The Indian Company Limited

Corporate Presentation May ,2016 1 Disclaimer

These presentations contain forward - looking statements within the meaning of applicable securities laws . Similarly, statements that describe our business strategy, outlook, objectives, plans, intentions or goals also are forward - looking statements . Forward - looking statements are not guarantees of future performance and involve risks and uncertainties and other factors that may cause actual results to differ materially from those anticipated at the time the forward - looking statements are made . Future results, performance and achievements may be affected by general economic conditions, regulatory environment, business and financing conditions, foreign exchange fluctuations, cyclicality and operating risks associated with the and other circumstances and uncertainties .

Although we believe the expectations reflected in such forward looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be attained or that results will not materially differ . We undertake no obligation to publicly update or revise any forward - looking statement, whether as a result of new information, future events or otherwise 2 Key Highlights

Monsoon, 2015 GDP growth ’s GDP World GDP growth Inflation, of India higher projected to Oil Prices, projected at 3.2% than China grow by 7.5 % in Reforms key areas for 2016 7.3% vs 6.9% 2016/17 to look out for i n India’s growth

Foreign Tourists Growth rate in Occupancies Domestic Tourists Domestic arrivals growth at show improvement & rooms Demand 10 % for However, ARRs F&B to drive Outpaces supply Jan to April 2016 remain flat growth (E visa Scheme) growth

Taj Group crowned Taj Group Taj Group featured Added 1400 rooms the Best on the list of portfolio in 2015/16. Group in India 10 of the World’s touches 136 Hotels; To add 900 rooms Room inventory at the T+L India's Best Luxury Hotel in current year Of 16759 Best Awards Brands by Forbes

Currently in To Pursue Divestment Focus on growth Completed Restructuring of by management process of of Taj Boston, whilst International Overseas contracts to ensure Holdings, now housed amalgamating two Retaining management in a offshore WOS minimal capital WOS with IHCL contract requirement 3 Presentation Structure

. Industry Highlights

. Taj Group – An Overview

. New Inventory

. Land Bank

. Financial Performance

. Awards & Accolades

4 Industry Highlights

5 Industry Highlights - Outlook

. International travel and tourism arrivals grew by 4 . 4 % to reach a total of 1 , 184 million in 2015 , 50 million more than in 2014 .

. Strong growth in Americas (+ 5 % ), Asia Pacific (+ 5 % ), Europe (+ 5 % ), the Middle East (+ 3 % ), whilst limited data available for Africa points to a ( 3 % ) decrease in that market

. As per WTTC Travel & Tourism sector generated US $ 7 . 2 trillion ( 9 . 8 % of global GDP) supported 284 million jobs .

. Over the next ten years, travel and tourism is anticipated to contribute US $ 11 . 0 trillion in GDP to the world economy, and will support 370 million jobs worldwide .

. 2015 /16 saw a supply growth of 3.9%, while demand increased by 10.5% over the previous year.

. Most key cities witnessed an increase in supply in the range of 3% to 6%

. E - Tourist Visa scheme for India is now available across 150 countries, at 16 Airports in India.

Source : WTTC, UNWTO, Ministry of tourism India, STR Global 6 Foreign Tourist Arrivals in India

. Foreign tourist arrivals in India have shown growth in each quarter for past 5 years . . Foreign tourist arrivals during 2015 / 16 were 82.42 lakh, a growth of 6.2%

7 Source : Ministry of tourism India India : Source Markets

In Lakhs No of Arrivals Percentage Share Country of Nationality 2013 2014 2015 2013 2014 2015 America North America 13.4 13.9 14.9 19.2% 18.1% 18.6%

Central and South America 0.7 0.7 0.7 1.0% 0.9% 0.9%

14.1 14.6 15.7 20.2% 19.0% 19.5% Europe Western Europe 18.6 18.6 18.8 26.6% 24.2% 23.4% Eastern Europe 4.1 4.2 3.3 5.8% 5.5% 4.1%

22.6 22.8 22.1 32.4% 29.7% 27.5% Asia West Asia 3.4 4.1 4.2 4.9% 5.4% 5.2% South Asia 12.2 16.9 19.5 17.4% 22.1% 24.2% South East Asia 6.3 6.9 7.0 9.0% 8.9% 8.7% East Asia 5.5 5.5 5.6 7.9% 7.1% 6.9%

27.4 33.4 36.2 39.3% 43.5% 45.1% Africa 2.8 2.8 2.9 4.0% 3.7% 3.7%

Australia & New Zealand 2.6 2.9 3.1 3.8% 3.7% 3.9% Others 0.2 0.3 0.2 0.3% 0.4% 0.3%

69.7 76.8 80.3 100.0% 100.0% 100.0% 8 Source: - INDIA TOURISM STATISTICS 2015 Domestic Visits – Growing over the Years

Figures in crores

Source: INDIA TOURISM STATISTICS 2014 Domestic travel visits continue to show robust growth and grew 12.9 % in 2014 9 India Hotel Performance – Key cities 2015 / 16

• There has been an overall 3 . 9 % increase in Supply in 2015 / 16 as compared to the same period last year . • Demand growth has been 10 . 5 % for this period However, the supply / demand gap is still significant in most cities, impacting ARRs 10 Source : STR Global Occupancies % – Year on Year Trend

. All Cities have witnessed improved occupancy levels over the previous year

11 Source : STR Global ARRs – Year on Year Trend

. Despite growth in domestic demand , ARRs have continued to be flat , across India

12 Source : STR Global Taj Group – An Overview

13 Business Structure

IHCL

By business portfolio By legal entity

Owned hotels Subsidiary companies

Leased/ Licensed hotels Joint ventures

Managed hotels Associate companies 14 Taj Group Major Companies

Company Name Effective Company Name Effective Holding % Holding % Subsidiaries Joint Ventures Piem Hotels Ltd 51.57 Taj GVK Hotels & Ltd 25.52 Taj SATS Air Catering Ltd 51.00 Taj Madras Flight Kitchen Pvt Ltd 50.00 TIFCO Holdings Ltd [ Investment Company ] 100.00 Taj Kerala Hotels & Resorts Ltd 28.30

Benares Hotels Ltd 51.68 Taj Karnataka Hotels & Resorts Ltd 44.27

United Hotels Ltd 55.00 Taj Safaris Ltd 28.96 Roots Corporation Ltd 63.25 Kaveri Retreat & Resorts Ltd 50.00 Lands End Properties Pvt Ltd 100.00 IHMS (SA) Pty Ltd 50.00 Skydeck Properties Pvt Ltd 100.00 TAL Hotels & Resorts Ltd 27.49 United Overseas Holdings, Inc. 100.00 St James Court Hotel Ltd 72.25 Associates IHOCO BV [ Investment Company ] 100.00 Oriental Hotels Ltd 35.67 Samsara Properties Ltd [ Investment Company ] 100.00 Lanka Island Resorts Ltd 24.66

TAL Lanka Hotel PLC 24.62 15 Taj Brand Extensions

16 Taj Group Inventory Brand Distribution

Brands Domestic International Total No of Inventory No of Inventory No of Inventory Hotels Hotels Hotels

20 3,415 10 1849 30 5,264

35 4,946 5 575 40 5,521

31 2,596 1 208 32 2,804

34 3,170 - - 34 3,170

Total 120 14,127 16 2,632 136 16,759

17 Current Portfolio

# Company/ Hotel/ Unit Rooms # Company/ Hotel/ Unit Rooms # Company/ Hotel/ Unit Rooms HOLDING COMPANY SUBSIDIARY COMPANIES SUBSIDIARY COMPANIES (Continued) Piem Hotels Limited Roots Corporation Limited The Indian Hotels Company Limited 4406 (Taj Group – 51.57%, Nagpals – 39.47%) 922 (Taj Group – 66.9%, Tata Fund – 27.6%) 2655 1 Taj Mahal Palace, 550 26 by Taj - President, Mumbai 287 41 Ginger Hotel - Agartala 100 2 Taj Lands End, Mumbai 493 27 Vivanta by Taj - Blue Diamond, Pune 110 42 Ginger Hotel - Ahmedabad 93 3 Taj Wellington Mews, Mumbai 78 28 Vivanta by Taj - Gomti Nagar, Lucknow 110 43 Ginger Hotel - (Whitefield) 101 4 Taj Mahal Hotel, New Delhi 292 29 Vivanta by Taj - M G Road, Bangalore 167 44 Ginger Hotel - Bangalore (Inner Ring Road) 88 5 Taj Palace, New Delhi 403 30 The Gateway Hotel - Ambad , Nashik 148 45 Ginger Hotel – Bhubaneshwar 101 6 Taj Bengal, Kolkata 229 31 The Gateway Hotel - Fatehabad Road ,Agra 100 46 Ginger Hotel - () 79 7 Taj West End, Bangalore 117 47 Ginger Hotel - Chennai (IITM) 85 8 Taj Lake Palace, 83 United Hotels Limited 48 Ginger Hotel – Faridabad 91 9 Taj Falaknuma Palace, 60 (Taj Group – 55%, Kumar Family – 45%) 49 Ginger Hotel – Goa 135 10 Taj Exotica, Goa 140 32 Vivanta by Taj - Ambassador, New Delhi 88 50 Ginger Hotel – Guwahati 70 11 Vivanta by Taj - Aurangabad, 63 51 Ginger Hotel – Indore 95 12 Vivanta by Taj - Connemara, Chennai 150 Benares Hotels Limited 52 Ginger Hotel – 103 13 Vivanta by Taj - Dwarka , New Delhi 250 (Taj Group – 53.7%, Royal Family – 8.8%) 174 53 Ginger Hotel – Jamshedpur 94 14 Vivanta by Taj - Fort Aguada, Goa 145 33 Nadesar Palace – 10 54 Ginger Hotel – Mangalore 79 15 Vivanta by Taj - Holiday Village, Goa 142 34 The Gateway Hotel - Ganges, Varanasi 130 55 Ginger Hotel - Mumbai (Andheri East) 116 16 Vivanta by Taj - Hari Mahal, 93 35 The Gateway Hotel - Balaghat Road, Gondia 34 56 Ginger Hotel – Mysore 98 17 Vivanta by Taj - Whitefield, Bangalore 199 57 Ginger Hotel – Nashik 92 572 18 Vivanta by Taj - Yeshwantpur , Bangalore 327 International Hotel Mgmt Services Inc (Taj Group - 100%) 58 Ginger Hotel - Delhi (Rail Yatri Niwas) 109 19 Jai Mahal Palace, Jaipur 100 36 , New York 189 59 Ginger Hotel - East Delhi 82 20 Usha Kiran Palace, Gwalior 40 37 Taj Boston, Boston 273 60 Ginger Hotel – Noida 83 21 Vivanta by Taj - Guwahati 150 38 Taj Campton Place, San Francisco 110 61 Ginger Hotel – Pantnagar 98 22 The Gateway Hotel - Residency Road, Bangalore 98 62 Ginger Hotel – Pondicherry 94 23 The Gateway Hotel - Beach Road, Calicut 74 St James Court Hotels Limited 63 Ginger Hotel - Pune ( Wakad ) 128 24 Hotel Chandela , Khajuraho 90 (Taj Group – 100 % ) 423 64 Ginger Hotel - Pune ( Pimpri ) 97 25 Hotel Savoy, Ooty 40 39 St. James Court, A Taj Hotel, London 338 65 Ginger Hotel – Surat 98 40 Taj 51 Buckingham Gate Suites, London 85 66 Ginger Hotel – Thane 46 67 Ginger Hotel – Trivandrum 101 68 Ginger Hotel – Vadodara 99

18 Current Portfolio

# Company/ Hotel/ Unit Rooms # Company/ Hotel/ Unit Rooms # Company/ Hotel/ Unit Rooms MANAGED PROPERTIES – ROOTS CORP 525 MANAGEMENT AGREEMENTS 3607 69 Ginger Hotel - Chandigarh 102 Taj GVK Hotels & Resorts Limited 70 Ginger Hotel - Gurgaon ( Manesar ) 61 (Taj Group - 25.52%, GVK Group - 49.57%) 1083 105 Taj Santacruz 279 71 Ginger Hotel - Katra , Jammu 80 87 Taj Krishna, Hyderabad 260 106 , Jodhpur 64 72 Ginger Hotel – Tirupur 91 88 Vivanta by Taj - Begumpet , Hyderabad 181 107 Rambagh Palace, Jaipur 78 73 Ginger Hotel – Vizag 72 89 Taj Banjara – Hyderabad 122 108 Imperial Club by Taj, Mumbai 9 74 Ginger Hotel – Tirupati 119 90 Taj Deccan, Hyderabad 151 109 Taj Dubai 296 91 Taj Club House, Chennai 220 110 Taj Bangalore 154 ASSOCIATE COMPANIES 92 Taj Chandigarh, Chandigarh 149 111 Vivanta by Taj – Bekal, Kerala 66 112 Vivanta by Taj – Dal View, Srinagar 83 Oriental Hotels Limited 1060 Taj Kerala Hotels & Resorts Limited 113 Vivanta by Taj – Gurgaon, NCR 208 (Taj Group – 37.05, Reddy’s – 26.72%) (Taj Group – 31.3% Govt 33.33%) 166 114 Vivanta by Taj – Kovalam , Kerala 59 75 , Chennai 212 93 Vivanta by Taj - Kumarakom, Kerala 28 115 Vivanta by Taj – Panaji, Goa 170 76 Vivanta by Taj - Fisherman's Cove, Chennai 152 94 The Gateway Hotel - Marine Drive, Ernakulam 108 116 Vivanta by Taj – Sawai Madhopur 36 77 Vivanta by Taj - Malabar, Cochin 95 95 The Gateway Hotel - Janardhanapuram , 30 117 Vivanta by Taj – Surajkund 286 78 Vivanta by Taj - Surya, Coimbatore 178 118 Taj Pamodzi – Zambia 193 79 Vivanta by Taj - Trivandrum, Kerala 137 Kaveri Retreats & Resorts Limited 119 Taj Tashi, Thimpu, Bhutan 66 80 The Gateway Hotel - Beach Road, Visakhapatnam 95 (Taj Group - 50%, Pramod Ranjan Group - 50%) 120 Vivanta by Taj - Reebak Island, Langkawi 94 81 The Gateway Hotel - Church Road, Coonoor 32 96 Vivanta by Taj - Madikeri , Coorg 63 121 The Gateway Hotel – Akota Gardens, Vadodara 86 82 The Gateway Hotel - Old Port Road, Mangalore 96 122 The Gateway Hotel – Athwalines, Surat 206 83 The Gateway Hotel - Pasumalai , 63 Taj Safaris Limited 123 The Gateway Hotel - Damdama Lake Gurgaon 78 (Taj Group – 33.48%, Choudhury group – 31.9%) 54 124 The Gateway Hotel – EM Bypass, Kolkata 79 TAL Lanka Hotels PLC ( TAL - 58.14%, IHCL – 24.62%) 97 Mahua Kothi - Bandhavgarh 12 125 The Gateway Hotel – Gir Forest ,Junagadh 28 84 Taj Samudra , Colombo 300 98 Banjaar Tola – Kanha 18 126 The Gateway Hotel – GE Road, Raipur 109 99 Pashan Garh – Panna 12 127 The Gateway Hotel – IT Expressway, Chennai 200 Lanka Island Resorts Limited 100 Baghvan – Pench 12 128 The Gateway Hotel – Lakeside Hubli 92 ( Hirdaramanis – 50%, Taj Group – 50 %) 129 The Gateway Hotel – Pune 150 85 Vivanta by Taj - Bentota , Sri Lanka 160 MANAGED PROPERTIES – Taj Safaris Limited 130 The Gateway Hotel – MG Road ,Vijayawada 108 101 Meghauli Serai - Chitwan National Park 30 131 The Gateway Hotel – Ramgarh Lodge, Jaipur 14 JOINT VENTURE COMPANIES 132 SMS Hotel, Jaipur 27 IHMS (SA) Pty Limited 133 The Gateway Hotel - Airport Garden, Colombo 208 Taj Karnataka Hotels & Resorts (Taj Group - 50% , Tata Africa – 50%) 134 The Gateway Pushkar Bypass Ajmer 81 (Taj Group 60 %, Government - 40%) 102 Taj Cape Town, South Africa 166 86 The Gateway Hotel - KM Road, Chikmagalur 29 TAL Maldives Resorts Private Limited (Taj Group - 50% Choudhury – 50%) 126 103 Taj Exotica, Maldives 64 104 Vivanta by Taj - Coral Reef, Maldives 62

19 Competitive Set

Midscale Brand

20 Overview of Taj Group For the Year ended March 31, 2016

Particulars 2015/16 2014/15 2013/14 2012/13 136 130 125 118 Number of Hotels

16,459 15,658 15,391 14,331 Rooms Inventory

6,717 6,015 5,677 5,102 Total Revenue ( ` /crores)

Total Revenue denotes the arithmetical aggregate of the turnover of all hotels/units irrespective of ownership, including Management Contracts

21 New Inventory

22 Hotels Opened In 2015/16

Hotel Company Rooms

TAJ Taj Downtown, Dubai Management Contract 296 Taj Bangalore Hotel , Bangalore Management Contract 154 Taj Santacruz Hotel, Mumbai Taj GVK 283 Vivanta Vivanta by Taj, Guwahati IHCL 150 Gateway Gateway Hotel, Nashik (Expansion) Piem Hotels 78 Gateway Hotel, Hinjewadi, Pune Management Contract 150 Gateway Hotel ,Ajmer Management Contract 81 Ginger Ginger Udayee , Tirupati Roots Corporation 119

Total 8 Hotels 1423

23 New Launches in 2015 / 16

Taj Santacruz

24 New Launches in 2015 / 16

Taj Bangalore

25 New Launches in 2015 / 16

VBT Guwahati

Vivanta by Taj, Guwahati

Taj Santacruz Taj Bangalore

26 New Launches in 2015 / 16

Taj Safaris - Meghauli Serai , Nepal

27 New Launches in 2015 / 16

The Gateway Hotel, Hinjewadi, Pune

28 New Launches in 2015 / 16

The Gateway Resort,Taj Safaris Ajmer- Meghauli Serai

Gateway Hotel, Hinjewadi

29 Upcoming Development in 2016/17

Hotel Company Rooms Taj Taj Exotica, Havelock, Andamans Kaveri Hotels (JV) 75 Safari Meghauli Serai – Chitwan National Park, Nepal ( Soft Opened ) Management Contract 26 Vivanta by Taj Vivanta by Taj, Amritsar PIEM Hotels 157 Vivanta by Taj, Udaipur Management Contract 112 Gateway Gateway Hotel, Corbett Management Contract 52 Gateway Hotel , Tirupati Management Contract 125 Ginger

Vapi , Opp Empress Mall Roots Corporation 87 Bhubaneshwar (Expansion) Roots Corporation 60 Telly Gally , Mumbai Roots Corporation 142 Noida 2, UP Roots Corporation 90

10 Hotels 926 30 Land Bank

31 Land Bank

. The Taj Group currently has more than 900 acres of land at strategic locations in India, across 26 sites

. This landbank has been acquired over a period of time in the past and would beneficially impact project viability/feasibility of new developments on such sites

. Alternatively, the landbank represents a significant means of options to create liquidity, where owned

. The Taj Group is currently evaluating strategic options to efficiently leverage the value creation potential in its land bank and project time lines.

32 Financial Performance Year ended March 31, 2016

33 IHCL Standalone Key Indicators Turnover

` /crores ` /crores 2,500 EBITDA 2,382 600 537 23 13 % % 438 2,104 400

2,000 200

- Profit Before Tax Profit2014/15 After Tax 2015/16 ( before Exceptional Items ) 1,500 300 2014/15 2015/16 ` /crores ` /crores 322 300 200 201 231 39 200 %

100

100

0 2014/15 2015/16 34 Profit and Loss Account Year ended March 31, 2016

Quarter IV Full Year ` / crores 2015/16 2014/15 % Change 2015/16 2014/15 % Change Net Sales/Income from Operations 686.82 610.77 12 2273.70 2024.38 12 Other Operating Income - - Total Income from Operations 686.82 610.77 12 2273.70 2024.38 12 Cost of Materials Consumed 57.60 49.63 16 209.82 181.88 15 Employee Benefits Expense 163.15 138.86 17 615.98 531.37 16 License Fees 43.97 39.04 13 146.87 128.39 14 Fuel, Power and Light 40.48 39.33 3 179.98 174.27 3 Depreciation and Amortisation Expense 36.29 29.19 24 127.08 117.85 8 Other Expenditure 199.09 190.07 5 692.50 649.80 7 Total Expenditure 540.58 486.12 11 1972.23 1783.56 11 Profit/ (Loss) from operations before Other 146.24 124.65 17 301.47 240.82 25 Income, Finance Costs and Exceptional Items Other Income 28.99 21.25 36 108.62 79.22 37 Profit/ (Loss) before Finance Costs and 175.23 145.90 20 410.09 320.04 28 Exceptional Items Finance Costs 22.21 19.77 12 88.20 89.46 (1) Profit/ (Loss) after Finance Costs but before 153.02 126.13 21 321.89 230.58 40 Exceptional Items Exceptional items (17.18) (196.54) (10.21) (228.70) Profit/ (Loss) before tax 135.84 (70.41) 311.68 1.88 Provision for Taxes 47.70 48.74 110.64 83.90 Profit/ (Loss) After Tax 88.14 (119.15) 201.04 (82.02) 35 Financials Summary Year ended March 31, 2016

` /crores Quarter IV Full Year Particulars 2015/16 2014/15 2015/16 2014/15 Total Income 715.81 632.02 2382.32 2103.60 EBITDA 211.52 175.09 537.17 437.89 EBITDA % 30% 28% 23% 21%

Profit/(Loss) before Finance Cost & 175.23 145.90 410.09 320.04 Exceptional Item Profit/(Loss) after Finance Costs but before 153.02 126.13 321.89 230.58 Exceptional Item

Exceptional Item – Exchange Gain/( Loss) (16.83) 7.41 (56.56) (24.75)

Exceptional Item – Others (0.35) (203.95) 46.35 (203.95) Profit /(Loss) before Tax 135.84 (70.41) 311.68 1.88 Tax Expense (47.70) (48.74) (110.64) (83.90) Profit / (Loss) after Tax 88.14 (119.15) 201.04 (82.02) 36 Income Details

Rs / Crores 2015/16 2014/15 % Change

Room Income 1002.33 908.34 10

Food &Beverages and Banquet Income 918.20 813.42 13

Management & Operating fees 148.95 137.74 8

Other Operating Income 204.22 164.88 24

Income from Operations 2273.70 2024.38 12

Non Operating Income 108.62 79.22 37

Total Income 2382.32 2103.6 0 13

. Room Income grew by 10%, pushed by higher occupancies as also on account of new hotels at Dwarka - NCR ( full year impact) and at Guwahati . Healthy Increase in Restaurant sales and Banqueting business . Non Operating Income of Rs 109 crores includes Treasury Income earned on surplus funds being carried by the company during the year as also Dividend Income. 37 Exceptional Items

Rs/ Crores Particulars 2015/16 2014/15 Profit on Sale of Investments 56.53 - Exchange Gain/(Loss) (56.66) (24.75)

Diminution in value of long term investments (0.35) (213.49)

Others (9.83) 9.54

Total (10.21) (228.70)

. The company divested its holding in Tata Projects Ltd during the year and earned a gain on sale of such investment of Rs 56.53 crores . Exchange Loss mainly comprise of notional restatement of company’s USD long term loans on account of exchange rate movement

38 Expenditure

. Raw Materials Cost – Rs 209.82 crores

Increase in line with higher F&B revenue for the year. Some cost push due to commodity input cost increase.

. Employee Benefit Expenses – Rs 615 . 98 Crores Costs controlled on account of various interventions adopted by the Company . Payroll cost higher over PY due to a combination of Increments to employees, additional cost on account of new hotels at Dwarka & Guwahati as also due to actuary driven non cash charge taken for retirement benefits

. License Fees – Rs 146 . 87 crores Increase linked to higher Turnover

. Fuel, Power & Light – Rs 179.98 crores

Same levels as PY notwithstanding increase in turnover of the company during the current year and addition of new inventory 39 Expenditure

. Other Expenditure - Rs 692.5 crores

Increase during the year aligned with increase in turnover. Rent rates & Taxes, Repairs

& Maintenance costs nominally increased during the year. Conversely, the

advertising costs were lower when compared to PY.

. Depreciation & Amortisation – Rs 127.08 crores

Higher due to opening of new hotel at Dwarka

. Finance Costs – Rs 88.20 crores

Lower levels due to deleveraging measures of the Company resulting in reduced debt

40 IHCL Standalone Financials Balance Sheet ` / Crores March 31, 2016 March 31, 2015 Shareholders’ Funds 3,886 2,615 Non - Current Liabilities Long - term borrowings 1,558 2,898 Other Long Term Liabilities 485 585 Long - term Provisions/ Deferred Tax Liabilities (net) 352 218 Current Liabilities Short Term borrowings 7 1 Other Current Liabilities 942 638 Trade Payables/Short - term provisions 332 242 Equity and Liabilities 7,562 7,198 Non - current Assets Fixed Assets(including CWIP) 2,212 2,154 Non - current investments 2,781 2,546 Long Term loans and advances /Other non - current assets 1,439 1,442 Current Assets Current Investments/ Cash and Cash Equivalents 158 788 Short term loans and advances /inventories/ trade 972 268 receivables/Other currents assets Assets 7,562 7,198 41 Consolidated Financial Performance for the Year Ended March 31, 2016

42 IHCL Consolidated Key Indicators Turnover EBITDA ` /crores 800 ` /crores 5,000 4,706 732 4,287

4,000 587 600 10 25 % 3,000 % 400

2,000

200 1,000 Profit Before Tax 2014/15(before Exceptional Items) 2015/16 Profit After Tax ` /crores ` /crores 200 0 - 2014/15 2015/16 2014/15 2015/16 169 (61)

150 (100)

120 41 % 100 (200)

50 (300)

43 IHCL Consolidated - Financials Summary Year ended March 31, 2016

` /crores Full Year Particulars 2015/16 2014/15 Total Income 4,706.27 4,287.36 EBITDA 731.93 587.28 EBITDA % 15.6% 13.7%

Profit/(Loss) before Finance Cost & 415.26 296.00 Exceptional Item Profit/ (Loss) after Finance Costs but before 169.30 120.43 Exceptional Item

Exceptional Item – Exchange Gain/( Loss) (63.21) (51.07) Exceptional Item – Others (3.95) (301.84) Profit/(Loss) before Tax 102.14 (232.48) Profit/(Loss) after Tax, Minority Interest & (60.53) (378.10) share of profit/(loss) in associates 44 IHCL Consolidated - Profit and Loss Account Year ended March 31, 2016

Full Year `/ crores 2015/16 2014/15 % Change Net Sales/Income from Operations 4,590.92 4,188.64 10 Other Operating Income - - - Total Income from Operations 4,590.92 4,188.64 10 Cost of Materials Consumed 504.48 443.09 14 Employee Benefits Expense 1609.71 1462.46 10 License Fees 232.99 209.61 11 Fuel, Power and Light 322.90 320.43 1 Depreciation and Amortisation Expense 316.67 291.29 9 Other Expenditure 1304.26 1264.49 3 Total Expenditure 4291.01 3991.37 8 Profit/ (Loss) from operations before Other Income, Finance Costs and 299.91 197.27 52 Exceptional Items Other Income 115.35 98.71 17 Profit/(Loss) before Finance Costs and Exceptional Items 415.26 296.00 40 Finance Costs 245.96 175.57 40 Profit/ (Loss) after Finance Costs but before Exceptional Items 169.30 120.43 41

Exceptional item (67.16) (352.91) Profit/ (Loss) before tax 102.14 (232.49) Less: Provision for Taxes (140.07) (114.60) Add: Share of Profit/(Loss) in Associates 2.85 (0.04) Less: Minority Interest in Subsidiaries (25.45) (30.97) Profit/( Loss) after Tax (60.53) (378.10) 45 IHCL Consolidated Financials Balance Sheet ` /crores Particulars March 31, 2016 March 31, 2015 Shareholders’ Funds 3,182 2,227 Minority Interest 835 738 Non - Current Liabilities Long - term borrowings 3,685 4,598 Other Long Term Liabilities 489 586 Long - term Provisions/ Deferred Tax Liabilities (net) 451 306 Current Liabilities 2,303 1,432 Equity and Liabilities 10,945 9,887 Non - current Assets Fixed Assets (including CWIP) 6,997 6,126 Goodwill on Consolidation (net) 1,346 478 Non - current investments 914 1,041 Long Term Loans and Advances/ Other Non Current Assets 566 518 Current Assets Cash and Cash Equivalents /Current Investments 395 1,050 Inventories/Trade Receivables/Other Current Assets 727 673 Assets 10,945 9,887 46 Treasury

Debt Position ` /crores Particulars Standalone Consolidated Gross Debt 2,108 4,781 Debenture Redemption Premium (Accrued) 318 331 Less : Liquidity (158) (395) Net Debt 2,268 4,717

Net Debt/ Equity 0.58 1.47 Weighted cost of Debt 8.8% 7.3%

. Of the aggregate Sea Rock debt of Rs 1,400 crores, an amount of Rs 650 crores has been repaid . Balance debt of Rs 750 crores has been refinanced at a lower cost

47 IND - AS – Effective April 1, 2016

. Effective April 1 , 2016 , IHCL will migrate to the new Accounting Standards – IND - AS .

. Transition to IND - AS will result in change in presentation of accounts, inter alia, in the following areas

– Revenue recognition

– Fair Value concept

– Time Value of Money ( economic interest concept for Borrowings)

– Equity accounting for JVs

– Substance Over form ( for determining component entities for consolidation)

. The company’s financial results for Q 1 - 2016 / 17 will be published under IND - AS along with a comparatives of the previous quarter

48 Restructuring of Overseas Investments

49 Restructuring of Overseas Investments

. IHOCO BV , the 100 % offshore subsidiary company has since become IHCL’s apex offshore Investment holding company.

. Holdings in the, USA, UK , Sri Lanka, Maldives hotels and the two London restaurants have since been shifted to IHOCO BV

. Thus, 8 owned hotels (1584 rooms) & 2 UK restaurants are now being held through IHOCO BV

. This restructuring allows the company :

(i) Efficiency in up streaming of funds

(ii) Visibility of International holdings to stakeholders

(iii) Fund raising options ( if required in future)

50 Scheme(s) of Arrangement - Update

51 Amalgamation – Update

. The Board of Directors at its meeting held on October 19 , 2015 have approved the

amalgamation of International Hotel Management Services LLC (formerly known as

IHMS Inc . ) and Lands End Properties Private Limited , two wholly owned subsidiaries

(“transferor companies”) into the Company, by way of two separate Schemes of Arrangements

between the Company

. The Amalgamation process will be completed after receipt of the requisite orders of the

Bombay High Court sanctioning the Schemes and filing of the orders with the Registrar of

Companies, Mumbai .

52 Amalgamation – Impact

. The Impact on IHCL’s reserves on account of the two proposed amalgamation is summarised below `/ crores Particulars Standalone Consolidated Books Books Reserve & Surplus as on March 31, 2016 3,822 3,119

LEEPL - Scheme of Arrangement (307) (293) IHMS - Scheme of Arrangement (1,338) -

Reserve & Surplus as on March 31, 2016 post Impact of 2,177 2,826 Scheme of Arrangement

. There will be also an additional impact of inter change in Reserve & Surplus . . Debit Balance of ` 359 crores Profit & Loss Account will be adjusted with the Securities Premium account . 53 Amalgamation - Timelines

Particulars Dates Milestones achieved Filing of IHMS LLC & LEPPL Scheme with SEBI October 21, 2015 Receipt of SEBI Approval December 19, 2015

High Court order for Shareholders / Creditors Meeting February 26,2016

Shareholders approval vide Postal Ballot ( for LEPPL April 28, 2016 scheme)

Court Convened Meeting/ EGM – Shareholders approval May 4, 2016

Way Forward

High Court final order for the schemes to be effective July, 2016 (Indicative)

. Shareholders approval have been secured for the two schemes. . Post amalgamation, impact on Balance Sheet will be reported for status as on March 31 , 2016 or alternatively as on April 1 , 2016 54

54 Divestment

55 Divestments during 2015/16

. Divestments during the year : -

– Tata Projects Ltd - Rs 56 crores

– Belmond shares – Of our holding of 7 . 13 million shares, 2 million shares were

sold during previous year - $ 12 million ( Rs 80 crores)

. The Sale Proceeds from above have been utilised to reduce the Debt .

56 Divestments – New Proposal

. The Board of Directors has accorded its approval to allow United Overseas Holding

Inc (UOH) . , a wholly owned subsidiary of the Company, to pursue the option of

divestment of Taj Boston by way of sale/ disposal of the LLC interests in IHMS

(Boston) LLC (a direct subsidiary of UOH), at a consideration not lower than US $

125 million,

. This will be subject to Shareholders and other approvals, as would be necessary

57 Key Focus Areas

. Asset Light and Asset Right Strategy

. Select Brownfield development

. Exit from Non Core / Non performing Investments

. Invest behind hotel renovations / Asset Refresh

. Ensure efficient debt funding mix / cost

. Focus on technology upgrade / digital

. Ongoing cost rationalization 58 Awards & Accolades

59 Awards & Accolades

Taj Hotels Resorts and Palaces Conde Nast Traveller UK Readers’ • Featured on the list of 10 of the World's Best Luxury Hotel Travel Awards Brands by Forbes magazine • The Taj Mahal Palace, • Named the Best Hotel Group in India at the Travel + Leisure Mumbai was the only Indian India & South Asia's Best Awards hotel in the top three in the Best • Rated Best Business Hotel Chain in India by Business Traveller Overseas Business Hotel UK category • Taj Lake Palace, Udaipur, TripAdvisor Travellers’ Choice Awards 2016 Rambagh Palace, Jaipur and Taj • Umaid Bhawan Palace, Jodhpur – Best Hotel in the World, Asia Falaknuma Palace, Hyderabad and India ranked 6th, 9th and 15th • Taj Lake Palace, Udaipur respectively on the list of World's • Rambagh Palace, Jaipur Best Hotels in Asia & the Indian • The Taj Mahal Palace, Mumbai Subcontinent • Taj Exotica, Goa Town & Country Travel Best Hotels • Taj Exotica Resort and Spa, Maldives in the World list • Taj 51 Buckingham Gate Suites and Residences, London • Mahua Kothi , Bandhavgarh • Taj Cape Town • Banjaar Tola , Kanha • Vivanta by Taj – Bentota , Sri Lanka • Umaid Bhawan Palace, Jodhpur TripAdvisor Condé Nast Traveler US Gold List 2016 • Taj Falaknuma Palace • Taj Falaknuma Palace, Hyderabad recognized as number one in the • Taj Lake Palace, Udaipur Best Palace Hotels in the World • The Taj Mahal Palace, Mumbai 2015 category • Umaid Bhawan Palace, Jodhpur 60 • Taj Tashi , Bhutan Stock Price Movement

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61 Thank you

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