Cox & Kings Ltd.

Investor Presentation

February 2011

360 Travel. 100% Focus.

Disclaimer

This presentation has been prepared by Cox & Kings Limited (the Company) solely for your information and for your use and may not be taken away, reproduced, redistributed or passed on, directly or indirectly, to any other person (whether within or outside your organization or firm) or published in whole or in part, for any purpose. By attending this presentation, you are agreeing to be bound by the foregoing restrictions and to maintain absolute confidentiality regarding the information disclosed in these materials. The information contained in this presentation does not constitute or form any part of any offer, invitation or recommendation to purchase or subscribe for any securities in any jurisdiction, and neither the issue of the information nor anything contained herein shall form the basis of, or be relied upon in connection with, any contract or commitment on the part of any person to proceed with any transaction. The information contained in these materials has not been independently verified. No representation or warranty, express or implied, is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented or contained in these materials. Any forward-looking statements in this presentation are subject to risks and uncertainties that could cause actual results to differ materially from those that may be inferred to being expressed in, or implied by, such statements. Such forward-looking statements are not indicative or guarantees of future performance. Any forward-looking statements, projections and industry data made by third parties included in this presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections. This presentation may not be all inclusive and may not contain all of the information that you may consider material. The information presented or contained in these materials is subject to change without notice and its accuracy is not guaranteed. Neither the Company nor any of its affiliates, advisers or representatives accepts liability whatsoever for any loss howsoever arising from any information presented or contained in these materials. THIS PRESENTATION IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES OR ELSEWHERE.

Cox & Kings: Overview

Company Overview One of Indias Largest Travel and Tour Companies Global Tours & Travel Operators: Geographical Diversification Focus on Leisure with Diverse Product Offerings
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Company Overview

Business Description
Cox & Kings Ltd., C&K or Cox & Kings, is one of the oldest and well recognized travel and tour operators in the world In December 2009, C&K successfully listed on the stock exchange in India C&K has subsidiaries in UK, Australia, New Zealand, Japan, US, UAE, Germany, Hong Kong, Greece and Singapore C&Ks business can be categorized into 4 service offerings, namely, leisure travel, corporate travel, visa processing and foreign exchange
3- Month High /Low (Nov 2010 Jan 2011) High INR 589.0 Low INR 425.7

Equity Capital as on 31st December 2010 6,82,63,945

CMP on 31st December 2010 BSE : INR 523.8 NSE : INR 521.8

Market Cap. on 31st Dec. 2010

INR 3,575.32 cr

Richard Cox served as a regimental agent to a unit of the Majestys Armed Forces

Merged with Henry S. King & Co, a bank and shipping agency to form Coxs & Kings; Henry S. King & Co had strong links with India

Cox & Kings agency was bought by Grindlays Bank in a deal with the Indian Govt. to promote tourism in the country

Expanded product portfolio to become a full service Indian tour operator

Cox & Kings is a global tour and travel company. The Company is a one stop shop for travel solutions

1758

18th Cent.

19th Cent.

1923

1970

1970-99

1999-2006

2006-09

2010

Company established by Richard Cox grew to provide services to majority of the British regiments

Business was sold to Lloyds Bank; The Shipping agency became a separate company running tours around the world

Largely operated as a ticketing agent; non leisure business accounted for over 50% of the revenues in 1999

Acquires and consolidates businesses across the world with a focus on leisure travel; 90% of revenue is from leisure segment in FY 07-09

Shareholding Details
Shareholding Pattern

Banks, Mutual Funds & FI 6.1%

FII,NRIs and Foreign Corporate Bodies 27.1%

Banks, Mutual Funds & FI 6.6%

FII,NRIs and Foreign Corporate Bodies 22.2% GDR 7.3%

GDR 3.5% Promoter 58.7% Promoter 58.7%

Quarter ended 31st December 2010

Source: BSE

Other Corporate Bodies and Public 4.8%

Quarter ended 30st September 2010

Other Corporate Bodies and Public 5.3%

Top Shareholders as on 31st December 2010

% of Shareholders No. of shares Holding Promoters 40,040,880 58.7 Small Cap World Fund, Inc 3,995,500 5.9 Citibank N.A. New York, Nyadr Department 2,355,534 3.5 Carls on Fund - As ian Small Cap 1,700,000 2.5 Emerging Markets Growth Fund, Inc. 1,624,647 2.4 Goldman Sachs Inves tments (Mauritius )I Ltd 1,428,000 2.1 Reliance Capital Trus tee Co. Ltd A/c Relianceequit ,302,700 1 1.2 Stichting Pens ioenfonds ABP -GDR 1,232,530 1.8 Deuts che Securities Mauritius Limited 811,974 1.2 Capital International Emerging Markets Fund 772,764 1.1 Lehman Brothers Opportunity Limited 760,648 1.1 TOTAL 56,025,177 82.1

One of Indias Largest Travel And Tour Companies with a Strong Brand Name

Retail Travel in India Market Share

% Sales

Organized
9%

Brand has evolved over 250 years # 1 Among Top Brands in India(1)
91%

Leading Player in the Indian Market

Un-organized
Source Euromonitor India June 2010

Awards & Recognitions in 2010

India's Leading Destination Management Company awarded by the World Travel Awards 2010. CNBC Awaaz Travel Award 2010 for Taking India Global. Best Outbound Tour Operator awarded by Hospitality India and Explore the World Annual International Awards 2010. First Runner Up in the Best Large Tour Operator category awarded by the Telegraph Ultra Travel luxury survey UK 2010. First Runner Up in the Favourite Tour Operator category awarded by Cond Nast Traveller Readers Choice Awards (2010). "Most admired tour operator 2010" awarded by SATTE (2010)

Note: 1.Based on survey conducted in 2008 by TNS and co-funded by Media magazine across 10 countires in Asia Pacific region

Global Tours & Travel Operator: Geographical Diversification

United Kingdom Cox & Kings (UK) Ltd. Outbound Travel Clearmine Ltd. (ETN Services Ltd) Inbound Travel (Destination management services)

Europe Cox and Kings Gmbh, Quoprro Global Hellas

UAE Cox & Kings Tours LLC Outbound and Inbound travel

Visa processing

Japan Cox & Kings Japan Ltd. Outbound travel

South-East Asia Cox & Kings Singapore Pte Ltd., Quoprro Global Services Pte Ltd., Quoprro Global Services Pvt Ltd. Visa processing

United States of America East India Travel Company Inc Up-market outbound tour and travel packages

India Cox & Kings Ltd, Quoprro Global Services Pvt. Ltd.

Australia and New Zealand Tempo Holidays Pty Ltd; MyPlanet Australia Pty Ltd, Bentours International Australia Pty. Ltd Outbound travel

Outbound, Inbound, Domestic, Corporate travel

Special offerings such as Maharajas Express, Kumbh Mela etc.

Note: 1. Cox & Kings Ltd. has a 100% commercial interest in all its subsidiaries

Key Global Subsidiaries

Subsidiary Operational Highlights
Premium long-haul outbound tour operator

Cox & Kings (UK) Ltd., UK

Target segments Wealth retirees Key destinations India, Latin America etc. Provides destination management services in Europe

ETN Services Ltd., UK

Mid market to premium positioning Services to group companies as well as other tour operators Outbound wholesaler selling white label packages to other tour operators

Cox & Kings Japan Ltd.

Caters for business delegations and leisure travel Provides destination management services for travellers from Japan Outbound Mass market oriented travel packages

Tempo Holidays Pty Ltd, Australia; Holidays NZ Ltd, New Zealand

Tempo

Synergies with ETN Services and C&K Dubai as key tourist destinations are Europe and Middle East Uniquely positioned as one of the few large independent tour operators

MyPlanet Australia Pty Ltd, Australia; Bentours International Pty Ltd., Australia

Specialist outbound travel

Tourists from Australia and New Zealand Leading outbound tour and travel operator to Scandinavia Inbound Service provider to a large number of tourists from Cox & Kings India

Cox & Kings Tours LLC, UAE

Outbound Initially tapped expat Indian population; subsequently tour operator for local population Premium outbound luxury packages for celebrity clientele

East India Travel Company Inc., USA

Outbound tours to Africa, Latin America, Asia and Middle East Engaged in the business of providing visa processing services

Quoprro Global Services Pte. Ltd., Singapore; Quoprro Global Services Pvt. Ltd., Hongkong; Cox and Kings Gmbh, Germany; Cox and Kings Hellas, Greece
Note: 1. Cox & Kings Ltd. has a 100% commercial interest in all its subsidiaries

Focus on Leisure with Diverse Product Offerings

Leisure Travel Corporate Travel Visa Processing & Foreign Exchange
Outsourced business solution provider to diplomatic missions
Licensed retail foreign exchange dealer in India

Innovative Products

Outbound Travel Inbound Travel (Destination management)

Customized business travel solutions

Offerings that differentiate Cox and Kings from competitors Create brand value for the company Strategic partnership

Offerings

Domestic Travel Meeting, Incentives, Conferences and Exhibitions (MICE) Trade Fairs

Retail clients in India, UK, Australia, New Zealand, Japan, USA and UAE

200+ companies located in India

Visa for India from Germany, UAE, Hong kong, Greece and Singapore Visas for Malaysia and Singapore from India and French Visa from UK Fx operations in India

In all operational markets

Markets

Portfolio Sample
Kumbh Mela, India

Value Drivers

Selective Acquisitions Globally Consolidated Sourcing Operations Strong National & International Distribution Technological Prowess Experienced Board of Directors & Human Resources
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Selective Acquisitions Globally Aligned to Core Business Strategy

Rationale for Acquisitions: Increase in scale of business through exponential growth in number of customers, markets and products

Synergies with existing operations with a scope for creating value for the combined entity
Risk mitigation through diversification of revenue streams; counters cyclical nature of industry Strong management and prior success with integrating acquired businesses

FY2006

FY2008

FY2009

FY2010

Clearmine Ltd. -ETN Services Ltd. Destination management services

Cox & Kings (UK) Ltd.

Outbound travel operator catering to the up-market leisure travel business

Quoprro Global Services Pvt Ltd. East India Travel Company Inc Visa processing services Up-market outbound tour and travel packages

Cox & Kings Japan Ltd. Travel wholesaler Revenues principally from package consultancy and services for major wholesalers and societies Tempo Holidays PTY, Australia; Tempo Holidays NZ Ltd., New Zealand Specialised outbound tours My Planet Australia, BenTours International Pty Ltd. Specialized outbound tours

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Improving Efficiency Through Consolidated Sourcing Operations

Consolidated Buying Group

Significant increase in business and business volumes in recent years through acquisitions as well as organically Operating Income increased by 48 % (FY08-10) Acquired 7 businesses in last 4 years
40%

Improving Margins
(%)
50% 42% 40% 34% 30% 25% 22% 47%

Since 2008, products sourced through global consolidated efforts Growing size of operations provided buying power with suppliers Increased ability to offer competitive packages to customers leading to higher revenue and better margins
Organic Growth

20%

Inorganic Growth

10%

Expansion in Business Volumes

0% 2008 2009 2010

Competitive Advantage

EBITDA Margin(1)
Bargaining Power

PAT Margin

Note: EBITDA margin calculated after excluding other income

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Strong National & International Distribution Network

India Distribution Network

Global Distribution Network

14 Sales Offices
Germany UK Russia

115 Franchise Sales Shops

US Spain Italy UAE India Japan Hong Kong

143 PAs
Tahiti Source As of 31st December 2010

Maldives South America South Africa New Zealand Singapore Australia

Subsidiaries

Branch Office

Representative Office

Online Distribution Network

Cox & Kings UK Portal Cox & Kings India Portal Tempo Holidays RADIUS: Consortium of leading travel agents present across approximately 80 countries

Online booking

Online package design and selection

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Technological Prowess

Technology Platforms
Web enabled reservation engine Centralized dynamic packaging system Covers all travel related services such as reservations, insurance, visa and package tours

Top End Software

Latest data-management software, including ERP Proprietary software for our Visa Processing business with technical support from a leading technology company globally

Services
B2B as well as a B2C solution, providing a backbone to the Global Distribution Systems (GDS) Online payment gateways integrated to existing technology platform Fully integrated computer reservation systems (CRS) with our mid and back office operations

Security
Servers are secured with firewalls Robust security systems including biometrics identifiers, fingerprints and photographs for visa application Strong disaster management, including recovery solutions and scheduled backups

Improve efficiencies and reduce TATs: Dynamic designing of packages; increasing business handled per employee

Seamless integration of operations of acquired entities

Ability to introduce white label/ co-branded offerings for clients such as MSN and Jet Escapes

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Experienced Board of Directors & Human Resources

Promoter & Executive Chairman In 1971 appointed on the Board of Cox & Kings (UK) and in 1975 was appointed Chairman of the Group Previously acted as a consultant to the parent company of British Caledonian Airways Associated with C&K for several decades, he has been a constant guiding force to the Company

A.B.M Good

Peter Kerkar

Promoter & Executive Director Promoter & Executive Director Joined Cox & Kings Travel Ltd. Responsible for day-to-day in 1986 as a General Manager management at C&K India, On the board of C&K since marketing & design initiatives 1993 at the Group Responsible for overall Prior to her current role, she leadership, strategy, global was running a graphic design centralized buying and and production house Urrshila Kerkar international growth Founder member & director of World Tourism Council for the Indian Subcontinent

S C Bhargava, Independent Director

Retired from Life Insurance Corporation of India as Executive Director (Investment)

M Narayanan, Independent Director

Ex-CMD of Tourism Finance Corporation of India Ltd; Held senior management positions in IFCI and Bank of Baroda

Pesi Patel, Independent Director

Three decades of experience in the industry; Key member in determining future strategies for the Cox & Kings Group

Management team includes experienced managers in the travel and leisure industry

Witnessed low attrition of key management personnel

As of December 31, 2010, total of 1,517 employees across the Asia Pacific region, Europe, the Middle East and North America

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Business Strategy

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Business Strategy

Inorganic growth by selectively acquiring businesses

Strategic initiatives for our product and service offerings

Leverage existing global platform to enhance product and service offerings

Expand distribution network globally

Grow the outbound leisure services subsegment in India

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Financials

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Consolidated Audited Financials

Operating Income (INR MM)
5,000 3,992 4,000 2,869 3,000 1,821 2,000 1,000 0 FY08 FY09 FY10 600 300 446 634 900 1,348 1,200

PAT (INR MM)

1,500

0 FY08 FY09 FY10

US$ MM(2) 40.3

63.6

88.4

9.9

14.0

29.9

EBITDA & PAT Margin(1) (%)

50% 40% 40% 30% 20% 10% 0% FY08 EBITDA Margin FY09 PAT Margin FY10 25% 22% 42% 34% 47%

Key Components of Operating Expenditure as a Percentage of Operating Income (%)

30% 25% 20% 15% 28% 28% 25%

12%

12%
9%

10%
5% 0% FY08 FY09 Personnel Expenditure

FY10 Advertising

Note: 1. EBITDA & PAT margin calculated after excluding other income 2. INR/ USD exchange rate of INR 45.14/ USD as on 31 March 2010

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Consolidated Financials Q3FY11

Q3FY11 Operating Income for the Group stood at INR 1,083.1 Mn i.e. an increase of 37% over the same period last year EBITDA increased to INR 385.6 Mn i.e. an increase of 27% over EBITDA for Q3 FY10 Cox & Kings Ltd. Consolidated Q3 2011 & Q3 YTD FY 2011 Results (INR Mn)
Particulars Income from Operations Employee Cost Advertisement Cost Depreciation Other Expenditure Total Expenditure Profit from operations before Other Income, Interest & Exceptional Items Other Income Profit before Interest & Exceptional Items Interest & Finance Charges (Net) Profit before Exceptional Items Exceptional Items Gain / (Loss) Profit from Ordinary Activities before tax Tax Expense Net Profit from Ordinary Activities after tax Share in the Profit/(Loss) of Assoicates Extra-ordinary items Net profit for the period 230.2 192.8 19% 834.0 888.6 -6% 1,338.5 Q3 FY 11 1,083.1 353.2 103.4 48.0 240.9 745.5 337.6 81.6 419.2 166.6 252.6 86.9 339.5 106.1 233.4 (3.1) Q3 FY 10 788.9 248.7 58.8 35.7 178.5 521.7 267.2 22.7 289.8 47.4 242.5 33.6 276.1 80.8 195.3 (2.5) 23% 4% 45% 43% 26% Q-o-Q Change 37% Q3 YTD FY 11 3,386.9 962.3 325.4 133.9 612.6 2,034.2 1,352.6 172.7 1,525.3 422.6 1,102.7 102.1 1,204.9 362.2 842.7 (8.8) Q3 YTD FY % Change 10 2,622.4 705.6 275.6 100.4 496.6 1,578.1 1,044.2 70.2 1,114.4 182.3 932.1 257.6 1,189.7 293.8 895.9 (7.3) 1% 18% 37% 29% 30% 29% Year Ended FY 2010 3,991.5 994.1 357.0 150.7 776.1 2,277.9 1,713.6 137.3 1,851.0 269.7 1,581.2 283.8 1,865.1 516.9 1,348.1 (9.6)

Note: There is a foreign exchange gain of Rs. 25.76 crores on account of foreign currency loan revaluation Q3 YTD - FY 2010 as against Rs. 10.22 crores in Q3 YTD FY 2011. Hence, the PAT is marginally lower for the 9 months ended 2011 as compared to corresponding period in the previous year.

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Revenue Contribution
Q3 2011
ETN 5.3% CNK Japan 9.3%

YTD 2011
East India 5.9%
Dubai 4.7% Australia 7.0% Others 1.8% ETN CNK 7.2% Japan 7.6% UK Travel 16.6% East India 4.1% Dubai 5.0%

UK Travel 21.2%

Australia 8.0%

Others 1.0%

India 44.8%

India 50.5%

Q3 2011 Net Sales from C & K India increased by 38 % over Q3 2010 C & K India s Net Sales for YTD 2011 increased by 31 % over the same period last year

Q3 2011 Net Sales from Dubai Subsidiary increased by 39 % and that of C & K Travel (UK) increased by 33 % over corresponding quarter last year. The growth of net sales for UK is lower by 10% on account of foreign exchange conversion from GBP to INR

YTD 2011 Net Sales from Dubai subsidiary and C & K Travel (UK) increased by 98 % and 20 % respectively over the same period last year.

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Net Debt & Cost

Particluars

FY 11 Q3

Debt

Rs. 862 crores

Cash & Cash Equivalents

Rs. 1052 crores

Net Debts

(Rs. 190 crores)

Average Finance Cost

7.7%

Average Finance Cost (Net of Return of Liquid Investments)

4.7%

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Acquistions

The Company is already engaged in discussion with identified acquisition targets.

Liquidity available to the company will be majorly used for these identified acquisitions. There are certain jurisdictions where a serious discussion with the acquisition target cannot be made unless the company has available funds. In such a scenario, the interest carry therefore becomes a necessary element of the acquisition. The company has continued with its cautionary approach of judiciously working on the acquisition. The company is in a position to act in a very short time and conclude the acquisition the moment the opportunity is appropriate. We expect to conclude on the transaction within the quarter ending June 2011.

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Strong Industry Fundamentals

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T & T Industry
Country rankings for Travel and Tourism Direct Industry GDP in 2020
Rank Country 1 2 3 4 5 6 7 8 9 10 United States China Japan United Kingdom France Spain Italy India Germany Australia ($ in billions) 916.5 500.7 215.8 148.2 143 123.7 121.8 110.6 103.7 79.7

Forecast 10 Year Trend

Contribution of Travel & Tourism Industry Economy GDP (USD in bn) Economy GDP (INR in bn) Growth rate Real GDP growth rate Employment (no. of jobs) Growth rate 2010 118 5,533 8.6% 6.7% 49,086,000 10.0% 2020 330 18,544 9.0% 8.5% 58,141,000 10.4%

China & India are amongst the Top 10 countries for T & T

Source: WTTCs The Economic Impact of Travel & Tourism

Travel & Tourism Demand (2009-2019) 10- Year real growth (Annualized %) The Indian T & T industry expected to grow at an annual rate of 7.8% over the next 10 years

Sao Tome and Principe China India Malawi Vietnam Libya Cape Verde Namibia
9.2% 8.2%

20.1%

8.2%
7.2% 7.1% 7.1% 7.1% 7.0% 6.9%

India has been ranked 8th with 110.6 billion $ Direct Industry GDP in 2020.

Montenegro
Zimbabwe 0%
Source

India will rank 3rd in terms of annual growth in Travel & Tourism Demand between 2010 and 2019, averaging 8.2% per annum

5%

10%

15%

20%

25%

WTTCs The Economic Impact of Travel & Tourism

25

Indian T & T industry Domestic

18% growth in the number of trips in 2010 from 550 mns Indians to 650 mns.

65% relates to leisure travel

25% growth in Domestic Air Travel

Source

Ministry of Tourism,

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Indian T & T industry Inbound

Arrivals in India grew by 9.3% from 5.11 mns in 2009 to 5.58 mns in 2010

Visa on Arrival Scheme in India extended to 10 countries in 2010 from 5 countries in 2009 namely :

Mayanmar & Indonesia Japan Singapore Finland Luxembourg

New Zealand
Cambodia Loas Vietnam Philippines

Source

Ministry of Tourism

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Indian T & T industry Outbound

Indians travelling abroad increased to 12.61 mns from 11.56 mns in 2009

Indians travelling to Hong Kong increased by 47% in 2010

Indians travelling to Switzerland increased by 25% in 2010 Indians travelling to South Korea increased by 25% in 2010 Indians travelling to Malysia increased by 25% in 2010

Indians travelling to Finland increased by 17% in 2010

Source

Euromonitor India June 2010,

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Strong Recovery & Growth Forecasts

YoY Growth in International Arrivals: World %

8 4 0 (4) (8) (12) (10)% JanMar-09 AprJun-09 JulSep-09 OctDec-09 JanApr-10 (7)% (2)% 2% 7%

Revival: Momentum in tourist demand on the growth in the world economy

Clear signs of recovery: T&T Economy GDP is expected to grow at a compounded rate of 4.4% between 2010-2020 (Source: WTTC)

Broad based revival: Growth across all geographies

YoY Growth in International Arrivals: By Region

%
35 15 10 5 0 World Jan-10Apr-10 Europe
2010E

33.0 12.0 9.0 7.0 4.0 0.3 Asia and Pacific Am ericas Africa Middle East 3.0 7.0 6.0 4.0 7.0 7.0

T&T: Travel and Tourism

Source UNWTO World Tourism Borometer, June 2010; UNWTO Presentation January 2010,

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Thank You

For further details, please contact:

Cox & Kings Ltd, Turner Morrison Building, 16 Bank Street, Fort, Mumbai - 400 001 Website: www.coxandkings.com Email: investors@coxandkings.com

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