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Accessing the Global Markets Through London

London Stock Exchange Masala Bond Offering September 2016

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“Today, we have outlined a bold and ambitious vision for

• ur strategic partnership, and the decisions we have

taken today reflect our firm commitment to pursue it and the confidence to achieve it. Indeed, the outcomes today have shown that we have already taken our relationship to a new level.” Narendra Modi “It’s a real opportunity to open a new chapter in the relationship between our two countries.” David Cameron “We will also increasingly raise funds in London’s financial market. I am pleased that we will issue a railways rupee bond in London stock market. This is – for this is where the journey of Indian Railways had begun.” Narendra Modi “We will work together with the British Government, industry, and the financial market to deepen our relationship and harness that interest in India’s infrastructure. Very soon, these bonds will become strong instruments for engagement between our financial markets.” Narendra Modi

Source: Joint press release UK-India Summit, 12 November 2015, https://www.gov.uk/

“रृपी ब ॉः ड अपने आप मेः भारत की आरॎथिक सॉःपनॎनता का एक महतॎवपूरॎि ममश्ऱरॎ है और हहॉःदुसॎतान क े हर नागररक को इसको गौरव क े रृप मेः देखना चाहहए और इसको उजागर करना चाहहए, तभी तो भारत की ताकऽत बढऽती है“

Narendra Modi

India – UK Finance Partnership

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“Strengthening the economic and financial links between India and the UK is a key priority for the government, and a stable and competitive financial services industry in the UK is an important asset to the UK and to the rest of the world.” Priti Patel, Exchequer Secretary to HM Treasury and the Prime Minister’s Indian Diaspora Champion “London Stock Exchange is one of the premier hubs globally for any financial activity” Arun Jaitley, Honourable Minister of Finance London Stock Exchange has more Indian companies listed on our equity and debt markets than any other international market and provides cutting edge technology to some of India’s leading exchanges. India’s most dynamic companies have access to the world’s largest pool of institutional investment capital here in London.” Xavier Rolet, CEO, LSEG

Roundtable with Railways Minister, 30 October 2015 13 March 2015, international investors roundtable, LSE 18 Nov 2014, IFC Market Open London Stock Exchange

LSEG at the heart of India-UK EFD

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High profile repeat

issuance from

SSA’s

6

New Masala bonds listed in 2016 YTD

4

New Masala bonds listed in 2015

14

INR bonds currently listed

33

INR bonds listed historically

April 2016 Visit of Minister Piyush Goyal

“Minister of Power and Coal Piyush Goyal, who is on a two-day visit to the UK, visited the London Stock Exchange. During the visit, Goyal met officials from Natgrid and UK Power Network and explained about his plans and vision to increase the power generation in India and renewable energy scale up plan has been drawn up to 2022. According to sources, Goyal emphasised the need for the developed world to show its commitment towards climate change by putting money in climate finance.” Business Standard, 21 April 2016 “In an attempt to raise resources for India’s ambitious green energy programme, state-run firms, such as NTPC Ltd, Neyveli Lignite

• Corp. Ltd, Power Finance Corp. Ltd (PFC), Rural Electrification Corp. Ltd (REC) and PTC India Ltd, plan to issue masala bonds to

raise $1 billion, according to a government statement released on Wednesday.” VCCIRCLE, 20 April 2016 Page 4

London Stock Exchange is now the largest Masala bond centre globally. Ever since the first Masala bond listing in London in 2007, we are firmly committed to developing long-term strategic partnerships with issuers to ensure the success of this financing stream and help Masala bonds evolve from specialist to a mainstream asset class.

“IFC issued the bonds in London to leverage the city’s standing as a premier financial centre. The vast majority of investors are European insurance companies.” , Nov 2014, IFC press release for INR 10bn, 10year 6.3% bond “Addressing climate change is a priority for IFC in India. IFC’s green Masala bond demonstrates the powerful role

• f capital markets in mobilizing

savings for climate finance— and a listing in London allows us to attract the widest possible range of international investors“ August 2015, IFC press release for INR 3.15bn Green Masala Bonds

13 August 2015, IFC & Yes Bank Market Open, LSE

London Stock Exchange’s Global Reach

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In July 2016, London Stock Exchange welcomed the world’s first Masala bond issued by an Indian corporate. The landmark INR30bn 37 month bond with a yield of 8.33% from Housing Development Finance Corp (HDFC), was 4.3 times oversubscribed and paves the way for the opening of the Masala bond market globally to support Indian company and infrastructure financing

"London Stock Exchange continues to distinguish itself by offering a wide range of financial instruments and enjoys unshakable trust from international investors.” Chairman Deepak Parekh, HDFC press release for INR30bn 37month 8.33% bond

Bharti Airtel Zyfin & Sun Global Yes Bank SBI-LSEG IRFC Description Issuance of maiden sterling bond in London Listing the world’s first India fixed income ETF on London Stock Exchange MoU to foster joint collaborations on bond and equity issuance in London, with a strong focus on Green Infrastructure Finance Construction of “FTSE-SBI India Bonds Indices” to be used initially by a new investment fund run by SBI Issuance of offshore Rupee denominated bonds in London Size £500m

• Up to $550m Green bonds

$1bn equity

• Announcement

“The bond issue will help Bharti extend maturities and diversify investor base on its debt portfolio” “LSE is the broadest ETF market in Europe. This ETF will give international investors access to the Indian fixed income market, which is worth USD 1.3 trillion and is a vital source of finance for the infrastructure sector” “Both financial institutions will leverage their complementary strengths to facilitate access to capital raising in London and India for Indian entities and will work jointly on the development

• f a wide range of new
• products. Through this

collaboration both parties also demonstrate their commitment to the promotion of products and platforms supporting the use of Green Finance” “These indices, to be launched in the first half of 2016, will facilitate investment into India's bond markets and support market liquidity and pricing” “We are set to launch a railway bond in London. It is appropriate as the journey of Indian Railways started in he UK”

LSEG’s India Partnerships

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7

LSE – Helping to Raise Your International Profile

• Listing in a global market such as London raises a company’s international profile.
• High international regulatory standards ensure access to a globally oriented investor base

Asia Pacific

• State Administration of Foreign

Exchange (China)

• GIC
• BNY Mellon Hong Kong
• Blackrock Japan
• Mitsubishi UFJ Trust
• Sumitomo Mitsui
• Aberdeen Asset Management

Asia

• Hang Seng Investment

Europe

• Blackrock
• Legal & General
• Scottish Widows
• Invesco
• M&G
• Standard Life
• AXA
• Societe Generale
• Alecta Pension
• DWS Investment
• Swedbank Robur
• Allianz Global Investors
• BNP Paribas
• Union Investment

Privatfonds GMBH

• Norges Bank

Americas

• Capital Research
• Vanguard
• SSgA Funds
• Fidelity
• Blackrock
• Thornburg Investment
• Artisan Partners
• Alliance Bernstein
• T. Rowe Price
• Caisse de dépôt et

placement du Québec

• Itau Unibanco Brazil

Africa and Middle East

• QIA
• P.I.C South Africa
• Kuwait Investment Authority
• Investec
• CCB Islamic Bank
• Abu Dhabi Investment Authority
• 11
• 10
• 9
• 8
• 7
• 6
• 5
• 4
• 3
• 2
• 1

1 2 3 4 5 6 7 8 9 10 11

London trading hours

Selected Major Institutional Investors in London Listed Bonds

GMT

Source: Factset *LSEG, as of September 2015

• LSE is home to the deepest global foreign exchange centre.
• LSE markets are supported by a network of 350 member firms from over 20 countries*,

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The Current Status of the Masala Bond Market: London Stock Exchange listings

Source: Bloomberg and LSEG. Averages are arithmetic means of one or more coupons. This does not constitute investment advice. Includes supranationals

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…raising

$2.01bn

in total

…from 6

issuers…

14

Masala bonds currently listed…

…33

Masala bonds listed historically…

Maturities

Maturities showing issuance volumes across tenors

Trading

A range of secondary trading markets available

Coupons

Financing possible at attractive issuance yields



Order book trading



Continuous market making



End-of-day pricing



Trade reporting

6.08% 6.20% 6.45% Average 3yr 5yr Average Coupon (active Masala bonds) 12% 75% 11% 2% Issuance by Maturity (%) < 3yrs 3-5yrs 10-15yrs 15yrs+

Masala Bond Case Studies

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NTPC HDFC Axis Bank EBRD IFC Transaction Details Issue Date 10 August 2016 21 July 2016 01 June 2016 4 March 2016 21 March 2016 / 10 Aug 2015 / 18 Nov 2014 Issue Size INR 20 bn INR 30 bn $500m INR 5bn INR 2bn / INR 3.15bn / INR 10bn Coupon 7.375% 7.875% 2.875% 6.4% 7.1% / 6.45% / 6.3% Maturity 5 year 37 months 5 year 3 year 15 year / 5 year / 10 year Issuer Profile Rating BBB-(emr)* AAA/A1+** Baa3 / BBB- AAA / Aaa AAA / Aaa

Recent Masala Issuance

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*Fitch emerging markets bond rating **CRISIL and ICRA ratings

Company Details

Company NTPC Ltd Market PSM Sector Utilities Rating BBB-(emr)*

Transaction Details

Issue Date 10 Aug 2016 Issue Size INR 20 billion Yield at issue 7.48% Coupon 7.375% Maturity 5 years

Company profile

— NTPC is India’s largest power utility company. The company’s headquarters are in New Delhi and its core business involves generating and selling electricity to state-owned power distribution companies and State Electricity Boards in India. — It was founded by Government of India in 1975 and in May 2010 was conferred Maharatna status. — NTPC established a Green Bond Framework which has been independently certified by Climate Bonds Initiative, a partner of London Stock Exchange and adheres to the ICMA Green Bond Principles. — Post issuance, KPMG will provide assurance that the nominated projects are in alignment with the company’s Green Bond Framework.

Debt issuance story

— The proceeds of the bond will be invested to support wind and solar projects complementing India’s government ambition to generate 175GW

• f renewable energy by 2022.

— The deal was oversubscribed, with books in excess of INR 29 bn from more than 60 accounts. — The green certification gave NTPC a global boost and, as a result, better pricing. Notable was NTPC's investor diversification internationally and the company’s ability to attract participation by dedicated green bond funds from Germany and Denmark into the deal. — Joint Leads: Axis Bank Ltd, Hong Kong & Shanghai Banking Corporation, Standard Chartered Hong Kong, Mitsubishi UFJ Financial.

Geographical Distribution

Asia 70% Europe 30%

Distribution by Investor

Banks 15% Fund managers/insurers/ sovereign wealth funds 80% Private Banks 5%

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*Fitch emerging markets bond rating

NTPC lists world’s first green Masala bond by an Indian issuer on London Stock Exchange

"The investor reach gets enhanced. The green investors in Europe and the US have invested in this issue in addition to the normal investor" Shashikant Rathi, Head of Treasury and Debt Capital Markets, Axis Bank (Joint Lead) "From an issuer perspective, it made more sense to do a Green Masala instead of just a Masala because there is additional liquidity provided by dedicated green investors and they can get pricing traction from the additional demand," Jujhar Singh, Co-head of HY, Standard Chartered (Joint Lead)

Company Details

Company Housing Development Finance Corporation (HDFC) Market Main Market Sector Financials Rating AAA/A1+*

Transaction Details

Issue Date 21 July 2016 Issue Size INR 30 billion Coupon 7.875% Yield at issue 8.33% Maturity 37 months

Company profile

— HDFC is a leading provider of Housing Finance in India. — The company also has a presence in banking, life and general insurance, asset management, venture capital and education loans. — Founded in 1977 as the first specialised mortgage company in India. — HDFC’s distribution network spans 396

• utlets which cater to approximately 2,400

towns and cities spread across India.

Debt issuance story

— Represents the world’s first Masala bond issued by an Indian corporate. — The issue was 4.3 times oversubscribed reflecting strong investor sentiment and paves the way for the opening of the Masala bond market globally to support Indian company and infrastructure financing. — The final order book was INR 86.73 billion from 48 accounts with final allocations being well-diversified. — Joint Leads: Axis Bank Ltd, Credit Suisse and Nomura.

HDFC is first ever Indian corporate to list Masala bond, chooses London Stock Exchange for landmark issuance

“London Stock Exchange continues to distinguish itself by offering a wide range of financial instruments and enjoys unshakable trust from international investors. This is a milestone transaction for HDFC. We have achieved our objective of attracting a global pool of capital to diversify our borrowing

• profile. The positive investor response towards

this issuance reinforces the blue-chip positioning of HDFC, and establishes a significant benchmark for Indian companies” Deepak Parekh, Chairman, HDFC

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*S&P, Moody and Fitch ratings unavailable, ratings shown provided by CRISIL and ICRA

Geographical Distribution

Asia 86% Europe 14%

Distribution by Investor

Asset Managers 81% Private Banks 18% Banks 1%

Company Details

Company Axis Bank Dubai Market Main Market Sector Financials Rating Baa3/BBB-

Transaction Details

Issue Date 01 June 2016 Issue Size USD 500 million Coupon 2.875% Yield at issue 2.998% Maturity 5 years

Company profile

— Axis Bank is India’s third largest private bank. — “Axis Bank launched and successfully completed the first certified Green Bond issue, the issue we are pleased to list on the London Stock Exchange today. The encouraging response to this issue is reflective of the keenness of global investors to promote and support a sustainable environment and also acknowledge Axis's credibility in this space. The ease of the listing process and breadth of investors seen in this bond issuance demonstrates the role London Stock Exchange can play in supporting India's financing needs.” Managing Director & CEO of Axis Bank, Shikha Sharma

Debt issuance story

— The proceeds of the bond will be invested in green energy, transportation and infrastructure projects, reinforcing India’s commitment to produce 175,000 MW of renewable power by 2022. — Lowest coupon ever for a 5-year USD bond by any Indian private sector issuer. — First ever USD green and 144A bond by an Indian private sector company with 21% of the investor base being “green” investors. — Joint Leads: Axis Bank SGP, BAML, Citigroup Global Markets SGP, Credit Agricole CIB HK, HSBC, JP Morgan Securities Plc, Standard Chartered Bank

Geographical Distribution

Asia 48% Europe 25% U.S. 16% Middle East 11%

Distribution by Investor

Banks 30% Asset Managers 55% Private Banks 5% Sovereign wealth funds/pension funds 10%

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India’s first internationally listed certified green bond

“When an Indian company lists securities at LSE, it gets direct access to many European and Scandinavian investors. The ease of listing too attracts many issuers. Besides, LSE remains a financial hub even after Brexit referendum” Sidharth Rath, Group Executive, Axis Bank

Company Details

Company European Bank of Reconstruction and Development (EBRD) Market Main Market Sector Supranational Rating AAA / Aaa

Transaction Details

Issue Date 4 March 2016 Issue Size INR 5 billion Yield at issue 6.4% Maturity 3 years

Company profile

 EBRD is a multilateral developmental international financial institution founded in 1991 that uses investments as a tool to build market

• economies. Initially focused on the countries of

the former Eastern Bloc it expanded to support development in 30 countries from central Europe to central Asia. — The EBRD is owned by 65 countries and two intergovernmental institutions (EU and EIB). It maintains a close political dialogue with governments, authorities and representatives of civil society and works in cooperation with international organisations such as the OECD, the IMF, the World Bank and UN specialised agencies.

Debt issuance story

— Sole arranger: HSBC — The European Bank for Reconstruction and Development has been a key issuer of Indian Rupee denominated bonds in London. — EBRD has raised more than $729m equivalent

• n the London market, through six INR

denominated issues with tenors of one, two, three and four years.

Using offshore rupee bond issuance as part of a multi- currency EUR 35bn GMTN Programme

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• Inter-American Development Bank was the first

issuer of an Indian Rupee denominated bond in London in 2007. This was the first ever non- deliverable Indian rupee-denominated bond, cash settled in dollars using prices in the non deliverable forward market for Indian rupees.

• Over the years, IDB has raised more than $275m

equivalent on LSE, through 6 INR denominated issues with tenors of one, two, three and ten years.

• The IDB, established in 1959, is a supranational

financial institution that uses the resources it raises in capital markets to support programs that promote development and economic growth while respecting and protecting the environment.

• Key initiatives for the progress of its borrowing

member countries include the modernization of infrastructure, development of alternative energy sources, and universal access to clean water and sanitation. Page 15

ISIN Issue Date Maturity Tenor Cpn INRbn XS1016451699 Jan-14 Jul-15 1.5 7.125% 1.00 XS1101962618 Sep-14 Sep-16 2.0 6.100% 4.00 XS0882569568 Feb-13 Jul-15 2.5 5.000% 2.00 XS1103713654 Sep-14 Sep-17 3.0 6.000% 8.50 XS0573957296 Jan-11 Jan-14 3.0 4.750% 17.00 XS0842193475 Oct-12 Oct-15 3.0 4.750% 1.04 XS0495010562 Mar-10 Mar-14 4.0 3.000% 2.00 XS0299574953 May-07 May-17 10.0 8.250% 1.50

• In 2014, IFC moved its Treasury function to London.
• In November 2014 International Finance Corporation issued a ten year, 6.3% triple-A rated masala bond,

raising Rs 10 billion and paved the way to increase foreign investment in India, mobilising international capital markets to support a subsequent infrastructure bond issuance by Axis Bank.

• In April 2015, IFC issued a three-and-a-half year, 6.45% bond that raised Rs 16 billion – the largest ever

Rupee denominated bond issued outside India.

• The program is reflective of the strong partnership between India and IFC. In 2014 IFC committed $1.4 billion

in India along the strategic priorities of promoting inclusive growth, particularly in India’s low income states, addressing climate change, and supporting economic integration.

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5.00% 5.50% 6.00% 6.50% 7.00% 7.50% 8.00% 8.50% 3 5 7 9 11 13 15

Yield Maturity (years)

IFC Offshore Rupee Yield Curve

IFC Offshore bond level

IFC had been issuing in the offshore markets at approximately 90 -190 bps below the Government of India onshore yield (at time of issuance). Through the Masala bond program, IFC has been able to offer clients in India attractive levels of funding and has invested INR 55.1Bn ($860mm equivalent) in the Indian private sector.

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Company Details

Company International Finance Corporation (part of World Bank Group) Market Main Market Sector Supranational Rating AAA / Aaa

Transaction Details

Issue Date 21 March 2016 Issue Size INR 2 billion Yield at issue 7.1% Maturity 15 years

Company profile

• IFC is one of the world’s largest financiers of

climate-smart projects for developing countries, investing about $11 billion in long-term financing

• ver the last decade for renewable power,

energy efficiency, sustainable agriculture, green buildings and private sector adaptation to climate change.

• “IFC’s 15-year masala bond demonstrated long-

term investor confidence in India’s growth,” said Navtej Sarna, Indian High Commissioner to the United Kingdom. “Innovative financing mechanisms like IFC’s Masala program are critical to mobilize long-term funding for India’s infrastructure expansion.”

Debt issuance story

• Sole arranger: JP Morgan
• Proceeds of the bonds will be used to advance

private sector development in India.

• It marks the longest-dated offshore rupee bond to

be issued globally.

• The latest 15-year bonds mark the latest step in

IFC’s efforts to extend the yield curve and set a pricing benchmark for future issuances with similar maturities. IFC has previously issued Masala bonds in maturities of three, five, seven and ten years.

Using offshore rupee bond issuance to finance private sector development in India

Source: IFC press release, LSEG database, March 2016

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Company Details

Company International Finance Corporation (part of World Bank Group) Market Main Market Sector Supranational Rating AAA/Aaa

Transaction Details

Issue Date 10 Aug 2015 Issue Size INR 3.15bn Yield at issue 6.45% Maturity 5yr

Company profile

• IFC is one of the world’s largest financiers of

climate-smart projects for developing countries, investing about $11 billion in long-term financing

• ver the last decade for renewable power,

energy efficiency, sustainable agriculture, green buildings and private sector adaptation to climate change.

• “Addressing climate change is a priority for IFC in
• India. IFC’s green Masala bond demonstrates

the powerful role of capital markets in mobilizing savings for climate finance—and a listing in London allows us to attract the widest possible range of international investors. Adding the rupee as a new green bond currency also supports our goals to strengthen this important asset class.”

Debt issuance story

• Sole arranger: JP Morgan
• Proceeds from the offering used to finance a

green bond issued by Yes Bank, one of India’s largest commercial banks. Yes Bank invested the proceeds of its bond in renewable energy and energy efficiency projects, mainly in the solar and wind sectors.

• Under its $3 billion offshore rupee Masala bond

program, IFC has issued bonds worth over 103 billion rupees ($1.66 billion) in a range of tenors, building a triple-A yield curve and attracting new investors to the London offshore rupee market.

Using Green offshore rupee bond issuance to finance Indian infrastructure

Source: IFC press release, LSEG database, August 2015

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Company Details

Company International Finance Corporation (part of World Bank Group) Market Main Market Sector Supranational Rating AAA / Aaa

Transaction Details

Issue Date 18 Nov 2014 Issue Size INR 10 billion Yield at issue 6.3% Maturity 10 years

Company profile

• IFC, a member of the World Bank Group, was

established in 1956 and it’s owned 184 member

• countries. It finances and provides advice for private

sector ventures and projects in developing countries in partnership with local private entities

• IFC is the largest global development institution

focused exclusively on the private sector in developing countries.

• IFC’s mission is to allow companies and financial

institutions in emerging markets to create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities

Debt issuance story

• Sole arranger: JP Morgan
• The bonds were priced 200bps inside equivalent

bonds issued by the Indian Government

• The bonds’ principal amounts are linked to the

Indian rupee exchange rate. U.S. dollar proceeds from the bonds will be converted to rupees in the domestic spot exchange market.

• Vast majority of investors were European

insurance companies

• Proceeds from the offering used to support an

infrastructure bond issuance by Axis Bank

Source: IFC press release, LSEG database, November 2014

Using offshore rupee bond issuance to finance Indian infrastructure

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Active Masala Bonds

ISIN Issuer Name Coupon (%) Currency Amount Raised Issue Date Maturity Date

XS1486517367 Housing Development Finance Corporation Ltd 7 INR 15,000,000,000 09/09/2016 01/09/2020 XS1487470244 Province of British Columbia Canada 6.6 INR 5,000,000,000 09/09/2016 01/09/2020 XS1467374473 National Thermal Power Corporation 7.375 INR 20,000,000,000 10/08/2016 10/08/2021 XS1452352609 Housing Development Finance Corporation Ltd 7.875 INR 30,000,000,000 21/07/2016 21/08/2019 US45950VHT61 International Finance Corp 7.1 INR 2,000,000,000 21/03/2016 21/03/2031 XS1374467238 European Bank for Reconstruction & Development 6.4 INR 5,000,000,000 04/03/2016 04/03/2019 US45950VGQ32 International Finance Corp 6.45 INR 3,150,000,000 10/08/2015 10/08/2020 US45950VGD29 International Finance Corp 6.45 INR 18,000,000,000 30/04/2015 30/10/2018 XS1172671130 European Bank for Reconstruction & Development 5.1 INR 3,111,000,000 02/02/2015 02/02/2017 US45950VEM46 International Finance Corp 6.3 INR 10,000,000,000 17/11/2014 25/11/2024 XS1127911672 European Bank for Reconstruction & Development 5.625 INR 5,500,000,000 28/10/2014 15/03/2017 XS1111087224 European Bank for Reconstruction & Development 5.75 INR 3,000,000,000 19/09/2014 19/03/2018 XS1103713654 Inter-American Development Bank 6 INR 8,500,000,000 05/09/2014 05/09/2017 XS0299574953 Inter-American Development Bank 8.25 INR 1,500,000,000 15/05/2007 15/05/2017

Masala Bonds on London Stock Exchange

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Matured Masala Bonds

ISIN Issuer Name Coupon (%) Currency Amount Raised Issue Date Maturity Date

XS1246886128 European Bank for Reconstruction & Development 6.3 INR 1,900,000,000 24/06/2015 24/06/2016 XS1105873688 European Bank for Reconstruction & Development 6 INR 25,000,000,000 03/09/2014 03/03/2016 XS1101962618 Inter-American Development Bank 6.1 INR 4,000,000,000 02/09/2014 02/09/2016 XS1076809182 European Bank for Reconstruction & Development 6.2 INR 8,000,000,000 27/06/2014 27/06/2015 XS1029172605 European Bank for Reconstruction & Development 7.65 INR 10,350,000,000 18/02/2014 18/02/2015 XS1016451699 Inter-American Development Bank 7.125 INR 1,000,000,000 24/01/2014 24/07/2015 XS0991636233 European Bank for Reconstruction & Development 8 INR 2,250,000,000 12/11/2013 12/11/2014 XS0935943802 European Bank for Reconstruction & Development 5 INR 12,000,000,000 28/05/2013 28/05/2015 XS0878431492 European Bank for Reconstruction & Development 5.25 INR 8,750,000,000 07/02/2013 07/02/2014 XS0882569568 Inter-American Development Bank 5 INR 2,000,000,000 04/02/2013 24/07/2015 XS0842193475 Inter-American Development Bank 4.75 INR 1,040,000,000 25/10/2012 25/10/2015 XS0632507322 European Bank for Reconstruction & Development 5.25 INR 5,000,000,000 06/06/2011 06/06/2014 XS0616450127 European Bank for Reconstruction & Development 5.5 INR 2,000,000,000 19/04/2011 19/10/2012 XS0587410514 European Bank for Reconstruction & Development 5.25 INR 2,700,000,000 15/02/2011 15/08/2012 XS0589595700 Morgan Stanley 7 INR 70,000,000 11/02/2011 11/02/2014 XS0573957296 Inter-American Development Bank 4.75 INR 17,000,000,000 10/01/2011 10/01/2014 XS0495010562 Inter-American Development Bank 3 INR 2,000,000,000 25/03/2010 25/03/2014 XS0312041782 European Bank for Reconstruction & Development 7 INR 1,000,000,000 30/07/2007 30/07/2012 XS0294623482 Barclays Bank PLC

• INR

2,000,000,000 10/04/2007 17/01/2017

Masala Bonds on London Stock Exchange

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London Stock Exchange’s Fixed Income Team

Primary Markets Global Head of Fixed Income Pietro Poletto +39 02 7242 6243 Pietro.Poletto@borsaitaliana.it UK Head of Fixed Income Darko Hajdukovic +44 20 7797 3306 dhajdukovic@lseg.com Fixed Income Product Specialist Lillian Georgopoulou +44 20 7797 3482 egeorgopoulou@lseg.com Fixed Income Product Specialist Elena Chimonides +44 20 7797 1509 echimonides@lseg.com Secondary Markets Global Co-Heads of Equity, Funds, Fixed Income Pietro Poletto Brian Schwieger +39 02 7242 6243 +44 20 7797 3860 Pietro.Poletto@borsaitaliana.it BSchwieger@lseg.com

For further information refer to www.lseg.com

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Disclaimer

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