The Phoenix Mills Ltd. — Investor Presentation 2021

Feb 12, 2021

==> picture [15 x 492] intentionally omitted <==

�t.i THE PHOENIX MILLS LIMITEQ Y"

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 GIN No.: L 17100MH1905PLC000200

February 12, 2021

National Stock Exchange oflndia Limited

BSE Limited

Exchange Plaza, Bandra-Kur la Complex, Bandra East, Mumbai- 400051

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

Securit code: 503100

Sybol: PHOENIXL TD

Dear Sir(s),

Sub: Revi ed Investor ' Presentation on Unaudite Standalone and Consolidated Financial Results fr the third quarter and nine months ended December 31, 2020

This is with reference to our earlier inti:nation dated February 12, 2021 w.r.t. filing of the Investor Presentation on the financial results for the third quarter and nine months ended December 31, 2020. Kindly note that, we are enclosing herewith the revised Investor Presentation.

The same is also being uploaded on the Company's website at hs:/www.thephoenixmis.com in compliance with regulation 46(2) of the Listing Regulations.

We humbly request you to kindly take the same on record and regret the inconvenience caused.

Thanking you,

Yours Faithfully,

For The Phoenix Mills Limited

==> picture [112 x 52] intentionally omitted <==

Gajendra Mewara Company Secretary

==> picture [83 x 83] intentionally omitted <==

Encl:- As above

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

==> picture [75 x 59] intentionally omitted <==

1

Dynamic and diverse leading developer of mixed-use project

==> picture [938 x 406] intentionally omitted <==

----- Start of picture text -----

Retail Commercial Hospitality Residential
Operational Operational The St. Regis, Mumbai Total Saleable
+ Courtyard by Marriott, Agra
Retail Spaces GLA Office Spaces GLA Area
~7 ~1.6 588 ~4
msft msft keys msft
Under-development &
Under-development &
Under-planning Completed Area
Under-planning
Under-planning
Grand Hyatt, Bangalore (OC Received)
Retail GLA
Offices GLA
~6 ~5.3 ~300 ~3
msft msft keys msft
Total Total Total Total
~13 msft ~6.9 msft ~888 keys ~4 msft
----- End of picture text -----

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. Data as on 31 December 2020

2

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

Total of ~13 msft mall GLA expected to be operational by FY25

==> picture [928 x 344] intentionally omitted <==

----- Start of picture text -----

GLA of
GLA across 9 operational
~7 msft under-development & ~6 msft
RETAIL malls in 6 cities
under-planning RETAIL
Leased occupancy
EBITDA margin
>100% Across HSP and ~98%
in Retail Malls
MarketCity malls
Rental CAGR Consumption CAGR
14% 15%
During FY13-FY20 During FY13-FY20
----- End of picture text -----

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 31 December 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 as on FY20

3

Portfolio in India’s top cities

Agra Indore Ahmedabad Hospitality Mall Courtyard by Marriott – (193 keys) Mall Phoenix Citadel Bareilly – Palladium Lucknow (~1 msft) – (~0.7 msft) Mall Phoenix United – (0.34 msft) Mall Mumbai Phoenix United – (0.37 msft) Phoenix Palassio – (0.90 msft) Mall Phoenix Palladium – (0.77 msft) Bengaluru Phoenix MarketCity – (1.14 msft) Mall HSP Densification Retail – (~0.5 msft) Phoenix MarketCity – (~1 msft) + Expansion (~0.31 msft) Commercial Phoenix Mall of Asia – (~1.2 msft) Phoenix Paragon Plaza – (0.44 msft)# Residential The Centrium – (~0.25 msft)# One Bangalore West – (2.41 msft) Art Guild House – (~0.80 msft)# Kessaku – (1.03 msft) Phoenix House – (~0.10 msft) Commercial HSP – (~1 msft) Phoenix MarketCIty – (~1 msft) Hospitality Phoenix Mall of Asia – (~1.2 msft) The St. Regis – (395 keys) Hospitality Kolkata Pune Grand Hyatt – (~300 keys) Mall Chennai Mall Phoenix MarketCity Phoenix MarketCity – (1.19 msft) – (1.00 msft) Mall Phoenix Millennium – (~1.1 msft) Phoenix MarketCity – (~1 msft) Office Palladium – (~0.22 msft) Commercial East Court – (~0.25 msft)# - (0.20 msft) Residential Fountainhead Tower 1 – (0.17 msft) The Crest - A & B – (0.26 msft) Fountainhead Tower 2 & 3 – (~0.66 msft) The Crest - C – (0.28 msft) Phoenix Millennium – (~0.60 msft) Under-development / planning Commercial Gross Leasable / Saleable Area Palladium Offices – (~0.42 msft)

# Includes sold area

==> picture [19 x 16] intentionally omitted <==

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 31 December 2020.

4

Developer of India’s Iconic Mixed-use Developments

Phoenix MarketCity, Pune

==> picture [291 x 262] intentionally omitted <==

Phoenix MarketCity, Mumbai

Phoenix MarketCity, Bangalore

==> picture [263 x 157] intentionally omitted <==

==> picture [263 x 160] intentionally omitted <==

Phoenix MarketCity, Chennai

==> picture [215 x 157] intentionally omitted <==

==> picture [960 x 76] intentionally omitted <==

Business Update

==> picture [679 x 452] intentionally omitted <==

----- Start of picture text -----

Phoenix Marketcity, Bangalore
----- End of picture text -----

Consumption in January 2021 at 83% of Last year

==> picture [921 x 250] intentionally omitted <==

----- Start of picture text -----

January - 2021 Consumption (% of LYSM)
80% 76% 73% 74% 74%
----- End of picture text -----

• Strong Consumption trends sustained across the mall portfolio in the month of Jan 2021.

• Consumption remained strong and grew 5% MoM at Rs. 5.3 bn in Jan 2021 and stood at ~83% of last year same month.

Please note Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. LYSM stands for Last Year Same Month.

Q3 FY21 – Consumption Trajectory across major malls

==> picture [921 x 275] intentionally omitted <==

----- Start of picture text -----

Figures in Rs. Mn.
Q3 FY21 Consumption (% of Q3 FY20)
66% 64% 61% 54% 54%
----- End of picture text -----

• We have seen sustained recovery in the consumption at the malls since reopening.

• Consumption across our retail portfolio came in at Rs 13.8 billion in Q3 FY21, up 195% QoQ and at ~67% of Q3 FY20.

• In line with consumption, retail collections continue to witness sharp improvement.

• Q3 FY21 collection was at approximately Rs. 2.6 billion and 9M FY21 retail collection at approximately Rs. 3.9 billion.

Please note: Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers.

Phoenix Palladium – Consumption & Trading Density Trajectory

==> picture [673 x 209] intentionally omitted <==

----- Start of picture text -----

80%
----- End of picture text -----

==> picture [665 x 202] intentionally omitted <==

----- Start of picture text -----

Monthly Trading Density (Rs psf)
2,743 2,720
2,095
1,653
1,564
Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
----- End of picture text -----

• % of LYSM

• Consumption at 80% in Jan 2021 and 97% of average monthly consumption of FY20.

• Trading Density in Dec 2020 is at 86% of FY20 level

• Trading Occupancy stood at 93% in December 2020

Please note Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Pre October numbers are like to like basis and Oct & Nov, 2020 are adjusted for festive base

Phoenix Marketcity Bangalore – Consumption & Trading Density Trajectory

76%

==> picture [916 x 402] intentionally omitted <==

----- Start of picture text -----

76% % of LYSM
 Consumption is at 76% in
Jan 2021 and 79% of
average monthly
consumption of FY20.
 Trading Density in Dec
2020 is at 86% of FY20
level
 Trading Occupancy in
December 2020 stood at
95%
----- End of picture text -----

Please note Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Pre October numbers are like to like basis and Oct & Nov, 2020 are adjusted for festive base

Phoenix Marketcity Pune – Consumption & Trading Density Trajectory

==> picture [673 x 209] intentionally omitted <==

----- Start of picture text -----

73%
----- End of picture text -----

==> picture [673 x 209] intentionally omitted <==

==> picture [143 x 26] intentionally omitted <==

----- Start of picture text -----

% of LYSM
----- End of picture text -----

• Consumption is at 73% in Jan 2021 and 77% of average monthly consumption of FY20.

• Trading Density in Dec 2020 is at 81% of FY20 level

• Trading Occupancy stood at 86% in December 2020

Please note Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Pre October numbers are like to like basis and Oct & Nov, 2020 are adjusted for festive base

Phoenix Marketcity Mumbai – Consumption & Trading Density Trajectory

==> picture [673 x 209] intentionally omitted <==

----- Start of picture text -----

74%
----- End of picture text -----

==> picture [43 x 33] intentionally omitted <==

==> picture [143 x 26] intentionally omitted <==

----- Start of picture text -----

% of LYSM
----- End of picture text -----

==> picture [232 x 329] intentionally omitted <==

----- Start of picture text -----

 Consumption is at 74% in
Jan 2021 and 80% of
average monthly
consumption of FY20.
 Trading Density in Dec
2020 is at 73% of FY20
level
 Trading Occupancy stood
at 86% in Decembem
2020
----- End of picture text -----

==> picture [673 x 209] intentionally omitted <==

Please note Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Pre October numbers are like to like basis and Oct & Nov, 2020 are adjusted for festive base

Phoenix Marketcity & Palladium Chennai – Consumption & Trading Density Trajectory

==> picture [673 x 209] intentionally omitted <==

----- Start of picture text -----

74%
----- End of picture text -----

==> picture [673 x 209] intentionally omitted <==

==> picture [144 x 26] intentionally omitted <==

----- Start of picture text -----

% of LYSM
----- End of picture text -----

• Consumption is at 74% in Jan 2021 and 80% of average monthly consumption of FY20

• Trading Density in Dec 2020 is at 75% of FY20 level

• Trading Occupancy stood at 87% in December 2020

Please note Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers. Malls were permitted to open at full capacity from October Onwards. Pre October numbers are like to like basis and Oct & Nov, 2020 are adjusted for festive base

Phoenix Palassio Lucknow – Consumption & Trading Density Trajectory

==> picture [673 x 209] intentionally omitted <==

==> picture [673 x 209] intentionally omitted <==

• Since launch, there are 168 Brands that have opened stores in Phoenix Palassio; currently 29 additional stores are under fit out.

• Trading Density at Phoenix Palassio has shown marked improvement since its launch.

• Within six month of its launch, Trading Density reached at Rs 1,075 psf in Dec 2020

• Trading Occupancy stood at 71% in December 2020

Please note Above nos are indicative unaudited numbers and presented for illustration purpose. The actual numbers could be materially different from indicative numbers and all comparison are on like to like basis.

==> picture [960 x 76] intentionally omitted <==

Business Performance - Retail

Phoenix Palladium, Mumbai

	(Rs Mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20
	Rental	621	946	66%	1,299	2,706	48%
	CAM & Others	185	253	73%	357	757	47%
	Total Income	806	1,199	67%	1,657	3,562	48%
	Asset EBITDA	526	807	65%	938	2,354	40%
	EBIDTA Margin as % of Rental	85%	85%		72%	87%
	SPV EBITDA	462	663	70%	935	2,028	46%

Note: The Rental income also includes income generated from Commercial assets owned by PML

16

Income Split for PML (Standalone Entity)

PML (Standalone entity) owns the following assets:

• Retail – High Street Phoenix & Palladium: Leasable area of 0.77 msf

• Phoenix House: Leasable area of 0.10 msf

• Centrium: Leasable area of 0.12 msf

• Art Guild House: Leasable area of 0.16 msf

(Rs Mn)	Project Name	Q3 FY20	Q4 FY20	FY20	Q1 FY21	Q2 FY21	Q3FY21
Commercial Asset	Phoenix House	34	35	150	32	31	35
	Centrium	19	16	75	14	9	11
	Art Guild House	56	57	212	54	65	59
	Total	109	108	437	100	105	105
Retail Asset	High Street Phoenix	837	672	3,050	244	229	517
Total Rental Income reported by PML Standalone		946	780	3,486	344	334	621
Note: From Jan 2021, Income from PML Units at AGH & Centrium will be reflected in the books of Offbeat Developers Pvt Ltd.

17

Note: From Jan 2021, Income from PML Units at AGH & Centrium will be reflected in the books of Offbeat Developers Pvt Ltd.

Phoenix Marketcity Bangalore

	(Rs Mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20
	Rental	238	400	59%	485	1,119	43%
	CAM & Others	134	179	75%	313	546	57%
	Total Income	372	579	64%	798	1,665	48%
	EBIDTA^	244	402	61%	528	1,160	45%
	EBIDTA Margin as % of Rental	103%	101%		109%	104%

^ EBITDA is before fees paid to MarketCity Resources Pvt. Ltd (PML’s 100% subsidiary) and interest income earned on liquid mutual fund investments and fixed deposits

18

Phoenix Marketcity Pune

	(Rs Mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20
	Rental	250	458	55%	512	1,317	39%
	CAM & Others	147	198	74%	293	605	48%
	Total Income	397	656	61%	804	1,921	42%
	EBIDTA	239	445	54%	495	1,321	37%
	EBIDTA Margin as % of Rental	95%	97%		97%	100%

19

Phoenix Marketcity Mumbai

	(Rs Mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20
	Rental	186	339	55%	360	987	36%
	CAM & Others	131	181	73%	282	538	52%
	Total Income	317	519	61%	641	1,525	42%
	EBIDTA	189	332	57%	363	997	36%
	EBIDTA Margin as % of Rental	102%	98%		101%	101%

20

Phoenix Marketcity & Palladium Chennai

	(Rs Mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20
	Rental	236	482	49%	444	1,424	31%
	CAM & Others	166	284	59%	311	739	42%
	Total Income	403	766	53%	755	2,163	35%
	EBIDTA	263	510	52%	452	1,447	31%
	EBIDTA Margin as % of Rental	111%	106%		102%	102%

21

Phoenix Palassio, Lucknow

	(Rs Mn)	Q2 FY21	Q3FY21	9M FY21
	Rental	37	123	160
	CAM & Others	60	79	139
	Total Income	97	201	299
	EBIDTA	37	119	156
	EBIDTA Margin as % of Rental	100%	97%	98%
	Phoenix Palassio became operational on 8th of July 2020. Hence, prior period numbers are not applicable

Phoenix Palassio became operational on 8[th] of July 2020. Hence, prior period numbers are not applicable

22

Phoenix United, Lucknow

	(Rs Mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20
	Rental	59	90	66%	117	246	48%
	CAM & Others	40	54	73%	98	157	63%
	Total Income	99	144	68%	215	402	54%
	EBIDTA	57	71	81%	109	217	50%
	EBIDTA Margin as % of Rental	97%	79%		93%	88%

23

Phoenix United, Bareilly

	(Rs Mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20
	Rental	48	62	78%	89	173	51%
	CAM & Others	28	43	64%	87	131	67%
	Total Income	76	105	72%	175	304	58%
	EBIDTA	46	46	100%	96	153	63%
	EBIDTA Margin as % of Rental	95%	74%		109%	88%

24

Retail Rental Income for Q3 and 9M FY21

Name of Asset	Q3 FY21	Q3 FY21	9M FY21	9M FY21
	Rental Income	% of Q3 FY20	Rental Income	% of 9M FY20
	(Rs. Mn)		(Rs. Mn)
Phoenix Palladium	621	66%	1,299	48%
Phoenix Marketcity Bangalore	238	59%	485	43%
Phoenix Marketcity Pune	250	55%	512	39%
Phoenix Marketcity Mumbai	186	55%	360	36%
Phoenix Marketcity and Palladium Chennai	236	49%	444	31%
Phoenix Palassio	123	NA	160	NA
Phoenix United Lucknow	59	66%	117	48%
Phoenix United Bareilly	48	78%	89	51%
Total	1,761	63%	3,466	43%

25

Retail EBITDA for Q3 and 9M FY21

Name of Asset	Q3 FY21	Q3 FY21	9M FY21	9M FY21
	EBITDA	% of Q3 FY20	EBITDA	% of 9M FY20
	(Rs. Mn)		(Rs. Mn)
Phoenix Palladium	526	61%	938	39%
Phoenix Marketcity Bangalore	244	61%	528	45%
Phoenix Marketcity Pune	229	51%	485	37%
Phoenix Marketcity Mumbai	189	57%	363	36%
Phoenix Marketcity and Palladium Chennai	263	52%	452	31%
Phoenix Palassio	119	NA	156	NA
Phoenix United Lucknow	57	81%	109	50%
Phoenix United Bareilly	46	99%	96	63%
Total	1,673	64%	3,127	41%

26

Update on under-construction Assets

Phoenix Phoenix Phoenix Citadel, Mall of Asia, Millennium, Pune Indore Ban alore g Proposed Retail GLA Retail GLA - 1.1 msf Retail GLA - 1.2 msf Retail GLA – 1 msf Office GLA – 0.6 msf Office GLA – 1.2 msf Amount Spent till Rs. 5,063 mn Rs. 8,903 mn Rs. 3,436 mn Dec 2020 Status update Development Risks LOW LOW LOW LOW

Phoenix Citadel, Palladium, Indore Ahmedabad Retail GLA – 1 msf Retail GLA – 0.7 msf Rs. 3,436 mn Rs. 4,969 mn

27

==> picture [960 x 76] intentionally omitted <==

28

Brownfield Acquisition

• Phoenix Palassio

• • Possession in August 2018 • Completed construction and opened to public in less than 24 months

29

==> picture [42 x 35] intentionally omitted <==

Phoenix Palassio, Lucknow

==> picture [831 x 466] intentionally omitted <==

----- Start of picture text -----

0.90 msft
Total Leasable Area
----- End of picture text -----

30

Expansive Spaces…Opulent Interiors…breathtaking Chandeliers

==> picture [667 x 375] intentionally omitted <==

==> picture [253 x 226] intentionally omitted <==

==> picture [253 x 219] intentionally omitted <==

31

Phoenix Palassio - Festive Decor

==> picture [657 x 371] intentionally omitted <==

==> picture [264 x 395] intentionally omitted <==

32

==> picture [358 x 306] intentionally omitted <==

State of Art Multiplex now operational

33

Palladium Ahmedabad

The Luxury mall of Gujarat

34

Phoenix Millennium Pune

The New Epicentre for West Pune

35

Mall of Asia, Bangalore

The Largest Retail led Mixed-use development in Bangalore

Concept Architect – Callison

36

Phoenix Citadel Indore

The biggest Retail Destination of Madhya Pradesh

37

==> picture [960 x 76] intentionally omitted <==

Business Performance - Commercial

Phoenix Marketcity, Pune

Our Annuity Income Generating Commercial Portfolio

OPERATIONAL OFFICE PORTFOLIO

(1.58 MSF)

OFFICE PORTFOLIO UNDER DEVELOPMENT (0.83 MSF)

Project Name	Total Area (msf)	Area Sold (msf)	Net Leasable Area (msf)	Area Leased (msf)
Phoenix House	0.09	-	0.09	0.08
Centrium	0.28	0.16	0.12 #	0.08
Art Guild House	0.80	0.17 @	0.63 @	0.54
Phoenix Paragon Plaza	0.43	0.12	0.31	0.16
Fountainhead – Tower 1	0.17	0.00	0.17	0.16
Fountainhead – Tower 2	0.25	0.00	0.25	0.05**
Total	2.04	0.46	1.58	1.07

OFFICE PORTFOLIO ( 0.83 MSF)	OFFICE PORTFOLIO ( 0.83 MSF)	OFFICE PORTFOLIO ( 0.83 MSF)
Fountainhead – Tower 3	Pune	0.41
Phoenix MarketCity	Chennai	0.42
Total		0.83

• @Total Area sold is 0.38 msf out of which PML owns 0.17 msf – this area is also counted in area available for lease

• ^Rental Income from Phoenix House is part of Standalone results

#Area owned by PML

• **Fountainhead tower 2 area has been recently leased and is expected to start generating rent soon.

39

Operational Update – Art Guild House

Total Area (msf) Area Sold (msf) Net Leasable Area (msf) Art Guild House 0.80 0.17 @ 0.63 @	Total Area (msf)	Total Area (msf)	Area Sold (msf)	Area Sold (msf)	Net Leasable Area (msf)	Net Leasable Area (msf)	Area Leased (msf)	Area Leased (msf)	Average Rate (Rs./sq.ft)
	0.80		0.17 @		0.63 @		0.54		88
		Q3 FY21		Q3 FY20		9M FY21		9M FY20
Total Income (Rs. mn)		135		164		425		468
EBITDA (Rs. mn)		89		79		308		246
EBITDA as % of Total Income		66%		48%		73%		53%

 Art Guild House has leased 85% of area as of Dec 2020

@Total Area sold is 0.38 msf out of which PML owns 0.17 msf – this area is also counted in area available for lease

==> picture [476 x 442] intentionally omitted <==

40

Operational Update – Phoenix Paragon Plaza

Total Area (msf) Area Sold (msf) Net Leasable Area (msf) Phoenix Paragon Plaza 0.43 0.12 0.31	Total Area (msf)	Total Area (msf)	Area Sold (msf)	Area Sold (msf)	Net Leasable Area (msf)	Net Leasable Area (msf)	Area Leased (msf)	Area Leased (msf)	Average Rate (Rs./sq.ft)
	0.43		0.12		0.31		0.16		102
		Q3 FY21		Q3 FY20		9M FY21		9M FY20
Total Income (Rs. mn)		72		118		239		261
EBITDA (Rs. mn)		48		44		180		129
EBITDA as % of Total Income		67%		37%		75%		49%

==> picture [458 x 440] intentionally omitted <==

41

==> picture [42 x 35] intentionally omitted <==

Growth by Densification

Offices Fountainhead Tower 1 ~0.17 msft

Offices Fountainhead Tower 3 ~0.40 msft Offices Fountainhead Tower 2 ~0.25 msft Existing Mall (LG + G + 3)

Fountainhead Pune – Premium Office Spaces

==> picture [364 x 327] intentionally omitted <==

==> picture [563 x 305] intentionally omitted <==

Fountainhead Pune	Remarks
Tower 1	95% area leased and operational
Tower 2	OC received on 6th October 2020
Tower 3	2 months away from completion

43

Fountainhead Pune – Tower 2 and Tower 3 Construction Status

==> picture [246 x 334] intentionally omitted <==

==> picture [508 x 334] intentionally omitted <==

Tower 2 – Construction Completed, OC Received

Tower 3 – East Side Façade WIP

44

Operational Update – Fountainhead Towers 1, 2 & 3

	Total Area (msf)	Area Leased (msf)	Average Rate (Rs./sq.ft)
Fountainhead – Tower 1	0.17	0.16	88
Fountainhead – Tower 2	0.25	0.05^	71
Fountainhead – Tower 3	0.41	Under Development

	Q3 FY21	Q3 FY20	9M FY21	9M FY20
Total Income (Rs. mn)	44	47	127	111
EBITDA (Rs. mn)	40	20	110	69
EBITDA as % of Total Income	90%	43%	87%	62%

==> picture [404 x 388] intentionally omitted <==

^Fountainhead Tower 2 has achieved leasing of over 50,000 sq ft since receipt of OC in Oct 2020 and we are witnessing strong leasing traction. Rental income expected to start from Q1 FY22.

45

==> picture [960 x 76] intentionally omitted <==

Business Performance - Hospitality

Phoenix Marketcity, Mumbai

The St. Regis, Mumbai

	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20
Revenue from Rooms (Rs. mn)	93	422	22%	202	1,044	19%
Revenue from F&B and Banqueting (Rs. mn)	108	468	23%	143	1,093	13%
Other Operating Income (Rs. mn)	29	74	39%	65	198	33%
Total Income (Rs. mn)	230	962	24%	410	2,335	18%
Operating EBITDA (Rs. mn)	21	403	5%	-53	893
EBITDA margins	11%	42%			38%
Occupancy (%)	35%	84%		25%	81%
ARR (Rs.)	7,394	13,857	53%	7,432	11,925	62%

==> picture [301 x 411] intentionally omitted <==

47

Courtyard by Marriott, Agra

	Q3 FY21	Q3 FY20	9M FY21	9M FY20
Revenue from Rooms (Rs. mn)	22	66	25	138
Revenue from F&B and Banqueting (Rs. mn)	27	53	31	115
Other Operating Income (Rs.mn)	0	6	1	14
Total Income (Rs. mn)	50	124	56	266
Occupancy (%)	38%	77%	26%	67%
ARR (Rs.)	3,222	4,919	3,349	3,861

==> picture [322 x 215] intentionally omitted <==

Hotel operations were shut since march and re-opened on 8[th] Aug 2020. Hence, numbers are not comparable with previous year

48

==> picture [960 x 76] intentionally omitted <==

Business Performance - Residential

Operational Update – Residential Portfolio

Project Name (operational)	Saleable area (msf)	Saleable area (msf)	Saleable area (msf)	Cumulative Area Sold (msf)^	Cumulative Sales Value (Rs. mn)	Collections in Q3 FY21 (Rs. mn)	Revenue recognized (Rs. mn)	Revenue recognized (Rs. mn)
	Total Area	Area launched	Balance Area				in Q3 FY21	Cumulative
One Bangalore West, Bengaluru	2.41	1.80	0.61##	1.35	13,244	214	307	12,863
Kessaku, Bengaluru	1.03	1.03	-	0.30	4,247	148	248	4,247
Total	3.44	2.83	0.61	1.65	17,491	361	556	17,110

Note that of the nine towers in One Bangalore West (OBW), only Towers 1-6 have been launched and completed. Tower 7 was launched in July 2019. Towers 8 & 9 are yet to be launched ^ Sales area includes only those where agreements have been executed with purchasers

Key highlights

• Sold and registered agreements for inventory worth Rs. 556 mn during Q3 FY21 and Rs. 1,003 mn during 9M FY21.

• Additional sales of Rs. 397 mn completed during 9M FY21 for which registration is pending taking the cumulative sales figure to Rs 1,400 mn during 9M FY21.

• Q3 Collections were Rs. 361 mn and Rs. 890 mn for 9M FY21

• As on end of Jan 2021, we have achieved sales of Rs 1,750 mn and collections of Rs. 1,200 mn

50

==> picture [42 x 35] intentionally omitted <==

One Bangalore West, Bangalore

51

Kessaku – Grand Arrival Experience

52

Kessaku – Zen Court & Pool Side Garden

53

Kessaku, Bangalore

54

Kessaku, Bangalore – Living Spaces Crafted in Luxury & Style

==> picture [592 x 465] intentionally omitted <==

----- Start of picture text -----

Actual Site Picture
Actual Site Picture
----- End of picture text -----

55

==> picture [960 x 76] intentionally omitted <==

Financial Results

==> picture [675 x 455] intentionally omitted <==

----- Start of picture text -----

Phoenix Marketcity, Bangalore
----- End of picture text -----

Q3 & 9M FY21 Standalone P&L

(Rs. mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20	FY2020
Income from operations	806	1,199	67%	1,657	3,462	48%	4,444
EBITDA	462	663	70%	935	2,028	46%	2,592
EBITDA Margin (%)	57%	55%		56%	59%		58%
Profit Before Tax and exceptional item	2,926	413		2,944	1,530		1,796
Profit after tax & before comprehensive income	2,828	331		2,843	1,274		1476
Diluted EPS (Rs.)	17.41	2.15		17.5%	8.29		9.60

Standalone Profits for Q3FY21 & 9M FY21 are boosted to the extent of Rs. 2,532 million on account of following transaction –

1. Transfer of Units in Art Guild House from PML to Offbeat Developers Pvt Ltd – Rs. 414 million

2. Transfer of Units in The Centrium from PML to Offbeat Developers Pvt Ltd – Rs. 434 million

3. Transfer of CWIP & Land from PML to Plutocrat Commercial Real Estate Pvt Ltd – Rs. 1,751 million

4. Stamp Duty payment for CWIP & Land transfer from PML to Plutocrat Commercial Real Estate Pvt Ltd – Rs. (67 million)

5. Adjusted for the above transaction's profits would have been Rs. 296 million in Q3 & Rs. 311 million in 9M FY21

57

Q3 & 9M FY21 Consolidated P&L

(Rs. mn)	Q3 FY21	Q3 FY20	% of Q3 FY20	9M FY21	9M FY20	% of 9M FY20	FY2020
Income from operations	3,379	5,118	66%	6,875	15,419	45%	19,411
Retail	2,230	3,218	69%	4,617	9,288	50%	11,993
Residential	556	481	116%	1,003	2,664	38%	2,794
Commercial	315	334	94%	788	848	93%	1,138
Hospitality& Others	278	1,085	26%	466	2,619	18%	3,486
EBITDA	1,588	2,594	61%	3,208	7,628	42%	9,671
EBITDA Margin(%)	47%	51%		47%	49%		50%
Profit after tax	601	965	62%	-304	3,076		3,559
PAT after minority interest & before other comprehensive income	654	919	71%	-129	2,880		3,347
PAT after minority interest & after other comprehensive income	780	951	82%	67	2,683		2,826
Diluted EPS(Rs.)	4.17	5.98	70%	-0.79	18.73		21.77

58

==> picture [960 x 76] intentionally omitted <==

Annexure

Palladium Chennai

Acquisition of Land Parcel in Alipore, Kolkata

==> picture [410 x 378] intentionally omitted <==

==> picture [45 x 45] intentionally omitted <==

Location Diamond Harbour Road, Alipore, Kolkata

Land Size Price 7.48 acres Rs. 3,000 mn

==> picture [34 x 34] intentionally omitted <==

Development Potential Phase I – ~1.00 msf of Retail Phase II - ~0.20 msf of balance development potential

PML has acquired 7.48 acres of prime land in the affluent area of Alipore, Kolkata for a retail led mixed-use development

Project Enterprise – Shareholder Approval Obtained

Current Shareholding

Post Scheme Shareholding

==> picture [315 x 235] intentionally omitted <==

----- Start of picture text -----

Promoters:
45.56%
Ruia
International
28.74%
Other Promoter
Public
Entities
54.44%
16.81%
----- End of picture text -----

==> picture [308 x 230] intentionally omitted <==

----- Start of picture text -----

Promoters:
47.48%
Ruia
International
31.25%
Public Other Promoter
52.52% Entities
16.22%
----- End of picture text -----*

• Post amalgamation, Promoter shareholding in PML shall increase by 1.92% from 45.56% to 47.48%

PHCPL Shareholding Current & Final Ownership Structure

==> picture [438 x 373] intentionally omitted <==

----- Start of picture text -----

Current Structure
Promoter Group Public
45.56% 54.44%
RIHCPL
43.08%
Phoenix Hospitality Co. Pvt. 56.92%
Phoenix Mills (PML)
Ltd. (PHCPL)
50% 28.46%
Starboard Hotels
57.99% 42.01% 75.02%
Alliance Spaces
47.71%
52.29%
79.44%
Palladium Constructions
77.33% 22.67%
Graceworks Realty & Leisure 66.68%
----- End of picture text -----*

Effective PML Stake

==> picture [453 x 435] intentionally omitted <==

----- Start of picture text -----

Proposed Transaction Steps
Step 2: PML to allot its Promoter Group Public
shares to RIHCPL in lieu
of the holding in PHCPL
Phoenix Hospitality Co. Pvt.
Phoenix Mills (PML)
Ltd. (PHCPL)
Step 1: Amalgamation
of PHCPL with PML
Final Proposed Structure
Promoter Group Public
47.48% ^ 52.52%
Phoenix Mills (PML)
50% 100% 100% 100%
Palladium Graceworks Realty &
Starboard Hotels Alliance Spaces
Constructions Leisure
----- End of picture text -----*

RIHCPL – Ruia International Holding Company Pvt. Ltd.; * Balance held by a third party; ^ The above does not take into consideration the dilutive effect of vested ESOPs’ exercise Current shareholding as of September 30, 2020

62

Debt Profile as on 31[st] December 2020

• Average cost of debt down to 8.46% in Q3 FY21 from 8.88% in Q2 FY21, down by 42 bps QoQ

• Lowest rate on borrowing stands at 7.5%

• Cost of Borrowing on 31[st] Jan 2021 further down to 8.31%

Status	Asset Class	Amount(Rs. mn)
Operational	Retail	35,164
	Hospitality	5,187
	Commercial	2,458
	Residential	1,047
	Sub-total(A)	43,856
Under- development	Retail	261
	Commercial	0
	Sub-total(B)	0
Grand Total(A+B)		44,117

Effective cost of debt (%)

==> picture [503 x 269] intentionally omitted <==

63

Q3 FY21 Debt Across Subsidiaries

Operational	Asset Type	SPV	Asset Name	PML Ownership	Q2 FY21 (Rs. Mn)	Q3 FY21 (Rs. Mn.)
	Retail & Mixed-Use	PMLStandalone	HighStreetPhoenix,Mumbai	100%	6,835	6,498
		Classic Mall Development	Phoenix MarketCity, Chennai	50%	7,567	7,230
			The Crest C (Residential)
		Vamona Developers	Phoenix MarketCity,Pune	100%	5,568	5,505
			East Court (Commercial)
		Island Star Mall Developers	Phoenix MarketCity, Bangalore	51%	3,486	3,371
		Starboard Hotels Pvt Ltd	Phoenix Palladium, Chennai	50%	1,734	1,768
		Offbeat Developers	Phoenix MarketCity,Mumbai	100%	6,304	6,427
			Art GuildHouse (Commercial)
			Centrium(Commercial)
		Blackwood Developers	Phoenix United, Bareilly	100%	933	911
		UPAL Developers	PhoenixUnited,Lucknow	100%	705	676
		Graceworks Realty & Leisure	Phoenix Paragon Plaza (Commercial)	67%	1,117	1,120
		Destiny Hospitality	Phoenix Palassio, Lucknow	100%	5,437	4,118
	Hotel & Residential	Palladium Constructions	One Bangalore West & Kessaku (Residential) Courtyard by Marriott, Agra (Hotel)	80%	1,587	1,605
		Pallazzio Hotels & Leisure	The St. Regis, Mumbai	73%	4,406	4,627
Under Development	Office	Alliance Spaces	Fountainhead	75%	660	0
	Retail	SGH RealtyLLP	Palladium,Ahmedabad	50%	100	261
	Total		Total		46,439	44,117

Note: Q2 FY21 debt numbers and effective ownership of PML have been restated on account of merger of Phoenix Hospitality Company Pvt Ltd (PHCPL) with PML

64

Shareholding Pattern as on 31[st] Dec 2020

Shareholding Pattern

==> picture [468 x 388] intentionally omitted <==

Sr. No	Top Institutional Investors	% Shareholding
1	SCHRODER	6.67%
2	GIC	4.33%
3	ICICI PRUDENTIAL AMC	2.68%
4	TT FUNDS	2.56%
5	ADITYA BIRLASUNLIFE MF	1.91%
6	UTI	1.79%
7	MOTILALOSWAL	1.58%
8	DSP MF	1.52%
9	VANGUARD	1.49%
10	INVESCOMF	1.48%
11	SBI MF	1.42%
	Total – Top 11 Institutional Investors	27.43%

65

Thank you

Deepak Purswani, CFA Advait Phatarfod Email: Email: deepak.purswani@phoenixmarketcity.in advait.p@phoenixmarketcity.in

Rohan Rege Email: rohan.rege@phoenixmarketcity.in

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

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

66