HDFC Business and ESG Overview

BENEFITS OF A COMBINED ENTITY Proposed Transformational Combination of HDFC with HDFC Bank • Synergies • • HDFC WITH YOU, RIGHT THROUGH Access to lower cost of funds Wider distribution network; presently HDFC Bank does not source mortgages from all its offices HDFC Bank to have access to 45 years of expertise in mortgage origination and loan servicing processes of HDFC Operational efficiencies: will be able to offer the mortgage product seamlessly Cross-selling: 70% of HDFC customers do not bank with HDFC Bank; of the 68 million customers of HDFC Bank, only 8% have a mortgage and only 2% have a mortgage from HDFC Overcome issues of a holding company discount Cancellation of shares of HDFC Bank held by HDFC will be EPS accretive for HDFC Bank; provide leg room for foreign shareholding (HDFC's equity in HDFC Bank qualifies as indirect foreign investment) Through mortgages, HDFC Bank will get longer duration assets on its books HDFC Bank can build a housing loan portfolio and enhance product offerings to its existing customer base • Overcome drag on Return on Equity 7

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