1. “Rediscovering India ” Global Tracks Manoj Motta – Session Chairman AVP – Inorbit Malls (India) May 22 nd 2007 - Las Vegas

2. 1. Macro Economic Indicators 2. Consumption Forecasts & Consumer Behavioral Trends 3. Responses & Reactions of stake holders a) Retailers/Brands b) Real Estate c) Financial Institutions d) Government 4. SWOT Analysis 5. Changing Landscape 6. Infliction points 7. Summary Presentation scope & flow :

3. everyone wanted Once upon a timeIndia was the land

4. Lush Palaces Majestic Forts Exotic Diamonds Monuments in Gold

5. not to forget snake charmers, elephants & Art forms like kathakali

7. the time has come back Rediscovering “India”

8. It started with the humble IT geek

9. but now the list is endless

10. Express ways, A 380s

11. lifestyle boutiques, trendy fashion, rocking entertainment

14. and of course Malls and of course Malls

17. MALL has always been an Indian word – it means “ Material”. And is used vividly to describe good business, good thinking.

18. all this is fueled by

19. they are the heroes of today they are the heroes of today

20. Educated Demanding Assertive And wanting more They have ideas Opportunities This is the NEW INDIA

21. now let’s get into the heart of the matter

22. 1. Macro Economic Indicators 1. Macro Economic Indicators

23. Macro Economic Indicators - India

24. Improving macro economic variables… GDP Growth Rate (%) Years Average growth of 6% since 1998 Inflation has remained at 5-6% range Source : Business World, Marketing White Book – 2003 & 2005  4th largest economy in the world in terms of purchasing power parity  2nd largest economy in terms of population  Amongst the top 10 GDP generators in the world  Global outsourcing hub – More than 200 of Fortune 500 companies use Information Technology (“IT”) services from India Macro Economic Indicators - India (Continued)

25. India is achieving self sufficiency – generating disposable surpluses Forex

26. The Global Retail Development Index (GRDI)

27. GRDI 2006 market attractiveness

28. Most Attractive Developing markets for retail by region

29. Window of opportunity analysis (based on GRDI Rankings for 1995 -2006)

30. Formats and timing patterns (based on GRDI ranking for 2004 – 2006)

31. Consumer Behavioral Trends 2. Consumption Forecasts Consumer Behavioral Trends

32.  Retail market is estimated at approximately US$ 250 billion (2005), is already one of the ten largest retail markets in the world. A.T. Kearney’s Global Retail Development Index 2005 suggests that the Indian retail market has the largest growth potential of worldwide retail markets. The study forecasts an annual growth in turnover of around 10% in the next few years. Such growth trends present immense opportunities in the retail real estate segment.  12 million retail stores resulting in the highest number of per capita retail outlets in the world  Organized retail currently accounts for only 2-3% of the retail market in India (compared to up to 17% in China), but the sector is undergoing structural change, with leading domestic retailers such as Pantaloon, Shopper Stops,Westside and Big Bazaar going through rapid growth, format migration and consolidation. Retail consultancy KSA Technopak forecast that the share of organized retail will rise to 10-12% by 2010. This represents huge opportunity for prospective new players. Contribution from Organized Retail Years taken growing from <5% to current market share  The adjoining chart shows the number of years taken by organized retail in some of the developing economies to grow from < 5% to the current market share. The economies have taken anywhere between 8 – 15 years to reach the current levels.  More than 90% of the outlets in India are less than 250 sq ft Percentage of Outlets by Square feet Source: Chain Store Age, KSA Technopak, CLSA Overview of the Retail Market in India. Source: HSBC Jumbo Retailing, May 2005

33.  35% of the population under 14 years  Median age of population is just 24 years  More than 60% of the population would be in the working age (15-60) till 2050 Shifting Age Profiles Source : Business World, Marketing White Book – 2003 & 2005 35.5% 32.6% 29.6% 27.1% 58.2% 60.4% 62.5% 64.0% 6.3% 7.0% 7.9% 8.9% Y2001Y2006FY2011FY2016F 0- 14 yrs 60 & above 15-59 yrs Demographics

34. 1.Rising per capita GDP since 1997 Per Capita GDP in US $ (at constant prices) growth has been particularly high at 12.7 % p.a. during the period 2002-2004 at back of a robust and booming economy. NSSO’s survey indicates that people living below the poverty line declined during the period 1997-78 and 1999-2000 from 51% to 26% respectively (from 329 m to 260 m in absolute terms) Literacy Rate 1950- 51 1960- 61 1970- 71 1980- 81 1990- 91 2000- 01 Male27%40%46%56%64%76% Female9%15%22%30%39%54% Total18%28%34%44%52%65% 2. Increased literacy among masses Education cess of 2% is being charged on all direct and indirect Central taxes. The proceeds of the cess are channeled into the “Prathmik Shiksha Kosh” maintained by the Ministry of HRD & are available for basic education and Mid Day Meal Scheme. Higher education system in India is very robust and one of the largest in the world with:  259 Institutions  10,750 Colleges  8 million Students  4,00,000 Teachers Improved Literacy Rate Source: Planning Commission, Ministry of Health and Welfare Improving socio economic profile

35. Life Expectancy1950-511960-611970-711980-811990-912000-01 Male334246515964 Female324145505967 Infant Mortality Rate (per 1000 births) 1461108063 3. Healthcare The expenditure on healthcare was around 5.1% of total government expenditure in 2005-06 Diseases like malaria, leprosy and polio have been tackled effectively and their incidence is now minimal Source: Planning Commission, Ministry of Health and Welfare Life Expectancy has gone up indicating better welfare Improving socio economic profile… (2)

36. Consumption Forecasts

37. Demographic Changes Kids become more demanding Willingness to experiment Changing Consumer Behavior Lifestyle branding Increase in no. of working women More Nuclear families

38. Note: The above categories account for 80% of consumer spending In View Of The Rapidly Expanding Spend Categories… 1.Food and Grocery 2.Clothing 3.Footwear 4.Consumer durables 5.Home linen 6.Movies and theatre 7.Eating out 1991 1.Food and Grocery 2.Clothing 3.Footwear 4.Consumer durables 5.Expenditure on DVDs and VCDs 6.Home linen 7.Home accessories 8.Accessories 9.Gifts 10.Take-away/ Pre cooked / RTE meals 11.Movies and theatre 12.Eating out 13.Entertainment parks 14.Mobile phones and service 15.Household help 16.Travel packages 17.Club membership 18.Computer Peripheral & Internet Usage 2005 1.Food and Grocery 2.Clothing 3.Footwear 4.Consumer durables 5.Expenditure on DVDs and VCDs 6.Home linen 7.Home accessories 8.Accessories 9.Gifts 10.Take-away/ Pre cooked / RTE meals 11.Movies and theatre 12.Eating out 13.Entertainment parks 14.Mobile phones and service 15.Household help 16.Travel packages 17.Club membership 18.Computer Peripheral & Internet Usage 19.??? 20.??? 21.??? 22.??? 2012 Source : Technopak

39. Organized retailing is set to enter a high growth stage Expected Trends  With less than 300 fully operational malls in India, Indian Retail Sector by 2006-07 is expected to have 330 malls, shopping centres and multiplexes under construction. It is also estimated to open 35 hypermarkets, 325 large department stores, 1500 supermarkets and over 10000 new outlets.  Though, pan-India organized retail penetration is at 2.5%, there are several categories that have organized retail penetration of more than 10%. First among them is the footwear, which has a 22% organized retail penetration. Following the footwear is Apparels and clothing with a retail penetration of 12% and Books and Music with 9% penetration. The government could further liberalise. The Real Estate sector would witness a major fillip with the opening up of FDI in retail The total retail space in India is set to grow 181 % from 32 million sq ft as of August 2005 to 90 million sq ft by 2007, according to a report ‘Malls of India’ released by Images Multimedia at the India Retail Forum. The organised retail industry is growing at an average of 30 % per annum and by 2010 is expected to stand at $ 24 billion, around 10 % of the estimated size of the overall retail industry, the report said. It is also expected that at least two or three of the Indian players would have crossed the $1 billion mark by then. Earlier Regime Future Expectations Present Regime No Foreign Investment allowed 100% FDI in single brandFDI*Regime * These rules are only pertaining to area limit. For details of FDI rules, refer to FDI slide in Real estate Overview Section 100 % automatic FDI in All retail formats Rationalization in Custom Duties

40. a. Retailers & Marketers 3. Response of Stake Holders

41. Evolution of Indian Retail Environment Exclusive Brand Outlets Hyper/Super Markets Department Stores Shopping Malls Shopping Experience/Efficiency Modern Formats/ International Weekly Markets Village Fairs Melas Source of Entertainment Historic/Rural Reach Convenience Stores Mom and Pop/Kiranas Neighborhood Stores/Convenience Traditional/Pervasive Reach PDS Outlets Khadi Stores Cooperatives Availability/ Low Costs / Distribution Government Supported

42. From “Street Smart” Locations & Bazaars… Retailers Response

43. To well attended “High Streets” Retailers’ Response

44. To well attended “High Streets” Retailers’ Response

45. Retailers Response cont…

47. 3. Response of ‘Stake Holders’ b. Real Estate

48. Real Estate Overview FORWARD LINKAGES BACKWARD LINKAGES Size and Growth: The size of the Indian real estate industry is estimated to be at approx. US$ 14 billion, with housing, construction and real estate services growing at a CAGR of 14.6% during the period 1993-94 to 2005-06. High Contribution to GDP: Real estate forms one of the key components of economy and the contribution of real estate services, housing and construction sector to the economy is ~14% (2004-05). Multiplier Effect: Established significant linkages with other sectors and an estimated 250 associated industries apart from the considerable multiplier effect it has on the economy as a whole. Importance for Indian Economy: Survey by ICRA highlights that Construction ranks third amongst 14 major industries in terms of direct, indirect & induced effect on all sectors of the economy. Real Estate Hospitality Commercial Residential Retail Warehouses/ logistics Office Space IT/ ITES Others REAL ESTATE/ CONSTRUCTION Steel Paints/ Chemicals Heavy Engineering Equipments Brick/ Tiles Electronics (Equipments, Raw Materials – Copper & Aluminum) Cement Core Industries Transportation/ Logistics Service Labour Direct Labour Services Financial Services

49. Overview of Mall Development in India  Modern malls made their entry into India in the late 1990s, with the establishment of Crossroads in Mumbai and Ansals Plaza in Delhi. By early 2001, several mall projects were announced.  The first targets were the major metros like Mumbai, Delhi, Hyderabad, Chennai, Bangalore and Kolkata.  The growth in the retailing sector was focused on Major Metro cities only, the retailer focus has gradually broadened to include cities such as Nagpur, Indore, Jaipur, Chandigarh, Lucknow and Kochi.  Key drivers of mall activity remain apparels and the food and beverages (F&B) sectors.  On the basis of announced projects by year 2007, the North zone will account for 39 per cent share of the total mall space in India followed by the West zone accounting for 33 per cent share, the South zone with 18 per cent share and the remaining 10 per cent  While NCR will remain the hub of all mall activity in India over the next couple years, cornering approximately 35 per cent share of total mall space, the share of Mumbai is likely to get reduced, mainly on account of shortage of available space to expand further.  In the southern region, Bangalore followed by Hyderabad and Chennai will have the maximum mall space. By 2007, Bangalore will have approximately 12 per cent of the total mall space in the country.  The viability of setting up mall in particular location can only be assessed through a detailed study of each location. Distribution of retail space - 2007 Source: Images Retail, Knight Frank

50. Total No. of Malls proposed in India* : 558 Total B/U area of Malls in India* : 123 Mn *Note: The number of Malls and B/U area above stated are from 11 states only INDIA State-wise Malls NCR, 115 Malls 19.0 Mn Maharashtra, 251 Malls 54.35 Mn Punjab, 33 Malls 11.45 Mn Rajasthan, 5 Malls 1.20 Mn Gujarat, 24 Malls 7.10 Mn Madhya Pradesh, Malls, 4.45 Mn Karnataka, 23 Malls, 6.90 Mn AP, 26 Malls 4.73 Mn Tamilnadu, 23 Malls 3.34 Mn W. Bengal, 25 Malls 5.80 Mn Kerala, 25 Malls 4.47 Mn

51. Total No. of Malls proposed in India* : 558 Total B/U area of Malls in India* : 123 Mn *Note: The number of Malls and B/U area above stated are from 11 states only INDIA City-wise Malls Gr.Mumbai (104) 20.74 Mn sft Thane (22) 6.36 Mn sft Kalyan (3) 0.85 Mn sft Pune (68) 13.93 Mn sft Navi Mumbai (18) 5.21 Mn sft Nasik (3) 0.82 Mn sft Aurangabad (10) 1.71 Mn sft Nagpur (5) 1.03 Mn sft B’lore (15) 6.03 Mn sft Mysore (8) 0.86 Mn sft Calicut (10) 1.29 Mn sft Kochin (15) 3.18 Mn sft Chennai (23) 3.34 Mn sft Hyderabad (18) 3.33 Mn sft Secunderabad (4) 0.75 Mn sft Vijayawada (4) 0.67 Mn sft Ahmedabad (8) 2.69 Mn sft Vadodara (9) 2.62 Mn sft Surat (6) 1.66 Mn sft Rajkot (1) 0.12 Mn sft Bhopal (1) 1.0 Mn sft Indore (6) 2.68 Mn sft Jaipur (2) 0.2 Mn sft Udaipur (2) 1.0 Mn sft Jodhpur (1) 0.15 Mn sft Kolkotta (25) 5.78 Mn sft` New Delhi (49) 10 Mn sft Noida (14) 4.9 Mn sft Gurgaon (28) 5.3 Mn sft Ghaziabad (12) 2.30 Mn sft Faridabad (12) 2.40 Mn sft ` Amritsar (5) 1.35 Mn sft Ludhiana (13) 5.25 Mn sft Jalandhar (5) 1.04 Mn sft Chandigarh/Mohali (8) 3.6 Mn sft

52. Response - Real Estate

53. Response of Stake holders c. Financial Institutions

54. Indicative List of Funds ( Based on India Plans Announced ) FundCorpus ( USD mn )Target Segments Oak Investment partners5800Retail start ups Blackstone Group1000Commercial and Residential Carlyle 500-750Commercial and Residential GE-Ascendas Fund500IT Parks Trikona Capital Group's Trinity Capital Fund450Real Estate & Infrastructure Infrastructure Leasing & Financial Services Realty Fund502Equity-linked instruments of real estate companies Och Ziff400Residential Property Development ICICI Ventures (India Advantage Fund III)300Office, Residential & Retail Property Development Santa Fe300Infrastructure and housing development Rreef/DB Real Estate, a unit of Deutsche Bank AG300Housing JM Morgan Stanley300Tier I, II and III city development Walton Street300Residential Property Development Kotak Mahindra Realty Fund300Retail, Hotels, Hospitals American International Group 250 -300Residential Townships Horizon International Fund (Pantaloons)263Areas of more than 50,000 sq ft Ascendas IT Park Fund230IT Parks Siachen fund ( Equity Fund )100Luxury Apartment Development

55. Response of Stake Holders d. Government

56. Government’s response Central Statistical Organisation CSO Setting up Regulatory & Information Dissemination Framework… enabling growth

57. India-Rate of Urbanization (1971-2011) Source : Census of India Improving urbanization levels… 198119912001 Population growth (decennial) 24.7%23.8%21.3% Urban population (% to total) 23.3%25.7%33.4% % of urban population in Class I cities 60.4%65.2%73.7%  Urban population has grown by 31% against 18% in rural areas for the period 1991 – 2001  According to Census of India 2001 estimates, 41% of the total population of India will be living in urban areas by 2011. The number of cities with one million plus population is also expected to double from 35 in 2001 to 70 cities by 2025  13 cities have population in excess of 2 million  35% of Indian population live in urban centres, the target market for organized retail  Top 10 centres account for 88% of the retail spending in India against 100% 5 years back

58. and infrastructure growing… Ports  Road Development Plan – Vision 2021 of Indian Road Congress, estimates road development of around 242,000 Kms by 2011 with an estimated investment of 60 bn USD Roads & Highways Sector  Plans to develop 100% of National Highways, 50% of State Highways and around 20% of Major District Roads by 2011  Estimated investment in NHDP – Rs 540 Bn, Pradhan Mantri Gram Sadak Yogana – Rs 600 bn, State Highways and non-NHDP - Balance Aviation Industry  Huge traffic growth demands strong airport infrastructure. Worldwide air traffic will grow at an annualized rate of 5% that is double every 14 years. India air traffic to grow faster than the average on the back of strong GDP growth  Proposed Investment = Rs 136 Bn  Privatization of ports has gathered momentum. The sector is likely to attract 100-120 bn over the next couple of years  Sagarmala Maritime project – Planned outlay of Rs 1090 bn  Proposed outlay for 10 th plan Rs 163 bn

59.  Indian Rail network of 63000 km is the world’s second largest under a single management. Network growth has been slow Railways  Proposed investment (modernization + National Rail Vikas Yojana) = Rs 320 bn  Total track renewal targeted to be achieved by the end of tenth five year plan is 34,990 km  Indian Railways have created a Rs. 170 bn non-lapsable Special Railway Safety Fund (SRSF), to be invested over the next five years.  Rs. 120 bn comes from a budgetary grant  Rs. 50 bn through a surcharge on rail fares  India has a total installed power generation capacity 105000 MW. The growth in generation capacity has lagged behind demand for power. Power  The power sector is poised for fresh investments of about Rs 1717 bn over the next 6-7 years.  Annual Power deficit of 7.3% observed in previous years  The government’s programme “ Power for All by 2012” aims to close this gap

60. 4. SWOT Analysis

61. SWOT – Real Estate Industry  Strengths  Development primarily based on strong realistic demand with limited speculative activity  Among the highest yield in the region and globally  Robust and well developed financial market and system that can tap into RE anytime  Demonstrated political ‘will’ to take RE to the future  Relaxation of FDI  Repeal of laws  Weaknesses  Certain archaic laws continue to exist  ULCRA still to be repealed by certain states, unclear titles, high property tax & stamp duties which differ across states  High transaction cost and need for greater transparency  Still largely an unorganized market with dominance of independent local level developers  Opportunities  Has strong demand drivers going forward – IT-ITES, tourism, increasing consumerism, industrial manufacturing outsourcing etc.  Institutional participation is just opening up  REIT/REMF  Overseas investors are sold on the ‘India’ story and India “RE story” – eg. Ishaan,Hirco etc in overseas markets  Threats  The fast pace of development may not be sustainable for a long term period  Pace of infrastructure not consistent with real estate development pace which may lead to a bottleneck going forward  Yields not keeping pace with the increase in capital values

62. Key Challenges… Large geographic Area Infrastructure Constraints Distribution costs Fragmented Market Lack of Distribution networks Lack of distribution hub Source: KPMG Consumer Markets Survey (% respondents who chose) 59 46 44 42 32 Key challenges in the Indian retail market

63. Though India’s improvement from low transparency to semi-transparency is worthwhile mentioning, It’s a long way before there is availability of market information, improving general accounting and reporting processes, and substantial improvement among market participants, legal process that relate to contract enforcement and legal relief. Transparency International - Asia Tier 1 – Highly Transparent Tier 2 – Transparent Tier 3 – Semi Transparent Tier 4 – Low Transparency Tier 5 - Opaque Australia New Zealand Hong Kong Singapore Malaysia Japan Taiwan South Korea The Philippines Thailand India The People’s Republic of China Macua Indonesia Vietnam Australia New Zealand Hong Kong Singapore Japan Taiwan South Korea The Philippines Thailand The People’s Republic of China India Indonesia Vietnam Source: JLL Global Real Estate Transparency Real Estate Transparency Index 20062004

64. A score of 10 indicates a perception of no corruption, while 0 means corruption is seen as rampant. Bribe Payers Index 2006 Source: Transparency International

65. Source: Jones Lang LaSalle, LaSalle Investment Management Denotes a country moved up one tier from 2004 Denotes a slight improvement in transparency Denotes a moderate improvement in transparency Denotes a significant improvement in transparency 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 29 24 25 28 30 27 34 Na 31 32 38 35 37 Na 36 40 41 Mexico Czech Republic Hungary Poland Israel Taiwan South Korea Slovakia Chile Greece *Russia Philippines *Brazil *Slovenia Thailand Argentina *India 2.51 2.69 2.76 2.86 2.88 2.99 3.11 3.13 3.22 3.30 3.31 3.35 3.40 3.41 3.46 3333333333333333333333333333333333 3 na 3 4 3 4 na 3 4 na no change na 06 04Country Score 1-5 06 04 Tier 06 Tier Transparency change Global Real Estate Transparency Index - 2006

66. 5. Changing Urban Landscape Case Study – Pune, Maharashtra

67. India Map Map Source: www.mapsofindia.com Pune Map Pune Location - Map Maharashtra Map

68. Pune is situated near the Western margin of the Deccan Plateau. It lies on the leeward side of the Sahyadri ranges and Western Ghats, at the confluence of Mula and Mutha rivers. Two more rivers, Pavana and Indrayani traverse the Northwestern outskirts of the urban area Altitude: 560 m Above Mean Sea Level. Latitude: 18°32' North Longitude: 72° 51' East Area: 430 km² Climate Winter Temperature: 15 to 25 °C Summer Temperature: 35 to 39°C Rainfall (mid-June to mid-September): 722 mm Lowest Recorded Temperature: 1.3 °C Highest Recorded Temperature: 43.3 °C Geography – Pune - Maharashtra

69. Early 8 th Century AD Developments (Kasbe Pune) Khadki Cantonment during 1860 Pune Cantonment Formation of Pune Municipal Corporation in 1950 Areas developed such as Koregaon Park etc. Fringe Developments along Kothrude, Nagar road, Warje, Karve Road, Pimpri chichwad and Aundh City Urbanscape Growth - Pune - Maharashtra

70. Urban Fabric-Past - Pune - Maharashtra

71. Urban Fabric-Present – Pune - Maharashtra

73. 6. Infliction points

74. Inflection Points Favorable long-term demographics Source: Bric Report Source: DB research Age 2001000 200 (millions) 55+ 54- 35-44 25-34 15-24 5-14 0- 20012013 Population Age 2001000 200 (millions) 55+ 54- 35-44 25-34 15-24 5-14 0- 20012013 Population

75. Consumption Forecasts

76. Significant job creation in ITES sector Country20032004 Australia1,35,0001,46,000 India96,0001,58,000 China38,00054,000 Philippines20,00040,000 New Zealand 12,00013,500 Thailand11,00013,000 Singapore10,00010,100 Number of Seats in call centers Percentage Share in GDP Source: RBI, DB Research Source: Industry Interaction Growth of Services Sector…

77. Real Estate Demand Drivers – Growth Spurt in IT & ITES Industry Source: Nasscom Preferred Destination: India has emerged as the preferred destination for IT enabled services and is the global hub for outsourcing activities i.e. back office/ support functions, Business Process Outsourcing (BPO) or Knowledge Process Outsourcing (KPO). Size & Growth: The IT and ITES industry has witnessed a CAGR of 28% over the last five years (adjacent graph) and is expected to grow at a CAGR of 32% (2003-12) from US$ 12 billion to US$ 148 billion by 2012 Main Occupier of Office Space: The industry is the predominant occupier of office space in the country accounting for close to 80% of all office space absorption currently Future Requirements: The total requirement from IT & ITES industry for next 4-5 years expected to be about 100 – 150 million sq ft i.e. 25 - 30 million sq ft annually as against an absorption of about 14 million sq ft in 2004 GROWTH OF IT & ITES INDUSTRY 1. 2. 3. 4.

78. Real Estate Demand Drivers – Growth of Tourism Industry Source: Ministry of Tourism High Growth: India recorded a growth of 20.2% in foreign exchange earnings from tourism in the year 2005 with total receipts at US$ 5731 million and US$ 3514 million till July 2006.The influx of tourists is at a high with a record 3.8 million tourists arrivals in the country in 2005. Potential for being a Leading Tourist Destination: By 2020, India is expected to be a leading tourist destination in South Asia with more than 8 million tourist arrivals Fueling Growth of Hotel Segment: Fast paced growth of the tourism industry in India, would fuel the Hotel Segment of the real estate industry GROWTH OF TOURISM INDUSTRY

79. From To Infliction Points

80. While the mystery continues to unfold….

81. there we are at the wonder once again

82. One need not look hard enough to realize it’s all being made here right now, as I speak

83. It’s time to be part of that wonderful unfoldment

84. Welcome to India!

85. Inorbit Malad Operational since 2003 BUA=510,000 SFT/ Carpet=360,000 SFT Inorbit Vashi Trading Date 15 th March 2008 BUA=550,000 SFT/ Carpet=350,000 SFT Inorbit Cyberabad Trading Date 15 th November 2008 BUA=690,000 SFT/ Carpet=470,000 SFT Inorbit Village Pocharam Trading Date 1st March 2008 BUA=360,000 SFT/ Carpet=320,000 SFT Inorbit Lifestyle Vijaywada Trading Date 1 st December 2008 BUA=430,000 SFT/ Carpet=300,000 SFT Inorbit Village Verna-Goa Trading Date 1 st July 2009 BUA=500,000 SFT/ Carpet=400,000 SFT Inorbit Pune Trading Date 1 st August 2009 BUA=510,000 SFT/ Carpet=310,000 SFT Inorbit Chennai Trading Date 1 st Feb 2010 Under planning Inorbit Makarpura, Baroda Trading Date 15 th March 2010 BUA=700,000 SFT/ Carpet=500,000 SFT Inorbit Whitefield, Bangalore Trading Date 15 th July 2010 BUA=280,000 SFT/ Carpet=190,000 SFT Inorbit Indore Trading Date 1 st March 2010 BUA=450,000 SFT/ Carpet=280,000 SFT Inorbit Lifestyle,Vadodara Trading Date 1 st Sept ember- 2009 BUA=400,000 SFT/ Carpet=300,000 SFT Inorbit Trading Date 2011 Koba-Ahmedabad, Kadamba-Goa,and Airoli Inorbit’s Future Development Plan and Phasing

86. Thank you manoj.motta@inorbit.in mmotta@kraheja.com Manoj Motta

87. India would have 160 million families in the consuming class  Target market for organized retail Historic trend in household income levels have been positive  Negative growth in ‘destitutes’  Consuming class has grown by 14%  Super Rich’ segment has doubled Disposable Income has grown at 11% Source: The Marketing White Book, Business World – 2003, 2005 Source: National Income Statistics – October 2004 Real Estate Demand Drivers – Large and Growing Consumer Class 0 100 200 300 400 500 600 FY98FY99FY00FY01FY02FY03FY04 Personal Disposable Income (US$ bn.) 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% Y-o-Y growth (%) 1. 2.