Investor Presentation February 2020 DISCLAIMER

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 SUMMARY current beliefs, assumptions, expectations, estimates, and projections of the management of ILL about the business, industry and markets in which ILL operates. • INDUSTRY OVERVIEW These statements are not guarantees of future performance, and are subject to known and • COMPANY OVERVIEW 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. • COMPETITIVE ADVANTAGE & OUTLOOK 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 • ANNEXURE 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.

FY15 financial figures are as per IGAAP, and for FY16 and thereafter it is as per INDAS. Revenues for FY15 are shown net of entertainment tax, to be consistent with the revenues under INDAS.

2 Exceeding Expectations BEST i BESTTECHNOLOGY 1 INDIA'STOP I INDIA'S MOST 1 1 lj TECHNOLOGY ADOPTER ) MULTIPLEX CHAIN TRUSTED CINEMA OFTHEYEAR 1 OFTHEYEAR \) I OFTHEYEAR DISPLAY BRAND IMAX BIG CINE ,I I I t AT IMAX BIG ) AT IMAX BIG j AWARDS CINE AWARDS CINE AWARDS 2018 2019 2019 ,. , -..1)

BEST EMPLOYER I NOX LEI SURE POPULAR I MULTIPLEX I OFTHEYEAR I MULTIPLEX I I ET BEST I; ; CHAIN OFTHEYEAR \; AT EMPLOYER \) TIMES RETAIL I,; t AT IMAX BIG 1 BRANDING I,; BRANDS ICON AWARDS ,, CINE AWARDS J AWARDS 2018-19 2018-19 2018 2018-19

MOST ADMIRED BEST BEST HIGHEST LUXURY MULTIPLEX OFTHE TECHNOLOGY MARKETED 11 STANDARDS / 1, MAPIC INDIA MOST /; YEAR AT ET NOW OFTHEYEAR BRAND 1 AT INTERNATIONAL ( f ADMIRED RETAIL GLOBAL AWARDS IMAX BIG CINE KOTLER AWARD t FILM BUSINESS t PERSONALITY FOR RETAIL AWARDS OF EXCELLENCE AWARDS OFTHEYEAR EXCELLENCE 2018 2018-19 2018-19 2019 J

3 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 .,1 .I .1 • r • India US China Japan France UK S. Korea Spain Germany Italy China India US France Mexico UK Japan S. Korea Germany Russia -400I, ____ .,:

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

Screens / Million population 125

95 80 60 57 40 37 26 25 I 12 10 I 8 I I ,l ,I I US France Spain UK Germany South Korea China Japan Taiwan Thailand- r Brazil- , ____India ., I

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

Indian Film Industry Displays Steady Performance Trends In Rs. Billion 236.1 250.0 ______CA.GB~1% ------+ 194.2 200.0 174.5 155.5 150.0 - - 100.0 130.0 50.0 96.3 102.1 110.0

0.0 2017 2018 2019E 2021E ■ Domestic Theatrical ■ Overseas Theatrical Broadcast rights Digital/OTT rights In-cinema advertising Home Video

D o m e s t i c Theatricals Constitutes 59% Of Total Film Industry

8% 4% 0%

■ Domestic Theatrical

12% ■ Overseas Theatrical 2018 Broadcast rights ■ Digital/OTT rights

59% ■ In-cinema advertising

17% ■ Home Video Source: FICCI-EY 2019 Report 6 Multiplexes Witnessing Rapid Growth

16,000 FACTORS DRIVING GROWTH IN 14,000 Number of Screens MULTIPLEXES:

12,000 10,635 10,346 . Strong demographics, rising disposable 9,951 9,601 10,000 925 9,500 9,481 9,530 1,225 incomes and discretionary spends. 1,500 2,100 8,000 2,450 2,750 2,950 . Superior location, destination and

6,000 parking facilities. 9,710 9,121 4,000 8,451 7,400 7,031 6,780 6,651 . Multiple screens in one location offer a

2,000 wider variety of content to the patrons.

- T T T . Different screen sizes provide 2009 2011 2013 2015 2016 2017 2018 programming flexibility. This results in Single Screens ■ Multiplexes higher occupancy ratios.

Multiplexes currently account for . State of art equipment (high quality ~ 31% market share of the screens, video and audio), superior interiors, h o w e v e r they account f o r ambience and service. ~55% of box office collections

Source: FICCI-EY Report 2018 & 2019 7 Increasing Number Of INR 1bn + Movies

Wider Screen Releases

8,000 6,900

7,000 6,500 6,000 6,000 5,200 5,300

5,000 4,500 4,500

4,000 3,446 3,014 3,359 2,638 3,000 2,065 2,101 1,598 2,000 1,000

1,000 - r ■ T I I T I T I r I T I I r r r 3 Idiots Dabaang Bodyguard Ek Tha Dabaang 2 Chennai Dhoom 3 Kick P.K BajrangiI Dangal Bahubali 2 TigerI Zinda 2.0 (2018) Saaho (2009) (2010) (2011) Tiger (2012) Express (2013) (2014) (2014) Bhaijaan (2016) - The Hai (2017) (2019) (2012) (2013) (2015) Conclusion (2017) INCREASING NUMBER OF Higher Number Of INR 1 Bn + Movies MOVIES ARE GENERATING 20 2 MORE THAN RS 1 BN IN NET 15 5 3 BOX OFFICE COLLECTIONS 10 2 - - 1 2- 2 2 1 1 1 12 DRIVEN BY WIDER SCREEN 5 - 1 10 1 9 7 8 7 - 5 6 5 RELEASES AND FACILITATED BY - - 1- 2 1 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Upto- DIGITISATION OF CONTENT Jan'20 ■ INR 1Bn to 1.99Bn ■ INR 2Bn to 2.99 Bn ■ INR 3Bn and above DELIVERY

Source: Industry 8 India’s Consumption Story IN X

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 22 1,000 80 42 41 70 800 •tI = I 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: Lower Class: < Rs.90,000 , Lower Middle Class: Rs.90,000 to Rs.199,999 , Middle & Affluent Class: > Rs.200,000 Share of Population by Income Bracket (Million) %Share of Average Annual Household Consumption

■ Lower Class ■ Lower Middle Class ■ Middle & Affluent Class

1,200 ■ Necessities ■ Discretionary 281 55 600 -----. 1,000 19

800 8 167 454 39 45 550 52 61 600 70 514 i1I t--- I I 400 702 742 I 598 61 I 200 447 48 314 39 30

- 1985 1995 2005 2015 2025 1995 2005 2015 2025 Source: Mckinsey - Tracking the growth of Indias Middle Class 9 Company Overview

LEISURE LIM ITED 10 Track Record of Aggressive Expansion

146 700 139 123 118 614 130

600 107 574 96 492 500 79 72 468 ,oo+ 68 80 63 420

400 screens 372 Screens Properties 32

- 26 310 22 30

- 279 300 16

6 9 257

2 3 239

200

-20 119 91

100 76 58 35 25 12 8 0 -- ■ ■ I I I I -70 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 Feb-20 Note: Includes Acquisition of 89 Cinemas in FY07, Fame in FY11 and Satyam in FY15

11 PAN India Presence IN X

ONE OF THE LARGEST MULTIPLEX CHAIN IN INDIA

Screens Zone wise

HARYANA | 6 Properties | 19 Screens

RAJASTHAN | 13 Properties | 47 Screens

146 Properties 68 Cities

East; 10; 15% South, 29, 20% East; 23; 16% South, 14, 20% Well Diversified Distribution of Multiplexes across India

West, 23, 34% North, 38, 26% West, 56, 38% North, 21, 31%

Access to Wide Variety of Regional Content 614 Screens 142,684 Seat

East, 21,702 , 15% East; 87; 14% South; 31,493 ; 22% South, 138, 22%

Lower Dependency on Hindi and English Content West, 57,253 , 40% North, 139, 23% West, 250, 41% North; 32,236 ; 23%

Includes 8 management properties with 29 screens and 7,370 seats 13 New Screen Pipeline IN X

FY20 Pipeline Properties Screens Seats Properties Open Date Properties Screens Seats FY19 139 574 135,586 Lucknow Garden Galleria 12-Apr-19 1 4 803 FY20 Openings till date --- 9 46 9,196 Taksh Galaxy Vadodara 3-May-19 1 5 976 Expected Feb'20 to Mar'20 6 24 3,823 Bengaluru Yelahnaka 28-Jun-19 1 4 756 *Adjustments (2) (6) (2,098) Hyderabad GSM 29-Jun-19 1 8 1,691 FY20 Expected 152 638 146,507 Lucknow Umrao Mall 18-Aug-19 1 3 653 Jalandhar Reliance 6-Sep-19 1 3 862 Additions Post FY20 --- 148 1,018 188,881 Gorakhpur Orion 12-Dec-19 1 4 748 Leading to 300 1,656 335,388 Indore Century 21(Existing) 27-Dec-19 - 4 378 --- Lucknow Crown Mall 30-Dec-19 1 6 1,190 Pune Elpro 16-Jan-20 1 5 1,139 Openings Till Date 9 46 9,196 To Be Opened Jaipur 1 3 550 Bhilwara 1 3 670 Indore (Existing) - 2 80 Bengaluru 1 5 629 Gurugram 1 4 850 Mumbai 1 4 241 Salem 1 3 803 Total 15 70 13,019

*Adjustments – Discontinued operations of Nagpur Poonam Mall (3 screens & 1068 seats) & Pune FNS (3 screens & 1015 seats), and 15 seats of Siliguri Orbit has been reduced due to renovation.

14 INOX Atria, Worli, Mumbai

15 INOX Metro, Mumbai

16 INOX Malad, Mumbai

17 INOX Marina Mall, Chennai

18 INOX South City , Kolkata

19 TOTAL EBITDA REVENUE

Rs. crs Rs.518crs 108 HIGHE 1 25% YoY 19% YoY

~ THE INDUSTRY FOR PAT FOOTFALLS Q3FY20

1.69crs Rs.51crs 11% YoY 40% YoY

LEISURE LIMITED 20 Excludes impact of Ind AS 116 TOTAL REVENUE

Rs. crs Rs.1538crs 308 YoY 26% YoY HIGHE 1 39%

~ THE INDUSTRY FOR PAT FOOTFALLS 9MFY20

5.32crs Rs.144crs 19% YoY 68% YoY

LEISURE LIMITED 21 Excludes impact of Ind AS 116 Ind AS 116 Impact on Profit & Loss LIVE l'/4MOVIE

Q3FY20 Ind AS 9MFY20 Q3FY20 Ind AS 116 9MFY20 Particulars Without Q3FY19 YoY% 116 Without 9MFY19 YoY% Reported Impact Reported Ind AS 116 Impact Ind AS 116 Total Revenues 518 518 436 19% 1,538 1,538 1,223 26% Total Expenses* 344 65 409 350 17% 1,039 192 1,231 1,002 23% EBITDA 174 -65 108 87 25% 499 -192 308 221 39% EBITDA Margin(%) ------34% 21% 20% 1% 32% 20% 18% 2% [-]Depreciation 65 -38 27 25 11% 190 -110 80 71 13% EBIT ------109 -28 81 62 31% 309 -81 228 151 51% [-]Interest 55 -5326 -66% 160 -153 7 20 -64% PBT ------542579 56 41% 149 71 220 131 68% [-] Tax expense 19 9 28 19 43%52 25 77 46 69% PAT ------351651 36 40%97 46 144 85 68% PAT Margin(%) ------7% 10% 8% 2%6% 9% 7% 2% Basic EPS (Rs.) ------3.56 1.64 5.20 3.90 33% 9.89 4.72 14.61-- 9.23 58% *Ind AS 116 - Rent Impact

All figures in INR Crs., unless otherwise specified.

Due to rounding-off, figures presented in the above table may not add up precisely to the totals provided and percentages may not precisely reflect the rounded-off figures.

22 Total Revenues

600

500 19% 400

300 518 200 436 t

100

- Q3FY19 Q3FY20

1,707 1,363

1,168 1,230 1,800 904 1,600

1,400

1,200 26%

1,000

800 1,538 600 1,223 FY15 FY16 FY17 FY18 FY19 400 t

200

- 9MFY19 9MFY20

All figures in INR Crs., unless otherwise specified Note: 1) Total Revenues include other non-operating income 23 Earnings Before Interest, Tax, Depreciation and Amortization [EBITDA]

__ .. 19% 20% o EBITDA EBITDA Margin G ""so/o ------21%

c~ 120 25% I''"------18% 20%- 17% ------17% 100 --- 25% 20%

80 16% 14% 15% 60

108 10%

14% 40 87 13% t 5% 20

12% - 0% Q3FY19 Q3FY20

10% 324

225 6% EBITDA EBITDA Margin 197 20% 18% 200 20% 155 4%

180 - 18% 131

160 39% 16%

140 308 14%

120 12%

100 221 10%

80 8%

0% 60 t 6% FY15 FY16 FY17 FY18 FY19 40 4% 20 2%

- 0% EBITDA EBITDA Margin % - - 9MFY19 9MFY20 All figures in INR Crs., unless otherwise specified Note: 1) EBITDA includes other non-operating income 2) Q3FY20 and 9MFY20 excludes Ind AS 116 impact 24 Profit after tax [PAT] IN

PAT PAT Margin

10.0% 10%

,:_'I ol -- ... 50 8% 8% 10.0% 140 u.1.70 ------8% 45 - 9.0% c~GR

8.0% 40 8.0% 7% .,,...,.,..,,.-- -- 35 7.0% 30 40% 6.0% 25 120 6.0% 5.0%

20 51 4.0% .,,.. .,,. .,,,. .,,.. --- - 15 36 3.0%

10 2.0% 4.0%

5 1.0% 100 2% 2% - t= 0.0%

2.0% Q3FY19 Q3FY20

0.0% 133

60 -2.0% 115 PAT PAT Margin -4.0% 9% 120 10% 40 81 9%

100 - 8% -6.0% 7% 68% 7% 80 6% 20 144 60 5% -8.0% 31 4% 40 85 20 t 3% 2% 20 - -10.0% 1% FY15 FY16 FY17 FY18 FY19 - 0% 9MFY19 9MFY20 PAT PAT Margin % All figures in INR Crs., unless- otherwise specified - Note: 1) Q3FY20 and 9MFY20 excludes Ind AS 116 impact 25 R e v e n u e s - Segment Breakup

600 518

500 42 436 58 31 400 35% 56

2,000 130

300 106 1,800 1,707 3%

119 200 1,600 1,363 176 22% 1,400 288 243 1,230 100 1,168 115 436

1,200 99 101 139 19%

96 0 1,000 904 91 306 284 79 266 Q3FY19 Q3FY20 800 81

2000 600 191

975 1800 400 748 802 713 1538 552 1600 200 104

1400

- 1223 22% 144 FY15 FY16 FY17 FY18 FY19 1200 86 • 134 403 1000 8% 800 312 • ■ NBOC ■ F & B 600 29%

Advertising Other Revenues 400 • 887 ■ ■ 691 28% 200

0 • All figures in INR Crs., unless otherwise specified Note: 1) Other Revenues include non-operating income 9MFY19 9MFY20 26 Footfalls and Occupancy Rate

__ .,.

28%

ol ----- 180 27% 27% Go" 'l,:10 _ - - - - 23%

800 30%

c~ "~----- 160

~ ------I 28% 18% 700 29% 140 -- 28% ------25% 11% -- 13% 26% 120 169 600 25% 153

8% 20% 100

500 t

80 3%

400 15% Q3FY19 Q3FY20

300 625 534 537 533 10%

200 411 600 29% 33%

5% 27% 500 28%

100

400 23%

0 0% 19% 300 18% FY15 FY16 FY17 FY18 FY19 532

200 446 13% Footfalls Occ% 100 t 8%

- - 3% 9MFY19 9MFY20

All figures in Lakhs, unless specified 27 Average Ticket Price [ATP]

250

_,. 200

150

100 206 204

50 -1.0%

- Q3FY19 Q3FY20

193 197 178 164 170 200

180

160

140

120

100 200 199 FY15 FY16 FY17 FY18 FY19 80

40 -0.5% 20

- 9MFY19 9MFY20

All figures in INR, unless specified 28 Spend Per Head [SPH]

100

50 10% 40 74 81 30

20 10 t - Q3FY19 Q3FY20

74 100 62 66 90 55 58 80 70

60 50 8% 40 74 80 30

20 FY15 FY16 FY17 FY18 FY19 10 t - 9MFY19 9MFY20

All figures in INR, unless specified 29 F&B Contribution

70 73.4% 75.3% 80.0%

70.0% 60 •

60.0%

50 74.2% 76.0% 50.0% 60 75.0% 75.7% 80.0% 74.1% 55 40 13% 40.0% 50 70.0% 30 61 50 47 54 30.0%

44 20 60.0% 41 20.0%

40 10 t 10.0% 50.0%

- 0.0%

30 40.0% Q3FY19 Q3FY20

30.0% 20

20.0%

70 74.1% 75.2% 80.0% 10

10.0%

70.0%

60.0% - 0.0% 50

FY15 FY16 FY17 FY18 FY19 50.0% 40 9%

40.0%

30 60 55 30.0%

SPH Contribution (Rs.) 20 t 20.0%

10 - 10.0% -+-F & B Contribution (%)

- 0.0%

SPH Contribution (Rs.) = SPH (Rs.) x F&B Contribution (%) 9MFY19 9MFY20 All figures in INR, unless specified 30 Advertisement Revenue IN X

70 10.5 12.0 9.6 60 10.0 40.0

50 34 8.0 35.0 40

3% 6.0 30 30 30.0 56 58 4.0 25 25 20

25.0 2.0 22 10 t

- - 20.0 176 Q3FY19 Q3FY20

15.0 139

200 30.0 26.2 10.0 91 96 180 24.5 81 25.0 160

5.0

140

20.0

120

- 8%

100 15.0 FY15 FY16 FY17 FY18 FY19 80

144 10.0

60 134

Advertising Rev (Rs Crs) 40 t 5.0

Advertising Rev Per Screen (Rs Lakhs) - - 9MFY19 9MFY20

31 Other Revenues per screen

10.0

9.0

8.0

7.0

6.0

5.0 18% 4.0 7.4 3.0 6.2

2.0

1.0 t

- Q3FY19 Q3FY20 26.7 26.4 24.5 24.9 24.3 e

20.0

18.0

16.0

14.0

12.0

10.0 4% 17.9 18.6 FY15 FY16 FY17 FY18 FY19 8.0

6.0

4.0

2.0 t

- 9MFY19 9MFY20

All figures in INR Crs., unless otherwise specified Note: 1) Includes other non-operating income

32 Film Distributor Share (%)

50.0% 44.6% 45.3%

45.0%

40.0%

35.0%

50.0%

30.0% 43.8% 43.9% 44.4% 44.6% 44.2% 45.0% 25.0%

20.0%

40.0%

15.0%

35.0%

10.0%

30.0%

5.0%

25.0%

0.0%

20.0% Q3FY19 Q3FY20

15.0%

50.0% 10.0% 44.5% 44.2%

45.0%

5.0%

40.0%

0.0%

35.0%

FY15 FY16 FY17 FY18 FY19 30.0%

25.0%

20.0%

15.0% Distributor Share on NBOC ■ 10.0%

5.0%

0.0% 9MFY19 9MFY20 NBOC (Net Box Office Collections)

33 Other Overheads Per Operating S c r e e n IN X

55.0 2.6% 1------I : ' 45.0 41.7 42.7

35.0 12.5 CAGR4% ------► 12.4 ------t 0.9% ----- 168.3 25.0 -- - 162.4 10.5 10.8 157.1 159.4 t 2.8% 145.8

15.0 50.9 1.8% 13.0 47.5 52.7 47.5 12.8 t 43.4 5.0 6.0 t 7.8% 6.5 43.1 43.2 42.9 (5.0) 40.8 45.5 Q3FY19 Q3FY20 3.2% ------~ 50.8 150.0 ' ' 41.3 44.0 45.6 46.7 : ' 140.0 125.8 129.8 130.0 21.2 22.1 23.5 120.0 20.3 20.1 110.0 37.5 -0.7% 37.3 100.0 FY15 FY16 FY17 FY18 FY19 90.0 • 80.0 4.0% 34.3 70.0 33.0 t

60.0 ■ Employee Benefits 50.0 2.7% 40.0 t ■ Lease Rental & Hire Charges 37.7 38.7 30.0

CAM, Power & Fuel, R&M 20.0 ■ t 10.9% ■ Other Overheads 10.0 17.6 19.5 - 9MFY19 9MFY20 All figures in INR Lakhs, unless specified Lease Rental & Hire Charge excludes impact of Ind AS 116 34 STRATEGIC EBITDA 410 LEISURE LIMITED INITIATIVES 425 375 324

IN ADVERTISEMENT AND F&B 325

275 225 197 225 155

YIELDING RESULTS! 175 131

125 FY15 FY16 FY17 FY18 FY19 FY20 (TTM)

Net F&B Revenue 526 530 Ad Revenue 187 480 436 177

180

430

160 380 139 306 140 330 266 284 280 120 96

230 91 191 100 81

180

80 FY15 FY16 FY17 FY18 FY19 FY20 FY15 FY16 FY17 FY18 FY19 FY20 (TTM) (TTM)

EBITDA excludes Ind AS 116 impact and includes Other non-operating income All figures in INR Crs., unless otherwise specified

35 IN t=:X KEY INITIATIVES (

INOX'J •- . ,1/"frdret/ [,.,/iDl's ➔ fa,slWf' 4 MILLION 3 TIER LOYALTY CINEMA LOYALTY PROGRAM PROGRAM

AJAY DEVGN WITH INDX DEEPIKA PADUKONE BECOMES AN VARUN DHAWAN SHOOTS AN BADMINTON STAR P.V. SINDHU APPLAUDS REWARDS BLACK TIER CARD INOX REWARDS BLACK TIER MEMBER INOX REWARDS VIDEO EFFORTS TO PROMOTE INOX REWARDS

36 Strong Balance Sheet IN

Particulars (INR Crs.) *Sep-19 Mar-19 Share Capital 102.6 102.6 Strong Low Leverage Other Equity -- 611.0 893.9 Balance Sheet Net D/E: 0.05x Interest in Inox Benefit Trust, at cost (32.7) (32.7) ... Total Shareholder funds 681.0 963.8 Non-Controlling Interest 0.01 0.01 Treasury Stock in Total Equity 681.0 963.8 192 INR Crs. Gross Debt 87.5 110.0 Inox Benefit Trust As on 10-Feb-20 Lease Liability 2,376.3 - Other Non-Current Liabilities 93.8 90.7 Total Sources of Funds 3,238.6 1,164.5 Real Estate on Fixed Assets (Excl Right of Use) 1,004.1 986.1 INR 350 Crs. Right of Use 1,821.5 - Balance Sheet ... Other Non-Current Assets 523.8 341.3 Current Assets 125.3 137.6 Cash & Cash Equivalents 31.2 13.7 Promoters Stake 51.9% Less: Current Liabilities 267.3 314.3 ... Net Current Assets (110.9) (163.0) Total Assets 3,238.6 1,164.5 *Includes Ind AS 116 Impact Potential To Grow Aggressively Without Any Key Balance sheet Ratios #Sep-19 Mar-19 Stress On Balance Sheet Net Debt : Equity 0.05 0.10 Return on Equity (ROE) --19.9% 16.3% Return on Capital Employed (ROCE) 26.5% 22.4% #Note: Net Debt to Equity is calculated by excluding impact of Ind AS116 from Equity , also lease liability has been excluded from Net Debt ROE is calculated by excluding impact of Ind AS116 from PAT and Equity ROCE is calculated by excluding impact of Ind AS116 on EBIT & Equity, also lease liability is excluded from Gross Debt ROE (TTM): PAT/Avg. Equity, ROCE (TTM): EBIT (incl. non-operating income) /Avg. Capital Employed (Capital Employed = Equity + Gross Debt), Net Debt = Gross Debt – Cash –Bank – Liquid MF Investments

37 Annexure: Consolidated Balance Sheet Statement

Equity & Liabilities (INR Crs.) *Sep-19 Mar-19 Assets (INR Crs.) *Sep-19 Mar-19 Equity: Non-Current Assets: Equity Share Capital -- 102.6 102.6 Property, Plant & Equipment -- 906.7 893.9 Other Equity 611.0 893.9 Capital work-in-progress 70.3 63.7 Interest in Inox Benefit Trust, at cost (32.7) (32.7) Goodwill 17.5 17.5 Equity attributable to owners of the company 681.0 963.8 Other Intangible Assets 9.5 11.1 Non-Controlling Interest 0.0 0.0 Right of Use 1,821.5 - Total Equity 681.0 963.8 Other Investments 0.2 0.6 Non-current liabilities: Loans 92.8 89.2 Borrowings -- 37.5 55.0 Other Financial Assets 89.3 86.0 Other Financial Liabilities 7.0 9.0 Deferred Tax Assets (Net) 232.0 52.9 Lease Liability 2,310.0 - Tax Assets (Net) 10.6 8.8 Provisions 16.2 12.7 Other Non Current Assets 99.0 103.9 Other Non-current Liabilities 70.6 69.0 Total Non Current Assets 3,349 1,327 Total of Non-Current Liabilities 2,441.3 145.7 Current Assets: Current Liabilities: Inventories -- 13.5 12.2 Borrowings -- 15.0 20.0 Other Investments 16.1 0.6 Trade Payables 119.1 159.6 Trade receivables 74.4 88.2 Other Financial Liabilities 98.2 120.4 Cash and Bank Balances 11.7 11.8 Lease Liability 66.3 - Bank Balances Other than above 4.1 1.9 Other Current Liabilities 68.3 47.5 Loans 5.2 5.2 Provisions 16.7 14.4 Other Financial Assets 0.2 0.2 Income Tax Liabilities (Net) - 7.4 Income Tax Assets (net) - 4.6 Total of Current Liabilities 383.6 369.3 Other Current Assets 31.3 26.7 Total Equity & Liabilities 3,505.9 1,478.8 Total Current Assets 156.5 151.3 *Includes Ind AS 116 Total Assets 3,505.9 1,478.8 38 Consolidated Profit & Loss Statement

Q3FY20 with Q2FY20 with 9MFY20 with Particulars (INR Crs.) Ind AS116 Q3FY19 YoY % Ind AS116 QoQ % Ind AS116 9MFY19 YoY % FY19 Total Revenue 517.8 436.2 18.7% 524.3 -1.3% 1,538.2 1,223.0 25.8% 1,707.1 Exhibition Cost 133.7 112.2 19.2% 139.1 -3.9% 402.7 317.0 27.0% 444.2 Food & Beverages Cost 32.0 28.3 13.0% 34.5 -7.3% 99.8 80.8 23.5% 112.5 Employee Benefits Expense 36.9 30.2 22.4% 37.3 -1.1% 109.3 84.3 29.7% 115.2 Lease Rental & Hire Charges 8.8 64.2 -86.3% 8.8 -0.1% 25.7 181.0 -85.8% 249.3 CAM, Power & Fuel, R&M 61.5 52.7 16.7% 65.7 -6.4% 192.5 158.4 21.6% 211.9 Other Expenses 71.1 62.1 14.5% 66.7 6.6% 209.0 180.1 16.1% 249.9 EBITDA 173.8 86.6 100.7% 172.2 0.9% 499.2 221.5 125.4% 324.1 EBITDA Margin % 33.6% 19.9% 1371 bps 32.8% 73 bps 32.5% 18.1% 1434 bps 19.0% Depreciation & Amortisation ------64.8 24.5 164.3% 64.5 0.5% 190.2 70.6 169.2% 95.5 Impairment Loss on PP&E - - - - - 0.8 Finance Cost 54.7 6.2 782.9% 54.2 1.0% 159.8 19.9 703.7% 23.7 Exceptional Items - - - - - 5.0 PBT 54.2 55.9 -3.0% 53.4 1.5% 149.2 130.9 13.9% 199.1 Current tax 24.7 16.5 49.7% 26.2 -5.7% 72.8 38.6 88.6% 60.1 Deferred tax ------(5.5) 2.9 -288.2% (7.5) -26.5% (20.3) 6.9 -394.0% 10.1 Taxation pertaining to earlier years - - (0.4) -100.0% (0.4) - (4.6) Impact of re-measurement of deferred tax asset** ------PAT 35.0 36.4 -3.9% 35.1 -0.4% 97.2 85.4 13.7% 133.5 PAT Margin % 6.8% 8.4% -159 bps 6.7% 6 bps 6.3% 7.0% -67 bps 7.8% Basic Earnings Per Share (EPS) ------3.56 3.90 -9% 3.57 -0.3% 9.89 9.23 7% 14.20 All figures in INR Crs., unless otherwise specified 39 Financial Summary IN X

TOTAL REVENUES EBITDA PAT 7.8% 1,707 14.5% 16.9% 12.6% 16.5% 19.0% 6.9% 8.4% 324 133 10.0% 1,363 140 2.2% 2.5% 1,230 115 5.0% 1,168 120 225 0.0% 904 197 100 81

-5.0% 155 80

131 -10.0% 60

31 -15.0% 40 20

-20.0% 20

- -25.0% FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 EBITDA EBITDA Margin % PAT PAT Margin % REVENUES - SEGMENT BREAKUP - LEVERAGE- ANALYSIS -RETURN METRICS-

8.8% 8.5% 8.2% 8.5% 7.0% 0.3 0.4 0.5 0.4 25.0% 0.1 22.4%

20.0%

9.0% 7.8% 7.8% 10.2% 10.3% 18.8% 16.0% 16.8% 16.3%

21.1% 22.7% 23.1% 14.8% 22.5% 25.5% 15.0% 553 670 964 676 522

10.0% 8.4% 7.1%

61.0% 61.0% 60.8% 58.9% 57.1% 5.7%

5.0% 3.8% 241 267 317 292 110 0.0% FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19 Gross Debt Equity Net Debt to Equity ■ NBOC ■ F & B ■ Advertising ■ Others - - ■ ROCE % ■ ROE % Note: 1) FY15 financial figures are as per IGAAP, and for FY16 and thereafter it is as per INDAS. Revenues for FY15 are shown net of entertainment tax, to be consistent with the revenues under INDAS. 2) Total Revenues & EBITDA includes non operating income. 3) Net Debt = Total Debt – Cash –Bank – Liquid MF Investments 4) ROE: PAT/Avg. Equity, 5) ROCE: EBIT(incl. non-operating income) /Avg. Capital Employed (Capital Employed = Equity + Total Debt) All figures in INR Crs., unless otherwise specified 40 Shareholding Structure IN

Share Price Performance Market Data As on 10-Feb-20 450 No. of Shares Outstanding (Crs.) 10.3 400 350 Face Value (INR) 10.0 300 Price (INR) 442.0 250 *TTM 200 EPS : Rs. 20 52 week High/Low (INR) 452.70/249.25 PE : 23x 150 Market Capitalisation (INR Crs.) 4,546 100 EV/EBITDA: 11x 50 Source: BSE 0 Key Institutional Investors - 7th Feb 2020 % Holding HDFC 7.5% Sundaram MF - 4.1% *EPS and EV is calculated based on closing share price, as on 10th Feb 2020 Source: BSE EBITDA is considered on TTM basis DSP Fund 2.0% Shareholding – 7th Nov 2020 Aditya Birla Sunlife 1.7% Franklin India MF 1.5% Public/Others 11.23% BNP Paribas 1.3% INOX Benefit Reliance MF 1.2% Trust 4.23% DFA Investments Group 1.1% Icici Prudential 1.1%

Promoter & Taiyo Greater India Fund Ltd 0.9% Promoter AXA 0.9% DII Group 22.12% RAMS Equities 0.7% 51.89% Cohesion 0.7% Caisse De (ENAM) 0.6%

FII Morgan Stanley 0.5% Source: Company 10.53% Source: Company 41 Annexure: Strong Brand Partnerships IN X

I I BFSI, GEC & Consumable Ecommerce & Fashion & I I Others FMCG I Automobile Durables Telecomm. Lifestyle I I I I I I G..... , ~.. , , ....• ,. I iiSt,Mii·iirffiffl _..,_ I vijr,ymllli <> I FC>REVERMARK Khadlm's 1 A D I A M O N D 15 F OR.EVE"- - I I I I I I PaY'tm I 111J 11WICKETS I I I Google 1.11x:· : 8 Lufthansa INNER W EAR : • I I ~ HIEEMIM : I Preg~eatfo~~f Mankind/II• I I -- JO'fli/g,, $tfi 0 11 .... I I I V I i ill 1•1§18@ ■1 1.i I (I) ,ANOFI I I "1Wt.c-.r1 (.( I I lr-K-rt."Cl1blc !r•laa I I ~ IDFCFIRST I I I THE AVENUE I @lxiaomi I D& J I ~Bank I HAVELLS I ( ( l \I I l I I I \\~Is II 11\ l ~ I , \II l I I\ l .._, I I I I I I I I I MA YBELL INE I unacademy 1 !' " II r t• , I I I I I I I Supersojl ! I CARvAAN I Mineral RO • I I iiCTISSOT / •~a~•• realme I • I - iwti&SUhiii Dcretol..ap. I I Siyaram's· - ! I I I I I Justdi I I .l!!!!iiF~~~~,,,,,_,J§iii£' I ~~MARKETING INITIATIVES

AJAY DEVGN MEETS SCHOOL CHILDREN VARUN DHAWAN DANCES WITH FANS AT INOX MEGAPLEX, MALAD, MUMBAI AT INOX IN DORE AND PROMOTES INOX REWARDS

INNOVATIVE LAUNCH : TAPSEE PANNU AND INOX REWARD MEMBERS ENJOY HOLLYWOOD AJAY DEVGN UNVEILS ASPECIAL GOURMET BHUMI PEDNEKAR ARRIVE AT INOX MEGAPLEX FILM "BOMBSHELL" AT INOX INSIGNIA MENU AT INOX INSIGNIA

43 ALTERNATE CONTENT SCREENING OF PREMIERE BADMINTON LEAGUE SPORTS PLAYERS METALLICA CONCERT HELD IN 8 CITIES ACROSS INDIA MEET STUDENTS AT INDX CHENNAI

WINNER OF THE INOX GETAWAY COMBO, SREE HARSHA THOTA MONKS EXPERIENCE A MOVIE AT INOX BRAND INOX GOING PLACES WINS AN ALL EXPENSES PAID TRIP TO DUBAI & FERRARI WORLD IN NEHRU PLACE, NEW DELHI WITH PREMIERE BADMINTON LEAGUE

44 LISTED COMPANIES OTHER KEY COMPANIES

GFLLimited IN X LIVE b'w MOVI E INOX Air Products INOX India Gujarat Fluorochemicals INOX Wind Limited INOX Leisure Limited Private Limited Private Limited Limited

. Erstwhile Gujarat . Erstwhile INOX . One of the largest . Fully integrated player in . 50:50 joint venture with . Largest producer of Fluorochemicals Fluorochemicals multiplex chains in the wind energy market Air Products Inc., USA cryogenic liquid storage and transport tanks in Limited Limited India . State-of-the-art . Largest producer of India . Holding company of . Largest producer of . In the business of manufacturing plants near industrial gases in INOX Wind and INOX Chloromethanes, setting up, operating Ahmedabad (Gujarat), India . Offers comprehensive Leisure Ltd. Una (Himachal Pradesh) solutions in cryogenic refrigerants and and managing a . 40 plants spread and Barwani (Madhya storage, vaporization and Polytetrafluoroethyl national chain of throughout the Pradesh). Our Madhya distribution engineering ene in India. multiplexes under the country brand name ‘INOX’ Pradesh facility is one of . Has operations in India, the largest in Asia . Present in 68 cities USA, Netherlands and with 146 multiplexes . Ability to provide end-to- Brazil and 614 screens end turnkey solutions for wind farms

• 90 Year track record of consistent business growth • 10,000+ employees at 150+ business units across India • USO $3 Billion lnox Group diversified across 7 different businesses • Distribution network spread over 50+ countries 45 Content Pipeline – Feb 2020

Malang Shikara Love Aaj Kal 2

Release Date: Release Date: Release Date: 7th February 2020 7th February 2020 14th February 2020 Cast: Aditya Roy Kapur, Cast: Aadil Khan, Cast: Kartik Aaryan, Disha Patani Sadia Dhar Sara Ali Khan Director: Mohit Suri Director: Vidhu Director: Imtiaz Ali Banner: Luv Films, Vinod Chopra Banner: Maddock Northern Lights Banner: Fox Star Films, Reliance Entertainment, T-Series Studios Entertainment, Jio Super Cassettes Studios, Window Seat Industries Ltd. Films

BHOOT: Part One – Shubh Mangal Zyada Thappad The Haunted Ship Saavdhan

Release Date: Release Date: Release Date: 28th February 2020 st 21st February 2020 21 February 2020 Cast: Tapsee Pannu Cast: Ayushmann Cast: Vicky Kaushal, Director: Anubhav Khurrana, Bhumi Pednekar Sinha Director: Hitesh Director: Bhanu Banner: T-Series Super Pratap Singh Kewalia Cassettes Industries Ltd. Banner: Dharma Banner: Colour Yellow Productions, Zee Productions, T-Series Studios Super Cassettes Industries Ltd. 46 Content Pipeline – Mar 2020 IN X

Baaghi 3 Chhalaang Gunjan Saxena – The Kargil Girl Release Date: Release Date: 6th March 2020 13th March 2020 Release Date: Cast: Tiger Shroff, Cast: Rajkummar Rao, 13th March 2020 Shraddha Kapoor Nushrat Bharucha Cast: Janhvi Kapoor Director: Ahmed Khan Director: Hansal Mehta Director: Sharan Banner: Nadiadwala Banner: Ajay Devgn Sharma Grandson Ffilms, Luv Films, Banner: Dharma Entertainment TSeries Super Cassettes Productions, Zee Industries Ltd. Studios

Sooryavanshi Mulan Angrezi Medium Release Date: Release Date: 27th March 2020 27th March 2020 Release Date: Cast: Akshay Kumar, Cast: Liu Yifei, 20th March 2020 Katrina Kaif Donnie Yen Cast: Irrfan Khan, Kareena Director: Rohit Shetty Director: Niki Caro Kapoor Khan Banner: Rohit Shetty Banner: Walt Disney Director: Homi Adajania Picturez, Dharma Pictures Banner: T-Series Super Productions, Cape of Cassettes Industries Ltd., Good Films, Reliance Maddock Films Entertainment

47 Content Pipeline – Apr 2020 IN X

The New Mutants No Time to Die ‘83

Release Date: Release Date: Release Date: 3rd April 2020 8th April 2020 10th April 2020 Cast: Maisie Williams, Cast: Daniel Crai, Cast: Ranveer Singh, Anya Taylor-Joy, Rami Malek Deepika Padukone Charlie Heaton Director: Cary Joji Director: Kabir Khan Director: Josh Boone Fukunaga Banner: Phantom Banner: 20th Century Banner: Metro- Films, Reliance Studios, Marvel Goldwyn-Mayer Entertainment, Entertainment Genre (MGM), Universal Phantom Productions Films Pictures, Eon Productions

Roohi Afzana Gulabo Sitabo Ludo

Release Date: Release Date: Release Date: th 17th April 2020 17th April 2020 24 April 2020 Cast: Rajkummar Rao, Cast: Amitabh Cast: Abhishek Janhvi Kapoor Bachchan, Ayushmann Bachchan, Fatima Sana Director: Hardik Mehta Khurrana Shaikh, Rajkummar Rao Banner: Maddock Films Director: Shoojit Sircar Director: Anurag Basu Banner: Rising Sun Banner: T-Series Super Films Production, Kino Cassettes Industries Works Ltd.

48 49