DLF LIMITED — Investor Presentation 2019

May 22, 2019

May 22, 2019

To,	To,
The General Manager	The Vice-President
Dept. of Corporate Services	National Stock Exchange of India Limited
BSE Limited	Exchange Plaza,
P.J. Tower, Dalal Street,	Bandra Kurla Complex, Bandra (E),
Mumbai 400 001	Mumbai-400051

Sub: Analysts Presentation

Dear Sir,

We are forwarding herewith "DLF Analyst Presentation Q4-FY'2019", for your kind information and record please.

Thanking you,

Yours faithfully, for DLF LTD.

Subhash Setia Company Secretary

Encl. : As above

For Stock Exchange's clarifications, please contact:- 1. Mr. Subhash Setia – 09873718989/setia-subhash@dlf.in 2. Mr. Raju Paul – 09999333687 / paul-raju@dlf.in

Analyst Presentation

May 2019

Highlights FY19

Net SalesBookingRs 2,435 crore144%	Net SalesNet LeasingBooking1.46 msf	PossessionLetters Issued6.64 msf and3,318 units	Gross OperatingCash Flow beforeInterest & taxRs 1,605 croreOperating Cashflow
vs FY 17-18Completion	Net Debt	Rating (ICRA)	Rs 390 croreQIP
6.3 msf	Rs 4,483 crore inFY19	DLF Ltd A+ withPositive OutlookDCCDL ratingupgraded to AA-with	Rs 3,173 crore

Highlights Q4 FY19

Net SalesBooking	Net SalesNet LeasingBooking	PossessionLetters Issued	Gross OperatingCash Flow beforeInterest & tax
Rs 650 crore	0.37 msf	2 msf and 983 units	Rs 485 croreOperating CashflowRs 150 crore
Completion	Net Debt	Rating (ICRA)	QIP

DLF JOURNEY

Journey since IPO

Recent Developments in the Residential Real Estate Sector

…but DLF has maintained its position, completed

6

execution and delivered its commitment

The real estate sector has gone through certain challenges…

• Stressed balance sheets for several developers • increase in average realization in NCR from FY14 to FY181 • ~160 msf of stalled projects in NCR since 20071 Stalled Projects 115 msf • deliveries by DLF since 2007 Credit Dislocation 9.0% • Stringent provisions due to RERA, GST and other structural reforms resulting in stress on operating cash flows Structural Reforms • Fully compliant Advantage • increase in average selling price across project lifecycle >30% 2 • Reduction in consolidated net debt • of inventory under construction1 ~80% Net Debt (INR Crs) Post de-consolidation of DCCDL 26,800 4,483 Q2 FY18 Q4 FY19

1 Source: Industry reports;

2 includes Camellias, Crest, Horizon Centre, Regal Garden, Kings Court, Primus; from project launch till completion

Strong Vision with Ability to Adjust to Changing Market Environment

Overview of the Verticals

Sustainable capital structure with a high degree of visibility on cash flows and profitability

Key Differentiators for DLF

Key Highlights on DLF's Approach to build an Organization with best-in-class Corporate Governance

Focus on building a safe, sustainable and compliant ecosystem

Governance

• Diverse Board with experienced and respected professionals acting as Independent Directors bringing in best standards of corporate governance. Highly reputed professionals with strong business acumen
• 2 woman directors present on the Board now
• Most of the office buildings are LEED Platinum certified by USGBC

Sustainability & Safety

• Achieved 5 star rating and Sword of Honor from the British Safety council for a substantial part of its rental portfolio for Occupational Health & Safety Management Systems. First Company across the globe to achieve 11 swords in a single cycle.
• Creating awareness to build an efficient ecosystem. Facilitated first private metro network in the country. Promoting usage of eco-friendly modes for last mile connectivity like Zeebee (E-vehicle), CNG based shuttle services
• Water management : in-house managed STP for recycling sewage water and using it for landscaping, cleaning etc.
  • Solid and waste management : Waste segregation, waste composting machine being promoted
• Private Fire stations ; the Company has set up its own private fire stations for increased safety
• Partnerships : the Company, in its ordinary course, partners with Safety agencies like Dupont to evaluate and implement best safety practices.

• DLF Foundation has taken rural education, Training, Health and Environmental initiatives such as Samarth, Aakansha, Aarogyam etc. since its incorporation, and it looks forward to creating new Social innovative precedents in areas of Rural Education, Health, and Labor care.

11

Awards and Recognition

❑ Golden Globe Tiger Awards, 2019:

• o DLF Limited Developer of the Year Luxury
• o DLF Limited Developer of the Year Residential
• o King's Court Luxury Project of the Year
• o The Crest Luxury Project of the Year

❑ ET Now Real Estate Awards:

• o DLF Developer of the Year
• o Two Horizon Center : Luxury Project of the Year Commercial
• o DCCDL Brand of the Year
• o DLF Cyber City : Business/IT Park of the Year
• o Cyber Hub Smart Project of the Year Retail

❑ National Infrastructure Construction Awards, 2018:

• o DLF Limited : Best Real Estate company of the Year
• o Two Horizon Center : Green Building Project of the Year
• o DLF Golf & Country Club : Leisure Entertainment Project of the Year

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• o DLF Cyber City : Business/IT Park of the Year
• o DLF Foundation : CSR Initiatives of the Year

❑ Successful completion of two major public offerings

• o Embassy REIT and DLF QIP demonstrate renewed investor's interest in the sector
• ❑ Good offtake in Commercial Leasing across geographies
• ❑ Net unsold inventory is on decline
• ❑ Complete clarity on new GST regime
• ❑ Continuing NBFC stress will begin impacting some builders / home buyers

DLF (ex-DCCDL) – Update & Guidance

• ❑ Successful completion of QIP of Rs 3,173 crore.
  • o Oversubscribed 1.8 times
  • o Many new marquee investors added
• ❑ Completion of capital restructuring
  • o Net worth ≃ Rs 33,000 crore +
  • o Net Debt will decline to ≃ Rs 2,000 crore in short run
• ❑ All project completion achieved. Handing over/ Habitation in progress.
  • o Crest : ~40% families moved in, Camellias : ~40% families started fit-outs for their apartments
  • o Residual unsold inventory ~ Rs 11,650 crore
  • o Residual Receivables ~ Rs 2,750 crore
  • o Residual Construction/Capex ~ Rs 2,150 crore
• ❑ Commenced construction of DLF Midtown, 1.9 msf residential project with GIC
• ❑ Commenced planning of ~ 3 msf Hines JV
• ❑ Commenced planning of ~ 2.5 msf residential project in DLF5
• ❑ Identified certain commercial assets for further monetization, planning under way
• ❑ Targeting sales of ~ Rs 2,700 crore in FY19-20 (i.e. 10% increase over FY18-19)

DLF Group Journey

Financial Update DLF (ex DCCDL) DCCDL

DLF- Summary Consolidated Financial Results

Financial results

• ❑ During the Quarter, DLF Ltd. achieved positive operating cashflow, generating INR 150 crore
• ❑ Achieved Gross New Sales booking of INR 850 crore & Net Sales bookings1 of INR 650 crore during the Quarter

• ❑ Recognized Sales of Rs 2,145 crore based on issuance of 983 PL's ( 2 msf ) during the quarter
• ❑ DLF net rental for the Quarter, stood at INR 174 crore
• ❑ Ex-DCCDL, DLF's EBITDA for the Quarter stood at INR 694 crore, and PAT stood at INR 179 crore
  • o DCCDL Consolidated EBITDA stood at INR 944 crore
  • o 66.67% share in PAT of DCCDL amounted to INR 231 crore & Rs. 127 Crore from Hines JV.
• ❑ DCCDL(consolidated) net rental for the Quarter, stood at INR 680 crore

SALES Update

Q4 FY19

Location	Value(INR crore)
DLF 5
Camellias	28
Camellias Upgradation	68
Crest	162
Horizon & Others	158
Rest of Gurgaon	98
National Devco	136
Total	650

FY19

Location	Value(INR crore)
DLF 5
Camellias	229
Camellias Upgradation	125
Crest	895
Horizon & Others	331
Rest of Gurgaon	275
National Devco	580
Total	2,435

Annual Profit & Loss Account (Consolidated)

			Q4 FY19 (Reviewed)		Q3 FY19 (Reviewed)		Q4 FY18 (Audited)		Year Ended March 31,2019 (Audited)		Year Ended March 31,2018 (Audited)
			Ind AS		Ind AS		Ind AS		Ind AS		Ind AS
Sl.No.	Consolidated Financials	Rs. Crs.	Percentageof TotalRevenue	Rs. Crs.	Percentageof TotalRevenue	Rs. Crs.	Percentageof TotalRevenue	Rs. Crs.	Percentageof TotalRevenue	Rs. Crs.	Percentageof TotalRevenue
A)
1	Sales and Other Receipts	2,500		2,219		1,378		8,366		6,707
	Other Income	161		187		468		663		957
	Total Income(A1+A2)	2,661	100%	2,406	100%	1,846	100%	9,029	100%	7,664	100%
B)	Total Expenditure(B1+B2+B3)	1,967	74	1,579	66	1,391	75	6,225	69	4,329	56
1	Construction Cost	1,554	58	1,259	52	1,136	62	4,951	55	3,115	41
2	Staff cost	102	4	90	4	78	4	352	4	344	4
3	Other Expenditure	310	12	230	10	177	10	922	10	870	11
C)	EBITDA (D/A1)	694	26	827	34	454	25	2,805	31	3,334	44
D)	EBIDTA ( Margin)		26%		34%		25%		31%		44%
E)	Financial charges	535	20	533	22	517	28	2,062	23	2,951	39
F)	Depreciation	57	2	56	2	62	3	225	2	534	7
G)	Profit/loss before exceptional items	102	4	237	10	(125)	-7	518	6	(150)	-2
H)	Exceptional items -(net)	127	5	-	0	196	11	127	1	8,765	114
I)	Profit/loss before taxes and afterexceptional items	230	9	237	10	71	4	646	7	8,615	112
J)	Taxes expense	38	1	126	5	33	2	277	3	4,323	56
K)	Extraordinary Items	-	0	-	0	-	0	-	0	-	0
L)	Net Profit after Taxes before MinorityInterest	192	7	111	5	38	2	368	4	4,292	56
M)	Minority Interest	2	0	2	0	4	0	5	0	(13)	0
N)	Profit/(losss) of Associates	243	9	222	9	205	11	946	10	184	2
O)	Net Profit	437	16	335	14	248	13	1,319	15	4,464	58
P)	Other Comprehensive income /(loss) (net oftax)	(27)	-1	10	0	(4)	0	(3)	0	12	0
Q)	Total Comprehensive income	410	15	345	14	244	13	1,316	15	4,476	58

• Last year FY18 PAT includes a one time gain due to Fair Valuation of DCCDL Stake.

DLF-Q4FY19 Financial Highlights – P&L1&2

19

(INR in Crs)

¹ The above table does not consider the impact of inter-company elimination if consolidation were to be effected 2 DLF has 66.67% share in DCCDL

Balance Sheet (Consolidated)

Assets
(INR Crore.)	FY18-19	FY17-18
Property, plant and equipment	1,459	1,549
Capital work-in-progress	103	137
Investment property	3,696	5,361
Goodwill	1,009	1,009
Other intangible assets	158	164
Investments	20,868	19,721
Financial assets	658	581
Deferred tax assets (net)	2,377	2,072
Non-current tax assets (net)	1,298	1,128
Other non-current assets	1,513	1,481
Total Non-Current Assets	33,139	33,201
Inventories	22,009	19,753
Financial assets	8,373	8,062
Other current assets	772	1,139
Assets held for sale	2,630	500
Total –Current Asset	33,784	29,455
Total Assets	66,922	62,656

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Balance Sheet (Consolidated)

Liabilities
(INR Crore.)	FY18-19	FY17-18
Equity share capital	441	357
Warrant	750	750
Other equity	32,385	34,204
Non-controlling interests	41	49
Total equity	33,617	35,359
Financial liabilities	6,870	7,512
Provisions	45	41
Deferred tax liabilities (net)	440	2,510
Other non-current liabilities	97	148
Total Non-Current Liabilities	7,452	10,211
Financial liabilities	14,554	13,891
Other current liabilities	11,122	3,096
Liabilities related to assets held for sale	143	57
Provisions	34	42
Total –Current Liabilities	25,853	17,086
Total Assets	66,922	62,656

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Operating Cash Flow

(INR Crs.)	Q4FY19
Inflow		1Receivables realization on track
•Collectionfrom sales	8001
•Rentals	145	Complete / near complete projects to
Sub-Total	945	2limit burden of cash outflow
Outflow
•Construction	2352	Interest outflow to reduce from Q1 due to3equity infusion via QIP & Promoter
•Government / Land charges	(3)	Infusion
•Overheads	228	Aim to sustain free cash flow and4maintain strong liquidity position
Sub-Total	460
Operating Cash Flow before Interest & Tax	485
•Finance cost (net)	2403
•Tax	95
Operating Cash Flow after Interest & Tax	150	Excludes:
•Capex outflow / Others	140	Reduction in land liabilities of Rs 160 crsin Q4
Net surplus/ (shortfall)	104	Interest payment to DCCDL of Rs 270 crs

Strong Capital Structure

Net Bank Debt – excluding DCCDL group

(INR Crs.)	Q4FY19	Q3FY19
Gross opening debt (Net of IndAsadj.)*	10,196	8,923
Less: Debtrepaid during quarter	(460)	(1,068)
Less: Deconsolidation of JV Debt	(398)	-
Add:New borrowing during quarter	Nil	2,430
Less Cash in Hand	(4,855)	(3,061)
Net debt position	4,483	7,224
Less : Promoter Infusion (Q1 FY20)	(2,250)	-
Land Commitments	800	960
*Reclassified
DCCDL settlement status :1

• Mall of India Noida – Rs 2,950 crs ( under closure – May '19)

• Mall of India Gurgaon (3.05 acres land parcel) - Rs 330 crs (Concluded)

DCCDL Payable reduced from Rs 8,700 crs to Rs 5,450 crs by May 2019 2

3 Rs 1625 crs of promoter funds received, balance Rs. 625 Cr by June-19

Sources of Debt

(INR Crs.)	o/s.31.03.19	Repayment till21.05.2019	Prepayment–till June2019	< 1 Year	> 1 < 3Years	> 3Years
Banks
-Private Banks	560	43
-Foreign Banks	817	24
-Public SectorBanks	454	3	3,250	545	500	700
-Other HFC	436	7
-HDFC Ltd	2,855	49
-ECB	1,167	90		314	762
-NCD	1,690	1,000		345	345
Working CapitalLimits / STL	1,360					1,360
Gross Debt	9,338	1,216	3,250	1,205	1,607	2,060
Less Cash inHand	(4,855)

• Short Term loans of Rs. 1,360 crs are part of the working capital limits, assumed to be rolled over (considered in > 3 yrs repayments)

Overall borrowing cost – 10.24%

Net Debt Equity Ratio : 0.13

Interest outflow set to reduce to ~ Rs 100 crs per quarter by Q3FY20 onwards

23

DCCDL Settlement

Project	Status Update	Value (Rs crs)
Outstanding	As on 31stDec, 2018	8,700
Mall of India, Noida ( 1.97 msf )	Under transfer –to be concluded by May-19	( 2,950 )
3.05 Acre land parcel near Mall of India,Gurugram	Transferred to DCCDL. TransactionConcluded	( 330 )
Outstanding	As on 31stMay, 2018	~ 5,450
DLF Stake in Horizon Centre, Gurugram	Target Closure by Q1FY20	850
DLF Place, Saket, New Delhi	Target Closure by Q2FY20	1,050
Commercial land parcel, Chennai	Target Closure by Q2FY20	1,000
Contracted DAL Settlement ( Chennai /Hyderabad IT Parks )	Under execution	1,100
Residual ( Asset Transfer )	Under discussion stage	1,450

25

Completed Inventory

Snapshot of Inventory/ Receivables

Status as on Ist April 2019
				Rs. Crs.
Residential project	Total Value	Sold Value	Residual Inventory	Pending Receivable
Camellias	9,910	5,085	4,825	790
Crest	3,980	3,795	185	310
Horizon	2,200	1,995	205	140
Other DLF5	-	-	105	50
Ultima	1,910	775	1,135	100
ROG			2,425	330
National Devco			2,765	1,045
Total			11,645	2,765

Residual EBITDA as on 1st April, 2019

	Rs crs
Total EBITDA to be recognized in Sales done till 31stMarch, 2019	5,900
Total EBITDA in unsold inventory	5,400
Total EBITDA to be recognized in the next 4 to 5 years	11,300

Note: EBIDTA of DLF rental assets/ new projects not included above

DLF (ex DCCDL) – Development Update (near term)

Project	Development Potential & Status	Expected Sales Price
DLF Urban Private Limited(Joint Venture –CentralDelhi)	1.90 msfConstruction Commenced	Rs 20,000 psf
DLF Midtown Private Limited(Joint Venture –Central Delhi)	~ 6 msfAll approvals in placeUnder Design Stage	Rs 20,000 psf
Luxury Residential, DLF5,Gurugram	~ 2.5 msfUnder Planning	Rs 25,000 psf
HSIIDC-~11.76acres, Gurugram	~ 3 msfJV Closed	Rs 25,000 psf
Hyderabad SEZ( To be transferred to DAL underco-developer agreement )	~ 3 msfUnder Design Stage	Rs 10,000 psf
Commercial Complex,New Gurgaon	~ 2.5 msfUnder Design Stage	Rs 8,000 psf

Completed Inventory at DLF5

Completed Inventory at Rest of Gurgaon

32

Completed Inventory at Rest of Gurgaon

Completed Inventory at National Devco

Completed Inventory at National Devco

35

Significant Land Reserves for Future Growth – DLF (ex DCCDL)

• Includes TOD Potential in Delhi

35 • The Development Potential is the best estimate as per the current zoning plans on lands owned by the Company / group Companies, or lands for which the company has entered into arrangements with third parties including joint development / joint venture agreements / other arrangements for economic development of said lands owned by such third parties. Sum of these arrangements include making residual payments of ~ Rs 800 crs to the land owners before the development potential can be fully exploited. The above development potential TOD Potential. Increase TOD potential is under computation based on application filed.

• Excluded DLF5 and New Gurgaon TOD / TDR potential.

36

High Quality Land Reserves with Significant Asset Value

Focus on land reserves in key markets

	Developmentpotential(Approx. msf)*	Commentary
Phase V	17 msf	Strategic location and connectivity to DLF Golf Courseprovides attractive development potential
Chanakya Puri	2 msf	Diplomatic enclave in New Delhi
Capital Greens	8 msf	Land parcel in central Delhi located in close proximityto Connaught Place
Tulsiwadi(Mumbai)	0.9 msf ^	Premium location next to iconic Mahalaxmi RaceCourse
New Gurgaon	77 msf	Integrated township which include Group Housing,Commercial, Plotted and IT SEZ

* Does not include TOD/TDR potential

^ DLF Share

Overview of DLF's Rental Assets (excluding DCCDL)

Retail assets

Inventory

Right price

Rental assets

Land bank

Project	Leasablearea (msf)	Occupancy(%)	In-placeRental1(INR psf)
DLF Place,Saket2	0.5	49.1%	108
Chanakya	0.2	92.0%	162
Capitol Point	0.1	100%	382
South Square	0.1	99.4%	116
	0.9

Commercial assets

Project	Leasablearea (msf)	Occupancy(%)	In-placeRental1(INR psf)
Kolkata II	1.0	97.0%	34
Amex Tower	0.5	100%	49
DLF Centre	0.2	84.4%	363
Gateway	0.1	100%	116
Horizon One*	0.4	97%	143
	2.2

Certain rental properties and land parcels of DLF are intended to be transferred to DCCDL to settle inter-company payables

1 as of March 2019

2 Under refurbishment, planned to be transferred to DCCDL during Q2, FY20 * DLF Share

38

High Visibility on Future Cash Flows

• Stable dividend flows expected from DCCDL
• Residual Receivables more than residual construction outflow

Other inflows / outflows

• increasing selling price over time could further add to the inflows
• Cash outflows for overheads targeted to reduce in the medium term
• Limited tax outflow on account of existing deferred tax assets / MAT credit
• Interest outflow set to reduce to ~ Rs 100 crs per quarter by Q3FY20 onwards

Ongoing Construction of Residential Projects

Ultima, Gurugram (Under construction): 0.31 msf Capital Greens Phase IV GIC JV : 1.9 msf Already completed 1.87 msf Hand over date: Fiscal 2020

DLF Cyber City Developers Limited

Highlights FY19

Gross Leasing	Net SalesNet LeasingBooking	LeasedPortfolio	Operating CashFlow
5.57 msf	1.54 msf	28.7 msf	Gross1 : Rs 2,719 CroreNet : Rs 1,482 Crore
UnderExecution3.2 msf	Net DebtRs 16,447 crore	Rating (ICRA)DCCDL ratingupgraded to AAwith StableOutlook	Run RateAnnual2Rs 2,800 crore

Highlights Q4 FY19

Gross Leasing	Net SalesNet LeasingBooking	LeasedPortfolio	Operating CashFlow
1.8 msf	0.33 msf	28.7 msf	Gross1: Rs 739 crore
			Net : Rs 546 crore
UnderExecution3.2 msf	Net DebtRs 16,447 crore	Rating (ICRA)DCCDL ratingupgraded to AAwith StableOutlook	Run Rate2Q4 FY19Rs 700 crore

DCCDL Consolidated - FY19 Financial Indicators

In Rs Crore

Particulars	FY19	FY18
REVENUE	5,088	4,948
EXPENSES	(1,294)	(1,406)
EBITDA	3,794	3,541
FINANCE COST	(1,723)	(1,702)
DEPRECIATION	(430)	(417)
PBT	1,640	1,422
EXCEPTIONAL ITEM/ MINORITY INTEREST	Nil	235*
TAX	(241)	(240)
PAT	1,400	1,418
NET DEBT	16,447	16,549
NET DEBT / NOI	5.7	5.8

*Includes exceptional gain on sale of shares 43

DCCDL Balance Sheet Abstract (Consolidated)

In Rs Crore

Particulars	FY19	FY18
Non-current assets	19,322	18,524
Current assets	8,366	9,737
TotalAssets	27,688	28,261
Equity	7,464	7,752
Non-current liabilities	17,353	18,200
Current liabilities	2,871	2,309
TotalLiabilities	27,688	28,261

45

DCCDL Cash Flow Abstract (Consolidated)

(INR Crs.)	Q4FY19	FY18-19
Inflow
Operating Cash Flow before Interest & Tax*	739	2,719
•Finance cost (net)	(61)	(807)
•Tax	(131)	(430)
Operating Cash Flow after Interest & Tax	546	1,482
•Capex	(205)	(755)

Optimum cash flow to finance future development and maintain strong liquidity

*Operating cash flow includes inflow from rent, service, power and other operating income

DCCDL - Summary Consolidated Financial Result

• During the Quarter, DCCDL achieved positive operating cashflow, generating INR Rs 546 crore
• Achieved Gross Leasing of 18 lacs sft & Net Leasing of 3.3 lacs sft during the Quarter. The Company has achieved Gross Leasing of 55. 7 lacs sft & Net Leasing 15.4 lacs sft in the FY19.

Q4FY19	Gross Area Leased ( lacs sft)	Net Area Leased ( lacs sft)
Offices	17.0	3.0
Retail	1.0	0.3

• DCCDL(consolidated) net rental for the Quarter, stood at INR 680 cr vs Rs 665 crs in Q3FY19. Run rate Rs 700 crs.
• DCCDL Consolidated EBITDA stood at Rs 944 crs vs Rs 970 crs in Q3FY19 1
• DCCDL Consolidated PAT stood at Rs 347 crs vs Rs 335 crs in Q3FY19
• DCCDL Consolidated net debt Rs 16,447 crs
• Annualized Annuity Run Rate Rs 2,800 crs
• Cyber Park 4.8 lacs sft handed over to tenant for fitout, OC expected soon.
• 1 Due to annual CSR provisions

DCCDL – Development Update (near term)

Project	Development Potential & Status	Expected Rental
Cyber Park	2.53 msfAdvanced stage of completionOC expected in Q2 FY19	Achieved Avg.Rental Rs 120psfper month
Chennai IT Park	~ 0.7 msfUnder Advanced Stage of Construction	Rental Rs 70psfper month
DLF Downtown, Gurugram	~ 3 msf (Phase 1)Under Design Stage	Rental Rs 120psfper month
Commercial land parcel, Chennai	~ 4 msfUnder Design Stage	Rental Rs 85psfper month

Ongoing Construction of High-end Commercial Projects

Area pre-leased: ~2.3 msf Current rentals: ~INR 122 psf Weighted average rentals: ~INR 119 psf Weighted average rentals: ~INR 69 psf Rent commencement: Sep 2019 Rent commencement: Aug 2019

Cyber Park, Gurugram: 2.5 msf Chennai IT SEZ (Phase III): 1.6 msf1 Area pre-leased: ~1.0 msf Current rentals: ~INR 75 psf

Under-construction Portfolio – 3.24 msf

Office Portfolio

Cyber City Non-SEZ – 10.17 msf

DLF Hyderabad IT SEZ – 2.91 msf

DLF Silokhera IT SEZ – 1.94 msf

DLF Chennai IT SEZ – 6.57 msf

Chandigarh – 0.65 msf Kolkata IT Park – 1.29 msf

Operational assets – ~26.5 msf

Retail Portfolio

DLF Emporio

• Location: Vasant Kunj, Delhi
• Commission Date: Aug' 08
• TLA: 0.3 msf

Chandigarh

City Centre

• Location: Chandigarh
• Commission Date: May' 08
• TLA: 0.2 msf

Cyberhub

• Location: Gurugram
• Commission Date: 2014
• TLA: 0.4 msf

50

• TLA: 0.5 msf

Significant Mark to Market Potential on Existing Commercial Portfolio

Mark-to-market Potential: Significant Room for Rent Revisions

Re-leasing at market rent to drive significant value creation

51

* Weighted Average Rentals is the weighted base rental for leased area

**Market rent means weighted average rate for new leases entered in FY 19

Rental Growth – Re-leasing Upside (Budgeted)*

Gurugram- Cyber City (Non-Sez)

52

* Budgeted rentals for area that would be coming up for releasing based on management estimates

**Annualised incremental revenue impact has been calculated on rent rate differential multiplied by gross leasing area coming up for renewal.

Rental Portfolio – Operational assets ~ 27.8 msf

• ❑ Diversified Tenant Base of > 1000 tenants
• ❑ Healthy portion leased to Fortune 500 MNCs, with excellent credit profile

Key Tenants

DCCDL Group: Future Development Opportunities

Unique platform strength offering significant growth opportunities

Rental Portfolio – Buildup in Medium term

Forecasted Rental Run Rate CAGR of 20%

55

* These are indicative numbers

Environment & Sustainability

Carbon Emission:

• Leased Net Sales Net Leasing Gross Operating Cash Flow before • DLF buildings have achieved 13% reduction in Carbon Emission vis-à-vis previous year
• Portfolio Booking • Replaced conventional lights with LED – 40 lac electricity units saved

Natural Resources:

• Zero discharge of water from all STPs
• Rain water harvesting collected water recharged into ground raising water level

Pollution & Waste:

• Under Run Rate • Regular monitoring of all toxic emissions – CO2 sensors are installed in all buildings
• Execution Annual • Waste management: Segregated & measured in all categories & disposed as per statutory norms e.g. biodegradable, non-biodegradable, dry waste, e-waste

32 lacs sqft Rs 2,800 crores ISO Certification: Both Commercial & Retail buildings are ISO certified

LEED Platinum Certification: all 27.3 msf offices buildings are LEED platinum certified by USGBC

Certificate for Building 10 as an example

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DLF Safety

DLF has won 11 Swords of Honour from British Safety Council in a single year

The 11 winning projects

• DLF Cybercity & Office CompIexes, Gurugram (17 officebuildings)
• DLF CyberHub, Gurugram
• DLF Centre, Delhi
• DLF Cybercity, Hyderabad
• DLF iPark & DLF IT SEZ, Kolkata
• DLF IT Park and City Centre, Chandigarh
• DLF MaII of India, Noida
• DLF Emporio Mall, Delhi
• DLF Promenade Mall, Delhi
• DLF Place Saket Mall, Delhi
• Multi-Level Car Parking in DLF Capitol Point & DLF South Square

• DuPont was appointed as our Safety Partner in 2011 in our efforts towards building a "Safer and Productive" workplace and mitigating risks of Fire Safety. Till now, 15 DLF Safety standards have been developed in conjunction with DuPont and 332 employees are certified trainers to impart trainings on these standards
• Built 1 level above the seismic zone requirements, i.e., Zone 5

Disclaimer

This presentation contains certain forward looking statements concerning DLF's future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition , economic growth in India, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, government policies and actions with respect to investments, fiscal deficits, regulation etc., interest and other fiscal cost generally prevailing in the economy. The company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time on behalf of the company.

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