SUMMARY RESULTS FOR YEAR ENDING SEPTEMBER 30, 2014AND PERFORMANCE UPDATE FOR THE QUARTER ENDING SEPTEMBER 30,

2014

January 8, 2015

2

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

3

Executive Summary• Net Asset Value (“NAV”) per share increased by 2.16% from EUR 5.55 at March 31, 2014 to

EUR 5.67 as at September 30, 2014. Post the completion of the third round of redemption inDecember 2014, the restated net asset value per share of the Company based on the interimfinancial statements for the 6 month period ended September 30, 2014 is approximatelyEUR 6.41 per share.

• The Reserve Bank of India (RBI) continued with its status quo policy on interest rates in itspolicy dated December 2, 2014. However, RBI seemed more confident of containing theinflation target it has set (CPI of 8% by January 2015 and 6% by January 2016). If inflationcontinues to be below RBI’s comfort zone in the coming months and if Governmentfinances are under control (budget to be presented in February 2015), it is expected that RBImay bring down the interest rates sooner than earlier expectations

• IMF upgraded India’s FY15 GDP forecast from 5.4% to 5.6% in October 2014. OECDupgraded FY16 GDP forecast for India from 5.9% to 6.4% in November 2014

• Real Estate markets continue to remain steady since last update. Real estate FDI relatedpolicy change by the Government, as presented below, is a positive development:

• Department of Industrial Policy and Promotion (DIPP) notified the changes in FDI policyrelating to real estate sector. Apart from the reduction in built-up area and minimumcapitalization norms, it also removed the three year lock-in requirement for FDI investments

• These changes are expected to be for prospective investments

4

Executive Summary• Exits – Fully Completed

• Mixed Use Development, Bhavnagar – Fully exited. Exit consideration of INR 75 mn (EUR 1mn) has been received

• The Phoenix Mills Limited (PML) – Fully exited. Exit consideration of INR 179 mn (EUR2.22 mn) has been received

• Phoenix United Mall, Agra – Fully exited. Exit consideration of INR 197.5 mn (EUR 2.42 mn)has been received

• Exits – Partially Completed

• Treasure Town, Indore – Yatra has already received INR 385 mn (EUR 4.57 mn or 87.7% oftotal consideration). Balance consideration of INR 54 mn (approx. EUR 0.69mn*) is in defaultand is being legally pursued. Simultaneously, this has been restructured with additionalconsideration, expected to be paid in five tranches ending September 2015. Of this balanceconsideration, INR 5.7 mn was received in the escrow account in October 2014

• City Centre Mall, Nashik – Yatra has partially exited from this project and received secondtranche consideration of INR 62 mn from the Buyer in August 2014. Consideration received tillnow is INR 212 mn (EUR 2.56 mn*) or 52.2% of total consideration

• Residential Project, Bangalore – Yatra has entered into an exit arrangement for this project fora total consideration of INR 1,950 mn (approx. EUR 24.93 mn*) and received the first trancheof INR 487.5 mn (EUR 6.34 mn) under a share buy-back scheme in November 2014. Balanceamount of INR 1,462.5 (approx. EUR 18.70 mn*) is expected to be received in two tranches bySeptember 2015. Yatra earlier received INR 234 mn (EUR 3.22 mn) as its share of buy-backproceeds in FY2014

* Based on exchange rate of EUR 1 = INR 78.21 (as on September 30, 2014)

5

Executive Summary• Exits – Partially Completed (continued)

• Saket (Enterprise Level Investment), Hyderabad – The SPV completed its firstbuyback in Q1 FY2015 and remitted INR 150 mn (EUR 1.84 mn) to K2. Mezzinstrument is agreed to be retired by December 2015. The SPV’s liquidity is beingclosely monitored

• Batanagar, Kolkata – The total documented exit consideration is INR 1,176 mn (EUR15.04* mn). Yatra has received first tranche of INR 140 mn (EUR 1.75 mn) in August 2014(11.9% of total consideration). Balance consideration is expected to be received in multipletranches stretching up to September 2016

• Exit arrangement in place

• Market City Retail, Pune – Exit documented. Consideration of INR 716.64 mn (EUR 9.16*mn) is to be received by June 2015

• Exits under discussion /documentation

• Forum IT SEZ, Kolkata – Investment Sub-committee has approved exit proposal from this

project. Exit documentation is currently under process. Significant capital erosion expected

• Self liquidating residential projects with potential distribution prospects

• Residential Project, Pune – K2 received INR 245 mn (EUR 2.90 mn) from three rounds ofshare buy-back program in FY2014. Cashflow of the project remains healthy

• Market City Residential, Pune – Commenced construction of one (out of two) residentialtower. Both the towers were officially launched for sale in Q4 FY2014. Given the ticket sizeof the product, lead conversion is taking time

* Based on exchange rate of EUR 1 = INR 78.21 (as on September 30, 2014)

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Executive Summary• Stressed Assets

• Taj Gateway, Kolkata – Project has received SARFAESI* notice from its lenders on August1, 2014. Subsequently, main term lender’s loan has been transferred to an AssetReconstruction Company. The SPV continues to be in default with multiple lenders.Despite aggressive efforts from Yatra, there is no headway regarding the sale of the hotel.Now, the lenders are expected to take over the control of the property and could initiate anauction

• Treasure Market City, Indore – The lenders have taken over possession of the property asthe SPV defaulted on its debt commitments. Earlier e-auction did not see any participantsdue to perceived high reserve price. No new auction date has been announced. Noresidual equity value left for the shareholders, at the set reserve price

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

7

Share Price Performance

Yatra Share Trading Volume- Monthly Yatra Share Price Performance

Note: NAV as of March 31, 2014 was announced to the market in July2014 and the NAV as of September 30, 2014 was announced to themarket in November 2014

• The highest closing price of the shares, for the quarter ending September 2014, has been EUR3.38 whereas the lowest closing price was EUR 3.08. Latest share price as on December 30, 2014was EUR 3.45

• The Company announced its third redemption offer in November 2014 which was oversubscribed. The Company has redeemed 5,000,000 Ordinary shares at a price of EUR 4.00 perOrdinary share on December 29, 2014, thereby returning EUR 20 million to its shareholders

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Share Price NAV Number of Shares

8

Valuation of the Portfolio & NAV

• Portfolio valuation as at September 30, 2014 was based

on internal desktop valuation carried out by the

Investment Manager inline with the valuation models

prepared by CBRE as at March 31, 2014. CBRE had

used RICS guidelines for its valuation exercise

• 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)

basisNAV in EUR

• The valuation highlights are as follows:

• Asset Valuation of the invested portfolio based on internal desktop valuation as onSeptember 30, 2014 – EUR 57.6 million (March 31, 2014 – EUR 60.4 million)

• Decrease from March 2014 valuation – (4.6%). Most of this decline in valuation wasattributable to decline in value of Saket (decline of EUR 3.7 mn) and Taj (decline ofEUR 0.7 mn) investments

13.43

11.5810.86

10.299.27 9.23

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6.766 6.1 5.89

5.055.55 5.67

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MACRO ECONOMIC/REAL ESTATE SECTOR OVERVIEW

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Macro Economic Outlook• Global growth continues to recover, albeit at an uneven and slower pace. Because of weaker than

expected demand, global growth forecast for 2014 has been pared down by 0.4% to 3.3% in the

World Economic Outlook dated October 2014

• After poor performance in the first quarter of the FY2015, activity picked up in the second quarter

in USA and the evidence suggests that the weakness could be temporary. However, in the Euro

area growth came to a halt in the second quarter. Likewise, Japan witnessed decline in domestic

demand

• India’s GDP growth at 5.3% in Q2 FY2015 was lower than 5.7% growth seen in Q1 FY2015. For

the first half of FY2015, it was at 5.5% against 4.9% recorded in first half of FY2014

• Current Account Deficit (CAD) widened to 2.1% of GDP in Q2 FY2015 compared to 1.7% of GDP

in Q1 FY2015. However, robust capital inflows led to a comfortable Balance of Payment surplus

of US$ 6.9 bn in Q2 FY2015

• Global crude oil prices tumbled for various macro reasons. Both WTI and Brent index were

trading below US$ 70 / bbl mark as on December 9, 2014. Lower crude prices are helping India to

address its CAD

Source : Reserve Bank of India (RBI), Moneycontrol

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Macro Economic Outlook• The Government of India showed its seriousness towards bringing in much needed economic

reforms with diesel deregulation in October 2014. With this, the retail price of diesel will now be

linked to international crude oil prices. This move is expected to bring down the subsidy burden

for the government

• Falling global commodity prices and lower vegetable prices in India led to sharp deceleration in

inflation. The Wholesale Price Index (WPI) dipped to five year low of 1.77% in October 2014

compared to 2.38% in September 2014. Consumer Price Index (CPI) also eased substantially to

5.52% in October 2014 from 6.46% in September 2014

• Reserve Bank of India (RBI), in its monetary policy dated December 2, 2014, kept the policy repo

rate unchanged at 8%. The market expects softer interest regime in the coming quarters

• The Government is focusing on revival of infrastructure investments and has taken many

effective steps to change the investment/business climate. In absence of support from opposition

parties in passing critical legislations in the parliament, the BJP led government has pushed

through eight pieces of temporary legislation (known as ordinances) to convey its intent of

implementing critical reforms

Source : Reserve Bank of India (RBI), Moneycontrol

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Real Estate Outlook

Source : JLL

• Residential markets continue to see declining trend in new launches

• In 3Q CY14, a total of 51,223 residential units were launched compared to 52,414 units during 2QCY14, a q-o-q decline of 2.0%. This marks lowest number of launches in last eight quarters

• The absorption rate of residential units improved from 9.6% in 2Q CY14 to 9.8% in 3Q CY14. Thiswas indicative of decline in new launches and stable net absorption

• Business friendly and stable government at the Centre is expected to increase the GDP growth whichin turn is expected to revive the demand for residential sector

• Changes in FDI policy for real estate sector is expected to provide impetus for new investments asminimum built-up area and minimum capitalization norms have been relaxed

• Office: Highest absorption recorded in a quarter after three years since 2Q CY11.Relocations / consolidations and churns continue to drive the demand while freshexpansions have started to strengthen due to recovery in the business sentiment

• During 3Q CY14, a total of 29 projects encompassing 8.9 mn sq ft of office space became operational,

taking India’s total stock to 398.9 mn sq ft

• Net absorption across India was 9.3 mn sq ft in 3Q CY14 compared to 7.2 mn sq ft in the previous

quarter. This is the highest absorption seen in a quarter after three years since 2Q CY11

• Bangalore and NCR-Delhi combined contributed 57% of the total absorption in 3Q CY14 with

absorption of 2.9 mn sq ft and 2.4 mn sq ft respectively

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

a REIT is one of the exit option available 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. Online retail has started impacting sales of brick and mortar players

• The retail sector in India is forecasted to see 2.2 million sq ft of supply of organised mall space in CY

2014, as only 11 malls are slated for completion

• India's overall vacancy rate dropped by 60 bps to 17.7% in 3Q14, with NCR-Delhi seeing the highest

vacancy rate (23.1%) followed by Mumbai (20.7%). The vacancy may increase after the new mall

launches

• Online retail players like Flipkart and Snapdeal have received several large doses of funding from

the investors during last few months. With Amazon also in the game, these players have adopted

aggressive marketing and pricing strategies, which has started impacting brick and mortar players.

Fashion and electronics are the most affected product categories

• Hospitality: At the pan-India level, aggregate Occupancy Rates (ORs) increased by 200 bps y-o-y to

63% in September 2014. Average Room Rates (ARRs) increased by 1.7% on a y-o-y basis in September

2014. Revenue per available room (RevPAR) for premium hotels increased by 5% y-o-y in September

2014

Source : JLL & CRISIL Research

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Real Estate Private Equity Markets• Sovereign wealth funds, pension funds and global private equity funds have shown

increased interest in the Indian real estate, particularly in commercial assets with highoccupancy, marquee tenants and residential assets at advanced level of approvals /construction

• Structured finance with priority over cash flows has become the preferred route to investin Residential assets. However, majority / out right purchase has been preferred forcommercial assets with high occupancy

• An affiliate of Brookfield Property Partners bought wholly owned subsidiary of UnitechCorporate Parks Plc (an AIM listed, India-focused real estate investment firm) for £ 205.9mn. This Unitech entity has investments in six commercial projects in India

• Department of Industrial Policy and Promotion (DIPP), the nodal agency for all FDIrelated policy decisions, notified the changes in FDI policy related to real estate sector.Minimum built-up area and minimum capitalization norms have been eased and threeyear lock-in requirement for FDI investment has been lifted

Source : Economic Times

PORTFOLIO OVERVIEW AS AT SEPTEMBER 30, 2014

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Portfolio Snapshot (projects where full exit is yet to be negotiated)

Project Name Asset Class PartnerEquity

Committed(€ million)

Equity Stake

Current Status

Residential Project, Pune Residential Kolte Patil 13.70* 49.00%

Sale and construction of Phase I & II isprogressing well. Handover of completedresidential and commercial buildings in Phase Ihas begun. Cashflows of the project remainhealthy

Saket Engineers, Hyderabad Enterprise Level Saket Group 7.36* 27.25%Partially exited in Q1 FY2015. Company’sliquidity is under stress

Market City Residential, Pune

Residential Phoenix Mills 4.58 20.00%

Construction commenced on one out of tworesidential towers. Both the towers wereofficially launched for sale in Q4 FY2014. Salesis slower than management expectation

Forum IT SEZ, Kolkata Office Forum Group 16.68 49.00%Commercial terms for exit is finalised anddocumentation is currently underway.Significant capital erosion expected

Taj Gateway, Kolkata Hospitality Jalan Group 4.64 40.00%

Project has received SARFAESI notice from itslender on August 1, 2014. Property could beauctioned anytime as the Company continuesto be in default. No progress towards sale ofthe hotel despite aggressive efforts

Treasure Market City, Indore

Mixed-use TWDPL 9.98 28.90%Lenders have taken over the possession of theproperty and it is under auction. No equityvalue left

Total 56.94

* 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 full exit is yet to be

negotiated viz. Taj, Saket, Residential Project – Pune (KPRE) and Market City Residential – Pune (Alliance). It does not include projects where development is stalled viz.

Treasure Market City – Indore Retail and Forum IT Park

** The debt maturity profile considers the repayment of secured loans of the following ongoing projects: Saket, Pune Residential (Kolte Patil) and Pune Residential (Market

City) where full exit is yet to be negotiated

Project wise contribution to NAV (as at September 30, 2014) Debt Maturity Profile (% of Total Sanctioned Debt)**

8

1 1

2 2

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completed

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arrangement

are in place

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discussion /

documentation

Self liquidating

residential

projects with

potential

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prospects

Stressed

Assets

1

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2

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CY2013 CY2014 CY2015 CY2016

19.1%

37.4%

43.5%

0%

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20%

30%

40%

50%

FY 15 FY 16 FY 17

DETAILED PROJECT UPDATES AS AT SEPTEMBER 30, 2014

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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 & partly for Phase II

Planning Approvals Partial planning approvals received

Debt Outstanding debt: €0.5 million (INR 39 million) ; Cash & Investments : €2.1 million (INR 168 million as at September 30, 2014)

Construction Status A1 & B1 of Beryl (residential) was completed and handed over to customers.In City Vista (commercial tower) building, RCC works on 6th slab of Tower Ais in progress. In Beryl Phase II (residential), RCC work completed up to 12th

slab in B2 building. In Langston (residential), RCC work is completed for sixbuildings. In Cheryl (residential), A1 building is almost completed andhandover will commence. In Arissa (commercial building), RCC work iscompleted and flooring work and MEP underway; Hand over willcommence shortly

Sales Update 454 apartments out of the launched 528 apartments have been sold. Incommercial and retail, 154 out of 214 units launched have been sold. TheCompany is expected to monetize second school plot soon

Completion Date Q2 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 the cash flow to ensure reasonable distribution byMarch 2015

* 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 in thesecond 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, finishingwork is in progress for all the three residential blocks. Commercial upper floorconstruction is delayed due to delay in obtaining approvals. For Bhu:Sattva(villa project in Hyderabad), construction work on Phase I is in progress;handover is expected to start by end of 2014. Plans have been submitted forapproval of a new villa project near the corporate office of the Company

Sales/Leasing Update 238 out of 272 apartments launched in Sriyam have been sold; 324 out of 378apartments launched in Pranaam have been sold. Additionally, 120 units out oftotal 139 units in the Bangalore project and 68* units out of total 116 units inBhu:sattva have been sold. Because of political reasons, Hyderabad residentialmarket has slowed down substantially and company is affected because of thisslowdown

Completion Date FY 2015 for Phase I

Comments The Company completed its first buyback (mezz structure) in June 2014 andremitted INR 150.0 mn to K2. Given that three out of four ongoing projects willbe completed 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 mezz exit, which is dependent on success of Bhu:Sattvaand new projects

Current Status

Current Status

^ Partial exit achieved

* Lower compared to 74 units reported till last quarter

as 10 cancellations were recorded in July 2014

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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 55,035 mn as at December 9,2014), 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. Construction is on holddue to delay in obtaining building plan approvals

Sales Update 8 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), leadconversion is becoming a long drawn process. Receipt of building planapproval in timely manner is critical to restart the construction at theearliest. Purchase of TDR in timely and cost efficient manner will be criticalto achieve completion in timely manner and achieve desired profitability

Current Status

Current Status