Investor Presentaiton

STOP MARKET OUTLOOK Customer Consumers prefer unique, engaging, and immersive experiences ― Retailers are responding with entertainment, Food & Beverage, and social interaction spaces that are distinct, as opposed to traditional places Omni Channel More "Omni” than exclusive E.Com. Growth tapering with significant offline expansion Focus on unit economics, introduction of reverse logistics fees - - Industry Apparel demand continues to be muted post Diwali, partial revival from mid-June Higher discounting to expedite Inventory liquidation Expect demand to pick up during second half Expansion India is 5th Largest Worldwide Retail destination(1) High Demand for organized Retail Space. Leased space of 4.7M sq. ft. in 2022. Estimated to lease 6.8M sq. ft. in 2023 (2) Brands continue to expand offline presence 1. Source: www.ibef.org 2. Source: CBRE 3

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