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Corporate Presentation | Q4, FY 2014 Ashok Piramal Group overview

5, 87, 162 Ashok Piramal Group

123,143,201 63.8% 55.7%

Listed Morarjee Textiles Peninsula Land 179,188,223 Unlisted (Market Cap: Rs.134 Cr) (Market Cap: Rs.1,107 Cr)

153,51,102 PMP Miranda Tools Piramal Renewable Pune FC (Auto Components) (Cutting Tools) Energy (Sports) 192,192,192

Diversified, family-owned, professionally managed business conglomerate with operations spread across and Europe Group market cap of ~Rs 1,250 Cr as of 30 May 2014 Group revenues of Rs. 1,155 Cr and EBITDA of Rs 260 Cr for FY 14 Strong focus on cash generation and prudent risk and investment philosophy

2 Company overview

5, 87, 162 Pioneer in real estate market ; with the first retail mall and first textile mill re-development project in the city

123,143,201 Executed projects aggregating to 6.4 mn sq ft (current market value ~Rs14,000 Cr), presence in 3 states and 7 cities Over 18.3 mn sq ft development in pipeline primarily in Mumbai, Pune and 179,188,223 Bengaluru Access to multiple sources of capital : 153,51,102 Joint Ventures, Joint Development and PMC with Land Owners

192,192,192 Private Equity, Mutual Funds, and Financial institutions Two real estate funds - Rs. 160 Cr Peninsula Realty Fund & Rs. 1,200 Cr Peninsula - Brookfield Fund (JV, with Brookfield, Canada)

3 Milestones

5, 87, 162 JV with Brookfield, Canada for Real Estate fund management

2013 123,143,201 Completed Ashok Gardens at 2011 Acquisition of projects in South 179,188,223 Mumbai, Pune , Bengaluru and 2014 other Tier 2 cities 2012

2009 2010 Acquisition of NGE, Raised Rs 525 Cr 153,51,102 through QIP Acquisition of Celestia spaces and Completed development Completed Ashok of Peninsula Technopark and Pipeline of ~18 mn 2008 Towers at Parel Peninsula Business Park 192,192,192 Raised Rs 156 Cr sq ft in west and through QIP south India 2006

2005

Developed low income housing project at Kanjur Marg 2003 Developed Peninsula Corporate Park – 1st mill redevelopment project in Mumbai 1999

1997 Developed “Crossroads” – one of the earliest malls catering to international standards in Mumbai

Foray into real estate development business

4 Developed marquee destinations in Mumbai

5, 87, 162 Location : Lower Parel, South Central Mumbai Saleable Area : 1.3 mn sq ft (6.5 acres), comprising of two towers of 20 floors each Peninsula Occupants : Cipla, HDFC Group, Tata Capital, Tata AIG, Rabo Bank, Jones Lang Lasalle, 123,143,201 Business Park DCB Sold one tower at under construction stage to Alok Industries for Rs. 1,100 Cr as a project de-risking strategy in 2007 179,188,223

153,51,102 Location : Parel, South Central Mumbai Saleable Area : 1.1 mn sq ft, (18 acres) comprising of four towers of 30-50 floors Configuration : 550 apartments comprising of studios 2, 3, 4, 5 BHK , penthouses and Ashok Towers garden duplex 192,192,192 Project USP: 85% of project open to sky, very rare in Mumbai

First textile mill redevelopment project in Mumbai. Peninsula Location : Lower Parel, South Central Mumbai Corporate Park Saleable Area : 0.9 mn sq ft (11.90 acres) Occupants : Vodafone,Disney, Loreal, KKR, Piramal Enterprises, Amarchand Mangaldas, Reuters, Capital First

5 Developed marquee destinations in Mumbai (contd…)

5, 87, 162 Location : off BKC Peninsula Techno Saleable Area : 0.9 mn sq ft (5.6 acres) of IT / ITES park Occupant : Sold to Essar Group for 1,275 Cr 123,143,201 Park

179,188,223 Location : Sewree, Central Mumbai Saleable Area : 0.9 mn sq ft (12 acres) comprising of two 23 storey buildings with three Ashok Gardens wings each 153,51,102 Configuration : 650 apartments comprising of 2,3,4 & 5 BHK apartments

192,192,192 Location : , Developed in 1999, India’s first shopping mall with international standards Crossroads Saleable Area : 0.2 mn sq ft

Location : , South Mumbai Saleable Area : 0.2 mn sq ft CR2 Configuration : Mall-cum-Multiplex with 8 floors of parking for ~500 cars Developed as a JV with Larsen & Toubro Occupants are some of the biggest international Brands

6 Execution track record

5 (mn sq ft) 5, 87, 162 4.1 4 3 123,143,201 2 2.0 1 0.3 0 179,188,223 1997-2004 2005-2009 2010-2014 1997-2004 (0.3 mn sq ft) 2005-2009(2 mn sq ft) 2010-2014 (4.1 mn sq ft) 153,51,102 Peninsula Centre Peninsula Corporate Park Peninsula Business Park Palm Beach Bayside Mall Peninsula Technopark Crossroads CR2 Center point 192,192,192 Ashok Towers Ashok Gardens 6%

Residential 44% Commercial Retail 50%

Company to focus on residential, poised to deliver 2x of it’s past delivery over the next 5 years

7 Experienced Board of Directors

5, 87, 162 Leadership team

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Urvi Piramal Rajeev Piramal Mahesh Gupta

179,188,223 Group Chairperson Vice Chairman & Managing Director Group Managing Director > 29 years experience of managing diverse Leads strategy for PLL ; actively oversees > 3 decades of experience in all facets of business expanding land bank , making acquisitions management including M&A , strategic Recognitions for her exemplary work include and development of properties planning, treasury, corporate law and 153,51,102 the Qimpro Gold Standard Award, Selected in top 50 young achievers by a operational turnaround Outstanding Industrialist Award and popular business magazine Awarded ‘’ CFO of the year ‘’ in 2001 and Cheminor Award Co-Chair at FICCI real estate committee Special Recognition for Financial Excellence

192,192,192 by IMA Board members committed to best Corporate Governance Practices

Expertise: Taxation, Audit and Finance Sudhindra Expertise: Strategy, Re-engineering & Technology Bhavna Senior advisor to KPMG Khanna Retired from Accenture as Global Managing Partner Doshi Has been member and advisor of various business Expertise: Real Estate development Jaydev Mody bodies, ICAI Key role in development of projects in/around Mumbai Expertise: Policy Making and Strategy Expertise : Legal Former Secretary in Ministries of Industries and D. M. Popat Ajay Dua Senior partner at Mulla & Mulla & Craigie Blunt & Caroe Commerce, GOI. Has worked as Chairman/MD of Expertise: Management, Operations, Risk Assessment & Lt. Gen. NHPC/REC, MHADA Leadership Expertise: Banking and Finance Deepak Amitabha Kargil war veteran and recipient of Uttam Yudha Seva Previously Deputy Governor of RBI and Chairman of Summanwar Ghosh Medal Allahabad Bank 8 Scaled up management structure to support growth

5, 87, 162 VC & MD

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Head – Special 179,188,223 Head Strategy & Chief Design Head Business Head – Sales & Project & Head – HR CFO COO Head Liaison Planning Advisor Development Marketing Commercial & Retail Sales

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Clusters 192,192,192

Organisational structure revamped based on advice of Accenture Cluster concept introduced to focus on execution and delivery Total Number of employees - 343

New Positions created

9 Scaled up management structure to support growth (contd…)

5, 87, 162 VC & MD

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COO

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153,51,102 Cluster Head – Cluster Head – Cluster Head –Pune – Cluster Head –West 1 Cluster Head – Procurement & Mumbai 1 – NGE Mumbai 2 – Celestia Tathavade and – Nashik, Lonavala Bengaluru – JP Nagar Contracts Byculla, Carmichael Spaces and Hinjewadi and Goa and Mahadeopura road Bishopsgate 192,192,192

Cluster head is supported by respective Cluster teams and site teams Every cluster comprises of a cross functional team that looks after Design , Procurement & Construction Each cluster is responsible for 2 or more projects within the same geographical location Enables scalability, as clusters can be added/ re-allocated as per business needs

10 Robust pipeline and renewed geographic focus

5, 87, 162 Presence in Key urban Tier 1 & 2 Cities in Western & Southern India

Completed Ongoing Pipeline

123,143,201 No of Projects Area (mn sq ft) No of Projects Area (mn sq ft) No of Projects Area (mn sq ft) Mumbai 12 6.4 2 0.6 4 1.9 Pune 1 0.5 2 12.3 179,188,223 Bengaluru 2 1.3 A 12 6.4 3 1.1 8 15.4 153,51,102 Others: Nashik 1 0.6 192,192,192 Goa 1 0.3 Alibaug 2 0.7 Lonavala 1 0.3 B 0 0 3 1.2 2 0.7

A+B 12 6.4 6 2.3 10 16.1

Mumbai, Pune and Bengaluru remain our focus 11 Acquisition of NGE Byculla land

5, 87, 162 Site map Primary access through Ambedkar Road

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Description Details Description Details Location Byculla PLL stake (%) 57% Land area 5 acres PREI Fund (JV Partner ) 43% Land cost Rs. 682 Cr Expected launch timeline Q2 FY 16 Zoning as per municipal records Residential Current Selling prices in the vicinity (Rs. / sq ft) 25,000- 30,000 Saleable area 500,000 sq ft

12 5, 87, 162

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179,188,223 Projects Overview

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192,192,192 Ongoing projects – till March 14 (cumulative)

5, 87, 162 Saleable Area Sold Sales Average Collections Projects Area (sq ft Location PLL Share (%) (sq ft in Value Realization (Rs. Cr) 123,143,201 in 000’s) 000’s) (Rs. Cr) (Rs. / sq ft) Ashok Astoria 589 Nashik 100% 282 97 3,443 73

179,188,223 Ashok Nirvaan 352 Lonavala 25% 106 72 6,802 22 Ashok Beleza 247 Goa 58% 44 27 6,135 11 153,51,102 (Plot B & C ) Ashok Meadows 498 Pune 55% 261 124 4,771 40 (Phase 1) 192,192,192 Bishopsgate 86 Mumbai 50% 47 349 74,700 161 Celestia Spaces(PLL 479 Mumbai 100% 57 125 22,064 45 Share) Total 2,251 796 795 352

FY14 sales of 236,000 sq ft with sales booking of Rs. 288 Cr and collections of Rs. 143 Cr

14 Project pipeline

Saleable Area Development Land cost* 5, 87, 162 Projects Location PLL Share (%) JV Partner (sq ft In ‘000s) Model (Rs. Cr) Carmichael Road 143 Mumbai JV 40% 394 KBK Group 123,143,201 NGE Byculla 500 Mumbai JV 57% 682 PREI Fund Celestia Spaces, PMC of 8% + 1,200 Mumbai JV - Bhattads Sewree Phase 2 JV of 18% 179,188,223 Peninsula Realty NapeanSea Road 49 Mumbai JV 78% 124 Fund Ashok Heights, JP Peninsula Realty 153,51,102 618 Bengaluru JV 80% 140 Nagar Fund Mahadeopura 631 Bengaluru Owned 100% 76 - 192,192,192 Peninsula Realty Ashok Meadows – 1,502 Pune JV 55% 113 Fund and Phase 2 and 3 Clover group Tathavade 772 Pune JV 56% 75 Delta & Clover group Mamurdi Gahunje 10,000 Pune Owned 100% 360 - Sogaon, Alibaug 638 Alibaug JV 85% 32 Samira Habitat Saral 50 Alibaug Owned 100% 2 - Total 16,103 1,998

Land acquisition complete and cost fully paid for

15 Annuity income and completed inventory

5, 87, 162 Annuity Income Project Type Area (sqft) Rentals (Rs. Cr)

123,143,201 Piramal Chambers 91,000 18 Piramal Chambers 39,000 6

179,188,223 Peninsula Business Park 30,000 6 Total 160,000 30

153,51,102 Piramal Chambers has been given on lease to Income Tax & Central Excise Offices Part of Peninsula Business Park has been leased out to Rabobank 192,192,192 Completed Commercial Office building

Particulars Area (sq ft) Saleable area of Peninsula Business Park 1,294,737 Total Sold upto 31 Mar 14 (Avg Rate Rs 17,352/sqft,) 1,224,531 Area available for Sale / Lease 70,206 *Last sale done at Rs. 16,200 per sq ft

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Forthcoming launch schedule

5, 87, 162 Area Size Expected Projects City (sq ft In ‘000s) Launch Date 123,143,201 JP Nagar Bengaluru 618 Q2FY15 Tathavade Pune 772 Q3FY15 179,188,223 Ashok Meadows, Hinjewadi (Phase II) Pune 800 Q3FY15 Carmichael road Mumbai 143 Q3FY15 153,51,102 Mamurdi-Gahunje (Phase I) Pune 1,000 Q1FY16 Mahadeopura Bengaluru 631 Q1FY16 192,192,192 NGE Byculla Mumbai 500 Q2FY16

Launch timings are dependent on receipt of regulatory approvals

Currently 6 projects are under execution, expected to reach 12 post new launches

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179,188,223 Financials Overview

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192,192,192 Key financial snapshot (standalone)

5, 87, 162 For the year For the year For the year Particulars (Rs. Cr) ended ended ended 123,143,201 31.03.14 31.03.13 31.03.12 Income Statement

179,188,223 Income from Operations 271 664 478 Profit before interest & Tax 149 378 342

153,51,102 PBT 50 217 182 Tax Provision 1 20 26 192,192,192 PAT 49 197 157 Balance Sheet Net worth 1,532 1,736 1611 Debt 1,290 1,050 1177 Debt: Equity (x) 0.84 0.60 0.73 Dividend (%) 20% 75% 55%

19 Profit and Loss (standalone)

5, 87, 162 P&L Snapshot (Rs. Cr) FY2014 FY2013 Income

123,143,201 Total Income from operations (Gross) 271 664 Other Income 102 186

179,188,223 Total Revenue 372 850 Expenses

153,51,102 a) Cost of Realty Sales 114 353 b) Employee Benefit expenses 55 64 192,192,192 c) Depreciation 6 6 d) Other Expenses 49 49 Total (a+b+c+d) 223 471 Profit before interest & Tax 149 378 Finance costs 99 162 Profit before Tax 50 217 Provision for Tax 1 20 Profit After Tax 49 197 20 Balance Sheet (standalone)

st st 5, 87, 162 Balance Sheet (Rs. Cr) 31 March, 2014 31 March, 2013 Equity and Liabilities

123,143,201 Shareholders’ Funds Share Capital 56 56 Reserves & Surplus* 1,476 1,680 179,188,223 Total (Shareholders Funds) 1,532 1,736 Borrowings 153,51,102 Non Current Debt 751 711 Current Debt 539 339 192,192,192 Total (Borrowings) 1,290 1,050 Current & Other Liabilities Trade payables 103 123 Other liabilities 160 66 Provisions 15 52 Total (Current & Other Liabilities ) 278 241 Grand Total 3,100 3,027 *Reduction due to merger of subsidiaries with the company

21 Balance Sheet (standalone) (contd…)

5, 87, 162 Balance Sheet (Rs. Cr) 31st March, 2014 31st March, 2013 Assets

123,143,201 Fixed Assets 53 54

179,188,223 Non-Current Investments 271 247 Loans and Advances 1,242 1,983 153,51,102

Current Assets 192,192,192 Inventories 897 303 Trade Receivables 253 97 Cash & Cash Equivalents 222 260 Other current assets 162 83 Total (Current Assets) 1,534 743 Grand Total 3,100 3,027

22 Debt profile

5, 87, 162 Particulars (Rs. Cr) Year ended 31.03.14 Year ended 31.03.13 Standalone Total Debt 1,290 1,050 123,143,201 Less: Cash & Cash equivalents 222 260 Net Debt 1,068 790 179,188,223 Net Worth 1,532 1,736 Debt Equity – Gross Borrowing (x) 0.84 0.60 153,51,102 Debt Equity – Net Borrowing (x) 0.70 0.46 Consolidated 192,192,192 Total Debt 1,373 1,222 Less: Cash & Cash equivalents 278 291 Net Debt 1,095 931 Net Worth 1,499 1,634 Debt Equity – Gross Borrowing (x) 0.92 0.75 Debt Equity – Net Borrowing (x) 0.73 0.57

ICRA and Brickworks A rating for long term loan and A1 for Short term loan Loan repayable within a year is Rs. 466 Cr and Weighted Average Cost of Borrowings is 13.7% p.a 23 Key financial snapshot (consolidated)

5, 87, 162 For the year For the year For the year Particulars (Rs. Cr) ended ended ended 123,143,201 31.03.14 31.03.13 31.03.12 Income Statement 179,188,223 Income from Operations 279 741 532 Profit before interest & Tax 151 379 339 153,51,102 PBT 46 217 179 Tax Provision 3 22 27 192,192,192 PAT 42 196 152 Balance Sheet Net worth 1,499 1,634 1,510 Debt 1,373 1,222 1,349 Debt: Equity (x) 0.92 0.75 0.89

24 Unrecognized revenue from projects under construction

5, 87, 162 Balance Area Sale Revenue Balance Work Revenue Sold Value of % of Sales to be PLL Revenue Project Completion Recognized 123,143,201 (sq ft Area Sold Complete Recognized on Share to be Recognized (Rs. Cr) ‘000s) (Rs. Cr) sale portion PLL Share(Rs. Cr) (Rs. Cr) 179,188,223 Ashok Astoria, 282 97 48% 60% 58 39 100% 39 Nasik

153,51,102 Ashok Beleza, 44 27 18% 37% - 27 58% 16 Betim Goa Ashok Nirvaan, 192,192,192 106 72 30% 18% - 72 25% 18 Lonavala Ashok Meadows, 261 124 67% 18% - 124 55% 68 Hinjewadi Phase I Bishopsgate 47 349 60% 10% - 349 50% 175 Celestia Spaces, 57 125 13% 1% - 125 100% 125 Bhattad Total 796 795 58 737 441

25 Disclaimer

5, 87, 162 By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations:

• This document has been prepared for information purposes only and is not an offer or invitation or recommendation to buy or sell any securities of 123,143,201 Peninsula Land Limited (the “Company”), nor shall part, or all, of this document form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities of the Company • This document is strictly confidential and may not be copied, published, distributed or transmitted to any person, in whole or in part, by any medium or in any form for any purpose. The information in this document is being provided by the Company and is subject to change without 179,188,223 notice. The Company relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness • This document contains statements about future events and expectations that are forward-looking statements. These statements typically contain words such as "expects" and "anticipates" and words of similar import. Any statement in this document that is not a statement of historical fact is a 153,51,102 forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or 192,192,192 promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements • You acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company • This document speaks as of March 31, 2014. Neither the delivery of this document nor `further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date

26 5, 87, 162

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153,51,102 Thank You

192,192,192 5, 87, 162

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179,188,223 Appendix

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192,192,192 Mumbai project locations

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Celestia Spaces 179,188,223

153,51,102 Byculla

192,192,192 Bishopsgate Carmichael Rd

Ram Mansion

29 Pune project locations

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Mamurdi - 123,143,201 Gahunje

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153,51,102 Tathawade

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Hinjewadi

30 Bangalore project locations

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Mahadevpura 179,188,223

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JP Nagar

31 Projects under execution

5, 87, 162 Bishopsgate, Mumbai

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192,192,192 Celestia Spaces, Mumbai

Oct-13 May-14

32 Projects under execution (contd…)

5, 87, 162 Ashok Nirvaan, Lonavala

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192,192,192 Ashok Meadows, Hinjewadi

33 Projects under execution (contd…)

5, 87, 162 Ashok Astoria, Nashik

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192,192,192 Ashok Beleza, Goa

34 Projects in pipeline

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153,51,102 Nirmal Villa - Carmichael Ram Mansion- Napeansea Road Alibaug Samira-Sogaon

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Ashok Paradise-JP Nagar Tathavade Mamurdi Gahunje

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