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April 22, 2021

Listing Department Listing Department National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, 5[th] floor P J Towers Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East) Mumbai 400 051

Dear Sirs,

Sub.: Corporate Presentation Q1 2021

We are enclosing herewith our corporate presentation updated with the Q1 FY 2021 Financial Results. This presentation will be published on the Company's website - www.crisil.com shortly.

Kindly take this communication on record.

Yours faithfully, For CRISIL Limited

MINAL AMIT Digitally signed by MINAL AMIT BHOSALE BHOSALE Date: 2021.04.22 21:55:23 +05'30' Minal Bhosale Company Secretary ACS 12999

Encl.: a/a

CRISIL Limited

Corporate Identity Number: L67120MH1987PLC042363

Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 | Fax: +91 22 3342 3001 www.crisil.com

Q1 2021 Analyst Presentation

April 2021

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Disclaimer / Safe Harbor

This presentation has been prepared solely as a concise update of Company’s quarterly and/or annual results. By reading the presentation slides, you agree to be bound by the following limitations: (a) CRISIL Ltd. (“CRISIL” or “Company”) cannot give assurance to the correctness of forward looking statements. These forward-looking information and statements can generally be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use terminology such as “targets”, “believes”, “expects”, “aims”, “assumes”, “intends”, “plans”, “seeks”, “will”, “may”, “anticipates”, “would”, “could”, “continues”, “estimate”, “milestone” or other words of similar meaning and similar expressions or the negatives thereof; (b) By their nature, forward-looking information and statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking information and statements in this presentation. Should one or more of these risks or uncertainties materialize, or should any underlying assumptions prove to be incorrect, the Company's actual financial condition or results of operations could differ materially from that or those described herein as anticipated, believed, estimated or expected; c) Given the aforementioned uncertainties, prospective or present investors are cautioned not to place undue reliance on any of these forward-looking statements; d) No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever. Investor/prospective advisors must be sought on specific situation from well-informed legal, investment, tax, financial, and management professionals; e) This presentation and its contents are confidential and must not be distributed, published or reproduced. This presentation does not constitute a recommendation regarding the securities of the Company.`

Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this Presentation is based and is not responsible for any errors or omissions or for the results obtained from the use of this Presentation. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this Presentation.

Agenda

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1. CRISIL Overview

2. Business Environment 3. Financial Performance 4. Segment Performance 5. Thought Leadership 6. Corporate Social Responsibility

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CRISIL is a leading global analytics company driven by its mission of making markets function better

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Ratings

Benchmarking Insights Risk Solutions

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Research Services

Market Insights & Analytics

Empowering decisionmaking with cutting-edge #Analytics

#Global footprint

#Innovation to drive growth #Agile to market needs

Agenda

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1. CRISIL Overview 2. Business Environment 3. Financial Performance 4. Segment Performance 5. Thought Leadership 6. Corporate Social Responsibility

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Covid-19 pandemic has led to a global recession in 2020, but expectations of good recovery this year

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India

Indicator	FY2019	FY2020	FY2021F	FY2022F
GDP (y-o-y %)	6.5	4.0	-8.0*	11.0
10 year G-sec yield (%, March)	7.5	6.2	6.2	6.5
Fiscal deficit (% of GDP)	3.4	4.6	9.5	6.8#
Exchange rate (Re/$, March avg.)	69.5	74.4	72.8	75.0
CPI Inflation (%)	3.4	4.8	6.2	5.0
Gross NPA (%)	9.1	8.2	8.5-9.0@	10.5-11
Repo Rate (%, March-end)	6.25	5.15	4.00	4.25
Gross Bank Credit Growth (%)	11.0	6.0	5.0	9-10

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Global

Indicator	CY2018	CY2019	CY2020F	CY2021F
World GDP (y-o-y %)	3.6	2.9	-3.5	5.5
United States of America (y-o-y %)	2.9	2.3	-3.5	6.5
Eurozone (Euro Area-19) (y-o-y %)	1.9	1.2	-6.8	4.2
China GDP (y-o-y %)	6.6	6.1	2.3	8.0

Note: F=forecast; [# ] Budget estimate; * NSO advance estimate; ** Estimate Source: NSO, RBI, CRISIL, S&P Global Economics and Oxford Economics @ including restructured accounts forecast would be 11.0-11.5%

FY represents the financial year (Apr-Mar period) CY represents the calendar year (Jan-Dec period)

Key business trends

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Economic revival

Buoyant capital markets

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Accelerated digital Emphasis on social and transformation sustainable practices

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Financial and credit stress

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Increasing focus on nonfinancial risk

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AI/ML adoption

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Remote working and distributed model

Agenda

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1. CRISIL Overview

2. Business Environment 3. Financial Performance 4. Segment Performance 5. Thought Leadership 6. Corporate Social Responsibility

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Q1 2021 results: Income from Operations up 15.8%

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Total Income Income from operations
₹ crore
₹ crore
+11.0% +15.8%
508.7 495.2
458.2
427.8
Q1 2020 Q1 2021 Q1 2020 Q1 2021
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Profit Before Tax

Profit After Tax

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₹ crore
₹ crore
-5.4% -5.2%
116.8 88.1
110.5 83.5
Q1 2020 Q1 2021 Q1 2020 Q1 2021
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Note:

1. Numbers rounded off

2. Q1 2021 include full quarter financials of Greenwich Associates LLC, acquired in February 2020, as against one month’s numbers considered in the same quarter of the previous year.

Awards and Recognition

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Scenario Expansion Manager (SEM) platform for Stress Testing has been awarded the Risk Markets Technology Awards 2021 by Risk.net under the ‘Best Modelling Innovation’ category

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Awarded the ASSOCHAM Diversity and Inclusion Excellence Award

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CII HR Excellence Award

Agenda

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1. CRISIL Overview

2. Business Environment

3. Financial Performance

4. Segment Performance - Ratings 5. Thought Leadership 6. Corporate Social Responsibility

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Fewer issuances in bond market; bank credit growth remains muted especially for the corporate segment

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Bond Issuances (₹ billion)
Bond issuance quantum
7,796
8,000
7,152
7,000
6,000
5,000
4,000
-18%
3,000
2,269
1,859
2,000
1,000
0
CY2019 CY2020 Q1 2020 Q1 2021
# of
547 459 234 137
Issuers
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Credit Growth
24.0%
19.0%
14.0%
9.6%
9.0%
6.6%
4.2%
4.0%
-1.0%
Credit Growth Wholesale Credit Growth Retail Credit Growth
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Source: RBI, SEBI, Ministry of Finance, Prime Database, CRISIL CY represents the calendar year (Jan-Dec period);

Ratings: Q1 2021 highlights

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Financials

Particulars(₹ cr)	Q1 2020	Q1 2021
Income from Operations	133.2	148.9
Segment Profits	57.6	70.3
Margin	43.2%	47.2%

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Business update

During the quarter, Ratings segment registered strong revenue growth of 11.8% driven by strong surveillance fees, new client additions and Global Analytical Center (GAC) deepening coverage across practices including ESG
Growth in the Ratings business was despite:
Lower debt issuers by ~41% and issuances (in quantum) by ~18% during the quarter on a y-o-y basis
Banking credit growth expected at ~5% yoy as of March 2021 versus a 6% growth a year back owing to muted growth in corporate credit as capex plans were delayed
- Uneven recovery in domestic economic activity
GAC grew by deepening coverage across practices, stepped up support for ESG offerings and automation initiatives

Innovation and franchise

Published over 30 press releases and hosted multiple webinars on key sectors such as Automobile, Media, NBFC, Retail, Steel
Hosted 6th edition of Bond Market Seminar with the theme 'Bonds that build a nation‘ and unveiled the CRISIL Yearbook on the Indian Debt Market 2021

Note: Numbers rounded off

Agenda

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1. CRISIL Overview 2. Business Environment 3. Financial Performance 4. Segment Performance - Research 5. Thought Leadership 6. Corporate Social Responsibility

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Indian MF AUM continues to attract inflows; Global CIBs benefited from trading revenues, however pressure continues

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₹ ‘000 crore 3,237
2,993
2,687
2,366
2,237
India 1,693
1,341
mutual fund
AUM
2015 2016 2017 2018 2019 2020 Jan-Mar
2021
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*Average AUM for the Quarter; Source: AMFI

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10.5-11%
9.1%
8.5-9.0%
8.2%
India - Gross
NPA (%)
FY19 FY20 FY21E FY22P
Source: RBI, CRISIL estimates
including restructured accounts forecast would be 11.0-11.5%
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$ billion

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Global CIB
revenue
pools
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563
532 535 524 540
2017 2018 2019 2020E 2021F
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14.0%
11.2% 10.9% 10.8%
CIB Return
on Equity
(%)
2017 2018 2019 2020E
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Source: Coalition Proprietary data

Note: Revenues Pools analysis includes revenues from all Institutional Clients and Corporates with annual sales turnover more than USD 1.5 bn; Above analysis is in Coalition Standard Taxonomy

Source: Coalition Proprietary Analytics; ROE is based on Coalition Index Universe and is calculated as operating profit post-tax divided by Capital

Evolving regulations present opportunities

USA: Maturing

CCAR
• Europe: Tightening DFAST •
• FRTB EBA/PRA Stress Testing •
• BASEL III IBOR •
• FRTB CECL •
• TRIM UMR (Phase V and VI ) • IBOR
• UMR (Phase V and VI)
Asia: Nascent
• IFRS9
• IBOR
• Stress Testing

CCAR: Comprehensive Capital Analysis and Review DFAST: Dodd-Frank Act Stress Tests CECL: Current Expect Credit Loss EBA: European Banking Authority MiFID: Markets in Financial Instruments Directive UMR: Uncleared Margin Rules

PRA: Prudential Regulation Authority TRIM: Targeted Review of Internal Models IFRS: International Financial Reporting Standards IBOR: Interbank Lending Rate FRTB: Fundamental Review of Trade Book

Research: Q1 2021 highlights

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Financials

Particulars(₹ cr)	Q1 2020	Q1 2021
Income from Operations	264.4	312.2
Segment Profits	55.7	53.2
Margin	21.1%	17.0%

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Business update

Research segment posted healthy revenue growth of 18.1% driven by Global Research and Risk Solutions (GRRS) and Greenwich
GRRS growth was due to existing and new mandates across transformation, change and regulatory offerings and increased demand from buy-side for research in the areas such as distressed and private debt
Performance of CIB industry continued to normalise, but higher costs and increased capital requirement impacted spends. Nonetheless, Coalition Greenwich saw client wins in the US, Asia-Pacific and Europe and good traction for Greenwich’s Voice-of-Client analytics
India Research saw increased demand for data, research and analytics underpinned by uptick in capital market and industrial activity. New products - AIF benchmarks, wealth tracker also supported performance
Adverse foreign exchange movement impacted segment margins

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Innovation and franchise

India Research successfully hosted the 5th edition of India Outlook Seminar engaging with over 700 clients from 400+ organisations
SEM (Scenario Expansion Manager), our stress testing platform, won the Risk Markets Technology 2021 award for the ‘Best Modelling Innovation

Note:

1. Numbers rounded off

2. Q1 2021 include full quarter financials of Greenwich Associates LLC, acquired in February 2020, as against one month’s numbers considered in the same quarter of the previous year

Coalition Greenwich released over 15 reports, including Coalition Index reports and thought leadership research; webinar on financial market structure trends
India Research hosted webinars on Cement and Automobile sectors

3. CIB – Corporate & Investment Banking

Agenda

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1. CRISIL Overview 2. Business Environment 3. Financial Performance 4. Segment Performance - Advisory 5. Thought Leadership 6. Corporate Social Responsibility

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Advisory: Q1 2021 highlights

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Financials

Particulars(₹ cr)	Q1 2020	Q1 2021
Income from Operations	30.2	34.0
Segment Profits	0.7	2.6
Margin	2.3%	7.6%

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Business update

The segment saw revenue and margin growth driven by infrastructure and credit risk mandates
Infrastructure advisory saw increased demand across governmentand multilateral-supported programs
BIRS saw improved traction from credit management and riskmonitoring solutions

Innovation and franchise

Participated in the S&P Global Platts 8th Asian Refining Virtual Summit on ‘Energy Transition and strive for net zero’
Co-hosted webinar on the topic ‘Mending the property tax’

Note: Numbers rounded off

Risks

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Prolonged impact of Covid-19 pandemic and delay in economic revival

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Evolving regulatory environment

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Information security and cyber-related risks

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Adverse currency movement

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Intense competition Reputation risk

Agenda

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1. CRISIL Overview 2. Business Environment 3. Financial Performance 4. Segment Performance Franchise and thought 5. Leadership 6. Corporate Social Responsibility

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A ‘TRUSTED’ voice in Media

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Media

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Budget 2021

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Reports
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Flagship events

5th edition of India Outlook Seminar titled 'Is the investment cycle rebound round the corner'

6th edition of CRISIL’s Flagship Bond Market Seminar with the theme 'Bonds that build a nation'

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Agenda

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1. CRISIL Overview

2. Business Environment

3. Financial Performance

4. Segment Performance

5. Thought Leadership 6. Corporate Social Responsibility

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CSR initiatives continue to drive last-mile impact

Contributing to CRISIL’s ESG focus by driving inclusive growth and conserving environment through afforestation projects

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Financial capability building of rural women in Assam, Rajasthan, Haryana and Maharashtra

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Over 32,000 beneficiaries trained, 59,000+ linkages facilitated to formal banking products and social welfare schemes.
Mein Pragati in Assam and Rajasthan continued to provide last-mile financial inclusion services through 860+ active and trained Sakhis in over 1,300+ villages
Over 600 Sakhis formally certified under GramShakti; 50 certified GramShakti cadre from Haryana to start work as BC Bank Sakhis
Continued to work with RBI on money wise centers for financial literacy with the pilot for 25 centers across Haryana, Maharashtra and Rajasthan getting extended

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Promoting environment conservation, disaster relief and larger social consciousness among employees

MoU signed with IAHV (International Association for Human Values) to construct two check dams in Pune and Mumbai; expected to provide 5 lakh litres of water storage capacity
Under Disaster Relief India Flood Disaster Response 2019, formally handed over eight renovated and restored schools across Maharashtra, Karnataka and Kerala.

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About CRISIL

CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better.

It is India’s foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.

It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong and Singapore.

It is majority owned by S&P Global Inc, a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital and commodity markets worldwide.

For more information, visit www.crisil.com

Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK | INSTAGRAM

CRISIL Privacy Notice

CRISIL respects your privacy. We use your contact information, such as your name, address, and email id, to fulfil your request and service your account and to provide you with additional information from CRISIL and other parts of S&P Global Inc. and its subsidiaries (collectively, the “Company) you may find of interest. For further information, or to let us know your preferences with respect to receiving marketing materials, please visit www.crisil.com/privacy. You can view the Company's Customer Privacy at https://www.spglobal.com/privacy

Last updated: May 2018

For further information contact: [email protected]

AI assistant

CRISIL Ltd. — Investor Presentation 2021

58999_rns_2021-04-22_969885ab-c82e-44dc-85eb-d05380ffca2b.pdf

Sub.: Corporate Presentation Q1 2021

CRISIL Limited

Q1 2021 Analyst Presentation

Disclaimer / Safe Harbor

Agenda

CRISIL is a leading global analytics company driven by its mission of making markets function better

Market Insights & Analytics

#Global footprint

Agenda

Covid-19 pandemic has led to a global recession in 2020, but expectations of good recovery this year

India

Global

Key business trends

Economic revival

Buoyant capital markets

Accelerated digital Emphasis on social and transformation sustainable practices

Financial and credit stress

Increasing focus on nonfinancial risk

AI/ML adoption

Remote working and distributed model

Agenda

Q1 2021 results: Income from Operations up 15.8%

Profit Before Tax

Profit After Tax

1. Numbers rounded off

Awards and Recognition

Agenda

Fewer issuances in bond market; bank credit growth remains muted especially for the corporate segment

Ratings: Q1 2021 highlights

Financials

Business update

Innovation and franchise

Agenda

Indian MF AUM continues to attract inflows; Global CIBs benefited from trading revenues, however pressure continues

$ billion

Evolving regulations present opportunities

USA: Maturing

Research: Q1 2021 highlights

Financials

Business update

Innovation and franchise

Note:

1. Numbers rounded off

Agenda

Advisory: Q1 2021 highlights

Financials

Business update

Innovation and franchise

Risks

Agenda

A ‘TRUSTED’ voice in Media

Budget 2021

Flagship events

Agenda

CSR initiatives continue to drive last-mile impact

Contributing to CRISIL’s ESG focus by driving inclusive growth and conserving environment through afforestation projects

Financial capability building of rural women in Assam, Rajasthan, Haryana and Maharashtra

Promoting environment conservation, disaster relief and larger social consciousness among employees

About CRISIL

CRISIL Privacy Notice

More from CRISIL Ltd.

CRISIL Ltd. Investor Presentation 2021