Contents. Our Business Mall Portfolio Residential Portfolio Commercial Portfolio Hotel & Restaurant Business

Transcription

1 1 1 POLE Position

2 Disclaimer 2 This presentation does not constitute a prospectus, offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any securities. This presentation should not be considered as a recommendation that any investor should subscribe for or purchase any securities of Phoenix Mills Limited or its subsidiaries or associates (collectively, the Group ) and should not be used as a basis for any investment decision. The information contained in this presentation is only current as of its date and has not been independently verified. The Group will not update you in the event the information in the presentation becomes stale. Moreover, no express or implied representation or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. None of the Group or any of its affiliates, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Group. These materials are confidential, are being given solely for your information and for your use, and may not be copied, reproduced or redistributed to any other person in any manner. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of this presentation should inform themselves about and observe any such restrictions. This presentation contain certain statements of future expectations and other forward-looking statements, including those relating to the Group's general business plans and strategy, its future financial condition and growth prospects, and future developments in its sectors and its competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or continue and similar expressions identify forward looking statements. All forward looking statements are subject to risks, uncertainties and assumptions that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward looking statement. The factors which may affect the results contemplated by the forward looking statements could include, among others, future changes or developments in (i) the Group s business, (ii) the Group s regulatory and competitive environment, (iii) the real estate and retail sectors, and (iv) political, economic, legal and social conditions in India. The information contained herein does not constitute an offer of securities for sale in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.

3 Contents 3 Introduction Who We Are Our Business Verticals What You Should Know About Us Value Accretive Acquisitions Financial profile Debt profile Where We Plan to Go Our Business Mall Portfolio Residential Portfolio Commercial Portfolio Hotel & Restaurant Business

4 Who We Are 4 WE ARE A LEADING RETAIL MALL DEVELOPER AND OPERATOR IN INDIA WITH PRESENCE IN KEY GATEWAY CITIES. WE HAVE AN ONGOING AND PLANNED RESIDENTIAL PORTFOLIO OF APPROX 5.5 MN SQ FT OF WHICH WE HAVE SOLD OVER 1.6 MN SQ FT. APPROX MN SQ FT OF COMPLETED AND ONGOING LARGE FORMAT CITY CENTRIC MIXED-USE & RESIDENTIAL PROJECTS. COMPLETED & PLANNED COMMERCIAL PORTFOLIO OF MORE THAN 1.8 MN SQ FT WITH AN UPCOMING PIPELINE. 6.2 Mn sq ft Retail Space 9 Retail Properties 7 Cities 2,000 Stores ** INR 6.51 Bn Rental Income ++ Approx. 5.5 Mn sq ft of Residential Portfolio 582 Hotel Keys ++For FY 15 Note: ** Including stores under construction/fit-out Leasable area for mall portfolio, saleable area for residential and saleable/leasable area for office/commercial portfolio

5 Our Business Verticals 5 MALL PORTFOLIO (5.60 MN SQ FT) HSP & Palladium, Mumbai Phoenix MarketCity, Chennai MALLS UNDER DEVELOPMENT/ FIT-OUT (0.56 MN SQ FT) Palladium ^ Chennai 0.22 Phoenix Paragon Plaza Mumbai 0.34 MATURE OFFICE PORTFOLIO (1.8 MNSQ FT) Phoenix Paragon Plaza Mumbai 0.12 The Centrium Mumbai 0.28 East Court Pune 0.25 Phoenix MarketCity, Pune 1.13 MATURE RESIDENTIAL PORTFOLIO (5.51 MNSQ FT) Art Guild House ^ Mumbai 0.76 Phoenix House Mumbai 0.13 Phoenix MarketCity, Bangalore 0.98 One Bangalore ^ West Bangalore 2.20 West Court P Pune 0.28 Phoenix MarketCity, Mumbai 1.11 Kessaku ^ Bangalore 0.99 OberHaus ^ Bangalore 0.38 HOTEL PORTFOLIO (582 KEYS) Phoenix United, Lucknow 0.33 OberHaus P Bangalore 0.64 The Crest ^ Chennai 0.53 Palladium Hotel (soon to be St. Regis)* Mumbai 389 Phoenix United, Bareilly 0.31 The Crest D P Chennai 0.41 Fountainhead ^ Pune 0.35 Courtyard by Marriot Agra 193 ^ Ongoing Development P Planned Project * The Company has entered into an agreement with Starwood to re-brand the hotel from Palladium Hotel to St. Regis, Mumbai, and subject to compliance with the terms of the agreements, expects rebranding to occur in Q Note: Area figures have been rounded to 2 decimal places; Leasable area for mall portfolio, saleable area for residential and saleable/leasable area for office/commercial portfolio

6 A Leading Developer of Mixed Use Projects 6 We have approximately Mn sq ft of completed and ongoing projects, a large part of which we still continue to own and operate. LOCATION-CITY CENTRE-MUMBAI (KURLA) LAND AREA-22 ACRES TOTAL BUILT-UP AREA OVER 3.04 MN SQ FT

7 Chennai - Tier 1 City-Centric Mixed Use Development (Illustrative Concept) 7 Crest Tower B - Residential Parking - Multilevel Crest Tower C - Residential Crest Tower D - Residential Crest Tower A - Residential Phoenix MarketCity Mall Location - City Centre - Velachery Land Area Acres Retail Leasable Area Mn sq ft Residential Saleable Area Mn sq ft TOTAL BUILT-UP AREA Mn sq ft Luxury Mall - Palladium Chennai

8 Pan - India City Centric Presence 8 8 Pune Fountainhead -Phase I # Phoenix United Lucknow East Court West Court ^ Pune Pune Phoenix Marketcity Mumbai High Street Phoenix & Palladium Phoenix Marketcity Phoenix Paragon Plaza # Mumbai The Centrium Art Guild House # Phoenix Paragon Plaza-Office # Phoenix House Phoenix United Bareilly Agra Courtyard by Marriott Chennai Phoenix MarketCity Palladium # Chennai The Crest-Towers A,B,C # The Crest-Tower D^ Bangalore Phoenix Marketcity Mumbai Bangalore Palladium Hotel (soon to be St. Regis)* Retail Residential Commercial Office Hotels One Bangalore West Phase I# & Kessaku # One Bangalore West Phase-II # Oberhaus-Phase I # Oberhaus Phase II ^ ^ Planned Development. # Ongoing Project * The Company has entered into an agreement with Starwood to re-brand the hotel from Palladium Hotel to St. Regis, Mumbai, and subject to compliance with the terms of the agreements, expects re-branding to occur in Q3-2015

9 What You Should Know About Us 9 Malls have exhibited Consumption and Rental Growth e.g. High Street Phoenix & Phoenix MarketCity Pune. Same is exhibited in all assets in initial years Flagship Mature Residential Assets generating profit margins, gross profit & cash flow e.g. Kessaku and One Bangalore West. Addition to our share of profits resulting from acquisitions of PE stakes in both our Annuity & Development Assets. Expansion potential of existing Mixed Use Development including flagship High Street Phoenix in Lower Parel, due to new proposed regulations.

10 Value Accretive Acquisitions Since Over the last 3 years we have acquired the stakes of PE partners in our projects. Agreements allow us to make payments at valuations from earlier years. Total investment of INR 8.6 Bn in these acquisitions approx. INR 6.1 Bn paid out already (including payment due in June 15) Note : * As on Nov 26, 2010 ** As on March 31, 2010, our Company owned 12,760,000 equity shares (representing 63.0% of the outstanding equity shares) of Palladium Constructions Private Limited. In addition, as on March 31, 2010, the Company had paid subscription consideration of Rs.1, million for the allotment to it of 4,740,000 compulsory convertible debentures. These compulsory convertible debentures were allocated to the Company on February 13, 2012, and were subsequently converted into 4,740,000 equity shares of Palladium Constructions Private Limited on May 17, Following conversion, the Company owned a total of 17,500,000 equity shares (representing 70.0% of the outstanding equity shares) of Palladium Constructions Private Limited. Development Name Malls 2010 As on 31 Mar 15 Final# PML & PHCPL Combined equity stake where applicable # PMC Bangalore 28% 75% 100% PMC Mumbai 24% 56% 75% PMC Pune 59% 63% 87% PMC Chennai 31% 50% 50% Residential Crest A+B 34%* 50% 50% One Bangalore * West & Kessaku 63%** 73% 79% #Note : Final share holding pattern basis executed SPA (Share Purchase Agreement)

11 Financial profile 11 Revenues (Rs bn) FY 13 EBITDA (Rs bn) FY 14 FY Operational malls, commercial office assets and mature residential developments. Stake acquisition results in growth in revenues and EBITDA. Free cash flow generation from mature residential developments Rent and Hotel (Rs bn.) FY -13 FY -14 FY -15 Mature Development Assets (Rs bn)

12 Debt Profile 12 DEBT PROFILE Consolidated Debt - Rs Bn Lease Rental Discounting (LRD) +equivalent - Rs Bn ( 91%) Term Loans - Rs 2.43 Bn (7%) INTEREST COVERAGE RATIO FY15 Mall EBITDA Over 300% Of Interest Phoenix MarketCity Chennai- EBITDA for Q4 FY15 : Rs. 286 mn. Interest for Q4 FY15 : Rs. 84 mn. LOW INTEREST RATE COMPARED TO PEER GROUP. Average cost of debt % FOCUS ON REDUCTION OF INTEREST RATE BY USING DIFFERENT INSTRUMENTS EXAMPLES OF INTENDED TRANSACTIONS: Refinancing of Bangalore LRD - Priced at 10.9 % reducing cost by 1.51% Rated Commercial Paper at PML - Priced at 10.5% reducing cost by 1%

13 Short Term Strategy 13 Intent for next 12 to 24 Months Acquisition of 2-3 marquee land parcels for Mixed Use Development of 2-4 Mn sq ft including sites adjacent to our existing developments. Obtain planning approvals and commence construction for Pune & Mumbai expansion. Acquire 2-3 green field/brown field malls. Enter JV/JD agreements for 1-3 Grade-A plots for Residential Developments.

14 14

15 A leading player in Scale, Quality, Sales and Brands 15 PALLADIUM - MUMBAI PHOENIX MARKETCITY CHENNAI PHOENIX MARKETCITY - BANGALORE PHOENIX MARKETCITY PUNE

16 Retail Mall Portfolio of over 6 Mn sq ft with more than 2000 ** stores 16 Operational Under Construction/Fit Out HSP & Palladium, Mumbai PMC Bengaluru PMC Chennai PMC Mumbai PMC Pune Phoenix United, Bareilly Phoenix United, Lucknow Phoenix Paragon Plaza, Mumbai Palladium, Chennai Retail Leasable Area (MSF ) No. of Stores Avg Rental (INR Psf) NA NA Occupancy 1 % 90-95% 90-95% 90-95% 85-90% 90-95% 90-95% 90-95% NA NA Year of Establishment 1999 / P **More than 2000 stores including stores under construction/fit-out. 1 Occupancy % varies during the year. Occupancy % includes LOI signed, under fit outs & assigned stores but not under fit out

17 Awards Accolades 17 HIGH STREET PHOENIX & PALLADIUM PHOENIX MARKETCITY PUNE PHOENIX MARKETCITY BANGALORE PHOENIX MARKETCITY MUMBAI PHOENIX MARKETCITY CHENNAI CMO Asia 2015 Retailer of the Year (Mall) Shopping Centre of the Year (Palladium) Images Shopping Centre Awards 2015-Most Admired Shopping Centre (Metros West) Asia s Shopping Centre & Mall Awards 2014 Most Admired Shopping Centre of the Year Socially Responsible Images Shopping Centre Awards 2015, 2013 & 2010 Most Admired Shopping Centre (Metros West) Estate Avenues India s Best Existing Neighborhood Mall Images Shopping Centre Award 2014 & 2013 Most Admired Shopping Centre of the Year Most Admired Shopping Centre Marketing & Promotions CMO Asia Retail Excellence 2014 Shopping Centre of the Year CNBC Awaaz Real Estate 2012 Best Retail Project in Pune AIFM Award for the Best Maintained Facility CNBC Awaaz Real Estate 2013 Best Retail Project of the city CMO Asia 2013 Most Admired Shopping Centre of the Year Marketing campaign Images Shopping Centre Award Most Admired Shopping Centre Launch of the Year (South) CMO Asia Feb Most Admired Shopping Centre of the Year CMO Asia 2014 Best Thematic Decoration Estate Avenues India s Best Existing Neighborhood Shopping Mall "Hindustan Times Sept Mumbai HOT 50 Brands Estate Avenues 2015 Best Malls & Shopping Centre of the Year Operational Mixed Used Development CMO Asia 2014 Most Admired Shopping Centre of the Year CNBC Awaaz Real Estate 2013 Best Retail Project of the city Realty Plus Excellence 2012 Developer of the Year

18 Increasing Consumption Leading to Increasing Rental Income (Illustration) 18 Hmm RENT 50 YEAR Rental from MG (Rs psf pm) Consumption (Rs mn) Trading Density (Rs psf pm) Rental from Rev Shr (Rs psf pm) 1, TRADING DENSITY MAJORITY Phoenix malls have a HIGHER OF MG / Rev Share structure. Generally MG escalates by 15% at the end of 3 years and 5% annually in the interim. 5 Year agreements related at much higher MG in year 6

19 High Street Phoenix and Palladium - Our Flagship Mall 19

20 High Street Phoenix and Palladium Upside at end of tenure for renewals. 20 Re-leasing in FY when contracts came for renewal Chargeable(Area Re-leased) 241,859 Total No. of Deals 108 AVERAGE RENTAL (MG)# 335 PSPM INCREASE IN RENTALS FROM PREVIOUS DEALS % Increase in (MG) # Number of Brands 50% - 100% % - 200% % plus 3 #MG Minimum Guarantee/ Fixed license fee *Note The increase in MG refers to increase only to the fixed component of the license fees for the same unit upon renewal or releasing and not an increase in the variable component derived from share of revenue

21 High Street Phoenix and Palladium Housing Global Brands 21

22 HSP & Palladium Amongst The Most Awarded Malls of India 22 Retail Excellence award for Retailer of the Year (Mall) 2015 by CMO Asia Shopping Center of the Year (Palladium) 2015 by CMO Asia Most Admired Shopping Center of the Year Socially Responsible 2014 by Asia s Shopping Center & Mall Awards Images Shopping Centre Awards 2015, Most Admired Shopping Centre of the Year India s Best Existing Neighborhood Shopping Mall by Estate Avenues Developer of the Year Retail 2012 by Realty Plus Excellence Awards Developer of the Year Retail 2011 by Property Awards Images Shopping Centre Awards Most Admired Shopping Centre Launch of the Year ( West ) Palladium

23 High Street Phoenix and Palladium Growth Trend 23 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2, ,000 2,500 2,000 1,500 1, Consumption Rs. Mn 14,403 CAGR 27 % 13,185 11,711 9,710 7,881 4,373 FY10 FY 11 FY 12 FY 13 FY 14 FY 15 Avg Trading Density Rs. Psf/ Pm CAGR 19 % 2,263 2,029 1,676 1,532 1,055 2,553 FY10 FY 11 FY 12 FY 13 FY 14 FY 15 2,500 2,000 1,500 1, Rental Income Rs. Mn CAGR 25 % 757 1,262 1,495 1,824 2,039 Rental average was Rs. 115 / sq.ft. in FY10, now at Rs. 256 /sq.ft. Annual Consumption growth from Rs 4,373 to 14,403 Mn since FY10 Rental Income growth from Rs 757 Mn/Yr to Rs 2,293 Mn/Yr since FY10 2,293 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15

24 Phoenix MarketCity Chennai 24 Best Malls & Shopping Centre of the Year 2015 Operational Mixed Used Development by Estate Avenues. Most Admired Shopping Centre of the Year by CMO Asia s Shopping Centre & Mall Awards 2014 Best Retail Project of the City CNBC Awaaz Real Estate 2013Development by Estate Avenues.

25 Phoenix MarketCity Chennai 25 Location Retail leasable area (msf) Number of stores Average rental rate 1 (INR/sf/month) Trading density 1 (INR/sf/month) Velachery, Chennai ,480 1 Average for FY-15

26 Phoenix MarketCity Chennai growth in sales and trading density 12,000 9,000 6,000 3,000 0 Consumption Rs. Mn 1,200 1,109 10,481 1, , FY 13 FY 14 FY 15 FY 13 FY 14 FY 15 1,500 1,226 1,480 1, FY 13 FY 14 FY 15 Rental Income Rs. Mn FY15 Growth Rate 51% FY15 Growth Rate 29% Avg Trading Density Rs. Psf/ Pm FY15 Growth Rate 21% 26 * Historical Trends

27 Phoenix MarketCity Chennai 27 In the 3 rd year of operation, the consumption grew by 51% Recorded trading density in excess of 1400/sq.ft. Scope for rental income increase from Revenue Share & Rent resets due to growing consumption. Note: this illustration relies on select few transactions of FY15

28 Palladium Chennai 28 Palladium Mall, Chennai to target rising consumption Key Information Expected Operational Date 2016 Expected Leasable Area (Mn Sq. Ft.) 0.22 Expected Number of Stores 76

29 Phoenix MarketCity Bangalore 29 Best Retail Project of the Bangalore City By CNBC Awaaz Real Estate Award 2013 Best Retail Project of the Bangalore City By CNBC Awaaz Real Estate Award 2013 Most Admired Shopping Centre Launch of the Year (South) - ISCA Images

30 Phoenix MarketCity Bangalore 30 Location Retail leasable area (msf) Number of stores Average rental rate 1 (INR/sf/month) Trading density 1 (INR/sf/month) Whitefield, Bangalore ,131 1 Average for FY-15

31 31 31

32 Phoenix MarketCity Bangalore 32 8,000 Consumption Rs. Mn CAGR 42 % 6,573 7, Rental Income Rs. Mn CAGR 21% ,000 4,000 3, , FY 13 FY 14 FY 15 Avg Trading Density Rs. Psf/ Pm CAGR 25 % 1, FY 13 FY 14 FY Mn sq.ft. or 51 % of mall area is coming up for renewal from FY16 FY18 0 FY 13 FY 14 FY 15

33 Phoenix MarketCity Pune 33 Images Shopping Centre Award (ISCA) for the Most Admired Shopping Centre 2014 Shopping Centre of the year at the CMO Asia Retail Excellence Award 2014 Images Most Admired Shopping Centre of the Year at Images Shopping Centre Awards 2013 IMAGES Most Admired Shopping Centre Marketing & Promotions Of The Year at Images Shopping Centre Awards 2013 Best retail project in Pune at the CNBC AWAAZ Real Estate Awards 2012

34 Phoenix MarketCity Pune 34 Most Admired Shopping Centre of the Year Non-Metros (West) by Images Shopping Centre Awards for 2013, 2014 and 2015 Large Number of Units are Due for Re-lease This Year

35 Phoenix MarketCity Pune 35 8,000 6,000 4,000 2,000 Consumption Rs. Mn CAGR 29% 6,221 4,610 7,650 1, Rental Income Rs. Mn CAGR 21% FY 13 FY 14 FY 15 0 FY 13 FY 14 FY 15 1,200 1, Avg Trading Density Rs. Psf/ Pm CAGR 22 % FY 13 FY 14 FY Mn sq.ft. i.e. 33% of mall is coming up for renewal in current FY

36 Phoenix MarketCity, Kurla Mumbai 36 LOCATION-CITY CENTRE -MUMBAI (KURLA) LAND AREA - 22 ACRES TOTAL BUA AREA OVER 3.04 MN. SQ. FT. India s best existing neighbourhood shopping mall awarded by Estate Avenues Best Thematic decoration by Asia Shopping Centre & Mall Awards, awarded by CMO Asia

37 5 Mega Infrastructure Projects All Converging at Kurla, Mumbai 37 1 Santacruz Chembur Link Road (SCLR) 2 Metro Phase 1 3 Mono Rail 4 Eastern Freeway 5 Widening LBS Road

38 Phoenix MarketCity Mumbai 38 Location Retail leasable area (mn sq. ft) Number of stores Average rental rate 1 (INR/sf/month) Trading density 1 (INR/sf/month) Kurla, Mumbai Average for FY-15

39 Phoenix MarketCity Mumbai 39 6,000 4,500 3,000 Consumption Rs. Mn CAGR 39 % 5,480 4,460 2,818 1, Rental Income Rs. Mn CAGR 15% , FY 13 FY 14 FY 15 Avg Trading Density Rs. Psf/ Pm CAGR 25 % FY 13 FY 14 FY mn sq.ft. i.e. 63% of mall area is coming up for renewal 200 from FY16 FY18 0 FY 13 FY 14 FY 15

40 Phoenix Paragon Plaza, Mumbai (Soon to Launch) 40 Key Information Expected Operational Date 2015 Expected Leasable Area (Mn Sq. Ft.) 0.34 Expected Number of Stores 305

41 Phoenix Malls Consolidated 41 Consumption (Rs.bn) Total Rental Income (Rs.bn) FY13 FY14 FY15 FY 13 FY 14 FY 15 CAGR 38% CAGR 25%

42 Mall Operations Efficient Hence EBITDA Approximately Equals to Rent 42 Bangalore Mall FY13 FY14 FY15 Rental Income CAM and Other Income Total Income 1,001 1,266 1,403 EBITDA EBITDA as a %age of Rental Income 97% 110% 107%

43 To Summarize ONE OF THE LEADING MALLS IN THEIR RESPECTIVE CITIES Leading Brands have stores in our malls Several Global Brands have their first India store in our malls One of the most decorated mall portfolios in India City Center locations RENTALS AT ALMOST HALF CURRENT POTENTIAL Several recent deals are at MGs more than double the average rentals Trends have shown rental growth LARGE ASSETS AND LOW COMPETITION Very few comparable centers currently under construction Assets of similar size take 5 to 7 years to build and stabilize CONTINUED CONSUMPTION GROWTH IN FY-15 Phoenix MarketCity Chennai grew 51% Phoenix MarketCity Bengaluru grew by 18% Phoenix MarketCity Mumbai grew 23% Phoenix MarketCity Pune grew 23% 43

44 44 44

45 Mature Residential Portfolio of Approx. 5.5 Mn sq ft 45 ONE BANGALORE WEST - BANGALORE KESSAKU - BANGALORE FOUNTAINHEAD - PUNE OBERHAUS - BANGALORE

46 Overview of Group s Strategy for the Residential Segment Foray into residential development 1 Planning 2 Collaborate with partners 3 Well researched design 4 Focus on quality and speed of execution 5 Focus on integrity, transparency and customer satisfaction Focus on commitments, customer management & post-sale satisfaction Effective execution, special focus on time, cost & global standards Emphasis on design & engineering Collaborate with renowned names Detail-oriented approach to planning

47 Overview of Key Mature Residential Projects 47 Key Residential Projects Ongoing / Planned Project Name Location No. of towers Saleable area (Mn sq ft) Commencement of planning Launch date Date of completion (exp.) Rajajinagar, Bangalore Q Phase I Q Phase II Q Phase I (Towers 1-5) Q Phase II (Towers 6-9) Q Rajajinagar, Bangalore Q Q Q Whitefield, Bangalore Phase I Q Phase II Under planning Phase I Q Phase II Under planning Phase I Q Phase II Q Nagar Road, Pune Phase I Q Phase I Q Velachery, Chennai Tower A, B & C Q Tower D Q Tower A, B Q3,2015 C Q Tower D 2018 TOTAL 5.51

48 Award Winning Projects 48 48

49 9 towers of 30 floors each 2.2 Mn sq ft planned 1.07** Mn sq ft sold ONE BANGALORE WEST - NO. 1 DR RAJ KUMAR ROAD CLUB HOUSE Note: Area is saleable area ** Of which 0.99 Msf is sold from Phase I

50 One Bangalore West: Execution Status 50 Structure work for Phase I completed Interior works ongoing Club house structure nearing completion Projected Phase 1 completion in 2016

51 RS. / SQ FT One Bangalore West - Profit Margin/Sq Ft Total inventory 2.2 Mn. sq ft Inventory sold 1.07 Mn sq ft Balance inventory of 1.13 Mn. sq ft SALIENT FEATURES (Phase I) DETAILS OF COST OF CONSTRUCTION #(Rs/Sq Ft) 51 Land Cost TDR Cost 385 Cost of Building 4089 TOTAL 5574 Average Cost Average Selling Price Profit Margin FINANCIAL YEAR # Cost of land is fixed, however, the cost of construction varies

52 5 towers of 30 floors each 2 exclusive clubs 0.99 Mn sq ft planned 0.21 Mn sq ft sold 52 KESSAKU - BANGALORE KAZE - SKY CLUB DOUBLE HEIGHT DECKS WITH SPLASH POOL Note: Area is saleable area

53 Kessaku, Bangalore: Concept Apartment Actual pictures 53 EXPANSIVE LIVING & DECK SPACE MASTER SUITE PERSONAL LIFT LOBBY MASTER BATHING SUITE

54 1.02 Mn sq ft planned Yet to be Launched 54 OBERHAUS - BANGALORE VANISHING EDGE POOL Note: Area is saleable area

55 OberHaus, Bangalore: Concept Apartment Actual Pictures 55 OBERHAUS - BANGALORE HOME OFFICE CROSS-VENTILATED LIVING AND DINING AREA MASTER BEDROOM WITH A WALK-IN WARDROBE

56 56 2 towers of 13 floors each 0.35 Mn sq ft planned FOUNTAINHEAD - PUNE CLUB HOUSE Note: Area is saleable area

57 Fountainhead, Pune: Concept Apartment Actual Pictures 57 EXPANSIVE LIVING & DINING SPACES SECOND MASTER BEDROOM MASTER BATH SUITE A MODULER SEAMLESS KITCHEN WITH BUILT-IN GOODS

58 towers of 9-10 floors 0.94 Mn sq ft planned Approximately 0.36 Mn sq ft sold Note: Area is saleable area

59 Crest: Execution Status 59 Crest Tower C Crest Tower B Expected date of completion- Towers A & B Q Tower C Q Tower D 2018

60 60 60

61 Commercial Portfolio Building an Annuity Business 61 Project name Location Total area (Mn Sq Ft) Phoenix House Lower Parel, Mumbai 0.13 Centrium Kurla, Mumbai 0.28 East Court Viman Nagar, Pune 0.25 Paragon Plaza Kurla, Mumbai 0.12 Art Guild House Kurla, Mumbai 0.76 West Court * Viman Nagar, Pune 0.28 TOTAL 1.80 * Planned Project

62 62 ART GUILD HOUSE - MUMBAI Total Saleable/Leasable Area 0.76 Mn sq.ft. Expected Date of Completion 4 th Quarter GRAND ATRIUMS & ART INSPIRED LOBBY

63 63 Total Saleable/ Leasable Area Status 0.28 Mn sq.ft. Under Fit Outs and Partly Occupied

64 64 Total Saleable/ Leasable Area Status 0.12 Mn sq.ft. Under Fit Outs and Partly Occupied

65 PHOENIX HOUSE 65 Total Saleable/ Leasable Area Status 0.13 Mn sq.ft. Occupied

66 66 Total Saleable/ Leasable Area Status 0.25 Mn sq.ft. Occupied

67 Proposed Policy changes 67 o Possible TDR policy change for Maharashtra o Possible new development plan for Mumbai

68 68 68

69 Leading Properties Managed by Global Brands 69 Mumbai Agra Year of Establishment Rooms Restaurants & Bar Occupancy (%) 3 66% 28% 4 Average room rent (INR / room 8,231 4,800 4 night) (Soon to be St. Regis) Note: Phoenix Mills has 23.3% stake in Courtyard by Marriott, Agra. 1 Currently 335 rooms are operational. 2 Currently 3 are operational; 3 For FY15; 4 Hotel has been operational for only a quarter. Note: The Company has entered into an agreement with Starwood to re-brand the hotel from Palladium Hotel to St. Regis, Mumbai, and subject to compliance with the terms of the agreement, expects re-branding to occur in Q3-2015

70 The Palladium Hotel (soon to be St. Regis), Mumbai 70 In addition to 389 rooms and suites, the Hotel has multiple dining, entertainment and banquet & conference options to cater to the ever growing demand in India s Financial Capital. Heavy density of offices and residential developments within a 1 km radius 55% of revenue contributed by F&B and banquets Focus on Restaurants and Event Spaces F & B Option in the city with 11 Award winning, dining and nightlife venues City center destination for weddings, exhibitions and large conventions with over 42,500 sq. feet of Events space F&B contributes significantly to revenue A FY - 13 FY - 14 FY - 15 F&B & Banquet Rooms and others A 4 months of operations Note: The Company has entered into an agreement with Starwood to re-brand the hotel from Palladium Hotel to St. Regis, Mumbai, and subject to compliance with the terms of the agreement, expects re-branding to occur in Q3-2015

71 Several Award Winning Restaurants 71 LI BAI Restaurants Piano Lounge & Bar Seven Kitchens The Sahib Room & Kipling Bar Mekong Li Bai. The Social Bar EXO Anais YUUKA by Ting Yen LED Zenith Party Suite ASILO Type Lobby Lounge All Day, Global Cuisine Indian Asian Penthouse Bar Night Club European Modern Japanese Deli Style Cafe Private Party Suite Al Fresco Roof Top Bar

72 Awards and Accolades Times Food & Nightlife Awards Seven Kitchens: Winner of Best All Day Restaurant (South Mumbai, Fine Dining Mekong: Winner of Best Thai Restaurant (Newcomer, South Mumbai, Fine Dining) Li Bai: Winner of Best Bar (South Mumbai) Tripadvisor Certificate of Excellence 2014 Condé Nast Readers Travel Awards 2014 Favorite New Leisure Hotel in India (Runners Up) YUUKA by Ting Yen

73 Awards and Accolades Times Food & Nightlife Awards The Sahib Room & Kipling Bar: Winner of Best Indian )Noteworthy Newcomer South Mumbai, Fine Dining) Yuuka: Winner of Best Japanese (Noteworthy Newcomer South Mumbai, Fine Dining) Booking.com Award of Excellence 2014, Preferred Hotel ClearTrip Award of Excellence 2014 THE SAHIB ROOM & KIPLING BAR And the year has just begun

74 Banquets and Conferences 74 Banquets 8th Floor Banquets Banquets I Pallazzio Banquets II Imperial Hall Banquets III Alhambra Grand Hall - Pre-function Area Grand Cru Salon Party Room 9th Floor Banquets Grand Ball Room Bridal Room Pre-function Area Open air panoramic Terrace Garden THE BALLROOM Total Area of all Banquets - 42,500 sq. ft.

75 Courtyard by Marriott, Agra 75 The Hotel is situated around 2 kms from the Taj Mahal

76 Restaurants : Why? 76 Positioning of the Centre A play on the rising discretionary spending in India Attract new set of customers to the centre Mall Attract right profile of footfall Confidence in the space based on the strong performance of F&B in the Palladium Hotel (soon to be St. Regis) and our existing Phoenix malls Leveraging on the prime real estate space of our malls to introduce our new F&B brands in India Extend Length of Stay in the Centre Retain existing footfall that comes to the mall for the upmarket offerings Ability and bandwidth for a quick roll-out (5 concepts in operation in the last 6 months) Brand recall high due to high footfalls in mall allow for easier opportunity for brand growth outside of mall Note: The Company has entered into an agreement with Starwood to re-brand the hotel from Palladium Hotel to St. Regis, Mumbai, and subject to compliance with the terms of the agreement, expects re-branding to occur in Q3-2015

77 Restaurants 77 9 Food & Beverage Concepts/ brands rolled out across 11 stores, (5 Operational & 6 under fit-out) Potential for more rollouts with opportunities across all Phoenix malls at initial stage Adds to Phoenix malls leisure and entertainment bouquet, creating a larger consumption center Scalable model that can be replicated on a Pan India basis at other malls & stand alone locations

78 Restaurants - Food & Beverage Concepts Carefully selected concepts keeping in mind need gaps Targeted at young upwardly mobile and aspirational consumer set High quality, yet value proposition allowing for volume business Name AMAYA Indian Grill & Kitchen Sq Ft Area (Carpet) 956 Concept Indian restaurant that serves cuisine from the North West Frontier Province of India Capacity Operational Stores 40 Mumbai Under Fit-out SICHUAN HOUSE 1911 Chinese restaurant that combines spices, flavours and techniques from the Sichuan Province of China 60 Mumbai ASIA BAR 1622 Neighbourhood bar that offers great daily deals to its patrons 45 Mumbai 212 ALL DAY Café & Bar Casual dining space with a chic alfresco that serves European cuisine 100 Mumbai Pune THE BIG KAHUNA 2611 Tiki cultural Inspired resto-bar that serves world cuisine 100 Mumbai CRAFT Deli. Bistro. Bar 3189 Premium Deli, Up-market Bistro, Wine & Cocktail Bar 110 Mumbai URBAN CHIC BAR 2567 Chic concept Bar. Focused on "Economies of Scale" 95 Mumbai & Pune NOOK Nightlife 3453 Trendy Nightclub 150 Mumbai ASIAN BISTRO 1492 Fun Asian Bistro- Casual Dine 100 Pune

79 79 79

80 PML CONSOLIDATED PROFIT & LOSS STATEMENT 80 (Rs Mn) FY15 FY14 YoY (%) Income from operations 16,533 14,485 14% EBITDA 7,620 6,784 12% EBITDA Margin 46% 47% Other Income Depreciation 1,681 1,055 Interest 3,956 3,451 15% Profit before exceptional Item 2,295 2,669 Exceptional Item Profit before tax and exceptional Item 1,357 2,669 Profit after tax 864 1,844 PAT after Minority Interest * 354 1,285 EPS (Rs) *Presently Pallazzio Hotels and Leisure Pvt Ltd. has been considered as 100% subsidiary of PML. The effective financial interest of PML on conversion of debentures into equity will be 55.80% and if adjusted for the same, the PAT after minority interest would have been higher by INR 480 Mn

81 PML CONSOLIDATED BALANCE SHEET 81 (Rs Mn) As on As on As on As on 31-Mar Mar Mar Mar-14 Share Capital Non Current Assets 49,180 50,424 Reserves & Surplus 16,447 16,947 Tangible Assets 41,299 41,671 Shareholders Fund 16,737 17,237 Intangible Assets Minority Interest 6,212 7,200 Capital Work-in-Progress 2,117 2,350 Non Current Liabilities 31,415 31,220 Non-Current Investments 1,807 2,260 Long Term Borrowings 28,190 28,328 Deferred Tax Assets (Net) 1, Other L. T. Liabilities 3,004 2,761 L.T. Loans and Advances 2,356 3,195 Long-Term Provisions Other Non-Current Assets Current Liabilities 12,048 11,928 Current Assets 17,233 17,161 Short Term Borrowings 2,271 2,511 Current Investments 190 1,269 Trade Payables 1,050 1,536 Inventories 11,783 11,417 Other Current Liabilities 8,187 7,489 Trade Receivables 2,192 1,968 Short Term Provisions Cash & Cash Equivalents Short-Term Loans and Advances 1,967 1,395 Other Current Assets Total 66,413 67,585 Total 66,413 67,585

82 82 82