We met the management of IDFC to understand the near term business outlook and with
Crisil on capital adequacy requirements (CAR). IDFC indicated that it would look to
slowdown its current pace of loan growth and will raise USD 250 mn in tier 1 capital by
FY09E. It also expects a slowdown in income from capital markets, but is positive on the
growth of the asset management business. Following are the key takeaways of our
meeting with IDFC and Crisil. We believe higher capital requirements are due to gradual
change in the business model in the past few years and increased equity investments.

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