Investor Presentation September 2019 Presentation Outline Exim Key - - PowerPoint PPT Presentation

India’s National Export Credit Agency Investor Presentation

September 2019

Presentation Outline

Exim Key Credit Highlights The India Story The Exim Bank Story Appendix

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Exim Bank: Key Credit Highlights

 Set up under an Act of Parliament in 1981  100% owned by the Government of India (“GoI”)  Policy Bank for India’s Economic Diplomacy  International investment grade ratings at par with Sovereign  Policy Business Guaranteed / Insured by the Sovereign  Strong regulatory capital position  Exim Bank Bonds eligible for inclusion in EMBIG

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Exim Bank: Key Credit Highlights

India’s engine for growth of International Trade

India: Strong Macro backed by supportive policy Environment Board and Management Strength Exim: Proxy to Sovereign Financial Strength Policy Role at National Level

1 2 3 4 5

The India Story

India: Strong Macro backed by supportive Policy Environment

Resilient GDP Growth(1,2,3)

• World’s 7th largest economy based on nominal GDP in CY 2018.(2)
• Nominal GDP for CY 2018: ~US$ 2.7 tn.(2)
• World’s 3rd largest economy based on GDP measured in PPP terms in CY2018.(2)
• GDP in PPP terms for CY 2018: ~US$ 10.5 tn.(2)
• India is set to become the 5th largest economy based on nominal GDP by 2019.(2)
• Real GDP growth estimated at 5% in Q1 FY20(3); Full year growth projected at 6.9% in FY20. (4)
• India jumped up 23 notches to the 77th position from 100 during 2017-18 on the World Bank’s ‘Ease of Doing Business’ Index 2019.

Source: (1) Institute of International Finance (IIF); (2) IMF World Economic Outlook April 2019 & July 2019 Update. Data for CY; (3) Ministry of Statistics and Programme Implementation (MOSPI); (4) Reserve Bank of India (RBI); CY means calendar year ; FYxx means financial year ended March 31, 20xx.; E- IIF Estimates; P – IMF Projections

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18.2% 17.7% 17.9% 17.2% 16.1% 30.0% 30.0% 29.4% 29.3% 29.6% 51.8% 52.3% 52.7% 53.5% 54.3% 2043 2148 2287 2626 2779 7.4% 8.0% 8.2% 7.2% 6.8%

FY 15 FY 16 FY 17 FY 18 FY 19E (US$ bn)

Agriculture (%) Industry (%) Services (%) Real GDP Growth (%) 7.2% 6.8% 7.0% 7.2% 6.8% 6.6% 6.2% 6.0% 2.2% 2.9% 2.6% 1.9% 3.8% 3.6% 3.2% 3.5% CY 2017 CY 2018 CY 2019 P CY 2020 P India China United States World

Indian Economy: Key Economic Indicators

Banking Sector Statistics(2)

Key Parameters FY17 FY18 FY19 Change Gross Domestic Saving (% of GDP) (3) 30.3 30.5

• Gross Domestic Investment (% of GDP) (3)

30.9 32.3

• Gross Fixed Capital Formation (% of GDP) (3)

28.2 28.6 29.3 70 bps Fiscal Deficit (% of GDP) (3) 3.5 3.5 3.4 (10 bps) Revenue Deficit (% of GDP) (3) 2.1 2.6 2.2 (40 bps) FDI Inflows (US$ bn) (2) 60.2 61.0 64.4 5.60% Exchange Rate (INR/US$, avg.) (2) 67.1 64.5 67.1 4.10%

Source: (1) Institute of International Finance (IIF) Database; (2) Reserve Bank of India, Press Releases and Online Database (accessed online on 10/09/2019); (3) Central Statistics Office; E- IIF Estimates; * Annual Average CPI inflation with base year 2012=100

Key Parameters FY17 FY18 FY19 Change Credit Deposit Ratio 73.0 74.2 78.2 400 bps Banking Sector CRAR 13.7 13.8 14.3 50 bps Banking Sector NPAs 8.6 11.2 9.1 (210 bps) Provision Coverage Ratio 43.5 48.3 60.9 1260 bps NBFC CRAR 22.1 22.8 19.3 (350 bps) NBFC NPAs 6.1 5.8 6.6 80 bps 51.4 51.5 49.6 49.1 48.2 15.2 17.1 15.6 19.8 20.1 66.6 68.6 65.2 68.9 68.3

FY 15 FY 16 FY 17 FY 18 FY 19E

Centre State

Key Macroeconomic Metrices General Government Debt (% of GDP) (1) Inflation/ Policy Rates (2)* 7

Source: (1) MOCI; (2) Balance of Payment Statistics, RBI; CAD – Current Account Deficit

Composition of CAD(2)

46 40 44 37 29 28 25 27 53 Exports 141 65 48 55 46 34 32 20 73 Imports Petroleum Products Gems & Jewellery Chemicals Electronics Items Machinery Ores & Minerals Base Metals Transport Equipment Others

Agri & Allied Products Textiles

Sound External Sector

Trade Trends(1)(2)

US$ 330 bn US$ 513 bn

US$ 208 bn US$ 126 bn

7 22 21 3 40 33 Imports Telecom, computer & information services Travel Transport Financial services Other Business services Others

Merchandise Trade Pattern in FY 19(1)

80 28 17 5 19 46 Exports

Services Trade Pattern in FY19(2)

• 14.4
• 48.7
• 57.2
• 0.6%
• 1.9%
• 2.1%

FY17 FY18 FY19 (US$ bn)

Trade Deficit Services Surplus Primary Income Secondary Income Current Account Deficit CAD (% of GDP)

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439 499 538 136 480 584 639 163 163 195 208 81 96 118 126 127

FY17 FY18 FY19 FY 20 (Apr-Jun) (US$ bn)

Services Exports Services Imports Merchandise Exports Merchandise Imports 276 384 466 330 304 513 55 36

Sound External Sector

Major Trading Partners(1) India’s Export Markets(1) India’s Import Sources (1)

Note: Data for North America does not include Mexico; Mexico has been included in Latin America; the above charts represent India’s merchandise trade for FY 2019 Source: (1) MOCI

Regional Trade Direction(1)

Asia 49% Europe 20% North America 17% Africa 9% Latin America 4% CIS, Baltics & Others 2% Exports Asia 62% Europe 15% North America 8% Africa 8% Latin America 5% CIS, Baltics & Others 2% Imports 88 87 60 34 31 28 24 24 21 21 19 18 17 17 17 17

• 54

0.3

• 23
• 5
• 5
• 21
• 6
• 12
• 11
• 17
• 8
• 4
• 4
• 10

(US$ bn) Total Trade Trade Balance

China USA UAE Iraq Singapore Hong Kong Saudi Arabia Germany Iran Belgium Malaysia Japan Switzerland Indonesia

• Rep. of Korea

2% 3% 3% 3% 3% 4% 4% 5% 9% 16% Nepal Netherlands Germany Bangladesh UK Singapore Hong Kong China UAE USA 3% 3% 3% 4% 4% 4% 6% 6% 7% 14% Indonesia Singapore

• Rep. of Korea

Hong Kong Switzerland Iraq Saudi Arabia UAE USA China

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External Debt vis-à-vis External Reserves

(1) ‘Volatile Capital Flows’ is defined to include cumulative portfolio inflows and short-term debt (RBI). For FY19, Volatile Capital Flow ratio pertains to end-Dec’18; (2) Volatile Capital Flows to Reserves ratio peaked at 97.4% in September 2013; (3) Source: RBI/Ministry of Finance, Government of India; * Short-term debt with residual maturity

External Debt 543.0 External Reserves 412.9 External Debt External Reserves

(US$ bn)

As on Mar 2019 As on Mar 2019 Analysis of External Debt vs External Reserves

38% 24% 20% 11% 5% 2% Commercial Borrowings Short Term Non Resident Multilateral Bilateral Trade Credit

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93% 6% 1%

FC Assets Gold SDRs / Reserve Tranche

Key Highlights of the Union Budget 2019-20

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• India GDP growth targeted to move from US$ 2.7 trillion to US$ 5 trillion

‒ In terms of PPP, India is currently 3rd largest economy, next to China and the USA ‒ Specific focus on building infrastructure, Make in India, Digitized Economy and resource management

Rising to US$ 5 trillion Economy

• India to continue on path of fiscal discipline with focused reduction of Fiscal Deficit

‒

Fiscal Deficit is targeted at 3.3% of GDP, lower than the revised estimate of 3.4% in FY 2018-19

‒

Financial reform, proposed disinvestment and structural reforms to assist in achieving lower fiscal deficit

‒

Debt to GDP ratio to be brought down to 40% by 2024-25. India’s Debt to GDP ratio was at 47.8% in 2018-19

Fiscal Discipline

• Recapitalization of INR 700 billion for Public Sector Banks (PSBs) to help bolster the capital base
• Credit Guarantee Enhancement Corporation to be setup in FY20 to free up bank lending to Infrastructure sector
• Partial credit guarantees to PSBs that buy highly rated pooled assets from financially sound NBFCs. Higher regulatory powers to RBI
• ver NBFCs and HFCs to be regulated by RBI
• Statutory limit for FPI investment in a company increased from 24% to sectoral foreign investment limit with option given to the

concerned corporates to limit it to a lower threshold.

• FPIs will be permitted to subscribe to listed debt securities issued by ReITs and InvITs
• Proposal to Issue Sovereign Bonds in International Debt Capital Markets

Promoting Financial Sector

Key Highlights of the Union Budget 2019-20

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• 1.25 lakh km roads will be upgraded at a cost of INR 80,250 crores over the next five years under the Pradhan Mantri Gram Sadak

Yojana (PMGSY-III)

• Rivers to be used for inland cargo transportation with cargo volume in the Ganga to be increased four times, thus decongesting

roads and railways

• PPP proposed to unleash faster development and completion of tracks, rolling stock manufacturing and passenger freight services

for railways to meet the investment requirement of INR 50 lakh crores between 2018-2030

Infrastructure Agriculture, Rural Development & Unorganised Sector

• Pradhan Mantri Matsaya Sampada Yojana (PMMSY)- Establish robust fisheries management framework addressing critical gaps

in the value chain

• Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship’ (ASPIRE) to set up 80 Livelihood Business Incubators

(LBIs) and 20 Technology Business Incubators (TBIs) in 2019-20 to develop 75,000 skilled entrepreneurs in agro-rural industry sectors

• 10,000 new Farmer Producer Organizations to be formed to ensure economies of scale for farmers over the next five years
• Initiatives towards zero budget farming
• Increased focus on Divestment of GoI stake in non-financial Public Sector Undertakings

‒ Divestment target of INR 1.05 trillion for FY20 ‒ GoI to offer more Central Public Sector Enterprises (CPSEs) for strategic participation by the private sector

• Minimum public shareholding in listed companies to be increased from 25% to 35% for higher capital markets efficiency

Divestment & Deepening Markets

The Exim Bank Story

Exim Bank: India’s Export Credit Agency

Genesis Vision 14 “To develop commercially viable relationships with a target set of externally oriented companies by offering them a comprehensive range of products and services, aimed at enhancing their internationalisation efforts” Set up under an Act of Parliament in 1981 by the Government of India “for providing financial assistance to exporters and importers, and for functioning as the principal financial institution for coordinating the working of institutions engaged in financing export and import of goods and services with a view to promoting the country’s international trade…” “… shall act on business principles with due regard to public interest” Objectives



An instrument of Government policy as India’s official Export Credit Agency.



100% owned by Government of India



Cannot be liquidated without GoI approval

• A track record of GoI capital infusion



Proxy to the India Sovereign in international debt markets.



Board of Directors are appointed by GoI

• Comprises top officials from key GoI ministries (Finance, Commerce and

Industry and External Affairs) and Reserve Bank of India.



GoI Backstop – Policy Business guaranteed/ insured by the Sovereign



Exim Bank Bonds eligible for inclusion in EMBIG

Exim Bank: Proxy to Sovereign

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Policy Bank 100%

• wned by

GoI Proxy to India Sovereign in International Debt Markets Directors Appointed by GoI GoI Backstop: Policy Business Strong Government Support

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Exim Bank: Capital Infusion / Proxy to Sovereign

Budget allocation of INR 15 bn from GoI for FY 2020 (INR 9.5 bn by way of capital infusion and INR 5.5 bn through Recap Bonds). Out of INR 9.5 billion, INR 8 billion received on July 05, 2019 and INR 1.5 billion received on August 30, 2019.

Exim’s credit rating has been on par with India sovereign rating since its establishment International Rating is Baa2 (Stable) International Rating is BBB- (Stable) International Rating is BBB- (Stable) Domestic Rating is AAA (Stable) Domestic Rating is AAA (Stable) Domestic Rating is AAA (Stable) International Rating is BBB+ (Stable)

Government Capital Infusion

Exim Bank’s Line of Business

Export Finance Lines of Credit / CFS Buyer’s Credit – NEIA Pre-Shipment Credit Post-Shipment Credit Guarantees and L/Cs Export Capability Creation Term Loans Working Capital Export Product Development Export Facilitation

Overseas Investment Finance

Import Finance Guarantees and L/Cs

[1]: As on June 30, 2019; [2] Excluding India; [3] Exposures value of less than 1% are excluded INR 1034 bn INR 152 bn

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Loan Portfolio [1][3] Non-Funded Portfolio [1] Risk Exposure [1] Country Exposure[1][2][3]

Sub-Saharan Africa 41.48% South Asia 34.61% SEA FE & PAC 6.84% North Africa 6.26% Europe 3.25% Americas 3.97% West Asia 3.49% Export Finance 59.16% Term Loan to Exporters 21.36% Overseas Investment Finance 12.81% Import Finance 4.34% Export Facilitation 2.29% Performance Guarantee 40.84% Advance Payment Gurantee 35.31% Retention Money Guarantee 2.06% Financial Guarantee 13.56% Letters of Credit 7.34% Bid Bond Guarantee 0.89%

GOI Risk 48% Corporate Risk (Secured) 39% Bank Risk/ Corporate Risk (Unsecured) 13%

81% 76% 88% 87% 19% 24% 12% 13% FY 17 FY 18 FY 19 3MFY20

Medium/Long Term Loans Short Term Loans

86% 82% 94% 92% 14% 18% 6% 8% FY 17 FY 18 FY 19 3MFY20

Direct Refinance

33% 31% 24% 26% 67% 69% 76% 74% FY 17 FY 18 FY 19 3MFY20

Rupee Foreign Currency

Exim Bank- Line of Business

Above data as on June 30, 2019;

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34% 36% 47% 48% 66% 64% 53% 52% FY 17 FY 18 FY 19 3MFY20

Policy Business Commercial Business

Asset Quality

Non Performing Assets(2)(3)

% of Total Loan outstanding NPAs as % of Total GNPAs A

Note: [1] Excludes advances under Lines of Credit, Buyer’s Credit under NEIA and staff loans which cannot be classified under any particular sector; [2] As on June 30, 2019; [3] Others includes industries with exposure less than 1% of the Gross Loan Outstanding. * PCR: Provision Coverage Ratio & AUCA: Advance Under Collection Accounts

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Current credit watchlist of INR 19.12 bn including IL&FS Group (INR 2.96 bn) Gross Loans outstanding by Major Industries(1)(2)(3)

9.03% 4.98% 3.85% 4.00% 3.53% 2.70% 2.16% 2.01% 1.54% 1.56% 1.53% 1.42% 1.41% 1.12% 1.00% 10.16% 0.00% 8.85% 5.76% 24.20% 1.87% 2.72% 0.00% 3.99% 1.00% 0.00% 7.33% 12.72% 8.07% 2.32% 0.44% 20.74%

Bank & FIs Ferrous Metal & Processing Textiles and Garments Oil and Gas Chemicals and Dyes Drugs & Pharma Petroleum Products Petrochemicals Renewable energy Shipping Services Mining and Minerals Ship building EPC Services Agro & Food Processing Auto & Auto Components Others Standard Gross NPL

9.24% 10.37% 11.34% 11.19%

4.68% 3.75% 2.44% 2.29% 52% 66% 80% 81% 55% 71% 85% 86%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00%

FY 17 FY 18 FY 19 3MFY20 Gross NPA Net NPA PCR Net of AUCA* PCR including AUCA*

Insolvency and Bankruptcy Code: Faster NPA resolution

A

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Outstanding Provision (%) Net Book Value Expected Recovery (A) Exim Loans admitted/ referred 56.76 83% 9.79 15.98 (B) Guarantors for Exim Loans[2] 33.61 89% 3.68 6.90 Total 90.37 85% 13.47 22.88 Lending Programme % of Total NPAs % of Bank’s Exposure Overseas Investment Finance 43.32 4.85 Term Loan to Exporters * 25.02 2.80 Export Finance ** 20.18 2.26 Import Finance 11.45 1.28 Export Facilitation 0.03 0.00 Total 100 11.19

Note: # National Company Law Tribunal [1] As on June 30, 2019; [2] Corporate under NCLT which are Guarantor to the Loans extended by Exim Bank. * includes Export Oriented Units (EOUs), ** includes Buyers Credit, Deemed exports, EPCDF and PPSC etc.

Exim’s Loan Accounts under Exposure to NCLT #(1)

Non Performing Assets(1)

Exim Bank-Financial Highlights

[1] Includes loans and advances to industrial concerns, scheduled banks, foreign governments and other financial institutions and bills of exchange and promissory notes discounted / rediscounted. Amounts stated are net

• f provisions for non-performing assets (NPAs).

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Capital Strength Profitability Total Assets, Loans and Advances(1) Solvency Ratio

14.29% 8.82% 17.71% 18.10% 1.52% 1.53% 1.36% 1.52% 15.81% 10.35% 19.07% 19.62% FY17 FY18 FY19 3MFY20 Tier I (%) Tier II (%) CAR (%) 2.50 2.38 6.41 6.81 FY17 FY18 FY19 3MFY20 1,172 1,235 1,146 1,171 1,026 1,075 936 940

34% 36% 47% 48%

FY17 FY18 FY19 3MFY 20 (INR bn)

Total Assets Policy Business (Loans and Advances)

Commercial Business (Loans and Advances)

66% 64% 53% 52% 24.81 19.31 20.68 5.83 19.39 16.52 19.70 5.56 21.68 61.61 18.81 4.10 0.41 (29.24) 0.82 0.63 1.70 1.31 1.56 1.84 FY17 FY18 FY19 3MFY20 Operating Profit (INR bn) Net Interest Income (INR bn) Provisions (INR bn) Net Profit (INR bn) NIM (%)

Asset Liability Management

A

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Fully hedged position on currency and basis risk. Both Assets and Liabilities on floating LIBOR basis. Exim Bank’s quasi sovereign status enables issuance at benchmark rates. Debut 10 year 144A issuance in July 2016 and the second 10 year 144A issuance in January 2018 for USD 1 bn each under GMTN Program. Regular issuer in the International debt markets with 26 issuances since 2004 under the MTN including 4 Uridashi and 2 144A issuances. 5 Samurai issuances

since February 2006 including the latest issued in 2 tranches in September 2019.

Issuances across currencies including USD, AUD, CHF, CNY, JPY, MXN, SGD, TRY and ZAR

[1) As on June 30, 2019

Foreign Currency Asset Liability Gaps[1] Total Resources/ Loans[1]

FC Resources 71% Rupee Resources 16% Capital & Reserves 13% FC Loans 74% Rupee Loans 26% 239 239 212 178 278 222 260 282 58 238 <= 1 yr 1-3 yr 3-5 yr 5-7 yr >7 yr Maturing Assets (Equ. INR bn) Maturing Liabilities (Equ. INR bn)

Exim Bank - Board of Directors

A

Directors representing Ministries of Finance, Commerce and External Affairs Directors representing major Indian Public Sector Banks Director representing regulator - RBI Director representing India’s Export Credit Insurance Company Whole Time Directors

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Bidyut Behari Swain Additional Secretary, Department of Commerce, Ministry of Commerce and Industry Pankaj Jain Additional Secretary, Department of Financial Services, Ministry of Finance Rajnish Kumar Chairman, State Bank of India Rakesh Sharma Managing Director and CEO, IDBI Bank Rajkiran Rai G. Managing Director and CEO, Union Bank of India T.S. Tirumurti Secretary (Economic Relations), Ministry of External Affairs Kalyanaraman Rajaraman Additional Secretary (Investment), Department of Economic Affairs, Ministry

• f Finance

Michael Debabrata Patra Executive Director, Reserve Bank of India Geetha Muralidhar Chairman-cum- Managing Director, ECGC Ltd. David Rasquinha Managing Director

Exim Bank – Institutionalised Risk Management Culture

A

 Officer of the rank of General Manager designated as Chief Risk Officer for credit, market and operational risks.  Tasked with risk management of the Bank’s business processes and driving the Bank’s risk management strategy.

Risk Management Group

 Chaired by Deputy Managing Director and comprises Group Heads and senior officers of Business Groups, Treasury and Accounts Group, and the

Chief Risk Officer.

 Addresses issues of asset-liability management, interest rate and exchange rate risks, liquidity risk, etc.  Chaired by Deputy Managing Director and comprises Group Heads and senior officers of Business Groups, Treasury and Accounts Group, and the

Chief Risk Officer.

 Addresses rating and pricing standards, prudential limits on various exposure categories (country, sector, single and group borrower and unsecured

exposures, program-wise exposures etc.), sector-wise outlook, etc.

 Chaired by Deputy Managing Director and comprises senior executives who do not have direct line responsibilities and the Chief Risk Officer.  Reviews the Bank’s risk overall profile, risk concentrations, operational risk, compliance with prudential limits and overseeing the operations of

CRMC and ALCO.

 Reviews the Bank’s risk management policies, investment policies and strategy, and regulatory and compliance issues in relation thereto.  Chaired by Deputy Managing Director and comprises of directors appointed on to the Board by the respective institutions (IDBI, ECGC) and the

Central Government and the Chief Risk Officer as a permanent invitee.

 Responsible for implementing the Integrated Risk Management Policy of the Bank, monitoring adherence to various regulatory and internal risk

limits developing policies and procedures for integration of various risks at the Bank level, and review of all policies related to the Bank’s business. Asset-Liability Management Committee (ALCO) Credit Risk Management Committee (CRMC) Integrated Risk Management Committee Risk Management Committee (RMC)

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Appendix

Financial Highlights

Figures in INR mn FY17 FY18 FY19 3MFY20 Cash and Bank Balance 36,909 28,155 42,120 56,734 Investments 51,029 56,969 93,274 93,817 Loans and Advances(1) 1,026,410 1,075,321 936,171 939,581 Fixed Assets 1,298 1,259 2,277 2,241 Other Assets 56,427 73,486 72,412 78,460 Total Assets 1,172,074 1,235,190 1,146,254 1,170,833 Paid up Capital & Reserves(2) 120,239 96,002 146,736 146,736 Deposits 3,726 2,861 2,528 2,377 Notes, Bonds and Debentures 806,930 865,817 779,196 805,746 Borrowings 150,073 172,973 141,318 133,135 Profit and Loss Account 41

• 82

629 Other Liabilities & Provisions 91,065 97,537 76,394 82,210 Total Liabilities 1,172,074 1,235,190 1,146,254 1,170,833

Note: (1) Includes loans and advances to industrial concerns, scheduled banks, foreign governments and other financial institutions and bills of exchange and promissory notes discounted /

• rediscounted. Amounts stated are net of provisions for non-performing assets (NPAs). ; (2) Includes paid-up capital and reserves.

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Balance Sheet

Financial Highlights

Figures in INR mn FY17 FY18 FY19 3MFY20

Interest Earned 84,411 82,384 87,266 21,343 Interest Expended 65,022 65,863 67,567 15,782 Net Interest Income 19,389 16,521 19,699 5,561 Non-Interest Income 7,942 5,399 3,700 896 Non-Interest Expense 2,525 2,608 2,718 629 Net Non-Interest Income 5,417 2,791 982 267 Operating Profit 24,806 19,312 20,681 5,828 Provisions and Contingencies 21,680 61,610 18,806 4,104 Profit / (Loss) Before Tax (PBT) 3,126 (42,298) 1,875 1,724 Tax (Net of Deferred Tax) 2,714 (13,061) 1,058 1,095 Profit / (Loss) after Tax (PAT) 412 (29,237) 817 629

27

Profit and Loss Summary

Financial Highlights

FY17 FY18 FY19 3MFY20 Net Interest Margin 1.70% 1.31% 1.56% 1.84% Gross NPA 9.24% 10.37% 11.34% 11.19% Net NPA 4.68% 3.75% 2.44% 2.29% ROAA 0.04%

• ve

0.07% 0.22% ROAE 0.62%

• ve

1.04% 2.76% CRAR 15.81% 10.35% 19.07% 19.62% Core CRAR 14.29% 8.82% 17.71% 18.10% Slippage Ratio 7.02% 4.18% 2.74% 1.16% Credit Cost 2.06% 5.52% 1.72% 1.59% 28

Key Ratios

A

Issuances in International Debt Markets

29

Upto March 2009 FY 2009-10 FY 2010-11 FY 2011-12 FY 2013-14 FY 2015-16 FY 2017-18 FY 2012-13 FY 2014-15 FY 2016-17 FY 2018-19

• USD 250 mn Reg-S
• JPY 5.55 bn Reg-S
• JPY 23 bn Samurai
• JPY 26 bn Samurai
• USD 50 mn Reg-S
• JPY 24 bn Reg - S
• USD 200 mn Reg-S
• JPY 15 bn Reg-S
• JPY 20 bn Samurai
• USD 110 mn Reg-S
• AUD 39 mn + JPY

2.90 bn + ZAR 370 mn Reg-s (Uridashi)

• USD 500 mn Reg-S
• SGD 250 mn Reg-S
• USD 750 mn Reg-S
• USD 500 mn Reg-S
• JPY 20 bn Samurai
• USD 500 mn Reg-S
• USD 1 bn 144A /

Reg-S

• USD 500 mn Reg-S

Samurai Issuance Uridashi Issuance 144A Issuance

• USD 150 mn Reg-S
• USD 300 mn Reg-S
• CHF 190 mn Reg-S
• AUD 200 mn Reg-S
• JPY 11.27 bn +

MXN 286.10 mn + TRY 59.60 mn Reg- S (Uridashi)

• JPY 15 bn Reg-S

(Uridashi)

• USD 500 mn Reg-S
• CNY 300 mn Reg-S
• CNY 300 mn Reg-S
• AUD 164.50 mn +

USD 42.80 mn Reg-S (Uridashi)

• USD 500 mn Reg-S
• USD 400 mn Reg-S

(Formosa)

• USD 1 bn 144A /

Reg-S

• JPY 32 bn Samurai

FY 2019-20

PARTNERING GROWTH. GLOBALISING INDIA.