Investor Presentaiton

Macro opportunity - Retiral solutions 222 42 4.8 India's pension market is under-penetrated at 4.8% of GDP Pension Assets / GDP Ratio 60.8 56.4 43.2 India Hong Kong South Africa ■India Japan 130.7 120.5 USA Australia I Hong Kong South Africa ■Japan ■USA Australia 60+ population is expected to almost triple by 2050 Ageing population 9% 19% 62% 62% 29% 19% 2015 2050 Age <15 years ■Age 15-59 years Age 60+ years Improvements in life expectancy will lead to an average post retirement period of 20 years Life expectancy at age 60 16 61 22 19 18 18 17 22 20 1995-2000 2000-05 2011-12 2030E Males Females Average household size has decreased from 4.6 in 2001 to 3.9 in 2018 Total Pension AUM is expected to grow to Rs 47 Tn by 2025 (more than 1/3rd accounted for by NPS) Mandatory schemes to increase coverage for both unorganized and organized sectors HDFC Source: Milliman Asia Retirement Report 2017; Survey by NSSO, Ministry of statistics and Programme implementation Crisil PFRDA, Census of India, UN Population Estimates Life

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