Investor Presentation

February 2012

Safe Harbor Statement

Certain statements contained in this presentation are forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations or forecasts of future events and our future performance and do not relate directly to historical or current events or our historical or current performance and are subject to risks and uncertainties, some of which are outside of our control, that could cause actual outcomes and results to differ materially from historical results or current expectations. Most of these statements contain words that identify them as forward looking, such as anticipate, estimate, expect, project, intend, plan, believe, seek, will, may, opportunity, target or other words that relate to future events, as opposed to past or current events. Among the factors that could cause actual results to differ materially are our ability to maintain and expand our supplier relationships; our reliance on technology, our ability to expand our business, implement our strategy and effectively manage our growth; political and economic stability in and around India; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees; increasing competition in the Indian travel industry and risks associated with online commerce security. In addition to the foregoing factors, a description of certain other risks and uncertainties which may cause actual results to differ materially can be found in the Risk Factors section of MMYT's 20-F dated September 2, 2011, filed with the U.S. Securities Exchange Commission (SEC). Copies of this material is available from the SEC, our website or our Investor Relations department. We cannot assure you that the assumptions made in preparing any of the forward-looking statements will prove accurate or that any projections will be realized. We expect that there will be differences between projected and actual results. These forwardlooking statements speak only as of the date of this presentation, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements. All forward-looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained herein and in our future annual and quarterly reports as filed with the SEC.

Non-IFRS Metrics & Note on Unaudited Financials

The following non-IFRS metrics will be used in this presentation:

Gross Bookings represents total amount paid by our customers for travel services and products booked through us,
including taxes, fees, and other charges, and are net of cancellation and refunds, but does not include other revenues that are generated from 3rd party advertisement on our website, commissions and fees earned from the sale of railway and bus operators and fees earned by facilitating travel insurance policies to customers.

Net Revenues represents Revenues less Service Costs (costs of procuring the relevant services for sale to customers,
including procurement costs paid to hotel and package suppliers for the acquisition of hotel rooms, sightseeing costs, local transport costs and on occasion the cost of air tickets when the company pre-purchases air ticket inventory in order to enjoy special negotiated rates and revenues)

Net Revenue Margins is defined as Net Revenues as a percentage of Gross Bookings, and represents commissions,
fees, incentive payments and other amounts earned in our business. We follow net revenue margin trends closely across our various lines of business to gain insight into the profitability of our various businesses.

Fiscal Year End March 31st

Key Investment Highlights

Indias Leader in Online Travel & eCommerce

Strong Supplier Partnerships & Innovative Distribution Channels

Advanced & Secure Technology Platform

Highly Scalable Operating Leverage

Experienced Leadership Team Aligned With Shareholders

Multiple Strategies to Drive Earnings Growth

Business Overview

India: A Growth Story

4th Largest Economy Globally
2011 GDP at Purchasing Power Parity
US$ Trillions
16 15.4 15.0

Rapidly Growing Middle Class

All India Households by Income Brackets
MM Households 150

114
12 11.3

100

8
547 MM people

54
4.4 4 2.4 2.3 4.4

50 31
160 MM people 267 MM people

0 European Union USA China India Japan Russia Brazil

0 2011 2016 2026

Source: The CIA World Factbook (2011 estimates)

Source: The Economic Times

Internet Population Growing Rapidly

Rapid Growth in Internet Users
Million Users

Forecasted to Expand Further

121*

Total net users to reach 250 million by 2015 (IAMAI)

120 100 100 81 80 62 60 42 40

12 million broadband connections growing to over 160 million households by 2014 (TRAI Plan)
350 million 3G connections by 2015, up from 140 million in 2011 (Wireless Intelligence)

15.5 million smartphone shipments in CY2011, forecasted to grow to 77.5million by 2015

(CyberMedia Research & IDC)

20

0 2007 2008 2009 2010 2011

2007-2010 Data Source: Internet World Stats *2011 Estimates: Indian Market Research Bureau (IMRB) & Internet & Mobile Association of India (IAMAI)

Current 10% Net Penetration Provides Plenty of Headroom to Grow

7

Fast Adoption of Online Travel Bookings

Growing Travel Market
Total Travel Gross Bookings in India
US$ MM
24,000 22,813

Rising Penetration of Online Booking

Total Online Gross Bookings in India
US$ MM 7,500 7,027

19,922

6,000
17,652 15,808

5,524

16,000

4,500

4,362

3,342 3,000
8,000

1,500

0 2009 2010 2011 2012

0 2009 2010 2011 2012

Source: PhoCusWright, 2010

India: Fastest Growing APAC's Online Travel Space in 2012

8

Travel Industry Capacity Coming Online

Indian Air Carrier Fleet Size & Orders Airline
Air India Jet Airways KingFisher GoAir IndiGo SpiceJet Jet Lite Total

Hotel Chains to Increase Available Rooms

Accor Hotels: 90 more hotels planned by 2015, 21 operational by 2013

In Service
121 100 64 12 49 39 19 404

Orders & Options

30 39 69 79 226 54 0 497

Hilton: currently operates 5 hotels, plans to have 14 hotels in next 2 years

Carlson Hotels: 100 total hotels planned by 2015 Ambitious 2015 plan

Capacity expected to grow more than double

ITC : looking to double its room inventory to 16,000 plus rooms, or 40 properties

IHCL: will add 27 properties or 3,700 rooms in 24 months

+100k rooms to be added by 2015

Sources: Airbus.com, Boeing.com, individual airline websites, as of January 31, 2012

Market Expands Beyond Domestic Travel

Growing Outbound Departures by Indians
MM People
20 18.1

Top Destinations for Indian Outbound Travelers, 2014

Country Name (000 Indian Departures)

15
France (392) UK (801) USA (607) Italy (403) Egypt (773) China (434) Hong Kong (297) Malaysia (916)

11.5 10

6.2 5

UAE (984) Thailand (572)

Singapore (941)

0 2004
Source: Euromonitor, 2010

2009

2014

Indian Outbound Travelers Forecasted to Reach 50+ million by 2020

(UNWTO)

10

Market Leader in Indias OTA Industry #1 in Gross Bookings in Total Gross Bookings

Others 10%

Most visited online travel website in India Single largest seller of air tickets for all Indian Full Service & Low Cost Carriers

Cleartrip 18%

48%
Yatra 24%

Largest producer of online room bookings for many hotel chains in India Largest domestic e-commerce company with over 4.0 million monthly unique visitors
(December 2011 comScore)

Source: PhoCusWright, Mar 2010

11

Keys to Our Success

Strong Brand Recognition
Best Online Travel Agency & Best Domestic Tour Operator -Times of India 2011 High rates of repeat & direct site traffic Most searched online travel brand with average of 8.5 million visits per month in Fiscal Q3 HSBC Partnership - Co-Branded VISA card

Superior User Experience

User-friendly interface (online & offline) - Hotels 3.0 Simple & fast responding booking engines Innovative Customer Service Online Support Customer Loyalty Program MyTripRewards

Operational Excellence
Web analytics to manage site traffic & enhance conversion rates Continuous monitoring of key metrics i.e. conversions, first call resolutions, customer satisfaction Web infrastructure 24x7 alert systems

Open Work Culture to Drive Innovation & Growth

#3 in Great Places to Work (India 2011)

12

Offering Comprehensive Travel Services and Products

Air Ticketing 75%
% of Net Revenue (LTM 12/31/2011)

Air Ticketing
Domestic Flights (within India) International Flights (inbound & outbound to/from India)

Hotels & Packages

Holiday Packages in India International Holiday Packages

Emerging Segments 4%

Standalone Hotel Reservations

Hotels & Packages 21%

Flight Plus Hotel Deals

Emerging Segments
Travel Insurance Rail Ticketing Bus Ticketing Car Hire Website Advertising

Large Target Market:

Indian Middle Class, Non-Resident Indians, Domestic Small and Medium Enterprises
13

Established Strong Airline Partnerships

All Domestic Full Service Carriers (GDS)

All Domestic Low Cost Carriers (Direct Connects)

All Major International Airlines (GDS)

Single Largest Air Ticketing Agent for All Domestic Full & Low Cost Carriers in India
14

Widest Availability of Domestic Hotels

7,500+ properties in India

5% 8%
30% 18%

39%

Increasing Choice & Selection to Capture Growth Trend in Online Hotel Bookings
15

Hotels 3.0 Enhance Shoppers Experience

Improved User Interface

Select & Purchase Hotels on a Map

Shortlisting & Saved Results

Destination Inspiration

Hotel Booking Conversions Increased Since Launch

16

Innovative Holiday Packages & Bundled Products

More choices in holiday packages versus online competitors Greatest proportion of non air net revenue in the Indian OTA industry
17

Top OTA Seller of Hotel Rooms In India

Starwood Hotels India Today MakeMyTrip is the single largest OTA provider for Starwood Hotels in India and we are committed to strengthening this partnership as we continue to grow -Devdutta Banerjee, Regional Director of Revenue Management

Sarovar Hotels On a year round basis MakeMyTrip is now our single largest online producer exceeding Expedia in productivity...a challenge that they had willingly accepted - Pradeep Kalra, SVP Sales & Marketing (Sarovar Hotels)

Lemon Tree Hotels Today MakeMyTrip is our largest OTA seller for Lemon Tree hotels and we are committed to strengthening this partnership going forward. -Rahul Pandit, President & COO (Lemon Tree Hotels)

LaLit Suri Hospitality Group MakeMyTrip is our largest OTA seller for The Lalit Hotels in India. With new hotels being added to our portfolio, we are confident that our partnership will be fruitful and productive for both of us. -Kamal Kishore Corporate Head - Revenue Management & Channel Distribution | The LaLiT Suri Hospitality Group

Keys Hotels MakeMyTrip is the largest OTA for Keys Hotels in India and we are consistently growing in our association as higher numbers are flowing in from MMYT and as we continue opening new hotels across India. Their productivity has been consistent and timely for us to be able to plan our yields better and at the same time MMYT has given us a brilliant platform to showcase our unique hotels portfolio. Jai Motihar - Corporate Head-Revenue Management

Fortune Hotels We are committed to strengthening our partnership with MakeMyTrip as they are our largest OTA seller of hotel rooms for Fortune. Geetika Bahri | Asst. Revenue Manager | Fortune Park Hotels Ltd.

Largest Online Producer of Room Bookings for Most Hotel Chains in India
18

Acquisitions & Investments to Drive Non Air Growth

Luxury Tours & Travel (May 2011)

Increase hotel selection in Southeast Asia Enhance travel experience Net revenue margin expansion

iXiGO.com (August 2011)

Technology team acquisition User Generated Content & Social Media

My Guest House (November 2011)

Access to ultra budget accommodation inventory Last room availability technology

19

Sales and Service Channels

Online 19 MakeMyTrip Travel Stores Mobile Website & Smartphone Apps

Ludhiana Delhi / Gurgaon Jaipur Lucknow Guwahati

Ahmedabad Indore Kolkata Rajkot Vadodra Sur Nagpur at Nasik MumbaiPune Hyderabad Goa Bangalore Chennai

Call Center: 950+ Tele Agents; Multiple Locations; Multilingual

11,000+ Affiliate Travel Agents in 700+ cities; B2B and B2C Services

Social Network Presence

20

Flexible Payment Options and Customer Service Channels

All Major Payment Options Accepted

*Credit Cards *Net Banking *Cash Card *Debit Cards *Cash on Delivery *Easy Pay

Online Customer Support Module

Cancel, Modify, Track bookings; bypassing call center

21

Advanced, Secure and Scalable Technology Platform

Robust, Reliable and Fully Integrated Technology Platform Simple booking process

Web-enabled centralized booking system Scalable search and caching, Comprehensive results, Quick response time Enhanced Security by Visa payment gateway for online transactions Integrated B2B, B2C and Mobile platforms

22

Multiple Strategies Driving Growth

Broaden Geographical Reach

Expand footprint into regional geographies (Partnerships with Tourism Boards) Target geographies with high non-resident Indian populations (UAE)

Expand Product Diversity

Increase revenue share of Hotels and Package business Cross sell higher-margin services and products Continue to invest in new product categories to offer a 1-stop shopping solution

Selective Acquisitions and JVs to Further Enhance Value

Focus on regional, niche holiday players Optimizing travel supply procurement (Luxury Tours & Travel) Acquire & invest in technologies to accelerate growth (ixigo.com, My Guest House)

Enhance Core Technology Advantage

Continue enhancement of user experience (Hotel 3.0 website) Leverage social networks to acquire new customers (Facebook, Twitter, YouTube)

23

Financial Overview

Capitalizing on Growth Trends

Gross Bookings
(US$ MM) 800 742 95 600 50 466 57 400 313 52 225 200 26 261 199 409 10 14 0
FY2008 FY2009 FY2010 FY2011 9 mo. YTD FY2012 FY2008 FY2009 FY2010 FY2011 9 mo. YTD FY2012

Net Revenue (1)

(US$ MM) 70 746 61 121 60 2.5 15 11
50.1% YoY

66 2.6

40

40 1.2 8

648

30 626 20 25 0.7 6 17 2 19 31 48 48

Air Ticketing
Note: 1. Net Revenues represent Revenues Less Service Cost

Hotels and Packages

Emerging Segments

25

Seasonality in Our Hotels & Packages Business

Transactions
(000s)
118.7% YoY

Gross Bookings
(in $ million)
50 61.7% YoY

Net Revenue
(in $ million)
7 81.1% YoY 5.3 5 31.2

120 110.9

45.3
45

44.0 6 5.9

40

100
35

80

73.3

74.2

30

28.2

27.2

4 3.4 21.9 3 2.9 2.5 2.1 2

3.8

25

60 50.7 42.6 40 31.4

15

51.2
20 17.4

10

20
5

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3

FY2011

FY2012

FY2011

FY2012

FY2011

FY2012

Note 1: Fiscal years refer to year ending March 31 (fiscal) Note 2: Hotels & Packages results include acquisition of Luxury Tours & Travel

Peak Travel Quarters: Fiscal Q1 (AMJ) & Q3 (OND)

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Net Revenue Margins

Net Revenue as % of Gross Bookings
10% 8.5% 7.9%

Air Travel
8%
7.6% 7.4% 7.7%

8.4% 8% 7.8% 7.3%

7.1%

7.2%

Multiple sources underline models resilience

Commissions and incentives from airlines Service fees from customers Fees from GDS partner

7%

6%
6%
FY2008 FY2009 FY2010 FY2011 9 mo. YTD FY12

4%

Hotels and Packages

15%
14.0%

12.5%

2%

12%
8.9%

11.5% 10.6%

9%
0% FY2008 FY2009 FY2010 FY2011 9 mo. YTD FY2012

Effective Product Bundling

Mark up on Net Rates

6%
FY2008 FY2009 FY2010 FY2011 9 mo. YTD FY2012

27

Scalable Business Model Driving Operating Leverage

Operating Costs (1)

200%

Operating Profit (1)

(US$ MM) FY2008
10

190%

FY2009

FY2010

FY2011

9 mo. YTD FY2012

$8.2

150%

74.0%

135%
34.9% 100% 47.0% 44.6% 24.0%

5 $0.8 0

$4.6

94%

89%
20.4%
(5)

1.9%

7.5%

12.4%

Operating Profit Margin

50%

30.6% 49.3% 37.1% 24.3% 19.7% 18.0% FY2009 15.3% FY2010 SG&A

30.0%

(10) -$10.2

22.7% 16.2%

(15) -$16.0

0% FY2008 FY2011 Marketing Costs

(20)

Payment Gateway Costs

Personnel Costs

Note: 1. All figures as a % of Net Revenues; Costs exclude stock based compensation charges

28

Outlook

FY2012 guidance: Revenue less service cost range of $86 - $88 MM Continue to invest in technology to enhance user experience Incremental CapEx of US$5 US$6 MM during FY2012 Complete upgrade of website (Hotel 3.0) New mid-office system for non air business Long term net revenue margin and operating margin outlook intact Air Net Revenue Margin: 6.0% - 6.5% Hotels & Packaging Margin: 14.0% - 15.0% Adjusted Operating Margin: 25% - 30%

29

Key Investment Highlights

Indias Leader in Online Travel & eCommerce

Strong Supplier Partnerships & Innovative Distribution Channels

Advanced & Secure Technology Platform

Highly Scalable Operating Leverage

Experienced Leadership Team Aligned With Shareholders

Multiple Strategies to Drive Earnings Growth