Investor Presentaiton

Macro opportunity - Retiral solutions India's pension market is under-penetrated at 9.3% of GDP 21.2 9.3 54.3 50.6 96.8 131.7 India Japan South Africa Hong Kong USA Australia Elderly population is expected to almost triple by 2060 Ageing population 7% 11% 17% 67% 68% 66% 26% 21% 17% 2020 2040 2060 Age <15 Yrs Age 15-64 Yrs Age >64 Yrs Improvements in life expectancy will lead to an average post retirement period of 20 years Life expectancy at age 60 19 18 18 17 17 16 15 20 20 1995-2000 2005-10 2015-20 2030-35E 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 118 Tn by 2030 (about 1/4th accounted by NPS) Mandatory schemes to increase coverage for both unorganized and organized sectors HDFC 51 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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