DLF Ltd.

May, 2008

SAFE HARBOUR
This presentation contains certain forward looking statements concerning DLFs future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluctuations in earnings, our ability to manage growth, competition , economic growth in India, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, government policies and actions with respect to investments, fiscal deficits, regulation etc., interest and other fiscal cost generally prevailing in the economy. The company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time on behalf of the company.

HISTORY
Ventured into organised retail complexes Launched premium residential complexes with luxurious milieu of the Golf Links

Development of 21 urban colonies

Ventured into Group Housing Projects

Significant progress in pursuing and ramping up new businesses Hotels and Large Townships

1946

1950-64

1985

1996

1999

2002

2003

2004

2005

2006

2007

Founded by Chaudhary Raghuvendra Singh

Commenced development of 3,000 acres Gurgaon city

Ventured into Grade A Office spaces in Gurgaon

Commenced development of DLF Cybercity in Gurgaon

Focus on IT Parks and next generation malls

Formed JVs with Prudential for Life insurance & AMC. Also entered Capital Markets

VALUE PROPOSITION

Multi-business, multi-segment across geographies, mitigating cycles in the business A mix of development earnings and rental / incremental earnings High quality zoned land resource with development potential for more than ten years Strong execution strengths based on deep long-term relationships with companies like Shapoorji, etc. and partnerships such as LOR, WSP, etc. Raised resources from capital markets, primarily for investments in long-term businesses such as Hotels and large townships / SEZs Build-up of embedded value in many businesses, like LOR, DLF Utilities, etc.

BUSINESSES
DLF
CORE BUSINESS

NEW BUSINESS

EXECUTION ENABLERS
LOR JV WSP JV

INVESTMENTS
PRUDENTIAL JV FUNDS

HOMES

OFFICE

SHOPPING

HOTELS HILTON JV AMAN RESORTS

LARGE SEZ NAKHEEL JV

Other SEZ SPVS SPV

INFRASTRUCTURE

DLF is an aggregation of many businesses, legally structured separately and run by independent managements with clearly defined business plans

CORPORATE STRATEGY
Business organised on vertical basis: Homes, Office, Retail, Hotels, etc., each independent of the other Same structure is followed not only at the corporate level, but flows down to the regional/local level DLF, at the corporate level, plays the role of an aggregator of businesses where stiff, competing interests of different SBUs and businesses get aligned, resulting in sum of parts being worth more than parts Going forward, DLF plans to monetize subsidiaries/assets to unlock the embedded value With core businesses reaching stable operating performance, focus is to aggressively ramp up new businesses like hotels, infrastructure, SEZs, etc. Key focus on execution of projects with current levels reaching a run rate of 62 msf across businesses (excluding Hotels) DLF will look into making small pure investments in non-real estate businesses, with target ROI of more than 20% The compensation structure within the mid / senior level empolyees allows for participation in the success of various projects/businesses - Base salary 30% with a 70% variable component linked to the KRAs, overall through stock options

ORGANIZATION STRUCTURE
DLF
HOMES BU (Corporate Level) Managing Director / CEO

Head - Land

Head - Legal

Chief Financial Officer

Head - Marketing

Head Business Dev

NORTH Regional CE Regional Head - Land Regional Head - Legal Regional Head - Marketing Regional Head Business Dev

The above indicative structure illustrates how the organization has a bottoms up approach with requisite checks and balances at each level

LAND RESOURCE
Pan-India presence across 32 cities catering to all market segments All land resource within the Masterplans of cities and towns 90% of resource available as large, contiguous plots of land 80% of developable area in super-metros and metros Sufficient land resource to meet long-term goals
Land Resource as on 31-March-2008 Mn Sqft Total Segment Office Retail Super Luxury Luxury Mid income /Villas /Plots Hotel/ Convention Center/ Service Appts Grand Total % 164 92 4 41 432 18 751 64 33 4 33 113 4 251 33% 70 36 0 6 231 2 345 46% 26 14 0 1 73 10 123 16% 5 9 0 0 16 2 32 4% Super Metros Metros Tier-I Tier-II

Ownership Status Owned Land JDA / JV

Mn SqFt. 691 60

% 92% 8%

Super Metros -- Delhi Metropolitan Region & Mumbai Metros -- Chennai, Banglore, Kolkata. Tier I -- Chandigarh, Pune, Goa, Cochin, Nagpur, Hyderabad, Coimbatore & Bhubneshwar Tier-II -- Vadodra, Ghandhi Nagar, Ludhiana, Amritsar, Jalandhar, Sonipat, Panipat, Lucknow, Indore & Shimla.

Concentration of high value of land resource in cities with strong economic growth

GEOGRAPHIC SPREAD
Chandigarh

Jallandhar
Shimla

Ludhiana Amritsar Sonepat

Gurgaon Agra Jaipur

Kasoli Panipat Delhi Noida Lucknow

Sikkim

Ahemdabad Jamnagar Indore Vadodra

Mumbai Pune

Kolkata
Bhubaneshwar

Nagpur
Hyderabad

Goa
Bangalore Mysore

Chennai
Cochin
Coimbatore

DLF teams at work on different projects across the country a pan-India play!!

HOMES
Highlights

From Plots and Urban Colonies to Group Housing and Large Townships
DLF pioneered townships and group housing in India

Introduced the super-luxury and luxury category for homes Business model allows pre-sale of property prior to breaking ground, leading to positive cash flows Trusted brand with superior execution track record 195 msf of plots developed and 19 msf of Group Housing Societies since the launch of DLF City, Gurgaon First group housing project launched in 1996 Offering homes across different segments, namely super-luxury, luxury and mid-income Around 477 msf available at present for potential development Of this, over 80% development to be in super-metros and metros 10

HOMES
Strategy

HOMES

Super Luxury
Started the concept of superluxury houses with large plotted developments and urban colonies Consolidating leadership position in super-metros and metros across the country Approximately 4 msf potential development in Mumbai and Delhi, yielding super-normal profits Sales By Invite Target price points in excess of Rs 35,000 per sq ft

Luxury
Achieved a stable business model with the development of Aralias and Magnolias (Golf Links) in Gurgaon An effort to provide luxury living to a homogenous community looking for exquisite lifestyle High-end projects like Belaire, Magnolias already pre-sold Approximately 40 msf of potential development across India Steady demand, prices increased by more than 10% in last quarter with further price increases expected

Mid - Income
The ever-increasing Indian middle-class, currently pegged at 300 mn contributes to robust demand Current shortfall estimated to be around 20 mn houses DLF envisages to provide affordable housing across the country Pan-India launches started in FY08, seen stupendous response Momentum to continue in the coming time demonstrating high demand

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Current Build-out
Super Luxury / Luxury Aralias, Gurgaon: Occupants started moving in to the custom-made apartments and pent houses overlooking the Golf Course Magnolias, Gurgaon: Apartments with a golf-course, these have attracted HNIs, NRIs and affluent residents

Mid-Income

Launched premium homes across various cities: New Town Heights in Rajarhat, Kolkata Garden City in OMR, Chennai Riverside in Vytilla, Kochi Garden City in Indore New Town Heights in Gurgaon 12

Price points achieved in recent launches

Mid-Income
Units Booked (till Apr 30, 2008) 806 94 2304 2498 449 Launch Price (Rs/sq ft) 3137 4052 3180 2934 736 Our Latest Price (Rs/sq ft) 3718 4168 3475 2951 870

New Town Heights, Kolkata Riverside, Kochi OMR, Chennai New Gurgaon Gardencity, Indore

Note: Prices include BSP, PLC, floor rise charges, parking

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Homes: Forthcoming Launches

Chandigarh

Indore

Goa

Bangalore Chennai Kakanad

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10 Year Annual Target vs Delivery

10-yr Annual Delivery Taget

Super luxury / Luxury Mid-Housing, Institutions, Villas & Plots

4 26

Delivery Planned FY 09 FY 10 FY 11 msf 3 3 3 6 10 16

Note: The projected delivery is subject to occupancy certificate being received for buildings completed during the year

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LARGE INTEGRATED TOWNSHIPS

DLF pioneered development of large integrated townships decades ago with the development of the 3,000 acre DLF City, Gurgaon Townships include residential, commercial and retail properties in a modern city infrastructure, complete with schools, hospitals, hotels, shopping malls and recreational hubs DLF has inked JV with Nakheel LLC of the UAE, who have to their credit the development of The Palms and Al Burj, among other outstanding architectural projects

Bidadi Township: An integrated township spread over 9,168 acres on the outskirts of Bangalore with potential value creation of approx. Rs 50,000 crore (approx USD 12.5 billion). Work to start by mid 2008. Shivaji Marg: Acquisition of Swatantra Bharat Mill, along with pre-owned lands, will have a development potential of approx. 10 msf with potential value creation in excess of Rs 12,000 crore (approx USD 3 billion) New Gurgaon: A 4,000 acres township falling in the new masterplan for Gurgaon, with all segments of residential, commercial and retail Dankuni, Kolkata: 5,000 acres of township on the western outskirts of Kolkata South Maharshtra: Acquisition of land started for building a high-end resort city for holiday and luxurious lifestyle 16

OFFICE
Highlights

India forms an important part of growth strategy for every major multinational worldwide Entry of multinationals has grown by over 300% in last two years alone leading to huge demand for office space Demand for IT/ITES services (expected to grow at 15-20% CAGR over FY2010-16) Indian corporates getting increasingly dynamic creating huge demand for quality office space Total commercial real estate demand likely to be ~ 450-530 msf by FY2011

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OFFICE
Highlights

DLF is the founder and pioneer of Grade A office leasing market in India Offers a well-balanced mix of commercial office space including IT/ITES facilities, multi-tenant corporate office buildings and integrated commercial complexes 164 msf of developable area Existing client base of 70 Fortune 500 clients, out of a total 110 corporate client relationships Steady state achieved to deliver 12 msf on an annual basis Current run rate of pre-lease is 12 msf per annum Customer mix changing from IT/ITES MNCs to Indian Corporates with increasing volumes Continue to leverage location advantages and deep customer relationships to enter new geographies 39 msf under construction Delivery envisaged: - FY 09 - FY 10 12 msf 12 msf The projected delivery is subject to occupancy certificate being received for buildings completed during the year

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OFFICE
Strategy

OFFICE

Sale
Monetising a portion of the commercial assets through a business trust, DLF Office Trust (DOT), to be listed on the Singapore Stock Exchange, post all regulatory approvals

Lease
Pioneered lease model for commercial properties, i.e., general and built-to-suit Leasing profile continues to be strong and healthy with growing demand Increased delivery pace to meet the everincreasing demand for quality office spaces Experiencing high volumes and high rentals across states Rentals in Gurgaon for large volumes between Rs 65-70 per sq ft. Spot deals for smaller offices @ Rs 125 per sq ft

A perfect model of long term rental flows and selling properties to a listed business trust, with a long-term fee income as earnings

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OFFICE: SEZs

7 IT SEZs notified, of which 3 are already occupied and operational 4 SEZs have got final approval are in the process of being notified

Sonepat Delhi Gurgaon Noida

Gandhinagar Nagpur Pune

Kolkata Bhubneswar

IT/ITES SEZs Notified Pending Final Approval Applied For 7 4 4

Hyderabad

Chennai Notified Final Approval/Applied For

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RETAIL MALLS and COMMERCIAL COMPLEXES

Highlights

Modern retail formats in India command just 3% of total retail market, much lower than developed markets (US 85% share) and even Asian countries (Malaysia 55%, Thailand 40%, China 20%) Organized retail segment in India is expected to grow at a rate of 25% to 30% over the next 5 years. Organized retailing would require around 350-400 msf of retail real estate in India by FY2016. 21

RETAIL MALLS and COMMERCIAL COMPLEXES

Highlights

Given the scarcity of quality organized retail, DLF enjoys the benefits of a portfolio of premium locations across the country and rush by large retailers DLF envisages to introduce a new retail infrastructure to cater to the need for shopping malls and commercial centres across al segments and all places in India DLF has plans for delivering 1 msf of luxury malls, 4 msf of shopping malls and 3 msf of neighborhood malls annually Current developable land resource earmarked for retail stands at 92 msf All major retail players, including new entrants pitch aggressively for space in DLF Malls 11 msf under construction Delivery envisaged - FY 09: 6 msf - FY 10: 6 msf The projected delivery is subject to occupancy certificate being received for buildings completed during the year

10-year annual target delivery of 8 mn sq ft every year

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RETAIL MALLS and COMMERCIAL COMPLEXES

Strategy

RETAIL

Sale: Commercial Complexes and smaller malls

Build and sell model for commercial complexes and shopping centres Introducing commercial spaces with small offices, small shops

Lease: Large Malls

Build and lease model for Malls Leasing would ensure strong and sustained rentals given the increasing demand Rental values increasing substantially due to better mix

Introducing the concept of Next Generation Theme Malls

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Forthcoming Launches: Retail Malls Commercial Complexes

Amritsar Delhi Gurgaon Noida Lucknow

Mumbai Hyderabad Commercial Complexes Retail Malls Retail Projects handover completed in Q4 FY08

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HOTELS
Strategy

DLF HOTELS HOLDINGS LIMITED

HILTON JV Business Hotels / Serviced Apartments

Business Hotels
51 sites acquired and are in various stages of design, development and execution Panel of architects, consultants and vendors have been identified and brought on board First Hilton Garden Inn set to open in New Delhi by 2008 end

Other luxury Hotels

Holding company for
other hotel

AMAN ACQUISITION Part of Luxury Strategy

One of the pre-eminent and most
innovative luxury hotel groups in the world Owns and operating 18 boutique resorts worldwide Current development portfolio includes properties with 493 keys and 186 villas for ownership and management across Europe, Americas and Asia Adds prestige and value to DLFs already established name Acquisition helps DLF in acquiring domain expertise in luxury space

properties Building and developing hotels along with managing the brand and brand value Entered into an operating contract with Four Seasons for Hotel in DLF Golf Links International Convention Centre in New Delhi at advanced stages of development

Plans to develop 5,000 luxury hotel rooms and 20,000 business hotel rooms in next 5 years

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LOCATIONS OF VARIOUS SITES

Chandigarh New Delhi Gurgaon

25 projects comprising 4,255 keys under construction in FY09 313 keys opening in FY09 - Saket, Delhi: Hilton Garden Inn - Aman Lodhi, New Delhi Opening of Gurgaon Phase III and V clubs (rooms only)

Kolkata Mumbai Hyderabad Bangalore Mysore Cochin Chennai Bhubneswar

Project execution commenced for International Convention Centre, Dwarka (Delhi) Total no. of projects under DLF-Hilton alliance increases to 16, with 3500 keys

DLF Hotel sites

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Presence of AMAN Resorts

AMANGANI USA

LE MLZIN France

AMAN Delhi AMANJENA Morocco AMANYARA Turks & caicos AMANBAGH AMAN I-KHAS India AMANGALLA AMANWALA Srilanka

AMANKORA Bhutan AMANSARA Combodia AMANPULO Philippines AMANPURI Thailand AMANWANA Indonesia AMANJIWO AMANDARI Indonesia AMANKILA AMANUSA Indonesia

HOTEL BORA BORA French Polynesia

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LARGE SEZs

Manesar SEZ: Signed agreement with Haryana government, land acquisition in progress Ambala SEZ: Signed agreement with Haryana government for Ambala SEZ

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INFRASTRUCTURE
According to CRIS INFAC, investment in infrastructure will increase to INR 2,89,200 Crore in 2008 from INR 2,65,500 Crore in fiscal 2005 Significant portion of infrastructure development is expected to be undertaken through public-private partnerships The current rate of infrastructure investment in India, at 3.5% of GDP, is well below the target rate of 8.0% proposed by the Expert Group on Commercialization of Infrastructure Projects DLF intends to benefit from Laing ORourkes construction expertise and participate in the construction of infrastructure projects including roads, bridges, tunnels, pipelines, harbors, runways and power projects DLF Laing ORouke plans to not only deliver DLF developments on a pan-Indian basis but also to contract for external clients on a selective project-by-project basis Leverage infrastructure projects to get access to large land banks e.g., adjoining new road projects MOU signed with Fraport AG for development and management of airport projects in India

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EQUITY INVESTMENTS
Strategy

Foray into life insurance / asset management is largely an equity investment. In next couple of years, the group would be generating surplus cash flow, which would be in excess of fresh investment needs.

Investments: - A 74:26 JV with Prudential Financial Inc., US for Life insurance services - A 39:61 JV with Prudential Financial Inc., US for Asset Management services Target ROI: Over 20% Tenor: 7-10 years

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Strong Execution Capability

Construction in progress in 14 cities
Proje cts Unde r Construction
(msf)

59
44

62

Punjab Sonepat Delhi Gurgaon

Uttar Pradesh

M ar, 2007

De c, 2007

M ar, 2008

Gandhinagar Mumbai Nagpur Pune Hyderabad Bangalore Kochi Chennai

Kolkata
BU-wise Area Under Construction
(msf)
Offices 39 Homes 12

11
Retail Malls & Commercial Complexes

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EXECUTION
ENABLERS

Laing O Rourke 50:50 JV with LOR, a leading UK based construction company with expertise in construction of infrastructure projects including roads, bridges, tunnels, pipelines, harbors, runways and power projects Created an opportunity to exploit new sources of revenue JV has commenced development of 16 projects covering a total area of 40 msf DLF-LOR has submitted tenders for construction of various infrastructure projects including roads, laying of railway tracks, airport terminals and a port

WSP 50:50 JV with WSP for engineering and design consultancy and project management services WSPs experiences include world class projects such as Freedom Tower at Ground Zero, New York; the Mall of the Emirates, Dubai; and major developments at Heathrow and Stansted Airports in London WSP to bring specialist staff and expertise from their global operations to support local professionals

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FINANCIALS
Turnover 14,494
EBITDA 10,016

Rs crore

Rs crore

72% R1 G CA
4,053 1,960

GR CA

% 239

2,906 874

FY06

FY07

FY08

FY06

FY07

FY08

PAT 7,856

EPS 47

Rs crore

37% R3 G CA
1,934 411 FY06 FY07 FY08

Rs

GR CA

% 546

13 1 FY06 FY07 FY08

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TO CONCLUDE
Indias largest real estate company in terms of revenues, earnings, market capitalisation and developable area with a 62-year track record of sustained growth, customer satisfaction and innovation Robust business model with mix of development & rental earnings Low risk due to multiple businesses and segments within businesses, across geographies All earnings enablers in place high quality / high value zoned land resource in super metros & metros and motivated teams at local level to execute projects Businesses (Commercial, retail & luxury homes) which contribute more than 80% of our long term value are at stable operating platform Stupendous response to the launch of mid-income homes strong validation of strategy Set to change the hospitality landscape in India- On way to set up 20,000 business hotel rooms in the next 5 years in partnership with Hilton - Acquisition of domain expertise & assets with buy-out of Aman Resorts business Only developer with the experience of setting up of large townships Demonstrated the legal structure to monetize commercial assets as REITs in the offshore markets; listing in the near future

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