1. Presenter: Scott Weller Director of Finance Ansaar Management Company Lahore, Pakistan 30 January, 2012

2. Agenda 1.Housing Market in Pakistan 2.Mortgage Financing in Pakistan 3.AMCs Model for Housing

3. Housing in Pakistan 37% URBAN POPULATION ( % TOTAL ) 6M – 8M ESTIMATED HOUSING SHORTAGE ( # UNITS ) 1 MORTGAGE PROVIDERS TARGETING LOW - INCOME SEGMENTS Source: World Bank

4. Housing Debt (% GDP) - 2008 Source: World Bank 2008

5. Housing Debt (% GDP) - Pakistan Source: State Bank of Pakistan; World Bank

6. Market Share of Housing Finance Providers HBFC 21% Source: State Bank of Pakistan March 2011 HBFC 75% … by PORTFOLIO … by BORROWERS Private Banks 49%

7. Active Housing Developments: Lahore Source: Ansaar Management Company 2011 No Financing: 9 In-House Financing: 92 Mortgage Financing: 1 Projects Surveyed: 102

8. Impact of 20% Annual Inflation 80% increase in down payment January 2011 January 2012 20% increase in total cost mortgage proceeds fixed at 70% LTV TOTAL COST MORTGAGE DOWN PAYMENT

9. Barriers to Growth Regulatory Framework Land Title & Administration Long-term Financing Secondary Market Inefficiency of Small Loans Social Sustainability Developer Credibility

10. Ansaar Management Company most developers build HOMES … …often times yielding Ghost Towns & Ghettos AMC builds COMMUNITIES … Occupancy Requirements Social Infrastructure Community Development Mixed-Income

11. Location: Land Size: Residential Units Residential Plot Size Target Income Segment * Lahore 100 acres 2,000 800 sq ft $175 – $330 Ansaar Model City * Monthly household income (USD)

12. AMCs Housing Ecosystem

13. Thank You!