September 2009 LIC Housing Finance Ltd.

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1
Contents

A. Indian Housing Finance: Industry Dynamics

B. LIC Housing Finance Ltd: Overview

C. Competitive Strengths

D. Key Management Personnel

E. Financial Summary

2
High Growth Trajectory for Housing Finance in India

„ India’s robust economic growth, increasing income levels & urbanisation Low Mortgage Penetration in India
– are leading to an increase in housing sales %
120
Mortgage as a % of GDP
„ The Indian housing market is amongst the most underleveraged market 101
„ By 2013, housing stock is estimated to grow to 145.4 Mn units: as against 100
83 80
123.8 Mn units in 2008 80
… Urban Areas – To 58.2 Mn units from 50.9 Mn in 2008 53
60
… Rural Areas – To 87.2 Mn units from 72.9 Mn in 2008 41 39
40 32 29
Key Demand Drivers 26
17
20 12
Population Growth 6

‰ Estimated to grow to 1,200 Mn by 2012 from 1,100 Mn 0

Thailand
USA
UK

Taiwan

China
The biggest increase is expected to be within the 24-54 years age

Denmark

Hong Kong
Germany

Singapore

Korea
Malaysia

India
‰

group- consequently increasing India’s working population, thereby

increasing housing demand Source:-IIFL Research

Urbanisation Urbanisation Boom

‰ Growing employment opportunities - key trigger behind the (Mn) (%)
migration of workforce from rural areas to urban areas 500
‰ Urban population growth at 2x the growth of rural population 32.5
400 31.5
‰ Urban population is expected to account for ~32 % of the total
population by 2015 300 30.5
Affordability 29.5
200
‰ Urban & rural household with annual incomes exceeding Rs 0.5 Mn 28.5
are expected to grow by 12% & 7% respectively in the next 5 years 100
27.5
‰ Tax incentives offered to borrowers and lenders have been
0 26.5
instrumental in driving growth in the housing & the housing finance
2001 2003 2005 2007 2009 P 2011 P 2013 P 2015 P
sector
Urban Population Per cent of Urban Population (RHS)
Source:- Crisil Research. P = Projected
3
Key Dynamics of Housing Finance in India

„ The increasing availability of housing finance & low interest rates have Disbursement trend in India
driven the boom in housing purchases (Rs Bn)
1,600 27% 30%
„ Housing finance penetration is expected to improve in urban areas &
1,400 25%
reach 38% by FY13 & reach 6.5% in rural areas by FY13
1,200 20%
12%
Disbursements 1,000 1,185 1,171 1,164 15%
1,100 1,088
800 10%
„ Between FY03 - FY08, housing finance outstandings are estimated to 865
600 8% 5%
7%
have grown at a CAGR of about 31%, mainly driven by disbursements 400 0%
200 -7% -5%
-1%
„ Key drivers for growth in disbursements: 0 -10%
1. Extensive branch networks of lenders across India FY 06 FY 07 FY 08 FY 09 FY 10 P FY 11 P

2. Increasing acceptability of loans among customers Disbursments Growth Rate (RHS)

3. Comfortable customer earning profile, as the majority of customers Source:- Crisil Research

earn salaries and have a stable source of income

High Concentration of Floating Interest Rates
4. Comfort of lenders in the sale of collateral in case of defaults
Principal amount of floating rate HF loans by disbursement
Interest Rates: Indian HF principally based on floating rate lending
as a % of total HF loans
„ Reflected in LIC HFL’s loan portfolio, with ~96% of its individual loan 95% 92%
90%
approvals being floating rate loans as of the year ended FY 09
90%
86% 85%
„ Housing loans are offered for an average tenure of 13-15 years, while
85% 82%
liabilities for lenders are generally for less than 10 years
79%
„ Floating rates are reset when the cost of funds for lenders increase 80%

Average Ticket Size (ATS) 75%

„ ATS for new homes is estimated to have grown at a CAGR of 18% (~2.3x) 70%
in urban areas & at a CAGR of 12% ( ~1.7x) in rural areas from FY 05 FY 06 FY 07 FY 08 FY 09 P FY 13 P
FY03 to FY08
HF = Housing Finance; P = Projected
Source: Crisil Research
4
Contents

A. Indian Housing Finance: Industry Dynamics

B. LIC Housing Finance Ltd: Overview

C. Competitive Strengths

D. Key Management Personnel

E. Financial Summary

5
LIC Housing Finance Ltd: An Overview
„ Promoted by the LIC of India in 1989, LIC HFL is the 2nd Largest Housing Continuous Growth in Loan Book
Finance Company in India; based on incremental disbursements
(Rs Mn)
„ Objective - to provide long term finance to individuals for
purchase/construction/renovation of new/existing homes 350,000
R 23% 292,540
LIC HFL went public in 1994 & launched its maiden GDR in 04 ($29.5 Mn) CAG 276,793
„ 300,000
5 Yr
„ Loan Book Growth: 250,000 219,364
… In spite of the challenging economic environment, LIC HFL’s loan 200,000 175,634
book grew at a CAGR of 23% during the last 5 years (FY 04-09) 148,672
150,000 122,447
„ Robust Asset Quality: 97,896
… While recording an impressive growth in loan book, gross NPA 100,000
reduced from 4.4% in FY 04 to 1.07% in FY 09. (Source: Company & IDFC SSKI Research) 50,000
… New loans at low LTVs (48.8% in FY 09) leading to low EMI/income
0
ratios (Source: Company & IDFC SSKI Research)
FY04 FY05 FY06 FY07 FY08 FY09 Q1 FY 10
„ Safe Customer Profile:
Source:- Company Filings
… Individual home loans comprise of over ~91% of the loan book
… ~80% of these individuals are salaried employees Shareholding Pattern (As of June 30th 09)
„ Extensive Marketing Network:
… Over 1 Mn customers serviced till date Public
… More than 158 marketing offices over 450 locations 16.7% FII 23.5%
„ Top Credit Ratings
… AAA (for Debentures, Banks & bonds), P1+ (for Commercial Paper &
bank loans) & FAAA (for FDs) by CRISIL
MFs/ other
„ Value Creation from Investments & Subsidiaries
19.0%
… LIC HFL held 39.3% stake in LIC Asset Management Company
… LICHFL sold 19.3% to Nomura. Expected from this transaction profit
is ~ Rs 1,380 Mn (Closure during Q3 FY10)
LIC 40.8%
… Holds 100% in LICHFL Care Homes Ltd & LICHFL Financial
Services Ltd Source:- Bombay Stock Exchange

6
LIC Housing Finance Ltd: Nationwide Footprint
6 Regional offices with 13 Back Offices
„
Strong Pan India Presence
„ 158 Marketing Offices covering more than 450 locations
„ 7,852 Home Loan Agents - Recruited from LIC, provide access to LIC policy holders network
† LIC is largest insurance provider in India- over 233 Mn policies
„ 1,484 Direct Sales Agents – Recruited from Chartered Accounting Firms, Investment Advisors, etc
„ 785 Customer Relationship Agents
Corporate office
„ Increased distribution capacity through a new company- LIC HFL Financial Services- 100% Subsidiary Regional offices
company marketing financial products:- loans, credit cards, insurance & mutual funds
Back offices
„ Offshore offices in Dubai & Kuwait Amritsar Jalandhar
Operating offices
Shimla
Ludhiana
Ambala Chandigarh

Contribution to Incremental Disbursements- FY 09

Bhatinda
Patiala Dehradun
Hisar Noida
Karnal Meerut Haldwani
Other Gurgaon New Delhi
Gangtok
CRAs
Faridabad Ghaziabad
3.7% Bikaner
Bareilly
Siliguri Jorhat
6.8% Jaipur Agra Gorakhpur Guwahati
Jodhpur Kota Ajmer Lucknow
„ HLA - Home Loan Agents Udaipur Malda
DSAs
Kanpur Patna Silchar
Gwalior Varanasi Dhanbad
DSA - Direct Sales Agents Ahmedabad Behrampur
„ Allahabad Durgapur
25.0% Gandhidham Bhopal
Ranchi
Jamshedpur
„ CRA - Customer Relationship Agents Rajkot
Vadodara Indore
Rourkela
Kolkata
Jabalpur
HLAs Surat
Nagpur
Bilaspur
Jalgaon Raipur
Vapi
64.5% Nallasopara Nasik
Aurangabad
Durg-Bhilai Cuttack
Bhubaneshwar
Kalyan
Thane Warangal
Mumbai Jogeshwari
Visakapatnam

Extensive Ramp Up in Delivery Mechanisms

Pune Hyderabad Rajahmundry
Vashi Kolhapur Gulburga Vijayawada
Satara Kurnool
Belgaum Kakinada
Anantapur Guntur
10,000 HLA DSA CRA 785 Panjim
777 Hubli
Bellary
Tirupati
Nellore

1,484 Bengaluru
8,000 1,352 Mangalore Hosur
Chennai
Mysore
Vellore
485 Hassan
6,000 Salem Pondicherry
934
Kannur
Coimbatore
285 Kozhikode Erode
Tiruchirapalli
4,000 860 7,085 7,852 Thrissur
Palghat
Ernakulam Thanjavur
4,865
2,000 3,480 Kottayam
Kollam
Madurai
Tirumangalam
Thiruvananthapuram

0 Nagercoil
Multiple offices in
certain cities
FY07 FY08 FY 09 Q1 FY 10

Source:- Company Filings 7

LIC Housing Finance Ltd: Stringent Loan Approval Process

„ Since incorporation, LIC HFL has provided loans to over 1 million Geographically diversified Loan Book
customers, sanctioned loans aggregating to Rs 456,000 Mn &
disbursed loans aggregating up to Rs 430,000 Mn (up to FY 09) East 6.1%

„ All loans have benefit of collateral security over mortgaged Central 6.5% South 26.4%
property during the loan period
„ Loan approval dept. is separate from loan marketing dept. West 13.7%

„ ‘Automated Score Card Model’ in place since 04 – Eliminates

human bias in determining loan application approval South Central
North 22.8% 24.4%
„ Once a loan has been evaluated by the respective credit approval
officer, all proposals are referred to the appropriate approving
authority for credit approval Source: Company

„ Limits are aggregated per borrower & affiliated borrowers & if

Table 1 - Loan Approval Limits
exceeded, a loan proposal must be forwarded to the appropriate
authority with the requisite credit approval level (see Table 1)
Office/
„ Recovery division of over 150 employees across the country Committee Approval Authority
„ Relationships with more than 700 Companies for loans to Back Office Individual loans up to Rs. 6 Mn
employees (see Table below)
Regional Office Individual loans up to Rs. 15 Mn
† EMI through deduction from employee salary
Individual loans up to Rs. 30 Mn and
~ Business through Tie-ups with FY07 FY08 FY09 Corporate Office project loans up to Rs. 50 Mn
Corporates
Executive Individual loans above Rs. 30 Mn and
% to Total retail sanctions by amount 33% 34% 40% Committee project loans above Rs 50 Mn
Source: Company Source: Company Filings
8
 LIC Housing Finance Ltd: Increasing Asset Safety

Measures leading to the improvement in asset quality Buyer Equity participation (lower LTVs)…
„ Safe loan-to-value, EMI/Income & Residual income per person %
60.0 56.6 58.2 57.1
ratios
„ Adoption of improved risk management processes 55.0
„ Enhanced recovery procedures 48.8
50.0
… Effective use of SARFAESI Act
„ Strengthened core IT operations for faster but stringent processing 45.0
of applications
40.0
… Has reduced processing time & improved operating efficiency
FY06 FY07 FY08 FY09
Source: IDFC SSKI Research

Focused customer profile Diversified Ticket Size of Buyer Equity participation (lower EMI/ income)…
leading to lesser defaults… Individual Loans
%
40.0 39.4
Self 1 Mn & 38.7
Employed
39.0
Above
20% 26.5% 38.0
Up to 0.5 37.0
Mn 41.2% 35.5
36.0 35.0
35.0
34.0
Salaried 0.5 Mn to
80% 1 Mn 23.6% 33.0
Over 50% salaried 32.0
clients are PSU
Employees FY06 FY07 FY08 FY09
Source: IDFC SSKI Research
Source: IDFC SSKI Research

9
 LIC Housing Finance Ltd: Consistent Operating Performance
„ LIC HFL’s strategy to increase the average ticket size has worked Growth in Average Loan Size
successfully in the past few years Rs (Mn)
1.40 Incremental
… Smaller ticket size loans are more prone to defaults 1.2
1.20 %
„ Currently, ~ 60 % of LIC HFL’s loans are originated from large cities AG R 17 1.1
1.00 rC
(Mumbai, Delhi, NCR, Bangalore, Pune, Chennai, Hyderabad) where the 10 Y 0.8
loan size is typically higher. (Source: IDFC SSKI Research) 0.80
0.6
0.60 0.5
„ Loan Book Dynamics: - 91% of the loan book pertains to retail 0.4
0.4
customers only balance 9% is to large ticket customers i.e Developers 0.40 0.3 0.3
0.3
0.20
„ Loans to developers are largely towards residential projects - LIC HFL
does not engage in land funding to real estate developers 0.00
FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09
Source: Company & IDFC SSKI Research

Steady Improvement in Asset Quality Resulting in Continuous Increase in Net Profits

Gross NPA Net NPA
Net profit RoE (%)
4.1% Rs (Mn) (%)
4.5%
3.8% 3.8% 6,000 30
4.0% 3.6% 23.4
3.5% 2.8% 2.8% 5,000
2.6% 20.8
3.0%
2.2% 4,000 17.8 20
2.5% 2.1% 2.1% 1.8%
2.0% 2.1% 1.7% 1.7%
2.0% 1.6% 1.6% 1.51% 3,000
1.3% 1.1% 5,296
1.5% 1.2%
0.6% 0.9% 2,000 3,862 10
1.0% 0.7% 0.65% 2,786
0.5% 0.2% 1,000
0.0%
0 0
Q1 FY07

Q2 FY07

Q3 FY07

Q4 FY07

Q1 FY08

Q2 FY08

Q3 FY08

Q4 FY08

Q1 FY09

Q2 FY09

Q3 FY09

Q4 FY09

Q1 FY10

FY07 FY08 FY09

Source:- Company Annual Filings. Consolidated Financials

Source: Company Quarterly Filings 10

 LIC Housing Finance Ltd: Effective Borrowing Mix

„ Primarily a wholesale funded institution with 82% funds coming from Effective Funding Mix (FY 09)
debentures and bank borrowings Others
NHB
„ Strong parentage (40.8% owned by LIC) & highest credit rating (AAA) 6.8%
5.8%
LIC
enables LIC HFL to source funds at competitive rates
5.3% Bank
„ LIC HFL is a deposit - taking NBFC, but funding from deposits is currently 31.9%
Deposits
less than 1%
0.6%
„ Additionally ~96% of assets are floating rate loans and 46% of liabilities
are floating rate borrowings

„ Asset Liability Committee reviews & controls liquidity risk management NCD
49.6%
Source:- Company Annual Filings

Improving Metrics Quarter on Quarter Fund Source For the Year Ending FY 09
14.0% 11.7% Banks 9.19%
11.3% 11.2%
10.3% 10.3% 10.5% 10.6% 10.49%
12.0% 9.6% 10.0% Non Convertible Debentures 8.91%
10.0%
LIC 6.82%
8.0% 9.5% 9.7% 9.2%
8.6% 8.6% 8.6% 8.9% 8.9% 8.70%
6.0%
8.3% NHB 7.26%
4.0% Subordinated Bonds 7.62%
2.0% 3.2% 3.2% 3.2% 3.2%
2.5% 2.3% 2.9% 2.7% 2.9% 2.45% Deposits 6.50%
0.0%
Other Interest Bearing Liability 9.82%
Q4 FY07

Q1 FY08

Q2 FY08

Q3 FY08

Q4 FY08

Q1 FY09

Q2 FY09

Q3 FY09

Q4FY09

Q1 FY10

Commercial Paper 6.45%

Total 8.71%
Yield(on outstanding) Cost of Funds(on outstanding) NIM s (Qtrly)
Source: Company Quarterly Filings Source: Company

11
LIC Housing Finance Ltd: Hierarchy Structure

Board of Directors

Director & Chief Executive

GM GM GM GM GM GM GM GM A.C.M.
(Credit (Risk (Marketing) (HR & Legal) (Investment (Accounts) (I.T) (Recovery) (Audit)
Appraisal & Management) & Tax) & CS
Project & CFO
Finance)

Regional
Regional Regional Regional Regional Regional
Manager
Manager Manager Manager Manager Manager
(South/
(Northern (Central (Western (Eastern (Southern
Central
Region) Region) Region) Region) Region)
Region)

Officer in- Officer in-

Officer in-
charge (Uttar charge (Uttar
Officer charge (West Officer in-
Pradesh, Delhi, Pradesh, Officer in-
in-charge Bengal, charge
Rajasthan, Madhya charge (Tamil
(Maharashtra, Jharkhand, (Karnataka and
Himachal Pradesh, Nadu and
Goa and Bihar, Orissa, Andhra
Pradesh, Chattisgarh Kerala)
Gujrat) Assam & Pradesh)
Punjab and and
Sikkim)
Haryana) Uttaranchal)

13 Back Offices & 158 Area Office/Business Centers GM = General Manager

CS = Company Secretary
I.T = Information Technology
12
LIC Housing Finance Ltd: Future Strategy

1 Widen distribution channels and diversify assets

2 Maintain low cost diversified funding base

3 Maintain low cost operating structure

4 Focus on Continuous improvement in asset quality

5 Effective use of technology to further strengthen business processes

13
Contents

A. Indian Housing Finance: Industry Dynamics

B. LIC Housing Finance Ltd: Overview

C. Competitive Strengths

D. Key Management Personnel

E. Financial Summary

14
LIC Housing Finance Ltd: Competitive Strengths

Strong Brand Name & Parentage

Extensive experience in Housing Finance Industry

Robust Asset Quality- Consistent focus on low NPAs yielding higher RoAs

Extensive Distribution Network & Customer Profile Mix Advantage

Low Cost of funding & operating cost structure yielding High Profits & RoE

Witnessing significant growth without compromising on quality with adequate risk management
processes in place
Exciting pure play story amongst large Indian HFCs

15
Contents

A. Indian Housing Finance: Industry Dynamics

B. LIC Housing Finance Ltd: Overview

C. Competitive Strengths

D. Key Management Personnel

E. Financial Summary

16
LIC Housing Finance Ltd:- Key Management Personnel

Mr R Ramachandran Nair- Director & Chief Executive

„ Mr Nair is a Post Graduate with PGDM & has over 30 years of management experience across sub sectors of finance - Life Insurance, Mutual Fund
and Housing Finance
„ Mr Nair joined LIC of India in 1977 & has been holding various key positions in the corporation which include Branch Manager, Divisional Sales
Manager, Deputy General Manager, Chief Manager, Senior Divisional Manager, Regional Manager, Zonal Manager, Director etc
„ He was country Head of LIC of India, Mauritius during 1997-2001, Senior Divisional Manager, LIC, Ernakulam in 2001-2002, Regional Manager
(Mktg.) of Southern Zone of LIC of India in 2002-2003 and Zonal Manager in charge of all operations of LIC of India in southern States during 2003-
2005, then till July 2007 he was deputed to establish a new JV Insurance Company at Riyadh as CEO
„ During Aug 07 – Apr 08, he was Director Management Development Center, LIC of India, Mumbai
„ He joined LIC HFL as its CEO in April 2008

Mr Surinder Mohan – Chief Financial Officer & General Manager Risk Management
„ Mr. Mohan graduated in Commerce & is a Chartered Accountant. He has over 22 years of experience in different fields:- Life insurance,
Marketing, Accounts, Finance & Risk Management
„ He joined LIC of India in 1987 and has been holding various positions in the Corporation which include Administrative Officer, Senior Branch
Manager & Marketing Manager
„ He joined LIC HFL in April 2006

Mr. V. Chandrasekaran – General Manager Credit Appraisal

„ Mr Chandrasekaran is a Chartered Accountant & has over 24 years of experience in LIC of India
„ He has worked in LICs Investment Department for 13 years & was Chief (Investment) in charge of Equity Market Operations & Equity Research for
the year ending FY08. Mr Chandrasekaran joined LIC HFL in May 2008

Mr Nitin Jage - General Manager & Company Secretary

„ Mr.Jage is a commerce graduate & holds a degree in Law
„ He has over 25 years experience in the field of taxation, compliance, investment and legal
„ He joined LIC HFL in March, 1995 in the cadre of Asst G. Manager & is presently handling Corporate Income tax, Service tax, Wealth tax, Public
Deposits in addition to the other statutory duties of a Company Secretary
17
Contents

A. Indian Housing Finance: Industry Dynamics

B. LIC Housing Finance Ltd: Overview

C. Competitive Strengths

D. Key Management Personnel

E. Financial Summary

18
LIC Housing Finance Ltd:- Key Financials
Profit & Loss ( Rs Mn) FY 07 FY 08 FY 09
Operating Income 15,471 21,465 28,809
% Growth YoY 25% 39% 34%
Other Income 280 263 222
Total Income 15,752 21,728 29,031
% Growth YoY 24% 38% 34%
Interest on Loans & other charges (Net) 11,013 14,829 20,166

Employees’ Emoluments & Benefits 269 349 452

Establishment & Other Expenses 739 956 1,056

Operating Profit 3,449 5,331 7,134

% Growth YoY 17% 55% 34%
Provisions/Write offs 157 243 53
Depreciation 39 38 51
Prior Period Items (1) (1) (8)
Profit Before Tax 3,532 5,313 7,244
Taxes 746 1,451 1,948
Profit After Taxes 2,786 3,862 5,296
% Growth YoY 34% 39% 37%

19
LIC Housing Finance Ltd:- Key Financials
Balance Sheet ( Rs Mn) FY 07 FY 08 FY 09
Capital 850 850 850
Reserves and Surplus 14,772 17,694 21,776
Total Shareholders’ Funds 15,622 18,544 22,626
Secured Loans 146,770 191,134 235,240
Unsecured Loans 16,556 12,310 18,977
Total Loan Funds 163,326 203,444 254,217

Total Capital Employed 178,948 221,988 276,843

Net Block 299 297 438

Capital Advances 24 92 45
Housing Loans 175,634 219,364 276,793
Investments 2,209 7,936 11,485
Deferred Tax Assets (Net) 834 929 947
Sundry Debtors - 2 2
Cash and Bank Balances 7,807 3,660 1,378
Other Current Assets 1,177 1,498 2,044
Loans and Advances 107 100 1,054
Current Liabilities 6,336 8,300 13,441
Current Provisions 2,810 3,592 3,905
Miscellaneous 2 2 2
Total 178,948 221,988 276,843
20
THANK YOU

21