#1A TATA Enterprise IHCL Corporate Presentation Non-Deal Roadshow Confidential February 2022 ווד DAAR M BRABBA TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats SEAYS & TRAILS gurated que quality quisine#2About us Note: 1. IHCL One of India's leading hospitality ecosystem (1) with a legacy of over 120 years 88 Wide portfolio of brands covering the entire hospitality chain with Taj being rated as World's Strongest Hotel Brand by Brand Finance in 2021 Strong comeback in the financial performance driven by stragility Well defined strategy in place to become "The Most Iconic and Profitable Hospitality Company in South Asia" Experienced board and management team backed by strong parentage & Focus on ESG driven by our core values By number of hotels. Source:: "Industry Report - Upper Tier and Economy Hotels" dated October 28, 2021 prepared by Horwath HTL India 2 TAJ SELEQTIONS VIVANTA GINGER amã ③min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#33 Our journey IHCL - a history of milestones 1902 The Indian Hotels Company Limited (IHCL) is incorporated Forays into key international leisure destination - Sri Lanka 1998 1903 Launches India's 1st luxury hotel - The Taj Mahal Palace, Mumbai 1986 Forays into Kerala with Taj Malabar Resort & Spa, Cochin 1982 Acquires St. James' Court, London - 1st Indian hospitality brand with a hotel in London 1970 1st company to run Palaces as hotels with Taj Lake Palace & Rambagh Palace, Jaipur 1979 Forays into first 1974 Enters Goa and creates India's most visited leisure location 2000 Expands business by establishing Taj GVK Hotels & Resorts Limited in Hyderabad 2001 Forays into the Maldives with Taj Exotica Resort & Spa 2005 international destination - Africa Forays into New York with The Pierre 2006 Launches Taj Safaris - India's first luxury safari circuit 2015 IHCL restructures brand architecture 2017 Forays into Dubai with Taj Dubai 2010 Expands brand portfolio with new brand-Vivanta by Taj 2007 Forays into San Francisco with Taj Campton Place 2020 Under ancillary brand Expressions, launches Qmin - a repertoire of culinary experiences & gourmet food delivery service across 13 cities, along with the Qmin app Launches 1st Qmin Shop at President, Mumbai - IHCL SeleQtions Launches 7Rivers Brewpub, India's first on-site brewpub, in partnership with AB InBev, at Taj MG Road, Bengaluru 201 2019 Launches new brand - SeleQtions Launches India's first branded homestay portfolio - amã Stays & Trails Taj rated as world's Strongest Hotel Brand by Brand Finance Taj rated as India's Strongest Hospitality Brand by Brand Finance Wins global honours at Worldwide Hospitality Awards Wins 2021 Wins Amrop ET India's Best Boards Award under the Mid-cap category Receives Outstanding Community Partner Award by Virtuoso for its COVID response- #MealsToSmiles mmm mm macam initiative Achieves milestone of 50 managing Taj Lake Palace, Udaipur years of 2018 IHCL launches Aspiration 2022 Steps into Sikkim with the opening of Vivanta Pakyong Launches The Chambers new outpost in London TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#4Our Aspiration Values Enablers Initiatives Culture Aspiration 2022 Iconic and Profitable Hospitality Company Re-structure Re-imagine Service, Brandscape, Portfolio Scale, Simplify, Sell Pan-India Footprint Trust, Awareness, Joy Re-engineer Margins, Technology, People Strong Brand Equity High Customer Engagement 4 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine Market Leaders in Leisure & Palaces Segment Integrity, Excellence, Unity, Responsibility, Pioneering IHCL#5Our journey in the recent past Where we were 2,601 1,875 3,013 249 370 355 Where we landed Where we got to 4,595 4,596 4,123 4,076 4,165 */ crores 287 354 101 -63 -231 2005/06 2006/07 2007/08 2015/16 2016/17 2017/18 2018/19 2019/20 Revenue PAT 5 TAJ SELEQTIONS VIVANTA GINGER amã ③min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#6● Delivering one of the Delivering one of the highest Q3 margins in the last 10 years Q3 2021/22 shows the results of a strong execution oriented approach leading to a good post Covid recovery and a strong turnaround Revenue and EBITDA for Q3 of respective year (*/crore) EBITDA margin (%) 23.2% 21.9% 20.8% 21.1% 21.5% 23.1% 24.5% 24.7% 26.2% 32.8% 6.2% 30.4% 838 1,027 1,074 1,409 1,338 1,235 1,169 1,185 1,217 1,146 LLLLLLLLLL 194 225 223 247 266 615 462 350 274 280 300 38 1,134 344 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 Note: 2019/20, 2020/21 and 2021/22 are reported financials based on Post IND AS Standards Revenue 6 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine EBITDA IHCL#7Delivering our promises Iconic (1) WORLD'S STR NGEST TAJ HOTEL BRAND Brandscape Note: 1. 2. TAJ IHCL TAJ sats SEVEN RIVERS BREWING CO. The Chambers SELEQTIONS VIVANTA GINGER Qmin amã STAVS & TRAILS niu&nau EXPRESSIONS Portfolio (2) FY2017-18 23% 32% 46% Growth New rooms signed 45% ■HoldCo 9M FY2021-22 ■Group companies ■Management contracts MACHAN 1,174 KHAZANA 632 468 JIVA F&B House of King GOLDEN DRAGON WASABI ΤΗΛΙ PAVILION •moto 17% Close to 70 new hotels signed in 3 years 3,258 3,582 38% I I 2,146 I I 1,127 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 9M 2021/22 #Hotels 8 14 5 22 29 17 14 I IHCL's brand, Taj has been rated as the World's Strongest Hotel Brand by Brand Finance, the world's leading brand valuation consultancy in its annual "Hotel 50 2021" report Portfolio is inclusive of hotels under various stages of development 7 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats Q STAYS & TRAILS qurated quality quisine IHCL#8TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats SAYS & TRAILS quality quisine gurapo ave What differentiates us? IHCL#99 Visible QoQ recovery, with IHCL outperforming peers Robust recovery in rates and occupancies 74% Recovery v/s Pre-Covid (2019/20): IHCL Domestic Hotels (Same store) Average rates 95% 95% 91% Industry 48% Q1 Occupancy % (RPD) 94% 88% Q2 ■ Q3 87% Industry 35% Market leadership enabling IHCL to outperform industry across major travel destinations IHCL Domestic Hotels - Q3 RevPAR (% of Pre-COVID Levels) 89% 79% 139% 131% RevPAR 89% 83% 79% Industry 104% 105% 90% 88% 83% 76% 75% 77% 77% 64% 65% 52% 57% 52% 57% 61% Kolkata Kerala Bengaluru Delhi & NCR Mumbai ALL INDIA Goa Chennai Rajasthan Hyderabad Industry IHCL (Same store) Source: STR Global, Tourism Finance Corporation of India Note: Data for domestic hotels including Ginger, calculated on same store basis TAĴ SELEQTIONS VIVANTA GINGER amã Qmin STAYS & TRAILS Gmin TAJ sats qurated quality quisine IHCL#1010 ☐ IHCL's hospitality ecosystem with a wide brand portfolio ESTABLISHED BRANDS STD. 2020 SEVEN RIVERS BREWING CO. TAJ IHCL TAJ sats The Chambers SELEQTIONS Qmin amã STAYS & TRAILS VIVANTA GINGER niu&nau EXPRESSIONS MACHÂN KHAZANA JIVA F&B House of Ming GOLDEN DRAGON WASABI by THAI NEW AND REIMAGINED BRANDS ** PAVILION ESTABLISHED BRANDS to be complemented by strengthening of NEW AND REIMAGINED BRANDS, thereby providing a spectrum of offerings to customers TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#11☐ Integration of Technology and Digitalization هم T I-ZEST Zero-touch services transformation ensuring safety of guests and associates Provides a suite of digital solutions across brands focusing on customer safety Qmin Exclusive food and beverage delivery mobile application Achieved significant scale since inception Qmin Footprint 04 Offline cities 16 Online cities 04 04 Qmin shop 11 Qmin truck Qmin QSRs WELCOME TO Qmin qurate quality quisine Multiple offerings including zero-touch check-ins and check-outs, mobile door keys, digital invoicing, QR codes etc. Available in India across 20 35+ IHCL hotels cities Note: Data as of December 31, 2021 unless specified 11 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine 4+ lac app downloads & counting IHCL#12Creating value through asset light growth Operational 23% 35% Operational Hotels 43% Managed Portfolio (1) Management Fees + Pipeline 74% 2% 24% ■HoldCo Group companies Management contracts 2017/18 145 32% *210 cr Note: Data as of December 31, 2021 unless specified 1. Managed Portfolio % includes hotels under various stages of development 12 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine || 46% Total 17% 38% 2019/20 9M 2021/22 158 46% 171 46% *158 cr *219 cr IHCL#13Wide reach with a global footprint Pan-India footprint (¹) 29 States & UTS 210+ Hotels Presence across major international travel destinations (1) USA San Francisco New York Africa Lusaka Cape Town Asia Nepal Thimpu Sri Lanka Maldives Middle East Dubai Makkah UK London 97 Destinations Collection of iconic hotels and properties at marquee destinations along with a strong heritage and legacy implying a high replacement cost of assets and non-availability of land in key markets Note: 1. Including hotels under various stages of development 13 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#14Continued spend optimization driving operating leverage (1/2) Optimization of fixed and operating costs (1) Substantial reduction in staff to room ratio /crores Staff to room ratio 3,496 45% 1,920 Total operating cost 163 28% 118 2 1.5 2.9 2.3 1.9 1.3 1.4 1.5 1.5 1 0.4 0.32 Fixed expenses per month Taj Palace SeleQtions Vivanta Safari Ginger 2019/20 2020/21 Significant reduction in corporate overheads (2) 3.42 349 2017/18 */ crores 3.32 3.21 40% • Redeployments & re-structuring 347 345 39% 213 1.92 • Prudence in resource allocation • Synergies - One IHCL 2018/19 2019/20 Note: Corporate overheads Corporate overheads/hotel 1. 2. All numbers include fixed lease costs Excluding Ginger hotels 14 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine 2020/21 IHCL#15Continued spend optimization driving operating leverage (2/2) 17% Total expenditure Note: All numbers include fixed lease costs Structural cost reduction continues Q3 2021/22 v/s Q3 2019/20 (Pre-Covid) 15% ייד 23% Total fixed costs Corporate overheads 15 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#16Balance sheet strengthening with focus on ROCE Targeted debt reduction through rights issue proceeds - ROCE Standalone (2) Net Debt - */Crores (1) Total Capital Employed 7,522 cr COVID Impact Current Debt Level *4,223 cr 2.58 2.11 1.69 3,110 1,905 *3,299 cr 1,889 1,925 1,857 0.73 Other Assets Operating Hotel ROCE on Operating Hotel Assets 0.32 0.45 Assets 0.37 2017/18 2018/19 0.36 2019/20 20% 2020/21 9M 2021/22 Net Debt Net Debt to EBITDA Net Debt to Equity Focus on RoCE accretion 80 Asset-light operating model Focus on Free Cash Flows $ and RocE Incremental capital allocation Asset monetization Note: 1. Trailing 12-month basis, Net Debt and EBITDA on Pre IND AS basis 2. Data as of FY20 16 TAI SELEQTIONS VIVANTA GINGER amã Qmin TAI sats STAYS & TRAILS qurated quality quisine ROCE Consolidated (2) - *2,665 cr Total Capital Employed 9,623 cr International Hotel Assets Domestic Operating Hotel Assets 2,185 cr Other Assets * 4,773 cr 0000 ROCE on Operating ROCE on Domestic Operating Hotel Assets Hotel Assets 9% 15% IHCL#1717 Experienced management team with a distinguished board oversight Distinguished Board Chairman Non-Executive Director N. Chandrasekaran Nasser Munjee Non-Executive Independent Director Hema Ravichandar Venkataraman Anantharaman Non-Executive Independent Director Anupam Narayan Venu Srinivasan Non-Executive Independent Director Non-Executive Independent Director Non-Executive Director Non-Executive Director Managing Director and CEO Mehernosh S. Kapadia Puneet Chhatwal TAJ SELEQTIONS VIVANTA GINGER amã ③min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#1818 Experienced management team with a distinguished board oversight (contd.) Experienced management team Puneet Chhatwal Managing Director and CEO Note: Giridhar Sanjeevi EVP and CFO Recipient of Carlson Fellowship Beejal Desai - SVP Corporate Affairs & Company Secretary (Group) Suma Venkatesh EVP - Real Estate and Development Rohit Khosla - EVP Operations (North and West India) Prabhat Verma - EVP Operations (South India, International and Expressions) Rajendra Misra EVP and General Counsel Gaurav Pokhariyal SVP and Global Head - Human Resources Parveen Chander Kumar SVP Sales and Marketing Vinay Deshpande SVP and Head of Digital & IT Ashish Seth SVP Materials and Project Development Urban Denk - SVP Food and Beverage S.Y. Raman VP Group Internal Audit SVP Senior Vice President, EVP - Executive Vice President TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#19☐ Strong parentage Shareholding pattern (as of December 31, 2021) FII, 15% Retail, 17% Tata Group, 41% DII, 27% 1 3 150+ years of legacy Presence in 100+ countries across 6 continents Tata Sons- principal investment holding company and promoter of Tata companies US$100bn+ Group revenue 5 800,000+ employees 7 Note: 1. As of Mar 31, 2021 19 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine TATA Operating 30 companies across 10 verticals 29 publicly listed Tata enterprises with a combined market cap of US$240bn+ (1) es 2 6 IHCL#20ESG at our core 20 20 Environment 78 Earth check certified hotels 907,021kl Water recycled Implementation of Tata Code of Conduct to ensure ethical and responsible conduct of business 1,397+ Organic waste composed 27 IHCL hotels powered by renewable energy Collaboration with IFC to pilot a project on sustainable cooling and ventilation Social 8 times Winner of Gallup Great place to work 9,690 Employee safety training sessions 1,641 Employee health awareness sessions 0 Governance • Board-governed company Highly qualified board comprising of industry experts; 50% independent directors Fatalities Introduced country's first ever Zero Single- Use Plastic Hotel ~17% Employees • Women in workforce (Equal opportunity employer) Adoption of Integrated Reporting . Strategic framework to provide quantitative and qualitative disclosure to stakeholders Reporting sustainability performance on international framework such as GRI, UNGC and CDP Transparent governance through board approved policies on (i) Volunteering (ii) CSR and (iii) Sustainability Note: Data for the fiscal year ending March 31, 2021 unless specified. CSR - Corporate Social Responsibility, CDP - Carbon Disclosure Project, GRI - Global Reporting Initiative, UNGC - United Nations Global Compact TAJ SELEQTIONS VIVANTA GINGER amã Gmin TẠI sats STAYS & TRAILS qurated quality quisine IHCL#21Culture rooted in our core values TATA VALUES INTEGRITY UNITY EXCELLENCE RESPONSIBILITY IHCL VALUES TRUST AWARENESS JOY 21 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine GUESTS SHAREHOLDERS PIONEERING COLLEAGUES Tajness T PARTNERS COMMUNITY OWNERS IHCL#22TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats SAYS & TRAILS quality quisine gurated ave Business strategy IHCL#23Our journey: Going from Aspiration to RESET (1) Particulars Aspiration to Execution (2018 to 2020) RESET (2020 till date) A Growth Portfolio Growth from 158 hotels in March 2018 to 209 hotels in March 2020 ■ Portfolio grew to 221 in December 2021 ☑ - Brandscape г $ - Redefined Brandscape. Launch of SeleQtions & Expressions Reimagined Ginger & Taj Sats. Conversion of select Vivanta hotels to Taj Revenue ☐ Launch of Qmin & ama. Chambers Reimagined. Taj - World's Strongest Hotel Brand 2021 Revenue enhanced to ~ 4,600 crores in 2019/20 New Revenue Streams (QMIN, amã) and Campaigns focused on domestic tourism. Quarantine, Medical & BCP Business Margin Focus ◉ Margin Enhanced to 24% in 2019/20 Strengthening the M Balance Sheet New ways of working Net Debt to EBITDA reduction from 2.56 in March 2018 to 1.69 in March 2020. Asset Monetisation Organisational Optimisation. Regional & Cluster Structure Spend Optimisation, resetting fixed costs base, reduction in corporate overheads. Q3 2021/22 Margin at 30%+ Rights Issue of Equity - ~2000 crores. Simplification (Roots/Sea Rock/ Taj Cape Town). Continued emphasis on monetisation. Selective Capex Multiskilling, Redeployments, Shared Services, Digitisation Focus Note: 1. Aspiration 2022 23 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#24RESET helped us to navigate through the pandemic • • • R R.E.S.E.T 2020 Initiatives EVENUE GROWTH E XCELLENCE S Promotion & focus on domestic tourism F&B Innovations Quarantine, medical and Tajness, a commitment restrengthened Service to the nation - meals and rooms - • PEND OPTIMIZATION E FFECTIVE ASSET MANAGEMENT T HRIFT & FINANCIAL PRUDENCE Hotel closures and phased re-opening Payroll optimization Reduction of hotel operating costs Leveraging partnerships - Tata power solar energy Lease rental waivers and re-negotiations Sale of non-core assets Sale and manage back Restructuring of Taj Cape Town Agreement to acquire 100% in ELEL Optimization of corporate overheads Deferment of renovations Prudence in resource allocation Funding tie-ups Liquidity/Cash flow management BCP business I-ZEST • Focus on new brands & businesses Taj for family • New ways of working Employee-focused • Re-imagination of existing initiatives brands 24 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#25Strategic imperatives going forward Revenue Recovery and Enhancement • Focus on enhancement of market share • Strive for widening the rate premium v/s industry • • Innovative customer-centric products and campaigns Tata Neu Partnership to strengthen loyalty program Growth in incremental management fees Reshaping the Financials High margin & asset light growth Optimisation of operating model Revenue Costs Profitability and ROCE Balance sheet size Margins Debt reduction, monetisation $ => IHCL 25 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine Asset Light Growth • New operating leases (Ginger), mgmt. contracts • • Incur selective capex on priority strategic projects Pursue inorganic and organic growth strategies Strategic partnership with financial investors Cultivate and grow owner partner relationships • • New Brands and Businesses . • Scale up the re-imagined Ginger brand Establish and grow the Qmin brand ecosystem Significantly scale up amã Stays & Trails Enhance re-imagined Chambers member base IHCL#2626 ● Taj : Iconic Taj : Iconic and legacy brand Taj Mahal Palace Hotel, Mumbai 600 800 800 as WORLD'S STRONGEST TAJ HOTEL BRAND A DA AAR Taj Lake Palace, Udaipur Taj Falaknuma Palace, Hyderabad Umaid Bhawan Palace, Jodhpur Rambagh Palace, Jaipur TAJ SELEQTIONS VIVANTA GINGER amã Qmin TAI Sats STAYS & TRAILS IHCL qurated quality quisine#27Note: 27 Further strengthening the portfolio of key brands TAJ INDIA'S STRONGEST BRAND SELEQTIONS VIVANTA 89 hotels* 24 hotels* Taj is IHCL's iconic luxury brand for the most discerning travelers and the World's Strongest Hotel Brand as per Brand Finance 2021 As of January 31, 2022, Includes both operational hotels as well as the hotels which are in the pipeline TO PAIN 35 hotels* SeleQtions is a named collection of hotels, each of which has a distinct character that tells a unique story and offers varied experiences Vivanta represents a portfolio of sophisticated upscale hotels for contemporary travellers and is present across key leisure and business hubs TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#28☐ Unlocking the potential of new and re-imagined ancillary businesses Qmin Note: 28 GINGER GINGER 84 hotels* amã STAYS & TRAILS Qmin 70+ bungalows* qurated quality quisine 35+ hotels* Ginger is revolutionizing the lean luxe segment and has potential to rapidly expand to a 100-150 hotel portfolio in the coming years As of January 31, 2022, Includes both operational hotels as well as the hotels which are in the pipeline amã Stays & Trails is India's first branded homestay portfolio that utilizes IHCL's pan-India footprint through a hub-and-spoke model to pursue asset light growth Qmin is IHCL's culinary and food delivery platform present in 20 cities delivering via Qmin app and also has offline presence TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#29☐ Unlocking the potential Unlocking the potential of new and re-imagined ancillary businesses (contd.) TAJ sats sats C The Chambers JIVA JIVA Note: 25 29 TajSATS is India's largest airline catering company and a market leader in India. It has also evolved to expand into the non-aviation culinary segment As of January 31, 2022, Includes both operational hotels as well as the hotels which are in the pipeline The Chambers is India's first exclusive business club with presence across eight landmark Taj hotels in India, Dubai, London and one in New York in pipeline TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine Jiva is IHCL's award-winning wellness brand deeply rooted in ancient Indian wellness. IHCL has 70+ spas across the globe including 50+ Jiva Spas across India IHCL#30TAJ SELEQTIONS VIVANTA GINGER amã min TAJ SEAYS & TRAILS quality quisine guraped ques Financial performance sats IHCL#31● Financial Financial snapshot - Q3 2021/22 IHCL Standalone Total Revenue ↑ 78% 771 434 EBITDA ↑ 218 Cr 291 73 ↑ 264 Cr 145 PBT (119) PAT Note: Rounded off to the nearest whole number ↑ 219 Cr 124 (95) 31 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL Consolidated PY CY ↑ 85% 615 ↑ * 307 Cr ↑ 258 Cr ↑ 195 Cr 38 (148) (119) 1,134 344 109 76 /crores IHCL#32☐ Financial snapshot - 9M 2021 / 22 IHCL Standalone 1,478 Total Revenue ↑ 93% 766 IHCL Consolidated ↑ 103% 1,113 2,257 ↑ * 398 Cr EBITDA ↑598 Cr 318 293 (280) (105) (136) (335) PBT ↑ 446 Cr (582) ↑ 412 Cr (747) (120) PAT ↑ 355 Cr (475) Note: Rounded off to the nearest whole number 32 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine PY CY (322) ↑ 307 Cr (629) /crores IHCL#33QoQ revenue and revenue recovery Q3 2021/22 revenue recovery across same hotels @85% vs 19/20, 11pp better than Q2 Domestic hotels (incl. Ginger) - Same store */crores 71% 89% 33% 80% 2,580 50% 1,210 36% 15% 28% 1,353 849 754 378 157 299 Q1 Q2 Q3 9M International hotels - Same store 74% 56% 811 59% 18% 33% 7% 25% 19% 402 32 252 157 139 253 82 Q1 Q2 Q3 9M CY PY Total Revenue as a % of 19/20 Note: Rounded off to the nearest whole number 33 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#34Revenue and revenue recovery in key cities Q3 2021/22 Domestic hotels revenue (Incl. Ginger) - Same store 35% 66% 68% 31% 62% 73% 22% 55% 82% 34% 108% 126% 43% 73% 94% 41% 131% 101% 44% 85% 92% 38% 73% 90% 00 90 163 240 51 169 117 107 62 23 Delhi & NCR Bengaluru - Same store Mumbai International hotels revenue 28% 56% 50% 55 80 88 110 65 65 23 Goa 126 82 58 30 Chennai 22 22 80 60 168 Rajasthan 56 27 80 50 Hyderabad */crores 29% 60% 75% 41 26 14 21 10 Kolkata Kerala 40 40 21% 56% 80% 85% 99% 148% 43% 108% 106% 28% 40% 52% 31% 19% 53% 24 85 69 47 41 100 35 18 60 60 28 7 10 16 10 9 USA UK Q1 2021 Dubai Note: Rounded off to the nearest whole number Q2 2021 Q3 2021 Maldives Q121 vs 19 Africa Sri Lanka Q2 21 vs 19 Q3 21 vs 19 34 TAJ SELEQTIONS VIVANTA GINGER amã VIVANTA GINGER amã Qmin TAI sats STAYS & TRAILS qurated quality quisine IHCL#35Note: 1. IHCL consolidated - Total revenue PBT 370 175 Q1 (1) 752 Q2 EBITDA +ve since July 2021, PAT +ve in Q3 324 (130) (263) (315) (336) (¹) Q1 Q2 Rounded off to the nearest whole number PBT & PAT for Q1 2020 included 82 crores, profit on acquisition of Taj Cape Town, South Africa 1,134 109 Q3 83 615 (148) EBITDA PAT 03 Q3 CY PY 35 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine (123) 97 (234) Q2 Q1 (1) (83) (121) (230) (277) (280)) Q1 Q2 */crores 344 76 Q3 03 Q3 38 (119) IHCL#36PBT IHCL standalone - EBITDA +ve since July 2021, PAT +ve in Q3 Total revenue 226 117 Q1 481 (220) (291) Q1 Q2 Note: Rounded off to the nearest whole number Q2 215 145 771 83 Q3 434 PAT (61) (119) (173) Q3 CY PY 36 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine EBITDA 80 (38) (78) (140) Q1 Q2 22 (54) (142) (190) (239) Q1 Q2 124 291 Q3 83 Q3 03 (95) 73 */crores IHCL#37Occupancy and ARR trend Domestic hotels Leisure / Non-Leisure 21% Occupancy % 66% 67% 58% 54% Leisure Key international geographies Occupancy % 51% 44% 41% 41% 32% 27% 14% USA UK HK Note: Rounded off to the nearest whole number 30% Non - Leisure 75% 64% 61% 59% Maldives Dubai 11,218 10,112 Leisure 92% 736 607 616 Q1 2021 Q2 2021 Q3 2021 37 TAJ SELEQTIONS VIVANTA VIVANTA GINGER amã Qmin TAJ sats sats STAYS & TRAILS qurated quality quisine 16,446 ARR in ARR in $ 7,547 5,697 4,551 Non-Leisure 611 459 392 397 405 338 USA UK HC Maldives 301 137 148 Dubai IHCL#38Revenue drivers Revenue recovery Occupancy 51% (+ 17 PP) Asset light growth Portfolio 232 Hotels, 27,900+ Rooms incl. pipeline New & Reimagined business Ginger Portfolio 80+ Hotels ADR **9,395 (+ 41%) New Openings 1+ Expected per month in 2021/22 Qmin 20 Cities, 35+ Hotels RevPAR 4,752 (+113%) * IHCL Standalone - 9M CY vs PY Management Fee 158 crores (+ 80%) Amã 70+ Bungalows (including pipeline) Note: Rounded off to the nearest whole number 38 TAJ SELEQTIONS VIVANTA GINGER amã VIVANTA GINGER amã Qmin TAI sats STAYS & TRAILS qurated quality quisine IHCL#39Cost management Driving operating leverage 2,184 Consolidated 127% 960 Revenue Note: Rounded off to the nearest whole number 1,938 39% 1,393 1,410 Standalone 111% 36% 669 Expenditure Revenue 9M - CY 9M - PY 39 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine Key highlights ☑ Corporate Overheads at 178 crores ( 9M 19/20230 crores) -23% reduction Overall Fixed Cost/Month - 133 crores (9M 19/20 * 164 crores) -19% reduction 1,185 871 Manpower rationalization through redeployments, multiskilling, cluster approach, (361 people redeployed till December 31, 2021) Expenditure IHCL#40GINGER TAJ SELEQTIONS VIVANTA GINGER amã min TAJ quality quisine SEAYS & TRAILS gurated qua sats Appendix Summary financials IHCL#41Consolidated financials - Balance sheet */crores 2019-20 2020-21 H1 2020-21 H1 2021-22 */crores 2019-20 2020-21 H1 2020-21 H1 2021-22 Net fixed assets and CWIP 5,514 5,893 5,799 5,858 Equity share capital 119 119 119 119 Right-of-use assets 1,583 1,530 1,552 1,511 Other equity 4,238 3,530 3,571 3,132 Goodwill Non-controlling interests 765 635 638 609 615 611 608 615 Total equity 5,122 4,283 4,329 3,859 Other intangible assets 591 569 580 560 Borrowings 2,126 2,224 2,424 2,970 Investments 990 1,035 915 1,041 Lease liabilities 1,843 1,846 1,830 1,852 Other financial assets 135 83 115 83 Other financial liabilities 201 26 349 27 Deferred tax assets 77 118 103 134 Provisions 121 92 106 95 Other non-current assets 576 520 582 526 Other non-current liabilities 205 94 122 53 Total non-current assets 10,081 10,359 10,255 10,329 Total non-current liabilities 4,496 4,282 4,831 4,997 Inventories 94 93 94 94 Borrowings 166 243 277 1,111 Investments 436 449 425 318 Lease liabilities 56 39 40 45 Trade receivables 290 220 226 229 Trade payables 389 318 326 345 Other financial liabilities 820 1,876 1,211 594 Cash and bank balances 316 154 198 268 Provisions 154 171 163 182 Other financial assets 166 106 111 101 Other current liabilities 315 302 285 338 Other current assets 136 133 154 132 (incl. assets held for sale) Current liabilities 1,901 2,948 2,302 2,615 Total liabilities 6,397 7,230 7,133 7,612 Total current assets 1,437 1,154 1,207 1,141 Total Equity and liabilities 11,518 11,513 11,462 11,471 Total assets 11,518 11,513 11,462 11,471 Note: Rounded off to the nearest whole number 41 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#42Consolidated financials - Income statement */crores Revenue from operations 2019-20 2020-21 9M 2020-21 9M 2021-22 4,463 1,575 960 2,184 Other income Total income 132 165 153 72 4,596 1,740 1,113 2,257 Food and beverage consumed 188 371 144 87 Employee benefit expenses 1,495 894 686 840 Finance costs 348 341 403 297 Depreciation and amortization expense 304 404 410 305 Other expenses 1,630 899 910 620 Total expense 4,241 2,749 1,995 2,591 Profit before tax and exceptional items 355 (1,009) (882) (335) Exceptional items 41 160 135 (1) Profit before tax 396 (850) (747) (335) Tax expenses 45 (155) 143 33 Share of Profit/(Loss) of associates and joint venture (net of tax) 13 (101) (25) (19) Profit after tax 364 (796) (629) (322) Note: Rounded off to the nearest whole number 42 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#43Consolidated financials - · Cash flow statement */crores Cash flow from operating activities PBT Depreciation Adjustments (incl finance costs) (Increase)/ Decrease in working capital 2019-20 2020-21 H1 2020-21 H1 2021-22 396 (850) (599) (445) 404 410 203 204 206 175 43 227 23 (77) (145) 72 (206) 23 (10) (28) 823 (319) (507) 31 Less: Taxes paid Net cash flow from operating activities Cash flow from investing activities Net proceeds from purchase/ sale of property (incl intangible assets) (312) (155) (54) (133) Others (190) 35 125 112 Net cash flows used in investing activities (502) (120) 71 (22) Cash flow from financing activities Interest and borrowing costs paid (155) (232) (103) Net proceeds from/ (repayment of) long term borrowings 95 638 469 (130) 480 Net proceeds from/ (repayment of) short term borrowings 128 74 109 (23) Dividends (76) (60) (60) (48) Others Net cash flows used in financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at year end (257) (140) (63) (221) (265) 280 351 59 56 (158) (85) 68 189 251 251 251 94 166 94 163 Note: Rounded off to the nearest whole number 43 TAJ SELEQTIONS VIVANTA VIVANTA GINGER amã ③min TAI sats STAYS & TRAILS qurated quality quisine IHCL#44TAJ SELEQTIONS VIVANTA GINGER amã min TAJ quality quisine SEAYS & TRAILS garmpted qual sats Appendix Additional reference pages IHCL#45FY22-F ☐ Industry Industry overview Massive growth potential in the Indian hotel industry on the back of favorable growth drivers 200 150 100 50 0 FY19 All India Rooms supply vs Demand (FY22-FY25) 45% CHE 100% 80% Business related travel 65% 60% Leisure 40% 124 20% MICE 0% Supply FY23-F Demand FY24-F Осс Market Concentration amongst top hotel chains with IHCL being one of the top 2 industry players Top 10 Chains - Number of hotels Weddings and other social purposes Top 10 Chains - Number of hotel rooms (in '000s) FY25-F Marriott IHCL Radisson ITC Accor Lemon Tree Hotels Hyatt Sarovar/Loure IHG Fern Hotels 0 50 50 100 150 200 Existing Pipeline 0 5 10 15 20 20 Source: "Industry Report - Upper Tier and Economy Hotels" dated October 28, 2021 prepared by Horwath HTL India 45 TAJ SELEQTIONS VIVANTA GINGER amã Gmin TAJ sats STAYS & TRAILS qurated quality quisine 25 25 30 30 Diplomatic travel Key demand drivers Airline crew Transit Marriot and IHCL are the top 2 chains controlling 17% of hotel inventory and 24% of room inventory Top 5 chains control ~45% of chain affiliated room inventory HOTEL IHCL#46| 9M 2021 / 22 - Performance of key subsidiaries Legal Entity UOH Inc. USA Revenue EBITDA PBT before Exc. Items PAT 249 (16) (70) (70) St. James Court - UK 147 25 (26) (21) PIEM Hotels Ltd. 189 (2) (46) 2 Roots Corporation Ltd 128 28 (35) (28) Note: Rounded off to the nearest whole number 46 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine */crores IHCL#47Debt position - standalone and consolidated */crores Standalone Consolidated Particulars Dec 31, Sept 30, June 30, March 31, Dec 31, Sep 30, June 30, March 31, 2021 2021 2021 2021 2021 2021 2021 2021 Gross Debt 1,665 2,886 2,886 2,592 2,730 4,081 4,042 3,633 Liquidity (580) (311) (271) (413) (825) (509) (430) (523) Net Debt (1,085) 2,575 2,615 2,179 1,905 3,571 3,612 3,110 Weighted cost of Debt (%) 7.2 8.0 8.3 7.8 5.9 6.9 6.9 6.5 Net Debt to Equity 0.18 0.65 0.66 0.52 0.32 0.93 0.91 0.73 Note: Rounded off to the nearest whole number 47 TAJ SELEQTIONS VIVANTA GINGER amã min TAJ sats STAYS & TRAILS qurated quality quisine IHCL#4848 Disclaimer This presentation and the accompanying slides have been prepared by and are the sole responsibility of The Indian Hotels Company Limited ("Company") and its subsidiaries, associates and affiliates (together, the "Group"). 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