DLF Ltd.

May, 2008

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SAFE HARBOUR

This presentation contains certain forward looking statements concerning DLF’s 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.

2
 HISTORY

Launched
Ventured premium Significant
Development Ventured into into progress in
residential
of 21 urban Group Housing organised pursuing and
complexes
colonies Projects retail ramping up
with luxurious
complexes milieu of the new businesses – Hotels
Golf Links and Large Townships

1946 1950-64 1985 1996 1999 2002 2003 2004 2005 2006 2007

Formed JVs with

Founded by Commenced Ventured into Commenced Focus on
Prudential for
Chaudhary development of Grade “A” development IT Parks
Life insurance & AMC.
Raghuvendra 3,000 acres Office spaces of ‘DLF and next
Also entered
Singh Gurgaon city in Gurgaon Cybercity’ in generation
Capital
Gurgaon malls
Markets

3
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.

4
 BUSINESSES
DLF

CORE EXECUTION
BUSINESS
NEW BUSINESS INVESTMENTS
ENABLERS

LOR JV PRUDENTIAL
JV

WSP JV FUNDS

HOMES OFFICE SHOPPING

HOTELS LARGE SEZ INFRASTRUCTURE

HILTON JV NAKHEEL JV

AMAN RESORTS Other SEZ SPV’

SPV’S

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

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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 “bottom’s up” approach with
requisite checks and balances at each level 7
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 Super Metros Metros Tier-I Tier-II
Segment
Office 164 64 70 26 5
Retail 92 33 36 14 9
Super Luxury 4 4 0 0 0
Luxury 41 33 6 1 0
Mid income /Villas /Plots 432 113 231 73 16
Hotel/ Convention Center/ Service Appts 18 4 2 10 2
Grand Total 751 251 345 123 32
% 33% 46% 16% 4%

Ownership Status Mn SqFt. %

Owned Land 691 92%
JDA / JV 60 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
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GEOGRAPHIC SPREAD
Chandigarh

Jallandhar

Shimla

Ludhiana Kasoli
Amritsar
Sonepat Panipat
Delhi
Noida Sikkim
Gurgaon
Lucknow
Agra
Jaipur

Ahemdabad
Jamnagar
Indore Kolkata
Vadodra
Bhubaneshwar
Mumbai
Pune
Nagpur

Goa Hyderabad

Bangalore
Mysore Chennai

Cochin Coimbatore

DLF teams at work on different projects across the country – a pan-India play!! 9
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

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HOMES
Strategy

HOMES

Super Luxury Luxury Mid - Income

• Started the concept of super-
luxury 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
• 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
• 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

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Price points achieved in recent launches

Mid-Income

Units Booked Launch Price Our Latest Price

(till Apr 30, 2008) (Rs/sq ft) (Rs/sq ft)
New Town Heights, Kolkata 806 3137 3718
Riverside, Kochi 94 4052 4168
OMR, Chennai 2304 3180 3475
New Gurgaon 2498 2934 2951
Gardencity, Indore 449 736 870

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 Delivery Planned
FY 09 FY 10 FY 11
msf
Super luxury / Luxury 4 3 3 3
Mid-Housing, Institutions, Villas & Plots 26 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

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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 12 msf The projected delivery is subject to occupancy
certificate being received for buildings
- FY 10 12 msf completed during the year

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OFFICE
Strategy

OFFICE

Sale Lease

•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
• 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 ever-
increasing 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 19
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 Kolkata
Nagpur Bhubneswar
Pune
IT/ITES SEZs Hyderabad
Notified 7
Pending Final Approval 4 Chennai
Applied For 4 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.
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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 The projected delivery is subject to occupancy
certificate being received for buildings
- FY 10: 6 msf
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: Lease:
Commercial Complexes Large Malls
and smaller malls

• Build and sell model for commercial
complexes and shopping centres
• Introducing commercial spaces with
small offices, small shops
• 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
Plans to develop 5,000 luxury hotel rooms and 20,000
business hotel rooms in next 5 years
Other luxury Hotels
• Holding company for other hotel
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
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 DLF’s already
established name
• Acquisition helps DLF in acquiring
domain expertise in luxury space
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LOCATIONS OF VARIOUS SITES

• 25 projects comprising 4,255 keys under

construction in FY09
Chandigarh
• 313 keys opening in FY09
New Delhi
Gurgaon - Saket, Delhi: Hilton Garden Inn
- Aman Lodhi, New Delhi
• Opening of Gurgaon Phase III and V
clubs (rooms only)

Kolkata • Project execution commenced for

International Convention Centre, Dwarka
Mumbai Bhubneswar (Delhi)
• Total no. of projects under DLF-Hilton
Hyderabad alliance increases to 16, with 3500 keys

Bangalore
Mysore Chennai

Cochin
DLF Hotel sites
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Presence of AMAN Resorts

AMANGANI LE MÉLÉZIN
USA France

AMANKORA
AMAN Delhi Bhutan
AMANJENA AMANBAGH AMANSARA
Morocco AMAN –I-KHAS Combodia
AMANYARA India
Turks & caicos AMANPULO
Philippines
AMANGALLA
AMANWALA AMANPURI
Srilanka Thailand
HOTEL BORA BORA AMANWANA
French Polynesia Indonesia
AMANJIWO
Indonesia AMANDARI
AMANKILA
AMANUSA
Indonesia

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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 O’Rourke’s construction expertise and participate in the
construction of infrastructure projects including roads, bridges, tunnels, pipelines, harbors, runways
and power projects
• DLF Laing O’Rouke 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)

62
59

44

Punjab
Sonepat
Delhi
Gurgaon
Uttar
M ar, 2007 De c, 2007 M ar, 2008
Pradesh

Gandhinagar Kolkata
BU-wise Area Under Construction
Mumbai Nagpur (msf)
Pune
Offices Homes
Hyderabad 39 12

11
Bangalore
Retail Malls &
Chennai Commercial
Kochi
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
• WSP’s 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 EBITDA

14,494
10,016

%
72% 239
Rs crore

Rs crore
GR1 GR
CA CA

4,053 2,906
1,960
874

FY06 FY07 FY08 FY06 FY07 FY08

PAT EPS
47
7,856

%
37% 546
G R3 G R
Rs crore

CA Rs CA

13
1,934

411 1

FY06 FY07 FY08 FY06 FY07 FY08

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TO CONCLUDE
„ India’s 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 REIT’s in the offshore markets; listing
in the near future

34