Real Estate OBEROI REALTY LTD. OUTLOOK & VALUATION KEY FINANCIALS. Initiating Coverage

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OBEROI REALTY LTD. ACCUMULATE MEDIUM RISK PRICE Rs.251 TARGET Rs.298 Real Estate SHARE HOLDING (%) Promoters 78.5 FII 18.9 FI / MF 1.0 Body Corporates 0.5 Public & Others 1.1 STOCK DATA Bloomberg Code Reuters Code NSE Symbol BSE Code Market Capitalization* Shares Outstanding* OBER IN OEBO.BO OBEROIRLTY 533273 Rs.82386.2 mn US$ 1868.2 mn 328.2mn 52 Weeks (H/L) Rs. 307 /210 Avg. Daily Volume (6m) Price Performance (%) 3063.91Shares 1M 3M 6M 5 1 (11) *On fully diluted equity shares Initiating Coverage STRENGTH : Huge Project Pipeline, Strong Brand Image, Quality Land Bank, Focus on Execution, Consistent Cash-flows from Annuity Business, Strong Balance Sheet, Robust Return Ratios WEAKNESS : Exposed to one main city - Mumbai. OPPORTUNITIES: Huge demand for residential housing in India. THREAT : Rise in Interest Rate, Slowdown in Real Estate. Quality Land Bank provides strong revenue visibility Oberoi Realty, a renowned Mumbai based real estate player focused on premium developments has total land bank of 21.5 MSF. Approximately 93% of the developable area (19.8MSF) is located in some of the prime locations of Mumbai like Worli, Andheri and Goregaon. Out of this total developable area, 28% is of Investment property (Lease Model) and 72% is Development property. The company is currently working on 9.88 MSF of area for immediate development which would likely be completed in the next 4-5 years, enabling the revenue to grow at a CAGR of 43% till FY13. Robust Cash flow backed by Annuity stream The company follows a lease model for a portion of its commercial and retail properties which are classified as Investment properties by the company to generate stable stream of cash flow to better manage cyclical risks. Oberoi realty has off-lately completed one Commercial, Retail and Hotel project having an occupancy level of 77%, 91% and 62% respectively as of 9MFY11. These three projects collectively have contributed 17% of revenue to the company as of 9MFY11. Further the company has plans to develop 5.5MSF of area under lease model of which 2.6MSF is for immediate development. Keeping in mind the ongoing projects its revenue from the rental and hospitality projects is likely to grow at a CAGR of 41% for the next 3 years to ~Rs.2349Mn. Commendable Financials Oberoi Realty has a strong and experienced management that has enabled the company to adapt to the changing market conditions in a focused and constructive manner. The company has delivered a Revenue and PAT CAGR of 76% and 90.3% respectively in the last four years with strong profitability margins of 59.6% and 58.4% at operating and net level respectively. The company has strong balance sheet with zero debt and a cash surplus of Rs.15777 mn (cash and cash equivalents) 19% of MCAP. ANALYST Ishpreet Batra +91 22 4093 5091 ishpreet.batra@sushilfinance.com SALES: Devang Shah +91 22 4093 6060/61 devang.shah@sushilfinance.com Nishit Shah +91 22 4093 5074 nishit.shah@sushilfinance.com OUTLOOK & VALUATION Oberoi Realty a well known brand in the Mumbai based Real Estate market has delivered a Revenue and PAT CAGR of 76% and 90.3% respectively in the last four years. It has a huge land bank of 21.5 MSF which would enable its revenue to grow at a CAGR of 43% for the next three years. It maintains a fine balance of assets for - sale and lease to enable it to achieve steady and visible cash flow and better manage cyclical risks. As of 9MFY11 the company s lease and hospitality projects have contributed 17% to its revenue. Its revenue from the rental and hospitality projects is likely to grow at a CAGR of 41% for the next 3 years to ~Rs.2349 Mn by FY13. It has a strong balance sheet with zero debt and cash surplus of Rs.15777 mn. The company also has superior return ratios as compared to the peer group companies ROE of 28.1% and ROCE of 27.6% as of FY10. Thus considering the growth potential, quality land bank, pricing power amidst premium brands and strong balance sheet we recommend an ACCUMULATE on the stock with a NAV based target price of Rs.298. KEY FINANCIALS Y/E Mar. Revenue (Rs mn) APAT (Rs mn) AEPS (Rs) AEPS (% Ch.) P/E (x) ROCE (%) ROE (%) P/BV (x) FY10 7836.5 4576.2 15.6-16.0 27.6 28.1 4.0 FY11E 10923.5 5487.1 16.7 6.9% 15.0 24.1 21.1 2.4 FY12E 15433.5 6795.2 20.7 23.8% 12.1 23.8 18.5 2.1 Please refer to important disclosures at the end of the report Sushil Financial Services Private Limited Office : 12, Homji Street, Fort, Mumbai 400 001. For private Circulation Only. Member : BSEL, SEBI Regn.No. INB/F010982338 NSEIL, SEBI Regn.No.INB/F230607435. Phone: +91 22 40936000 Fax: +91 22 22665758 Email : info@sushilfinance.com

COMPANY OVERVIEW Oberoi Realty since inception has evolved into a real estate developer with focus on premium developments in Mumbai. The Promoter Mr.Vikas Oberoi and group have completed 34 projects in the past covering ~5MSF of saleable area across the Mumbai city. On the back of quality construction, timely execution and strong brand image the company commands a premium for its projects. It has a diversified portfolio of Completed, Ongoing and Planned projects in Multi-segment developments. It covers key segments of the real estate market like(i) Residential (ii) Commercial (iii)retail (iv) Hospitality and (v) Social Infrastructure. Oberoi Realty Residential Commercial Retail Hospitality Social Infrastructure Sale Sale/Lease Sale/Lease Owned Lease The Company follows a robust business model which would help the company face the vagaries of the real estate market. The company follows an outright sales model for its residential projects, a lease model for its commercial, retail and social infrastructure projects. The Company was incorporated as Kingston Properties Private Limited on May, 1998. The name of the Company was changed to Oberoi Realty Private Limited on October, 2009, and was further changed to Oberoi Realty Limited on December, 2009. The Promoter and Promoter Group have been developing real estate since 1983, initially as a proprietorship firm and, since 1993, through various project-specific entities. The following diagram illustrates the corporate structure of Oberoi Realty: 2

Oberoi Realty Ltd. Oberoi Const.Pvt. Ltd Oberoi Mall Pvt. Ltd. Kingston Property Services Pvt. Ltd. Sangam City Pvt. Ltd. Kingston Hosp. & Dev. Pvt Ltd Expression Pvt. Ltd Triumph Pvt Ltd. (100%) (100%) (100%) (31.7%) (100%) (100%) (100%) Siddhivinayak Realities Pvt. Ltd (50%) Perspective Realty Pvt. Ltd. (100%) The following table identifies which of the development sites are being or will be developed by each ofthe entities or joint ventures as identified in the above diagram: Entity/ Joint Venture Oberoi Realty Oberoi Mall Pvt. Ltd. Oberoi Constructions Pvt. Ltd. Oasis Realty Siddhivinayak Realties Pvt. Ltd. Sangam City Township Pvt. Ltd. Development Project Oberoi Garden City, Goregaon, Mumbai Oberoi Mall, Oberoi Garden City, Goregaon, Mumbai Oberoi Splendor, Andheri- East, Mumbai Oberoi Exotica, Mulund-West, Mumbai Oasis Realty, Worli, Mubai Juhu Hotel, Juhu, Mumbai Sangam City, Sangamwadi, Pune Outsourcing - The company has been following an outsourcing model for construction since 2003 which gives it scalability and emphasizes contemporary design and quality construction. It has strong and long-standing relationships with external service providers such as architects, landscape planners and contractors. This allows the company to work with several international architects, such as SCDA Architects, Singapore and Bentel and Associates, South Africa, and with domestic contractors such as Larsen &Toubro Limited that provides it with innovative design capabilities and quality construction. The outsourcing model enables it to leverage the expertise of its service providers and also enables its management to focus on other aspects of the business. 3

INVESTMENT ARGUMENTS Quality Land Bank provides strong revenue visibility Oberoi Realty, a renowned Mumbai based real estate player focused on premium developments has total land bank of 21.5 MSF. The company continues to have residential development as its main segment; however it has a presence in all the verticals of real estate development as shown in the diagram below Development Across Verticals Residential = 12.2MSF Commercial = 4.4MSF Retail = 1MSF Hotel = 1.9MSF Social Infrastructure = 2 MSF Ongoing - 5.9MSF Planned - 6.4MSF Completed- 0.4 MSF Ongoing - 3.7 MSF Planned - 0.4 MSF Completed- 0.6 MSF Ongoing - 0.1 MSF Planned - 0.3 MSF Completed- 0.4 MSF Ongoing - 0.2 MSF Planned - 1.3 MSF Completed- 0.3 MSF Ongoing - NA Planned - 1.7 MSF The company has 12.2MSF of area under development for Residential segment with 5.9 MSF of area for immediate development. Approximately 93% of the developable area (19.8MSF) is located in some of the prime locations of Mumbai like Worli, Andheri, Goregaon and Mulund. City-wise break-up Area-wise break-up in Mumbai Mumb ai 93% Andh eri-(e) 17% Goreg aon- (E) 47% Pune 7% Juhu 7% Mulu nd- (W) 17% Worli 12% In Mumbai the Goregaon project accounts for ~47% of the land, followed by 17% in Andheri, 17% in Mulund, 12% in Worli and 7% in Juhu. 4

On the back of strong management experience and vision, the average land cost for the company for its three major Mumbai projects accounting for 81% (Goregaon 47%, Andheri 17%, Mulund 17%) of the total land in Mumbai comes to ~Rs.247/SF. Project Seller Area Area Considerati Cost/SF (Acres) (MSF) on (Rs.Mn) Oberoi Garden City Novartis 83.88 11.17 1067.76 95.56 - Goregaon Oberoi Splendor - Madhu Fantasy 24.47 3.13 1060.00 338.77 Andheri Oberoi Exotica - GlaxoSmithKline 18.80 3.20 2210.00 690.63 Mulund The company is currently working on 9.88 MSF of area for immediate development which would likely be completed in the next 4-5 years. Project Location Project Type Area (MSF) Revenue Estimate * (Rs.Mn) Revenue Recognized ***(Rs.Mn) Maxima Oasis Commercial Worli Commercial 0.24 2543.0 - Oasis Retail Worli Retail 0.12 1271.5 - Sub-Total 7.28 84083.4 14007.2 Investment Property ** Commerz II Phase I Development Property Oberoi Splendor Andheri-(E) Residential 1.28 14582.3 11852.7 Oberoi Splendor Andheri-(E) Residential 0.28 3605.8 - Grande Oberoi Exquisite I Goregaon- Residential 1.45 16652.5 2154.5 (E) Oberoi Exquisite II Goregaon- Residential 1.33 15771.9 - (E) Oasis Residential Worli Residential 1.54 17807.1 - Oberoi Splendor Andheri-(E) Commercial 0.71 8183.1 - Prisma Oberoi Splendor Andheri-(E) Commercial 0.32 3666.2 - Goregaon- Commercial 0.73 (E) Commerz II Phase II Goregaon- Commercial 1.66 (E) Oasis Hotel Worli Hospitality 0.22 Sub-Total 2.60 Total 9.88 *Revenue Estimates based on our sales realization assumptions ** Investment property to generate rental income ***Revenue Recognized till 9MFY11 5

The company is thus likely to witness a revenue inflow of Rs.84083.4Mn in the next 4-5 years from its development property of which the company has already recognized Rs.14007.2 Mn till 9MFY11. We therefore believe that the revenue is likely to grow at a CAGR of 43% for the next three years to Rs.22819.3Mn. 25,000.0 20,000.0 15,000.0 10,000.0 5,000.0 - Source: Sushil Finance Revenue Growth 84% 48% 39% 41% FY10 FY11E FY12E FY13E Revenue (R.H.S) (Rs.Mn) YoY (L.H.S) (%) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Robust Cash flow backed by Annuity stream The company follows a lease model for a portion of its commercial and retail properties which are classified as Investment properties by the company to generate stable stream of cash flow and to better manage the cyclical risks. Out of the total developable area of 19.85MSF, 28% is of Investment property and 72% is Development property. Developable Area Break-up Investment Property Break-up 72% 28% 53% 47% Ongoing Planned Investment Property Development Property The company is to develop 5.6 MSF of investment property, of which 53% is for immediate development and 47% of it is still under the planning stage. 6

Completed Area - 1.7MSF Commerz I (Goregaon) Area - 423,786 SF Occupancy - 77% Rate - Rs.135/SF/PM Oberoi Mall (Goregaon) Area - 552,893 SF Occupancy - 91.5% Rate- Rs.121/SF/PM Westin Hotel (Goregaon) Area - 381,820 SF Occupancy - 62% ARR- Rs.7719 Oberoi International School (Goregaon) - 305,309 SF Investment Property 7.2MSF Ongoing - 2.6MSF Commerz II Phase 1 (Goregaon) Area - 725,769 SF Commencement- FY13 Commerz II Phase II (Goregaon) Area - 1,661,650 SF Commencement - FY14 Oasis Hotel (Worli) Area - 215,280 SF Commencement - FY15 Planned - 2.96MSF Juhu Hotel (Juhu) Area - 1,289,787 SF Oberoi Education Complex (Goregaon) Area - 866,130 SF Oberoi Hospital (Goregaon) Area - 375,481 SF Oberoi Splendor School (Andheri) Area - 430,990 SF Oberoi realty has off-lately completed one Commercial, Retail and Hotel project as shown in the chart above. These three projects collectively have contributed 17% of revenue to the company as of 9MFY11. As these projects are still not fully occupied the company is likely to see further scalability in revenue from these projects. Further the company has plans to develop 5.6 MSF of area under lease model of which 2.6MSF is for immediate development. 2500.0 Revenue From Investment Property (Rs.Mn) 2349.2 100% Break-up of Revenue from Investment Property (9MFY11) 2000.0 1500.0 1577.8 1800.7 80% 60% 22% 42% 1000.0 737.4 833.5 40% 500.0 0.0 20% 0% FY09 FY10 FY11E FY12E FY13E Revenue (Rs.Mn) (L.H.S) YoY (%) (R.H.S) 36% Hotel Retail Commercial, Sushil Finance 7

Thus revenue from the investment properties (including completed and ongoing projects) is likely to grow at a CAGR of 41% till FY13 to Rs.2349.2Mn. The three completed investment projects - Oberoi Mall, Westin Hotel and Commerz 1 contribute ~18% to the NAV of the Company. NAV Break-up 26% 56% 18% Source: Sushil Finance Ongoing Completed Planned Approximately 56% of the NAV comes from the ongoing projects which are likely to be completed in the next 4-5 yrs, followed by 26% from Planned projects. Thus considering the huge project pipeline, Revenue CAGR of 43%, sustainable cash flow from investment properties the company is likely to see robust cash-flow from operations as shown in the chart below: 6,000.0 5,000.0 4,000.0 Cash Flow from Operations (Rs.Mn) 4,757.1 4,649.0 3,833.2 5,238.0 3,000.0 2,000.0 1,000.0 - FY10 FY11E FY12E FY13E Source: Sushil Finance Thus the company seems to be in a Sweet Spot, as it is well placed to take the advantage of fall and rise in the property prices. The company has enough cash to bank upon a good land deal if the property prices fall, also, if the prices increase it has enough inventory to take advantage by selling at a higher rate. 8

Commendable Financials Oberoi Realty has a strong and experienced management that has enabled the company to adapt to the changing market conditions in a focused and constructive manner. The company has delivered a Revenue and PAT CAGR of 76% and 90.3% respectively in the last four years with strong profitability margins (FY10) of 59.6% and 58.4% at operating and net level respectively. 8,000 Revenue (Rs.Mn) 7,836.5 5,000 PAT (Rs.Mn) 4,576.2 6,000 4,000 5,111.9 4,254.1 4,000 3,000 2,000 2,951.6 2,523.3 2,000 808.8 2,351.8 1,000 349.2 791.6 - FY06 FY07 FY08 FY09 FY10 - FY06 FY07 FY08 FY09 FY10 The management s ability to manage its working capital efficiently and to acquire land at lower cost has resulted into higher return ratios. As compared to the peer group companies in the real estate market, Oberoi Realty has superior return ratios. 30.0 Healthy Return Ratios (%) 24.0 18.0 12.0 6.0 0.0 FY07 FY08 FY09 FY10 FY11E FY12E FY13E ROE 17.4 28.9 18.9 28.1 21.1 18.5 22.2 ROCE 10.0 19.6 17.0 27.6 24.1 23.8 28.5 Source: Sushil Finance ROE ROCE The company has strong balance sheet with zero debt and a cash surplus of Rs.15777 mn (cash and cash equivalents) 19% of MCAP. 9

RISK & CONCERNS Regional Centric Oberoi Realty is mainly exposed to Mumbai region. It has around 18.5MSF of land in Mumbai. Thus, any significant change in the property prices or government policies in this region is likely to impact the execution of the Company. Cyclical Industry The realty market has its fortunes largely linked to the overall development in the economy. In 2007 the property prices had reached their peak levels, prompting many builders to undertake further projects resulting into a huge supply. This was unfortunately immediately followed by a severe slump in the economy, which took a toll on the consumer demand, resulting into an oversupply and eventually a steep fall in the real estate prices. In such scenario Companies having higher debt are the most vulnerable, owing to the high interest cost. We therefore prefer Oberoi Realty, which has zero debt and cash surplus of Rs.15777 mn. Land Title Land titles in India are still very unclear and it can be very difficult to ascertain the legal ownership of land. This is specifically true in case of agricultural land, which has passed in current hands by way of inheritance through generations of large families. However Oberoi Realty has acquired land parcels from some of the well known MNC s thus reducing the risk of land title. Rise in Interest Rates Sharp rise in inflation has resulted into steady rise in Interest rates, increasing the cost of borrowings. Interest rates are directly linked to the capacity of the buyers to pay and purchase thus impacting the demand. Execution Risk Unexpected delays in the execution of projects can strain the Company s cash flow and affect its growth. This can also result in a liquidity risk- a lack of available funds to meet the Company s working capital needs. 10

OUTLOOK & VALUATION Oberoi Realty a well known brand in the Mumbai Real Estate market has delivered a Revenue and PAT CAGR of 76% and 90.3% respectively in the last four years. It has a huge land bank of 21.5 MSF which would enable its revenue to grow at a CAGR of 43% for the next three years. It maintains a fine balance of assets for - sale and lease to enable it to achieve steady and visible cash flow and better manage cyclical risks. As of 9MFY11 the company s lease and hospitality projects have contributed 17% to its revenue. Its revenue from the rental and hospitality projects is likely to grow at a CAGR of 41% for the next 3 years to ~Rs.2349 Mn by FY13. It has a strong balance sheet with zero debt and cash surplus of Rs.15777 mn. The company also has superior return ratios as compared to the peer group companies ROE of 28.1% and ROCE of 27.6% as of FY10. Thus considering the growth potential, quality land bank, pricing power amidst premium brands and strong balance sheet we recommend an ACCUMULATE on the stock with a NAV based target price of Rs.298. We have valued the assets of the company through sum of the parts methodology. We have valued the Development Property through NPV and Retail, Hotel, Commercial and social projects which are leased through DCF methodology. Valuation Segment Source: Sushil Finance Valuation Methodology NPV (Rs. Mn) Dev. Property NPV 39896.7 Retail DCF 7180.8 Hotel DCF 2012.5 Commercial DCF 27723.1 Social Proj./Others DCF 5330.4 Gross Asset Value 82143.4 Less: Debt 0.0 Add: Cash 15777.2 Net Asset Value 97920.6 No.Of Shares 328.2 NAV/Share 298.3 6% Segment-Wise NAV 16% Development Property Break-up 14% 2% 41% 28% 84% 2% Dev.Property Hotel Social Proj./Others 7% Retail Commercial Cash Residential Commercial Retail 11

Assumptions: Development Property Cost Of Construction Increase by 5% p.a. phase-wise Sales Realization Increase by 3% p.a. phase-wise SGA Exp at 2.5% of the revenue WACC @ 13.3% Retail / Commercial- DCF Methodology Cap rate @ 11% Terminal growth rate @ 4% Lease agreement - 15% hike in rentals in every 3 years Vacancy factor of 5% after four years of operations. Hotel DCF Methodology Cap rate @ 11% Terminal growth rate @ 2% Peak Occupancy taken as 75% Sensitivity Analysis Bear Case Base Case Bullcase Realization Chg (%) -10% - 10% NAV 270 298.3 329.8 Chg. in NAV (%) -9.5% 10.6% Peer Group Analysis Peers OPM (%) NPM (%) ROE (%) P/E (x) Anant Raj 54.7 38.1 4.3 18.1 Sobha Developers 23.2 12.8 10.3 15.1 HDIL 58.2 45.9 10.9 8.2 Indiabulls Real Estate 25.2 18.1 2.0 29.5 Godrej Properties 18.5 13.2 33.7 48.3 Oberoi Realty 60.0 50.2 21.1 15.0 Avg. 40.0 29.7 13.7 22.4 Source: Sushil Finance, Bloomberg *Based on FY11E numbers 12

PROFIT & LOSS STATEMENT (Rs.mn) Y/E March FY10 FY11E FY12E Total Sales 7836.5 10923.5 15433.5 COGS 3026.0 4127.5 5995.7 EBITDA 4672.1 6555.8 9098.3 Depreciation 90.6 218.5 277.8 Int. & Fin. charges 0.3 0.0 0.0 Other Income 226.8 436.9 617.3 Extraordinary items 0.0 0.0 0.0 EBT 4808.0 6774.2 9437.8 Tax 226.2 1287.1 2642.6 APAT 4576.2 5487.1 6795.2 BALANCE SHEET STATEMENT (Rs.mn) As on 31 st March FY10 FY11E FY12E Equity Share Capital 2886.7 3282.3 3282.3 Reserves 15391.6 30385.2 36604.4 Net worth 18278.3 33667.5 39886.7 Preference capital 359.0 359.0 359.0 Total loans 0.0 0.0 0.0 Deferred tax -2.0-2.1-3.4 Capital Employed 18635.3 34024.4 40242.3 Gross Block 3257.9 4976.1 4976.1 Depreciation 189.7 408.2 686.0 Net block 3068.2 4567.9 4290.1 CWIP 5102.6 5762.9 8141.4 Investments 789.8 3789.8 3789.8 Inventories 6225.7 9046.5 13141.2 Sundry debtors 403.8 568.6 803.4 Cash and bank 3630.5 11987.4 13681.8 Loans and advances 6240.0 7481.9 9725.2 Total Current assets 16517.3 29085.0 37352.5 Current Liabilities 6746.1 9046.5 13141.2 Provisions 96.5 134.7 190.3 Total Cur. liabilities 6842.6 9181.2 13331.5 Capital Deployed 18635.3 34024.4 40242.3 FINANCIAL RATIO STATEMENT ors CASH FLOW STATEMENT (Rs.mn) Y/E March FY10 FY11E FY12E Growth (%) Net Sales 84.2 39.4 41.3 EBITDA 89.0 40.3 38.8 Adjusted Net Profit 89.1 21.5 23.8 Profitability (%) EBIDTA Margin (%) 59.6 60.0 59.0 Net Profit Margin (%) 58.4 50.2 44.0 ROCE (%) 27.6 24.1 23.8 ROE (%) 28.1 21.1 18.5 Per Share Data (Rs.) EPS (Rs.) 15.6 16.7 20.7 CEPS (Rs.) 16.2 17.4 21.5 BVPS (Rs) 63.3 102.6 121.5 Valuation PER (x) 16.0 15.0 12.1 PEG (x) - 2.2 0.5 P/BV (x) 4.0 2.4 2.1 EV/EBITDA (x) 14.8 10.8 7.6 EV/Net Sales (x) 8.8 6.5 4.5 Gearing Ratio D/E 0.0 0.0 0.0, Sushil Finance Research Estimates Y/E March FY10 FY11E FY12E PBT 4808.0 6774.2 9437.8 Depreciation & Amor 88.9 218.5 277.8 Chg.in Working Capital 87.0-1872.3-2422.8 Cash Flow from Operating 4757.1 3833.2 4649.0 Chg.in Gross block -421.2-1718.2 0.0 Chg. WIP -1252.0-660.3-2378.5 Chg.in Investments -640.2-3000.0 0.0 Cash Flow from Investing -2313.4-5378.5-2378.5 Chg.in Debt -107.1 0.0 0.0 Chg.in Share Cap 2860.7 395.6 0.0 Chg.in Pref. Share Cap -212.0 0.0 0.0 Chg.in Reserves 824.6-16623.0-6219.2 Dividend -1175.1-384.0-576.0 Cash Flow from Financing -482.2 9902.1-576.0 Cash at the End of the Year 3630.5 11987.4 13681.8 13

Annexure: Oberoi Garden City: Oberoi Garden city Residential Commercial Retail Hotel Social Infrrastructure Completed Projects Oberoi Woods & Oberoi Townhouse Commerz I Oberoi Mall The Westin Hotel Oberoi International School Ongoing Projects Oberoi Exquisite (I & II) Commerz II (Phase I & II) Planned Projects Oberoi Exquisite (III) Hospital & Education Complex Project Details Project Name Type Status Saleable Area (SF) Booked Area (SF) Estimate d Completi on Date Oberoi Woods Residential Completed 598,200 595,209 - Oberoi Residential Completed 39550 5,650 - Townhouse Oberoi Exquisite I Residential Ongoing 1,448,040 750,090 Nov 2013 Oberoi Exquisite II Residential Ongoing 1,331,520 - May 2014 Oberoi Exquisite Residential Planned 2,376,280 - Mar 2015 III Commerz - I Commercial Completed 423,786 281,475 - Commerz II Commercial Ongoing 725,769 - Dec-2011 Phase- I Commerz II Commercial Ongoing 1,661,650 - Dec-2012 Phase- II Oberoi Mall Retail Completed 552,893 505,925 - Westin Hotel Hospitality Completed 381,820 - - Oberoi Social Completed 305,309 - - International School Infrastructure Education Social Planned 866,130 - Apr-2013 Complex Infrastructure Hospital Social Planned 375,481 - Apr-2013 Infrastructure Total 11.1 MSF 2.1 MSF 14

Oberoi Splendor Andheri (E) : Oberoi Splendor Residential Commercial Social Infrrastructure Ongoing Projects Oberoi Splendor Oberoi Splendor Grande Oberoi Splendor Prisma Oberoi Spendor Maxima Planned Projects Oberoi Splendor IT Tower Project Details - Oberoi Splendor School Project Name Type Status Saleable Area (SF) Booked Area (SF) Estimated Completion Date Oberoi Splendor Residential Ongoing 1,279,152 1,183,413 Apr-2011 Oberoi Splendor Residential Ongoing 283,920 85,540 Mar 2013 Grande Oberoi Splendor Prisma Commercial Ongoing 711,577 - Nov 2013 OberoiSpendor Maxima Oberoi Splendor IT Tower Oberoi Splendor School Total Commercial Ongoing 318,804 - May 2014 Commercial Planned 93,873 - Mar 2015 Social Infrastructure Planned 430,990 - - 3.1 MSF 15

Oasis Realty Worli: Oasis Realty (30%) Residential Commercial Hotel Retail Ongoing Projects Oasis Residential Oasis Commercial Oasis Hotel Oasis Retail Project Details - Project Name Type Status Saleable Estimated Completion Date Area (SF) Oasis Residential Ongoing 1,541,738 Dec-2015 Residential Oasis Commercial Ongoing 242,290 Dec-2014 Commercial Oasis Mall Retail Ongoing 121,095 Dec 2014 Oasis Hotel Hotel Ongoing 215,280 Dec-2015 Total 2.1 MSF 16

Oberoi Exotica Mulund (W): Oberoi Exotica Residential Exotica I Planned Projects Exotica I Project Details Project Type Status Saleable Estimated Completion Date Name Area (SF) Exotica I Residential Planned 1,619,800 Dec-2015 Exotica II Residential Planned 1,581,580 Dec-2014 Total 3.2 MSF 17

Rating Scale This is a guide to the rating system used by our Equity Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating. Risk Rating Risk Description Low Risk Medium Risk Predictability of Earnings / Dividends; Price Volatility High predictability / Low volatility Moderate predictability / volatility Low predictability / High volatility Total Expected Return Matrix Rating Low Risk Medium Risk High Risk Buy Over 15 % Over 20% Over 25% Accumulate 10 % to 15 % 15% to 20% 20% to 25% Hold 0% to 10 % 0% to 15% 0% to 20% Sell Negative Negative Negative Neutral Not Applicable Not Applicable Not Applicable Not Rated Not Applicable Not Applicable Not Applicable Please Note Recommendations with Neutral Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses). Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks, we have enhanced our return criteria for such stocks by five percentage points. Additional information with respect to any securities referred to herein will be available upon request. This report is prepared for the exclusive use of Sushil Group clients only and should not be reproduced, recirculated, published in any media, website or otherwise, in any form or manner, in part or as a whole, without the express consent in writing of Sushil Financial Services Private Limited. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. This report is to be used only by the original recipient to whom it is sent. This is for private circulation only and the said document does not constitute an offer to buy or sell any securities mentioned herein. While utmost care has been taken in preparing the above, we claim no responsibility for its accuracy. We shall not be liable for any direct or indirect losses arising from the use thereof and the investors are requested to use the information contained herein at their own risk. This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. The information, on which the report is based, has been obtained from sources, which we believe to be reliable, but we have not independently verified such information and we do not guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice. Sushil Financial Services Private Limited and its connected companies, and their respective directors, officers and employees (to be collectively known as SFSPL), may, from time to time, have a long or short position in the securities mentioned and may sell or buy such securities. SFSPL may act upon or make use of information contained herein prior to the publication thereof. 18