Mahindra Lifespace Developers Limited

18 June 2009

The Mahindra Group…

Inside the Mahindra Group…

Auto SectorAuto

SectorFarm

Equip.Sector

Farm Equip.Sector

Trade, Retail &

Logistics Sector

Trade, Retail &

Logistics Sector

Telecom &

SoftwareSector

Telecom &

SoftwareSector

Infra Dev.

Sector

Infra Dev.

SectorSystech Sector

Systech Sector

Financial Services Sector

Financial Services Sector

After-marketSector

After-marketSector

• Illustrious history of over 60 years, with more than 75000 employees

• 6th Largest Business House in India, with group revenues exceeding US $ 6.2bn

• Multinational conglomerate with a leading presence in key sectors of the Indian economy

• Mahindra ranked among the top 10 Indian companies by the US based Reputation Institute in its Global 200: The World's Best Corporate Reputations list.

• The group is ranked in the Forbes Top 200 list of the World’s Most Reputable Companies.

Infrastructure Development

Sector

Infrastructure Development

Sector

The Mahindra Group…

Inside the Mahindra Group…

Auto SectorAuto

SectorFarm

Equip.Sector

Farm Equip.Sector

Trade, Retail &

Logistics Sector

Trade, Retail &

Logistics Sector

Telecom &

SoftwareSector

Telecom &

SoftwareSector

Infra Dev.

Sector

Infra Dev.

SectorSystech Sector

Systech Sector

Financial Services Sector

Financial Services Sector

After-marketSector

After-marketSector

Infra Dev.

Sector

Infra Dev.

Sector

• India’s No.1 Vacation Ownership Company and the Highest Top-of-Mind Holiday Brand*( AC Nielson Winning Brands Model 2005)

• Developer of the Country's First private sector business park/SEZ• The First real estate company in India to have Platinum-rated Green buildings in the

residential space• Implemented the First private municipal water-supply system in the country• Pioneers of the private-sector O&M model in the water-supply and solid waste management

sectors in India

Mahindra Lifespaces…Bringing the Mahindra Values to bear on Urban Infrastructure

Integrated Development

Destination buildingSEZ, Industrial parks, logistics zones, etcMulti-format development (land, BTS, MTB)

Standalone Real Estate

Focus on Tier I/II citiesResidential and CommercialDerive Brand Premium

Company with Transparent Business Systems

Promoter of India’s First Integrated Business City

Corporate India’s First Operational SEZ

Promoter of the Two Largest IT SEZs in India

Completed >2000 acres of land development; Besides this, 5.8 Mn Sq Ft of Residential and Commercial completed in standalone real estate portfolio

Pioneers in real estate development: First in Business Cities, First in Green Homes

Well-capitalised, with sound financial management, to weather downturnsStandalone real estate development undertaken by Mahindra Lifespaces; Integrated development

undertaken through Mahindra World Cities ( Subsidiaries/SPVs)

Standalone Real Estate- The MLDL model

• Leverage brand premium and/or group synergies to facilitate lower entry costs

• Timing the location entry at the early stage of city growth cycle

• Focus on self-liquidating projects, yielding strong cash flows

• Multi-city presence, with focus on higher socio-economic categories presently

• Customer-centricity, brand credibility and product quality ensure pricingpremium

• Delinked from speculative turns in the real estate market

MLDL has been able to contain its pricing resets to within 10-12% of peak pricing, in spite of recent market upheavals

MLDL- Game-changing Developer

• Belvedere Court, Mahalakshmi, Mumbai –Tallest residential building in India, when built

• Mahindra Heights, Tardeo, Mumbai – Luxury redefined, swimming pool on 23rd floor

• GE Gardens – Repositioned the industrial suburb of Kanjurmarg, Mumbai

• The Woods – Gave Wakad, Pune a recognition

Corporate governance- The company is completely professionally managed, with highest adherence to full disclosures

Transparency-in communications and documentation with stakeholders

Strong management bandwidth-ability to attract and retain top-tier talent, due to organised setup, and group pedigree

Completed Project Snapshots ( Real Estate)

Project Portfolio-Residential Development

Ongoing Projects (1.83 Mn.sft)– Sylvan County Phase II, Chennai– Mahindra Eminente Phase II,

Goregaon, Mumbai– Mahindra Royale Phase II, Pune– Mahindra Splendour, Bhandup,

Mumbai– Mahindra Chloris, Faridabad, NCR

Upcoming Projects (5.92 Mn.sft)– Gurgaon– Mumbai– Aqualily, Chennai*– Chennai-II**– Pune– Nagpur***– Nashik

Besides the above, the company is in advanced stages of closure on several development deals

•*Project in JV with Ayala Land, Philippines

•** Project being executed through subsidiary, MITL

•*** Project being executed by subsidiary MBDL (JV with BE Billimoria Engg Ltd)

Ongoing Project Snapshots ( Real Estate)

Mahindra Royale, Pune

Sylvan County, Chennai Sample Apartment, Mahindra Royale, Pune

Mahindra Chloris, Faridabad, NCR Mahindra Splendour, Bhandup, Mumbai

Mahindra Eminente, MumbaiMahindra Eminente, Goregaon, MumbaI

Integrated Business Cities - The Mahindra World City Way

• Land lease charges• O&M fees from SEZ and DTA customers for

maintaining infrastructure• Operations of utilities, if applicable

• Lease rentals for commercial properties• Sale consideration for residential units• Parking, O&M and club membership fees

MWC (Horizontal SPV)

MWC (Horizontal SPV) Vertical SPVVertical SPV

State Government

State Government MLDLMLDL

11-26% 74-89%

Developed land

Acquire raw land

74-100%

0-26%

Sale/Lease of

developed property

ApartmentsApartments

BungalowsBungalows

Row housesRow houses

MTBsMTBs

Industrial customersIndustrial customers

Developed

land

Revenue streams for Vertical SPVRevenue streams for MWC (Horizontal SPV)

* MWC= Mahindra World City

Current Projects:Mahindra World City, New Chennai (1550 Acres)Mahindra World City, Jaipur ( 3000 Acres)

Commercial/Retail/entertainment customers

Commercial/Retail/entertainment customers

Developed

land

Mahindra Lifespace Developers Limited

Mahindra Lifespace Developers Limited

Mahindra World City

Jaipur Limited

Mahindra World City Developers Limited, Chennai

M & M GroupM & M Group TIDCOTIDCO RIICORIICO

74 %83 %

6 % 11 % 26 %

Mahindra Integrated Township Limited

26%

74 %

Mahindra Residential Developers Limited*

An Affiliate of Ayala Land, Philippines

An Affiliate of Ayala Land, Philippines

51% 49%

The MWC Structure - The Value Repository for MLDL

Residential land bank of >150 acres reposed here

Mature Project; Footprint growth (150 acres) & Location 2 (1000 acres+) underway •Significant value to be

unlocked over next 3-7 years; • > 900 acres of industrial land•~ 30 mn sq ft in residential, social and retail;

55 Acres of premium residential development; in pre-launch phase

Integrated Business Cities- The MWC model

• Locating projects in virgin locations, and basing development on generation of greenfield economic activity within the project

– Ensures low entry costs

– Development to be anchor-based, who are secured using the Group’s extensive corporate relationships and goodwill and the credibility of offering through demonstration at Chennai

– Development of mixed-use facilities (W-L-L-P) over large formats ensures captive customers for product offerings

• PPP with state governments; Judicious mix of SEZ and DTA-based industrial development

– State support agreements for utilities support and approvals; Co-marketing efforts and publicity to project in official platforms

• Superior returns, that only improve with maturity in the project lifecycle– Projects are largely self-liquidating, with some strategic holdings for lease income

– Residential, retail/entertainment and other social infrastructure yields substantial premium

Mahindra World City is probably the only successful implementation of the WLLP model in the country today

Mahindra World City, New Chennai – A Snapshot

Industrial Development :3 sector specific SEZs – IT / ITES, Auto and Apparel + DTA

(Domestic Tariff Area)

Added 110 acres to DTA in FY 09 with saleable area of 75%; 7 MNCs sign up in FY 09 .

Further procurement on for expanding footprint in FY 10.

Residential Development :1st phase of residential development completed - 22 acres,

200+ homes.

55 acres (~ 1.5 million sft) development in JV with Arch Capital (affiliate of Ayala group, Philippines) being launched FY 10; project spread over 3 years.

To commence development of an additional 0.8 mn sft in FY 10.

Balance 150 acres will be taken up in a phased manner in future.

Proposed 2nd Mahindra World City at Chennai :Located 35 km from Chennai City

In early stages of procurement

Social / Commercial Development : 60,000 sft of Commercial space developed and operational

Mahindra World School, a CBSE affiliated School commenced in June 2008

Plan for ~ 50 acres of commercial land development is under progress

JV between Mahindra Group & TIDCO

Spread over 1550 acres

Mahindra World City, New Chennai – A Snapshot

DTA

SEZs

45 Blue-Chip Customers

Snapshots from MWC New Chennai- Social Infrastructure

Mahindra World City Jaipur-An Early Mover

Industrial:Light Engg SEZ: 8 Companies signed up

Handicrafts SEZ: 11 Companies signed up

IT/ITES7 Companies Signed-up

Evolve Tech Park- already Operational with Deutsche Bank

DTASBI and ICICI have signed up.

• 3000 Acres; JV with RIICO

• 452 Acres already committed

The SEZ has become operational on 28th July 2008 ----in a record 19 months from ground breaking

Mahindra World City Jaipur-An Early Mover…

IT/ITES Zone

Handicraft Zone

Light Engineering Zone

DTA

Readiprint International

Heritage Furniture

Sankalp International

RatanTextile

Rajdhani Crafts

29 Customers, and rapidly growing

Snapshots from MWC Jaipur

Mahindra World City - The Future Focus

• Extend the brand to newer locations, both nationally, and beyond– Further acquisition of > 6000 acres in progress, at various growth centres in the country

– A niche R&D focused biotechnology SEZ over 52 acres at Thane, Maharashtra

– Evaluating a development opportunity over ~2500 acres, in partnership with a country’s government, outside India

• Value-unlocking in the social infrastructure components of existing MWCs– Chennai offers opportunity for commercial/retail/entertainment development over 50 acres

– Chennai also has residential land bank of >150 acres of premium lakefront

– Jaipur would offer opportunity for social infrastructure of > 30 mn sq ft over the next 5-7 years

221224

265

371

Fy'06 Fy'07 Fy'08 Fy'09

Total Income - Rs. Crs.

4138

99 102

Fy'06 Fy'07 Fy'08 Fy'09

EBITDA - Rs. Crs.

1719

66 66

Fy'06 Fy'07 Fy'08 Fy'09

PAT - Rs. Crs.

Performance Review (P&L Acct-Cons.)

Mahindra Lifespaces- Key Investment Themes

The Mahindra advantage: Very strong brand equity, credibility and trust

Focus on developing integrated townships and forays in tier II cities

Leverage existing customer and state government relationships

Synergy between SEZ and residential/commercial development

First mover advantage: Track record of successful SEZ development

High quality of managerial talent in real estate and MWC/SEZ segment

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Mahindra Lifespace Developers Limited

Mahindra Lifespace Developers Limited

Mahindra Infrastructure

Developers Limited

Mahindra World City Maharashtra

Limited

Mahindra World City

Jaipur Limited

Mahindra World City Developers Limited, Chennai

M & M GroupM & M Group TIDCOTIDCO RIICORIICO MIDCMIDC IFC, Washington

IFC, Washington

Mahindra Water Utilities

Limited

Mahindra Water Utilities

Limited

United

Utilities

United

Utilities

89 % 74 % 80 %83 %

50 %6 % 11 % 26 % 11 % 20 %

50 %

Mahindra Integrated Township Limited

26%

74 %

Mahindra Residential Developers Limited* An Affiliate of Ayala LandAn Affiliate of Ayala Land

51% 49%

Mahindra BebancoDevelopers Limited

70%

B E Billimoria & Company LimitedB E Billimoria &

Company Limited30%

Shareholding Structure of key subsidiaries

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