Embassy Developments Limited

rs,

February 14, 2022 Scrip Code – 532832 BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI – 400 001 IBREALEST/EQ National Stock Exchange of India Limited “Exchange

10 million

9. 10. Collections – Represents gross collections including taxes & duties 11. CR – Crore, equal to 10 million 12. CSR – Corporate Social Responsibility 13. Calendar year or CY – Period of 12 months commencing

rs 21

mencing on April 1 of a year & ending on March 31 of the next year 20. GCC – Global Capability Centers 21. HR – Human Resources 22. 23. 24. 25. 26. 27. 28. 29. Leasable Area – Area which is earmarked to be

₹25 million

A – Slum Rehabilitation Authority 53. Ultra-luxury Projects – Projects having a ticket size of over ₹25 million 54. US$ - United States Dollar 55. U.S. – United States 56. Vizag – Visakhapatnam 57. VP –Vice Pres

₹1,058

the scheme on Feb 12 ✓NCLT final review & approval order awaited • New Sales(1) of 1.3 msf worth ₹1,058 Cr (9MFY22) vs 1.7 msf worth ₹1,987 Cr (FY21) • New Sales of 0.3 msf worth ₹303 Cr (9MFYY22) vs 0.

₹1,987

eview & approval order awaited • New Sales(1) of 1.3 msf worth ₹1,058 Cr (9MFY22) vs 1.7 msf worth ₹1,987 Cr (FY21) • New Sales of 0.3 msf worth ₹303 Cr (9MFYY22) vs 0.6 msf worth ₹442 Cr (FY21) • Collec

₹303

of 1.3 msf worth ₹1,058 Cr (9MFY22) vs 1.7 msf worth ₹1,987 Cr (FY21) • New Sales of 0.3 msf worth ₹303 Cr (9MFYY22) vs 0.6 msf worth ₹442 Cr (FY21) • Collections(2) of ₹946 Cr (9MFY22) vs ₹2,153 Cr (F

₹442

vs 1.7 msf worth ₹1,987 Cr (FY21) • New Sales of 0.3 msf worth ₹303 Cr (9MFYY22) vs 0.6 msf worth ₹442 Cr (FY21) • Collections(2) of ₹946 Cr (9MFY22) vs ₹2,153 Cr (FY21) • Collections of ₹249 Cr (9MFY

₹946

New Sales of 0.3 msf worth ₹303 Cr (9MFYY22) vs 0.6 msf worth ₹442 Cr (FY21) • Collections(2) of ₹946 Cr (9MFY22) vs ₹2,153 Cr (FY21) • Collections of ₹249 Cr (9MFY22) vs ₹258 Cr (FY21) • Net Debt s

₹2,153

f worth ₹303 Cr (9MFYY22) vs 0.6 msf worth ₹442 Cr (FY21) • Collections(2) of ₹946 Cr (9MFY22) vs ₹2,153 Cr (FY21) • Collections of ₹249 Cr (9MFY22) vs ₹258 Cr (FY21) • Net Debt stood at ₹976 Cr (Dec’21

₹249

f worth ₹442 Cr (FY21) • Collections(2) of ₹946 Cr (9MFY22) vs ₹2,153 Cr (FY21) • Collections of ₹249 Cr (9MFY22) vs ₹258 Cr (FY21) • Net Debt stood at ₹976 Cr (Dec’21) • Net Debt(3) stood at ₹5,407

₹258

1) • Collections(2) of ₹946 Cr (9MFY22) vs ₹2,153 Cr (FY21) • Collections of ₹249 Cr (9MFY22) vs ₹258 Cr (FY21) • Net Debt stood at ₹976 Cr (Dec’21) • Net Debt(3) stood at ₹5,407 Cr (Dec’21) Board &

“► All figures in this presentation are as of December 31, 2021 unless otherwise stated ► Figures has been rounded off to nearest single decimal / integer for ease of presentation ► Area (msf) represents unsold residential saleable area including commercial area sold on strata sale basis / leasable commercial area unless otherwise stated ► The ownership of the Sky Forest project is with IPPL, which is currently owned by certain third parties.”

“Post completion of the IPPL Demerger, IBREL has a right to purchase IPPL (which will then hold only the Sky Forest project) from the current owners of IPPL.”

“There is no assurance that the IPPL Demerger will be completed Further, pursuant to the merger scheme with Embassy, post completion of the IPPL Demerger, IPPL is proposed to be acquired by NAM Opco for a pre-agreed swap.”

“Accordingly, upon giving effect to the merger, the Sky Forest project shall be transferred to IBREL.”

“– Indian Rupees, the legal currency of the Republic of India 9MFY2021 – 9 months ending starting April 1, 2021 to December 31, 2021 AIF – Alternative Investment Fund Anarock Research – Real Estate Industry Report by Anarock Property Consultants Private Limited AUM – Assets under management Average Sales Price / ASP – Average of the sales price at a project for the six months ended December 31, 2021.”

“Financial year or FY – Period of 12 months commencing on April 1 of a year & ending on March 31 of the next year 20.”

“statutory cost) yet to be incurred to complete the project 44.”

“Each project, exclusive of phases is counted as a single project (1) Includes ~0.3 msf near-completed residential inventory of Sky Forest Project in MMR.”

“Refer “Notes” on page 3 for further details on Sky Forest project ownership using 13 Board and Leadership Team K.”

“Going forward, occupier sentiments are expected to improve with relatively higher absorption and stabilized vacancy levels • Office sector has performed well on the back of strong market fundamentals, sustained growth of the IT and ITeS sector with absorption being led by IT companies & Global Captive Centres(GCCs).”

Note

4

Notes

1

Key Terms and Definitions

1

Notes

► All figures in this presentation are as of December 31, 2021 unless otherwise stated ► Figures has been rounded off to nearest single decimal / integer for ease of presentation ► Area (msf) represents unsold residential saleable area including commercial area sold on strata sale basis / leasable commercial area unless otherwise stated ► The ownership of the Sky Forest project is with IPPL, which is currently owned by certain third parties. IPPL also owns certain commercial projects, which are intended to be demerged to another entity pursuant to a scheme of arrangement (which is currently subject to regulatory approvals) (the “IPPL Demerger”). Post completion of the IPPL Demerger, IBREL has a right to purchase IPPL (which will then hold only the Sky Forest project) from the current owners of IPPL. There is no assurance that the IPPL Demerger will be completed Further, pursuant to the merger scheme with Embassy, post completion of the IPPL Demerger, IPPL is proposed to be acquired by

Key Terms and Definitions

1. 2. 3. 4. 5. 6. ₹ / Rs. – Indian Rupees, the legal currency of the Republic of India 9MFY2021 – 9 months ending starting April 1, 2021 to December 31, 2021 AIF – Alternative Investment Fund Anarock Research – Real Estate Industry Report by Anarock Property Consultants Private Limited AUM – Assets under management Average Sales Price / ASP – Average of the sales price at a project for the six months ended December 31, 2021. In case there were no sales in the six months period ended December 31, 2021, ASP refers to the last transacted price BFSI – Banking, Financial Services and Insurance Sector BLR – Bengaluru CCI – Competition Commission of India 7. 8. 9. 10. Collections – Represents gross collections including taxes & duties 11. CR – Crore, equal to 10 million 12. CSR – Corporate Social Responsibility 13. Calendar year or CY – Period of 12 months commencing from January 1 & ending on December 31 14. Dec’21 – As of December 31, 2021 15. Embassy – NAM Estates Pvt Ltd, Embassy One Deve

Note

(1) Source: Anarock Research 5 Key Updates Since Merger Announcement Merger Status Indiabulls Performance Embassy Performance ✓Approval of the Scheme by Board of Directors ✓“No Objection Letters” from Indian Stock Exchanges (post review by SEBI) and CCI ✓ Shareholders approved the scheme on Feb 12 ✓NCLT final review & approval order awaited • New Sales(1) of 1.3 msf worth ₹1,058 Cr (9MFY22) vs 1.7 msf worth ₹1,987 Cr (FY21) • New Sales of 0.3 msf worth ₹303 Cr (9MFYY22) vs 0.6 msf worth ₹442 Cr (FY21) • Collections(2) of ₹946 Cr (9MFY22) vs ₹2,153 Cr (FY21) • Collections of ₹249 Cr (9MFY22) vs ₹258 Cr (FY21) • Net Debt stood at ₹976 Cr (Dec’21) • Net Debt(3) stood at ₹5,407 Cr (Dec’21) Board & Management New Deals Integration • Founder Mr. Sameer Gehlaut resigned; Board & Shareholders approved de-classification as Promoter, subject to regulatory approvals • Induction of new Independent Director & Non- Executive Chairman – Mr. K. G. Krishnamurthy (Former MD & CEO of HDFC Property Ventur

Note

(1) Embassy ONE complex also comprises hotel asset, owned by Embassy REIT 18 Embassy Project Visuals (Cont’d) Embassy Springs, Bengaluru Embassy Pristine, Bengaluru Embassy Boulevard, Bengaluru Embassy Grove, Bengaluru 19 Embassy Project Locations 20 Portfolio Summary Residential Commercial(4) OC / Near Completed msf Ongoing msf Planned msf Blu Estate & Club, Mumbai 0.1 Blu Estate & Club, Mumbai(3) 0.9 Indiabulls Golf City, Savroli 3.8 Mega Mall, Jodhpur Sky Forest, Mumbai(2) 0.3 Indiabulls Park, Panvel 1.2 Silverlake Villas, Alibaug 0.3 One Indiabulls Park, Vadodara Indiabulls Greens, Panvel 0.1 One Indiabulls, Thane 2.1 Centrum, Indore 2.1 Arivali, Panvel Indiabulls Golf City, Savroli Enigma, Gurugram Centrum Park, Gurugram Indiabulls City, Sonepat Indiabulls Sierra, Vizag Sub-Total 1.0 0.1 0.1 0.2 0.1 1.9 One Indiabulls – Sec 104, Gurugram 3.6 Indiabulls One 09 – Sec 109, Gurugram 7.7 6.1 Embassy Grove, BLR 0.3 Embassy ONE, BLR 0.4 Embassy Bayview, Mumbai 0.3 Embassy Prism, BLR Emba

Note

(1) Includes Delhi-NCR, Mumbai Metropolitan Region, Bangalore, Hyderabad, Pune, Chennai and Kolkata 60 45 30 15 0 16 12 8 4 0 Office Market in Top 7 Indian cities(1) 30 24 14.7% 46 40 27 26 28 22 34 30 15.7% 13.9% 13.5% 13.5% 2017 2018 2019 2020 2021 Supply (msf) Net Absorption (msf) Vacancy Office Market in Bangalore 8 7 7 6 3.2% 3.5% 12 8 5.0% 9 8.0% 6 10 8 10.0% 2017 2018 2019 2020 2021 Supply (msf) Net Absorption (msf) Vacancy 18% 16% 14% 12% 16% 12% 8% 4% 0% 25 India Residential Market Overview In CY2021, Indiabulls & Embassy has a presence in the key markets of MMR, NCR & Bengaluru, which contributed 63% of pan-India residential absorption  Existing pipeline of 10.6 msf in MMR, a key core market, with high barriers to entry due to limited land availability, high prices of land and a complex regulatory and approval processes required for developing a project  10.8 msf of potential residential pipeline through incoming assets of Embassy  MMR and NCR, owing to its geographical ex

Note

(1) Indiabulls has 89% Economic Interest 30 ESG Initiatives • Free primary healthcare services provided at doorstep to the of underprivileged urban slums with the assistance of mobile medical vans population • Conducted educational scholarships camps to and awarded eligible students • The company has implemented rain water harvesting across its developments Health - Jan Swasthya Kalyan(JSK) Vahika – Mobile Medical Vans Education – IBF Scholarship Programme Rain Water Harvesting • Solar energy systems are installed as part of our CSR projects undertaken in rural Maharashtra to promote environmental initiatives • Initiatives undertaken by Indiabulls foundation to donate covid relief material association with in Gurugram administration • Organic waste management controls are setup across projects to monitor waste management Solar Energy Systems Covid Care Services Organic Waste Treatment Notes:The ESG Initiatives are done through Indiabulls Foundation 31 Embassy Group Overview Embassy Gro