to tier III and IV locations Unparalleled touch-of-button customer convenience Quick turnaround before competition has begun process Videos and multimedia tutorials and loan information Risk Management Reduction in operational risk from lesser human involvement Reduction in fraud risk: - Customer data validated from Aadhar and NSEDL Direct contact with IBH, no intermediaries Improved data quality and reduced human error Improved credit quality from focus on underwriting Risk of misplacing documents reduced 11#12For Tier III & IV Locations: Phygital Channel Strategy Indiabulls HOUSING FINANCE Phygital strategy entails co-mingling of 'physical' and 'digital' models wherein the Company offers fully digital, online loan fulfillment for specific target customer segments which are well versed with technology, while at the same time continuing to serve other customers through its branch model The phygital strategy also helps drive expansion into geographies with low competitive intensity, contributing better margins at low cost-to-income without dilution in credit standards . It rides on the eHome Loans infrastructure with lean spoke branches logging in digital/ scanned loan applications, which are underwritten at centralized regional credit hubs IBH is on course to add 50 new branches in Tier 3 & 4 towns by the end of FY22 12 12#13• Environmental, Social and Governance [ESG] Indiabulls HOUSING FINANCE The COVID-19 pandemic upended our way of life and the many things we took for granted It also gave us pause to think about Company's impact on the environment and the communities we operate in Environmental, Social & Governance [ESG] framework and ratings offer us a ready template to help us operate and grow in a responsible manner ESG ratings will also open up new avenues of debt and equity monies. ESG ratings considerations is a central mandate of many newly launched funds in addition to purely ESG focused funds USD 37.8 trillion Global ESG assets as at Mar 2021 USD 11 trillion Global ESG debt market size expected by 2025 USD 53 trillion Estimated global ESG assets by 2025 USD 1.4 billion AUM of the 10 ESG funds in India as at Mar 2021 In FY22, the Company will get itself rated/graded on ESG parameters and own up to 5 and 10 year goals on ESG factors. ESG will also be woven into the performance metrics of the managerial staff: S&P ESG Rating: International ESG rating from S&P Cyber Security Maturity Assignment [CSMA]: Cyber-security gap analysis and risk management Complete Materiality Analysis: 360° risk analysis Embed an ESR [Environmental and Social Risk] framework: operating policies for responsible business conduct e.g. credit policies promoting responsible lending An independent review of the Company's sustainability initiatives is now available on the website and will be updated on a quarterly basis 13#14ESG Targets Environmental о Company will be carbon neutral by FY32 ○ о • . • . • • • • • • Leverage on technology Share of e-home loan applications: 55% by FY27 and 75% by FY32 Service requests through digital medium: 50% by FY27 and 80% by FY32 Reduce environmental footprint Reduction in scope 1 and 2* GHG emissions: 25% by FY27, 30% by FY32 Reduction in scope 3^ GHG emissions: 25% by FY27, 35% by FY32 Recycle over 90% of all waste in tier-1 cities by end of FY27 LED lighting in 100% of offices by FY23 Renewable powered offices to be 10% of all offices by FY27 Plant 1 lakh trees by FY27 and 2.5 lakh trees by FY32 "No Single use plastic" policy Responsible lending Lending rate discount for customers who have a positive environment and social impact Exclude lending to customers who do not match ESR framework of the company *Our Scope 1 and 2 emissions include emissions from fuel consumption in own vehicles, emissions due to fuel use in DG sets and purchased electricity. "Our Scope 3 emissions include business travel, employee commute, paper, waste. The above targets have been taken considering FY 19 as the base year O Social Employee welfare and experience O • Gender diversity: 30% to be women managerial staff by FY27 and 40% by FY32^ . • • • • • Employee First: 40% managerial job openings to be internally filled Work from home: 25% by FY27 & 35% by FY32 Training: from 22 hours per person in FY19 to 40 hours per person by FY25 and 60 hours per person by FY32 Financial inclusion and customer first Financial inclusion: Focus on affordable housing and business loans to micro, small and medium enterprises. By FY27, 75% retail lending to be affordable housing and priority sector loans. Phygital Strategy: Add 50 branches in Tier 1 and 2 cities operating on digital + physical model by end of FY 22 and 100 by FY25 95% of the complaints received to be resolved within the regulatory prescribed TAT Drive customer satisfaction* to 95% by FY25 Community Service (CSR) Continue investments towards: women empowerment, education and bridging the gap to basic human rights needs ^ Computed by removing Sales and Collections FOS (Feet-on-Street staff) * Surveys conducted covering all customers who are on-boarded covering satisfaction around various parameters Indiabulls HOUSING FINANCE Governance Focus on Governance practices meeting the highest ethical standards, transparency and accountability Adopt leading data privacy standards and focus on best in class information security practices All ESG initiatives and achievements to be overseen by the Board on a bi-annual basis Part of the management remuneration to be linked to achievement of ESG targets#15• • Effective Oversight: Independent Chairman, Strong Board, Audit Committee Board led by ex-RBI Deputy Governor and majority independent directors Indiabulls HOUSING FINANCE Independent, Non-Executive director Mr. S. S. Mundra, Ex-Deputy Governor of the Reserve Bank of India, is the chairman of the Board Audit Committee chaired by ex-Partner of Deloitte, Haskins & Sells Mr. A Siddharth, who served as partner with Deloitte Haskins & Sells for 33 years, is the Chairman of the Audit Committee Board of Directors with pre-eminence and experience in diverse fields . Mr. S.S. Mundra [Independent director] • Mr. A Siddharth Non-Executive Chairman, Ex-Deputy Governor of the Reserve Bank of India • [Independent director] [Chairman, Audit Committee] Justice Gyan Sudha Misra [Independent director] : Ex-Partner, Deloitte, Haskins & Sells Retired Justice, Supreme Court of India • Mr. Satish Chand Mathur : Ex-Director General of Police, Maharashtra [Independent director] • Mr. Dinabandhu Mohapatra : Ex-MD & CEO of Bank of India, 35 years of banking experience [Independent director] • Mr. Sameer Gehlaut : Founder and Non-Executive Director • Mr. Gagan Banga : Vice Chairman, Managing Director and CEO • Mr. Ashwini Kumar Hooda : Deputy Managing Director • Mr. Ajit Kumar Mittal : Executive Director, Ex-Reserve Bank of India . Mr. Sachin Chaudhary Chief Operating Officer 15#16Appendix Indiabulls HOUSING FINANCE 16#17Indiabulls HOUSING FINANCE Financial and Operational Highlights 17#18Indiabulls Balance Sheet Assets HOUSING FINANCE 13% 13% 74% Loan Book ■Cash & Cash Equivalents Other Assets 18#19Asset Composition 26% 15% 59% Indiabulls HOUSING FINANCE Retail Mortgage Loans I Commercial Real Estate Loans Business Loans Particulars Yield on Loans Cost of Borrowings Book Spread Q2 FY22 10.8% 8.3% 2.5% 19 19#20Indiabulls HOUSING FINANCE Liabilities Profile 20 20#21Liabilities 8% 18% 73% Indiabulls HOUSING FINANCE ■Shareholders' Funds Borrowings Other Liabilities 21#22Funding Mix 0.4% 4% 4% 5% 22% 23% 23% 35% 33% 31% 38% 39% 41% Indiabulls HOUSING FINANCE Sep-19 Sep-20 Sep-21 Non-Convertible Debentures Commercial Papers Bank Loans Sell Down ECB ECB: External Commercial Borrowing 22 22#23Micro ALM Details [Quarter-wise for next 10 years] Indiabulls HOUSING FINANCE Amount in Cr Particulars Total Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Cash & Investments 9,629 9,629 7,854 9,044 8,077 9,476 9,126 9,959 9,683 Customer Repayments 64,062 3,980 3,964 3,766 3,523 3,246 3,028 2,916 2,600 Non Current Assets 4,128 Total Inflows [A] 77,819 13,609 11,818 12,810 11,600 12,722 12,154 12,875 12,283 Cumulative Total Inflows 13,609 17,572 21,339 24,862 28,108 31,136 34,052 36,651 Repayments 61,927 5,754 2,774 4,733 2,124 3,596 2,195 3,192 5,085 Equity Capital, Reserves & Surplus 15,891 Total Outflows [B] 77,819 5,754 2,774 4,733 2,124 3,596 2,195 3,192 5,085 Cumulative Total Outflows 5,754 8,528 13,262 15,386 18,982 21,177 24,368 29,453 Net Cash [A-B] 7,854 9,044 8,077 9,476 9,126 9,959 9,683 7,198 The Company has voluntarily created a reserve fund for repayment of its USD 350 million of Dollar Bonds due in May 22 by setting aside an amount equivalent to 75% of the total maturity proceeds of these bonds in a scheduled manner. The first two tranches totalling to * 1,365 Cr, representing 50% of the total dollar bond repayment, has already been paid into the reserve fund 23#24Micro ALM Details [Quarter-wise for next 10 years] Indiabulls HOUSING FINANCE Amount in Cr Particulars Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Cash & Investments 7,198 8,384 8,521 9,768 9,333 10,640 11,394 11,257 Customer Repayments 2,825 2,464 2,328 2,307 2,330 2,010 1,782 1,740 Non Current Assets Total Inflows [A] 10,024 10,848 10,849 12,075 11,663 12,651 13,176 12,997 Cumulative Total Inflows 39,477 41,941 44,269 46,576 48,906 50,917 52,699 54,439 Repayments 1,640 2,327 1,081 2,742 1,023 1,257 1,919 1,205 Equity Capital, Reserves & Surplus Total Outflows [B] 1,640 2,327 1,081 2,742 1,023 1,257 1,919 1,205 Cumulative Total Outflows 31,093 33,420 34,501 37,243 38,266 39,523 41,442 42,647 Net Cash [A-B] 8,384 8,521 9,768 9,333 10,640 11,394 11,257 11,792 24#25Micro ALM Details [Quarter-wise for next 10 years] Indiabulls HOUSING FINANCE Amount in Cr Particulars Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q3FY27 Q4FY27 Q1FY28 Q2FY28 Cash & Investments 11,792 12,476 13,548 12,659 11,287 11,325 13,521 13,867 Customer Repayments 1,751 2,020 949 1,135 676 2,361 754 749 Non Current Assets Total Inflows [A] 13,543 14,496 14,497 13,794 11,963 13,687 14,275 14,616 Cumulative Total Inflows 56,190 58,210 59,159 60,293 60,970 63,331 64,085 64,834 Repayments 1,068 948 1,837 2,507 638 166 407 2,492 Equity Capital, Reserves & Surplus Total Outflows [B] 1,068 948 1,837 2,507 638 166 407 2,492 Cumulative Total Outflows 43,714 44,662 46,499 49,007 49,645 49,811 50,218 52,710 Net Cash [A-B] 12,476 13,548 12,659 11,287 11,325 13,521 13,867 12,125 25 25#26Micro ALM Details [Quarter-wise for next 10 years] Indiabulls HOUSING FINANCE Amount in Cr Particulars Q3FY28 Q4FY28 Q1FY29 Q2FY29 Q3FY29 Q4FY29 Q1FY30 Q2FY30 Cash & Investments 12,125 13,321 9,122 9,575 9,089 8,652 8,470 8,740 Customer Repayments 1,465 671 659 648 644 587 336 414 Non Current Assets Total Inflows [A] 13,589 13,992 9,781 10,223 9,733 9,239 8,806 9,154 Cumulative Total Inflows 66,299 66,970 67,629 68,277 68,921 69,507 69,843 70,257 Repayments 268 4,870 206 1,134 1,081 769 65 61 Equity Capital, Reserves & Surplus Total Outflows [B] 268 4,870 206 1,134 1,081 769 65 61 Cumulative Total Outflows 52,978 57,848 58,054 59,188 60,268 61,038 61,103 61,164 Net Cash [A-B] 13,321 9,122 9,575 9,089 8,652 8,470 8,740 9,093 26#27Micro ALM Details [Quarter-wise for next 10 years] Indiabulls HOUSING FINANCE Amount in Cr Particulars Cash & Investments Q3FY30 Q4FY30 Q1FY31 Q2FY31 Q3FY31 Q4FY31 Q1FY32 Q2FY32 10+ Years 9,093 9,400 9,654 9,872 10,085 10,287 10,479 10,624 10,711 Customer Repayments 358 302 260 253 238 227 176 116 1,505 Non Current Assets 4,128 Total Inflows [A] 9,451 9,702 9,914 10,125 10,323 10,513 10,656 10,740 16,344 Cumulative Total Inflows 70,615 70,916 71,176 71,429 71,667 71,894 72,070 72,186 77,819 Repayments 51 47 42 39 37 34 31 29 452 Equity Capital, Reserves & Surplus 15,891 Total Outflows [B] 51 47 42 39 37 34 31 29 16,344 Cumulative Total Outflows 61,215 61,262 61,305 61,344 61,381 61,415 61,446 61,475 77,819 Net Cash [A-B] 9,400 9,654 9,872 10,085 10,287 10,479 10,624 10,711 27 27#28Product Profiles Indiabulls HOUSING FINANCE 28#29Home Loan Profile: Focus on Mid-Income Affordable Housing Urban Home Loans Indiabulls HOUSING FINANCE Semi-Urban Home Loans Average Loan Size 35 Lakhs 25 Lakhs Maximum Loan to Value 80% 80% Average Loan to Value 73% [at origination] 70% [at origination] Average Loan Term 15 years Average Customer Age 38 years Primary Security Mortgage of property financed Repayment Type Monthly amortizing 29#30Loan Against Property Product Profile Average Loan Size Maximum Loan to Value Average Loan to Value Average Loan Term Primary Security Repayment Type Average Age of Business Basis of Credit Appraisal 73 Lakhs 65% 49% [at origination] 7 years Indiabulls HOUSING FINANCE Mortgage of property financed Monthly amortizing 7 years Business cash flow analysis based Cash flow based underwriting: Loan repayment is from underlying business cash flows and not from refinancing 30#31Indiabulls HOUSING FINANCE Beginning of a Long Term Property Market Up-cycle 31#32• • Mortgage Market in India Indiabulls HOUSING FINANCE Since 2013, property prices have grown at 1-2% CAGR, significantly below inflation [~5% CAGR] and wage growth [~8% per capita] Consequently, 'Affordability' [ratio of house price to annual salary] is at at its best in the last 25 years Benign interest rates further boosts affordability Best Affordability in over 2 decades 60 654 50 40 30 22.0 20 15.6 10 11.1 8.3 6.6 5.9 5.3 5.1 4.7 4.3 4.7 5.0 5.1 5.1 4.5 4.7 0 16 14 12 10 8 ∞ 6 + 21 4 4.8-4.6-4.7-4.64.44.1 3.8 3.7 3.5 3.3 3.2 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Property Cost [Lakhs] Annual Income [* Lakhs] Affordability Low mortgage penetration in comparison with advanced and emerging economies implies vast opportunity for growth Source: HDFC Ltd, Investec Securities Research . 0 Mortgages as a % of GDP 89% 83% 68% 52% 56% 34% 39% 44% 45% i11% 18% 20% Malaysia Japan Singapore Germany USA Australia UK Denmark Netherlands 32 India China Thailand Source: European Mortgage Federation, Hofinet and NHB#33Indiabulls Growth Momentum in Residential Real Estate Sales pick-up HOUSING FINANCE Housing sales in top 8 Indian cities recorded a 92% YoY growth in Q3 CY2021. Residential sales in Q3 CY2021 exceeded the pre-pandemic 2019 average quarterly sales by 4%1 - Mumbai and Pune accounted for 40% of the total housing sales in top 8 cities in Q3 CY2021 Housing sales in Hyderabad showed the largest growth of 272% YoY, followed by Bengaluru and Mumbai at 131% YoY and 109% YoY respectively Housing sales in Q3 of CY2021 recorded strong growth across ticket sizes¹: Houses in the ticket size of 5 - 10 million [35% of total sales] registered the highest growth at 110% YoY Houses in the ticket size of >10 million [22% of total sales] registered a growth of 92% YoY - Houses in the ticket size of <5 million [43% of total sales] registered a growth of 83% YoY Property registrations in Mumbai set 10-year high records in September and October 20212 Markets such as Chennai, Hyderabad and Kolkata have seen prices increase marginally during the quarter¹ Launches Residential project launches increased 90% YoY in Q3 of CY2021. Units launched in Q3 CY2021 exceeded the 2019 pre-pandemic quarterly average by 6%¹ Mumbai and Pune accounted for 35% of the total new launches in top 8 cities in Q3 CY2021 New launches in Hyderabad showed the largest growth of 650% YoY, followed by Ahmedabad and NCR region at 193% YoY and 119% YoY respectively 1: Knight Frank India Real Estate, Q3 CY2021 2. Economic Times, Oct 2021 33#34• Commercial Office Space Absorption Indiabulls HOUSING FINANCE Commercial office space absorption registered its strongest quarter within the year with 12 million sq.ft. office space getting transacted in Q3 CY2021, a 168% YoY growth¹ - Space transacted during Q3 2021 is 83% of the average quarterly volume transacted during 2019, the pre- pandemic year which incidentally, was a record year for office transactions Among the larger markets, transacted volumes in Q3 CY2021 in Bengaluru and Chennai have exceeded their 2019 quarterly average The IT sector was the largest consumer of space during the quarter and took up 34% of the area transacted • • The January - September period in 2021 saw 13% more transaction activity compared to the previous year¹ New completions picked up significantly with 11.9 million sq.ft. getting delivered in Q3 CY2021, a 67% YoY growth¹ - Bengaluru, Pune and Hyderabad accounted for 73% of the new completions with Bengaluru seeing the most space delivered at 4 million sq.ft. For January - September 2021, new completions grew by 6% compared to corresponding period of the previous year¹ 1: Knight Frank India Real Estate, Q3 CY2021 34#35Indiabulls HOUSING FINANCE Static Credit Performance Analysis of LAP and HL Pools 35#36Retail Loan Book of Highest Quality Portfolio performance of all sold down pools of * 68,444 Cr Initial Pool Details Indiabulls HOUSING FINANCE of Initial POS Loan Pool Туре Disbursement [* Cr] Average Ticket Size [at disbursement] Sold Down Principal Months on Book [Cr] Pool Principal [* Cr] Amortisation [On Disbursement] 90+ dpd % 180+ dpd % [Lakh] HL Pools LAP Pools 45,236 24.6 36,359 59 13,012 68% 0.84% 0.51% 23,208 77.2 18,529 56 4,506 78% 0.82% 0.62% Total 68,444 31.9 54,887 58 17,518 71% 0.83% 0.55% Portfolio performance of all live sold down DA pools is monitored by the credit bureau Experian. Remainder PTC/PCG pools are being monitored by CRISIL, ICRA, CARE and Brickwork Ratings [respective agencies that rated the PTC/PCG pools] IBHFL has 20 ongoing relationships with banks / mutual funds for sell down Axis Bank ICICI Bank IDBI Bank Punjab National Bank Union Bank of India Bank of Baroda Central Bank of India Indian Bank State Bank of India HDFC Bank Bank of India Deutsche Bank Indian Overseas Bank RBL Bank Nippon Canara Bank IDFC First Bank Kotak Mahindra Bank UCO BANK Davidson Kempner 36#37Home Loans Pool Performance Factsheet: Experian Credit Bureau Direct Assignments [Sold Down] Indiabulls HOUSING FINANCE Initial Pool Details of Initial POS Sold Down Disbursement Sr. No Investor Date [Cr] Sold Down Principal [Cr] Pool Principal Amortisa- MPS 90+ dpd % 180+ dpd % CCR MCR QCR [Cr] tion# 1 Bank 22 31-Dec-15 449.6 374.2 68 49.9 88% 0.28% 2 Bank 15 29-Mar-17 733.5 612.0 53 82.5 87% 0.59% 3 Bank 15 23-Jun-17 460.1 387.4 50 53.6 87% 0.68% 0.26% 99.89% 0.32% 99.79% 0.35% 99.82% 99.09% 98.10% 98.24% 100.36% 99.80% 98.22% 4 Bank 8 30-Jun-17 212.4 177.0 50 49.7 74% 0.90% 0.18% 99.89% 101.78% 101.79% 5 Bank 8 26-Sep-17 200.8 168.1 47 68.4 62% 1.73% 0.90% 99.71% 100.18% 99.17% 9 Bank 15 27-Sep-17 909.8 760.2 47 179.9 78% 0.41% 7 Bank 15 22-Dec-17 878.6 735.5 44 179.0 77% 0.97% 80 Bank 16 22-Dec-17 225.4 178.8 44 57.3 72% 1.88% 9 Bank 8 22-Dec-17 126.5 104.2 44 43.6 62% 1.87% 10 Bank 15 5-Mar-18 601.1 504.0 42 133.7 75% 1.39% 0.19% 99.71% 0.83% 99.66% 1.14% 0.56% 99.83% 0.58% 99.53% 100.94% 100.41% 107.07% 100.94% 99.50% 105.64% 104.01% 106.59% 101.43% 99.27% 97.74% 11 Bank 16 9-Mar-18 483.2 394.3 42 148.3 66% 1.65% 1.21% 99.38% 98.07% 99.22% 12 Bank 1 22-Mar-18 358.5 289.1 41 130.5 60% 1.67% 0.95% 99.69% 99.16% 98.17% 13 Bank 16 26-Mar-18 480.9 404.3 41 128.0 70% 0.82% 0.77% 99.68% 102.07% 101.03% 14 Bank 1 27-Mar-18 222.9 185.0 41 77.0 62% 1.08% 0.69% 99.75% 100.04% 99.31% 15 Bank 8 28-Mar-18 337.1 270.6 41 120.8 60% 1.58% 16 Bank 8 30-Apr-18 174.6 146.1 40 62.8 60% 1.60% 17 Bank 15 4-May-18 413.9 349.0 40 88.8 76% 0.69% 18 Bank 15 17-May-18 270.0 224.8 39 53.8 78% 0.21% 0.97% 99.58% 0.95% 99.41% 101.02% 0.41% 99.67% 99.36% 0.21% 99.85% 100.39% 100.87% 99.37% 99.06% 98.15% 101.22% 19 Bank 8 18-May-18 109.8 91.4 39 41.5 58% 1.35% 1.09% 99.57% 104.43% 100.66% 20 Bank 15 22-Jun-18 597.0 502.8 38 163.0 70% 1.03% 0.74% 21 Bank 8 26-Jun-18 134.9 112.8 38 46.2 62% 1.09% 22 Bank 15 25-Jul-18 327.8 275.1 37 74.5 75% 0.70% 23 Bank 8 31-Jul-18 109.4 90.4 37 40.9 58% 1.33% 24 Bank 15 30-Aug-18 413.2 349.4 36 106.7 71% 1.08% 25 Bank 15 19-Sep-18 353.2 297.5 35 78.9 75% 1.17% 26 Bank 8 19-Sep-18 109.4 90.4 35 38.0 61% 1.61% 99.66% 102.18% 0.59% 99.67% 101.08% 0.70% 99.51% 99.58% 1.18% 99.41% 101.59% 0.55% 99.34% 100.18% 1.03% 98.86% 0.96% 99.86% 99.58% 98.83% 101.39% 98.93% 99.09% 99.88% 97.95% 129.58% 109.90% 27 Bank 17 29-Oct-18 879.7 672.3 34 292.1 61% 1.27% 0.94% 99.56% 99.31% 98.40% MPS: Months post securitisation CCR: Cumulative collection ratio MCR: Monthly collection ratio # Amortisation is calculated on Disbursement Data is for Sep 2021 payouts QCR Quarterly collection ratio dpd: days past due 37#38Home Loans Pool Performance Factsheet: Experian Credit Bureau Direct Assignments [Sold Down] Indiabulls HOUSING FINANCE Initial Pool Details of Initial POS Sold Down Disbursement Sr. No Investor Date [* Cr] Sold Down Principal [Cr] Pool Principal Amortisa- MPS 90+ dpd % 180+ dpd % CCR MCR QCR [Cr] tion# 28 Bank 17 29-Oct-18 828.0 645.4 34 236.2 66% 1.49% 29 Bank 18 31-Oct-18 352.8 287.7 34 84.4 73% 1.39% 1.09% 99.25% 101.85% 0.57% 99.68% 99.31% 98.02% 98.42% 30 Bank 17 15-Nov-18 170.7 133.1 34 58.8 59% 1.75% 0.72% 99.07% 106.20% 101.77% 31 Bank 8 16-Nov-18 1,594.6 1,217.1 34 314.0 77% 1.27% 0.52% 99.73% 102.40% 101.45% 32 Bank 8 17-Nov-18 377.4 306.3 34 131.0 61% 1.76% 1.28% 99.55% 100.81% 100.31% 33 Bank 8 30-Nov-18 141.3 109.1 34 49.2 60% 1.77% 0.79% 99.22% 100.77% 100.59% 34 Bank 8 14-Dec-18 239.4 194.4 33 88.1 59% 1.42% 35 Bank 8 14-Dec-18 236.9 189.3 33 51.5 74% 0.71% 0.63% 99.52% 103.01% 0.39% 99.89% 100.44% 100.71% 100.16% 36 Bank 8 21-Dec-18 3,254.4 2,462.1 33 718.6 72% 1.56% 0.89% 99.48% 100.08% 101.20% 37 Bank 8 21-Dec-18 1,643.4 1,184.1 33 548.8 58% 1.68% 0.93% 99.11% 101.53% 92.93% 38 Bank 21 29-Dec-18 338.5 271.8 32 91.7 70% 0.92% 0.36% 99.68% 99.33% 100.53% 39 Bank 6 31-Dec-18 368.0 275.3 32 124.4 58% 1.60% 1.23% 99.40% 100.99% 98.93% 40 Bank 18 31-Dec-18 340.0 255.1 32 2.0 99% 0.00% 0.00% 99.40% 98.28% 99.96% 41 Bank 19 31-Dec-18 321.8 238.5 32 45.8 82% 1.66% 1.66% 98.97% 91.33% 90.29% 42 Bank 21 16-Jan-19 920.4 728.0 31 196.1 76% 0.39% 0.32% 99.77% 100.83% 99.73% 43 Bank 8 29-Jan-19 678.2 511.7 32 141.2 74% 1.72% 0.62% 99.61% 101.14% 100.24% 44 Bank 8 31-Jan-19 310.0 226.1 32 97.9 61% 1.41% 1.10% 99.25% 101.03% 94.45% 45 Bank 23 31-Jan-19 237.0 169.5 31 76.8 59% 1.14% 1.00% 99.57% 99.68% 99.12% 46 Bank 10 31-Jan-19 161.0 117.4 31 60.4 53% 1.49% 47 Bank 10 15-Feb-19 133.4 100.3 30 45.4 57% 1.09% 48 Bank 23 22-Feb-19 248.7 182.7 30 89.5 55% 1.50% 49 Bank 8 27-Feb-19 176.8 128.9 31 53.4 62% 1.73% 50 Bank 11 28-Feb-19 200.5 143.2 30 47.8 70% 0.90% 1.06% 99.29% 0.81% 99.23% 0.96% 99.25% 101.44% 0.63% 99.28% 104.87% 0.62% 98.53% 99.22% 100.36% 99.58% 99.76% 102.13% 99.49% 107.32% 102.47% 51 Bank 10 19-Mar-19 171.4 126.3 29 61.8 55% 1.53% 1.02% 99.20% 100.35% 98.50% 52 Bank 8 19-Mar-19 182.4 133.4 30 67.0 54% 1.38% 0.63% 99.25% 103.65% 100.89% 53 Bank 11 28-Mar-19 149.3 109.2 29 49.0 59% 1.07% 0.03% 99.47% 99.04% 101.00% 54 Bank 14 29-Mar-19 203.7 145.7 29 41.1 75% 1.10% 0.03% 99.77% 99.95% 102.15% MPS: Months post securitisation CCR: Cumulative collection ratio MCR: Monthly collection ratio # Amortisation is calculated on Disbursement Data is for Sep 2021 payouts QCR Quarterly collection ratio dpd: days past due 38#39Home Loans Pool Performance Factsheet: Experian Credit Bureau Direct Assignments [Sold Down] Indiabulls HOUSING FINANCE Initial Pool Details of Initial POS Sold Down Disbursement Sr. No Investor Date [* Cr] Sold Down Principal [Cr] MPS Pool Principal Amortisa- [* Cr] 90+ dpd % tion# 55 Bank 6 31-Mar-19 975.0 709.3 29 282.3 64% 1.40% 56 Bank 8 25-Apr-19 207.7 147.5 29 74.8 55% 1.13% 57 Bank 11 14-May-19 166.4 122.4 28 45.8 66% 0.03% 58 Bank 23 27-May-19 612.3 463.7 27 176.6 64% 1.68% 180+ dpd % 0.81% 99.50% 102.05% 0.51% 99.55% 0.03% 99.94% 0.99% 99.28% CCR MCR QCR 100.71% 101.62% 101.23% 99.73% 100.46% 99.63% 101.04% 59 Bank 23 27-May-19 116.7 84.3 27 48.7 48% 1.90% 60 Bank 23 28-Jun-19 334.9 248.2 26 84.7 68% 1.56% 0.82% 99.47% 0.85% 99.32% 104.23% 101.21% 96.93% 97.84% 61 Bank 23 28-Jun-19 169.3 123.4 26 58.2 57% 1.13% 0.75% 99.45% 99.56% 99.33% 62 Bank 11 19-Sep-19 328.7 242.2 23 103.9 60% 1.01% 0.68% 99.64% 98.72% 97.85% 63 Bank 11 26-Sep-19 259.1 180.6 23 108.4 48% 1.29% 0.90% 99.73% 99.90% 100.73% 64 Bank 11 27-Dec-19 260.0 184.9 20 116.7 44% 1.24% 65 Bank 14 28-Feb-20 110.7 79.3 18 49.7 44% 1.93% 66 Bank 14 29-Feb-20 267.4 198.9 18 118.1 45% 1.40% 67 Bank 11 17-Mar-20 303.4 215.5 18 124.2 49% 0.85% 68 Bank 11 14-Sep-20 116.1 77.8 29 59.6 36% 1.80% 69 Bank 11 16-Sep-20 209.5 141.7 12 92.5 45% 1.86% 70 Bank 11 28-Dec-20 507.5 330.4 9 271.2 33% 0.48% 71 Bank 11 26-Feb-21 243.4 169.4 6 151.4 22% 0.14% 72 Bank 11 31-Mar-21 168.9 111.6 5 101.0 34% 0.06% 73 Bank 11 30-Jun-21 98.9 74.5 2 73.0 18% 0.00% 0.81% 99.56% 1.36% 0.78% 99.14% 0.62% 99.66% 1.01% 99.53% 0.43% 99.66% 101.32% 0.05% 99.91% 0.00% 99.85% 0.04% 99.83% 0.00% 99.76% 100.08% 98.85% 99.12% 101.84% 99.25% 100.13% 100.17% 100.78% 101.96% 101.35% 98.65% 100.69% 101.56% 100.31% 102.05% 100.59% 101.00% 99.66% 100.37% 99.76% MPS: Months post securitisation CCR: Cumulative collection ratio MCR: Monthly collection ratio QCR Quarterly collection ratio # Amortisation is calculated on Disbursement dpd: days past due Data is for Sep 2021 payouts 39#40LAP Pool Performance Factsheet: Experian Credit Bureau Direct Assignments [Sold Down] Indiabulls HOUSING FINANCE Initial Pool Details Sold Down Disbursement Sold Down Pool Principal Amortisa- Sr. No Investor MPS Date [Cr] Principal [Cr] [Cr] tion# 12 Bank 2 30-Mar-15 1,067.2 869.5 77 73.8 92% 0.36% Bank 13 26-Sep-16 368.7 299.6 60 37.1 89% 0.30% 3456781622315 Bank 5 30-Mar-17 415.9 340.5 53 62.0 83% 1.01% Bank 10 28-Jun-17 626.6 469.4 50 74.3 87% 0.10% of Initial POS 90+ dpd % 180+ dpd % 0.21% 0.30% 99.31% 0.38% 99.66% 0.00% 99.52% CCR MCR QCR 99.48% 105.04% 107.19% 101.70% 112.20% 108.65% 101.74% 102.19% 101.81% Bank 8 30-Jun-17 406.0 332.7 51 43.4 88% 1.29% 0.52% 99.55% 99.14% 96.40% Bank 14 26-Sep-17 1,943.8 1,528.5 47 317.2 82% 0.54% Bank 14 28-Dec-17 881.4 710.9 44 181.2 77% 1.19% Bank 12 29-Dec-17 377.8 301.8 44 42.7 87% 0.00% 0.37% 99.13% 106.48% 0.90% 99.41% 0.00% 99.27% 111.18% 105.71% 100.30% 101.46% 103.25% 9 Bank 12 1-Mar-18 226.1 186.8 42 35.1 83% 1.74% 10 Bank 15 29-Jun-18 515.3 428.1 39 122.4 74% 0.79% 1.74% 0.41% 99.17% 99.55% 106.58% 99.57% 104.76% 104.49% Bank 12 29-Jun-18 378.6 314.0 38 96.6 72% 1.30% Bank 12 23-Aug-18 217.9 185.4 36 64.0 67% 1.61% 0.90% 0.38% 99.24% 99.36% 101.96% Bank 15 19-Sep-18 284.2 237.5 35 64.8 75% 0.97% 99.31% 0.33% 99.29% 102.44% 99.29% 96.40% 102.93% Bank 15 26-Sep-18 404.0 334.4 35 82.8 77% 1.77% Bank 12 31-Oct-18 128.7 106.8 34 49.7 57% 1.05% 0.43% 98.87% 0.49% 98.80% 94.71% 97.55% 103.48% 100.47% 16 Bank 19 30-Nov-18 380.1 298.8 33 93.9 72% 1.63% 1.30% 97.86% 106.60% 105.97% 17 Bank 15 30-Nov-18 245.7 205.4 33 69.0 69% 1.36% 1.36% 99.04% 104.64% 103.79% 18 Bank 15 27-Dec-18 462.3 354.6 32 146.6 60% 1.76% 1.15% 98.74% 103.26% 101.66% 19 Bank 15 27-Dec-18 308.8 260.3 32 106.2 62% 1.15% 20 Bank 15 22-Jan-19 182.2 139.8 31 64.9 55% 1.67% 21 Bank 15 24-Jan-19 128.3 108.9 31 37.9 67% 1.20% 22 Bank 15 18-Feb-19 183.8 135.6 30 49.6 66% 1.41% 23 Bank 15 23-Mar-19 131.6 101.7 29 46.5 56% 1.78% 24 Bank 14 29-Mar-19 308.3 226.3 29 104.9 57% 0.23% 0.62% 99.01% 1.32% 98.77% 108.76% 0.00% 98.41% 97.18% 0.49% 99.06% 100.99% 1.29% 98.94% 115.45% 0.23% 98.85% 101.67% 105.36% 106.21% 99.12% 97.09% 98.21% 109.92% 104.50% 25 Bank 14 30-Mar-19 398.7 289.9 29 114.9 64% 0.08% 26 Bank 15 31-Mar-19 181.1 138.4 29 53.3 63% 1.62% 27 Bank 20 5-Apr-19 112.1 86.8 29 50.5 46% 0.00% 28 Bank 15 28-May-19 131.8 102.0 27 44.8 58% 0.79% 0.08% 98.77% 105.05% 0.86% 99.03% 100.99% 0.00% 100.00% 0.79% 99.15% 102.74% 98.76% 179.91% 111.81% 104.06% 103.41% 29 Bank 24 27-Sep-19 344.4 253.1 23 136.7 55% 0.00% 0.00% 98.45% 98.53% 99.38% 30 F13 30-Mar-21 115.6 99.3 6 88.2 24% 0.00% 0.00% 99.83% 98.03% 101.89% MPS: Months post securitisation CCR: Cumulative collection ratio MCR: Monthly collection ratio # Amortisation is calculated on Disbursement Data is for Sep 2021 payouts QCR Quarterly collection ratio dpd: days past due 40#41Home Loans and LAP Pool Performance Factsheet PTC and PCG Pools Indiabulls HOUSING FINANCE HL Pools Initial Pool Details of Initial POS Sold Down Pool Sold Down Disbursement Amortis- 90+ Sr No Investor Principal MPS Principal [ Date [ Cr] ation# dpd % 180+ dpd % CCR MCR QCR Rating from [ Cr] Cr] 123456 Bank 3 28-Mar-13 114.6 107.1 102 12.6 89% Bank 18 27-Sep-13 311.9 286.4 96 30.5 90% Bank 2 30-Dec-13 109.6 99.3 93 10.7 Bank 2 20-Mar-14 335.4 315.2 90 46.8 Bank 18 4-Mar-15 294.0 272.4 79 42.8 Bank 9 29-Jun-17 354.5 330.0 50 97.8 72% 7 Bank 18 30-Nov-18 107.4 89.2 33 24.2 77% 11 81234 Bank 2 25-Nov-19 154.9 112.2 22 42.7 72% Bank 2 30-Dec-19 231.6 185.3 20 75.6 67% 10 Bank 14 30-Dec-19 604.4 449.8 21 240.9 56% Bank 21 30-Dec-19 546.7 486.5 21 282.2 48% Bank 10 14-Jan-20 532.5 492.6 20 255.1 52% 0.00% 0.00% 0.00% 99.96% 99.30% 101.36% 0.00% 0.00% 100.00% 101.32% 101.11% 90% 0.00% 0.00% 100.00% 104.80% 102.21% 86% 0.00% 0.00% 99.95% 101.71% 100.36% 85% 0.00% 0.00% 99.89% 99.31% 99.92% CRISIL 0.00% 0.00% 99.14% 97.96% 103.18% ICRA 0.00% 0.00% 99.84% 99.78% 101.24% CRISIL 0.00% 0.00% 99.24% 99.73% 101.68% Brickwork 0.00% 0.00% 100.00 99.48% 102.31% ICRA 0.00% 0.00% 99.50% 103.72% 102.99% Brickwork 0.00% 0.00% 98.59% 101.92% 103.00% Brickwork ICRA CRISIL CRISIL CRISIL ICRA Bank 23 3-Mar-20 544.7 378.7 18 188.5 66% Bank 14 13-Mar-20 718.8 541.6 18 376.8 42% 0.00% 0.00% 15 Bank 10 29-Dec-20 69.7 58.8 9 44.1 37% 0.00% 16 Bank 10 29-Dec-20 52.9 45.1 9 26.2 50% 0.00% 17 F12 29-Jan-21 1,523.4 1,385.7 8 1,083.0 29% 0.00% 0.00% 100.00% 110.46% 104.75% 0.00% 95.86% 109.95% 103.47% 0.00% 99.51% 106.52% 100.94% 0.00% 99.82% 99.63% 100.04% 0.00% 99.52% 100.00% 99.50% 0.00% 100.00% 106.42% 103.28% CRISIL Brickwork CRISIL CRISIL Brickwork 18 F12 30-Jun-21 2,355.2 2,102.2 3 1,967.3 16% 19 F13 30-Jun-21 283.6 283.6 3 283.6 0% 0.00% 0.00% 0.00% 100.00% 93.77% 113.94% 0.00% 100.00% 100.00% 100.00% Brickwork Brickwork LAP Pools Initial Pool Details of Initial POS Sold Down Sr No Investor Sold Down Disbursement Date [ Cr] Principal [ Cr] MPS Pool Principal [ Amortis- ation# 90+ dpd % 180+ dpd % CCR MCR QCR Rating from Cr] 1 Bank 3 31-Mar-16 227.99 209.06 65 27.38 88% 2 Bank 18 30-Sep-16 143.73 135.98 59 18.16 87% 3 Bank 9 30-Dec-16 545.82 512.69 55 99.75 82% 0.00% 0.00% 0.00% 99.62% 103.19% 100.81% 4 Bank 9 27-Mar-17 310.07 292.35 53 76.14 75% 5 Bank 9 27-Sep-17 664.04 609.69 47 220.87 31-Dec-19 6 FI1 MPS: Months post securitisation CCR: Cumulative collection ratio QCR Quarterly collection ratio 744.28 481.16 21 211.55 0.00% 67% 0.00% 72% 0.00% MCR: Monthly collection ratio # Amortisation is calculated on Disbursement dpd: days past due 0.00% 99.29% 104.52% 106.41% 0.00% 100.00% 102.92% 105.70% CRISIL 0.00% CRISIL 0.00% 99.39% 99.71% 102.09% CRISIL 0.00% 99.24% 101.02% 100.74% ICRA 0.00% 97.22% 103.09% 96.99% CRISIL Data is for Sep 2021 payouts CARE 41#42Indiabulls HOUSING FINANCE Corporate Social Responsibility 42#43Indiabulls Foundation: Corporate Social Responsibility Health मोफत फिरता दवाखाना Indiabulls anfeast FOUNDATION - Indiabulls HOUSING FINANCE JanSwasthya Kalyan (JSK) Vahika- Mobile Medical Vans - Free primary health care services provided at doorstep to the underprivileged population of urban slums with 31 JSK- mobile medical vans - 97,219 patients diagnosed and treated in this quarter 45,59,098 patients benefitted since inception Education Indiabulls Foundation Education Scholarship Program - 71 underprivileged students awarded scholarship for better education in this quarter Indiabulls INDIABULLS FOUNDATION SCHOLARS 43#44Indiabulls HOUSING FINANCE Ratings, Business Value Proposition, Key Ratios, Valuations, and Shareholding 44 44#45Indiabulls HOUSING FINANCE Credit Ratings and Auditors Rating Agency CRISIL [an S&P Global Company] ICRA [a Moody's Investors Service Company] CARE Ratings Brickwork Ratings Long Term Credit Rating AA AA AA AA+ Statutory Auditor Internal Auditor Auditors Current: Ernst & Young [through Indian Member Firm S R Batliboi & Co.] Proposed [from H2FY22 onwards]: Mazars [through Indian Member Firm S. N. Dhawan & Co.] Arora & Choudhary Associates Grant Thornton 45#46Productivity Ratios Indiabulls HOUSING FINANCE FY FY FY FY FY FY FY FY FY FY FY 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 No. of 4,512 4,243 4,072 4,099 4,840 5,453 6,388 8,111 8,676 5,405 3,480 Employees Profit per 0.17 0.24 0.31 0.38 0.39 0.43 0.46 0.47 0.47 0.41 0.35 employee [Cr] Asset per 3.71 5.85 8.09 10.84 11.82 14.02 16.23 16.26 15.00 19.03 26.79 employee [Cr] Cost-to-Income Ratio 21.0% 18.7% 18.0% 17.1% 16.4% 14.3% 13.3% 12.5% 12.7% 16.2% 12.8% 46 46#47Key Financial Metrics Indiabulls HOUSING FINANCE FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 | FY2021 Pre Tax RoAA [%] 5.5% 4.9% 4.9% 4.8% 4.9% 4.9% 4.6% 4.3% 4.2% 2.2% 1.6% Post Tax ROAA [%] 4.1% 3.7% 3.8% 3.8% 3.7% 3.7% 3.6% 3.3% 3.0% 1.9% 1.3% ROE [%] 17% 22% 26% 27% 29% 26% 26% 30% 24% 18% 7.5% Capital Adequacy [%] # 23.87% 19.96% 18.58% 20.47% 19.60% 23.38% 20.91% 20.82% 26.49% 27.09% 30.65% - Tier |# 23.63% 19.27% 15.05% 16.10% 16.28% 20.36% 17.25% 15.07% 19.81% 20.31% 23.96% - Tier II# 0.24% 0.69 % 3.53% 4.37% 3.32% 3.02% 3.66% 5.76% 6.68% 6.78% 6.69% # Adjusted for mutual fund investments ROAA: Return on Average Assets RoE: Return on Equity 47#48Valuations and Returns Mar-11 Mar-12 Mar-13 Mar-14 Indiabulls HOUSING FINANCE Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Sep-21 Market Price 155 207 272 286 558 674 998 1,194 744 228 193 237 per Share [] Dividend per 10 13 20 29 35 36 36 42 40 21 9 Share [] Dividend Yield 6.5% 6.3% 7.4% 10.2% 6.3% 5.3% 3.6% 3.5% 5.4% 9.2% 4.7% [%] Market Capitalisation 4.8 6.5 8.5 9.5 19.8 28.4 42.3 50.9 31.8 9.7 8.9 11.0 [*'000 Cr] Price-to-Book 1.6 1.7 3.0 2.7 3.4 3.3 1.7 0.6 0.6 0.7 [times] 1.1 1.3 PE Ratio 6.5 6.5 6.8 6.0 10.2 11.3 14.5 13.2 7.8 4.4 7.0 9.3 [times] PE: Price to Earnings *As on 11th Nov, 2021 48#49Shareholding Pattern 35.0% 12.4% 3.7% 21.7% Indiabulls HOUSING FINANCE 27.2% Founder MFs/Banks/IFI Pragati Employee Welfare Trust ■Foreign Institutional Shareholding Public MF: Mutual Funds; IFI: Indian Financial Institutions As on 30th Sep, 2021 49 49#50Detailed Financials Indiabulls HOUSING FINANCE 50#51Consolidated Balance Sheet Statement of Assets and Liabilities: Particulars ASSETS (1) Financial Assets (a) Cash and cash equivalents (b) Bank Balance other than (a) above (c) Derivative financial instruments (d) Receivables (1) Trade Receivables (II) Other Receivables (e) Loans (f) Investments (in Billions) As at 30.09.21 (Unaudited) 97.16 16.41 As at 31.03.21 (Audited) 131.24 38.80 1.54 1.36 0.35 0.24 629.20 56.06 10.05 654.07 61.46 Sub-total- Financial Assets 810.59 11.60 898.95 (g) Other Financial assets (2) Non-financial Assets (a) Current tax assets (Net) (b) Deferred tax assets (Net) (c) Property, Plant and Equipment (d) Right-of-use assets (e) Goodwill on Consolidation (f) Other Intangible assets (g) Other non-financial assets (h) Assets Held for Sale 7.10 5.84 8.50 6.71 0.74 0.83 1.12 1.19 0.58 0.58 0.34 0.36 8.45 4.08 Sub-total- Non-financial Assets 26.90 53.73 13.85 33.44 Total Assets 864.32 932.39 LIABILITIES AND EQUITY LIABILITIES (1) Financial Liabilities (a) Derivative financial instruments (b) Payables Trade Payables (i) total outstanding dues of micro enterprises and small enterprises (ii) total outstanding dues of creditors other than micro enterprises and small enterprises (c) Debt Securities (d) Borrowings (Other than Debt Securities) (e) Subordinated Liabilities (f) Other financial liabilities 2.53 2.89 0.51 0.23 265.53 321.79 302.19 339.08 46.90 59.86 Sub-total - Financial Liabilities 697.12 46.78 72.65 763.82 (2) Non-Financial Liabilities (a) Current tax liabilities (Net) (b) Provisions 1.03 1.32 1.45 1.25 (c) Deferred tax liabilities (Net) (d) Other non-financial liabilities 0.01 0.01 5.93 4.52 Sub-total- Non-Financial Liabilities 8.29 7.23 (3) EQUITY (a) Equity Share capital (b) Other Equity Indiabulls HOUSING FINANCE Sub-total Equity 0.89 158.02 158.91 0.89 160.45 161.34 Total Liabilities and Equity 864.32 932.39 51#52Consolidated Income Statement Indiabulls HOUSING FINANCE 1 Particulars Revenue from operations (i) Interest Income (ii) Dividend Income (iii) Fees and commission Income 30.09.21 (Unaudited) Quarter ended 30.06.21 (Unaudited) Six Months ended 30.09.20 (Unaudited) 30.09.21 (Unaudited) 30.09.20 (Unaudited) (in Billions) Year ended 31.03.21 (Audited) 21.96 22.92 24.64 44.88 50.12 97.22 0.00 0.00 0.16 0.24 0.34 0.39 0.45 0.94 (iv) Net gain on fair value changes (v) Net gain on derecognition of financial instruments under 0.21 0.05 0.36 0.26 0.39 1.11 amortised cost category Total Revenue from operations 22.33 23.21 25.34 45.53 50.96 99.27 2 Other Income 0.00 0.05 0.47 0.05 0.51 1.03 3 Total Income (1+2) 22.33 23.26 25.81 45.59 51.47 100.30 4 Expenses Finance Costs 15.71 15.52 17.92 31.22 36.39 69.39 Net loss on fair value changes 0.12 0.09 0.39 0.21 0.27 0.37 Impairment on financial instruments (net of recoveries) 1.05 2.14 2.14 3.18 4.60 9.20 Employee Benefits Expenses 1.00 1.15 0.46 2.15 1.34 2.53 Depreciation, amortization and impairment 0.19 0.19 0.23 0.37 0.49 0.97 Other expenses 0.37 0.48 0.54 0.85 0.70 2.23 Total expenses 18.43 19.56 21.68 38.00 43.80 84.68 5 Profit before tax (3-4) 3.90 3.69 4.13 7.59 7.68 15.62 6. Tax expense Current tax expense 0.66 0.36 0.66 0.98 0.63 Deferred Tax Charge 1.03 0.22 0.54 1.25 0.73 2.97 Total Tax Expense 1.03 0.88 0.90 1.91 1.72 3.60 7 Profit for the period / year attributable to the 2.86 2.82 3.23 5.68 5.96 12.02 Shareholders of the Company (5-6) 8 Other comprehensive income A (i) Items that will not be reclassified to statement of profit or loss (a) Remeasurement gain/(loss) on defined benefit plan (0.08) 0.04 0.02 (0.04) 0.31 0.13 (b) Gain (Loss) on equity instrument designated at FVOCI 0.75 (0.06) (6.79) 0.69 (6.71) (ii) Income tax impact on above (0.15) 0.00 1.55 (0.15) 1.46 (6.85) 1.53 B (i) Items that will be reclassified to statement of profit or loss (a) Derivative instruments in Cash flow hedge relationship (ii) Income tax impact on above (0.84) 0.22 (0.28) (0.61) (2.06) (2.45) 0.21 (0.06) 0.07 0.15 0.52 0.62 Other comprehensive (loss) (net of tax) (0.10) 0.15 (5.43) 0.05 (6.48) (7.02) 9 Total comprehensive income (after tax) (7+8) 2.76 2.97 (2.20) 5.73 (0.52) 5.00 10 Paid-up Equity Share Capital 0.89 0.89 0.89 0.89 0.89 0.89 11 Earnings per Share (EPS) *(EPS for the quarters and six months are not annualised) -Basic (Amount in ) 6.43 6.32 7.62 12.75 14.13 27.72 -Diluted (Amount in ) 6.39 6.31 7.62 12.70 14.13 27.72 -Face Value (Amount in) 2.00 2.00 2.00 2.00 2.00 2.00 52#53Safe Harbour Statement Indiabulls HOUSING FINANCE This document contains certain forward-looking statements based on current expectations of Indiabulls Housing Finance Ltd. management ("IBH"). These forward looking statements and any other projections contained herein are predictions and involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievements to be materially different from any future results, performance or achievements, expressed or implied, by such forward looking statements or other projections. These risks and uncertainties include the effect of economic and political conditions in India, and outside India; volatility in interest rates and in the securities markets; new regulations and accounting standards, and government policies that might impact the business of IBH; the general state of the Indian economy; and the management's ability to implement the company's strategy. All of these factors are contingencies which may or may not occur and IBH is not in a position to express a view on the likelihood of any such contingency occurring. The forward looking statements contained herein are based on the beliefs of the management of IBH, as well as the assumptions made by and information available to management as at the date hereof. Moreover, the statements made herein are on the basis of estimates which may undergo a change depending on market conditions and dynamics including changes in the operating costs and demand-supply scenario. There can be no assurance that the expectations will prove to be correct. Interest rates applicable for any product are highly sensitive to many factors beyond IBH's control, including the monetary policies of the regulatory bodies, domestic and international economic and political conditions, inflation and other factors. IBH expressly disclaims any obligation or undertaking to release any updated information or revisions to any statements contained herein to reflect any changes in the expectations or assumptions with regard thereto or any change in the events, conditions or circumstances on which such statements are based. All subsequent written and oral forward looking statements attributable to IBH are expressly qualified in their entirety by reference to these cautionary statements. All information contained in this presentation has been prepared solely by IBH. No information contained herein has been independently verified by anyone else. No representation or warranty (express or implied) of any nature is made nor is any responsibility or liability of any kind accepted with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty (expressed or implied) or omissions in this presentation. Neither IBH nor anyone else accepts any liability whatsoever for any for any direct, indirect or consequential loss or damage, howsoever, arising from any use or reliance on this presentation or its contents or otherwise arising in connection therewith. This presentation may not be used, reproduced, copied, distributed, shared, or disseminated in any other manner. This document does not constitute an offer or recommendation. The receipt of this presentation by any recipient is not to be constituted as the giving of investment advice by IBH to that recipient. Any action taken by you on the basis of the information contained herein is your responsibility alone and IBH or its directors or employees will not be liable in any manner for the consequences of such action taken by you. The distribution of this presentation in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe any such restrictions. Investor Contact Ramnath Shenoy [email protected] +91 22 6189 1444 Media Contact Ankit Banga [email protected] +91 22 6189 1153 53#54Indiabulls HOUSING FINANCE Thank you