Investor Presentaiton

Proposed Demerger Proposed Demerger Shareholders 100% FMCG, Cigarettes, Paperboards & Packaging, Agri, IT Equity Shares Resultant Structure Shareholders 100% appx. 60% 100% ITC Resulting Company appx. 40% ITC Resulting Company Hotel Business Demerger FMCG, Cigarettes, Paperboards & Packaging, Agri, IT Hotel Business A TC Enduring Value Transaction Overview Demerger of ITC's Hotel Business into a new entity (Hotels Co.) through a scheme of arrangement approved by National Company Law Tribunal Hotels Co. to issue equity shares directly to the shareholders of ITC in a manner that about 40% stake is retained by ITC and about 60% stake is held directly by ITC shareholders proportionate to their shareholding in ITC - Overall, existing ITC shareholders will hold 100% of Hotels Co.; about 60% directly and balance of about 40% through their shareholding in ITC | 21 |

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