COMPANY PROFILE - June 2019 1 Outline

01 Introduction and Overview

02 Business Model

03 Financial Performance

04 Management Team

05 Appendices

Disclaimer: • The Company has registered its ongoing projects in the applicable jurisdictions / States under the Real Estate (Regulation and Development) Act, 2016 (“RERA”). None of the images, material, projections, details, descriptions, area statements and other information that are mentioned herein should be deemed to be or constitute advertisements, solicitations, marketing, offer for sale, invitation to offer, invitation to acquire, including within the purview of the RERA. • The Company uses carpet areas as per RERA in its customer communication. However, the data in saleable area terms has been presented here to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers / customers. • The information compiled in this presentation is for the Company and its subsidiaries / joint ventures / associates engaged in the real estate business (MLDL, MHPL, MBDL, MITL, MRDL, MHDL, MWCDL, MWCJL, MIPCL & MIPPL) 2 01 Introduction and Overview

3 Mahindra Lifespaces: Leading Real Estate Player

Company Overview Shareholding Pattern & Major Shareholders

▪ Part of US $ 20.7 billion Group’s operations spans across 6 continents; 100+ countries; in 10 sectors and 20 industries. Promoters 27.4%

▪ Balanced business portfolio FPI / FII Residential business: Mid - Premium & Affordable 51.5% housing segment. DIIs Integrated Cities & Industrial Clusters: Large format 6.8% Integrated Business Cities and recently forayed Others into Industrial Clusters. 14.3%

▪ Pan- presence with over 20 years of proven track record Developments across nine Indian cities - , Promoter , , Gurgaon, Faridabad, , Mahindra and Mahindra Ltd. , and Bengaluru. Key Investors First State / Stewart Investors ▪ Pioneers in sustainable development ICICI Prudential Life Insurance Company Ltd. Triple bottom line approach to transforming urban Kotak Mutual Fund landscapes through sustainable communities. UTI AMC

4 Evolution of business over the last two decades

• Mahindra Group forays • Launches its first large • First developer in India • JV with SCM Real • JV with Sumitomo • Partnered with IFC & HDFC into the real estate format integrated to launch green homes Estate (Singapore) Corporation for Capital. business as Mahindra business city - Pvt. Ltd. for residential establishing industrial • Rights Issue of Rs. 300 Crs Realty & Infrastructure Mahindra World City, project development park in North Chennai • Launched an Industrial Developers Limited Chennai • Launch of first Clusters brand “Origins by (MRIDL) international office in Mahindra World City” Dubai

1994 2001 2002 2006-07 2008 2012 2013 2014 2015 2016 2017

• MRIDL and GESCO • Company name • First real estate • Launch of new • Partnered with The merge to form changes to Mahindra company in India to business vertical - Energy and Resource Mahindra Gesco Lifespace Developers publish a standalone Happinest focused on Institute (TERI) to set Developers Ltd. Ltd. GRI report low cost housing up Mahindra TERI • Launches second • Expands customer Centre of Excellence World City at Jaipur base to 100+ clients at for Sustainable the World Cities Habitats

5 Transforming urban landscapes by creating sustainable communities 1st and only Real Estate Company in Only company with 100% green portfolio India to publish a Sustainability report Certified cities & Certified Homes clusters

16+ million 16 square feet

Founding member of Sustainable Housing Leadership Consortium (SHLC) Mahindra TERI Center of Excellence Research on • Material Database • Building Envelope Studies Environment Social Governance • Visual Comfort Database Build Ecological Capital Build Social and Human Build Financial Capital • Thermal Comfort Studies capital • Water Related Activities

INR 469.51 lakh CSR spend, in Green Army : Covered 250+ schools, 50,000+ students, Environment, Education, Health and & 2 lakh citizens (Mumbai, Pune, Nagpur, Chennai, Delhi Community development. & )

6 Well Recognized and Awarded Brand

Bloomdale & L’Artista received the 'Best MWC conferred for Residential Project under Affordable and Ultra 'Best PPP Model' at Luxury segment' at the CNBC Awaaz Real Estate Business World Awards 2018 Smart Cities Nova won the ‘Low Cost Housing Apartment Conclave & Awards Project of the Year’ at NDTV Property Awards Received the Investor 2017 2018 Relations Society Awards 2015 for Best Environment, Social and Governance (ESG) th Disclosures in Small Cap Awarded “The Porter Ranked 17 Category prize 2016” for in the Great Places excellence in to Work - mid-sized governance companies in 2019

Two project sites, namely Happinest Boisar and Vivante in Mumbai, conferred the best project Ranked 2nd in the Diversified/Listed Category - under ‘Achievement Award for Construction, Asia in the 2016 Global Real Estate Sustainability Health, Safety and Environment’ at the 10th CIDC Benchmark (GRESB) Rankings Vishwakarma Awards 2018

7 02 Business Model

8 Balanced Business Model

Residential Integrated Cities & Industrial Clusters

Ahmedabad

North Chennai

Mid and Premium Affordable Housing Integrated Cities Industrial Clusters Residential

9 Business Overview Residential Integrated Cities & Industrial Clusters Mid and Premium Affordable Integrated Cities Industrial Clusters Residential Housing

Brand: Brand: Brand: Brand:

Development Development 3.12 Gross Area 4437 Gross Area 626 Footprint** 22.13 Footprint** msft msft acres acres

Completed Completed 0.97 Leasable 3156 Leasable 427 Development * 15.58 Development * Area*** Area*** msft msft acres acres Ongoing & Ongoing & 2.15 Leased Area 1931 Leased Area 30 Forthcoming Area** 6.55 Forthcoming Area** msft msft acres acres Area available for Area available for 1.73 Area available 1225 Area available 397 Future Sales** 4.90 Future Sales** for Leasing for Leasing msft msft acres acres

Entities Economic Ongoing & Entities Economic Ongoing & Entities Economic Leasable Entities Economic Leasable Interest Forthcoming Interest Forthcoming Interest Area (acres) Interest Area (acres) Area (msft)** Area (msft)** *** *** MLDL 100% 2.98 MLDL 100% 0.26 MWCDL 89% 1145 MIPCL 53.4% 206 MHPL 50% 1.20 MHDL 25% 1.89 MWCJL 74% 2011 MIPPL 50% 221 MBDL 100% 0.84 MITL 96.3% 1.31 MRDL 96.3% 0.22

*Completed Development does not include projects completed by GESCO. ** Data represents estimated saleable area including JD partner’s share, wherever applicable. *** Leasable area is based on management estimates. 10 Growth Strategies for the Company

Residential Industrial

Mid Premium & Affordable Housing Integrated Cities & Integrated Clusters

Robust Land Acquisition Focus on sales acceleration ▪ Continue to focus on land acquisition within defined guardrails. ▪ Capitalize on new initiatives and priorities of the Government such ▪ Leverage the opportunity in stressed assets & redevelopment. as “Make in India”, development of industrial corridors & Smart ▪ Pursue asset light models like JD / JV- selectively outright purchase Cities. in mid-premium segment. ▪ Accelerate lease of retail & commercial lands at MWC Chennai. ▪ Continue the thrust on sales at MWC Jaipur for industrial & social Sharp Segment Focus infrastructure. ▪ Increasing depth & presence in identified growth markets: Mumbai, ▪ Leverage the successful inauguration of Origins, Chennai with , Pune & NCR. marquee anchor clients to build a strong pipeline. ▪ Continued focus on the mid-premium segment with products in ▪ Sign anchor client & launch Origins Ahmedabad shortly. ticket sizes of Rs. 50 lakhs to Rs. 2.5 crore (upto Rs. 4 cr in Mumbai). Pursue selective asset light expansion ▪ Accelerating development of residential in MWC Chennai and ▪ Pursue strategic partnerships selectively via asset light model to initiating in MWC Jaipur. leverage on our brand and expertise. ▪ Rapidly grow the sub Rs. 40 lakh, affordable housing segment under the brand “Happinest”. Further Strengthen the Brand ▪ Ensuring a differentiated customer experience through-out the life- cycle enabled by quality, design, and technology. ▪ Expanding sales outreach and strengthening our brand awareness. ▪ Be the preferred partner for stakeholders such as land owners and investors.

11 Balanced Business Model

Residential Integrated Cities & Industrial Clusters

Ahmedabad

North Chennai

Mid and Premium Affordable Housing Integrated Cities Industrial Clusters Residential

12 : Mid-Premium Residential

▪ Projects in Mid-Premium Residential Comprising of multi-family apartments in gated communities within large metros with ticket size of Rs. 0.5 Crs to Rs. 4 Crs

▪ Completed 15.58# msft of residential and commercial real estate Currently, 2.97 msft of residential real estate under execution with further 3.58* msft in the pipeline

▪ Focus on 4 core markets Mumbai, Pune, Bengaluru & NCR Focus on active corridors to ensure low volatility in demand

# Does not include projects completed by GESCO. * Data represents estimated saleable / leasable area

13 : Affordable Housing

▪ Happinest – a brand for Affordable Housing by Mahindra Lifespaces Provide quality housing at affordable prices to the emerging middle class in the country

▪ Business model based on fast turnaround Scalability across markets dependent on quicker execution and sales coupled with timely approval process

▪ Opportunity for growth Catering to a large underserved market with high potential for growth given the demographics of urban India

Happinest Avadi ▪ Developing projects with products priced sub Rs. 50 lakhs / unit Completed 0.97 msft with further 0.57 msft under execution and another 1.57* msft in the pipeline

All figures in msft of Saleable / Leasable area Region Chennai MMR Location Avadi Boisar Palghar Kalyan Total Development 0.73 0.49 1.05 0.84 Launched 0.64 0.49 0.41 - Completed 0.48 0.49 - - Ongoing 0.16 - 0.41 - Happinest Boisar Forthcoming 0.10 - 0.64 0.84

* Data represents estimated saleable / leasable area 14 Geographic presence of residential business

Total (msft) Mid-Premium Happinest Completed*: 15.58 0.97 Ongoing**: 2.97 0.57 Forthcoming**: 3.58 1.57 Note: All figures in msft of Saleable / Leasable area Land Inventory**: 10.44 – Total: 32.57 3.12 Completed area includes 1 msft of Commercial development

NCR Nagpur Completed: 3.41 Completed: 0.71 Ongoing**: 0.41 Ongoing**: 0.84 Forthcoming**: 0.37 Forthcoming**: – Land Inventory: – Land Inventory: – Total: 4.18 Total: 1.55

Jaipur Hyderabad Completed #: 0.40 Completed: 1.08 Ongoing**: – Ongoing**: – Forthcoming**: – Forthcoming**: – Land Inventory: – Land Inventory: – Total: 0.40 Total: 1.08

Pune Bengaluru Completed: 3.15 Completed*: 0.44 Ongoing**: 0.50 Ongoing**: 0.43 Forthcoming**: 0.68 Forthcoming**: 0.74 Land Inventory: – Land Inventory: – Total: 4.33 Total: 1.61

MMR Mid-Premium Happinest Chennai Mid-Premium Happinest Completed*: 2.81 0.49 Completed*: ##3.59 0.48 Ongoing**: 0.36 0.41 Ongoing**: 0.44 0.16 Forthcoming**: 0.70 1.48 Forthcoming**: 1.10 0.10 Land Inventory**: 0.94 – Land Inventory**: 9.50 – Total: 4.81 2.38 Total: 14.62 0.73

* Does not include projects completed by GESCO ** Data represents estimated saleable/leasable area Please refer “Glossary” for definitions on Completed, Ongoing, Forthcoming and Land inventory ## Includes 0.23 msft developed by Mahindra Classification of area # Refers to IT Park, Evolve developed by Mahindra World City Jaipur Ltd. World City Chennai Developers Ltd a. NCR includes Delhi, Gurgaon and Faridabad b. MMR includes Mumbai, Thane, Boisar, Palghar, Kalyan and Alibaug 15 Strong track record of execution

Strong focus on “On-Time Delivery”

12 12 12 11 10 1,023 3.9 836 611 3.7 536 3.6 4.0 3.5 3.3 120 1.8 0.9 0.7 0.2 1,025 862 1,357 1,678 209 FY16 FY17 FY18 FY19 Q1 FY20 FY16 FY17 FY18 FY19 Q1 FY20 Area Completed (msft) Area under Execution (msft) No. of Units Sold Sales Value (Rs. Crs.) No. of Ongoing Projects

547 2254

1592 336 331 328 1255 823 461 62

FY16 FY17 FY18 FY19 Q1 FY20 FY16 FY17 FY18 FY19 Q1 FY20 Construction Spend (Rs. Crs.) No. of units handed over

16 Balanced Business Model

Residential Integrated Cities & Industrial Clusters

Ahmedabad

North Chennai

Mid and Premium Affordable Housing Integrated Cities Industrial Clusters Residential

17 : Integrated Cities

➢ Mahindra World City – The Concept • Provide integrated infrastructure for companies in manufacturing and services sector under SEZ and Domestic Tariff Areas along with Residential and Social infrastructure

➢ Currently developing two large format integrated business cites under PPP model at Chennai and Jaipur • MWC Jaipur: having area of ~2900 acres in partnership with RIICO (26% stake), commenced operation in 2007. • MWC Chennai: having area of ~1500 acres in partnership with TIDCO (11% stake), commenced operation in 2002.

➢ Well diversified customer base Customers across sectors such as IT/ITES, automotive & auto ancillaries, light engineering and handicrafts.

18 Destination of choice for world class customers

Chennai Jaipur Marquee customers (80+ customers as of Jun-19) Marquee customers (85+ customers as of Jun-19)

Auto Ancillary Apparel Handicrafts DTA SEZ IT SEZ SEZ DTA Engg. SEZ IT SEZ SEZ

19 Strong track record of Destination Building

Mahindra World City Chennai Mahindra World City Jaipur

Total Area Procured – 1524 acres | Leasable Area – 1145 acres Total Area Procured – 2913 acres | Leasable Area – 2011 acres 1026 425 425 422 419 695 298 272 408 356 290 48

SEZ DTA Resi & Social* SEZ*** DTA Resi & Social ** Total Leasable Area (in acres) Leased Area (in acres) Total Leasable Area (in acres) Leased Area (in acres) 4 3.7 30 3 2.6 80 24.1 70 4 25 3 66.8 1.9 2.0 60 17.6 20 2 1.7 3 3.3 50 3.2 2.0 15 2 44.0 46.2 40 3.1 3.1 28.7 3 30 7.5 10 1 20 3 5 1 10 0.0 0.0 2.0 3 0 0 0 FY16# FY17 FY18 FY19 Q1 FY20 FY16 FY17 FY18 FY19 Q1 FY20 Area Leased (acres) Average Price Per Acre (Rs. Crs) Area Leased (acres) Average Price Per Acre (Rs. Crs)

# in FY16 & Q1 FY20, previous period prices are indicated due to no lease transactions * Residential area in MWCC has been leased to MLDL and its subsidiaries MITL and MRDL ** Total Leasable Area of Residential & Social is indicative (assumed at yield of 65%) until finalisation and approval of Master Plan *** Includes 25 acres for Evolve 20 Creating Economic Value

Mahindra World City Chennai Mahindra World City Jaipur

11,334 11,417 39,500 39,500 39,500 10,230 8,396 8,300 38,000 38,000

9,359 10,202 11,428 12,683 2,959 1,128 1,245 1,311 1,552 422 FY16 FY17 FY18 FY19 Q1 FY20 FY16 FY17 FY18 FY19 Q1 FY20

Exports (Rs. Crs.) Employment (Direct) Exports (Rs. Crs.) Employment (Direct)

5,240 5,240 4,407 4,600 5,165 5,105 3,648 3,258 2,872

4,600

FY16 FY17 FY18 FY19 Q1 FY20 FY16 FY17 FY18 FY19 Q1 FY20

Cumulative Investments (Rs. Crs.) Cumulative Investments (Rs. Crs.)

21 : Industrial Clusters

➢ Launched “Origins by Mahindra World City”, a brand for Industrial Clusters.

➢ Origins by Mahindra World City – The Concept • An industrial cluster of 250 to 600 acres at each location in proximity of high growth corridors • Core focus on industrial infrastructure with supporting residential and social infrastructure • Offering higher level of productivity enhancing value added services for businesses

➢ Currently developing two Industrial Clusters at North Chennai and near Ahmedabad Projects at North Chennai and near Ahmedabad spread over ~600 acres

Business Hassle-Free Sustainable World Class Preferred Plug and Play Support Transactions and Smart Customers Workplace Services

22 Origins at North Chennai

286

Project In proximity to Ponneri Location – GOI’s 100 smart city 206 Kavaraipetti Stn 3 KM

Ponneri Stn 5 KM Area in Areain acres

30 Located on High Growth Corridor - NH16 Gross Area Leasable Area* Leased Area

Origins, North Chennai : (Ongoing) – SPV Name: MIPCL (JV with Sumitomo Corporation) Chennai City 35 KM Chennai Airport 70 KM – Project Approvals: Received Chennai Port 30 KM – Construction Progress: Under Development Ennore 25 KM Kattupalli 25 KM – Leased 7.41 Acres to Nissei Electronics in Q1 FY20

* Leasable area is based on management estimates. 23 Origins near Ahmedabad

Becharaji 122 km Located on NH8A on 340 Ahmedabad – Rajkot corridor

– DMIC Influence Zone 70 KM Sanand – 58 KM

221 Kheda – 65 KM

Bagodra – 12 KM

Area in Areain acres 120 KM

Dholera – 45 KM Ahmedabad Airport 77 KM 0 Pipava Port 233 KM Kandla Port 307 KM Gross Area Leasable Area* Leased Area Mundra Port 348 KM Surendranagar Stn 55 KM Ahmedabad Stn 77 KM Origins, Ahmedabad: (Forthcoming) – SPV Name: MIPPL (Strategic partnership with IFC) – Project Approvals: Received – Construction Progress: Site under development – MOU signed with State Government in Vibrant Gujarat 2017 Established industrial corridor Existing value chain for quick setup

* Leasable area is based on management estimates. 24 03 Financial Performance

25 Financial Performance All figures in Rs. Crores For MLDL Consolidated Q1 2020 FY 2019 FY 2018 (As per IND AS) Total Income 120 654 644 EBIDTA 19 160 180 PAT 13 120 101 Debt 227 228 459 Net Worth 1943 1930 2059 Balanced leverage at efficient borrowing cost Gross Debt to Equity Ratio Interest Cost

10.32% 9.85% 0.48 9.49% 9.08% 9.07% 0.38

0.22 0.12 0.12

FY16 FY17 FY18 FY19 Q1 FY20 FY16 FY17 FY18 FY19 Q1 FY20

26 Residential and IC&IC Business Performance

All figures in Rs. Crore unless specified Residential * IC & IC Particulars Q1 2020 Q1 2020 Area Sold (msft) / Land Leased (acres) 0.22 9.41 Sales / Lease Income 120 25

Total Income 153 45 EBIDTA 22 17 EBIDTA Margin (%) 14.5% 37.4% PAT 10 3 PAT Margin (%) 6.6% 6.2%

Net worth 1510 652 Debt # 279 542 Debt Equity Ratio 0.2 0.8 Note: The above details are provided for better understanding of the performance of Residential and Industrial segments of the Company. Due care has been taken in compilation of the same by Management.

* All the figures correspond to residential units and includes commercial units, if any. # Debt represents funding from Banks/ FI’s / Third Parties. Any contribution made by promoters / strategic partners (including ICDs) is excluded in the debt number.

27 Summary of Key Financials by Legal Entities for Q1 FY20 Key Legal Entities in Residential Business All figures in Rs. Crs Economic Total Entity Name Interest Income EBIDTA PAT Debt Net Worth MLDL 100.0% 99.1 12.5 9.7 133.3 1,761.2 MHPL^ 50.0% 93.9 11.0 (0.9) # 784.3 (25.2) MBDL 100.0% 2.7 0.4 0.2 # 58.2 (6.6) MITL 96.3% 0.1 (1.8) (2.5) # 81.3 76.6 MRDL 96.3% 16.9 4.2 2.7 - 90.0 MHDL^ 25.0% 0.1 (3.7) (4.3) # 109.6 (18.2) Key Legal Entities in IC & IC Business Economic Total Entity Name Interest Income EBIDTA PAT Debt Net Worth MWCDL^ 89.0% 8.5 2.6 (1.9) 284 147.3 MWCJL^ 74.0% 17.7 9.6 1.0 # 284.8 305.0 MIPCL^ 53.4% 20.0 3.9 2.3 100.8 174.1 MIPPL^ 50.0% 0.2 (3.2) (2.3) * 131.3 (3.2) Note: All numbers are for respective SPV’s on standalone basis and are aggregated without considering any inter-company eliminations. ^ : The entities are classified as JVs and are not consolidated in MLDL consolidation. # : In MHPL, debt numbers includes Rs.~640 Crs of contribution by promoters in the form of OCDs and CCDs; In MBDL, debt number includes Rs.~53 Crs of contribution by promoter in the form of ICD; In MITL, debt number includes Rs.~11 Crs of contribution by subsidiary in the form of ICD. In MHDL, debt numbers includes Rs.~40Crs of contribution by promotors in form of OCDs and OCRPS. In MWCJL, debt number includes Rs.~195 Crs of contribution by strategic partner (IFC). * : In MIPPL, the entire debt represents contribution by promoter and strategic partner (IFC). 28 04 Management Team

29 Experienced Board of Directors

Director Name Brief profile – Key leadership roles Education since

 Chairman of Mahindra Holidays & Resorts  Holds degree in Law from Arun K. Nanda  Chairman Emeritus of the Indo-French Chamber of Commerce and Industry Apr, 2001 the University of Calcutta, Chairman  Former Chairman of CII Western Region FCA, FCS  Has been associated with the Group for over 40 years

 Member of the Group Executive Board, Mahindra Group and Co-Chairperson, Group Diversity Sangeeta Prasad  Holds degree in Electrical Council, Mahindra Group Managing Director October, 2018 Engineering and MBA  Member of the FICCI Smart Cities Committee & CEO from IIM, Lucknow  Has been associated with the Group since 2008

 Ph.D from Carnegie  Group President (Strategy) for Mahindra Group Mellon’s Tepper School of Dr. Anish Shah Aug, 2015  Member of the Group Executive Board, Mahindra Group Business, Masters degree Director  Former President and Chief Executive Officer of GE Capital India from Carnegie Mellon and MBA from IIM-A

Ameet Hariani  Director of Capricon Realty, Batliboi Ltd. and Ras Resorts.  Holds master’s degree in Independent Sept, 2017  Member of Bombay Incorporated Law Society; Law Society of England & Wales; Law Society of Law from the Mumbai Director Singapore; Bar Council of Maharashtra; Bombay Bar Association. University

Shailesh Haribhakti  Former President of Indian Merchants Chamber, Institute of Internal Auditors (Bombay Chapter), Jul, 2004  FCA Independent Bombay Management Association, ICAI Director

Mr. Bharat Shah  Chairman of HDFC Securities Limited, 3M India Limited and Exide Industries Limited  B.Sc from Mumbai Independent July 2016  Executive Director and founding member of HDFC Bank Limited; currently advisor to HDFC Bank University & H.N.D. in Director Limited since 2013 Apllied Chemistry

Individuals with diverse background across industries part of the Board of Directors

30 Management Structure

Non-Executive Chairman

Arun K Nanda

MD & CEO - MLDL CEO - Happinest

Sangeeta Prasad Arvind Subramanian

Mid-Premium Corporate Integrated Cities & Industrial Clusters Happinest Residential

Chief Business Chief Legal Officer and Business Head – MWC Business Head – MWC Chief Project Officer Business Head – South VP - Operations Development Officer Company Secretary Chennai (Residential) Jaipur

Sandeep Suhas Deepak Rahul Gupta Vijayan Sanjay Amit Pal Singh Gaur Kulkarni Suvarna Janardhanan Srivastava

Business Head – Origins Business Head – MIPCL Chief People Officer Chief Sales Officer) Chief Customer Officer Business Head – West Chief Sales Officer (Ahmedabad) (Chennai)

Subhorov Sunil Lokanathan Vimalendra Krity Sharma Mohit Arora Vaibhav M Roy Sharma Nadar Singh

Sr.GM – Strategy & Chief of Design Chief of Strategy & NPD Business Development

Amar Nidhi Ashvin Tendulkar Seksaria Iyengar

Matrix organization structure ensures strong specialist support while enabling better market understanding and localised decision making 31 05 Appendices

32 Completed Projects

Area Area Area Area Location Name of the Project Location Name of the Project (mn sqm) (msft) (mn sqm) (msft) Mumbai Eminente 0.05 0.57 NCR Aura 0.13 1.36 Splendour 0.07 0.78 Luminare I # 0.03 0.37 Mahindra Park 0.02 0.19 Chloris 0.04 0.39 Mahindra Heights 0.01 0.06 Central Park 0.11 1.17 Mahindra Gardens 0.03 0.36 Great Eastern Plaza 0.01 0.07 Great Eastern Links 0.03 0.35 Great Eastern Centre 0.00 0.05 Great Eastern Gardens 0.05 0.49 Bengaluru Windchimes I 0.04 0.44 Fairwinds 0.00 0.01 Hyderabad Ashvita 0.10 1.08 Happinest Boisar 0.05 0.49 Chennai Iris Court 0.08 0.86 Pune Royale 0.06 0.63 Sylvan County 0.05 0.50 The Woods 0.05 0.53 Aqualily Villas 0.04 0.46 Great Eastern Plaza 0.01 0.15 Aqualily Apartments A, B, C1 & 2E 0.08 0.89 Retreat 0.00 0.04 Nova 0.05 0.54 Nest 0.01 0.09 MWC Club 0.01 0.07 Le Mirage 0.01 0.12 Mahindra World School 0.01 0.11 Antheia I, II, IIIA, IIIB & IIIC 0.14 1.48 Canopy 0.00 0.05 L'Artista 0.01 0.09 HDFC Bank 0.01 0.10 Mspace 0.00 0.02 Happinest Avadi Ph I, II & III 0.04 0.48 Nagpur Bloomdale I, IIA, IIB-2, IIC & IIIC-1 0.07 0.71 Jaipur Evolve 0.04 0.40

Total Development* : 1.54 mn sqm (16.55 msft) * Does not include projects completed by GESCO. Includes commercial development at Chennai and Jaipur inside respective Mahindra World City’s. 33 Project Portfolio

Saleable Area (msft) # Location Ongoing Forthcoming Land Inventory MMR** 0.78 2.17 0.94 Pune 0.50 0.68 - Nagpur 0.84 - - NCR* 0.41 0.37 - Bengaluru 0.43 0.74 - Chennai 0.59 1.19 9.50 Total 3.54 5.16 10.44

Total Completed Development – 16.55*** msft

* NCR includes Delhi, Gurgaon and Faridabad; ** MMR includes Mumbai, Boisar, Palghar, Thane, Kalyan and Alibaug; *** Does not include projects completed by GESCO. # Based on saleable area including JD partner’s share wherever applicable.

34 Summary of Ongoing and Forthcoming Projects All figures in msft

Total Launched Completed Ongoing Balance (To Company / Region Project Name Development Development Development Development be launched) SPV A B C D E = (A-C-D) MMR Serenes MLDL 0.16 0.06 - 0.06 0.09 Vivante MLDL 0.16 0.16 - 0.16 - Roots MLDL 0.14 0.14 - 0.14 - Andheri MLDL 0.26 - - - 0.26 Sakinaka # MLDL 0.34 - - - 0.34 Happinest Palghar 1 MHDL 0.41 0.41 - 0.41 - Happinest Palghar 2 MHDL 0.64 - - - 0.64 Happinest Kalyan MHDL 0.84 - - - 0.84 Pune Antheia MLDL 1.63 1.63 1.48 0.16 - Centralis MLDL 0.34 0.34 - 0.34 - New Project (Tathawade) MLDL 0.68 - - - 0.68 Nagpur Bloomdale MBDL 1.55 1.55 0.71 0.84 - NCR Luminare # MHPL 1.14 0.77 0.37 0.41 0.37 Bengaluru Windchimes MHPL 0.87 0.87 0.44 0.43 - New Project (Kanakpura) MLDL 0.74 - - - 0.74 Chennai Aqualily MRDL 1.58 1.51 1.35 0.16 0.07 Lakewoods MITL 0.90 0.28 - 0.28 0.62 MWC Chennai Residential 21 MITL 0.41 - - - 0.41 Happinest Avadi MLDL 0.73 0.64 0.48 0.16 0.10 TOTAL 13.52 8.36 4.82 3.54 5.16 Note: Above figures are based on saleable area including JD partner’s share wherever applicable. # Project under Joint Development (JD). 35 Development mix of Ongoing Projects

Indicative Area Range Region Project Name Location Segment Development Mix Prices Saleable (sqft) (Rs. Crs)

MMR Serenes Alibaug Luxury 3, 4 BHK Villas 3000 - 3400 3 - 3.5

Vivante Mumbai Mid-Premium 1, 2, 2.5 & 3 BHK 740 - 2041 1.5 - 4

Roots Mumbai Mid-Premium 1 & 2 BHK 740 - 1239 1 - 1.5

Happinest Boisar Boisar Affordable 1 RK,1 & 2 BHK 369 - 762 0.13 - 0.27

Happinest Palghar 1 Palghar Affordable 1 RK, 1 & 2 BHK 234 - 812 0.08 - 0.28

Pune Antheia Pune Mid-Premium 1, 2, 2.5, 3 BHK 724 - 1789 0.5 - 1.5

Centralis Pune Mid-Premium 1 & 2 BHK 665 - 885 0.45 - 0.70 Nagpur 1, 2, 2.5, 3 BHK, Row Bloomdale Nagpur Mid-Premium 739 - 2440 0.3 - 1 Houses & Duplex Homes

NCR Luminare Gurgaon Luxury 3 & 4 BHK 2985 - 6007 3.5 - 4.5

Bengaluru Windchimes Bengaluru Mid-Premium 3, 3.5 & 4 BHK 1776 - 3012 1.5 - 2.5

Chennai Aqualily Chennai Mid-Premium 1, 3, 3.5 & 4 BHK 581 - 2228 0.25 - 1

Lakewoods Chennai Mid-Premium 2 & 3 BHK 1079 - 1478 0.45 - 0.70

Happinest Avadi Chennai Affordable 1 & 2 BHK 395 - 677 0.1 - 0.25 Note: Above information is indicative and provide generic information about the project. 36 Summary of Ongoing Projects Launched PTD Area PTD Sales RERA Location Project Name Development* Sold % Completion** Value Completion (msft) (msft) (Rs. Cr) Date*** MMR The Serenes I 0.06 0.02 81% 13.8 Dec-19 Vivante 0.16 0.16 96% 264.5 Oct-19 Roots 0.14 0.09 41% 114.1 Sep-22 Happinest Palghar 1 - I 0.14 0.12 59% 36.2 Dec-20 Happinest Palghar 1 - II 0.15 0.14 43% 41.9 Sep-21 Happinest Palghar 1 - III 0.08 0.06 35% 17.7 Sep-21 Happinest Palghar 1 - IV 0.04 0.04 38% 11.5 Dec-21 Pune Antheia IIID 0.16 0.09 78% 57.1 Mar-22 Centralis - Tower 1 0.09 0.09 18% 54.9 Aug-22 Centralis - Tower 2 0.09 0.07 18% 46.9 Aug-22 Centralis - Tower 3 0.09 0.09 18% 54.5 Mar-22 Centralis - Tower 4 0.07 0.07 17% 44.5 Mar-22 Nagpur Bloomdale IIB 0.15 0.15 89% 55.4 Mar-20 Bloomdale IIIA 0.12 0.11 95% 47.2 Mar-20 Bloomdale IIIB 0.11 0.07 53% 29.5 Sep-20 Bloomdale IIIC-2 0.04 0.03 47% 11.5 Mar-20 Bloomdale IIID 0.07 0.05 56% 19.5 Sep-21 Bloomdale IVA 0.14 0.00 42% 1.3 May-22 Bloomdale IVB 0.14 0.07 49% 28.6 Jun-21 Bloomdale IVC 0.03 - 42% - Sep-21 Bloomdale IVD 0.04 0.01 45% 6.2 May-20 NCR Luminare II # 0.41 0.14 66% 182.1 Mar-21 Bengaluru Windchimes II - Tower III 0.18 0.12 88% 94.3 Dec-19 Windchimes II - Tower IV 0.25 0.11 86% 89.0 Dec-19 Chennai Aqualily Apts C2 0.16 - 46% - NA Lakewoods I 0.28 0.12 13% 45.8 Mar-22 Happinest Avadi IV 0.06 0.04 82% 13.8 Jul-20 Happinest Avadi V 0.10 0.03 67% 8.7 Dec-20 Total 3.54 2.07 64% 1,390.6 * Based on saleable area including JD partner’s share wherever applicable. ** Completion shown is with respect to total estimated project cost which includes land costs and construction related costs. *** RERA completion dates for the projects are as per the specific phases registered with the authorities. # Project under Joint Development (JD). 37 Forthcoming Projects Est. Saleable Area* Segment Location Name of the Project msft Subsequent Phases of Existing Projects MMR Serenes 0.09 NCR Luminare # 0.37 Mid & Premium Residential Aqualily 0.07 Chennai Lakewoods 0.62 Affordable Housing Chennai Happinest Avadi 0.10 TOTAL - Subsequent Phases of Existing Projects 1.24 New Projects Sakinaka # 0.34 MMR Andheri 0.26 Mid & Premium Residential Pune New Project (Tathawade) 0.68 Bengaluru New Project (Kanakpura) 0.74 Chennai MWC Chennai Residential 21 0.41 Happinest Palghar 2 0.64 Affordable Housing MMR Happinest Kalyan 0.84 TOTAL - New Projects 3.91 TOTAL - Forthcoming Projects 5.16

# Project under Joint Development (JD). * Based on saleable area including JD partner’s share wherever applicable.

38 Balance Inventory in Completed Projects

Balance units Balance area Location Project Name Company MLDL Holding to sell * to sell (msft) *

MMR Happinest Boisar MLDL 100% 133 0.06 Pune Antheia MLDL 100% 40 0.06 Nagpur Bloomdale MBDL 100% 5 0.01 NCR Luminare # MHPL 50% 25 0.07 Bengaluru Windchimes MHPL 50% 2 0.00 Aqualily Apts MRDL 96% 85 0.09 Chennai Happinest Avadi MLDL 100% 14 0.01 TOTAL 304 0.30

# Project under Joint Development (JD). * The numbers of units shown includes JD partner’s share of inventory.

39 Structure Overview

Note: Overview includes asset owning SPVs only. Shareholding percentage are based on common equity capital in SPV s as on June 2019. Numbers are rounded to the nearest percentage. # MIPPL is a strategic partnership between MLDL and IFC. 40 Glossary ACTIS Actis GP LLP Classification of projects is as under: CII Confederation of Indian Industry a. Completed: projects where construction has been DTA Domestic Tariff Area HDFC completed and occupancy certificates have been granted by HDFC Capital Affordable Real Estate Fund-1 the relevant authorities CAPITAL IC & IC Integrated Cities & Industrial Clusters b. Ongoing: projects where (i) all title or development rights, IFC International Finance Corporation or other interest in the land is held either directly or indirectly IGBC Indian Green Building Council by the Company/subsidiaries of the Company/joint ventures IND AS Indian Accounting Standards of the Company/consolidated partnership firms of the KTL Knowledge Township Limited Company; (ii) if required, all land for the project has been M&M Mahindra & Mahindra Limited converted for the intended use; (iii) the requisite approvals MBDL Mahindra Bloomdale Developers Limited for commencement of construction have been obtained MHDL Mahindra Happinest Developers Limited MHPL Mahindra Homes Private Limited c. Forthcoming: projects in respect of which (i) all title or MIPCL Mahindra Industrial Park Chennai Limited development rights or other interest in the land is held either MIPPL Mahindra Industrial Park Private Limited directly or indirectly by the Company/subsidiaries of the MITL Mahindra Integrated Township Limited Company/joint ventures of the Company/consolidated MLDL Mahindra Lifespace Developers Limited partnership firms of the Company; (ii) if required, MMR Mumbai Metropolitan Region applications have been made for conversion of use for the MRDL Mahindra Residential Developers Limited land for the intended use; (iii) preliminary management MSFT Million Square Feet development plans are in place; and (iv) architects have MWC Mahindra World City been identified MWCDL Mahindra World City Developers Limited MWCJL Mahindra World City (Jaipur) Limited d. Land inventory: land in which any of the NCR National Capital Region Company/subsidiaries of the Company/joint ventures of the Rajasthan State Industrial Development & RIICO Company/consolidated partnership firms of the Company Investment Corporation Ltd. hold interest, but on which there is no planned development SEZ Special Economic Zone as of the date hereof TIDCO Tamil Nadu Industrial Development Corporation Ltd. 41 Disclaimer

This presentation does not constitute a prospectus, offering circular or 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 Mahindra Lifespace Developers Limited or its subsidiaries (together, the “Company”) 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. 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 Company or any of its affiliates, advisers or representatives accepts 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 Company.

The Company may alter, modify or otherwise change in any manner the contents of this presentation, without obligation to notify any person of such revision or changes. 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 our general business plans and strategy, our future financial condition and growth prospects, and future developments in our sector and our competitive and regulatory environment. In addition to statements which are forward looking by reason of context, the words ‘anticipates’, ‘believes’, ‘estimates’, ‘may’, ‘expects’, ‘plans’, ‘intends’, ‘predicts’, 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 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.

42 Thank You

Mahindra Lifespace Developers Limited CIN L45200MH1999PLC118949 5th Floor, Mahindra Towers, Worli, Mumbai - 400 018| Tel: 022 6747 8600/ 6747 8601| Fax: 022 2497 5084 Website: www.mahindralifespaces.com 43