HDFC Bank Limited

rs,

60001/0012 April 11, 2022 BSE Limited Department of Corporate Services Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400 001 Scrip Code - 500180 Dear Sir / Ma’am, National Stock Exch

INR 5.26

o-forma Shareholding • HDFC Limited, India’s largest housing finance company with a total AUM of INR 5.26 Tn(3) and a market cap of INR 4.44 Tn(1) will merge into HDFC Bank, India's largest private sector

INR 4.44

ted, India’s largest housing finance company with a total AUM of INR 5.26 Tn(3) and a market cap of INR 4.44 Tn(1) will merge into HDFC Bank, India's largest private sector bank by assets with market cap of

INR 8.35

1) will merge into HDFC Bank, India's largest private sector bank by assets with market cap of c. INR 8.35 Tn(1) • Subsidiary/associates of HDFC Limited will become subsidiary/associates of HDFC Bank • Sh

Rs. 2

record date will receive 42 shares of HDFC Bank (FV Re. 1/- each) for 25 shares of HDFC Limited (FV Rs. 2/- each) • HDFC Limited’s shareholding in HDFC Bank will be extinguished as per the scheme of amal

100%

f amalgamation (“Scheme”) upon the Scheme becoming effective • Post the above, HDFC Bank will be 100% owned by public shareholders and existing shareholders of HDFC Limited will own 41% of HDFC Bank(2)

41%

C Bank will be 100% owned by public shareholders and existing shareholders of HDFC Limited will own 41% of HDFC Bank(2) Closing Timeline and Approvals • Transaction completion is subject to sharehold

70%

enhances customer trust as the Bank partners customers in their journey from “house” to “home” • ~70% of HDFC’s customers do not bank with HDFC Bank presenting an opportunity o Complete relationship b

8%

hip banking including home loans can be offered by the Bank which enhances cross sell potential • ~8% customers of HDFC Bank have mortgages from other providers • Better visibility of customer enhance

30%

y convergence and harmonization has been an enabler 3 o Reserving requirements have come down from 30% to 22% enabling organic compliance with reserving • Interest rates give positive spreads on rese

22%

rgence and harmonization has been an enabler 3 o Reserving requirements have come down from 30% to 22% enabling organic compliance with reserving • Interest rates give positive spreads on reserves o

50%

plicable thresholds • Insurance subsidiary – banking regulations allow stake holding in excess of 50% 4 Executive Summary (Cont’d) • Resultant technical positives for shareholders 5 o Cancellation

Note

7

Announcement

1

Merger Process

1

Note

1. Market cap as of 1st April 2022 2. Shareholding post closing on a fully diluted basis 3. As of Dec 31st, 2021; Net Advances 2 Executive Summary • HDFC Bank’s “faster than industry” organic growth gets a fillip 1 o Mortgage business in banking model is more profitable aided by low cost of funds o Access to wide and deepening distribution points of presence o Enhances customer life cycle value as housing is a long tenor product o HDFC Bank‘s technology driven operating efficiency and execution prowess bolstered by HDFC’s low cost of mortgage business o Home loan product enhances customer trust as the Bank partners customers in their journey from “house” to “home” • ~70% of HDFC’s customers do not bank with HDFC Bank presenting an opportunity o Complete relationship banking including home loans can be offered by the Bank which enhances cross sell potential • ~8% customers of HDFC Bank have mortgages from other providers • Better visibility of customer enhances risk assessment framework

Note

1. 2. As of Dec 31st, 2021; Net Advances As of Dec 31st, 2021; net of cancellation on a proforma basis 6 HDFC Bank and HDFC have been Growth Compounders FY2015 FY2018 FY2021 FY2015 FY2018 FY2021 Branches (#) 4,014 4,787 5,608 Branches (#)(5) 275 326 390 Gross Advances (INR Cr.) 3,67,888 6,64,254 11,43,309 Gross Advances (INR Cr.) 228,181 362,811 498,298 3Y CAGR (%)(2) 22% 20% 3Y CAGR (%) (2) Market Share (%)(3) 4.9% 7.5% 10.5% % Individual 68% 17% 70% 11% 74% Deposits (INR Cr.) 4,50,796 7,88,771 13,35,060 Total Borrowings (INR Cr.)(4) 209,217 319,716 441,365 3Y CAGR (%) (2) 21% 19% 3Y CAGR (%) (2) 15% 11% Cost of Funds (%) 5.1% 4.3% 3.5% Cost of Funds (%) 9.5% 7.5% 6.7% Profit After Tax (INR Cr.) 10,216 17,487 31,117 Profit After Tax (INR Cr.) 5,990 10,959 12,027 Growth compounding at scale amidst rising market share continues… Source: Annual reports, Public Filings and RBI

Note

1. 2. Metrics based on standalone financials; For HDFC Ltd., FY15 is on I-GAAP and FY18, FY21 are on Ind As Numbers have been rounded off for convenience of representation 3. 4. 5. Market share computed on total advances Borrowings include deposits Excludes HDFC Sales office 7 Secured and Long Tenor Product will Lead to Robust Asset Portfolio Mix Pro Forma Total Advances (INR Cr.)(1,2) Loan Book Mix (%)(1) 12,68,863 5,25,806 17,86,669 Mortgage 11% Corporate 26% Lease Rental Discounting 9% CF 9% Retail 28% Corporate 5% Retail 21% Mortgage 33% Commercial and Rural Banking 35% Individual 77% Commercial and Rural Banking 24% Corporate 19% CF 3%

Note

1. 2. As of Dec 31st, 2021 (unaudited) Net Advances 8 Mortgage Provides Duration to Balance Sheet, Lowering Portfolio Concentration Risk Growing Importance of Mortgages for the Bank Sticky Product, Generating Greater Customer Lifetime Value 70,220 Credit Card 30 Days Personal Loan ~2 Years 36,265 24,125 14,260 5,069 FY2009 Home Loan Book (INR Cr.) FY2012 FY2015 FY2018 FY2021 2W Loan Auto Loan Home Loan Term Deposit Savings Deposit ~1 Year ~4 Years Opportunity to cross sell unsecured, lower tenor, profitable credit during the repayment lifecycle Asset Tenor ~20 Years (1) 3 - 5 Years Long tenor product on the liability side Liability Tenor Perpetual Better visibility of customer enhances risk assessment framework, aiding further cross sell opportunities

Note

1. Maximum tenor 9 Leveraging the Power of Branch Banking: Well Poised for Sourcing Deposits and Housing Loans Branch deposits compound with time ~90% Branches Less than 15 Years Old → At an Inflection Point 75x 1,623 2,171 1,847 25x 1x 3x 10x 515 174 Less than 5 years 5 - 10 Years 10 - 15 Years 15 - 20 Years 20+ Years Less than 5 years 5 - 10 Years 10 - 15 Years 15 - 20 Years 20+ Years Branch Vintage Branch Vintage Continued Branch expansion to increase reach 50+% of branches in Semi Urban and Rural areas aiding affordable housing growth 10 Two-Pronged Growth Strategy for Deposits – Enabler for Loan Growth 1 Incremental Branches 2 Exponential Deposit Growth • HDFC Bank has re-inflected the rate of branch addition with FY22 additions being nearly equal to the overall additions between FY19 to FY21 o HDFC Bank intends to further increase the velocity of branch additions over the next few years • The increase in branch network has been and is expected to be primarily in semi urban and ru

Note

1. Branch presence Pan India is for representative purposes only, and not to scale 12 Ability to Better Cross Sell with Full Suite of Financial Products Mortgages Combined Customer Base Savings Accounts Life Insurance General Insurance Health Insurance Investment Products Credit Cards Personal Loans Ability to Enhance Customer Lifetime Value 13 Combination with Deep Multi-Decade Mortgage Underwriting Expertise Across Cycles Superior Scale and Distribution 1st Retail Housing Finance Player in India Core Financial Products 45 years of Deep Domain Expertise Superior Risk Management Framework Best-In-Class Cost of Operations Strong Data Analytics & Digital Competencies ~3,500 Product Specialists Enhanced resilience for infrastructure lending Facilitate larger quantum of credit into the priority sector including agriculture Enabler for underwriting large ticket loans enhancing wholesale lending Faster Origination, Improved Operational Efficiency, and Reduced Default Rates 14 Pro Forma Impac