INOX Leisure Limited Investor Presentation January 2014 INOX – a diversified business group with market leadership

 Listed on BSE and NSE  Listed on BSE and NSE  50:50 joint venture with  Privately held  75% subsidiary of GFL  100% subsidiary of GFL Air Products and  49% subsidiary of GFL  ’s largest  India’s largest cryogenic  Fully integrated wind  Wind farm operator with Chemicals Inc(USA), a manufacturer of engineering company, turbine manufacturer around 200 MW of  India’s largest Fortune 500 Company amongst the world’s with state of the art operational wind farms, integrated multiplex refrigerants, largest facilities for nacelles, with another 100 MW chain chloromethanes &  India’s largest industrial blades, towers, and under construction, PTFE gas manufacturer –  Manufacturing facilities  Currently operates 76 around 40 plants across hubs across 4 different  Carbon credit revenues in India, US, Canada, properties in 41 cities the country States comprising of 296 utilized to build strong Brazil and China  India’s fastest growing screens and 80,848 businesses and amongst largest wind farm solutions seats  Subsidiaries in 3 provider countries, JVs in 2

 80 year track record of ethical business growth

 Diversified, professionally managed business group

 22 companies (including two listed, 7 international subsidiaries, and 5 joint ventures – of which 3 international)

 10 different businesses

 Gross block over Rs 7,000 crores, Gross revenues over Rs 5,000 crores

 More than 100 business units across India, employing more than 10,000 people Market leadership across almost all businesses 2 Indian Movie Exhibition Business

. Organized retail growing at rapid rate of 26.8% CAGR o As of 2012, only 8% of the $518 bn retail market in India was organized Organized Retail o Organized retail expected to grow even faster by 2015 crossing over 10% share of total retail on Overdrive o Favorable regulatory environment – 51% FDI permitted in multi brand retail o Real Estate sector more organized – huge development in malls and commercial properties .Large Malls need anchor tenants – strong preference for Multiplexes

Large Movie . ~ 1000 movies released per annum . ~ 5 billion tickets sold annually Industry . Quality content across genres and languages

. Domestic theatrical accounts for 76% of total film industry revenues in 2012 . Box Office collections estimated to grow at 10.8% CAGR from Rs 85 bn in 2012 to Rs 142 bn in 2017 Vibrant . Multiple drivers for box office growth – o Digital Cinema enabled wide releases  Larger box office collections  Film Distributors Domestic Box enjoying large profits  Larger investments  Quality content pipeline Office o Younger demographics and increasing discretionary spends esp. on entertainment o Limited alternative entertainment options o Movie going is a social activity

Underpenetrated . India is a severely under-served market with low screen density (8 screens / mn vs. 117 in US) . Multiplex screens account for just 15% of total screens multiplex market . Latent demand in several markets for quality movie going experience

Source: FICCI KPMG Report, IRIS India Retail Report 2013,Research Reports Immense opportunity for large, organized players 3 India’s Largest Integrated Multiplex Chain

HARYANA 3 Properties | 10 Screens S 14 States 41 Cities MADHYA PRADESH 3 Properties | 11 Screens 76 Multiplexes UTTAR PRADESH 2 Properties | 8 Screens 296 Screens  JHARKHAND 1 Properties | 4 Screens 80848 Seats RAJASTHAN  7 Properties |22 Screens  45 million patrons *

  WEST BENGAL GUJARAT   13 Properties |49 Screens 6 Properties |25 Screens

 ORISSA MAHARASTRA 1 Properties |3 Screens   CHHATTISGARH 19 Properties |76 Screens 2 Properties | 8 Screens ANDHRA PRADESH  7 Properties | 31 Screens GOA  1 Properties | 4 Screens 

KARNATAKA 8 Properties | 31 Screens TAMILNADU  3 Properties | 14 Screens

* FY14 Estimate 4 Key Value Drivers

Largest Integrated Multiplex Chain in India

• Track record of aggressive expansion • Pan India Presence • Strong project pipeline

Unmatched Consumer Experience

• Unmatched service and ambience • State of the art technology • Premium multiplex properties • Strong content pipeline

Robust Operating Performance

• Rising footfalls • High ticket prices • Highly profitable F&B service • Focus on other operating income • By leveraging on brand partnerships

Fillips to profitability

•Owned Properties •E-Tax Exemption

5

Track Record of Aggressive Expansion

Acquisition 74 Prop. 76 Prop. 285 Screens 296 Screens of Fame 68 Prop. India 63 Prop. 257 Screens 239 Screens

Acquisition of 89 Cinemas 32 Prop. 26 Prop. 119 Screens IPO 22 Prop. 91 Screens 76 Screens 14 Prop. 9 Prop. 51 Screens 6 Prop. 35 Screens 2 Prop. 3 Prop. 25 Screens 8 Screens 12 Screens Includes 6 Managed Properties with 20 screens

FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 Current

PUNE KOLKATA KOLKATA BANGALORE DARJEELING BHARUCH FARIDABAD HYDERABAD VIZAG (CMR) LILUAH HYDERABAD SURAT VODADARA (Elgin Road) (Salt Lake) (Magrath Road) KOTA DURGAPUR NAGPUR SILIGURI BANGALORE SILIGURI NAVI VIZIANAGARAM GOA JAIPUR NAGPUR JAIPUR (Jaswant Tuli) KOLKATA (Mantri Sq) (CC) PUNE KALKA MUMBAI (Vaishali Ngr) (Wardhaman Nagar) (Crystal Palm) BANGALORE (Rajarhat) BELGAUM Vijaywada (Amanora) RAIPUR (Nariman Point) INDORE CHENNAI LUCKNOW (Swagath) INDORE JAIPUR (LEPL) BHUBANESWAR Jaipur (Sapna Sangeeta) JAIPUR RAIPUR BURDWAN (Central Mall) (Raja Park) ------UDAIPUR Madurai (Bani Park) KOLKATA THANE KANPUR 2 FAME BHOPAL (Swabhumi) VIZAG BANGALORE Properties VIJAYWADA (Beach Road) (J.P.Nagar) ------25 FAME Properties On average, added two properties every quarter over the last decade

6 Pan India Presence

Cities Properties

East, 9 East, 17 West, 16 West, 29

North, 8 North, 12 South, 8 South, 18

Screens Seats

East, 64 East, 17388 West, 116 West, 33817

North, 40 North, 10811

South, 76 South, 18832 Well distributed mix of properties

7 Strong Project Pipeline

Sl No Property / City Location No of screens Est. Launch 1 Surat Dumas Road 8 11th Jul 2013 2 Vizianagaram Bochupeta 3 29th Jul 2013 YTD FY14 3 *Kalka Sector 2 3 17th Sep 2013 4 *Raipur Sadunalla, Vidhan Sabha Road 4 5th Oct 2013 5 Jaipur Ajmer Road 3 23rd Dec 2013 6 Madurai Chockikulam, Gokhale Road , 5 24th Dec 2013 Total screens Launched Till Date 26 1 Kolkatta Syed Amer Ali Avenue 6 Q4 FY14 Q4 FY14 2 Vizag Jagadamba Centre 5 Q4FY14 3 Greater Noida Gautam Budh Nagar 5 Q4 FY14 4 Jamnagar Saat Rasta,Khambhaliya Main road 5 Q4 FY14 5 Jalgoan Station Road 4 Q4 FY14 Total Screens 25 1 Manipal Syndicate circle 3 Q1 FY15 2 Gurgaon Old Railway Road 3 Q1 FY15 3 Faridabad Sector 20 ,- Mathura Road 3 Q1 FY15 4 Lucknow Mohanlal Ganj, Rae Bareli Road 4 Q1 FY15 5 *Panchkula Sector 5 3 Q2 FY15 6 Vijayawada Canal Guest House, MG Road 3 Q2 FY15 7 Ajmer Panchsheel Nagar 3 Q2 FY15 8 Kurnool Bellary Road 3 Q2 FY15 FY15 9 Pune NIBM Ext Road 6 Q3 FY15 10 Thrissur Guruvayu Road 6 Q3 FY15 11 Kota DCM Road 4 Q3 FY15 12 *Bhiwadi Alwar Bypass 3 Q3 FY15 13 Jammu Nawabad 3 Q3 FY15 14 Bangalore Yelahankha, Bellary road 5 Q4 FY15 15 Goa Porvorium 4 Q4 FY15 16 Mangalore Kulshekar 8 Q4 FY15 17 Cuttack Town Hall Road 4 Q4 FY15 Total screens 68 *Management Properties 8 Unmatched Service and Ambience

. World class ambience Ambience . Emphasis on safety, comfort and convenience

. Experienced Programming Team . Wide variety of movies catering to different genres and tastes Programming . Theatre management system installed in every unit allows flexibility in programming

. Setup own high quality DCI Compliant 2K Digital Projection Systems across locations to ensure world class cinematic experience Video Quality . High definition picture quality . 3D enabled . High frame rate (HFR) ready (can go up to 60 fps)

. Early adopters of Dolby ATMOS sound technology Audio Quality . Excellent acoustic systems . Distortion free sound

9 State of the Art Technology

. First multiplex chain in the country to co-develop an Integrated ERP software

. Focus on ensuring transparency to all business partners (regulatory agencies and distributors)

. End of day data availability allows for performance analysis and better management control

. Automated DCR (Daily Collection Reports) sent to regulatory agencies and distributors - no manual intervention for report generation and hence no room for errors, complete transparency

. Setup NOC in Mumbai that enables management team to continuously monitor, control and report information on digital systems across the country . Real time programming changes . Dynamic on screen ad scheduling from NOC

10 Premium Multiplex Properties

VADODARA PUNE PUNE AMANORA

KOLKATA HYDERABAD MUMBAI

11 Strong Content Pipeline

07-Feb-14 , , ADAH SHARMA 07-Feb-14 HEARTLESS HINDI ADHYAYAN SUMAN, OM PURI, DEEPTI NAVAL 07-Feb-14 LONE SURVIVOR ENG MARK WAHLBERG, BEN FOSTER, ERIC BANA 07-Feb-14 SAVING MR BANKS ENG TOM HANKS 07-Feb-14 THE LEGO MOVIE (3D) ENG CHANNING TATUM, COBIE SMOULDERS, JONAH HILL, ELIZABETH BANKS 14-Feb-14 GUNDAY HINDI RANVEER SINGH, ARJUN KAPOOR 14-Feb-14 ENDLESS LOVE ENG ROBERT PATRICK, JOELY RICHARDSON, BRUCE GREENWOOD 14-Feb-14 THAT AWKARD MOMENT ENG ZAC EFFRON, MILES TELLER, EMOGEN POOTS 14-Feb-14 WINTERS TALE ENG JENNIFER CONNELLY, WILL SMITH, COLIN FARRELL, RUSSELL CROWE 14-Feb-14 HER ENG JOAQUIN PHOENIX, AMY ADAMS, SCARLETT JOHANSSON 14-Feb-14 ROBO COP ENG JAY BARUCHEL, ABBIE CORNISH, GARY OLDMAN, SAMUEL L JACKSON, MICHAEL KEATON 21-Feb-14 HIGHWAY HINDI RANDEEP HOODA, 21-Feb-14 DARR @ THE MALL HINDI JIMMY SHERGILL, NUSHRAT BHARUCHA, ARIF ZAKARIA 21-Feb-14 POMPEII (3D) ENG EMILY BROWNING, CARRIE ANN MOSS, PAZ WEGA, KIEFER SUTHERLAND 21-Feb-14 THE MONUMENTS MEN ENG MATT DAMON, GEORGE CLOONEY, CATE BLANCHETT, BILL MURRAY 28-Feb-14 12 YEARS A SLAVE ENG BRAD PITT, BENEDICT CUMBERBATCH, MICHAEL FASSBENDER 28-Feb-14 SHADI KE SIDE EFFECTS HINDI , VIDYA BALAN, VIR DAS, RAM KAPOOR 28-Feb-14 QUEEN HINDI , RAJKUMAR YADAV

07-Mar-14 300 : RISE OF AN EMPIRE (3D) ENG LENA HEADEY, EVA GREEN, RODRIGO SANTORO, DAVID VANHAM MANOJ BAJPAYEE, JIMMY SHERGILL, PROSENJIT CHATTERJEE, PARAMBATTA CHATTOPADHYAY, SACHIN TRAFFIC HINDI 07-Mar-14 KHEDEKAR 07-Mar-14 I LOVE DESI HINDI VEDANT BALI, PRIYANKA SHAH, GULSHAN GROVER 07-Mar-14 TOTAL SIYAPPA HINDI ALI ZAFER, 07-Mar-14 GULAB GANG HINDI MADHURI DIXIT, JUHI CHAWLA, MAHIE GILL 07-Mar-14 MR PEABODY & SHERMAN (3D) ENG LESLIE MANN, STANLEY TUCCI, ARIEL WINTER 14-Mar-14 BEWAKOOFIAN HINDI AYUSHMANN KHURANA, , RISHI KAPOOR 14-Mar-14 HATE STORY 2 HINDI SUSHANT SINGH, SURVEEN CHAVLA, 21-Mar-14 RAGINI MMS 2 HINDI 21-Mar-14 O TERI HINDI PULKIT SAMRAT, SARAH JANE DIAS, ANUPAM KHER, MANOJ PAHWA 28-Mar-14 NOAH ENG RUSSELL CROWE, EMMA WATSON, ANTHONY HOPKINS, JENNIFER CONNELLY 28-Mar-14 YOUNGISTAN HINDI JACKKY BHAGNANI, NEHA SHARMA, FAROOQ SHAIKH, BOMAN IRANI 28-Mar-14 HAPPY ENDING HINDI SAIF ALI KHAN, ILLIANA D CRUZ, GOVINDA, PRIETY ZINTA, RANVIR SHOREY, KALKI

Expected Blockbuster Movies Expected Hit Movies 12 Rising Footfalls

Quality content driving Occupancy rates Expansion driving total footfalls

32% 33% 30% 28% 27% (millions) 25% 23% 35.3 30.7 30.4 25.7

10.7 10.8 8.8

Note: Excludes Managed properties

o Convenient locations / Good catchment areas o Good mix of Hollywood, and Regional movies o“Virtuous cycle” in movie business . Quality content leading to strong box office collections . Movies with over Rs 100 cr box office collections increased from 1 in 2008 to 9 in 2012 . Higher profitability enabling large investments by film producers / distributors

13 High Ticket Prices (ATP)

ATP Growth – overall

163 160 156 156 157 153 152

Note: Excludes Managed properties

o Inox brand enjoys a premium positioning amongst urban consumers o Prime locations provide strong pricing power o Increasing contribution of 3D movies – 3D tickets are priced at a premium of 15-20 % over 2D tickets

14 Highly Profitable F&B Service

SPH Growth – overall F&B Cost (% of F&B revenues)

32% 31% 30% 27% 27% 25% 26% 51 47 49 48 49 41 44

Note: Excludes Managed properties

o Multiple initiatives on increasing the highly profitable F&B revenues (70% Gross margins) . Unique variety of food with choice of International, Indian and City-Centric special flavors . No menu fatigue - Variety in menu for week days and week ends . Season specific food festivals . Investment in quality machines to serve best pop corn o Contribution of F&B revenues to net revenues increased from 18% to 22% over last 5 years

15 Focus on Other Operating Income

Other operating revenues Significant scope for enhancement of high margin other operating revenues (Rs million)

. Pan India Reach 469 323 . ~ 45 mn patrons estimated in FY14 299

. Premium positioning 167 190 292 324 143 136 334 . Good locations 172 78 110 146 FY11 FY12 FY13 Q1 FY14 Q2 FY14 Q3 FY14 9 mnths Ad Revenue Other Operating Revenue FY14

Several initiatives have been taken up to focus on better monetization

. Hiked Ad rates . Focus on high value / long term deals Ad Revenues . Sales to Leading corporates . DAVP / Government Segment . Off-screen advertising

. Virtual Print Fee Other Revenues . Online booking revenues . Conducting Fee

16 By Leveraging Brand Partnerships

17 Owned Properties

Multiplex Area City / Property State Screens Seats Total Area (sft) (sft)

Pune 4 1316 140,229 53,189

Vadodara Gujarat 4 1318 109,452 48,622

Nariman Point, Mumbai Maharashtra 5 1323 40,131 40,131

Jaipur Rajasthan 2 787 26,392 26,392

Swabhumi , Kolkatta West Bengal 4 1022 46,204 46,204

Anand Gujarat 3 624 27,871 27,871

Corporate Office Maharashtra - - 16,000 -

o Owned properties in prime locations enable savings in lease expense, thereby boosting EBITDA

18 E-Tax Exemption

Average Residual E-Tax No. of prop Screens Seats Period Full Tax 51 209 56,049 Exempted 12 45 12,982 2 years Zero Tax 7 22 6,148

• Tax incentives such as e-tax exemptions enable faster recovery of capital cost and reduced exhibition cost • E-tax exemption treated as capital receipt – no income tax on the amount

19 Annexure I - Key Management Personnel

Board of Directors Key Management Personnel

Mr. Alok Tandon Ms. Daizy Lal Mr. Haigreve Mr. Pavan Jain Khaitan (CEO) (COO)

Mr. Muralikrishna Mr. Jitender Verma Mr. Vivek Jain Mr. Sanjeev Jain (CPO) (CTO)

Mr. Harshavardhan Mr. Rajender Singh Gangurde Mr. Deepak Asher Mr. Amit Jatia

(VP – Programming) (VP-Marketing)

Mr. Uday Sakharkar

Mr. Siddharth Jain Mr. Kishore Biyani (VP – Projects)

20 Annexure II Financial Summary Profit and Loss Statement

Rs million FY11 FY12 FY13 Q1 FY14 Q2 FY14 Q3 FY14 9 mnths FY14 Net Box Office 2269 3889 4567 1332 1378 1171 3881 F&B Revenues 602 1139 1418 450 446 385 1281 Ad Revenues 172 292 324 78 110 146 334 Other Revenues 224 380 359 151 141 204 496 Total Revenues 3267 5700 6668 2011 2075 1906 5992 Distributor Share 1029 1803 2099 604 622 545 1771 F&B Cost 195 349 426 135 132 107 374 Payroll Cost 261 394 427 116 117 139 372 Other Expenses 1417 2344 2700 765 797 829 2391 Total Expenses 2902 4890 5652 1620 1668 1620 4908 EBITDA 365 810 1016 391 407 286 1084 EBITDA Margin (%) 11.17% 14.21% 15.24% 19.44% 19.61% 15.01% 18.09% Depreciation 229 375 430 120 128 131 379 Interest 162 243 267 73 74 67 214 Exceptional Items -56 180 25 45 - 45 Tax -1 27 109 55 58 23 136 Minority share in loss 19 57 PAT 50 42 185 143 102 65 310

21 Annexure II Financial Summary Shareholding Pattern Inox Benefit Trust 21% Gujarat Fluorochemicals 49% Institutions 2%

Corporates 14%

Others 14% Balance Sheet 9 mnths 9 mnths Rs million FY11 FY12 FY13 FY13 FY14 Networth 3010 3092 5081 5180 5391 Borrowings (LT +ST) 2109 2110 2460 2253 2225 Net Fixed Assets 4950 4892 5950 5974 6283 Current Assets 720 651 820 825 1005 Current Liabilities 1864 1344 1767 1795 1870 Non Current Assets 1563 1235 3199 3087 2892 Non Current Liabilities 250 232 661 658 694

22 THANK YOU

Inox Leisure Limited ABS Towers, Old Padra Road, Vadodara, Gujarat – 390 007