SUMMARY RESULTS FOR YEAR ENDING MARCH 31 , 2014AND PERFORMANCE UPDATE FOR THE QUARTER ENDING JUNE 30, 2014

September 11, 2014

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Disclaimer

Forward Looking Statements

It is possible that this presentation could or may contain forward-looking statements that are based on

current expectations or beliefs, as well as assumptions about future events. These forward-looking

statements can be identified by the fact that they do not relate only to historical or current facts. Forward-

looking statements often use words such as anticipate, target, expect, estimate, intend, plan, goal, believe,

will, may, should, would, could or other words of similar meaning. Undue reliance should not be placed on

any such statements because, by their very nature, they are subject to known and unknown risks and

uncertainties and can be affected by other factors that could cause actual results, and the Company’s plans

and objectives, to differ materially from those expressed or implied in the forward-looking statements

There are several factors which could cause actual results to differ materially from those expressed or

implied in forward looking statements. Amongst many factors that could cause actual results to differ

materially from those described in the forward-looking statements include changes in the global, political,

economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes

in tax rates and future business combinations or dispositions

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Executive Summary• Net Asset Value (“NAV”) per share decreased by 5.77% from EUR 5.89 at March 31, 2013

(as restated) to EUR 5.55 as at March 31, 2014. This decline in NAV per share is largelyattributable to the foreign exchange rate movements in the Indian Rupee against the EUR.As of March 31, 2014 the Euro was trading at 82.58 and as at March 31, 2013 it was at 69.54

• The decisive mandate accorded by the Indian electorate to the Bharatiya Janata Party (BJP)led National Democratic Alliance (NDA) has improved investment sentiment towardsIndia. The new government presented its budget in July 2014 and it was received positivelyby all the market participants and general public. Net FII inflow into India between January2014 to August 2014 was around US$ 30.1 bn

• The Reserve Bank of India (RBI) continued with its status quo policy on interest rates. Itkeeps emphasizing its intent to control the inflation, on a sustainable basis, to around 8%(Consumer Price Index – CPI) by January 2015 and to 6% (CPI) by January 2016. IfGovernment finances (fiscal deficit) come under control, RBI is expected to bring down theinterest rates

• Real Estate markets continue to remain neutral since last update. However, several positivedevelopments have taken place :

• Framework for Real Estate Investment Trusts (REITs) is in place

• Real Estate bill expected to become law soon which will increase transparency

• Area and capitalization norms relaxed under the FDI policy. Minimum built-up area requirementreduced from 50,000 sqm to 20,000 sqm. Minimum capitalization requirement reduced from US$ 10mn to US$ 5 mn for wholly owned subsidiaries

• Reserve Bank of India (RBI) allowed banks to issue long term bonds for affordable housing withminimum regulatory pre-emption (reserve ratios) to make cheaper credit available to this sector

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Executive Summary• Exits – Fully/Partially Completed

• Mixed Use Development, Bhavnagar – Fully Exited at INR 75 mn (EUR 1 mn)

• The Phoenix Mills Limited (PML) – Fully exited at INR 179 mn (EUR 2.22 mn)

• Treasure Town, Indore – Received INR 385 mn (i.e. EUR 4.57 mn or 87.7% of totalcontracted consideration). Balance is in default. The Fund had filed a legal case againstthe guarantor for default in balance consideration payment. Settlement is beingnegotiatied

• City Centre Mall, Nashik – The Fund has partially exited from this project and receivedINR 212 mn (EUR 2.56 mn). This is including second tranche received in August 2014and amounts to 52.1% of total contracted consideration

• Phoenix United Mall, Agra – The Fund has received partial exit consideration of INR130 mn (EUR 1.58 mn) in August 2014, which is 65.8% of total contracted consideration

• Exit arrangement are in place

• Market City Retail, Pune – Exit contracted. Consideration of INR 716.64 mn (EUR 8.74*mn) is expected to be received in June 2015

• Batanagar, Kolkata – The Fund has completed exit documentation and collected firsttranche of INR 140 mn (EUR 1.75 mn), in August 2014, out of total consideration of INR1,176 mn (EUR 14.34* mn). Balance consideration expected to be received in multipletranches over the next two years

• Exits under discussion /documentation

• Forum IT SEZ, Kolkata – Exit discussions currently underway. Significant capital

erosion expected* Based on exchange rate of EUR 1 = INR 82 (as on June 30, 2014)

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Executive Summary• Self liquidating residential projects with potential distribution prospects

• Residential Project, Bangalore – The IPC has completed one round of buy-back ofshares; K2 received INR 234 mn (EUR 3.22 mn) in FY 2014. Cashflow of the project ishealthy. More distribution expected in FY2015

• Residential Project, Pune – K2 received INR 245 mn (EUR 2.90 mn) from the threerounds of share buy-back in FY2014. Cashflow of the project is healthy. Moredistribution expected in FY2015

• Saket (Enterprise Level Investment), Hyderabad – The IPC completed its first buybackin Q1 FY2015 and remitted INR 150 mn (EUR 1.84 mn) to K2. The Company’s liquidityis under pressure

• Market City Residential, Pune – Commenced construction of one (out of two)residential tower. Both the towers were officially launched for sale in Q4 FY2014.Cashflow accruals expected in FY2016

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Executive Summary• Stressed Assets

• Taj Gateway, Kolkata – Project has received SARFAESI* notice from its lenders onAugust 1, 2014. Lenders could auction the property if dues are not settled by October2014

• Treasure Market City, Indore – The lenders have taken over possession of the propertyas the SPV defaulted on its debt commitments. Auction was rescheduled for September5, 2014 after two unsuccessful attempts. Lender had reduced the reserve price from INR1,500 mn in first auction to INR 1,350 mn for the second auction. However, there wereno bidders even at this reduced reserve price. No value left for the equity holders at thisreserve price

* The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

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Share Price Performance

Yatra Share trading Volume- Monthly Yatra Share Price Performance

Note: NAV as at September 30, 2013 was announced to the market inthe month of November 2013 and the NAV as of March 31, 2014 wasannounced to the market in July 2014

• The highest closing price of the shares for the quarter ending June 2014, has been EUR 3.40whereas the lowest traded price was EUR 2.72. Latest share price as on September 4, 2014 wasEUR 3.19

• The Company announced completion of it’s second redemption offer in December 2013. TheCompany redeemed 2,857,142 Ordinary shares at a price of EUR 3.50 per Ordinary share,thereby returning EUR 10 million to its shareholder

• On September 2, 2014, the Company published an Annual General Meeting (AGM) circular toits shareholders for convening an AGM on October 15, 2014

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Valuation of the Portfolio & NAV

• The valuation for the portfolio was conducted by

CBRE (independent valuer) as of March 31, 2014 under

the Royal Institution of Chartered Surveyors (RICS)

guidelines

• Projects where business plans are not finalized or

those involving long gestation period were valued on

Direct Comparable Method (DCM) basis while the

others were valued on Discounted Cash Flow (DCF)

basis

NAV in EUR

• The valuation highlights are as follows:

• Valuation of the portfolio based on independent RICS valuation excludinginvestments which are contracted for exit and written-off as on March 31, 2014 – EUR67.2 million (March 31, 2013 – EUR 80.9 million)

• Decrease from March 2013 valuation – (16.9%). Most of this decline in valuation wasattributable to the foreign exchange rate movements in the Indian Rupee against theEUR

MACRO ECONOMIC/REAL ESTATE SECTOR OVERVIEW

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Macro Economic Outlook• Global growth moderated more than expected in the first quarter of 2014, from 3.75% in the

second half of 2013 to 2.75%. The growth during this period was ~0.5% lower than the forecast in

April 2014 by World Economic Outlook (WEO)

• There were upside surprises to activity, in Japan and in Germany. But in China, domestic

demand moderated more than expected. Activity in Russia decelerated sharply as geopolitical

tensions further weakened demand

• India’s GDP growth accelerated to 5.7% in Q1 FY2015 after two consecutive years of sub-5%

growth (FY2013 and FY2014)

• In India, the National elections have placed a strong, stable government at the Centre. Given this

backdrop, Q1 FY2015 saw robust capital inflows of US$ 19.9 bn compared to US$ 9.2 bn in Q4

FY2014

• Current Account Deficit (CAD) widened to 1.7% of GDP in Q1 FY2015 compared to 0.3% of GDP

in Q4 FY2014. However, robust capital inflows led to a comfortable Balance of Payment surplus

of US$ 11.2 bn in Q1 FY2015

Source : Reserve Bank of India (RBI), Moneycontrol

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Macro Economic Outlook• Inflation as per the Consumer Price Index (CPI) eased substantially to 7.3% in June 2014 from

8.3% in May 2014. However, it inched up again to 8.0% in July 2014. Wholesale Price Index (WPI)

also moved down from 6.0% in May 2014 to 5.4% in June 2014 and it eased further to 5.2% in July

2014

• The upside risk to inflation was contained with the revival in rainfall across the country in the

month of July and August 2014

• Reserve Bank of India (RBI), in its monetary policy dated August 5, 2014, kept the policy repo rate

unchanged at 8 per cent. RBI re-emphasised its intent to lower CPI inflation, on a sustainable

basis, to 8% by January 2015 and to 6% by January 2016

• The new government presented its first budget in July 2014 and it was received positively by

market participants and general public. CNX Nifty index level has moved from 7,640 pre-budget

(on July 17, 2014) to 8,096 as at September 4, 2014, a 6.0% increase

Source : Reserve Bank of India (RBI), Moneycontrol

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Real Estate Outlook

Source : JLL

• Residential markets continue to see decline. Absorption and New launches are alsoshowing a declining trend

• Absorption of residential apartment units across the top seven cities registered a decline of 17.7% q-o-q. The absorption rate fell to 9.6% in 2Q14, a q-o-q decline of 250 bps. However, most of the Yatraprojects (except Saket) are seeing healthy absorption due to project / micro market dynamics

• The uncertainties of election results led to muted developer interest in launching new projects in2Q14. The same is expected improve post stable government formation

• Stable government at the Centre post elections and likely revival in GDP growth are expected torevive the demand for residential sector

• New government’s measures like increase in tax sops for homeowners, vision of 100 new smart citiesand housing for all by 2022 along with RBI’s measures to allow banks to issue long term bonds foraffordable housing (to make cheaper credit available) are likely to boost demand in medium to longterm

• Office: Overall net absorption increased in the quarter as compared to the previousquarter. Relocations / consolidations and churns continue to drive the demand whilefresh expansions have started to strengthen in the quarter

• During 2Q14, a total of 18 projects encompassing 5.5 mn sq ft of office space became operational with

moderate occupancy rates, taking India’s total stock to 390.0 mn sq ft

• Net absorption across India was 7.2 mn sq ft in 2Q14 compared to 5.9 mn sq ft in the previous quarter

• Securities and Exchange Board of India (SEBI) notified Real Estate Investment Trusts (REITs)

guidelines, which is being perceived as a positive development for the office sector

• PE funds continue to show interest in buying high occupancy operational assets. Now, listing as a

REIT is one of the exit option for them

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Real Estate Outlook

• Retail: Lack of quality mall space continue to act as a deterrent for retailers who wish to

expand. The new government is not in favour of allowing FDI in multi-brand retail

• The retail sector in India is forecasted to see 3.9 million sq ft of supply of organised mall space in

2014, as 14 malls are slated for completion

• India's overall vacancy rate dropped by 10 bps to 18.3% in 2Q14, with NCR-Delhi seeing the highest

vacancy rate (24.5%) followed by Mumbai (21%). The vacancy may increase after the new launches

• Hospitality: At the pan-India level, aggregate Occupancy Rates (ORs) declined to decadal lows of

59% in FY2014 from 61% in FY2013. Average Room Rates (ARRs) also fell by 5% y-o-y in FY2014. On

the supply side, room additions rose by 10% y-o-y in FY2014. Revenue per available room (RevPAR)

for premium hotels fell by 7% y-o-y in FY2014 because of muted room demand and large supply

additions

Source : JLL

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Real Estate Private Equity Markets• Sovereign wealth funds and pension funds have shown increased interest levels in Indian

real estate, particularly in commercial assets with high occupancy and residential assets atadvanced level of approvals / construction

• Structured finance has become the preferred route to invest in Residential assets, whereas,majority / out right purchase has been preferred for commercial assets with highoccupancy

• Government of Singapore Investment Corp. (GIC) entered into US$ 250 mn joint venturewith Brigade Enterprises Ltd to invest in projects in South India

• Canada Pension Plan Investment Board (CPPIB) entered into a US$ 500 mn joint venturewith Ajay Piramal group to invest in the Indian real estate sector in the form of debt andstructured finance

• GIC and Ascendas set up Ascendas India Growth Programme with a target size of US$600 mn to invest in business space across several Indian cities

• SEBI notified REIT guidelines, which is being perceived as a positive development for theIndian commercial sector

Source : Economic Times

PORTFOLIO OVERVIEW AS AT JUNE 30, 2014

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Portfolio Snapshot

Project Name Asset Class Partner

Equity

Committed

€ million

Equity

StakeCurrent Status

Residential Project, Bangalore # Residential Phoenix Mills 23.06* 30.00%

Construction of five out of nine towers is at an advanced

stage. Sale of units is progressing well. Soft launch of

Tower 6 and Luxury Tower was done in Q1 FY2015.

Company has cash & investments of INR 1,236.3 mn (as

at March 31, 2014)

Batanagar, Kolkata Residential Riverbank Developers 17.87* 44.05%*Exit contracted. First tranche of INR 140 mn was

received in August 2014

Residential Project, Pune Residential Kolte Patil 13.70* 49.00%

Sale and construction of Phase I is progressing well.

Handover of Phase I has begun. Phase II launch is

expected in next quarter

Market City Retail, Pune Retail Mall Phoenix Mills 17.05 24.00% Exit contracted. Payable in June 2015

Forum IT SEZ, Kolkata Office Forum Group 16.68 49.00%Exit discussions currently underway. Significant capital

erosion expected

Treasure Market City, Indore Mixed-use TWDPL 9.98 28.90%Lenders have taken over possession of the property and

it is under auction. No equity value left

City Centre Mall, Nashik Retail Mall Sarda Group 4.99* 23.92%*Exit contracted. 52.1% consideration already received

(including second tranche received in August 2014)

Saket Engineers, Hyderabad Enterprise Level Saket Group 7.36 27.25% Partially exited in Q1 FY2015

Treasure Town, Bijalpur Residential TWDPL 0.94* 4.87%*Exit contracted. 87.7% consideration received in Q3

FY2014. Balance under litigation

Taj Gateway, Kolkata Hospitality Jalan Group 4.64 40.00%

Project has received SARFAESI notice from lenders on

August 1, 2014. Property could be auctioned if dues are

not settled by October 2014

Market City Residential, Pune Residential Phoenix Mills 4.58 20.00%

Construction commenced on one out of two residential

towers. Both the towers were officially launched for sale

in Q4 FY2014

Phoenix United Mall, Agra n/a Big Apple 1.38* 9.70%*Exit contracted. First tranche of INR 130 mn (65.8% of

total consideration) received in August 2014

Total 122.23

# Includes two SPVs, which have now been merged

* Partial exit achieved

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Portfolio OverviewExit Status Completion of Phase I in Projects*

* Completion dates are for the first phases, are indicative and are dependant upon further project progress and sales velocity. It includes projects where exit has not yet been

contracted viz. Taj, Saket, Residential Project – Pune (KPRE), Residential Project – Bangalore and Market City Residential – Pune (Alliance). It does not include projects

where development is stalled viz. Treasure Market City – Indore and Forum

^ Others includes Agra, Forum, Treasure Market City & Treasure Town – Indore

** The debt maturity profile considers the repayment of secured loans but excludes projects where exit has been contracted and stalled projects

Project wise contribution to NAV (as at March 31, 2014) Debt Maturity Profile (% of Total Sanctioned Debt)**

1

0

2 2

CY2013 CY2014 CY2015 CY2016

5

2

1

4

2

Exits fully /partially

completed

Exitarrangementare in place

Exits underdiscussion /

documentation

Self liquidatingresidential

projects withpotential

distributionprospects

Stressed Assets

44.7%

17.8%

23.1%

6.5%2.0%

2.1% 1.8%0.9%

1.0%

0%

10%

20%

30%

40%

50%

FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23

DETAILED PROJECT UPDATES AS AT JUNE 30, 2014

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Residential Project, BangaloreCurrent Status Investment Summary

City Population: 9.5 millionEconomic Drivers: IT/ITeS, Biotechnology, Engineering (source: CBRE Research)

Asset Class Residential development

Development Partner The Phoenix Mills (market capitalization : INR 52,580 mn as atSeptember 4, 2014), a leading real estate developer, specializing in malldevelopment and large format mixed use developments

Saleable Area 2.2 million sq ft *

K2’s Commitment €23.06 million^

K2’s Equity Stake 30%

Land Acquisition Completed

Development Plans Finalized for Phase I, Phase II and Luxury Towers

Planning Approvals Environmental Clearance has been received for the entire project. Received revised master plan approval. BBMP approval awaited for launch of Phase II

Debt Outstanding : €0.0 million; Cash & Investments : INR 1,236.3 mn (as at March 31, 2014)

Construction Status Civil construction progressing as per the plan. RCC work completed upto 28th floor in Tower 1, 2 & 3; while 14th and 10th floors completed inTower 4 and 5. 41% of required TDR already purchased

Sales Update 368 apartments out of the launched 461 apartments have been sold.Collected advance of €54 million (INR 4,429 million) out of sales valueof €98 million (INR 8,072 million). Soft launch of Tower 6 and LuxuryTower was initiated in Q1 FY2015 for price discovery

Completion Date Q1 CY2016 for Phase - I

Comments Focus is on (1) maintaining the pace of construction, (2) collections inPhase I and (3) acquiring TDR to launch Phase-II and Luxury Tower

Current Status

* Saleable area expected to increase to 3.2 mn sq. ft. once

Transferable Development Rights of 1 mn sq. ft. is acquired

by the Project

^ Partial exit achieved amounting to EUR 3.22 mn

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Residential Project, PuneInvestment Summary

City Population: 5.1 millionEconomic Drivers: Engineering, Automobile, IT,/ITeS (source: CBRE Research)

Asset Class Residential led mixed use development

Development Partner Kolte Patil Developers, a prominent Pune based residential real estate developer

Saleable Area 2.0 million sq ft*

K2’s Commitment €13.70 million^

K2’s Equity Stake 49%

Land Acquisition Completed

Development Plans Finalized for Phase I & partially for Phase II

Planning Approvals Partial planning approvals received

Debt Outstanding debt: €0.5 million; Cash & Investments : INR 21.8 mn (as at March 31, 2014)

Construction Status Construction of one residential building was completed and handovercommenced. RCC works on basement slab and ground floor are in progressfor City Vista (commercial tower). In Beryl Phase II (residential), RCC workcompleted up to 10th slab in B2 building. In Langston (residential), RCCwork is completed for four buildings - B,C,D & E while terrace slab inprogress for two buildings - A & F. In Cheryl (residential), RCC workcompleted in B1 building and podium slab in progress for tower B2 In Arissa(commercial building), RCC work completed flooring work and MEP inprogress

Sales Update 417 apartments out of the launched 522 apartments have been sold. Incommercial and retail, 156 out of 203 units launched have been sold. TheCompany is planning to develop second school plot on JV basis

Completion Date Q1 CY2015 for Phase – I

Comments The Company has concluded a share buyback of INR 500 mn to itsshareholders (K2 received INR 245 mn). Focus is to improve salesmomentum of launched units, obtain requisite approvals and developmentrights (in lieu of the handover of the road and amenities land) to launch thenext phase and improve cash flow

* Subject to development rights expected in lieu of

handover of the road and area reserved for amenities

to authorities

^ Partial exit achieved amounting to EUR 2.90 mn

Current Status

Current Status

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Saket (Enterprise Level Investment), HyderabadInvestment Summary

City Population: 6.8 millionEconomic Drivers: IT/ITES, Pharmaceutical , Biotechnology(source: DTZ Research)

Asset Class Unlisted Entity Level Investment (with focus on Residential)

Development Partner Saket Engineers, a Hyderabad based mid-sized residential developer

Saleable Area NA (4 ongoing projects and various undeveloped land parcels)

K2’s Commitment €7.36 million^

K2’s Equity Stake 27.25%

Debt Outstanding : €11.5 million

Construction Status At Sriyam, handover for one tower is completed and balance minor work inthe second tower will be completed based on sales and collection progress. AtPranaam, handover of two towers is completed; third tower is nearingcompletion and construction on fourth tower is expected to recommence postreinstatement of building permission by authorities. At Bangalore site, RCCwork completed for all the three residential blocks. Commercial upper floorconstruction is delayed due to delay in obtaining approvals in view ofregulatory issues. For Bhu:Sattva (villa project in Hyderabad), constructionwork on Phase I is in progress; handover to start by end of 2014

Sales/Leasing Update 232 out of 272 apartments launched in Sriyam have been sold; 313 out of 378apartments launched in Pranaam have been sold. Additionally, 111 units outof total 139 units in the Bangalore project and 74 units out of total 116 units inBhu:sattva have been sold

Completion Date FY 2015 for Phase I

Comments The Company completed its first buyback in June 2014 and remitted INR150.0 mn to K2. Given that three out of four ongoing projects will becompleted and majority expected to be sold in FY2015, the Company hasstarted identifying new projects to generate cash flows for the future. Surpluscash flows from the ongoing projects is anemic. The Investment Manager isfocusing on balance exit, which is dependent on success of Bhu:Sattva andnew projects

Current Status

Current Status

^ Partial exit achieved

22

Market City Residential, PuneInvestment Summary

City Population: 5.1 millionEconomic Drivers: Engineering, Automobile, IT/ITeS (source: CBRE Research)

Asset Class Residential development (initial plan was to develop a hotel)

Development Partner The Phoenix Mills (market capitalization : INR 52,580 mn as at September 4,2014), a leading real estate developer, specializing in mall development andlarge format mixed use developments

Saleable Area Phase I involves two residential towers admeasuring 0.35 million sq ft;Phase 2 includes some Joint Development Area for commercial / residentialpurposes

K2’s Commitment €4.58 million

K2’s Equity Stake 20%

Land Acquisition Completed

Development Plans Finalized for first residential tower

Planning Approvals Partial planning approvals received

Debt Outstanding : €4.5 million; Mainly used for TDR acquisition

Construction Status RCC works completed upto 6th slab for Tower 1. Model flat and marketingoffice have been completed and are impressive

Sales Update 6 units have been sold, out of 81 launched across two residential towers

Completion Date CY 2016

Comments Given the ticket size of the product (around INR 60 mn per unit), salesvelocity is low (as expected) compared to mid-end products. Purchase ofTDR in timely and cost efficient manner would be critical to achievescheduled construction completion

Current Status

Current Status