2014 February 26, 2015 Disclaimer Forward Looking Statements It - PowerPoint PPT Presentation

SUMMARY RESULTS FOR YEAR ENDING SEPTEMBER 30, 2014 AND PERFORMANCE UPDATE FOR THE QUARTER ENDING DECEMBER 31, 2014 February 26, 2015

Disclaimer Forward Looking Statements It is possible that this presentation could or may contain forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward- looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe, will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on any such statements because, by their very nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Company ’ s plans and objectives, to differ materially from those expressed or implied in the forward-looking statements There are several factors which could cause actual results to differ materially from those expressed or implied in forward looking statements. Amongst many factors that could cause actual results to differ materially from those described in the forward-looking statements include changes in the global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or dispositions 2

Executive Summary • Net Asset Value (“NAV”) per share increased by 2.16% from EUR 5.55 at March 31, 2014 to EUR 5.67 as at September 30, 2014. Post the completion of the third round of redemption in December 2014, the restated net asset value per share of the Company based on the interim financial statements for the 6 month period ended September 30, 2014 is approximately EUR 6.41 per share • Global crude oil prices tumbled for various macro reasons. Both WTI and Brent went down below US$ 50 / bbl mark. Lower crude prices are helping India to address its Current Account Deficit (CAD) and fuel subsidy problems, both of which are structurally long term positives for the country • Given easing inflationary expectations on the back of lower commodity prices, the Reserve Bank of India (RBI) lowered the benchmark interest rate by 25 basis points (bps) in January 2015. Market participants expect RBI to lower the rates by 50-100 bps in CY 2015 • In the absence of support from opposition parties in passing critical legislations in the parliament, the BJP led government has pushed through eight pieces of temporary legislation (known as ordinances) to convey its intent of implementing critical reforms • Real Estate markets continue to remain steady since last update. Given the positive outlook for India and the new Government’s vision of “Housing for All by 2022 ” as well as its Smart Cities’ initiative, real estate sector is expected to be one of the growth engines for the Indian economy going forward 3

Executive Summary • Exits achieved since last update • Batanagar – INR 72.4 mn (EUR 0.93 mn) • Exits – Fully Completed • Mixed Use Development, Bhavnagar – Fully exited. Exit consideration of INR 75 mn (EUR 1 mn) has been received • The Phoenix Mills Limited (PML) – Fully exited. Exit consideration of INR 179 mn (EUR 2.22 mn) has been received • Phoenix United Mall, Agra – Fully exited. Exit consideration of INR 197.5 mn (EUR 2.42 mn) has been received • Exits – Partially Completed • Treasure Town, Indore – Yatra has already received INR 385 mn (EUR 4.57 mn or 87.7% of total consideration). Balance consideration of INR 61 mn (EUR 0.79 mn*) has been restructured by executing MOU. Additional consideration is expected in five tranches ending September 2015. Of this balance consideration, INR 10.7 mn is held in an escrow account • City Centre Mall, Nashik – Yatra has partially exited from this project and received INR 212 mn (EUR 2.56 mn) out of net consideration of INR 406.6 mn till December 2014. Next tranche payment of INR 64.8 mn (EUR 0.8 mn*) is expected to be received in February 2015 • Residential Project, Bangalore – Yatra has contracted exit from this project and received INR 487.5 mn (EUR 6.34 mn) under a share buy-back scheme in November 2014. Next payment of INR 975 mn (EUR 12.66 mn*) is expected by end of March 2015. Yatra had earlier received INR 234 mn (EUR 3.22 mn) as its share of buy-back proceeds in FY2014 4 * Based on exchange rate of EUR 1 = INR 77.00 (as on December 31, 2014)

Executive Summary • Exits – Partially Completed (continued) • Saket (Enterprise Level Investment), Hyderabad – The SPV completed its first buyback in Q1 FY2015 and remitted INR 150 mn (EUR 1.84 mn) to K2. Mezz instrument is agreed to be retired by December 2015. The SPV’s liquidity is being closely monitored • Batanagar, Kolkata – The Fund has contracted exit from this project for gross consideration of INR 1,176 mn (EUR 15.27 mn*) and has received INR 212 mn (EUR 2.68 mn i.e. 18% of total consideration). Balance consideration is expected to be received in multiple tranches stretching up to September 2016 • Exit arrangement in place • Market City Retail, Pune – Exit documentation is in place. Consideration of INR 716.64 mn (EUR 9.30* mn) is to be received by June 2015 • Forum IT SEZ, Kolkata – The Fund has contracted to exit from this investment for gross consideration on INR 165 mn. The consideration is expected to be received in multiple tranches from March 2015 till September 2016 • Self liquidating residential projects with potential distribution prospects • Residential Project, Pune – K2 received INR 245 mn (EUR 2.90 mn) from three rounds of share buy-back program in FY2014. The operating cash flows remains healthy • Market City Residential, Pune – Both the towers were officially launched for sale in Q4 FY2014. Given the ticket size of the product, lead conversion is taking time. 5 * Based on exchange rate of EUR 1 = INR 77.00 (as on December 31, 2014)

Executive Summary • Stressed Assets • Taj Gateway, Kolkata – The Project continues to be in default with multiple lenders. Despite aggressive efforts from the Investment Manager, sale process is moving slow • Treasure Market City, Indore – The lenders have taken over possession of the property as the SPV defaulted on its debt commitments. E-auction conducted earlier did not see any participants due to perceived high reserve price. No new auction date has been announced. No residual equity value left for the shareholders, at the set reserve price * The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 6

Share Price Performance • The highest closing price of the shares, for the quarter ending December 2014, has been EUR 4.01 whereas the lowest closing price was EUR 3.44. Latest share price as on December 31, 2014 was EUR 3.44 • The Company announced its third redemption offer in November 2014 which was over subscribed. The Company has redeemed 5,000,000 Ordinary shares at a price of EUR 4.00 per Ordinary share on December 29, 2014, thereby returning EUR 20 million to its shareholders. The Company has returned total of EUR 37.5 million till date Yatra Share Trading Volume- Monthly Yatra Share Price Performance 9 120000 350,000 8 300,000 100000 7 250,000 6 80000 5 200,000 60000 4 150,000 3 40000 100,000 2 20000 1 50,000 0 0 11-04-2011 11-05-2011 11-06-2011 11-07-2011 11-08-2011 11-09-2011 11-10-2011 11-11-2011 11-12-2011 11-01-2012 11-02-2012 11-03-2012 11-04-2012 11-05-2012 11-06-2012 11-07-2012 11-08-2012 11-09-2012 11-10-2012 11-11-2012 11-12-2012 11-01-2013 11-02-2013 11-03-2013 11-04-2013 11-05-2013 11-06-2013 11-07-2013 11-08-2013 11-09-2013 11-10-2013 11-11-2013 11-12-2013 11-01-2014 11-02-2014 11-03-2014 11-04-2014 11-05-2014 11-06-2014 11-07-2014 11-08-2014 11-09-2014 11-10-2014 11-11-2014 11-12-2014 - Share Price NAV Number of Shares Note: NAV as of March 31, 2014 was announced to the market in July 2014 and the NAV as of September 30, 2014 was announced to the market in November 2014 7

Valuation of the Portfolio & NAV • Portfolio valuation as at September 30, 2014 was based 16 on internal desktop valuation carried out by the 13.43 14 11.58 Investment Manager inline with the valuation models 12 10.86 10.29 9.27 9.23 10 prepared by CBRE as at March 31, 2014. CBRE had 8 8 6.76 used RICS guidelines for its valuation exercise 6.1 6 5.89 5.67 5.55 6 5.05 4 • Projects where business plans are not finalized or 2 those involving long gestation period were valued on 0 Direct Comparable Method (DCM) basis while the others were valued on Discounted Cash Flow (DCF) basis NAV in EUR • The valuation highlights are as follows: • Asset Valuation of the invested portfolio based on internal desktop valuation as on September 30, 2014 – EUR 57.6 million (March 31, 2014 – EUR 60.4 million) • Decrease from March 2014 valuation – (4.6%). Most of this decline in valuation was attributable to decline in value of Saket (decline of EUR 3.7 mn) and Taj (decline of EUR 0.7 mn) investments 8

MACRO ECONOMIC/REAL ESTATE SECTOR OVERVIEW