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Corporate Presentation | Q4, FY 2014

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Diversified, family-owned, professionally managed business conglomerate with operations spread across India 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

Ashok Piramal Group

Morarjee Textiles (Market Cap: Rs.134 Cr)

Peninsula Land (Market Cap: Rs.1,107 Cr)

PMP (Auto Components)

63.8% 55.7%

Miranda Tools (Cutting Tools)

Piramal Renewable Energy

Pune FC (Sports)

Listed

Unlisted

2

Ashok Piramal Group overview

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Pioneer in Mumbai real estate market ; with the first retail mall and first textile mill re-development project in the city

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 Bengaluru

Access to multiple sources of capital :

Joint Ventures, Joint Development and PMC with Land Owners

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

Company overview

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Milestones

4

Foray into real estate development business

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

Developed Peninsula Corporate Park – 1st mill redevelopment project in Mumbai

Developed low income housing project at Kanjur Marg

Raised Rs 156 Cr through QIP

Raised Rs 525 Cr through QIP

Acquisition of projects in South Mumbai, Pune , Bengaluru and

other Tier 2 cities

Completed Ashok Towers at Parel

Completed Ashok Gardens at Parel

Acquisition of Celestia spaces and Completed development of Peninsula Technopark and Peninsula Business Park

2014

Acquisition of NGE, Byculla

Pipeline of ~18 mn sq ft in west and south India

2012

2011

2010 2009

2008

2006

2005

2003

1999

1997

2013

JV with Brookfield, Canada for Real Estate fund management

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Ashok Towers

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 garden duplex

Project USP: 85% of project open to sky, very rare in Mumbai

Peninsula Corporate Park

First textile mill redevelopment project in Mumbai.

Location : Lower Parel, South Central Mumbai

Saleable Area : 0.9 mn sq ft (11.90 acres)

Occupants : Vodafone,Disney, Loreal, KKR, Piramal Enterprises, Amarchand Mangaldas, Reuters, Capital First

Peninsula Business Park

Location : Lower Parel, South Central Mumbai

Saleable Area : 1.3 mn sq ft (6.5 acres), comprising of two towers of 20 floors each

Occupants : Cipla, HDFC Group, Tata Capital, Tata AIG, Rabo Bank, Jones Lang Lasalle, DCB

Sold one tower at under construction stage to Alok Industries for Rs. 1,100 Cr as a project de-risking strategy in 2007

5

Developed marquee destinations in Mumbai

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Ashok Gardens

Location : Sewree, Central Mumbai

Saleable Area : 0.9 mn sq ft (12 acres) comprising of two 23 storey buildings with three wings each

Configuration : 650 apartments comprising of 2,3,4 & 5 BHK apartments

Peninsula Techno Park

Location : Kurla off BKC

Saleable Area : 0.9 mn sq ft (5.6 acres) of IT / ITES park

Occupant : Sold to Essar Group for 1,275 Cr

CR2

Location : Nariman Point, South Mumbai

Saleable Area : 0.2 mn sq ft

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

Crossroads

Location : Tardeo, South Mumbai

Developed in 1999, India’s first shopping mall with international standards

Saleable Area : 0.2 mn sq ft

6

Developed marquee destinations in Mumbai (contd…)

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44%

50%

6%

Residential

Commercial

Retail

1997-2004 (0.3 mn sq ft) 2005-2009(2 mn sq ft) 2010-2014 (4.1 mn sq ft) Peninsula Centre Peninsula Corporate Park Peninsula Business Park

Palm Beach Bayside Mall Peninsula Technopark Crossroads CR2 Center point

Kanjurmarg Ashok Towers Ashok Gardens

0.3

2.0

4.1

0

1

2

3

4

5

1997-2004 2005-2009 2010-2014

(mn sq ft)

Execution track record

7

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

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Urvi Piramal Group Chairperson

> 29 years experience of managing diverse business Recognitions for her exemplary work include the Qimpro Gold Standard Award, Outstanding Industrialist Award and Cheminor Award

Rajeev Piramal Vice Chairman & Managing Director

Leads strategy for PLL ; actively oversees expanding land bank , making acquisitions and development of properties Selected in top 50 young achievers by a popular business magazine Co-Chair at FICCI real estate committee

Mahesh Gupta Group Managing Director

> 3 decades of experience in all facets of management including M&A , strategic planning, treasury, corporate law and operational turnaround Awarded ‘’ CFO of the year ‘’ in 2001 and Special Recognition for Financial Excellence by IMA

Leadership team

Board members committed to best Corporate Governance Practices

Bhavna Doshi

Expertise: Taxation, Audit and Finance Senior advisor to KPMG Has been member and advisor of various business bodies, ICAI

Ajay Dua

Expertise: Policy Making and Strategy Former Secretary in Ministries of Industries and Commerce, GOI. Has worked as Chairman/MD of NHPC/REC, MHADA

Amitabha Ghosh

Expertise: Banking and Finance Previously Deputy Governor of RBI and Chairman of Allahabad Bank

Sudhindra Khanna

Expertise: Strategy, Re-engineering & Technology Retired from Accenture as Global Managing Partner

Jaydev Mody Expertise: Real Estate development Key role in development of projects in/around Mumbai

D. M. Popat Expertise : Legal Senior partner at Mulla & Mulla & Craigie Blunt & Caroe

Lt. Gen. Deepak Summanwar

Expertise: Management, Operations, Risk Assessment & Leadership Kargil war veteran and recipient of Uttam Yudha Seva Medal

8

Experienced Board of Directors

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Organisational structure revamped based on advice of Accenture

Cluster concept introduced to focus on execution and delivery

Total Number of employees - 343

VC & MD

CFO COO Head Business Development

Head Strategy & Planning

Head – Sales & Marketing

Head – Special Project &

Commercial & Retail Sales

Head – HR

Head Liaison Chief Design

Advisor

Clusters

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New Positions created

Scaled up management structure to support growth

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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

COO

Cluster Head – Mumbai 1 – NGE

Byculla, Carmichael road

Cluster Head –West 1 – Nashik, Lonavala

and Goa

Cluster Head –Mumbai 2 – Celestia

Spaces and Bishopsgate

Cluster Head –Pune – Tathavade and

Hinjewadi

Cluster Head –Bengaluru – JP Nagar

and Mahadeopura

Procurement &

Contracts

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VC & MD

Scaled up management structure to support growth (contd…)

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Mumbai, Pune and Bengaluru remain our focus

Presence in Key urban Tier 1 & 2 Cities in Western & Southern India

Completed Ongoing Pipeline

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

Bengaluru 2 1.3

A 12 6.4 3 1.1 8 15.4

Others:

Nashik 1 0.6

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

Robust pipeline and renewed geographic focus

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Description Details

Location Byculla

Land area 5 acres

Land cost Rs. 682 Cr

Zoning as per municipal records Residential

Saleable area 500,000 sq ft

Description Details

PLL stake (%) 57%

PREI Fund (JV Partner ) 43%

Expected launch timeline Q2 FY 16

Current Selling prices in the vicinity (Rs. / sq ft) 25,000- 30,000

Site map Primary access through Ambedkar Road

Acquisition of NGE Byculla land

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Projects Overview

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Projects Saleable

Area (sq ft in 000’s)

Location PLL Share (%) Area Sold (sq ft in 000’s)

Sales Value

(Rs. Cr)

Average Realization (Rs. / sq ft)

Collections (Rs. Cr)

Ashok Astoria 589 Nashik 100% 282 97 3,443 73

Ashok Nirvaan 352 Lonavala 25% 106 72 6,802 22

Ashok Beleza (Plot B & C )

247 Goa 58% 44 27 6,135 11

Ashok Meadows (Phase 1)

498 Pune 55% 261 124 4,771 40

Bishopsgate 86 Mumbai 50% 47 349 74,700 161

Celestia Spaces(PLL Share)

479 Mumbai 100% 57 125 22,064 45

Total 2,251 796 795 352

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

Ongoing projects – till March 14 (cumulative)

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Projects Saleable Area (sq ft In ‘000s)

Location Development

Model PLL Share (%)

Land cost* (Rs. Cr)

JV Partner

Carmichael Road 143 Mumbai JV 40% 394 KBK Group

NGE Byculla 500 Mumbai JV 57% 682 PREI Fund

Celestia Spaces, Sewree Phase 2

1,200 Mumbai JV PMC of 8% +

JV of 18% - Bhattads

NapeanSea Road 49 Mumbai JV 78% 124 Peninsula Realty

Fund

Ashok Heights, JP Nagar

618 Bengaluru JV 80% 140 Peninsula Realty

Fund

Mahadeopura 631 Bengaluru Owned 100% 76 -

Ashok Meadows – Phase 2 and 3

1,502 Pune JV 55% 113 Peninsula Realty

Fund and 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

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Land acquisition complete and cost fully paid for

Project pipeline

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Piramal Chambers has been given on lease to Income Tax & Central Excise Offices

Part of Peninsula Business Park has been leased out to Rabobank

Annuity Income

Project Type Area (sqft) Rentals (Rs. Cr)

Piramal Chambers 91,000 18

Piramal Chambers 39,000 6

Peninsula Business Park 30,000 6

Total 160,000 30

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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

Completed Commercial Office building

Annuity income and completed inventory

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Projects City Area Size

(sq ft In ‘000s) Expected

Launch Date

JP Nagar Bengaluru 618 Q2FY15

Tathavade Pune 772 Q3FY15

Ashok Meadows, Hinjewadi (Phase II) Pune 800 Q3FY15

Carmichael road Mumbai 143 Q3FY15

Mamurdi-Gahunje (Phase I) Pune 1,000 Q1FY16

Mahadeopura Bengaluru 631 Q1FY16

NGE Byculla Mumbai 500 Q2FY16

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Launch timings are dependent on receipt of regulatory approvals

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

Forthcoming launch schedule

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Financials Overview

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Particulars (Rs. Cr)

For the year ended

31.03.14

For the year ended

31.03.13

For the year ended

31.03.12

Income Statement

Income from Operations 271 664 478

Profit before interest & Tax 149 378 342

PBT 50 217 182

Tax Provision 1 20 26

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%

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Key financial snapshot (standalone)

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P&L Snapshot (Rs. Cr) FY2014 FY2013

Income

Total Income from operations (Gross) 271 664

Other Income 102 186

Total Revenue 372 850

Expenses

a) Cost of Realty Sales 114 353

b) Employee Benefit expenses 55 64

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

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Profit and Loss (standalone)

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Balance Sheet (Rs. Cr) 31st March, 2014 31st March, 2013

Equity and Liabilities

Shareholders’ Funds

Share Capital 56 56

Reserves & Surplus* 1,476 1,680

Total (Shareholders Funds) 1,532 1,736

Borrowings

Non Current Debt 751 711

Current Debt 539 339

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

Balance Sheet (standalone)

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Balance Sheet (Rs. Cr) 31st March, 2014 31st March, 2013

Assets

Fixed Assets 53 54

Non-Current Investments 271 247

Loans and Advances 1,242 1,983

Current Assets

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

Balance Sheet (standalone) (contd…)

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Particulars (Rs. Cr) Year ended 31.03.14 Year ended 31.03.13

Standalone

Total Debt 1,290 1,050

Less: Cash & Cash equivalents 222 260

Net Debt 1,068 790

Net Worth 1,532 1,736

Debt Equity – Gross Borrowing (x) 0.84 0.60

Debt Equity – Net Borrowing (x) 0.70 0.46

Consolidated

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

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Debt profile

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Particulars (Rs. Cr) For the year

ended 31.03.14

For the year ended

31.03.13

For the year ended

31.03.12

Income Statement

Income from Operations 279 741 532

Profit before interest & Tax 151 379 339

PBT 46 217 179

Tax Provision 3 22 27

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

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Key financial snapshot (consolidated)

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Project

Area Sold (sq ft ‘000s)

Sale Value of

Area Sold (Rs. Cr)

% of Sales Complete

Work Completion

Revenue Recognized

(Rs. Cr)

Balance Revenue

to be Recognized on

sale portion (Rs. Cr)

PLL Share

Balance Revenue

to be Recognized PLL Share(Rs. Cr)

Ashok Astoria, Nasik

282 97 48% 60% 58 39 100% 39

Ashok Beleza, Betim Goa

44 27 18% 37% - 27 58% 16

Ashok Nirvaan, Lonavala

106 72 30% 18% - 72 25% 18

Ashok Meadows, Hinjewadi Phase I

261 124 67% 18% - 124 55% 68

Bishopsgate 47 349 60% 10% - 349 50% 175

Celestia Spaces, Bhattad

57 125 13% 1% - 125 100% 125

Total 796 795 58 737 441

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Unrecognized revenue from projects under construction

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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 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 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 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 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

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Disclaimer

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Thank You

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Appendix

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Celestia Spaces

Byculla

Carmichael Rd Bishopsgate

Ram Mansion

29

Mumbai project locations

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Hinjewadi

Tathawade

Mamurdi - Gahunje

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Pune project locations

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Mahadevpura

JP Nagar

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Bangalore project locations

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Bishopsgate, Mumbai

Celestia Spaces, Mumbai

May-14

May-14 Oct-13

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Oct-13

Projects under execution

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192,192,192 Ashok Meadows, Hinjewadi

Ashok Nirvaan, Lonavala

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Projects under execution (contd…)

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Ashok Astoria, Nashik

Ashok Beleza, Goa

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Projects under execution (contd…)

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Nirmal Villa - Carmichael

Ashok Paradise-JP Nagar Tathavade Mamurdi Gahunje

Alibaug Samira-Sogaon Ram Mansion- Napeansea Road

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Projects in pipeline