CONTENTS

• Indian Real Estate Industry

• Overview of Unitech

• Business Model

• Business Strategy

• Business Segments

• Residential

• Commercial

• Retail

• Entertainment

• Hospitality

• SEZs

• Other Businesses

• Development Plan

• Key Strengths

• Financials

REAL ESTATE IN INDIA IS POISED FOR STRONG GROWTH• Real Estate is emerging as one of the India’s fastest growing sectors

• The Industry could grow from US$12 billion in 2005 to US$45-50 billion in 2010

• Potential for superior growth of the industry leaders

KEY DEMAND DRIVERS

• Demographics

• Urbanization

• Rising Income levels

• Access to finance

• Fiscal incentives

• Self-built to developer built homes

• Most attractive destination for IT & ITeSservices

• Demand from other sectors is growing

• India is the most attractive retail destination

• Organized retail gaining share

• Relaxation of FDI regime

• Buoyant economic growth & FDI driving business travel

• India expected to be among top tourist destinations by 2020

• Govt. introduced SEZ policy to boost economic activity/exports

• Transformational opportunity for real estate developers

Office/ IT Parks Retail Hotel SEZ’sResidential

Source: JLL, Merrill Lynch, Research Reports

OVERVIEW OF UNITECH• India’s leading real estate company; market capitalization of over US $ 11 bn. Listed for

over 2 decades. Cumulative capital raised – less than US $ 10 mn.

• Over three decades of experience in Indian Infrastructure and real estate development

• Leading player in the National Capital Region (NCR) and Kolkata markets. Fast establishing a strong presence in other major cities such as Chennai, Hyderabad, Kochi etc.

• Most Diversified Product Mix – Residential, Office/IT Parks, Retail Malls, Amusement Parks, Hotels/Convention Centre and SEZs

• Geographically diversified land reserves of nearly 10,700 acres with a developable area of approximately 500 million sq.ft

• Employee strength of over 1800 including approximately 600 engineers, architects and management professionals

• Strong relationship with global leaders who are occupants of its developed properties

• Relationships with internationally acclaimed architects and design consultants/groups including HOK(USA), Callison(USA) and RMJM(UK).

OUR BUSINESS MODEL – CAPITAL EFFICIENTSpanning across all segments of real estate

• Strategic locations• Relationships

• Acquire land bank, build infrastructure/linkages, bring in occupiers/ tenants, enhance value

SEZs

• Partnerships with global brands• Create sustainable value

• Acquire land, develop, enhance value, hold, sell• Build a portfolio of budget, 4 star, serviced

apartments, resorts, etc.Hotels

• Creative business formats• Leveraging relationships for quality

in niche segments

• Acquire land, develop, bring in anchor tenant, hold/sell

• Focus on quality, mall management, preferred anchor relationships

Retail

• Unmet market demand• Strong valuable niche

• One-of-its-kind family entertainment model• Exclusive international arrangements

Entertainment

• Marquee customers• Global standards• Efficient capital rotation

• Acquire land, develop, rent, sell• Focus on IT, ITeS• Built to suit, customized, multi-tenanted

Commercial

• Strategic locations• Superior quality• Customer delight

• Acquire, develop, brand, sell world class homes• Townships and Group Housing

Residential

DifferentiatorsApproachSegment

BUSINESS STRATEGY

• Achieve a high growth by establishing a pan India presence with focus on markets experiencing strong economic activity

• Focus on high value added activities of the real estate value chain; quick recycling of capital to maximize returns

• Land bank acquisition - Early identification of potential growth areas. Focus on suburbs of key towns and cities. Avoid open auction process

• Focus on residential segment while having a diversified product portfolio.

• Create a ‘destination’ by undertaking large mixed use projects in the suburbs of cities

• Maintain edge in product design and quality

• Develop and nurture relationships with all stakeholders

• Attract and retain high quality talent

RESIDENTIAL PROJECTS

• Diverse portfolio of residential products across India

• Apartment Complexes

• Villa Developments

• Golf Course Communities

• Developed Plots

• “Unitech” - a trusted brand name

• Superior designs and benchmarking of projects to International Standards

• High level of customer satisfaction

• “Superbrand” title in 2004

• Premium over neighbouring developments

• Leadership in new markets – Kolkata a prime example

• Focus on middle & upper middle income group

RESIDENTIAL PROJECTS – Ongoing Projects

0.8Multi-StoreyedGreater NoidaCascades

7.0Multi-StoreyedGreater NoidaUniworld City

0.7Multi-StoreyedGreater NoidaHeights

0.7Multi-StoreyedGurgaonEscape

1.1Multi-StoreyedGurgaonHarmony

1.1VillasGurgaonEspace

1.0Multi-StoreyedGurgaonUniworld Garden

1.6Multi-StoreyedGurgaonFresco

32.0Total

4.0Other Ongoing Projects

4.2Multi-StoreyedKolkataUniworld City

2.0Multi-StoreyedGreater NoidaHabitat

2.3Multi-StoreyedGreater NoidaHorizon

1.7Multi-StoreyedGurgaonUniworld Spa

3.0Multi-StoreyedGurgaonClose

Approx. Area (in mn sqft)TypeLocationProject

120TownshipHyderabadOasis

749Total

45Multi-StoreyedChennaiOasis

55Multi-StoreyedKolkataUniworld City

189TownshipGurgaonUniworld Resorts

340Multi-StoreyedNoidaUnitech Grande

Approx. Land Area (in acres)

TypeLocationProject

RESIDENTIAL PROJECTS – Upcoming Projects

RESIDENTIAL PROJECTS

COMMERCIAL PROJECTS• Unitech enjoys a leading position in the Grade A office market in the NCR, esp. Gurgaon with over

3mn sq ft of completed development

• Marquee clients including Fidelity, Master Card, Hewlett Packard, Gillette, Hewitt, Vertex, Keane, Convergys, EDS

• Existing occupants prefer to lease additional space from Unitech

• Mix of various office types

• Built-to-suit (e.g. leading international consulting firm)

• Customized facilities

• Multi-tenanted

• Prime Locations near commercial heart of Gurgaon & other cities

• Completed Development: Signature towers, Unitech Business Park, Cyber Park

• Accelerating business from new clients

• World-class standards – renowned architects, efficient and elegant designs

• Campus developments – scale-up options to clients

• Value additions: common amenities, maintenance, risk and disaster management etc.,

COMMERCIAL PROJECTS

OVERVIEW – UNITECH CORPORATE PARKS PLC• Isle of Man company investing in Indian real estate, primarily focused on Information

Technology (“IT”) Parks/IT Special Economic Zone (“SEZ”) developments

• Fully seeded portfolio

• Majority stake in all seed portfolio assets

• High quality seed portfolio

• Over 21 mn sq.ft of leasable area

• Strategic location of seed assets

• Highly visible development plan – construction already commenced in 4/6 properties

• Right of First Refusal on future Unitech IT Parks/IT SEZ developments with a projected built up area of more than 1 mn sqft

• Unitech to co-invest in all projects along with UCP

• Access to local knowledge and superior execution capabilities through investment management and project management relationship with Unitech and affiliates

• Experienced board with majority of independent directors

• Intends to target developments which it believes could generate a project level IRR of at least 25%

UCP-Corporate Structure• The corporate structure provides significant

tax and regulatory benefits

• The structure enhances the flexibility for UCP to exit through shares of Mauritius SPVs or India SPVs

• Opportunities to exit to international or Indian investors

• Other benefits include

• No capital gain on sale of shares of Indian/Mauritius SPVs

• Dividend distribution tax in Indian SPVscan be partially offset in Mauritius SPVs

• No obligation on UCP to register for VAT as the principal activity is to invest in subsidiaries

Unitech Corporate Parks Plc

Isle of Man

Cyprus

Nectrus Ltd. (Investment

Advisor)

Candor Investments

Limited

TulipaInvestment

s Inc

GladiolysRealty Inc

Acacia Properties

Inc

Dotterel Estates Inc

Sparrow Properties

ltd.

Myna Holdings

Ltd.

Mauritius

G1 – ITC G2 – IST N1 N2 N3 K1

India

Unitech or Affiliates

Investment ManagementAgreement

40%

60% -

40% 40% 40% 40% 40%

60% -

60% -

60% -

60% -

60% -

100% -

HIGH QUALITY FULLY SEEDED PORTFOLIO WITH FUTURE AVENUES FOR GROWTH

• All seed assets located in prime sub-urban locations

• Excellent proximity to major vehicular arteries

• All seed assets designed by internationally acclaimed architects

• Project specifications meet needs of top tier tenants

• Modular development and scale attractive to growing tenants

• Four of the six seed assets have already achieved ground breaking

• Remaining projects underway shortly

• All Construction expected to be complete by April 2010 subject to receipt of all necessary approvals

• Superior transparency and understandability of assets

• Right of first refusal on future Unitech IT parks/IT SEZ developments with a projected built up area of more than 1 million sq ft

• New markets may include Chennai, Hyderabad and Kochi

Highly visible development plan

State of the art architecture

Strategic location within micro-markets

Future avenues to portfolio growth

SUMMARY OF SEED PORTFOLIO

Formal Approval from board of approval

100,0004,250,773KolkataIT Park built over 45.4 acres in KolkataK1

Seed Portfolio Assets – Snapshot

Non-SEZ60,0001,971,590Noida (NCR)IT Park built over 19.3 acres in Sector 62, Noida

N1

Formal Approval from board of approval

60,0003,069,177Noida (NCR)IT Park built over 29.7 acres in Sector 135, Noida

N2

Formal Approval from board of approval

100,0004,847,055Greater Noida (NCR)

IT Park built over 50.0 acres in Greater Noida

N3

Formal approval from Board of Approval

Forma approval from Board of Approval

SEZ Status

21,051,408

3,699,076

3,213,737

Office Area (sq ft)

420,000197.5 acresTotal

50,000Gurgaon (NCR)IT Park built over 28.4 acres on old Delhi Gurgaon Highway

G2 – IST

50,000Gurgaon (NCR)IT Park built over 24.7 acres in close proximity to NH - 8

G1 – ITC

Retail Area (sq ft)Micro MarketDescriptionName

Note: Given areas are estimates and are subject to change

INVESTMENT POLICY

• Invest in FDI compliant IT park and IT SEZ development projects

• Focus on established/ upcoming IT hubs

• Will acquire majority stake in assets

• Co-investment by Unitech in all assets

• ROFR over applicable projects

INVESTMENT

• Unitech affiliate to be responsible for development and leasing

• Board to monitor performance to ensure minimum deviation from business plan

• All developments to exhibit high quality design standards

• Timely completion targeted by leverage of internal expertise and relationships with high quality vendors

• High quality tenants sourced through existing network and Unitech reputation

DEVELOPMENT

• Company will target exit through sale of shares at India or Mauritius level or sale of assets

– Potential buyers include REITs, international institutional investors and property funds, and possibly Unitech or other Indian real estate companies

• Exit and reinvestment/ distribution decisions will consider

– Maximization of value

– Return expectations

– Alternative investment opportunities

– Regulatory framework

EXIT/REINVESTMENT

INVESTMENT MANAGEMENT TERMS

Company Term

• The company will have an initial offering period of 8 years. The life may be extended by

• A majority vote of the Board or

• Special resolution of the shareholders (75% majority)

• The renewal period may be 1-3 years and the Company’s operating shall not extend beyond year 12

Re-investment and Distribution

• The net returns made by the Company will be available for reinvestment

• The Board will determine the dividend/distribution policy and will consider making distributions after the first 3 years of the Company’s life

Corporate Governance

• The Company will invest as a majority shareholder but shall not invest in excess of 74% of the equity in any project

• Unitech will maintain a minimum 26% equity stake in any project in which Company is invested

• The Company will have a Right of First Refusal for all Unitech qualifying IT Park and IT SEZ development projects with a minimum expected built up area of 1 mn sq. ft.

• Majority of the board of directors will be independent

INVESTMENT MANAGEMENT TERMS

Management Fees • The Asset Manager will be paid quarterly in arrears fees of 0.50% (2.0% annually) of the Company’s average invested equity capital on the applicable historical cost basis

Performance Fees

• The First Performance Benchmark (FPB) of the Company will be a 10% Project IRR and the Second Performance Benchmark (SPB) of the Company will be a 20% Project IRR

• The Asset Manager will receive a Performance Fee from the Company of 20% of the net cash flow generated in excess of the FPB up to the SPB and 30% of net cash flow generated in excess of the SPB

• Upon sale of an asset, 75% of the Performance Fee will be paid immediately and 25% will be held in escrow

• At the end of the Company’s life, the overall Project IRR for the combined portfolio of Company investments will be determined and Total Performance Fees Due will be determined and escrow distributed accordingly

• No clawbacks of Performance Fees previously paid to the Asset Manager

RETAIL PROJECTS

• Developed the largest mall in India at Noida – lettable area of 1 mn sqft

• Has a tenant profile that includes almost every major retail chain in India

• High street lifestyle shopping over 220,000 sqft developed at Rohini, Delhi

• Tenants includes Levis, Benetton, Addidas, Nike, Bossini, Liliput, Titan, Gini and Jony, Pantaloon etc.,

• Aggressive plans to develop malls in other markets

• Developing convenience shopping centres as part of township development.

• Developing International Logistics City – Supply chain infrastructure for retail

ENTERTAINMENT PROJECTS• Developing some of Asia’s largest amusement parks

• Ideal location and huge market opportunity

• JV partnership provides mix of amusement park operating and real estate development skills

• Alliance with Turner International for Pogo & Cartoon Network

• Commercial real estate component of Unitech’s amusement parks provide significant value creation potential

73ChandigarhChandigarh Entertainment City

282Total

62DelhiAdventure Island

147NoidaEntertainment City

Area (Acres)LocationProjects

HOSPITALITY PROJECTS

• Target all hotel categories with customized fit-to-market offerings:

• Luxury Business Hotels

• Serviced Apartments

• Resorts

• Limited Service Hotels (Management/ Franchisee)

• Our hotel strategy will be focused on building hotels as an integrated part of our real estate projects

• Unitech will focus on hotel development and construction

• Internationally recognized operators will manage hotels/ resorts

• Initially target key metro markets and select other cities

• Signed agreement with Marriott for 832 rooms in the next 3 years

• In dialogue for additional properties with Marriott/ other hotel chains

• Brand Neutral – Maximize exit valuations

• Land available for developing 28 hotels/serviced apartments

HOSPITALITY PROJECTS

SPECIAL ECONOMIC ZONES - SEZs

• Unitech is working closely with various state governments to develop SEZs across the country

• Unitech is focusing on developing multi-product SEZ’s and also sector specific SEZ’s (IT/Auto)

• Unitech has received an in-principle approval for development of Multi-Product SEZ at Kundli, Haryana over 9884 acres. It is expandable to 20,000 acres

• Unitech is part of the consortium New Kolkata International Development Pvt. Ltd. which signed an agreement with Government of West Bengal for developing 2 SEZs at Haldia – Petrochemical SEZ over 10,000 acres and a multi-product SEZ over 12,500 acres

• Unitech has received an in-principle approval for development of an Auto component SEZ in Gurgaon over 250 acres

• In-principle approval received for developing an Apparel SEZ in Gurgaon in over 250 acres

OTHER AREAS OF BUSINESS• Infrastructure development:

• Unitech was among the first players to enter organized Infrastructure development in India

• Wide experience

• Roads & Highways

• Bridges

• Industrial civil structures

• Power plant chimneys

• Transmission towers & turnkey projects

• Experience across domestic & international projects

• Currently executing only non Unitech projects

• Strong synergies with our real estate business

• Facilities management business through a partnership with Trammell Crow

• Developing golf courses and golf communities

DEVELOPMENT PLAN SUMMARY

13.0232Siliguri

11.45546.1314638Total

1.634..11500Varanasi

1.3131.361500Agra

.312.55423Mohali, Chandigarh

9.92103Bangalore

.4118.7359Hyderabad

.4038.34673Kochi

4,8167.065198Kolkata

1.42104.72085Chennai

1.21116.402565NCR

(million sq. yard)(million sq.ft)(in Acres)

Estimated Total Saleable AreaTotal Land AreaCity/Region

Share of Unitech in land at certain locations is less than 100%. Unitech’s share in total land shown above is approx. 10700 acres

STRENGTHS• Scale of operation and experience in execution of large projects better positions us to identify and

successfully implement new projects

• Ability of the management to identify and procure land parcels in strategic locations with high profitability prospects

• Unitech is an established brand and is associated with a high level of trust amongst customers and suppliers.

• Unitech was bestowed upon the title of Super Brand by Super Brand India in September 2004 – one of the only 100 business brands to be conferred such title in the country

• Unitech’s projects are known for their design, construction and innovation

• Unitech has well qualified and experienced employee base and proven management team. Attracts high caliber management and technical professionals due to its leadership position and progressive people practices

• Unitech’s experience and expertise in the construction business can be leveraged to build its real estate business

• Unitech’s good working relationships with financial institutions, enhances its ability to raise funding for large projects at competitive rates

• Ability to work and effectively liaise with government agencies to ensure timely completion of projects

FINANCIALS (CONSOLIDATED)

10.4539.81Total Debt

67.3316.09EPS (in Rs.)

2.4718.80Reserves (excluding revaluation reserve)

102Face Value (in Rs)*

0.121.62Paid Up Equity Capital*

0.8813.06Profit after tax

3.9814.30Total Cash (including investments in liquid instruments

1.3917.92Profit before Tax

0.110.08Depreciation

0.463.02Interest

7.3012.87Total Expense

9.2633.88Total Income

FY06 (Rs. in billion)FY07 (Rs. in billion)