Corp. Office : Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 Fax: (022) 3001 6601 · ( CIN No.: L17100MH1905PLC000200

September 25, 2020

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai-400 001

National Stock Exchange of India Limited Exchange Plaza, Plot C/1, G-Block Bandra-Kurla Complex, Bandra East, Mumbai-400051

Symbol: PHOENIXL TD

Dear Sir(s),

Sub. : Presentation made to Shareholders at the l1Sll1 Annual General Meeting

We enclose herewith the presentation made to the Shareholders at the 115th Annual General Meeting of the Company held today i.e. Friday, September 25, 2020 through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM").

You are requested to take the same on record.

Thanking you,

Yours' faithfully, For The Phoenix Mills Limited

c('�""'�-

Gajendra Mewara Company Secretary

Encl: a/a

Phoenix Palassio, Lucknow GLA: ~0.9 msft Launched on 8th July 2020

The Phoenix Mills Ltd.

115th AGM Presentation

GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations.

Who We Are
Parameters of Growth in EBITDA and portfolio
- 1. Organic Growth
- 2. Growth from Brownfield Acquisition
- 3. Growth from New Build
- 4. Growth from CPPIB JV
- 5. Case Study – Pune
- 6. Growth from Densification / Expansion
- 7. Office Expansion
Cash flows from Residential Business
Advantage Phoenix
Phoenix Nhance App and Omni- Channel

India's largest mall owner showing >13% rental CAGR FY13 through FY20

Note: Under development and under planning assets are subject to change and carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations.

Data as on 30 June 2020. Rental and Consumption CAGR adjusted for the for the period for which the mall was operational.

EBITDA Margin > 100% is in most months on aggregate for the portfolio and is derived at the asset level before corporate costs and other non operating costs. 4

Under Construction GLA for Phoenix includes the under planning retail GLA

GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations.

Leased occupancy is as on 30 June 2020. Rental and Consumption CAGR adjusted for the for the period for which the mall was operational.

Under development and under planning assets are subject to change and carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. 6

Portfolio in India's top cities

Under development and under planning assets are subject to change and carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations. Data as on 30 June 2020. 7

New Town Centre – The MarketCity concept

Commercial Offices under planning and development subject to change and carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations.

Phoenix MarketCity and Palladium, Chennai

HSP & Palladium, Mumbai

A Leading Developer of Mixed Use Projects

Phoenix MarketCity, Bangalore

~1.0 msft Gross Leasable Area

~97% FY20 Occupancy

Rs. 13,140 Million FY20 Consumption

Rs. 1,795 pspm FY20 Trading Density

12 GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations.

Photo shot at location

Phoenix MarketCity, Mumbai

Erstwhile weaker mall in portfolio till FY2017; has exhibited strong growth since

Company may consider options to monetise; including through a REIT

Brownfield Acquisitions

Phoenix Palassio, Lucknow Possession in August 2018 Completed construction and opened to public in less than 24 months

Phoenix Citadel, Indore Acquisition in July 2018

Photo shot at location

Phoenix Palassio, Lucknow — West Entrance with Spectacular Musical Fountain

Gross leasable area is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations. 17

Expansive Spaces… Opulent Interiors… Breathtaking Chandeliers

Phoenix Citadel, Indore — Is it an Architectural Marvel?

Phoenix Citadel, Indore — Tuscany Street: Reflecting classical hues of Florence

Development timelines and costs carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. Leasing traction is subject to market risks and changes from time to time. 20

Interior design inspired by the beauty of Italy

Brownfield asset acquired in auction at ~Rs. 2,100 per sq. ft.

Expected to start operations in FY22 at estimated cost of ~Rs. 3,500 per sq. ft.

Strong leasing traction witnessed

Phoenix Citadel — Opulent Grand Arrivals, Venetian inspired Chandeliers & Glasswork

Skylit arrival atrium with grand fountain Venice Street View

Palladium Ahmedabad — Ahmedabad's very own Luxury mall

Palladium Ahmedabad — Timeless Luxury

Palladium Ahmedabad — Modernity and Sophistication

Quick commitment of equity money. Zero debt drawn in these SPVs as on date

	Phoenix Millennium	Phoenix Mall of Asia	Phoenix Citadel
ProposedRetail andOffice GLA	RetailGLA -~1.1 msftOffice GLA –~0.6 msft	RetailGLA -~1.2 msftOffice GLA –~1.2 msft	Retail GLA –~1msft
Equity*invested till30thJune 2020	~Rs. 5.2 bn	~Rs. 8.6 bn	~Rs. 3.5 bn
Status update	Photo shot at location	Photo shot at location	Photo shot at location
Expected year ofoperation	FY2024	FY2024	FY2022
Data is as on 30 June 2020	* Equity invested is by Island Star Mall Developers Pvt. Ltd. in the form of equity, ICD, OFCD or other similar instrumentsDevelopment timelines and costs carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company.GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations.

Phoenix Mall of Asia, Bangalore

Retail GLA ~1.2 msft under construction

Office GLA ~1.2 msft under planning

Prime parcel in Hebbal of ~13 acres

GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations. 27

Mall of Asia, Bangalore — Arrival at Ground Floor into Eden Arcadia

Equity infused ~Rs. 8.6 bn

No debt on the project on date

Expected to be Operational in FY24

Strong leasing traction

Under development and under planning assets are subject to change and carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. Leasing traction is subject to market risks and changes from time to time. 28

Mall of Asia, Bangalore — A 15 screen multiplex

Mall of Asia, Bangalore — Tiered atrium with cafes and restaurants

Phoenix

Retail GLA ~1.1 msft under construction

Office GLA ~0.6 msft under planning

Prime parcel in Wakad of ~13 acres

Phoenix Millennium, Pune — Plaza Flourish, the gateway to luxury

Equity infused ~Rs. 5.2 bn

No debt on the project on date

Expected to be Operational in FY24

Phoenix Millennium, Pune — Rains of Nourish, 2nd floor grand entry

Growth by Densification

Phoenix MarketCity Bangalore

Case Study – Densification and Organic Growth

Phoenix MarketCity Pune

Phoenix MarketCity, Pune – Grand Interiors and Large Space at Liberty Square

Consistent Annual Double Digit Growth

Phoenix MarketCity Pune

Consistent Growth in Average Trading Density (Rs. pspm)

640 789 9411,035 1,202 1,396 1,589 1,667 81 FY13-20 CAGR – ~15%

FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20

High Rental Yield (Rs. Mn)

Consumption grew at a CAGR of 16% over the last 7 years (FY13 to FY20)

PMC Pune following the growth trajectory of HSP and Palladium which has witnessed Rs. 3,000+ pspm trading density

As trading density grows, store profitability increases; retailer can afford to pay more rent

Mall in very affluent part of the city

Customers from the city gravitate to this mall which has become a consumption hub

Sizeable catchment of residential and office in micro market and growing

Highly sought-after brands with limited presence in Pune under single roof

Scotch &Soda	ArmaniDieselExchange		Superdry
MontBlanc	GAP	UNi(Apple PremiumReseller)	H&M
Mango	OnitsukaTiger	Bath &BodyWorks	TommyHilfiger
Sephora	GAS	Zara	MAC
Charles &Keith	SteveMadden	Ethos	Aldo

Data as on 31 March 2020 39

AmanoraHigher vacancies
Phoenix MarketCity,Pune is theUNDISPUTED LEADER
40

Growth by Densification

Phoenix MarketCity Pune

Palladium Case Study & Densification – Future Proofing

change based on changes in development plans and tenant negotiations. Development timelines and costs carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations. Under development and under planning assets are subject to change and carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company.

~1.5 msft GLA being added at one of India's most expensive Real Estate

Operational commercial portfolio to grow five fold in 4 years

Development timelines and costs carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company.

Office Expansion by densification of mixed use developments

OperationalOffice Assets	Location	GLA^(msft)
Art Guild House	Mumbai	0.63
Phoenix Paragon Plaza	Mumbai	0.31
The Centrium	Mumbai	0.10
Phoenix House	Mumbai	0.10
Fountainhead Tower 1	Pune	0.17
Total Office Area		1.31

Under Development / PlanningOffices	Location	GLA*
Fountainhead T2and T3	Pune	(msft)~0.66
Phoenix Millennium, Wakad-Office	Pune	~0.6
Palladium Chennai -Office	Chennai	~0.42

Phoenix Mall of Asia, Hebbal - Office Bengaluru ~1.2

The Rise, Lower Parel Mumbai ~1 Total Office Area ~4.88 GRAND TOTAL ~6.19 Office portfolio to grow from 1.31 msft to ~6.19 msft in 4 years

Land is already paid for and historically owned by respective SPV

*GLA is an estimate based on current plans and market/company norms and is subject to change based on changes in development plans and tenant negotiations. ^ GLA area denotes the net leasable area available with PML group and excludes area sold 45

Residential Developments

* At average base price achieved in FY20

Saleable Area is an estimate based on current plans and market/company norms and is subject to change based on negotiations. This net value of inventory inflow does not factor in corporate, employee expenses and taxes 47

Average Base Price achieved in FY20 for Tower 7 ~Rs. 14,400 per sq. ft.

Inventory of saleable area in under construction towers (Tower 7-9) ~0.86 msft

Value of under construction inventory if sold at the achieved base price of FY20 ~Rs. 12.4 billion

Land is paid for and zero debt on Towers 7-9

We are not predicting for price increase / decrease or sale velocity.

* At average base price achieved in FY20

Kessaku – The Masterpiece

Kessaku - Robust Cash Flow from sale of ready to move in inventory

* At average base price achieved in FY20

Saleable Area is an estimate based on current plans and market/company norms and is subject to change based on changes in configuration and negotiations.

Misc. costs could vary based on changes in market conditions and input prices

This net value of inventory inflow does not factor in corporate, employee expenses and taxes

Amenities – Club One

Fund Raising to further strengthen PML's balance sheet

Strong Cash Position despite lockdown; QIP proceeds improved Group liquidity, Stabilize short – medium term operations

Advantage Phoenix

Awards ● Accolades ● Excellence

HIGH STREET PHOENIX &PALLADIUM	PHOENIX MARKETCITYPUNE	PHOENIX MARKETCITYBANGALORE	PHOENIX MARKETCITYMUMBAI	PHOENIX MARKETCITYCHENNAI
ET Now 2020Most Admired Shopping Centre(Marketing & Promotions)Shopping Centre of the YearTimes Network -National Awards2019Most Admired Shopping CentreShopping Centre (Luxury)CMO Asia 2019Shopping Centre (Luxury)	ET Now –Global Awards 2020Shopping Centre –Luxury(West)BTVI National Awards 2019The Good Life Moment –MostAdmired Marketing CampaignBest Thematic Décor –Wax ofFamePride of Maharashtra Awards2019	Times Business Awards 2020The Times Retail TrailblazersAwardMost Admired Shopping CentreET Now –Global Awards 2020Most Admired MarketingCampaignGolden Globe Tiger AwardsExcellence & Leadership Awards inBrands & Marketing (2020)	ET Business Icon Awards 2020Popular Shopping MallGIAA –Genius IndianAchievers Award 2020Best Shopping Mall of theCountryTimes Hospitality IconAwards 2020Popular F&B Destination ofthe City –Dublin Square	Times Retail Icon Awards 2020Most Luxurious FashionDestination (Palladium)Best Shopping Mall (PMCChennai)Global Awards 2020Best Customer Shopping Mall(PMC Chennai)Shopping Centre –Luxury(Palladium Chennai)
Best Digital Marketing Campaign -#HSPWISHCIRCLE	Shopping CentreBest Social Media MarketingCampaign	Shopping Centre –Metro West(2019)TAVF Awards 2020	Mid Day Awards 2020Iconic Retailers Award	Guinness World Records 2020Largest Cricket Bat (PMCChennai & Palladium)
ABP News 2019Brand Excellence Awards	My Maharashtra Awards 2019Luxury Mall of MaharashtraTAVF 2019	Most Innovative ExperientialDisplay –Holiday LandBest IP of the year –PhoenixFestival Season 2	TAVF Awards 2020Best Entertainment Venue
Golden Globe Tiger 2019Brand Excellence in Retail & RealEstateTAVF 2019	Best Festive Décor –SheeshMahalABP News Awards 2019Marketing Campaign –Royal	Times Network –National Awards2019Best Thematic Decoration –TallestChristmas Tree in the Country	HSE Summit & Awards IndiaSafe Retail Facility Award
Best Festive Decor	Diwali