Embassy Developments Limited

rs,

January 05, 2022 Scrip Code – 532832 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI – 400 001 IBREALEST/EQ National Stock Exchange of India Limited “Exchange

Rs 92.50

mbassy Developments Ltd and to be co-headquartered in Mumbai and Bengaluru ◼ IBREL to be valued at Rs 92.50 per share and swap ratio to be 6.619 shares of IBREL for every 10 shares of NAM Estates Pvt Ltd ◼ C

Rs 19,000

er ◼ Residential business to have surplus from launched and planned residential projects exceeding Rs 19,000 Cr; Rs. 3,899 Cr net investment to realize Rs. 13,806 Cr of surplus from launched residential asse

Rs. 3,899

ial business to have surplus from launched and planned residential projects exceeding Rs 19,000 Cr; Rs. 3,899 Cr net investment to realize Rs. 13,806 Cr of surplus from launched residential assets ◼ Near com

Rs. 13,806

d and planned residential projects exceeding Rs 19,000 Cr; Rs. 3,899 Cr net investment to realize Rs. 13,806 Cr of surplus from launched residential assets ◼ Near completion inventory to generate a net surplu

Rs. 4,257

surplus from launched residential assets ◼ Near completion inventory to generate a net surplus of Rs. 4,257 Cr ◼ Subsequent to the merger being affected, the resultant listed entity shall be owned ~44.9% by

44.9%

. 4,257 Cr ◼ Subsequent to the merger being affected, the resultant listed entity shall be owned ~44.9% by Embassy Group, 36.0% by the existing public & institutional shareholders, 0.1% by existing IBRE

36.0%

t to the merger being affected, the resultant listed entity shall be owned ~44.9% by Embassy Group, 36.0% by the existing public & institutional shareholders, 0.1% by existing IBREL Promoter Group and ~19

0.1%

shall be owned ~44.9% by Embassy Group, 36.0% by the existing public & institutional shareholders, 0.1% by existing IBREL Promoter Group and ~19.0% by BREP & other Embassy institutional investors ◼ Comm

19.0%

0% by the existing public & institutional shareholders, 0.1% by existing IBREL Promoter Group and ~19.0% by BREP & other Embassy institutional investors ◼ Commercial square feet under development will in

21%

Tier I and strategically important Tier II cities in India MMR, NCR, Vadodara, Indore and Vizag 21% 95% 44% 79% 5% 56% ◼ Pending costs funded by sold receivables (which is higher by INR 11 c

95%

I and strategically important Tier II cities in India MMR, NCR, Vadodara, Indore and Vizag 21% 95% 44% 79% 5% 56% ◼ Pending costs funded by sold receivables (which is higher by INR 11 cr) to

“◼ Planned Commercial project with annual rent potential of INR 144 Cr.”

“Indiabulls Imperial - Phase 1 Indiabulls Imperial - Phase 2 Arivali, Panvel Silverlake Villas, Alibaug Centrum Total NCR NCR MMR MMR Indore 4.29 0.91 0.76 0.26 2.08 8.29 1,651 279 292 69 332 2,623 Planned Commercial Project Projects Land Area Leasable Area Annual Rent Sector 106 in Gurugram, NCR 5 1.30 144 Acres in Mil.”

Note

3

Notes

1

Additional Spend

1

Sold Receivables

1

Potential Value

1

Notes

(1) All figures in this presentation are as of September 30, 2021 unless otherwise stated (2) Total area represents unsold saleable area/leasable area (3) Residential assets of IBREL include commercial assets sold on Strata sale basis (4) IBREL include Sky / Sky Forest Projects (with PE Investor) 2 A New Beginning | Larger, Stronger and Diverse ◼ Proven leadership by a promoter with a sole focus on real estate ◼ Footprint into the fastest growing commercial and residential market of Bengaluru ◼ Adding a pipeline of commercial asset development to the portfolio ◼ Existing relationships/ partnership with marquee investors and tenants ◼ Opportunity to monetize a large pipeline of commercial development assets to listed REITs and institutional investors ◼ Listed Platform – enhanced ability to attract foreign/domestic institutional investor base ◼ Long standing presence and brand recognition in key markets of Mumbai Metropolitan Region and National Capital Region ◼ Largest land bank in the

Note

(1) On account of additional FSI potential for ‘BLU Estate & Club, Worli’ & ‘One Indiabulls, Thane’ projects ◼ Planned Commercial projects with annual rent potential of INR 4,291 Cr. 5 Key Metrics Million SF Saleable + Leasable Area Residential Stock + Planned Area Commercial Planned Area In Rs. Cr Residential Net Surplus Launched + Planned Projects Residential Net Surplus Launched Projects Residential Net Surplus Near Completion Projects Sold Receivables 24.6 23.3 1.3 13,682 11,059 2,440 3,094 54.1 11.6 42.5 5,388 2,747 1,817 1,130 78.7 34.9 43.8 19,070 13,806 4,257 4,224 Net Surplus = Pending Collections from Area Sold + Value of Unsold Inventory – Pending Construction Cost 6 Transaction Overview Overview  The Board of Directors of Indiabulls Real Estate Limited (“IBREL”) approved: ➢ Merger of identified ongoing, completed & planned residential and commercial projects of the Embassy Group (“Embassy Assets”), Sky / Sky Forest residential assets with IBREL ➢ The proposed merger will b

Potential Value

INR 17,706 Cr High levels of near completed projects with minimal additional costs provides near term liquidity 19 Promoter with Proven Track Record, Strong Execution Skills and Best Practices New Photo and not blurred PRIVATE & CONFIDENTIAL Embassy Boulevard Interiors 20 Embassy Group Known for Execution Skills and Deep Relationships ✓ Strong track record of executing +61 Mn Sq ft with a 35-year sole focus on real estate development ✓ Pioneered commercial IT office park concept in India with Embassy Golf Links and developed two of the largest 100+ acre IT parks in India Jitendra Virwani – Chairman & MD of Embassy Group ✓ Co-sponsored India’s first REIT with Blackstone, the largest in Asia Pacific in square feet; marquee investor list in the REIT and roster of multinational tenants ✓ Ability to attract blue-chip capital with past partnerships with WeWork, Warburg Pincus (warehousing) and HDFC Real Estate Funds ✓ Strong existing banking relationships with HDFC and other leading financia

Note

(1) Represents 77% economic interest in the project 0.61 0.22 0.27 0.30 0.03 - 1.43 0.43 0.20 0.62 2.05 224 212 77 181 13 3 146 53 78 296 4 - 674 399 424 174 13 - 753 557 423 59 23 3 710 577 1,684 1,817 52 367 419 159 383 542 941 112 833 96 1,053 930 1,130 1,119 2,737 2,747 28 Embassy | Planned Projects Planned Residential Projects Projects Location Saleable Area Net Surplus Embassy Bayview(1) Embassy Residency - Phase 2 Embassy Springs Villa and Town House Embassy Springs Row House Embassy Springs Lakeside Apartments Mumbai Chennai Bengaluru Bengaluru Bengaluru Embassy Springs High Rise Apartments (Phase 2 & 3) (1) Bengaluru Embassy Knowledge Park Bengaluru in Mil. Sq.ft. INR Cr. 0.47 1.42 0.50 0.31 0.39 3.02 3.59 9.53 455 114 282 97 108 1,003 582 2,641 Total Planned Commercial Projects (in Bengaluru) Projects Embassy Knowledge Park Embassy East Business Park(1) Embassy Tech Valley(1) Embassy Springs Commercial Embassy Prism(1) Total Land Area Leasable Area Annual Rent Acres in Mil. S

Note

(1) Embassy has less than 100% economic interest in few of the projects. Above represents only Embassy’s share in the project 29 Indiabulls Real Estate Limited Overview Indiabulls Overview Blu Estate & Club 30 Indiabulls Real Estate | Overview 25 Mn sq ft TOTAL PROJECTS 19 3,353 Acres TOTAL PROJECTS LAND BANK INR 3,094 Cr in SOLD RECEIVABLES ◼ Strong and diverse portfolio spread across Indian geography, with a healthy blend of high-end Tier I and Tier II city inventories ◼ Fully paid for, construction ready land bank of 3,353 acres, including 1,424 acres in Nashik SEZ[1] which is opportunity to benefit from Government initiatives to position India as preferred manufacturing location ◼ One of the strongest residential portfolios among peer-set ◼ Company has completed / near completion inventory worth INR 1,720 cr to address shifting buyer preference towards completed projects with OC ◼ Major upcoming projects strategically located to benefit from infrastructure development (1) IBREL has