Housing Loans In India

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JMFL Home Loans is engaged in the business of providing home loans tailor-made for your every need. Our Goal is to help you acquire your dream home, your own little piece of heaven. We cater even to those home buyers who lack income proofs and also to those who need small home loans. We leverage our superior technological capabilities and our wealth of experience and rich expertise to provide a diverse range of highly customised products and services to home-buyers. https://www.jmfl.com/what-we-do/fund-based-activities/home-loans

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JM Financial Products Limited Public Issue of Secured Rated Listed Redeemable Non-Convertible Debentures Secured NCDs April 2019

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Disclaimer 2 JM Financial Products Limited is subject to market conditions and other considerations proposing a public issue by way of Tranche I Issue of Secured Rated Listed Redeemable Non-convertible Debentures “ S ecu r ed N C D s ” ” of face value of Rs. 1000 each "Tranche I Issue" and has filed the Shelf Prospectus dated April 11 2019 and Tranche I Prospectus dated April 11 2019 with the Registrar of Companies Maharashtra Mumbai BSE Limited and SEBI for record purposes. The Shelf Prospectus and the Tranche I Prospectus constitutes the Prospectus. The Shelf Prospectus dated April 11 2019 and Tranche I Prospectus dated April 11 2019 are available on our website at www.jmfinancialproducts.com on the website of the stock exchange at www.bseindia.com and on the respective websites of the lead managers at www.akgroup.co.in www.jmfl.com and www.trustgroup.in. Investors should note that investment in Secured NCDs involves a high degree of risk and investors proposing to participate in the Tranche I Issue should invest only on the basis of information contained in the Shelf Prospectus dated April 11 2019 and Tranche I Prospectus dated April 11 2019 including the section “ R i sk Fa ct ors” beginning on page 12 of the Shelf Prospectus and section “ M ater i al D eve l op m en t s” beginning on page 24 of the Tranche I Prospectus. The reformatted summary financial statements for Fiscal 2014 2015 2016 2017 and 2018 have been prepared in accordance with the Indian GAAP and the unaudited interim financial information for the nine months period ended December 31 2018 is prepared in accordance with the IND AS on account of change in applicable law. Due to the transition from Indian GAAP to Ind AS from April 01 2018 figures prior to March 31 2018 are not comparable with the figures post April 01 2018. Similarly the figures in the reformatted summary financial statements upto March 31 2018 due to implementation of the Ind AS are not comparable with the figures post April 01 2018. It is to be distinctly understood that the permission given by BSE should not in any way be deemed or construed that the Prospectus has been cleared or approved by BSE nor does it certify the correctness or completeness of any of the contents of the Prospectus. The investors are advised to refer to the Prospectus for the full text of the Disclaimer Clause of the BSE.

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Presentation Overview Issue Highlights and Structure 1 Business Overview 2 Strengths and Strategy 3 Annexure 4

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Issue Highlights and Structure 1

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Key Highlights of the Tranche I Issue 5 Notes: 1. For 60 Months – monthly series V . 2. The Tranche I Issue shall remain open for subscription on Working Days from 10:00 a.m. to 5:00 p.m. during the period indicated above except that the Tranche I Issue may close on such earlier date or extended date as may be decided by the Board of Directors of our Company "Board" or the NCD Public Issue Committee. In the event of such an early closure or extension of the Tranche I Issue our Company shall ensure that notice of such early closure or extension is given to the prospective investors through an advertisement in a national daily newspaper with wide circulation on or before such earlier date or extended date of closure. 3. As per the SEBI circular dated October 29 2013 the allotment in the Issue should be made on the basis of date of upload of each application into the electronic book of the Stock Exchange. However on the date of oversubscription the allotments should be made to the applicants on proportionate basis Base Issue size of Rs. 200 Crore with an option to retain oversubscription upto Rs. 800 Crore Issue size of upto Rs.1000 Crore Interest options: Monthly Annual and Cumulative Tenure: 24 36 and 60 Months Rated CRISIL AA/ Stable by CRISIL and ICRA AA/ Stable by ICRA Issue Dates : April 22 2019 – May 21 2019 With an option of early closure 2 Designated Stock Exchange : BSE Allotment on First Come First Serve Basis 3 Effective yield of up to 10.51 p.a. 1

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Tranche I Issue Details 6 Issue Price and Face Value Rs / NCD Rs. 1000 Minimum Application Rs. 10000 10 NCDs collectively across all series and in multiples of Rs. 1000 1 NCD thereafter across all series. Application only through ASBA route Allocation Ratio Institutional: 10 Non-Institutional: 10 HNI: 40 Retail Individual: 40 Series I II III IV V VI Tenor months 24 months 24 months 36 months 36 months 60 months 60 months Frequency of Interest Payment Annual Cumulative Annual Cumulative Monthly Annual Coupon Rate p.a. 9.90 N.A 10.20 N.A 10.04 10.50 Effective Yield p.a. 9.89 9.90 10.19 10.20 10.51 10.49 Redemption Amt. Rs / NCD 1000.00 1208.11 1000.00 1338.63 1000.00 1000.00 Call anytime after the months to expire from the Deemed Date of Allotment 1 N.A N.A 24 months 24 months 36 months 36 months Issuance Compulsory Demat Allotment 2 First Come First Serve Basis Lead Managers to the Issue 3 Lead Brokers to the Issue JM Financial Services Limited A. K. Stockmart Private Limited Trust Financial Consultancy Services Private Limited Trust Securities Services Private Limited HDFC Securities Limited ICICI Securities Limited Axis Capital Limited IIFL Securities Limited Integrated Enterprises India Private Limited Karvy Stock Broking Limited SMC Global Securities Limited Kotak Securities Limited Edelweiss Securities Limited Tipsons Stock Brokers Limited Notes : 1. Call may be applicable in Series III and IV anytime after 24 months from Deemed Date of Allotment and in Series V and VI anytime after 36 months from Deemed Date of Allotment. Redemption Date in such case shall be the date of exercise of Call. The Call price for Series III V and VI shall be the Face Value and interest due thereon and in case of Series IV Call price will be the Face Value per Secured NCD plus the effective yield computed at 10.20 p.a. from the Deemed Date of Allotment upto one day prior to the date of exercise of the Call. 2. As per the SEBI circular dated October 29 2013 the allotment in the Issue should be made on the basis of date of upload of each application into the electronic book of the Stock Exchange. However on the date of oversubscription the allotments should be made to the applicants on proportionate basis. 3. In compliance with the proviso to Regulation 21A1 of the Securities and Exchange Board of India Merchant Bankers Regulations 1992 as amended read with proviso to Regulation 53 of the SEBI ICDR Regulations JM Financial Limited will be involved only in marketing of the Issue 4. Company shall allocate and allot Series I Secured NCDs wherein the Applicants have not indicated their choice of the relevant Secured NCD Series

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Business Overview 2

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Overview 8 JM Financial Products Limited overview • Part of the JM Financial Group • Four verticals to suit the needs of corporates SMEs and individuals – FID – Structured financing – FID – Real Estate financing – Capital market financing – SME financing JM Financial Products Limited NBFC 99.35 FY18 Financial Profile 1 Strong Financial Profile Revenue Rs. 907.9 Crore PAT Rs. 212.9 Crore Networth 2 Rs. 1496.3 Crore • Ventured into real estate broking business under the brand name “Dwello” Loan book 3 Rs. 6693.4 Crore GNPA 3 NNPA 3 0.3 0.2 Debt / Equity 3 3.9 CRAR 3 19.9 ROE 4 ROA 4 13.9 2.7 JM Financial Home Loans Limited JMFHL 99.0 • Provides home loans to retail customers with a focus on affordable housing segment through subsidiary JMFHL registered with National Housing Bank Notes 1. As of FY18 based on IGAAP 2. Including minority interests 3. As of December 31 2018 4. RoE and RoA are annualized 9M FY19 PAT Rs.158.5 Crore 9M FY19 Networth Rs.1565.3 Crore 9M FY19 Dec 2018

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Key Businesses 9 Key Businesses  Structured Lending  Promoter Financing  Acquisition Financing  Mezzanine Financing  Debt Syndication Rs. 3023.4 Crore  Loan against Land  Loan against projects at early stage  Project Funding  Loan against ready residential/ Commercial Property  Loan against shares Rs. 2144.0 Crore  Loan against securities  Margin Trade financing  Arbitrage  Buy now sell later  ESOP Financing  Personal Loans  Broker Financing  Pubic Offer Financing Rs. 1199.5 Crore  Institutional Finance Project Finance and Working Capital Finance  LAP  Education Institutional Lending Rs. 326.5 Crore FID Structured Financing FID Real Estate Financing Capital Market Financing SME Financing Dwello  Real Estate Broking Business NA JM Financial Home Loans Limited JMFHL  Entered in the housing finance business through JMFHL subsidiary  Focus of housing finance business would be to provide home loans to retail customer with a focus on affordable housing segment Rs. 130 Crore Loan Book is as of Dec 2018

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Strengths and Strategy 3

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Key Strengths 11 Diversified product mix strong brand and well positioned to benefit from industry trends  Robust track record of growth and profitability  Long standing partnership with clients  Experienced senior management team  Diversified funding sources and strong credit profile  Robust lending book profile reflected in growth asset quality and returns  JM Financial Products Limited

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Diversified Loan Book 12 Segment wise split of loan book – December 31 2018 1 FID structured financing 45 FID real estate financing 32 Capital market financing 18 SME lending 5  FID Structured Financing – wholesale finance to corporates  FID Real Estate Financing – real estate segment  Capital market financing – capital market segment  SME Lending Note 1. Does not include loan book of JM Financial Home Loans Limited of Rs.130 crore as of December 2018

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Loan Book Rs. Crore Robust lending book profile reflected in growth asset quality and returns 13 Asset Quality Gross and Net NPA 0.6 0.1 0.3 0.3 0.4 0.0 0.2 0.2 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 FY16 FY17 FY18 9MFY19 Gross NPA Net NPA 3143 5499 6582 6693 3000 4000 5000 6000 7000 FY16 FY17 FY18 Dec-18 Note 1. Yields cost of borrowing and NIM for 9MFY19 are on an annualized basis Yields and Margins 1 Yields Cost of Borrowing Net Interest Margin 13.6 13.1 12.1 12.3 9.5 9.1 8.4 8.8 6.0 5.8 4.8 4.6 0 5 10 15 20 FY16 FY17 FY18 9MFY19 Yields Cost of Borrowing NIM Capital Adequacy Ratio 30.6 21.1 21.7 19.9 29.9 20.6 21.3 19.3 0 10 20 30 40 FY16 FY17 FY18 9MFY19 CRAR Tier I

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Robust track record of growth and profitability 14 PAT 1 Rs Crore Return Ratios 2 Leverage Analysis 1 Rs Crore 167 197 213 149 159 100 150 200 250 FY16 FY17 FY18 9MFY18 9MFY19 2970 4509 5534 6079 1206 1343 1496 1565 2.5 3.4 3.7 3.9 0.0 0.7 1.4 2.1 2.8 3.5 4.2 0 2000 4000 6000 8000 FY16 FY17 FY18 9MFY19 Borrowing Networth D / E 3.8 3.8 3.2 2.7 14.5 15.5 15.0 13.9 0 5 10 15 20 FY16 FY17 FY18 9MFY19 ROA ROE Notes 1. Financial information upto FY18 is based on IGAAP. INDAS numbers are not audited for 9MFY19 and 9MFY18 2. Ratios for 9MFY19 are on an annualized basis Total Revenue 1 Rs Crore 559 706 908 667 730 500 600 700 800 900 1000 FY16 FY17 FY18 9MFY18 9MFY19

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Diversified funding sources and strong credit profile 15 Borrowings – Dec 31 2018 Total: Rs 6078.6 Crore Note 1. Financial and operating information upto FY18 is based on IGAAP. INDAS numbers are not audited for 9MFY19 Borrowings – March 2015 Term Loans 2.0 NCDs 10.6 CBLO 8.3 Cash credit bank OD 0.1 Commercial Papers 76.7 Inter corporate Deposits 2.3 Total: Rs 3303.2 Crore Long Term: 12.6 Short Term: 87.4 Term Loans 16.2 NCDs 41.2 Cash credit bank OD 3.3 Commercial Papers 38.9 Inter corporate Deposits 0.4 Long Term: 57.4 Short Term: 42.6 Credit Rating Profile Agency Instrument Rating ICRA Long term Market Linked Debentures Principal Protected PP-MLD ICRA AA Stable Long -term Bank Lines ICRA AA Stable Commercial Paper CP Programme ICRA A1+ Non – convertible debentures ICRA AA /Stable CRISIL Total Bank Loan Facilities CRISIL AA / Stable Non – convertible debentures CRISIL AA / Stable Commercial Paper CRISIL A1+ CARE Commercial Paper CARE A1+ Non Convertible Debentures CARE AA/Stable

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Board of Directors 16 Mr. M R Umarji Non-executive Director • He has been a Director of the Company since December 11 2008. A post-graduate in law from the University of Mumbai Mr. Umarji represents a unique combination of experience as law officer in Bank of Baroda legal adviser in banks Bank of Baroda and Dena Bank as executive director Dena BankCorporation Bank and Department of Non-Banking Supervision RBI. He was a member of the Bankruptcy Law Reforms Committee. He was involved with the United Nations Commission on International Trade Law as a delegate from India. He serves as a director on the boards of directors of Uniparts India Limited International Asset Reconstruction Company Private Limited and Universal Trusteeship Services Limited Mr. E A Kshirsagar Independent Director • He has been a Director of the Company since May 10 2010. Mr. Kshirsagar is a fellow member of the Institute of Chartered Accountants in England and Wales. He serves as a director on the board of directors of several companies such as JM Financial Limited Hawkins Cookers Limited Batliboi Limited Manappuram Finance Limited and Manipal Global Education Services Private Limited Mr. V P Shetty Non Executive Chairman • He has been a Director in the Company since April 21 2008. Mr. Shetty has had an illustrious career in banking space spanning almost four decades. During this period he has served as the chairman and managing director in IDBI Bank UCO Bank and Canara Bank. He holds a bachelor’s degree in commerce from the Bangalore University and is an associate member of the Indian Institute of Bankers. He serves as a director on the board of directors of several companies such as JM Financial Asset Reconstruction Company Limited JM Financial Asset Management Company Limited and JM Financial Home Loans Limited Mr. Dhirendra Singh Independent Director • He has been a Director of the Company since July 12 2010. Mr. Singh holds a master’s degree in political science from the University of Allahabad and a master’s diploma in public administration from the Indian Institute of Public Administration New Delhi Ms. Roshini Bakshi Independent Director • She has been a Director of the Company since January 21 2015. Ms. Bakshi attained her post-graduate diploma in management from the Indian Institute of Management Ahmedabad. She is currently the managing director at Everstone Capital Asia Pte. Ltd. She serves as a director on the board of directors of several companies such as Persistent Systems Limited Max Healthcare Institute Limited Modern Food Enterprises Private Limited and Australian Foods India Private Limited Mr. Atul Mehra Non-executive Director • He has been a Director of the Company since July 19 2017. Mr. Mehra holds a master’s degree in management studies from University of Mumbai. He is the managing director and co-chief executive officer of the Investment Banking Division of the JM Financial group. He began his career with the JM Financial group in 1991 and has worked closely with various departments across the investment banking business and has been with the JM Financial group for over 25 years. He has been involved in marquee domestic and cross border transactions Mr. Subodh Shinkar Non-executive Director • He has been a Director of the Company since July 17 2018. Mr. Shinkar holds a bachelor’s degree in commerce from the University of Mumbai and is an associate member of the Institute of Chartered Accountants of India. He has been associated with JM Financial group since 1992 and plays a key role in managing investment advisory business including wealth management non- institutional equity broking and distribution. He also oversees securities backed lending in the form of margin financing and initial public offering financing of the JM Financial group. He serves as a director on the board of directors of several companies such as JM Financial Capital Limited JM Financial Home Loans Limited and JM Financial Commtrade Limited Mr. Vishal Kampani Managing Director • He has been a Director in the Company since April 21 2008. Mr. Kampani holds a master’s degree in commerce from University of Mumbai and has completed his master of science finance from London Business School University of London. He serves as a director on the board of directors of several companies such as JM Financial Limited JM Financial Services Limited and JM Financial Institutional Securities Limited

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Strategy 17 Continue to focus on risk adjusted profitability and sustainable growth 1 Diversify our assets and liabilities 2 Strengthen our credit profile 3 Leverage of wide customer base across different verticals 4 Focus on technology to manage and grow our business 5

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A. Annexure – Financial Information 4

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Profit and Loss Statement – IGAAP 19 Particulars Rs. Crore FY14 FY15 FY16 FY17 FY18 Revenue from Operations 490.0 658.2 527.8 680.1 872.5 Other Income 39.2 44.3 31.6 26.3 35.4 Total Income 529.2 702.5 559.5 706.4 907.9 Employee benefit expenses 30.3 27.3 15.6 23.4 39.8 Finance Costs 276.2 373.3 275.0 344.1 488.9 Provision for loans 1.2 2.3 3.9 Depreciation and amortization 1.3 1.4 1.6 2.1 2.5 Operating and other expenses 18.1 20.9 20.5 33.5 45.2 Total expenses 327.1 425.3 312.6 403.1 580.3 Profit before tax 202.1 277.2 246.9 303.3 327.7 Tax expenses 67.3 88.9 79.5 106.1 114.7 Profit after tax 134.8 188.3 167.4 197.2 212.9

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Profit and Loss Statement – Ind AS 20 Particulars Rs. Crore Nine Months ended 31.12.2018 31.12.2017 Interest on loans 660.0 627.1 Fees and Commission Income 35.5 11.5 Income from trading in debt instruments net 3.8 5.4 Profit on sale of investments 30.6 22.5 Other Income 0.4 0.3 Total Income 730.3 666.8 Finance Costs 394.2 362.5 Employee Benefit Expenses 45.8 38.9 Provisions for loans and advances 13.4 7.7 Depreciation expense 1.5 1.8 Operating and other expenses 30.8 26.9 Total expenses 485.6 437.8 Profit before tax 244.6 229.0 Total tax expenses 86.2 79.8 Net Profit for the Period 158.5 149.2 Note 1. INDAS numbers are not audited for 9MFY19. Figures pertaining to the nine months ended December 31 2017 have not been subjected to limited review or audit by the statutory auditors

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Balance Sheet – IGAAP 21 Particulars Rs Crore As at As at As at As at As at 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 Equity and Liabilities Shareholders’ Funds Share capital 544.5 544.5 544.5 544.5 544.5 Reserves and surplus 430.8 553.6 661.0 798.3 951.8 Total 975.3 1098.1 1205.5 1342.8 1496.3 Non-Current Liabilities Long term borrowings 377.1 110.7 461.6 1150.1 2628.9 Other long term liabilities 12.3 61.0 Long term provisions 28.5 27.1 27.0 27.1 29.7 Total 405.6 137.7 488.7 1189.6 2719.6 Current liabilities Short term borrowings 2234.3 2887.2 2352.1 2919.2 1741.2 Trade payables Due to micro small and medium enterprises Others 4.0 1.8 4.7 13.6 11.7 Other current liabilities 383.1 345.0 184.6 484.5 1278.5 Short term provisions 31.2 79.2 74.0 7.5 5.5 Total 2652.5 3313.2 2615.3 3424.7 3036.9 TOTAL 4033.5 4549.0 4309.5 5957.1 7252.7

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Balance Sheet – IGAAP cont’d 22 Particulars Rs Crore As at As at As at As at As at 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 Assets Non-Current Assets Tangible assets 3.1 2.5 2.8 4.1 4.1 Intangible assets 1.3 1.3 1.1 0.9 1.5 Intangible assets under management 0.7 1.3 Non current investments 129.4 193.1 98.1 114.3 39.5 Deferred tax assets net 14.1 14.7 13.8 12.4 12.4 Long-term loans and advances 1228.0 1035.5 1152.0 2642.3 3383.1 Total Non-Current Assets 1376.0 1247.1 1267.8 2744.7 3441.9 Current Assets Current investments 0.4 7.0 5.7 59.1 Stock in trade 534.2 359.0 256.9 9.9 Cash and cash equivalents 384.8 382.4 699.6 251.8 401.3 Short-term loans and advances 1730.4 2556.1 2039.2 2914.9 3350.3 Other current assets 8.0 3.9 38.9 0.1 0.2 Total Current Assets 2657.5 3301.9 3041.7 3182.4 3810.9 TOTAL 4033.5 4549.0 4309.5 5957.1 7252.7

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Balance Sheet – Ind AS 23 Particulars Rs Crore As at 31-Dec-18 ASSETS Financial Assets Cash and cash equivalents 63.4 Other Bank Balances 60.1 Loans Note A 6606.5 Investments 246.6 Other Financial assets 852.7 7829.4 Non-financial Assets Deferred tax Assets Net 28.4 Property Plant and Equipment 3.5 Intangible assets under development 1.6 Other Intangible assets 1.5 Other non-financial assets 6.4 41.4 TOTAL 7870.8 Note A. Net off non performing asset and expected credit loss

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Balance Sheet – Ind AS cont’d 24 Particulars Rs Crore As at 31-Dec-18 LIABILITIES AND EQUITY LIABILITIES Financial Liabilities Payables Trade Payables iTotal outstanding dues of micro enterprises and small enterprises iiTotal outstanding dues of creditors other than micro enterprises and small enterprises 22.3 Debt Securities 4871.4 Borrowings Other than Debt Securities 1207.1 Other financial liabilities 166.6 Total Financial Liabilities 6267.5 Non-Financial Liabilities Current tax liabilities Net 5.8 Provisions 28.9 Other non-financial liabilities 3.3 Total Non-Financial Liabilities 38.0 EQUITY Equity Share capital 544.5 Other Equity 1020.8 Total Equity 1565.3 TOTAL 7870.8

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B. Annexure – Others 4

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Eligible Investors 26 Particulars Details Who Can Apply Category I Institutional Portion: • Public financial institutions scheduled commercial banks and Indian multilateral and bilateral development financial institutions which are authorised to invest in the NCDs Provident funds and pension funds with a minimum corpus of Rs. 25 crores superannuation funds and gratuity funds which are authorised to invest in the NCDs Alternative Investment Funds subject to investment conditions applicable to them under the Securities and Exchange Board of India Alternative Investment Funds Regulations 2012 Resident Venture Capital Funds registered with SEBI Insurance companies registered with the IRDA State industrial development corporations Insurance funds set up and managed by the army navy or air force of the Union of India Insurance funds set up and managed by the Department of Posts the Union of India Systemically Important Non-Banking Financial Company registered with the RBI and having a net-worth of more than Rs.500 crore as per the last audited financial statements National Investment Fund set up by resolution no. F.No. 2/3/2005-DDII dated November 23 2005 of the Government of India published in the Gazette of India and Mutual funds registered with SEBI Category II Non Institutional Portion: • Companies within the meaning of Section 220 of the Companies Act 2013 Statutory bodies/ corporations and societies registered under the applicable laws in India and authorised to invest in the NCDs Co-operative banks and regional rural banks Trusts including Public/private charitable/religious trusts which are authorised to invest in the NCDs Scientific and/or industrial research organisations which are authorised to invest in the NCDs Partnership firms in the name of the partners and Limited liability partnerships formed and registered under the provisions of the Limited Liability Partnership Act 2008 No. 6 of 2009. Association of Persons and Any other incorporated and/ or unincorporated body of persons Category III High Net-worth Individual Investors: • High Net-worth Individual Investors "HNIs" - Resident Indian individuals and Hindu Undivided Families through the Karta applying for an amount aggregating to above INR 1000000 across all Series of NCDs in the Issue Category IV Retail Individual Investors: • Retail Individual Investors - Resident Indian individuals and Hindu Undivided Families through the Karta applying for an amount aggregating up to and including INR 1000000 across all Series of NCDs in the Issue Entities not eligible to invest • Minors without a guardian name A guardian may apply on behalf of a minor. However the name of the guardian will need to be mentioned on the Application Form Foreign nationals Persons resident outside India Foreign Institutional Investors/Foreign Portfolio Investors Non Resident Indians Qualified Foreign Investors Overseas Corporate Bodies Foreign Venture Capital Funds Persons ineligible to contract under applicable statutory/ regulatory requirements

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