Capital Trust Ltd. — Investor Presentation 2021

Feb 9, 2021

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INVESTOR PRESENTATION Q3 FY21

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COMPANY OVERVIEW

COVID-19 UPDATE MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL PORTFOLIO UPDATE FINANCIALS PARTNERS

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ABOUT CAPITAL TRUST

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STORY

ORIGINS

CTL pioneers the digitalization of the rural financing model.

Capital Trust is a publicly listed Systematically Important Non Banking Finance Company with 35 years of rich legacy .

While maintaining the robustness of a decade-old disciplined lending model, CTL supplements it with advanced technologies to create a one-of-a-kind business that finds the perfect balance between technology and traditional financing

Initial promoters of the company include former Governor Reserve Bank of India, Deputy Governor Reserve Bank of India and the Chief Justice of India

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MISSION

To provide financial assistance to the unbanked in deep interiors of rural India using “low-cost, high-tech” digital processes

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VISION

To become the first fully digital and cashless, technology-enabled lending model in rural India that redefines the rules of MSME financing

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PERFORMANCE MILESTONES

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o Business Intelligence & AI incorporation into products

• Capital Digital Loans Initiative

• o On-Tap Borrowing Partnership with IDFC Bank

• ₹ 71Cr Promoter infusion

• ₹ 65Cr PE investment

• Listing on NSE

• o Acquisition of Microfinance subsidiary

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o Ventured into MSME funding

• Started rural lending operations

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• Incorporation

• o Advisory to foreign banks o Listing on BSE

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1985 2008 2012 2016

2019 2020

Company Position as on 31.12.2020

Shareholding:

Public Portfolio: Clients: Branches: States: Employees: Q3 FY21 PAT: FY21 PAT (Till Q3): Net Worth: 15% ₹ 427 Cr 1,53,751 233 10 2316 (₹ 0.4 Cr) ₹ 2.6 Cr ₹ 157 Cr FII Promoter 17% 67%

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COMPANY OVERVIEW

COVID-19 UPDATE

MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL PORTFOLIO UPDATE FINANCIALS PARTNERS

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BUSINESS UPDATE

• Higher than Pre-Covid times

• • Subject to newly developed automated disbursement engine and algorithmic credit scorecard

Disbursement

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(In ₹ Cr)
30
26
25
25 23 23
21
20 18
15
15
11
10
6
5
0 0 0 1
0
January 20 February 20 March 20 April 20 May 20 June 20 July 20 August 20 September 20 October 20 November 20 December 20 January 21
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• Increased month on month

• • ₹ 75 Cr portfolio disbursed in FY21 has a collection efficiency of 99.85%

**Collection ***

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99% 99%
100%
90%
80% 74%
70%
60%
50%
40%
30%
20%
10%
0%
January 20 February 20 March 20
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91%
88%
79%
73% 75%
63% 65%
54%
25%
13%
April 20 May 20 June 20 July 20 August 20 September 20 October 20 November 20 December 20 January 21
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April 20

• Without factoring moratorium given to clients

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LIQUIDITY UPDATE

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High Liquidity Buffers (Actual and Systematic)

Actual

• ₹ 28Cr Opening Cash Balance in January 2021

• Capital Adequacy of 51%

• Leverage Ratio of 1.5x

Low Cost Funds Raised (FY21)	Low Cost Funds Raised (FY21)	Low Cost Funds Raised (FY21)
	Average ROI	Amount (Cr)
Term Loan	11.5%	10
Non-Convertible Debenture	11.5%	30
Others (PTC / AFF / DA / OD)	12.6%	51
Total	12.1%	91

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Systematic

• Positive ALM

• Business Correspondent Relationship with IDFC First Bank

• • Co-Lending Agreement Signed with Poonawalla Finance

High Cost Funds Paid Off (FY21)	High Cost Funds Paid Off (FY21)	High Cost Funds Paid Off (FY21)
	Average ROI	Amount (Cr)
Term Loan	13.4%	50
Non-Convertible Debenture	16.5%	48
Others (PTC / AFF / DA / OD)	14.0%	8
Total	14.9%	106

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COMPANY OVERVIEW COVID-19 UPDATE MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL PORTFOLIO UPDATE FINANCIALS PARTNERS

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SERVING THE UNSERVED MISSING MIDDLE

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Annual Income

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> ₹ 17 Lakh ₹ 10-17 Lakh

Banks and MSME Focused NBFCs

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₹ 3.5-10 Lakh
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Capital Trust Limited

₹ 2 - 3.5 Lakh

Debt Shortfall in Micro of MSME: 87 Lakh Crore ($117Bn) **

< ₹ 2 Lakh

Microfinance Institutions

NCAER-CMCR Annual Income Data *IFC Report on MSMEs (Nov 2018)

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TARGET CLIENTELE

Graduated from Microfinance

8% of the Microfinance clients graduate yearly from the Microfinance sector

New to Organized Credit

Replacing traditional informal sources of financing (local moneylenders)

MISSING MIDDLE

‘Micro’ of the MSME

Unserved by MFIs (owing to RBI guidelines) and banks / large NBFCs (owing to no formal income documentation)

Instant Credit

With 100% digital processes, company is able to disburse loans in a matter of hours from onboarding

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CUSTOMER SEGMENT

Linked To Local Economy

Businesses which are not part of larger supply chain economies but depend on local demand

Self-Run Businesses

Businesses which are run by family members and are not affected by labor shortage

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Non-Seasonal Businesses

Businesses which are active throughout year and not seasonal

Essential Services

Businesses which provide services that are required for everyday needs

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TYPICAL CLIENTELE

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Kirana Stores

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Small Eateries

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Utensil Stores

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Dairy and Livestock Farmers

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Textile Stores

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Hair Salons

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Grocery Vendors

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Local Handicraft Producers

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Flower Sellers

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COMPANY OVERVIEW COVID-19 UPDATE MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL PORTFOLIO UPDATE FINANCIALS PARTNERS

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UNIQUE SELLING PROPOSITION

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RURAL DOORSTEP-FINTECH COMPANY:

One-of-a-kind business that finds the perfect balance between technology and traditional financing

Hybrid Fintech-Physical Credit Model

Use of a credit decision scorecard that merges automated credit (credit bureau and alternate data) with physical credit (on-site cash flow analysis)

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Deep Rural Penetration

241 brick-and-mortar branches in 63 districts and 10 states allowing company to reach where other NBFCs cannot

Business Intelligence

Use of advanced statistical models and predictive analysis before sanctioning a loan and after for performance evaluation

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Digitally Assisted Rural Collection Model

Incentivized digital repayment with cashback for clients and staff. Followed up by physical visit for cash collection in case of non-clearance

Transparency For Clients

Use of client facing app (Capital Connect) to see real-time loan information

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RURAL DOORSTEP-FINTECH PROCESS

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2. HYBRID CREDIT UNDERWRITING

Automated credit bureau check Alternate data check Physical Verification of business and residence premise Business and cash flow analysis Check whether Essential Services provider

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4. COLLECTION

Automated client allocation based on client geo-tagged residence Automated outbound dialling, installment reminder message Monthly NACH payment Payment enabled through company app Cash collection if digital payment not received

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1. LEAD GENERATION

Generate lead by door to door canvasing Geotagging of business and residential premise Mobile number verification through OTP Handholding of client through digital onboarding Financial literacy of client QR Code scan of Aadhaar Card

3.DIGITAL DISBURSEMENT

E-Sign / Signing of Terms and Conditions E-NACH Disbursement

DIGITAL PROCESS PHYSICAL PROCESS

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COMPANY OVERVIEW

COVID-19 UPDATE MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL PORTFOLIO UPDATE FINANCIALS PARTNERS

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EVOLUTION PRE-LOCKDOWN

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MOVE TO DIGITAL COLLECTION

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Group Loan Individual Loan
Safety
Efficiency
Cash Collection
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Digital Collection
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DISBURSEMENT

• One of the first rural NBFCs to start 100% cashless disbursement in 2015

COLLECTION

• Pioneered digital collection in rural lending in 2019

• Loans given since January 2019 have online collection mode

• Enabled all forms of online payment modes: NACH + Payment Gateway

TRADITIONAL LENDING PLUS TECHNOLOGICAL INNOVATION

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Direct sourcing
Client facing mobile application
Feet-on-street Digital receipt on repayment
Brick and mortar approach
Digital on-boarding through QR code scan
Physical cash flow credit verification
Algorithmic credit rule engine and bureau check
DOORSTEP FINTECH
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EVOLUTION POST-LOCKDOWN 1.0

Credit Engine:

1

Physical Visit Engine

2

Alternate Data Analysis

Location Based Clustering & Cluster Based Client Allocation

AI Based Client Grading Before Due Date

3

4

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We have developed a credit engine for internal rating of every client. The Credit Engine uses Artificial Intelligence and Machine Learning in an automated self-learning credit model that covers parameters on client demographics, financial condition and environmental factors

Our PV Engine is an automated grid-based evaluation tool for field credit visits. It standardizes income evaluation based on preassessed industry classifications by our credit team. This engine also ensures that all parameters are covered by the staff

We have started a pilot on alternative data analysis with a third-party platform which evaluates data from the client phone to get banking, transaction and behavioral information. We will integrate it in the Credit Engine and collection setup

Using geotagged locations of all clients, we have developed an automated method to allocate clients to staff. All clients allocated to a staff reside in one geographical cluster leading to increased efficiency

We segregate clients into 3 categories before due date and take different action based on category client falls into

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EVOLUTION POST-LOCKDOWN 2.0

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Staff Engine

Our staff engine is an integrated tool for real time monitoring of current staff availability and projected staff sufficiency at branch level. By looking at past attendance, this engine predicts staff shortfall in times to come

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A
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C
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Performance Management Engine

Real time use of data to segregate branch and staff into different tiers based on their operational productivity

Portfolio Risk Management Engine

B

Disbursement Engine

We have developed a real-time system of automated controls on disbursement to avoid risk build up in branches. This engine helps monitor internal and external parameters and ensures automatic stoppage of branch / staff disbursement where collection parameters fall below a prescribed level

D

Early warning signals to monitor real time delinquency trends in actual portfolio and factors that can have potential portfolio impact

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PRODUCTS OFFERED

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Capital Magic Loan Micro Business Loan
Unsecured Digital Business Loan Unsecured Digital Business Loan
Ticket Size (₹): 30,000 – 50,000 Ticket Size (₹): 60,000
Tenure: 12-18 months Tenure: 24 months
ROI: 40% ROI: 32%
Repayment: Digital followed by Repayment: Digital followed by
physical cash collection ₹ physical cash collection
WHY CTL? PRODUCT OPTIMIZATION
- Branch banking - Human connect - Small ticket size - High yield
- Ease of getting loan - Quick turnaround time - Short tenure - Digital collection enabled
- Unsecured loan - Transparency with Capital Connect app - Optimal EMI amount - Full cash collection setup
- Multiutility business loan - Paperless processes - Short Turn-Around-Time - Geo-tagged and Analytics backed
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COMPANY OVERVIEW

COVID-19 UPDATE MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL

PORTFOLIO UPDATE FINANCIALS PARTNERS

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BRANCH NETWORK

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39
13
6
56
31
26
10
24
8 20
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Branches: 233 Districts: 63 States: 10

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SMART CREDIT

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Instant in-principal approval by automated credit decisioning system with no manual intervention at client doorstep. Final approval subject to positive physical verification of cash flow and disposable income

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Disbursement

No exceptions or manual intervention permitted

Telephonic Verification by HO Credit Team Physical Verification Verification of documents by Field Credit Team uploaded into system and re-assessment of cash flow Ground level authentication of client during call by physical verification of home, business and income. All details uploaded into app

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Algorithmic Credit Rule Engine

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Automated Credit Bureau Check

Automatic rejection in case of any deviation from prescribed credit policies. System provides in-principal approval at this stage

QR Code Scanning of Link-up with Equifax to Aadhaar By Field Team review past credit history. Hard rejection in case of negative credit bureau Automatic uploading of client history

Automatic uploading of client data into system. Location geotagged and case rejected if client residence is beyond 25kms from branch

• Decision communication flow and all processes are automated

• Technology used at all stages of loan cycle eliminating requirement of physical movement of documents

• All processes time stamped and tracking of cases available on live basis

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INFORMATION TECHNOLOGY PROWESS

One of the first NBFCs to start cashless disbursement of all loans since 2015. Also started process of cashless repayment for all loans (expect Microfinance) in 2019

Cashless Disbursement & Collection

Automated closing of company and all branch books at 6PM daily through collation of issued Digital Receipts (SMSs sent to client on collection of any repayment)

Automation of Daily Cash Book Through Digital Receipts

Client application with access to all details regarding the loan to promote transparency and authenticity

Capital Connect

All staff have access to Capital Sales, the company application, that provides real-time information in even the most remote locations. All warehousing of information on cloud

Staff Empowered with Company App

Smart credit enabling client on-boarding and in-principle approval from scanning of client’s Aadhar card at his doorstep. No manual entry allowed for any clients

Automated Client OnBoarding Through App

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COMPANY OVERVIEW

COVID-19 UPDATE MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL PORTFOLIO UPDATE FINANCIALS PARTNERS

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PRODUCTWISE PORTFOLIO

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(In ₹ Cr)
900 ₹ 795Cr
₹ 725Cr
800
120
700
₹ 555Cr 89
56
600 55
₹ 471Cr
₹ 427Cr
500
125
24
29
15
400 15
90
619
300
581
419
200 397
340
100 ₹175Cr Capital
₹134Cr Capital Digital Initiative
₹2Cr Capital Digital Initiative
Digital Initiative
0
FY '17 FY '18 FY '19 FY '20 Q3 FY '21
Micro Rural Microfinance Secured Enterprise
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*Further Classified into Micro-Enterprise, Micro-Business and Capital Magic Loan

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STATEWISE PORTFOLIO

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(In ₹ Cr)
900 ₹ 795Cr
₹ 725Cr
800
13
62
7
700
37
₹ 555Cr
600
272
165 ₹ 471Cr
48
₹ 427Cr
500
99 12
90
400 83 50 7
31
106 65
61
300 115
257 65 54
72
21
200 37 70 72
71
31 82 88
100 33 189
151
86 99 86
-
FY '17 FY '18 FY '19 FY '20 Q3 FY '21
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PUN BIH ODI RJ MP UP JH UKH CH DEL
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PORTFOLIO QUALITY

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(In ₹ Cr)

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30 9.0%
7.7% 8.0%
25
25 7.1%
22 7.0%
20 6.0%
5.0%
4.8%
15 14
4.0%
10 3.0%
1.5% 2.0%
5
1.0%
0.5%
0 0.0%
Q1 FY21 Q2 FY21 Q3 FY21
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GNPA NNPA GNPA %
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NNPA %

• Own book data of Stage 3 ECL

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COMPANY OVERVIEW

COVID-19 UPDATE MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL PORTFOLIO UPDATE FINANCIALS PARTNERS

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ANNUAL CHANGE (Q3 FY20 vs Q3 FY21)

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Assets Under Management (in Cr): Capital Digital Initiative (in Cr.): Net Worth (in Cr):
508.5 174.9 162.2
(-16%) (88%) (-3%)
426.8 93.1 157.0
Book Value Per Share (in Rs): Capital Adequacy Ratio (in %): Gross NPA (in %):
100.0 51.2 6.4
(23%)
(-3%) (-24%)
96.8 41.6 4.8
Provision Coverage Ratio (in %): Borrowings (in Cr): Leverage (in X)
89.9 325.4 2.0
(92%) (-27%) (-25%)
46.9 236.9 1.5
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QUARTERLY CHANGE (Q2 FY21 vs Q3 FY21)

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Assets Under Management (in Cr): Capital Digital Initiative (in Cr.): Net Worth (in Cr):
429.5 174.9 157.5
(-1%) (22%) (-0%)
426.8 144.3 157.0
Book Value Per Share (in Rs): Capital Adequacy Ratio (in %): Gross NPA (in %):
97.1 51.2 7.7
(3%)
(-1%) (-37%)
96.8 49.8 4.8
Provision Coverage Ratio (in %): Borrowings (in Cr): Leverage (in X)
89.9 258.5 1.6
(12%) (-8%) (-8%)
80.6 236.9 1.5
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KEY FINANCIALS

Line Item	Q3 FY20	Q3 FY21	(YoY)	Q2 FY21	Q3 FY21	(QoQ)
Total Income	41.5	31.2	-25%	27.0	31.2	15%
Total Expense (excluding tax)	30.4	31.2	2%	25.9	31.2	20%
Profit / (loss) before tax	11.1	0.0	-100%	1.1	0.0	-99%
Profit / (loss) after tax	8.2	-0.4	-105%	0.9	-0.4	-147%
Net Worth	162.2	157.0	-3%	157.5	157.0	0%
Micro-Enterprise Loan	347.1	222.0	-36%	245.1	222.0	-9%
Micro-Business Loan	55.1	89.6	63%	91.0	89.6	-1%
Capital Magic Loan	38.0	85.2	124%	53.3	85.2	60%
Total Micro-Rural Loan	440.3	396.9	-10%	389.3	396.9	2%
Secured Enterprise Loan	27.7	15.1	-45%	20.3	15.1	-26%
Microfinance Loan	40.6	14.8	-63%	19.8	14.8	-25%
Total Assets Under Management (AUM)	508.5	426.8	-16%	429.5	426.8	-1%
On-Book Portfolio	374.1	290.0	-22%	317.3	290.0	-9%
Off-Book Portfolio	134.4	136.8	2%	112.2	136.8	22%
Total Assets Under Management (AUM)	508.5	426.8	-16%	429.5	426.8	-1%

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KEY RATIOS

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Line Item	Q3 FY20	Q3 FY21	(YoY)	Q2 FY21	Q3 FY21	(QoQ)
Net Interest Margin*	10.7%	11.6%	9%	9.6%	11.6%	21%
Operating Cost to AUM Ratio*	12.4%	15.1%	22%	13.0%	15.1%	16%
Earning Per Share (Rs.)*	20.3	-1.0	-105%	2.2	-1.0	-147%
Book Value Per Share (Rs.)	100.0	96.8	-3%	97.1	96.8	0%
Return on Assets*	6.1%	-0.4%	-106%	0.8%	-0.4%	-150%
Return on Equity*	20.7%	-1.1%	-105%	2.2%	-1.1%	-147%
Gross NPA (%)	6.4%	4.8%	-24%	7.7%	4.8%	-37%
Net NPA (%)	3.5%	0.5%	-86%	2.5%	0.5%	-80%
Capital Adequacy Ratio	41.6%	51.2%	23%	49.8%	51.2%	3%
Provision Coverage Ratio	46.9%	89.9%	92%	80.6%	89.9%	12%
Cost of Borrowing	14.2%	13.1%	-8%	13.1%	13.1%	1%
Leverage	2.0	1.5	-25%	1.6	1.5	-8%

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*Annualized

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COMPANY OVERVIEW

COVID-19 UPDATE MARKET SEGMENT UNIQUE SELLING PROPOSITION PRODUCT OFFERINGS OPERATING MODEL PORTFOLIO UPDATE FINANCIALS PARTNERS

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BENEFITS OF LONG-TERM FUNDING

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MSME Client (Capital Magic Loan and Micro Business Loan)

• Business Correspondent relationship

• On-tap funding

• ₹47Cr Disbursed under this arrangement

• Co-Lending relationship

• ₹600Cr limit for 1st year

Benefits of Long-Term Funding Secured:

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Enables raise of
On-Tap Funding equity at right Increase of ROE
time
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Leveraging
bigger partner’s
balance sheet
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DEBT & DIRECT ASSIGNMENT PARTNERSHIPS

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Public Sector Banks: 5

Private Banks: 2 NBFCs: 5

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THANK YOU

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DISCLAIMER

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This presentation has been prepared by and is the sole responsibility of Capital Trust Limited. By accessing this presentation, you are agreeing to be bound by the trailing restrictions.

This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contractor commitment therefore. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. There is no obligation to update, modify or amend this communication or to otherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements.” You can generally identify forward-looking statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”, “potential”, “project”, “pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to differ materially include, among others: (a) material changes in the regulations governing our businesses; (b) the Company's inability to comply with the capital adequacy norms prescribed by the RBI; (c) decrease in the value of the Company's collateral or delays in enforcing the Company's collateral upon default by borrowers on their obligations to the Company; (d) the Company's inability to control the level of NPAs in the Company's portfolio effectively; (e) certain failures, including internal or external fraud, operational errors, systems malfunctions, or cyber security incidents; (f) volatility in interest rates and other market conditions; and(g) any adverse changes to the Indian economy.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes.

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