The Phoenix Mills Ltd. — Capital/Financing Update 2021

May 28, 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

May 29, 2021

To,

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 Sir(s),

Sub: Execution of Further Funding Subscription Agreement

Pursuant to the provisions of Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015, we wish to inform you that The Phoenix Mills Limited (‘Company’), Island Star Mall Developers Private Limited (‘ISML’), a subsidiary Company and Canada Pension Plan Investment Board (“CPPIB”) on May 27, 2021 have executed a Further Funding Subscription Agreement (‘Subscription Agreement’).

The Company and CPPIB had earlier in April 2017, entered into definitive agreements to develop, own and operate retail led mixed used developments across India and pursuant to which CPPIB had acquired 49% holding in ISML with 51% being held by the Company.

Pursuant to the execution of the said Subscription Agreement, Company and CPPIB shall infuse in aggregate up to Rs.800 Crores in multiple tranches towards subscription of Equity Shares of the ISML on Rights basis and the said infusion of capital shall be deployed towards construction and development of the on‐going projects of its subsidiaries at Wakad‐ Pune, Hebbal‐ Bangalore and Indore‐ Madhya Pradesh and for such other purposes as may be mutually agreed by the Company and CPPIB.

Subsequent to the aforesaid subscription to equity shares by the Company and CPPIB, there is no change in the shareholding of the Company and CPPIB in ISML and they continue to hold 51% and 49% stake respectively.

We request you to take the above information on record.

Thanking you,

Yours faithfully,

For The Phoenix Mills Limited Gajendra Digitally signed by Gajendra Mewara Mewara Date: 2021.05.29 00:01:13 +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