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Peninsula Land Limited

October, 2006

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Agenda

Sections

Indian Real Estate Overview

Peninsula Land Limited – An Overview

Projects Overview

Strengths and Strategy

Clients

Financial Overview

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Indian Real Estate Overview

4

Changing Face of the Sector

• Reforms Process in Real Estate– Central government paving the way for repeal of Urban Land Ceiling Act (ULCA);

Act repealed in nine states

– Modification of the Rent Control Act

– Rationalisation of property taxes in many states

– Proposed computerisation of land records

– Guidelines Issued for setting up Real Estate Mutual Funds – a step towards Real Estate Investment Trusts (REITs)

– Changes being considered to the Coastal Regulation Zone Act

• Increasing Professionalism & Ease of Bank Finance– Developers stepping outside ‘local-turf’ to emerge as larger organised players

– More Financing Avenues available

– Banks and Housing Finance companies establishing tie-ups with developers and lending at competitive rates

• Relaxed FDI Norms / Increasing Investor Interest– FDI Allowed in IT Parks

– 100% FDI allowed for land with minimum size of 25 acres or 50,000 sq. m.

• Real estate emerging as an alternate investment class

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Large & Growing Real Estate Market (1)

2.5

10.0

1.01.5

15

45

2012ETotalHospitalityRetailCommercialResidential

(US$ bn)

20%

2006

~ $15bn annual investments growing @ 15-20% p.a.

(1) ML Research Estimates

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Huge Growth Potential in Residential Real Estate

Housing ShortageHousing Shortage (1)(1)

8497

123153

209

70 83102

130

191 190172

2019

2322

1514

0

50

100

150

200

250

1961 1971 1981 1991 2001 2005

Usa

ble

Hou

sing

Sto

ck &

N

o of

Hou

seho

lds

(mm

)

0

5

10

15

20

25

Shor

tfal

l (m

m)

No of Households Usable Housing Stock Shortfall

Improved Affordability Improved Affordability (1)(1)

1.2 1.4 1.5 1.6 1.8 2.0 2.3 2.4 2.7 3.2 3.5

26

21

1714

12 12 12 12 13 1416

22.0

4.54.34.75.15.35.96.68.3

11.1

15.6

0

5

10

15

20

25

30

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Ann

ual I

ncom

e &

Pro

pert

y C

ost

(Rs.

lacs

)

0

5

10

15

20

25

Aff

orda

bilit

y (N

o. o

f yea

rs)

Annual Income (Rs) Property Cost (Lac) Affordability (No. of years)

Significant past housing shortage to reduce with increasing affordability.Ease in availability of housing finance at attractive rates will fuel demand.

(1)Source : HDFC

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Huge Growth Potential in Commercial Real Estate

(1) Source : CMG, Cushman & Wakefield, India, Nasscom Strategic Review, 2006

Demand for office space by IT/ITES would be 150 mn sft in 2010(1)

Assuming demand for office space by IT/ITES as 75% of total demand, the total demand for office space is likely to be 200 mn sft in 2010

36.3

28.421.6

16.1

12.18.26.04.8

13.4

3.5%4.1%

4.8%

3.2%2.9%

2.7%

1.9%1.5%

1.2%

0

5

10

15

20

25

30

35

40

1997-98 1998-99 1999-00 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06E

(US$ bn)

0%

1%

2%

3%

4%

5%

6%

Indian IT / ITES Industry (Revenue) IT / ITES as % of GDP

• High quality & low cost manpower availability in India to be the key driver of future growth in IT & ITES

• Sustained Growth of Indian IT-ITES industry.– From US$ 4.8 bn in 1997-98 to estimated US$ 36.3 bn in 2005-06.– A compounded annual growth rate of ~29%

• Exponential Growth in Exports of Software and Services from India– From US$ 6.2 bn in FY01 to ~US$ 23.4 bn in FY06– A compounded annual growth rate of ~30%

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Organized Retail – the way aheadIndian Organised Retail

7-8

2005

22-25

2010

45-50

2015

US$ billion per annumGrowth Drivers

• Consumption Patterns– Rising incomes and

changing lifestyles– Shift in consumer behaviour

with demand for a quality shopping experience

• Growing number of shapers– 80+ retailers with

reasonable level of expertise

– 3-4 retailers with over 100 stores, 5-6 with over 50 store networks

– Indian retail is already strong, in addition, FDI in retail expected to be allowed

• Real estate development– 45 mn sq. ft. of mall space

added in last 4 years– 40-50 mn. sq. ft. under

construction in top 13 cities

Share of Organised Retail% of overall retail

3- 4

India2005

9-10

India2010

14-15

India2015

10-15

China 2005

30-40

Brazil2005

50-60

Russia2005

Source: EIU; Literature search; Retailing in India (KSA Technopak report); McKinsey analysis

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Peninsula Land Limited – An Overview

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Group Overview

RETAILTEXTILES REAL ESTATE DEVELOPMENT

Morarjee Textiles Limited

Peninsula Land Limited

THE ASHOK PIRAMAL GROUP

Integra Apparels &

Textiles Pvt Limited

Morarjee International

s r l

ENGINEERING

Miranda ToolsG. P. Electronics

Limited

PMP Components Pvt Limited

Lifestyle Retail(Piramyd Megastore)

Just Textiles Limited

Food, Home & Personal Care

(Trumart)

Piramyd Retail Limited

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Group Corporate Structure

Jaydev ModyGroup Director

Urvi PiramalGroup Chairperson

Hardik DhebarGeneral Manager Group Treasury

M V BalajeeGeneral Manager

Group Legal & Secretarial

Anil NoronhaSr Vice President Human Resource

V HariharanGroup CFO

Mahesh GuptaGroup Executive Director

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Organization Structure of the Company

Rajesh JaggiManaging Director

Giridhar Rajagopalan

Vice President Projects

Pranav DholakiaGeneral Manager

Corporate & Strategic Planning

Austin SaldanhaGeneral Manager

Residential Sales

Anil DwivediGeneral Manager

Commercial & Retail

Sales

Position vacantVice

PresidentFinance

Dhruti Dholakia

DGMLegal

Ramesh IyerDGM

Purchase

Sanjay Mhapankar

CEO, Peninsula Facility

Management

Ramesh Ranganathan

General ManagerBusiness

Development

Rajeev PiramalExecutive Vice Chairman

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Operational Milestones of the Company1997 Real estate foray through Piramal Holdings Limited

1999 Developed “Crossroads” - the first international quality mall in India

2001 First corporate to receive permission to commercially develop private textile mill landin Mumbai

2003 Peninsula Corporate Park – the first integrated corporate park developed in Central

Mumbai

2004 Developed CR2 – the first multi storey car park cum mall project in Mumbai

2004 Joint Development Agreement with Swan Mills for development of Ashok Gardens and

Peninsula Technopark

2004 Commencement of Ashok Towers project

2005 Developed the low income housing project at Kanjurmarg

April, 2006 Morarjee Realties Limited name changed to Peninsula Land Limited

April, 2006 Acquisition of Land to develop product specific SEZ’s in Goa

May, 2006 Boards of Peninsula Land Limited and Dawn Mills approve the merger of Dawn Mills into Peninsula Land Limited

August,

2006

Shareholders of Peninsula Land Limited and Dawn Mills approve the merger of Dawn Mills

into Peninsula Land Limited

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Diversified Real Estate Development Co

A Diversified Real Estate Development Company renowned for its

international landmark developments across Residential,

Commercial and Retail properties under the following brands:

Ashok - Residential

Peninsula – Commercial

Crossroads - Retail

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Value Creators

1st Indian developer to develop an International style modern shopping mall - “CROSSROADS” in Mumbai

1st Indian developer of an integrated shopping mall – “CR2” at Nariman Point, Mumbai

Ready market for the Company’s retail properties due to high construction quality & strong corporate brand image

Block sale to CROSSROADS

Worli, MumbaiPANTALOON RETAIL GROUP

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Value Creators

Amongst the early developers to convert private textile mill land into Mumbai’s most preferred office destination – “THE PENINSULA CORPORATE PARK”

Value addition for Corporate occupants in the company’s commercial projects

PENINSULA CORPORATE PARK

(Lower Parel – Central Mumbai

Leading Corporate Occupants

• Walt Disney

• Deutsche Bank

• TATA AIG

• Amarchand Mangaldas & Shroff

• HUTCH

• Prudential ICICI

•TATA AIG

•ICICI One Source

•HTA

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Projects Overview

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Completed Projects

Project Name: Crossroads –Project Location – Haji Ali, Mumbai–Project Type - Retail–Project Area – 1.50 lacs sq ft

Low Risk StrategyFull cost of Project was recovered by pre selling a part of theproject to “McDONALDS” chain

Project DetailsParticulars Actuals

Project Construction Period 23 months

Total Project Cost Rs 100 crs

Project Revenue Rs 251 crs

Project Profit Rs 151 crs

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Completed Projects

Project Name: Peninsula Corporate Park–Project Location – Lower Parel–Project Type - Commercial–Project Area – 10.00 lacs sq ft

Highlights

•Amongst the 1st integrated office complex built on private textile mill land in Mumbai

Project DetailsParticulars Actuals

Project Construction Period In phases

Total Project Cost Rs 362 crs

Project Revenue Rs 512 crs

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Completed Projects

Project Name: Palm Beach – Project Location – Worli, Mumbai – Project Type - Residential– Project Area – 35,000 sq ft

Highlights

• A premium residential development situated in South Mumbai

Project DetailsParticulars Actual

Project Period 26 months

Project Cost Rs 10 crs

Project Revenue Rs 45 crs

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Completed Projects

Project Name: Mass Housing Project – Project Location – North Mumbai– Project Type - Residential– Project Area – 8 lacs sq ft

Highlights

• A Mass housing project for Mumbai Metropolitan Regional Development Authority (MMRDA) under the MUIP scheme

Project DetailsParticulars Actuals

Project Period 19 months

Project Cost Rs 80 crs

Project Revenue Rs 93 crs

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Current Projects

Project Name: Peninsula Technopark – Commercial

Ashok Gardens - Residential– Project Location – Near Bandra Kurla Complex– Total Project Area – 18 lacs sq ft– Estimated Completion Date : Commercial -

March, 2009 & Residential – September 2008

Deal Structuring expertise- Joint Development Agreement with Swan Mills Ltd, the land owners

- Swan Mills to pay all the cost of development, including taxes

- Peninsula’s (PLL) responsible for execution & management of the project

- Swan Mills to pay Peninsula (PLL) 22 % of the gross sales

Peninsula Land Ltd (PLL) to earn 22 % of the gross project sales

without any major Investment in the project

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Current Projects

Project Name: Ashok Towers – Project Location – Central Mumbai, Near

ITC Sheraton Hotel– Project Type – Residential – Project Area – 11 lacs sq ft– Estimated Completion Date – March, 2008

Highlights

• A premium residential project located adjacent to ITC Sheraton Hotel –Parel, Mumbai

• Project comprises of 4 buildings ranging from 30-50 stories and approx 600 residential units

More than 90 % of the project already sold as on date

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Future Projects

Project Name : Peninsula Business Park

Project Type : Commercial

Project Location : Lower Parel, Mumbai

Saleable Area – 6 lacs sq ft

Expected Completion Date – FY 2009

Expected Average booking rate –

Rs 18,000 – Rs 20,000 per sq ft

Deal Structuring expertise

- Merger of Dawn Mills Ltd (the land owners) with Peninsula Land Ltd

- Dawn Mills acquired by the promoters of Peninsula Land Ltd in November

2005 at an attractive valuations

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Future ProjectsSpecial Economic Zone (SEZ) projects by the Company

Project Location Approx.Saleable Area

Expected Completion Date

Goa SEZ – Biotech Park Goa 41 lacs sq ft FY 2011

Goa SEZ – Gem & Jewellary Park Goa 18 lacs sq ft FY 2011

Goa SEZ – Biotech park Goa 98 lacs sq ft FY 2011

Pune IT-SEZ* Pune 60 lacs sq.ft FY 2011

Pune – Electronics/IT Park* Pune 70 lacs sq.ft FY 2012/13

* Under advanced stage of negotiation

Highlights•Land for all the SEZ’s already acquired by the company

•Land acquired for the SEZ’s are Urban & Industrial land and not agricultural

•Central government permission already received for one of the Goa Biotech SEZ

•Central government permission for the remaining two SEZ in advanced stage & expected shortly

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Strengths and Strategy

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Competitive Strength

Strong Pedigree Belongs to the “Ashok Piramal Group”

Low Risk Strategy • Carrying land stock for 3 to 5 years requirement

• Strategy to cover the total project cost by part selling at the beginning of the project

• Strong Brand equity helps achieve higher pre sales in its projects

• Focused as a Developer Company & not into speculation of land

Deal Structuring Expertise • Only developer to have expertise in commercial development of private textile mills land

• Unique deal structuring by way of merger of Dawn Mills & by way of a Joint Development Agreement with Swan Mills

Locational Advantage • Amongst the few publicly listed developer company based in Mumbai

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Competitive Strength

MarketAssessment

LandAcquisition

&Feasibility

ProjectConcept

andDesign

ProjectManagement

FacilitiesManagement

Salesand

Marketing

Start to Finish In-House Project Management Capabilities

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Business Strategy

Aspire to expand geographical presence with special emphasis on Mumbai, Pune & Goa

Strategy is to strengthen presence in key asset classes

Residential - High end segment development to be taken up in select locations across India

- Mid to High end segment development to be focused in Mumbai & Pune

Commercial - Development of Corporate Office complexes in Tier 1 cities

IT Parks - Development of IT parks in Western India

Townships - Develop integrated townships around major cities

Retail - Development of world class retail space in and around IT Parks and Townships

SEZ - Execution of existing SEZ projects

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Clients

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Clients

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Financial Overview

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Profit & Loss Account

(Figures in Rs MM) Unaudited

Quarter end 30-

09-2006

Audited

FY2006

(15 months)

1368.2

835.0

5.3

829.7

21.1

(39.9)

0.9

767.8

19.44

2933.3

1895.1

63.1

1832.1

177.5

55.0

3.9

1441.9

36.51

Revenue

EBITDA

Depreciation

EBIT

Interest

EOI

Tax

PAT

EPS (Rs)(Not

Annualized)

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Shareholding Pattern 30-09-2006

Particulars No of Shares %

Total 39,490,244 100.0

Promoters 28,528,947 72.2

FII’s/Foreign Bodies Corporate/NRI 364,747 0.3

Public 8,124,455 22.0

Banks/Insurance Co’s/MF 2,452,172 5.5

Current Authorized Share Capital is Rs. 520 mn

Paid up share capital to go up by Rs. 50 mn on account of allotment of 5 million shares to shareholders of Dawn Mills

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