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Religare Enterprises Limited

February 2013

• SME Lending

• Mutual Funds

• Retail Equity and Commodity Broking

• Health Insurance

• Life Insurance

• Wealth Management

• Alternative Investments

• Capital Markets

Business Mix - Split by Revenue

1

Religare Enterprises Limited Business overview

Business Overview

Portfolio Companies’ Business Lines

• Religare Enterprises Limited is a Financial Services Holding Company, with operating subsidiaries based in India having a broader emerging markets focus

• Promoted by the Singh Family, who, in addition to Religare, have a controlling interest in Fortis Healthcare, a leading pan Asia-Pacific integrated healthcare delivery provider

• Over 1.2 mn. clients serviced from over 1,900 locations with over 6,300 employees in India and abroad

• Net worth of INR 37.9 bn. (USD 689 mn.) as of 31-Dec-2012; market capitalization of ca. INR 45 bn. (USD 847 mn.) as of 31-Jan-2013

• Revenue of INR 8.66 bn. (USD 157 mn.) in Q3FY13; PAT of INR 195 mn. (USD 3.54 mn.)

6% 6%

12%

12% 64%

Others

Life Insurance

Global Asset Management

Broking

Lending

Q3 FY13

Our Evolution Religare has evolved from being an equity broking firm to a diversified financial services player

Religare Securities Retail equity broking

Religare Finvest Lending


Religare Commodities Retail commodity broking



Religare AMC Asset Management

AEGON Religare Life Insurance

Religare Macquarie Wealth Management




Religare GAM Alternate Investments

Religare Capital Markets Capital Markets







Religare Health Health Insurance

Religare GAM Alternate Investments

Religare Capital Markets Capital Markets







1994 2001 2004 2008 2010 2012 2007

IFC invests USD 75 mn in REL

Invesco takes strategic stake in RAMC Avigo and Jacob Ballas invest

INR 3.5 bn. in RFL

Religare IPO oversubscribed

159 times

ESOP Scheme: Management holds

20% economic interest in equity

2

3

Religare Enterprises Limited Corporate Structure and Governance

Religare Enterprises Limited Board

Group Executive

Enterprise Risk Mgmt, Finance &

Controls

Mergers & Acquisitions

Strategy & Investor Relations

Human Resources

Legal & Compliance

Technology & Shared Services

Religare Finvest Ltd.

Lending

Religare Securities Ltd.

Broking

Religare Asset Management Co.

Ltd.

Asset Management

Religare Health Insurance Co. Ltd.

Health Insurance

India Subsidiaries

India Joint Ventures

AEGON Religare Life Insurance Co. Ltd.

Life Insurance


Ltd.

Wealth Mgmt.

Religare Global Asset Management

Inc.

Global Asset Management

Religare Capital Markets Ltd.

Capital Markets

International

• Operating subsidiaries have their own Boards and Management Committees

• Subsidiaries charged a largely variable fee for support services

• Religare Enterprises Limited (REL), the Holding Company is listed on both the BSE and the NSE in India

• REL’s professional management reports to the Board of Directors; the Promoters have no Board presence

• In addition to capital, REL provides Corporate function support to operating subsidiaries

4

Section I : Strategic highlights

Section II : Key operating subsidiaries overview

Table of contents

5

Religare Enterprises Limited Key investment highlights

India’s long term growth potential presents tremendous opportunity for financial services 1

Capital flows from developed markets to emerging markets provide significant opportunities for financial services business 2

Robust platform built to capture these opportunities – amongst the fastest growing financial services businesses based out of India with critical mass in products and distribution • Amongst the largest SME focussed lending businesses in India, with a book size of ca. INR 108.2 bn. (USD 1.96 bn) • Top 5 player in Retail Equity Broking and top 3 player in Retail Commodity Broking in India with a footprint of 1,779 locations • 14th largest Asset Management company in India, with an AUM of ca. INR 141 bn. (USD 2.6 bn) • 20th largest private Life Insurance company, and among only 4 licensed stand-alone health insurers • Over USD 14 bn. (ca. INR 742 bn.) in AUM from affiliates in alternative investment management globally

3

Best-in-class processes, technology and infrastructure to capture synergies across business lines 5

Unique combination of strong aligned professional management and committed long-term capital providers 4

6

India’s long term growth presents enormous opportunities for financial services Penetration levels of most financial products well below developed markets and other emerging market peers

1

India’s GDP is projected to grow rapidly in the long run

Massive increase in the ‘middle class’ Increased demand for financial services given

low penetration

271.7

>3x

2030E 2020E

151.9

2012

88.5

India GDP INR tn. at 2012 prices

Globals (>1000)

Strivers (500-1000)

Seekers (200-500)

Aspirers (90-200)

Deprived (< 90)

Globals (>1000)

Strivers (500-1000)

Seekers (200-500)

Aspirers (90-200)

Deprived (< 90)

20

05

E 2

02

5F

Household income brackets

thousands, INR (Year -2000)

Number of households

million

Aggregate disposable income

trillion, INR (Year -2000)

101.1

91.3

10.9

2.4

1.2

49.9

93.1

94.9

33.1

9.5

2.6

13.7

30.6

20.9

21.7

5.4

11.4

3.1

1.6

2.0

Indian middle class to swell to from 13 million households in 2005 to 128 million households by 2025 corresponding to 41% of population

40 37 16

India Malaysia S Korea

16 9

3

India Japan S Korea

32

13 3

India Japan S Korea

Mutual Fund - AuM / GDP %

176 168

55

Singapore India S Korea

Insurance - Sum assured / GDP %

Brokerage – Share of stocks in household assets (%)

Lending – Loan Book/GDP (%)

Source: RBI, McKinsey, CIA World Factbook 2010, World Bank Indicators, Credit Suisse Global Wealth Databook 2010, Swiss Re, ICI Factbook 2010

Capital flows from developed markets to emerging markets are expected to quadruple in two decades Significant opportunities for financial services business with deep understanding of emerging markets

7

2

Emerging markets GDP over 50% of world GDP

61% 51% 41%

39% 49% 59%

2010E 2020E 2030E

Emerging Markets Developed Markets

Emerging markets equity market capitalisation to dominate

Provide platform for

facilitating the flow of

capital from developed to

the emerging markets

Significant revenue

potential in emerging

markets over next two

decades

• USD 14 trillion of

equity issuance

• USD 420 billion

revenue opportunity

from primary issuance

and secondary market

commissions

69% 56% 45%

31% 44% 55%

2010E 2020E 2030E

Emerging Markets Developed Markets

Institutional investors to own substantial emerging

markets assets

Developed Markets Emerging Markets

REL Emerging markets Presence

1.3 3.7

10.6

2010E 2020E 2030E

(US$ tn)

Emerging markets will outweigh the developed markets in the next two decades

Developed market investments in emerging markets are likely to quadruple

Significant opportunities for financial services

Source: United Nations, International Monetary Fund, Goldman Sachs

8

Robust platform in place to capture both India and Emerging Market opportunities Multi-product manufacturing capabilities and distribution

3

Religare Finvest • One of India’s largest NBFCs focused on

Small and Medium Enterprises (SMEs) • Loan book of c. INR 108.2 bn. (USD 1.96 bn) • YOY growth of 6% • High quality portfolio

Religare Securities & Religare Commodities One of India’s largest retail equities and

commodities broking platform Distribution across 561 cities and 1,779

locations Over a million clients; over 320,000 daily

trades

Asset Management

Lending

Retail Broking

Insurance Capital

Markets

Life JV with AEGON; capital protection with

12% guaranteed return 20th largest private Life Insurance

company in India Health Potential access to 40 mn. customers Leverage Group’s healthcare assets

Religare AMC India’s 14th largest asset management

company; AUM of INR 141 bn.(USD 2.5bn) 3x increase in AUM since the acquisition

of Lotus India Asset Management in 2008 Invesco being inducted as a strategic

partner

Religare Capital Markets 167 member team and presence across 8

countries Established research coverage; 250

companies tracked in India and internationally

Alternative Investments

Religare Global Asset Management Over USD 14 bn. (INR 742 bn.) of

international AUM in alternative assets Distribution across India, Japan,

Singapore, HK, and US

Wealth Management

Religare Macquarie Open architecture platform provides

competitive advantage Robust client base with significant growth

in AUM Focus on high quality annuity based

earnings

India

Emerging Markets

Over 13 years experience

Prior Experience:

Ind

ia J

Vs

G

rou

p E

xe

cu

tive

Sunil Godhwani

CMD

Joined Religare in 2001

Established the vision for the group and provides

strategic direction

Under his leadership, Religare transformed from

a standalone broking business to an integrated

financial services group

Leads and manages strategic acquisitions and

expansion, manages relationships with JV

partners

Shachindra Nath

Group CEO


Core member of the team responsible for the

transformation of Religare into India’s leading

financial services firm

Responsible for the formulation of corporate

strategy and management of day-to-day

activities of the group

Over 16 years of experience in the financial

services industry

Anil Saxena

Group CFO


Core member of the team responsible for the

transformation of Religare into India’s leading financial

services firm

Responsible for the overall supervision of the finance

function and execution of all strategic matters

Over 20 years of experience in the financial services

industry

Inte

rna

tio

na

l

Ind

ia S

ub

s

Saurabh Nanavati

CEO, Religare AMC

Ass

et

Man

age

men

t

Anuj Gulati

CEO, Religare Health Insurance

He

alth

Insu

ran

ce

Sutha Kandiah

Global Head of Investment Banking


Prior Experience:

Cap

ital

Mar

kets

Stra

tegy

& IR


Prior Experience:

Basab Mitra

Group COO & Head of Strategy

HR

Kamlesh Dangi

Chief People Officer


Prior Experience:

Len

din

g

Kavi Arora

CEO, Religare Finvest

We

alth

Man

age

men

t

Rohit Bhuta

CEO, Religare Macquarie Wealth

Management


Prior Experience:

Ge

ne

ral C

ou

nse

l


Prior Experience:

Raghuram Raju

General Counsel

Senior management entitled to ca. 20% stake on fully diluted basis through ESOPs vesting over 3 years


Prior Experience:


Prior Experience:

Strong aligned professional management and committed long-term capital providers Religare Enterprises is part of the Singh brothers business group and is run by a completely independent professional management

4

Rajiv Jamkhedkar

CEO, AEGON Religare Life Insurance


Prior Experience:

Life

Insu

ran

ce

Jonty Edgar

Head of Equity Sales, Asia


Prior Experience:

9

http://www.google.com.sg/imgres?imgurl=http://www.politicalcapital.bg/show_image.php?code=Reuters.jpg&imgrefurl=http://www.politicalcapital.bg/?lang_code=1&usg=__vJHzsFgMZz79Xg775K92jMVwQP4=&h=700&w=1783&sz=196&hl=en&start=4&zoom=1&tbnid=QNVLYWNZMOhZBM:&tbnh=59&tbnw=150&prev=/images?q=reuters&hl=en&safe=active&gbv=2&tbs=isch:1&itbs=1

RFL RAMC RHIL RGAM RCML RSL

10

Businesses are supported by a common platform around key functional requirements

Key awards and accolades for superior customer service

IT infrastructure deploys best in class technology and applications

Best-in-class processes, technology and infrastructure Platform is poised to capitalize on the India opportunity

5

Infra-facilities

Human Resources

Information Technology

Finance & Accounts

In-house 500+ resource shared services setup to support various transactional and processing requirements for the business

• 5,500 square feet of data centers

• 1,000 servers hosted

• 1,500 network devices

• 1,000 Mbps internet bandwidth

Shared Services Capability Matrix

RCML awarded the coveted Starmine award for the "Best Brokerage Research House” in 2011

RMPW adjudged “Most Exciting Wealth Management Model” globally, by Private Bankers

International in 2009

RAMC runner up in the NDTV Profit Mutual Fund Awards 2010 in the Category - Equity: Tax Planning

Strategy & Investor Relations

11

Section I : Strategic highlights

Section II : Key operating subsidiaries overview

Table of contents

12

Business Overview

SME Working Capital loans

SME Loan Against Property

SME CE/ CV Finance

Capital Market Lending

Key Service Offerings

Business Mix- Split by Book Size

One of India’s leading NBFCs focused on SMEs; loan book of c. INR 108.2 bn. (USD 1.96 bn) as of

31-Dec-2012

Significant headroom for growth within the current distribution network; currently consists of

27 locations covering all major SME clusters in India

Raised INR 3.5 bn. (USD 66 mn.)in equity from two Private Equity funds in FY12; successfully

raised INR 3.32 bn. (USD 63 mn.) via a retail bond offering in India in September 2012

19%

12%

60%

9%

SME CE/ CV Finance



SME Working Capital

Q3FY13

Religare Finvest One of India’s largest Non-Banking Financial Companies, focusing on the SME segment

13

Reported NPAs impacted by book size and seasoning

Strong secular growth in markets especially

in the SME segment

Growth capital provider focused on SMEs

SME assets expected to grow at a CAGR

of 16% over the next five years

SMEs to contribute 22% of India’s GDP in

2012 up from 17% in 2009

Current loan book size c. INR 108.2 bn. (USD

1.96 bn.)

Strong performance across credit and

operating benchmarks

Secured asset finance portfolio (90%)

Net NPA of 0.97% on 90-day basis and

just 0.23% on 180-day basis as at 31-

Dec- 2012

Reduction in opex/Average Net Receivables

(ANR) ratio in asset finance book highlights

economies of scale as business grows

Significant headroom for operating leverage

through tested management strength,

processes and systems

Key highlights

Borrowing programme supported by superior ratings

Core NIM and Opex* ratio in target band Loan book reflects risk-averse approach

Rating Type Rating Rating Agency

Amount

(INR mn)

Short term A1+ ICRA 40,000

Short term Bank Loans A1+ ICRA 6,000

Long Term AA- ICRA 34,000

Long Term Bank Loans AA- ICRA 114,000

Preference Shares A+ ICRA 1,250

Additional ratings obtained

Tier 2 Subordinate Debt rating of ‘Fitch AA-(ind)’ [₹5,000 mn]

Long Term rating of ‘CARE AA-’ [₹15,000 mn]

3.97% 4.22%

3.79% 4.02% 3.91%

2.41%

2.18% 2.10% 1.76% 1.80%

Q3FY12 Q2FY13 Q4FY12 Q1FY13 Q3FY13

Opex/ ANR NIM*

11.6 10.2

31-Dec-12 30-Sep-12

12.6

108.2

64.6

20.9

117.0

13.5

113.5

66.1

22.3

30-Jun-12

23.5

66.2

15.0 12.4

31-Mar-12

107.2

23.2

58.7

14.4

31-Dec-11

21.6

51.8

101.9 10.9

17.6

11.0



SME CE/CV Finance

SME Working Capital INR bn.

Change in policy: NPA recognition at 90 days vs. 180 days until 30-Sep-11

Religare Finvest Scalable platform delivering superior portfolio quality

* NIM and Opex exclude Investments/ Treasury Operations

1.22

0.940.850.69

1.51

0.970.81

0.510.45

0.47

0.120.090.23 0.16

0.40

0.59

0.41

0.18

0.31 0.26

Net NPAs 180 D basis

Gross NPAs 180 D basis

Net NPAs 90 D basis

Gross NPAs 90 D basis

31-Dec-12 30-Sep-12 30-Jun-12 31-Mar-12 31-Dec-11

14

Business Overview

Equity Broking

Commodity Broking

Currency Broking


Business Mix- Split by Revenue

Comprehensive suite of broking services catering to retail customers across equities, derivatives and commodities

Amongst India’s largest equity broking businesses with 1.7% market share and a client base of over 838,000

One of India’s leading commodity broking businesses with 2.4% market share with a client base of over 169,000

The broking business also provides the distribution platform for mutual funds, insurance and other financial products

68%

9%

23%

Equity

Commodities

Currency

Religare Securities Formidable retail broking platform with extensive distribution capabilities

Q3FY13

15

• Equity brokerage yield improved

consequent to pricing and mix

optimisation; blended market-share in

equities close to 1.7%

• Increasing penetration in Commodities

broking – total client base at ~169,000

• Actions taken to ensure structural

reduction of over 15% in cost base by

reducing owned branches and focusing

on business through franchisees

• Religare honoured with two awards at

the Bloomberg-UTV Financial

Leadership Awards 2012 – ‘Best

Commodity Broker’ and ’Best Investor

Education & Category Enhancement

Currency Broker’

Key Highlights Market-wide turnover mix skewed towards F&O Brokerage yield moving in a narrow band

Pan-India footprint through branches and franchisees Market share

Religare Securities Broking affected by current softness but structural story intact

333

935

292

995

313

1,015

260

940

270

950

1,613 1,577 1,508 1,581 1,520

137

996

119

552

Q3 FY13

1,700

274

1,289

539

Q2 FY13

1,654

264

1,265

125

589

Q1 FY13

1,593

276

1,198

118

548

Q4 FY12

1,504

342

1,002

160

553

Q3 FY12

1,418

302

Equities - Futures

Equities - Options

Equities - Cash

Commodities - Futures

(ADTO* - ` bn)

3.433.583.393.66

3.11

1.341.441.441.611.60

Q3 FY13 Q2 FY13 Q1 FY13 Q4 FY12 Q3 FY12

Brokerage Yield - Commodities

Brokerage Yield - Equities (bps)

1.71.71.81.7

2.42.42.7

2.52.6

Q3 FY13 Q2 FY13 Q1 FY13 Q4 FY12

1.9

Q3 FY12

Market Share - Equities

Market Share - Commodities

245 240 239

31-Dec-12

1,779

1,569

210

30-Sep-12

1,863

1,636

227

30-Jun-12

1,909

1,670

31-Mar-12

2,006

1,766

31-Dec-11

2,005

1,760

Franchisees Own Branches (Nos.)

16

Business Overview

Potential access to the established customer base of the partners (Union Bank of India and Corporation Bank having a customer base of over 40 mn., have subscribed to 5% stake each in the company)

Potential for significant synergies given promoters focus in the healthcare sector

Robust growth drivers coupled with increasing awareness towards health insurance

Strategic Highlights

Performance of standalone health insurers

Originally established as a wholly owned subsidiary of REL; currently Union Bank of India and Corporation Bank, leading PSU banks, have subscribed to a 5% stake each in the company

Established pan-India presence with 32 branches in 28 cities covering 124 locations

Launched two products – ‘Care’ and ‘GroupCare’ extensively leveraging the Religare network

Enrolled more than 1,700 hospitals in over 260 cities in the preferred provider network for cashless services

Generated Gross Written Premium (GWP) of INR 93.4 mn. in Q3FY13; covering more than 89,000 lives as of 31-Dec-2012

Substantial market share of 13% captured by standalone health insurers in a short time

Source: Industry Reports

PSU Private Standalone

No. of companies 4 15 3

No. of years since in existence 38 11 4

Market Share- FY12 60% 27% 13%

PSU bank - Public Sector bank, one in which the Government of India holds a majority stake

Religare Health Insurance Positioned to capture significant Group Synergies

17

Business Overview

Domestic

Equity Funds

Debt Funds

Exchange Traded Funds

Funds of Funds

PMS

Offshore funds


Business Mix - Split by Assets Under Management

Commenced operations in 2008 through acquisition of Lotus India Asset Management with an

AUM of ca. INR 44 bn. (USD 800 mn.)

Mutual Fund assets under management have since grown nearly 3x to reach INR 141 bn. (USD

2.56 bn.) in December 2012

Invesco being inducted as a strategic partner with 49% equity stake

Distribution network of 52 branches and 15,716 distributors

Religare Mutual Fund is ranked 14th in terms of AUM as of December 2012

2%

6%

92%

PMS

Offshore

Domestic

Religare Asset Management Company Amongst the fastest growing Asset Managers

Q3FY13

18

Religare Asset Management Company Achieved break-even within three years of operations under the Religare banner

Invesco being inducted as a strategic partner with 49% equity in Religare

Asset Management Company Limited (RAMC)

Invesco is one of the top-15 global asset managers with AUM of

USD 687.7 bn. as on 31-Dec-2012 and clients in over 150 countries

Partnership allows Invesco to participate in the high-potential

Indian market with local manufacturing capability and track record

RAMC gains access to Invesco’s global distribution platform and

best practices

The transaction is subject to regulatory approvals

RAMC has achieved breakeven for the full year FY12 – within three

years of operations under the Religare banner; continue to run a tight

ship

Marked improvements anticipated as industry settles post regulatory

changes

Long term outlook remains strong: AUM to GDP ratio of only 8% in India

compared to 114% in the US and 84% in the UK

Key Highlights Industry AUM at one-year high; inflows concentrated in Liquid and Debt Funds

AUM Composition largely stable

95% 94% 95% 94% 95%

110 118 105 127 141 Avg . AUM INR bn.

` bn.

Q3FY13

7,860

Q2FY13

7,473

Q1FY13

6,928

Q4FY12

6,648

Q3FY12

6,817

Avg. Industry AUM

31-Dec-12

96%

4%

30-Sep-12

95%

5%

30-Jun-12

95%

5%

31-Mar-12

94%

6%

31-Dec-11

95%

5%

Avg. Debt AUM Avg. Equity AUM

19

AEGON Religare Life Insurance Pioneer in online distribution

Business Overview

Term Plans

Endowments

Unit Linked Plans

Pensions


Commenced operations in 2008

JV between REL (44% equity stake), AEGON (26%) and BCCL (30%)

Robust growth in customer acquisition backed by strong capital

Pioneer in deploying the online channel to drive sales – first in India to launch online-only term, unit-linked and health benefit policies

Significant growth opportunity with Premium to GDP ratio at 5% in India as compared to ca. 9% for developed markets

Low cost operating model, side-stepping issues faced by first wave of entrants

REL’s investment fully protected with minimum 12% IRR assured by AEGON, upside remains with REL

Robust distribution platform; not dependent on any specific channel for distribution

20

AEGON Religare Life Insurance Ensuring sustainability through a lower cost base

• Multi-channel distribution in place

including a high quality agency, direct

to consumer, e-sales, corporate agents

and brokers

• Recognized in the market for

pioneering efforts in online distribution

– particularly for focus on protection

through the iTerm product

• Significant investments in a robust

technology infrastructure to ensure a

differentiated consumer experience as

well as aiding channel productivity

• Well recognized brand popular for its

campaign focusing on prevalent under-

insurance and the need to have higher

levels of protection

• Rationalisation efforts over the past

year proving extremely beneficial and

enabling conservation of capital

Key Highlights Rapidly increasing customer base E-sales channel gaining traction

Quarterly premium income Share Capital

251

227

213 190

325

451 682

422 470

530 11.4 11.4 10.8 10.0

(₹ mn.)

Oct-12 Dec-12

2,3

26

Nov-12

1,7

64

2,1

77

Sep-12

2,2

62

Aug-12

2,0

96

Jul-12

2,2

25

No. of policies issued online

Q2 FY13

240

Q1 FY13

227

Q4 FY12

213

Q3 FY12

190

+7%

Q3 FY13

251

No. of Customers (000s)

31-Dec-12

11.9

11.6

0.3

30-Sep-12

11.6

11.4

0.3

30-Jun-12

11.4

11.4

0.0

31-Mar-12

11.4

10.8

0.6

31-Dec-11

10.8

10.8

0.0

Existing Capital Fresh Capital (` bn)

Q3 FY13

886

232

642

12

Q2 FY13

1,020

306

706

7

Q1 FY13

790

325

451

13

Q4 FY12

1,821

682

1,051

88

Q3 FY12

998

422

562

15

First year premium

Renewal

Single

21

Religare Macquarie Wealth Management Open architecture platform targeting growing affluence

Business Overview

Mutual Funds

Portfolio Management Services

Alternative Investments

Offshore Investment Services

Equities and Commodities

Derivatives



50-50 JV with Macquarie to provide wealth management services on an open architecture

platform

Niche positioning to capture customer segment; target customers include HNIs with investible

surplus of between INR 20– 200 mn.

HNI population is expected to grow at a CAGR of 11% over the next 4-5 years

Total AUM has grown at a CQGR of 4.5% over the last 5 quarters ending December 31, 2012

Provides innovative and personalised wealth management solutions to HNIs through a holistic

and proactive advisory led approach

Over 4,800 HNI clients serviced by a team of 65 relationship managers

22

Size and scale aligned to market

opportunity – structural reduction of

over 35% in cost base between Q1FY12

and Q3FY13

Seen as trusted advisors to clients,

enabled by our proprietary ‘Protection,

Growth and Aspirations’ (PGA) asset

allocation methodology

Designed and executed various

principal-protected structured

products for HNI customers

Focus on Relationship Manager

productivity has resulted in near-

doubling of AUM per RM in the past

year

Key Highlights Growing Client Base

AUM per Relationship Manager Award and Recognition

4,492

4,972

4,687 4,662 4,631

` mn.

AUM up 19% versus year ago levels

RMPW adjusted as “Most Exciting Wealth Management Model” globally, by Private Bankers International in

2009

Religare Macquarie Wealth Management Focus on productivity improvement

4,492 4,662 4,6874,972 4,894

30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-12 31-Dec-11

No. of Clients

24.2

26.127.5

28.4 28.8


Total AUM

242 269331

437 457


AUM per RM

23

Business Overview

Institutional Equities

Investment Banking

M&A Advisory


Asia focussed cash equities business headquartered in Singapore and Mumbai, with investment banking capabilities in the region

Equities

Global team size of 167 with full-services presence across equities sales, trading and research in India and focus markets in Asia and a sales & distribution presence in key global money centres

Empanelled with over 600 institutional investors

Investment Banking

India’s only global investment banking platform with a 38-person strong global investment banking team focused on M&A and capital raising

Religare Capital Markets Asia-focussed Institutional Equities and Investment Banking Platform

24

Religare Capital Markets Creating a sustainable platform

Sharpened focus on profitability and greater sustainability

• Continue to see traction in the ECM business globally

• Savings impact of restructuring visible on cost base, stringent cost control measures implemented for path to breakeven

Institutional Equities

• India research covers 149 stocks as of 31-Dec-2012, representing ca. 70% of BSE market capitalization

• 250 stocks under active coverage globally

IBD and ECM

RCML Singapore maintains its 2nd rank by number of deals and 11th by deal volume out of 23 banks for Singapore equity offerings (Source: Bloomberg)

Closed several transactions in Q3FY13, notably

• Acted as International Co-Lead Manager for USD 65.3mn. QPO for STI Education Systems Holdings, Inc., the largest private, for-profit educational institution business in the Philippines

• Acted as Joint Book –runner on a USD 50 mn. secondary share offering for PhilWeb Corporation

• Acted as Joint Placement Agent for SGD 69.8 mn. Reg S Accelerated Book-Build Placement for Dyna-Mac Holdings

• Acted as Joint Coordinator, Book Runner and Underwriter on USD 480 Mn. IPO of Religare Health Trust on SGX

Key Highlights No. of client empanelments

Headcount

512 469

442

576 566 548

* Previous quarters’ data restated following consolidation of client lists

23%

Headcount as of 31-Dec-2012: 167

30-Jun-12

566

31-Mar-12

548

31-Dec-11

512

31-Dec-12

604

30-Sept-12

576

No. of Institutional Empanelments*

23%

52% Institutional Equities

Investment Banking

COO Organization

Support 25%

25

Religare Global Asset Management Building a multi-boutique Alternative Asset Manager

Business Overview

Multi-boutique asset management model focused on acquiring best of breed players (Affiliates)

in alternative assets

Affiliates screening criteria include

Highest institutional quality investment talent

Established track record of superior performance

Attractive investment strategies

Desire to grow and develop the franchise

RGAM acquisition philosophy

Acquire 51-75% stake

Align interest of management team with RGAM

Aid in succession planning by creating a structure to incentivize the broader team

Adhere to valuation discipline

Support development of Affiliates by providing

Distribution support in Asia

Access to capital, local knowledge and deal flow in key emerging markets

Industry experience

Supplementing acquisition strategy with organic initiatives where Religare has the network and

a competitive advantage

26

Religare Global Asset Management Strategy rollout well underway through marquee acquisitions, supplemented by organic initiatives

~ USD 4.1 billion

Private Equity Fund of Funds and Direct Investment funds

Investment track record in both developed markets and emerging markets

Offices in the San Francisco Bay Area, London and Hong Kong

Raised over USD 1.2 billion in the last eighteen months, despite challenging market conditions

Successfully established Mexico-focused product and planning to launch new product lines

~ USD 9.1 billion

Secondary Private Equity (PE)

Secondary Real Estate (RE)

Pioneered development of the Secondaries category in the 1980’s

Headquartered in Simsbury (Connecticut); offices in Boston and London; planning to set up an office in Hong Kong

Recognized as “North American Secondary Firm of the Year” for 2009, 2010 and 2011 by PEI

PE Fund XIV raised USD 1.9 billion in 2009-10

RE Fund VI raised USD 700 million in 2010-11

~ USD 0.5 billion

Listed healthcare business trust (similar to REIT), with a pan-Asia investment mandate

Trust sponsored by Fortis Healthcare Limited (same promoter family as Religare)

Offices in Singapore and India

First organic Affiliate of RGAM: Trustee Manager of the Trust incubated and owned by RGAM

First healthcare business trust originated out of India

High growth potential due to natural deal flow provided by Fortis’ pan-Asia operations

AUM

Products

Presence

Key Highlights

27

Thank You

2013

0207

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