The Phoenix Mills Ltd. — Capital/Financing Update 2021

Jun 2, 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. : L17100MH1905PLC000200

June 02, 2021

BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Dalal Street, Fort, Bandra-Kurla Complex, Bandra East, Mumbai- 400 001 Mumbai- 400051 Security code: 503100 Symbol: PHOENIXLTD

Dear Sirs/Madam,

Subject – Press Release

In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the Press Release being issued by the Company titled ‘ GIC and The Phoenix Mills establish a retail-led mixed-use investment platform in India with an initial portfolio of US$733 million ’.

We request you to kindly take the same on record.

Thanking you,

Yours faithfully,

for The Phoenix Mills Limited

Gajendra Digitally signed by Gajendra Mewara Mewara Date: 2021.06.02 09:09:23 +05'30' Gajendra Mewara Company Secretary

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : (022) 2496 4307 / 8 / 9 Fax : (022) 2493 8388 E-mail : info@thephoenixmills.com www.thephoenixmills.com

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NEWS RELEASE

GIC and The Phoenix Mills establish a retail‐led mixed‐use investment platform in India with an initial portfolio of US$733 million

SINGAPORE/MUMBAI, 02 June 2021 – GIC, Singapore’s sovereign wealth fund, and The Phoenix Mills Limited (“PML”; BSE: 503100 | NSE: PHOENIXLTD) have entered into a strategic partnership to establish an investment platform (the “Joint Venture”) for retail‐led mixed‐use assets in India. This platform will seek to develop, own, and operate retail‐led, mixed‐use developments in India.

GIC will acquire a significant minority stake in a US$733 million portfolio of retail‐led mixed‐use developments, located in the prime consumption centres of Mumbai and Pune. These assets, totalling ~3.4 million sq ft of leasable retail and office space, are currently amongst PML’s most prime and well‐ performing operational assets.

Lee Kok Sun, Chief Investment Officer of Real Estate, GIC, said, “We are pleased to partner with PML in this Joint Venture to acquire a stake in these best‐in‐class retail assets in prime locations in India. With the management capabilities of a leading partner like PML, we believe that the Joint Venture will generate resilient long‐term returns. GIC has been investing in India for more than a decade and our long‐term confidence in the Indian real estate market remains strong.”

Kishore Gotety, Co‐Head (Asia ex‐China) of Real Estate, GIC, added, “We recognise that the unprecedented global crisis is impacting consumer sentiments and that the necessary lockdown has made it challenging for all businesses, especially those in the retail sector. However, the long‐term structural growth that the Indian retail industry continues to offer due to favourable demographics, urbanisation, growing middle class, and increasing consumerism trends will still benefit the Joint Venture. We expect continued strong performance in the Indian retail sector as organised retail penetration increases and population density remains high.”

Atul Ruia, Chairman of Phoenix Mills, said, “We are pleased to expand our relationship with GIC, a marquee sovereign wealth fund revered globally. GIC is a like‐minded, long‐term partner who shares our vision for creating, owning and managing best‐in‐class retail and commercial assets. Their investment reaffirms the enormous growth opportunity for quality physical retail infrastructure in India and, in particular, PML’s ability to develop, operate and manage market leading mixed‐use assets. Through this platform with GIC, we intend to jointly explore value‐accretive acquisition opportunities. Proceeds from the transaction received by PML will act as growth capital to both PML and its subsidiaries to explore and further enhance our portfolio of annuity income assets.”

Shishir Shrivastava, Managing Director of Phoenix Mills, said, “The partnership with GIC has taken shape at an opportune time, revalidating the long‐term attractiveness of India’s resilient consumption story. It also underscores the fact that the current impact on pre‐eminent brick‐and‐mortar retail is only transient. This investment will ensure the continuity of PML’s business model of developing, owning and operating dominant consumption hubs in Tier 1 city‐centric micro‐markets it chooses to be present in. The combination of growth capital availability from this partnership, along with our proven ability to execute large scale projects – will be a powerful force to help us deliver on our vison.

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The current disruption has tested the elasticity of our business model, and has sharpened our capital budgeting to become even more secure for underwriting our decadal growth plans. With multiple vaccines now feasible, we see a clear path towards turning the corner past the 2[nd] wave. As restrictions start relaxing, we are optimistic of a sharp re‐bound in consumption, as we experienced post the first wave. Even through this trying period, our stated strategy for expanding our portfolio in market leading destinations is on track and on speed.”

The transaction is subject to relevant regulatory approvals.

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About GIC

GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. As a disciplined long‐term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate and infrastructure. Headquartered in Singapore, GIC has investments in over 40 countries and employs over 1,700 people across 10 offices in key financial cities worldwide. For more information on GIC, please visit www.gic.com.sg or LinkedIn .

About The Phoenix Mills Limited (PML)

PML (BSE: 503100 | NSE: PHOENIXLTD) is a leading retail mall developer and operator in India and is the pioneer of retail‐led, mixed‐use developments in India with completed development of over 17.5 million square feet spread across retail, hospitality, commercial, and residential asset classes. The company has an operational retail portfolio of approximately 7.0 million square feet of retail space spread across 9 operational malls in 6 gateway cities of India. The company is further developing 5 malls with over 6.0 million square feet of retail space in 5 gateway cities of India. Besides retail, the company has an operating commercial office portfolio with gross leasable area of 1.5 million square feet and plans to add approximately 5.0 million sq. feet of commercial office across existing retail properties going forward. For more information, please visit www.thephoenixmills.com or follow us on LinkedIn.

CONTACTS

GIC

Mah Lay Choon Senior Vice President, Communications +65 6889 6841 mahlaychoon@gic.com.sg

Toh Chuan Ting Associate, Communications +65 8309 1038 tohchuanting@gic.com.sg

The Phoenix Mills Limited

Advait Phatarfod +91 22 3001 6600 advait.p@phoenixmills.com

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