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Investor Presentaiton

Indian hospitality - short-term headwinds but good long-term potential Headwinds Tailwinds Impact of elections on occupancies, MICE • Increasing foreign tourist arrivals (14% yoy, < 1% global) • Hold back of discretionary spends • Increasing local airfare / turmoil in airline industry • No direct reliefs (GST / Infra.) in Union Budget 2019 • • Demand growth (3.0%) < Supply growth (3.2%) in Q1 • ● Improving domestic demand 4 TAI SELEQTIONS VIVANTA GINGER EXPRESSIONS TAJ sats Rising middle class and strong demographic dividend Policy continuity Tremendous opportunity for conversions (72% unbranded) IHCL

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