The Phoenix Mills Ltd. — AGM Information 2021

Sep 24, 2021

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.: L 17100MH1905PLC000200

September 24, 2021

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

Security code: 503100

SymboJ: PHOENIXLTD

Dear Sir(s),

Sub. : Presentation made to Shareholders at the 116th Annual General Meeting

We enclose herewith presentation made to the Shareholders at the 116th Annual General Meeting of the Company held today i.e. Friday, September 24, 2021 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

���� Gajenora Mewru:a Company Secretary

Encl: a/a

The Phoenix Mills Ltd. 116th AGM Presentation – 24th Sept 2021

Phoenix Palassio, Lucknow

1

Developer of India's Iconic Retail-led Mixed Use Developments

Development timelines and costs carry risks of planning, approvals, execution and market conditions which may be beyond the control of the Company. All images displayed are renders. Plans, design and design elements are subject to change.

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. Grand Hyatt term sheet executed, definitive documentation underway. 3

Raised equity capital of ~Rs. 3,000 cr in 12 months…

… while optimizing cost of debt and reducing gross debt levels …

• Average cost of debt reduced from 9.38% in March 2019 to 7.90% in June 2021 by 148 bps
• Lowest cost of borrowing stands at 7.25% and expect further resets going forward
• Deferred drawn-down of construction finance on under construction projects until projects are de-risked (12-18 months before being operational)

… in order to give us the necessary capital autonomy…

Note:

1. As of June 30, 2021

2. Liquidity does not include funds of Rs. 689 cr parked in overdraft accounts

… to keep Delivery timelines for Under Construction Assets on Track

Phoenix Citadel, Indore Palladium, Ahmedabad

• Retail GLA ~1.0 msft under construction
• Expected to be Operational in FY23

• Ahmedabad's very

own luxury mall

• Expected to be

• Retail GLA ~0.7 msft

under construction

Operational in FY23

Phoenix Millennium, Pune Phoenix Mall of Asia, Bangalore

• Retail GLA ~1.2 msft under construction

  • Office GLA ~1.2 msft under planning
  • Expected to be Operational in FY24

• Retail GLA ~1.2 msft under construction

• Office GLA ~1.2 msft under planning

• Expected to be Operational in FY24

Under construction projects to be operationalised as per committed timelines and within budget

Strong Consumption Recovery in August 2021…

August 2021 Consumption (in Rs. cr )

• The pace of recovery in consumption across malls was very encouraging in August 2021
• Malls in Maharashtra had a requirement of visitors and staff being fully vaccinated (two doses plus 14 days after second dose), due to which consumption was tepid. However, consumption recovery is showing encouraging trends as increasing number of people are getting their second dose.

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. *% are calculated after considering effective operational days in each mall in base year. Consumption at Multiplex and FEC has also been adjusted in base year calculation.

…with no loss of momentum in Consumption at Phoenix Marketcity Bangalore

Phoenix Marketcity Bangalore - Consumption Trend (in Rs. cr )

• Consumption recovery post second lockdown was much swifter compared to first lockdown

• Consumption in August 2021 at similar levels to what it was in March 2021 before second lockdown

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. *% are calculated after considering effective operational days in each mall in base year. Consumption at Multiplex and FEC has also been adjusted in base year calculation. SM stands for Same Month

…and Phoenix Marketcity and Palladium Chennai as well

• Consumption recovery post second lockdown was much swifter compared to first lockdown

• Consumption in August 2021 at levels higher than what it was in March 2021 before second lockdown

Please note above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. *% are calculated after considering effective operational days in each mall in base year. Consumption at Multiplex and FEC has also been adjusted in base year calculation. SM stands for Same Month

We continue planning for future marquee developments…

Project Rise at Lower Parel, Mumbai - Under Planning

• **~ 1 msft of offices** and **~ 0.2 msft of retail** development
• Retail to be operational in FY25 and offices in FY26
• Approvals underway, Commencement Certificate (CC) received
• State of the art development which will complement the flagship property, Phoenix Palladium and cater to India's most premium catchment

Gross Leasable Area (GLA mix) in Retail and Commercial

Robust growth trajectory to solidify leadership position in mixed use developments in India

Note: Phoenix Marketcity Bangalore 0.3 mn sq. ft. retail and Chennai Commercial 0.4 mn sq. ft. under planning

Under Development / PlanningOffices	Location	GLA*(msft)
Fountainhead T3 (awaiting OC)	Pune	~0.4
Phoenix Millennium, Wakad –Office	Pune	~0.6
Palladium Chennai –Office	Chennai	~0.4
Phoenix Marketcity Bangalore –Office	Bengaluru	~1.0
Phoenix Mall of Asia,Hebbal –Office	Bengaluru	~1.2
The Rise,Lower Parel	Mumbai	~1.0
Under development / planning Office area	~4.6

Office portfolio to grow from ~1.6 msft to ~6.2 msft in 4 years

Land is already paid for and historically owned by respective SPV

Completed Fountainhead Office Towers at Phoenix Marketcity Pune

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.

Millennium Towers, Wakad, Pune – Under Planning

Palladium Towers, Chennai – Under Planning

Phoenix MarketCity and Palladium Chennai

Densification at Phoenix Marketcity Bangalore - Under Planning

Proposed Office Tower 1 –A Wing ~0.37 msft GLA

Proposed Office Tower 2

3rd and 4th Retail expansion ~0.31 msft GLA

~0.33 msft GLA Proposed Grand Hyatt Hotel ~300 keys

Existing Mall

18 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. Indicative Render

Phoenix Marketcity Bangalore – Office Development - Under Planning

Asia Towers, Hebbal, Bangalore - Under Planning

Looking at lucrative opportunities to expand…

Target Cities of Interest

Kolkata

Chandigarh

Gurgaon

Surat

Hyderabad

Mumbai / Navi Mumbai

Chennai

Jaipur

Greenfield/brownfield retail led development opportunities in key catchments of leading cities in India

Adopting Technology, expanding Digital Footprint

Digital Initiatives - Phoenix Nhance "Customer Reward Program"

Mall Feed: Live communication to customers who have signed on to the Reward Program on offerings and happenings in the mall

Rewards: Customers can earn and enjoy various exciting rewards across brands and offerings on the program

Experience: Adding to customers' experience through services like 'Member's Parking', 'Contactless Dining', 'Table Booking', 'Shop & Drop'

Digital Initiatives - Phoenix Nhance "Customer Reward Program"

Phoenix Palladium, Mumbai

• Phoenix MarketCity, Bangalore
• Phoenix MarketCity, Chennai
• Phoenix MarketCity, Pune
• Phoenix MarketCity, Mumbai
• Phoenix Palassio, Lucknow

Live across 5 cities and 6 Malls offering

200,000 active members, with target to reach 10,00,000 by end of FY22

Delivering experience enhancing services like parking, online food ordering

Expanding gratification offering with bouquet of rewards from 100+ brand

SILA ARA	Ishaara		globaldesi	GlobalDesi Rs 1000 off
	by Ishaara	2975		by Global Desi	8000
rocs:	Crocs Rs 500 off			Muji
	by Crocs	6000	MUJI ****	by Muji	6000
ERO MODA	Vero Moda 1000 Rs off			Tresmode Rs 1000 off
	by Vero Moda	6000	tritismode.	by Tresmode	6000
	Selected Rs 1000 off			Only Gift Voucher Rs 1000 off
			ONLY
	by Selected Homme	6000		by ONLY	6000
שוו⊨	Metro Rs 500 off!			Masaba Rs 1000 off!
	by Metro	5000	magaba	by Masaba	5000
	Jack & Jones 1000 Rs off			Columbia Rs 1000 off
CK&JONES			Columbia
	by Jack & Jones	8000		by Columbia	7000
ccessorize	Accessorize Rs 500 off			Mont Blanc voucher of Rs 1000
	by Accessorize	5000	MONT	by Mont Blanc	4000

Other Digital Initiatives – Adopting technology with changing times

To increase efficiency of online marketing through focused targeting and retargeting to customer database

Why 'The Phoenix Mills Ltd.' ?

• India – The last under-penetrated retail market with strong demographics & significant growth potential
• One of India's largest mall owner and operator
• Strong operational performance: 7-yr retail consumption CAGR of 15% and rental income CAGR of 13% between FY13 to FY20
• Robust financial performance: 4x growth in Profit after Tax, Operational Free Cash flow over last 5 years between FY13 to FY20
• Roadmap to 2024 and beyond secured and already under-execution

Advait Phatarfod Email: advait.p@phoenixmills.com Rohan Rege Email: rohan.rege@phoenixmills.com

Bijay Sharma Contact: +91 22 6169 5988 Email: pml@churchgatepartners.com

Website: https://www.thephoenixmills.com/investors