INVESTOR PRESENTATION February 2018 Disclaimer

R-City Ghatkopar, Mumbai

This presentation and the following discussion may contain “forward looking statements” by Inox Leisure Limited (“ILL” or “the Company”) that are not historical in nature. These forward looking statements, which may include statements relating to future state of affairs, results of operations, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the management of ILL about the business, industry and markets in which ILL operates.

These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond ILL’s control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements.

Such statements are not, and should not be construed, as a representation as to future performance or achievements of ILL. In particular, such statements should not be regarded as a projection of future performance of ILL. It should be noted that the actual performance or achievements of ILL may vary significantly from such statements.

Due to rounding-off, figures presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the rounded-off figures.

All financial figures, upto and including FY15 are as per IGAAP and for FY16 and thereafter are as per IND-AS. Revenues for FY13 to FY15 are shown net of entertainment tax, to be consistent with the revenues under IND-AS for FY16 and FY17

2 Atria, Worli, Mumbai

DISCUSSION SUMMARY . INDUSTRY OVERVIEW . COMPANY OVERVIEW . COMPETITIVE ADVANTAGE & OUTLOOK . ANNEXURE

3 CR2, Nariman Point, Mumbai

INDUSTRY OVERVIEW

4 Strong Fundamentals & Huge Growth Potential

Highest Number of Film P r o d u c e d i n t h e 2nd Highest Number Of Theatre Footfalls W o r l d in the World

Footfalls in Million 2,000 2,178 2,100 1,930

1,600 1,364

1,100 791 686 581

600 300 298 269 255 226 185 208 197 176 171 169 156 146

100

India US China Japan France UK S. Korea Spain Germany Italy China India US France Mexico UK Japan S. Korea Germany Russia -400

However, India’s Screen Density is One of the Lowest

Screens / Million population 125

95 80 60 57 40 26 25 16 12 10 8

US France Spain UK Germany South Korea Japan Taiwan China Thailand Brazil India

Source: CRISIL Report, http://uis.unesco.org/en/news/cinema-data-release (2015) 5 Steady Performance and Resilience

Indian Film Industry Displays Steady Performance Trends In Rs. Billion 250 CAGR 7.7% 206.6 191.6 200 CAGR 6.1% 178.2 166.0 155.0 138.1 142.4 150 125.3 126.4 112.4 100 131.2 106.6 111.8 117.9 124.2 50 85.1 93.4 93.5 101.4 99.8 0 2012 2013 2014 2015 2016 2017E 2018E 2019E 2020E 2021E Domestic Theatrical Overseas Theatrical Home Video Cable & Satellite Rights Ancilliary Revenue Streams

D o m e s t i c Theatricals Constitutes 70% Of Total Film Industry

11% 11% Domestic Theatrical 1% Overseas Theatrical Home Video 2016 8% Cable & Satellite Rights Ancillary Revenue Streams 70% Source: FICCI-KPMG 2017 Report 6 Multiplexes Witnessing Rapid Growth

FACTORS DRIVING GROWTH IN Number of Screens MULTIPLEXES:

. Strong demographics, rising disposable Single Screens Multiplexes

incomes and discretionary spends. 9,308 9,308

10,000

9,121 9,121

8,685 8,685 8,451 8,451

9,000 8,002 8,002

8,000 . Superior location, destination and

7,000

6,000 6,000 6,000

6,000 parking facilities.

5,000

4,000 . Multiple screens in one location offer a 2,513

3,000

2,225

2,134

1,630 1,630

1,500 1,500 1,350 1,350

2,000 1,225 1,075 1,075 wider variety of content to the patrons.

1,000

- . 2010 2011 2012 2013 2014 2015 2016 Feb18 Different screen sizes provide programming flexibility. This results in higher occupancy ratios. Multiplexes currently account for ~ 30% market share of the screens, . State of art equipment (high quality h o w e v e r they account f o r video and audio), superior interiors, m o r e t h a n 45% of box office ambience and service. collections

Source: CRISIL Report, FICCI-KPMG Report 2017, Industry Sources, Internal Estimates 7 Increasing Number Of INR 1bn + Movies

Wider Screen Releases

6,500 5,200 5,300 4,500 3,446 3,359 2,638 3,014 2,065 2,101 1,598 1,000 INCREASING NUMBER OF 3 Idiots Dabaang Bodyguard Ek Tha Tiger Dabaang 2 Chennai Dhoom 3 Kick P.K Bajrangi Dangal Bahubali 2 - (2009) (2010) (2011) (2012) (2012) Express (2013) (2014) (2014) Bhaijaan (2016) The MOVIES ARE GENERATING MORE (2013) (2015) Conclusion (2017) THAN RS 1 BN IN NET BOX OFFICE COLLECTIONS DRIVEN BY WIDER Higher Number Of INR 1 Bn + Movies SCREEN RELEASES AND 2 FACILITATED BY DIGITISATION OF - 1 2 3 - 1 - 2 1 CONTENT DELIVERY - 1 9 8 6 7 7 1 - 5 5 - 1- 2 2008 2009 2010 2011 2012 2013 2014 2015 2016 Jan-17 to Feb- 18 INR 1Bn to 1.99Bn INR 2Bn to 2.99 Bn INR 3Bn and above

Source: Industry 8 India’s Consumption Story

1,600 Population of India (Million) %Share of Population by Income Bracket

1,400 Lower Class Lower Middle Class Middle & Affluent Class

1,200 100 1 2 6 5 90 18 1,000 22 80 42 41 70

800

1,429 60 43 600 1,278 50 1,107 93 928 40 80 36 400

755 30 54

20 200 35 10 22

- 0 1985 1995 2005 2015 2025 1985 1995 2005 2015 2025 Based on Annual Household Income %Share of Average Annual Household Consumption • Lower Class: < Rs.90,000 • Lower Middle Class: Rs.90,000 to Rs.199,999 • Middle & Affluent Class: > Rs.200,000 Necessities Discretionary

 Target Audience (Middle & Affluent Class) is estimated to grow from 268 million in 2015 to 39 52 614 million in 2025 61 70  As much as 70% of household income will be spent 61 48 on discretionary spending in 2025 39 30

1995 2005 2015 2025 9 Source: Mckinsey - Tracking the growth of Indias Middle Class - 2017 Atria, Worli, Mumbai

Company Overview

10 Track Record of Aggressive Expansion

Screens Properties 122 600 118 130 107 96 488 110 500 468 72 79 420 90 63 68 400 372 70

310 50 32 279 300 22 26 257 14 239 30 2 3 6 9 200 10 119 76 91 -10 100 51 35 -30 8 12 25

0 -50

FY07 FY17 FY03 FY04 FY05 FY06 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 Feb-18

ON AN AVERAGE ADDITION OF 3 SCREENS EVERY MONTH SINCE INCEPTION Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15

11 PAN India Presence

ONE OF THE LARGEST MULTIPLEX CHAIN OPERATOR IN INDIA

HARYANA | 5 Properties | 16 Screens 60 Cities RAJASTHAN | 13 Properties | 43 Screens

* Includes 8 management properties with 29 screens and 7,370 seats 12 Introducing the ‘THEATRE OF DREAMS’… INOX INSIGNIA at Atria Mall, Worli Mumbai

• Live food counter serving gourmet delights • A new level of luxury paired with bespoke interiors • Laser projection with Dolby Atmos Sound and 3D powered by Volfoni systems

• Theatres with opulent recliners • Personalized ticketing and butler-on-call • Gourmet Menu curated by Celebrity Chef Vicky Ratnani • Staff Uniforms crafted by Arjun Khanna

13 Introducing the all new 7 STAR METRO INOX MUMBAI’S GREATEST LOVE STORY…

• 6 Screens, 1271 seats • Mumbai’s first kids theatre - KIDDLES • Cafe UNWIND

• Advanced 4K Projection • Augmented Reality • Dolby Atmos • Volfoni 3D

14 Atria, Worli, Mumbai

15 GVK One, Hyderabad

16 CR2, Nariman Point, Mumbai

17 Mantri Square, Bangalore

18 Quest, Kolkata

19 R-City Ghatkopar, Mumbai

INSIGNIA – LUXURY MOVIE WATCHING EXPERIENCE

20 Atria, Worli, Mumbai

21 R-City, Ghatkopar, Mumbai

22 Mantri Square, Bangalore

23 Amanora, Pune

24 VR Surat, Surat

25 Bund Garden, Pune

26 Revenue from Operations

330.0

325.0

320.0

315.0 9%

310.0

305.0 325.9 300.0

295.0

290.0 298.0

285.0

280.0 Q3FY17 Q3FY18

1,160.6 1,220.7 895.4

762.8 1,040.0 663.2

1,020.0

1,000.0

980.0 10%

960.0 1,024.5 FY13 FY14 FY15 FY16 FY17 940.0

920.0

900.0 932.2

880.0 9MFY17 9MFY18

All figures in INR Crs., unless specified 27 Earnings Before Interest, Tax, Depreciation and Amortization [EBITDA]

18.0% 16.0% 16.3% EBITDA EBITDA Margin 14.8% 16.0%

50.0 14.2% 16.0%

45.0 13.7% 14.0%

14.0% 40.0 10.6% 46% 12.0%

35.0 10.0% 12.0% 30.0

25.0 8.0% 12.0%

20.0 46.3 6.0%

15.0 31.7 4.0%

10.0

10.0% 2.0% 5.0

- 0.0%

8.0% Q3FY17 Q3FY18

189.1 6.0% 146.1 122.0 122.7 4.0% EBITDA EBITDA Margin 98.0 16.3% 180.0 18.0%

2.0% 160.0 13.0% 38% 16.0% 140.0 14.0%

120.0 12.0%

0.0% 100.0 10.0% FY13 FY14 FY15 FY16 FY17 80.0 166.6 8.0% 60.0 121.0 6.0% 40.0 4.0%

EBITDA EBITDA Margin % 20.0 2.0%

- 0.0% 9MFY17 9MFY18

All figures in INR Crs., unless specified 28 Note: EBITDA excludes Other Income (non-operating) Profit after tax [PAT]

10.0%

7.0% 8.0% PAT PAT Margin 4.8% 6.0% 14.0 4.0% 4.5%

4.0% 12.0 4.0% 251% 2.8% 3.5% 2.5% 10.0 2.2% 3.0% 8.0 2.5% 2.0% 6.0 1.3% 13.2 2.0% 1.5%

4.0 1.0% 0.0% 3.8 2.0 0.5%

- 0.0% -2.0% Q3FY17 Q3FY18 81.0

-4.0%

-6.0% 36.9 30.6 PAT PAT Margin -8.0% 5.6% 18.5 20.0 60.0 6.0%

50.0 88% 5.0% -10.0%

40.0 3.2% 4.0% FY13 FY14 FY15 FY16 FY17 30.0 56.9 3.0%

20.0 2.0% PAT PAT Margin % 30.3 10.0 1.0%

- 0.0% 9MFY17 9MFY18

All figures in INR Crs., unless specified 29 R e v e n u e s - Segment Breakup

350.0 325.9 298.0 24.6 300.0 23.7 40.3

250.0 30.2 3.9% 73.1 1220.7 200.0 67.6

1,400.0 1160.6

150.0 33.3%

1,200.0 895.4 92.3 100.0 91.1 96.2 176.4 8.2% 187.9

1,000.0 91.0 762.8 50.0 284.1 663.2 71.2 265.6 6.5% 800.0 0.0 60.4 81.5 32.3 49.5 191.0 Q3FY17 Q3FY18 600.0 32.4 1200.0 162.3 141.8 1024.5

400.0 712.8 748.1 1000.0 932.2 77.7 490.5 551.6 69.1 105.7 200.0 456.7 12.4% 800.0 75.3 228.4

- 218.4 600.0 40.4% FY13 FY14 FY15 FY16 FY17

400.0 4.6% 569.4 612.7

200.0 7.6% NBOC F & B Advertising Others 0.0 9MFY17 9MFY18

All figures in INR Crs., unless specified 30 Footfalls and Occupancy Rate

300 28% 26% 24%

35%

250

23%

200

29% 18% 28% 28% 28% 30%

150

25% 13%

100

25% -2.7%

50 125 121

20% - 3% Q3FY17 Q3FY18

15%

500 33%

450 28% 27% 28% 534 537 400

10%

350 386 411 23% 353 300

250 18%

200 407 407

13%

150

100 0% 8% FY13 FY14 FY15 FY16 FY17 50

- 3% Footfalls Occupancy (%) 9MFY17 9MFY18

All figures in Lakhs, unless specified 31 Average Ticket Price [ATP]

205

200

195

190

185 9.6% 199

180

175 182

170 Q3FY17 Q3FY18 178

170 195 164 160 190 156

185

193 FY13 FY14 FY15 FY16 FY17 180 7.3%

175 179

170 9MFY17 9MFY18

All figures in INR, unless specified 32 Spend Per Head [SPH]

100

50 10.5%

40 70 30 63

- Q3FY17 Q3FY18

100

62 70 55 58 47 49 60 50 5.5% 40

30 63 66

10 FY13 FY14 FY15 FY16 FY17 - 9MFY17 9MFY18

All figures in INR, unless specified 33 F&B and SPH Contribution

10.1% 48 53 78.0% 50 76.0%

74.0% 47 40 72.0% 78.0% 44 30 70.0% 41 45 76.0% 76.1% 75.8% 68.0%

40 20 66.0%

74.0% 35 33 64.0% 35 10 62.0%

72.0%

30 - 60.0%

70.0% Q3FY17 Q3FY18 25

68.0%

76.0% 20 F&B Net Contribution(%) SPH Contribution (Rs.) 74.1% 75.0%

66.0% 71.3% 15 70.0% 5.7% 50 78.0% 64.0% 48 10 50 76.0%

62.0% 74.0% 5 40 72.0%

60.0% - 30 70.0% FY13 FY14 FY15 FY16 FY17 75.8% 76.0% 68.0% 20 66.0%

64.0% 10 62.0%

- 60.0% F & B Contribution (%) SPH Contribution (Rs.) 9MFY17 9MFY18

F&B Net Contribution(%) SPH Contribution (Rs.)

34 Advertisement Income per screen

50.0

45.0

40.0

35.0

30.0

25.0

20.0 40.3 33.3% 15.0 30.2

10.0

5.0

- Q3FY17 Q3FY18

25.1 24.6 22.4 18.5

13.8 100.0

90.0

80.0

70.0

60.0

FY13 FY14 FY15 FY16 FY17 50.0 105.7 40.4% 40.0 75.3 30.0

20.0

10.0

- 9MFY17 9MFY18

All figures in INR Lakhs, unless specified 35 Other Operating Income Per Screen

50.0

45.0

40.0

35.0

30.0

25.0

20.0 3.9% 15.0 24.6 10.0 23.7

5.0

- Q3FY17 Q3FY18

24.6 22.5 22.7e 21.9 100.0

90.0 13.7 80.0 70.0

60.0

50.0 12.4% 40.0 77.7

30.0 69.1 FY13 FY14 FY15 FY16 FY17 20.0

10.0

- 9MFY17 9MFY18

All figures in INR Lakhs, unless specified 36 Film Distributor Share (%)

50.0% 45.7% 46.9%

45.0%

40.0% 36.0% 36.8%

35.0%

30.0%

25.0%

50.0% 44.3% 44.3% 43.8% 43.9% 44.4% 20.0% 45.0% 15.0%

10.0%

40.0% 36.4% 5.0% 36.2% 35.9% 34.6% 35.0% 0.0% 35.0% Q3FY17 Q3FY18

30.0%

25.0% Distributor Share On NBOC

20.0% Distributor Share On GBOC

15.0%

50.0% 45.5% 10.0% 44.6%

45.0%

40.0% 5.0% 35.1% 35.9%

35.0%

0.0% 30.0% FY13 FY14 FY15 FY16 FY17 25.0% 20.0%

15.0%

10.0%

5.0%

0.0% Distributor Share on NBOC Distributor Share on GBOC 9MFY17 9MFY18

Distributor Share On NBOC Distributor Share On GBOC

NBOC (Net Box Office Collections) 37 GBOC (Gross Box Office Collections) Other Overheads Per Operating S c r e e n

50.0

45.0 40.1 39.0 40.0

35.0 13.5 11.8

30.0 -12.5%

25.0 10.2 10.0 20.0 -2.5% 145.8 157.0 162.5 132.5 138.3 15.0 11.6 10.0 11.3 2.9% 47.5 52.7 43.4 40.4 5.0 39.8 5.1 9.6% 5.6 - 40.8 45.5 42.9 Q3FY17 Q3FY18 35.4 39.2

130.0 122.7 39.3 40.2 41.3 44.0 45.6 119.7

110.0 -12.6% 18.1 18.5 20.3 20.1 21.2 39.9 34.8

90.0 FY13 FY14 FY15 FY16 FY17 2.3% Employee Benefits Lease Rental & Hire Charges 70.0 32.6 33.3

50.0 CAM, Power & Fuel, R&M Other Overheads 2.7%

30.0 34.2 35.1

10.0 16.1 1.9% 16.4

(10.0) 9MFY17 9MFY18

38 All figures in INR Lakhs, unless specified R-City, Ghatkopar, Mumbai

Competitive Advantage • Recognised And Trusted Corporate G r o u p • Well Diversified Presence Across India • S t r o n g New Screens Pipeline • Strong Brand Partnerships • U n d e r - leveraged Balance Sheet With Further Scope For Dilution • State Of The Art Technology, Unmatched Service And A m b i e n c e 39 Recognised & Trusted Corporate Group

Listed Companies Other Key Companies

Gujarat Fluorochemicals INOX Leisure INOX Air Products INOX India Private INOX Renewables INOX Wind Limited Limited Limited Private Limited Limited Limited

. Largest producer of (by volume) . Fully integrated player in the . One of the largest multiplex . 50:50 joint venture with Air . Largest producer of cryogenic . Substantially exited wind Chloromethanes, refrigerants wind energy market chains in India Products Inc., USA liquid storage and transport farming business by selling and Polytetrafluoroethylene in tanks in India 246 MW out of 269 MW of . State-of-the-art manufacturing . In the business of setting up, . Largest producer of industrial India. operational capacity plants near Ahmedabad operating and managing a gases in India . Offers comprehensive . Pioneer of carbon credits in (Gujarat), Una (Himachal national chain of multiplexes solutions in cryogenic storage, . 40 plants spread throughout India Pradesh) and Barwani (Madhya under the brand name ‘INOX’ vaporization and distribution the country Pradesh). Our Madhya Pradesh engineering facility is one of the largest in . Present in 60 cities with 122 Asia multiplexes and 488 screens . Has operations in India, USA, Canada, Netherlands and . Ability to provide end-to-end Brazil turnkey solutions for wind farms

• 90 Year track record of consistent business growth • 10,000+ employees at 150+ business units across India • USD $3 Billion Inox Group diversified across 7 different businesses • Distribution network spread over 50+ countries 40 Well Diversified Presence Across India

122 Properties 60 cities

East; 9; 15% South, 23, 19% East; 19; 15% South, 12, 20% Well Diversified Distribution of Multiplexes across India

North, 29, 24% West, 21, 35% North, 18, 30% West, 51, 42%

Access to Wide Variety of Regional Content 488 Screens 121,281 Seats East; 18,805 ; 15% South; 23,090 ; … East; 72; 15% South, 99, 20%

Lower Dependency on Hindi and English

Content North; 26,326 ; 22% North, 102, 21%

West; 53,060 ; 44% West, 215, 44%

Includes 8 management properties with 29 screens and 7,370 seats 41 Strong New Screens Pipeline

FY18 Pipeline Properties Screens Seats Properties Properties Screens Seats FY17 118 468 118,285 Pune Heritage (Opened 26th Apr17) 1 4 662 Additions - Apr17 to Dec17 5 21 4,075 Greater Noida Omaxe (Opened 14th Jul17) 1 5 1,223 Expected - Jan18 to Mar18 5 22 4,747 Mumbai Atria (Opened 21st Oct17) 1 5 167 Adjustments** (1) (1) (1,079) Kolhapur Reliance (Opened 29th Nov17) 1 4 870 FY18 127 510 126,028 Ghaziabad Shipra (Opened 22nd Dec17) 1 3 1,153 Additions Post FY18 102 622 113,331 Coimbatore 1 9 2,088 Leading to 229 1,132 239,359 Gurgaon 1 3 619 Bhubaneswar 1 3 612 Nadiad 1 3 649 Navi Mumbai 1 4 779 Total 10 43 8,822

STRONG VISIBILITY FROM NEW SCREENS PIPELINE BACKED BY SIGNED AGREEMENTS

** Note; • 612 seats and 1 screen reduced as Bengaluru Shankarnag was closed due to Completion of the Lease Tenure • 112 seats reduced in Bharuch Bluechip in Gujarat due to conversion into recliner seats • 59 seats reduced in Malleshwaram, Bengaluru due to renovation • 220 seats reduced in Metro, Mumbai due to renovation 42 Strong Brand Partnerships

Automobiles Media FMCG Consumer Durables BFSI Ecommerce & Telecom Others Strong Balance Sheet

Particulars (INR Crs.) Mar-17 Sep-17 Share Capital 96.2 96.2 Other Equity 489.0 533.5 Low Leverage Net D/E: 0.4x Interest in Inox Benefit Trust, at cost (32.7) (32.7) Total Shareholder funds 552.5 597.0 Treasury Stock in Non-Controlling Interest 0.01 0.01 134 INR Crs.* Total Equity 552.5 597.0 Inox Benefit Trust Total Debt 317.0 307.0 Other Non-Current Liabilities 96.0 93.3 Total Sources of Funds 965.5 997.4 Real Estate on INR 350 Crs. Fixed Assets 765.3 771.9 Balance Sheet Other Non-Current Assets 273.5 277.7 Current Assets 81.8 101.8 Cash & Cash Equivalents 23.5 85.8 Promoters Stake 48.7% Less: Current Liabilities 178.5 239.9 Net Current Assets (73.3) (52.2) Total Assets 965.5 997.4

Key Balance sheet Ratios Mar-17 Sep-17 Net Debt : Equity 0.53 0.37 Return on Equity (ROE) 5.7% 8.3% Potential To Grow Aggressively Without Any Return on Capital Employed (ROCE) 7.3% 10.5% Stress On Balance Sheet • Calculated on Trailing 12 Months Basis • ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed (Capital Employed = Equity + Total Debt)

* Share price As of 14th Feb 2018 44 State of the Art Technology, Unmatched Service & Ambience

Focus On Strong Technology, Unmatched Service And Ambience

Focus On Technology . ILL is the first multiplex chain to implement SAP HANA with all integrated functions . Focus on ensuring transparency with regulatory agencies and distributors through daily performance analysis reports . The Network Operations Centre (NOC) in Mumbai enables continuous monitoring, control and reporting of information on all digital systems across the country. Advertisers can track their advertisement screening at various multiplexes on real-time basis leading to improved transparency and higher advertising revenues for ILL . ILL have signed the single largest deal with IMAX in India to provide truly encaptivating and completely immersive viewing experience . ILL has pioneered Laser projection across the country including India’s first Laserplex Focus on high quality video and audio: . ILL operates high quality DCI Compliant 2K & 4K Digital Projection Systems across all the screens in India . High-definition picture quality, strong 3D capabilities and high frame rate (HFR) (can go up to 60 fps) . ILL has been one of the early adopters of Dolby ATMOS sound technology. Excellent acoustic systems and distortion free sound

Focus on service and ambience: . Focus on providing world class ambience. . ILL with its in-app F&B ordering and Qbuster service, is able to considerably reduce its queue size and transaction time . Emphasis on safety, comfort and convenience

45 Content Pipeline – January 2018

Mukkabaaz 1921 Kaalakaandi

Release Date: Release Date: Release Date: 12th January 2018 12th January 2018 12th January 2018 Cast: Vineet Kumar Cast: Zareen Khan, Cast: Saif Ali Khan, Singh, Zoya Hussain Karan Kundra Vijay Raaz Director: Anurag Director: Vikram Director: Akshat Kashyap Bhatt Verma Banner: Eros Banner: Reliance Banner: Cinestaan International Entertainment, Film Company Pvt. Phantom Films Motion Picture Ltd., Flying Unicorn Colour Yellow Capital Entertainment Productions

Padmaavat Thaana Serndha The Post Kootam (Tamil) Release Date: Release Date: 25th January 2018 Release Date: 12th January 2018 Cast: Deepika 12th January 2018 Cast: Meryl Streep, Tom Padukone, Ranveer Cast: Surya, Keerthy Hanks, Sarah Paulson Singh Suresh Director: Steven Director: Sanjay Leela Director: Vighnesh Spielberg Bhansali Shivan Banner: Amblin Banner: Bhansali Banner: Studio Green Entertainment, Productions DreamWorks, Participant Media

46 Content Pipeline – February 2018

Maze Runner : The Padman Aiyaary Death Cure (3D Imax) Release Date: Release Date: Release Date: 9th February 2018 9th February 2018 2nd February 2018 Cast: Akshay Kumar, Cast: Siddharth Cast: Dylan O Brian, Kaya Sonam Kapoor, Malhotra, Manoj Skodelario, Thomas Radhika Apte Bajpayee Brodie Director: R Balki Director: Neeraj Pandey Director: Wes Ball Banner: Mrs Banner: Reliance Banner: Gotham Group, Funnybones Movies Entertainment, Temple Hill Plan C Studios, Entertainment, Friday Filmworks, TSG Entertainment Jayantilal Gada

Black Panther (3D Sonu Ke Titu Ki Sweety Hichki Imax) Release Date: Release Date: Release Date: 23rd February 2018 23th February 2018 16th February 2018 Cast: Karthik Aaryan, Cast: Rani Mukherjee Cast: Chadwick Nusrat Bharucha, Director: Siddharth P. Boseman, Michael B Sunny Singh Najjar Malhotra Jordon, Lupita Nyong Director: Luv Ranjan Banner: Yash Raj Films Director: Ryan Banner: T-Series, Luv Coogler Films Banner: Marvel Studios

47 Content Pipeline – March 2018

Drive Pari Parmanu - The Story Of Pokhran Release Date: Release Date: 2nd March 2018 2nd March 2018 Release Date: Cast: Sushant Singh Cast: Anushka 2nd Mar 2018 Rajput, Jacquline Sharma, Paambarta Cast: John Abraham, Fernandes Chatterjee Boman Irani, Diana Penty Director: Tarun Director: Prosit Roy Director: Abhishek Sharma Mansukhani Banner: Clean Slate Banner: KriArj Banner: Dharma Films, KriArj Entertainment, J A Productions, Fox Star Entertainment, Entertainment, KYTA Studios KYTA Productions Productions, Zee Studios

Raid Pacific Rim : Uprising Baaghi 2

Release Date: Release Date: Release Date: 16th March 2018 23th March 2018 30th March 2018 Cast: Ajay Devgan, Cast: Scott Eastwood, Cast: Tiger Shroff, Illiana D Cruz John Bogeya Disha Patani Director: Rajkumar Director: Steven S Director: Ahmed Khan Gupta Denight Banner: Nadiadwala Banner: T-Series Banner: Legendary Grandson Super Cassettes Pictures, UpperRoom Entertainment, Fox Industries Ltd., Entertainment Limited, Star Studios Panorama Studios DDY

48 Content Pipeline – April 2018

October 2.0 Rampage

Release Date: Release Date: Release Date: 13th April 2018 14th April 2018 20th April 2018 Cast: Varun Dhawan, Cast: Rajinikanth, Cast: Jeffrey Dean Banita Sandhu Akshay Kumar, Amy Morgan, Dwayne Director: Shoojit Sircar Jackson Johnson, Jake Lacy Banner: Rising Sun Director: S Shankar Director: Brad Peyton Films, Sony Pictures Banner: Lyca Banner: New Line Networks Productions, Productions Cinema, Twisted KriArj Entertainment Media, Wrigley Pictures

Bharat Ane Nenu Avengers: Infinity War Manikarnika – The (Telugu) Queen Of Jhansi Release Date: Release Date: 27th April 2018 Release Date: 27th April 2018 Cast: Karen Gillan, 27th April 2018 Cast: Mahesh Babu, Pom Klementieff, Tessa Cast: Kangana Ranaut, Kiara Advani. Thompson Suresh Oberoi Director: Koratala Siva Director: Anthony Director: Krish Banner: DVV Danayya Russo, Joe Russo Banner: Zee Studios, Banner: Marvel Studios Kairos Kontent Studios

49 CR2 Nariman Point, Mumbai

Annexure

50 Per Screen Economics

Per Screen Economics: (INR Lakhs) Assumptions Revenue from Operations: 323.1 Seats per screen 250 Net Box Office Revenue (NBOC) 193.0 Shows per day 5 Food & Beverages (Net) 77.5 Occupancy (%) 28% Advertising Income 28.2 Footfalls 130,000 Other Revenues 24.4 ATP (Rs) 190 Total Operating Cost: 258.1 SPH (Rs) 65 Distributors Share 88.8 GST on Ticket Sales (On Net) 28% Food & Beverages Cost 20.3 GST on F&B (On Net) 5% Lease Rental & Hire Charges 46.3 Distributors Share 46% CAM, Power & Fuel, R&M 46.0 Food & Beverage Cost 26% Employee Benefits Expense (excluding corporate overheads) 12.2 Other Overheads 44.5 EBITDA 64.9 EBITDA Margin % 20.1% Depreciation 19.2 ROCE % 18.3% EBIT 45.7 Gross Capex 250.0 Working Capital 0.0 Capital Employed 250.0

Per Screen Economics is as per IND-AS and post GST impact 51 Shareholding Structure

Share Price Performance 350 Market Data As on 14th Feb 2018 300 Market Capitalisation (INR Crs.) 2,981 250 200 Price (INR) 309.1 INR 150 No. of Shares Outstanding (Crs.) 9.6 100 50 Face Value (INR) 10.0

0 52 week High/Low (INR) 326/213.30

Jul-16 Jul-14 Jul-15 Jul-17

Jul-13 Source: BSE

Jan-15 Jan-14 Jan-16 Jan-17 Jan-18

Oct-13 Oct-17 Oct-14 Oct-15 Oct-16

Apr-15 Apr-13 Apr-14 Apr-16 Apr-17 Source: BSE

% Shareholding as of 9th Feb’18 Key Institutional Investors – 9th Feb'18 % Holding DSP Blackrock MF 7.0% Public/Others, 11.23% Reliance MF 4.0% INOX Benefit Aditya Birla Sunlife 3.1% Trust, 4.51% Kuwait Investment Authority Fund 3.0% Promoter & Morgan Stanley 2.8% Promoter DII, 17.69% Group, 48.70% Goldman Sachs India Ltd. 2.6% RAMS Equities Portfolio Fund 1.8% Sundaram MF 1.5% FII, 17.87% ICICI Prudential MF 1.1% AADI Financial Advisors LLP 1.0% 52 Source: Company Source: Company Consolidated Profit & Loss Statement

Particulars (INR Crs.) Q3 FY18 Q3 FY17 YoY % Q2FY18 QoQ % 9M FY18 9M FY17 YoY % FY17 Revenue from Operations 325.9 298.0 9.4% 311.3 4.7% 1,024.5 932.2 9.9% 1,220.7 Exhibition Cost 90.5 83.4 8.5% 88.5 2.3% 286.0 265.0 7.9% 345.3 Food & Beverages Cost 17.7 16.1 9.5% 16.8 5.5% 54.9 52.8 3.9% 68.1 Employee Benefits Expense 24.7 21.3 15.9% 23.3 5.9% 70.9 64.7 9.6% 86.4 Lease Rental & Hire Charges 51.1 46.9 8.8% 48.5 5.3% 151.7 137.4 10.4% 185.8 CAM, Power & Fuel, R&M 43.8 42.5 3.1% 47.5 -7.8% 143.9 130.9 9.9% 174.5 Other Expenses 51.8 56.0 -7.4% 42.3 22.5% 150.5 160.3 -6.1% 214.6 EBITDA 46.3 31.7 46.0% 44.4 4.2% 166.6 121.0 37.7% 146.1 EBITDA Margin % 14% 11% 356 bps 14% -7 bps 16% 13% 328 bps 12% Depreciation & Amortisation 21.7 21.4 1.5% 21.5 1.2% 64.8 62.5 3.7% 84.1 Impairment Loss on PP&E - - 0.7 -100.0% 1.3 - 1.3 Other Income 3.0 2.2 38.0% 2.9 3.9% 8.2 6.8 21.1% 9.1 Finance Cost 7.3 6.5 12.2% 7.3 -0.7% 21.8 18.1 20.3% 25.3 Exceptional Items ------Share of Profit from Joint Ventures (0.0) 0.1 -119.0% (0.0) 187.7% (0.0) 0.1 -120.2% 0.1 PBT 20.3 6.1 233.7% 17.8 13.5% 87.0 47.3 83.9% 44.6 Current Tax 7.0 1.3 437.4% 6.7 4.9% 31.6 17.1 85.2% 14.7 Deferred Tax 0.0 1.0 -95.6% (0.6) -108.1% (1.6) (0.0) 3074.8% 0.9 Tax pertaining to earlier years - - - - - (1.6) PAT 13.2 3.8 251% 11.7 13% 56.9 30.3 88% 30.6 PAT Margin % 4% 1% 278 bps 4% 29 bps 6% 3% 231 bps 2.5% Earnings Per Share (EPS) 1.43 0.41 251% 1.28 12% 6.20 3.30 88% 3.33 53 Consolidated Balance Sheet Statement

Equity & Liabilities (INR Crs.) Sep-17 Mar-17 Assets (INR Crs.) Sep-17 Mar-17 Equity: Non-Current Assets: 670.8 672.8 Equity Share Capital 96.2 96.2 Property, Plant & Equipment 72.0 62.6 Other Equity 533.5 489.0 Capital work-in-progress Goodwill 17.5 17.5 Interest in Inox Benefit Trust, at cost (32.7) (32.7) Other Intangible Assets 11.7 12.4 Equity attributable to owners of the company 597.0 552.5 Investments in Joint Ventures 0.1 0.1 Non-Controlling Interest 0.0 0.0 Other Investments 1.0 1.2 Total Equity 597.0 552.5 Loans 71.7 69.0 Non-current liabilities: Other Financial Assets 81.4 71.8 Borrowings 270.0 291.9 Deferred Tax Assets (Net) 37.6 48.3 Other Financial Liabilities 2.6 3.1 Tax Assets (Net) 8.4 5.5 Provisions 10.2 10.0 Other Non Current Assets 77.6 77.6 Other Non-current Liabilities 80.5 82.9 Total Non Current Assets 1,050 1,039 Total of Non-Current Liabilities 363.3 388.0 Current Assets: Current Liabilities: Inventories 9.3 9.1 Other Investments 67.6 10.7 Borrowings - - Trade Receivables 68.8 46.6 Trade Payables 102.4 88.4 Cash and Bank Balances 16.8 9.8 Other Financial Liabilities 98.0 64.8 Bank Balances Other than above 2.2 3.4 Other Current Liabilities 59.9 36.0 Loans 4.3 4.4 Provisions 16.5 14.4 Other Financial Assets 0.3 0.3 Current Tax Liabilities (Net) 0.0 0.0 Other Current Assets 18.4 21.0 Total of Current Liabilities 276.9 203.6 Total Current Assets 187.7 105.3 Total Equity & Liabilities 1,237.2 1,144.1 Total Assets 1,237.2 1,144.1

54 Atria, Worli, Mumbai

Thank You Balesh Talapady GM – Business Analysis INOX Leisure Ltd. Contact+91-22-4062 6927 55 Email: [email protected]