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Management Presentation Management Presentation Management Presentation g M March 2012 March 2012 h 2012 Di Disclaimer Disclaimer Disclaimer l i Certain statements made in this presentation may not be based on historical information or


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Management Presentation Management Presentation Management Presentation g

M h 2012 March 2012 March 2012

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Di l i Disclaimer Disclaimer Disclaimer

Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements ” Certain statements made in this presentation may not be based on historical information or facts and may be forward looking statements, including those relating to general business plans and strategy of Delta its future outlook and growth prospects and future developments including those relating to general business plans and strategy of Delta, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment Actual results may differ materially from these forward looking in its businesses and its competitive and regulatory environment. Actual results may differ materially from these forward- looking p g y y y g statements due to a number of factors including future changes or developments in the Company's business its competitive statements due to a number of factors, including future changes or developments in the Company s business, its competitive i t it bilit t i l t it t t i d i iti ti d d t t h l i l h d liti l i l t environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory , y p g p g g p , , g y and social conditions in India This presentation does not constitute a prospectus offering circular or offering memorandum or an offer to and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer to i h d h ld t b id d d ti th t i t h ld b ib f h f th acquire any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of the acqu e a y s a es a d s ou d

  • t be co s de ed as a eco

e dat o t at a y esto s ou d subsc be o o pu c ase a y o t e Company's shares Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or Company s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or i l ti t th h h ll b d d t tit t ff f i it ti b b h lf f th C in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of the Company. in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of the Company. Th C h k t ti t i li d t d d t t ibilit li bilit The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to the fairness accuracy completeness or correctness of any information or opinions contained herein The information with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information f f f C contained in this presentation unless otherwise specified is only current as of the date of this presentation The Company assumes no contained in this presentation, unless otherwise specified is only current as of the date of this presentation. The Company assumes no responsibility to publicly amend modify or revise any forward looking statements on the basis of any subsequent development information responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information p y p y y y g y q p

  • r events or otherwise Unless otherwise stated in this document the information contained herein is based on management information
  • r events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information

and estimates The information contained herein is s bject to change itho t notice and past performance is not indicati e of f t re res lts and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. j g p p The Company may alter modify or otherwise change in any manner the content of this presentation without obligation to notify any person The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person f h i i h Thi t ti t b i d d di i t d i

  • f such revision or changes. This presentation may not be copied and disseminated in any manner.

g p y p y THE INFORMATION PRESENTED HERE IS NOT AN OFFER FOR SALE OF ANY EQUITY SHARES OR ANY OTHER SECURITY OF THE INFORMATION PRESENTED HERE IS NOT AN OFFER FOR SALE OF ANY EQUITY SHARES OR ANY OTHER SECURITY OF DELTA CORP LIMITED DELTA CORP LIMITED. This presentation is not for publication or distribution directly or indirectly in or into the United States Canada or Japan This presentation is not for publication or distribution, directly or indirectly, in or into the United States, Canada or Japan. These materials are not an offer of securities for sale in or into the United States Canada or Japan These materials are not an offer of securities for sale in or into the United States, Canada or Japan.

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T bl f C t t Table of Contents Table of Contents Table of Contents

1 I t d ti 3 1 Introduction 3 1 Introduction 3 2 Key Highlights 7 2 Key Highlights 7 2 Key Highlights 7 3 G i d H it lit 20 3 Gaming and Hospitality 20 3 Gaming and Hospitality 20 g p y 4 Appendix 26 4 Appendix 26 4 Appendix 26

2

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D lt C Li it d O i Delta Corp Limited Overview Delta Corp Limited Overview Delta Corp Limited Overview p

Primary business is Gaming & Hospitality with interests in real estate development

Primary business is Gaming & Hospitality, with interests in real estate development y g p y, p

The leading gaming company in India with 3 of 6 live gaming licenses in Goa and currently offering 700

The leading gaming company in India with 3 of 6 live gaming licenses in Goa and currently offering 700 g g g p y g g y g i iti gaming positions gaming positions

First mover advantage in India

First mover advantage in India

st

  • e ad a tage

d a

Opening the first integrated resort in Daman just 2 5 hours drive from Mumbai (population 12 5mn) and

Opening the first integrated resort in Daman, just 2.5 hours drive from Mumbai (population 12.5mn) and p g g , j (p p ) ll t d t S t V d d d Ah d b d 3 l ffl t iti i G j t ( l ti 11 8 ) well connected to Surat Vadodara and Ahmedabad 3 large affluent cities in Gujarat (population 11 8mn) well connected to Surat, Vadodara and Ahmedabad, 3 large affluent cities in Gujarat (population 11.8mn)

Li t d th N ti l St k E h d B b St k E h ith k t it li ti f

Listed on the National Stock Exchange and Bombay Stock Exchange with a market capitalization of

Listed on the National Stock Exchange and Bombay Stock Exchange with a market capitalization of $ ~US$ 344 mn (as of February 24 2012) ~US$ 344 mn (as of February 24, 2012) ( y )

Q li i h i ifi i i D l J d M d h 26

Quality management team with significant operating expertise Delta promoter Jaydev Mody has over 26

Quality management team with significant operating expertise. Delta promoter, Jaydev Mody, has over 26 years of experience in the field of real estate development years of experience in the field of real estate development y p p

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Delta Corp has secured the Most Attractive Locations in India Delta Corp has secured the Most Attractive Locations in India e a Co p as secu ed e

  • s

ac e

  • ca o s

d a

Delta has a unique advantage of being present in the most attractive locations for gaming Delta has a unique advantage of being present in the most attractive locations for gaming q g g p g g

China China Pakistan Pakistan Nepal Sikki Nepal Sikkim Gujarat Gujarat Daman Daman Mumbai Mumbai Goa Goa Colombo S i L k Sri Lanka 5

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C t Hi t Corporate History Corporate History Corporate History p y

2011 12 2011-12 2011 12 2010 11 2010-11 2010-11 2008 10 2008-10 2008 10 2007 08 2007-08

♦ A

i d 51%

2006-07

♦ Acquired 51%

2006-07

q stakes in Daman stakes in Daman Hospitality and

1990 91

Hospitality and Daman

1990-91

♦ Acquired third off

Daman

1990 91

♦ Acquired third off –

Entertainment shore Entertainment shore i C i

♦ Demerged Textile

casino, Casino

♦ Acquired 76% stake ♦ Demerged Textile

Prime

♦ Acquired 76% stake

business Prime in Marvel Resorts in business in Marvel Resorts in G

♦ Became India’s

Goa

♦ Commenced ♦ Became India s ♦ Commenced

ti f 2 largest gaming

♦ Entered the Real

  • peration of 2

largest gaming

♦ Entered the Real

Estate business in p

  • ffshore

company Estate business in

  • ffshore

C p y East Africa Nairobi casinos, Casino

♦ Entered the

East Africa, Nairobi , C Royale and Kings

♦ Raised INR 2,855 ♦ Entered the

G i & Royale and Kings

♦ Raised INR 2,855

th h i t Gaming &

♦ Listed on the Stock

Casino mn through private g Hospitality

♦ Listed on the Stock

Casino g p placement Hospitality Exchanges placement

♦ St

t d t til business Exchanges

♦ Acquired 35% stake ♦ Started as textiles

bus ess

♦ Acquired 35% stake

i Ad i H t l and real estate

♦ Raised INR 1 230

in Advani Hotels and real estate

♦ Raised INR 1,230

and Resorts Ltd consultancy mn through private and Resorts Ltd. y company mn through private placement company placement

♦ Raised INR 833 Mn ♦ Raised INR 833 Mn.

th h QIP through QIP g Q

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K Hi hli ht Key Highlights Key Highlights Key Highlights

India represents one of highest potential growth gaming markets in the world 1 India represents one of highest potential growth gaming markets in the world 1 D lt i th l t t i th k t d th l t th t i bli ith Delta is the largest operator in the market, and the only operator that is a public company with 2 Delta is the largest operator in the market, and the only operator that is a public company with it l k t 2 capital markets access 2 capital markets access Delta has secured the most attractive locations in India Goa and Daman 3 Delta has secured the most attractive locations in India – Goa and Daman 3 Delta is exploring the emerging Sri Lanka gaming market which is poised for rapid growth 4 Delta is exploring the emerging Sri Lanka gaming market which is poised for rapid growth 4 D lt h hi h lit t t ith i ifi t ti ti 5 Delta has a high quality management team with significant operating expertise 5 g q y g g p g p

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A i h b th E i t f th G i I d t Asia has become the Epicentre of the Gaming Industry Asia has become the Epicentre of the Gaming Industry Asia has become the Epicentre of the Gaming Industry

Asia Gaming Revenue As % of Total Gaming Revenue Major Global Gaming Centre Revenues Asia Gaming Revenue As % of Total Gaming Revenue Major Global Gaming Centre Revenues g g j g

(US$ b ) (US$ b %) (US$ bn) (US$ bn, %) (US$ bn) (US$ bn, %)

$37 9 $37.9

40 1%

$33.0

39 1% 40.1% 37 1% 39.1% 37.1% 34.3% 34.3%

$23 5

29.5%

$23.5

21 7% 19 7% 21.7%

$14 9

19.7%

$13 6 $14.9

16 5%

$13.6

16.5%

$10 4

$63 12 6% 13 6%

$10.4

$56 $63 12.6% 13.6%

$8 2 $8 4

$49 $56

$8.2 $7 0 $ $5 8 $ $8.4 $5 8

$41 $49

$5 9 $5 4 $7.0 $6.1 $5.8 $6.1 $5.8 $5 6

$32 $41

$5.9 $5.4 $4 0 $5.6

$32

$4.0

$20 $22 $11 $13 $17 $20 $22 $11 $13 $17 2006 2007 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2006 2007 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Singapore Macau Las Vegas

Asia Pacific Asia Pacificas a % of Total

Singapore Macau Las Vegas

Asia Pacific Asia Pacificas a % of Total

By 2012 Macau expected to have 6x the revenues of Asia gaming revenues expected to nearly double by 2014 By 2012, Macau expected to have 6x the revenues of Asia gaming revenues expected to nearly double by 2014 y p Vegas and Singapore will have comparable scale g g p y y and to make up 40% of total global gaming revenues Vegas and Singapore will have comparable scale and to make up 40% of total global gaming revenues

Source: DIJC, LVCVA, Wall Street Research. Source: PWC global casino and online gaming outlook (2010). Source: DIJC, LVCVA, Wall Street Research. Source: PWC global casino and online gaming outlook (2010).

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I di ’ E I E di R idl India’s Economy Is Expanding Rapidly India s Economy Is Expanding Rapidly India s Economy Is Expanding Rapidly

2nd Highest GDP Growth Rate in the World Per Capita Income(1) Growth to Remain Strong 2nd Highest GDP Growth Rate in the World Per Capita Income(1) Growth to Remain Strong g p g

2011E GDP G th R t (%) P C it I G th R t (%) 2011E GDP Growth Rate (%) Per Capita Income Growth Rate (%) 2011E GDP Growth Rate (%) Per Capita Income Growth Rate (%)

Forecasted FY’11E – FY’14E CAGR Historical FY’08 FY’11 CAGR Historical FY 08– FY 11 CAGR $ Per Capita Income as of FY’11 (US$) p ( )

$8,560 $8,560 10 9% $3 810 9 0% 10.9% $3,810 9.0% 9 7% 10.1% 9.7% % 7.8% $16 640 7.8% 8.2% $16,640 $11 750 7 4% 8 % $11,750 7.4% , 6.3% 6.3% $48 770 4 3% $48,770 4.3% 4.0% 4 1% 4.1% 3 7% 2 7% 3.7% 2.7% 1 2% 1 1% 1.2% 1.1% China India Russia Brazil US China India Russia Brazil US China India Russia Brazil US China India Russia Brazil US

India GDP expected to grow at the 2nd Per Capita income to remain consistently strong for India with India GDP expected to grow at the 2nd Per Capita income to remain consistently strong for India with p g highest rate in the world only behind China p y g near 10% growth projected from FY’11 to FY’14 highest rate in the world, only behind China near 10% growth projected from FY 11 to FY 14

Source: Economic Intelligence Unit Source: Economic Intelligence Unit. Source: Economic Intelligence Unit. 1 C l l t d GDP h d dj t d f P h i P P it Source: Economic Intelligence Unit.

  • 1. Calculated as GDP per head adjusted for Purchasing Power Parity.

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I di ’ P i t C ti P i d f G th India’s Private Consumption Poised for Growth India s Private Consumption Poised for Growth India s Private Consumption Poised for Growth

Private Consumption to Grow 7x in 15 Years Travel & Leisure Spending to Accelerate Private Consumption to Grow ~7x in 15 Years Travel & Leisure Spending to Accelerate p p g

N i l P i t C ti (US$ b ) 2009 2014E C S di G th Nominal Private Consumption (US$ bn) 2009 – 2014E Consumer Spending Growth Nominal Private Consumption (US$ bn) 2009 2014E Consumer Spending Growth

14 9% 14.9% 5 972 5,972 , 10 1% 10 0% 10 0% 9 9% 10.1% 10.0% 10.0% 9.9% 9 4% 9 3% 9.4% 9.3% 8 4% 8.4%

6.8x 6 8

883 883 2010 2025E Health & Travel & Telecom Health Dining Out Education Personal Personal 2010 2025E Health & B t Travel & L i Telecom Health C Dining Out Education Personal T t Personal C Beauty Leisure Care Transport Care y p

I di di j t d t T l & l i di t d t t 10% til 2014 Indian consumer spending projected to grow Travel & leisure spending expected to grow at >10% until 2014 Indian consumer spending projected to grow t i t l US$ 6 t illi b 2025 Travel & leisure spending expected to grow at 10% until 2014 d 2 d f t t ll dit t i to approximately US$ 6 trillion by 2025 and 2nd fastest among all consumer expenditure categories to approximately US$ 6 trillion by 2025 and 2nd fastest among all consumer expenditure categories

Source: Economic Intelligence Unit. Source: TechnoPak. Source: Economic Intelligence Unit. Source: TechnoPak.

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I di h F bl D hi P fil India has a Favourable Demographic Profile India has a Favourable Demographic Profile India has a Favourable Demographic Profile

Indian Economy Becoming More Affluent India Has a Large Young Population Indian Economy Becoming More Affluent India Has a Large Young Population y g g g p

Population between age of 15 – 59 years (mn) % of population with annual income over INR 200 000 Population between age of 15 59 years (mn) % of population with annual income over INR 200,000

851 2 43% 851.2 43% 806.4 806.4 743 4 743.4 21% 21% 5% 5% 2011 2016E 2021E 2005 2015E 2025E 2011 2016E 2021E 2005 2015E 2025E

Young population between the age of 15 to 59 years Middle class with income over INR 200 000 to Young population between the age of 15 to 59 years Middle class with income over INR 200,000 to g p p g y to grow to 850 mn and 64% of population by 2021 account for over 40% of India’s population by 2025 to grow to 850 mn and 64% of population by 2021 account for over 40% of India s population by 2025

Source: McKinsey. Source: Report of the National Commission on Population. y p p

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I di G i M k t H U t d P t ti l India Gaming Market Has Untapped Potential India Gaming Market Has Untapped Potential India Gaming Market Has Untapped Potential

Cricket betting in Indian blood ! Lottery tickets for the ‘mass’ Cricket betting – in Indian blood ! Lottery tickets – for the mass g y

$1 5b Ind str $1.5bn Industry $ wagered in y valued at wagered in valued at g

  • ne World

$12 5bn

  • ne World

$12.5bn Cup match Cup match p

BUT A Casino ? Horse Racing for the ‘upper crust’ BUT.. A Casino ? Horse Racing – for the upper crust g pp

Ann al Ann al Annual Annual turnover turnover turnover turnover >$350m <$100m >$350m <$100m

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D lt O 3 f 6 Li G i Li i G Delta Owns 3 of 6 Live Gaming Licenses in Goa Delta Owns 3 of 6 Live Gaming Licenses in Goa Delta Owns 3 of 6 Live Gaming Licenses in Goa

D lt i th k t l d i G ith 80% ff h k t h Delta is the market leader in Goa with 80% offshore market share Delta is the market leader in Goa with 80% offshore market share, 3 gaming licenses and where no new licenses are expected to be issued 3 gaming licenses and where no new licenses are expected to be issued g g p

Goa has issued 6 live offshore licenses (1) of which 3 are owned by Delta

Goa has issued 6 live offshore licenses ( ), of which 3 are owned by Delta

Goa Daman/Diu Sikkim are the only Indian states issuing live gaming casino licenses

Goa, Daman/Diu, Sikkim are the only Indian states issuing live gaming casino licenses

Goa regulations for land based casinos allows for a casino only in 5 star hotels (2)

Goa regulations for land based casinos allows for a casino only in 5-star hotels (2)

Li f Li Off h Li I d i G List of Live Offshore Licenses Issued in Goa List of Live Offshore Licenses Issued in Goa

N f C i O O ti l Name of Casino Owner Operational p Casino Royale Highstreet Cruises & Entertainment Yes Casino Royale Highstreet Cruises & Entertainment Yes (100% Subsidiary of DCL)

d

(100% Subsidiary of DCL)

a ed

Ki C i Vi t H t l d M t l (100% S b idi f DCL) N

ta ne

Kings Casino Victor Hotels and Motels (100% Subsidiary of DCL) No

elt wn

g ( y )

De w

Casino Prime Delta Corp Ltd and CGS Holding GMBH (Austria) Yes

D Ow

Casino Prime Delta Corp Ltd. and CGS Holding GMBH (Austria) Yes

O

Pride of Goa Goa Coastal Resorts owned by Khetarpal Yes Pride of Goa Goa Coastal Resorts owned by Khetarpal Yes

s

Boa Sorte Salgaonkar Group – business family based in Goa, own the Marriott Hotel, Goa Yes

r es

Boa Sorte Salgaonkar Group business family based in Goa, own the Marriott Hotel, Goa Yes

er se he ns Oth ce

Casino Rio MDLR Gro p has di ersified interests in real estate hospitalit & resorts resta rants and No

O ic

Casino Rio MDLR Group – has diversified interests in real estate, hospitality & resorts, restaurants and No

Li

airlines

L

airlines

(1) One license was issued prior to 2008 (Casino Prime) and 5 were issued in 2008 (1) One license was issued prior to 2008 (Casino Prime) and 5 were issued in 2008. (2) Land based casinos in Goa is onl allo ed in electronic form (2) Land based casinos in Goa is only allowed in electronic form

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D lt h S d Th M t Att ti L ti i I di G Delta has Secured The Most Attractive Locations in India - Goa Delta has Secured The Most Attractive Locations in India - Goa

Goa is widely expected to become the gaming capital of India Goa is widely expected to become the gaming capital of India Goa is widely expected to become the gaming capital of India

♦ Famous for its beaches and long stretch of coastline (131 km)

Popular Tourist

♦ Famous for its beaches and long stretch of coastline (131 km)

Popular Tourist p D ti ti

♦ Attracts 2 million tourists per year and ~12% of all foreign tourist arrivals in India who

Destination

♦ Attracts 2 million tourists per year and ~12% of all foreign tourist arrivals in India, who

Destination

spend ~US$350 million annually spend ~US$350 million annually

♦ E t

t f i it 500 (l d b d) d 2 000 ( ff h )

♦ Entry tax for visitor: 500 rupees (land based) and 2,000 rupees (offshore)

y p ( ) , p ( )

F bl L

♦ License Fee: 6 000 rupees per table position per month; 8 000 rupees per slot per month

Favorably Low

♦ License Fee: 6,000 rupees per table position per month; 8,000 rupees per slot per month

Favorably Low

(land based) and 50 million rupees (offshore)

Gaming Tax Rate

(land based) and 50 million rupees (offshore)

Gaming Tax Rate

♦ Gaming & entertainment tax: 10% of gross gaming revenue ♦ Gaming & entertainment tax: 10% of gross gaming revenue

Flight Cost No of Daily Flight Cost

  • No. of Daily

From To Flight Duration (INR/one way ticket) Flights From To Flight Duration (INR/one way ticket) Flights Mumbai Goa 55m 1 800 19 Mumbai Goa 55m 1,800 19

Easy and Quick Easy and Quick

Delhi

Goa 2h 45m 3 600 5

y Connection to Major

Delhi

Goa 2h 45m 3,600 5

Connection to Major

B l G 1h 10 2 600 3

j I di Citi

Bangalore Goa 1h 10m 2,600 3

Indian Cities Indian Cities

Chennai Goa 1h 15m 3 300 1 Chennai Goa 1h 15m 3,300 1 Hyderabad Goa 1h 45m 3,100 2 y ,

Source: India Ministry of Tourism, Wall Street research. Source: India Ministry of Tourism, Wall Street research.

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D lt h S d Th M t Att ti L ti i I di G Delta has Secured The Most Attractive Locations in India - Goa Delta has Secured The Most Attractive Locations in India - Goa

Goa is located within a 3 hour flight from all of India and Sri Lanka Goa is located within a 3 hour flight from all of India and Sri Lanka Goa is located within a 3 hour flight from all of India and Sri Lanka

♦ Close proximity to major Indian cities located just an hour flight from ♦ Close proximity to major Indian cities, located just an hour flight from

M b i B l Ch i 1 5 h f H d b d d 2 5 Mumbai, Bangalore, Chennai, 1.5 hours from Hyderabad and 2.5 , g , , y hours from Delhi hours from Delhi

♦ Well positioned to become the gaming hub of South Asia with ♦ Well positioned to become the gaming hub of South Asia, with

potential to attract visitors from other regions such as SE Asia and potential to attract visitors from other regions such as SE Asia and Middle East Middle East

♦ Easy connectivity with direct flights to key cities such as Mumbai New ♦ Easy connectivity with direct flights to key cities such as Mumbai, New

Delhi, Chennai Delhi, Chennai Region Country Population Region Country Population India 1,216 , 6 Sri Lanka 22 South Asia Sri Lanka 22 South Asia B l d h 156 Bangladesh 156 g Pakistan 184 Pakistan 184 China 1 337 China 1,337 SE A i / Chi M l i 28 SE Asia / China Malaysia 28 y Thailand 67 Thailand 67 Vietnam 88 Vietnam 88 Other Russia 140 Other Russia 140 Middle East 360 Middle East 360

Source: India Ministry of Tourism, Wall Street research. Source: India Ministry of Tourism, Wall Street research.

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D l h S d Th M A i L i i I di D Delta has Secured The Most Attractive Locations in India Daman Delta has Secured The Most Attractive Locations in India – Daman

Daman is favourably positioned to become a leading gaming and leisure destination Daman is favourably positioned to become a leading gaming and leisure destination Daman is favourably positioned to become a leading gaming and leisure destination

f G

Located along the coast in the state of Gujarat but governed by the same gambling act

Located along the coast in the state of Gujarat, but governed by the same gambling act th t f G O ti l L ti t as that of Goa Optimal Location to as that of Goa

G i d l h l ti i t itt d i G j t Optimal Location to B N G i d

Gaming and alcohol consumption is not permitted in Gujarat Become New Gaming and

Gaming and alcohol consumption is not permitted in Gujarat

D tt t i it f G j t t l h l Become New Gaming and E t t i t M k t

Daman attracts many visitors from Gujarat to consume alcohol Entertainment Market

Daman attracts many visitors from Gujarat to consume alcohol

P i it t M b i d G j t id t t it f D t b te ta e t a et

Proximity to Mumbai and Gujarat provides great opportunity for Daman to become a y j p g pp y l di i t t i t l i d MICE i I di leading gaming, entertainment, leisure and MICE venue in India g g g, ,

Delta has the first mover advantage in Daman

Delta has the first mover advantage in Daman g Favourable Industry and

Only 2 in principle gaming licenses have been granted both owned by Delta Favourable Industry and

Only 2 in – principle gaming licenses have been granted, both owned by Delta y Regulatory Dynamics For Regulatory Dynamics For

Only foreseeable Casino in Daman in near future g y y Delta

Only foreseeable Casino in Daman in near future Delta

N l d b d li lik l t l b t d if 5 t h t l i b ilt (

New land based licenses are likely to only be granted if 5-star hotel is built (same

New land based licenses are likely to only be granted if 5 star hotel is built (same l ti G ) regulation as Goa) regulation as Goa)

While tourism in Daman is poised to expand significantly FDI restrictions and lack of Additional Supply to Provide

While tourism in Daman is poised to expand significantly, FDI restrictions and lack of Additional Supply to Provide resources / capital limits significant foreseeable casino competitor in the near term Incremental Value resources / capital limits significant foreseeable casino competitor in the near term Incremental Value

As the market matures new supply will only drive incremental traffic to the region

As the market matures, new supply will only drive incremental traffic to the region

S I di Mi i t f T i Source: India Ministry of Tourism,

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D l h S d Th M A i L i i I di D Delta has Secured The Most Attractive Locations in India Daman Delta has Secured The Most Attractive Locations in India - Daman

Strategically located near Mumbai and Gujarat Daman is positioned for rapid growth Strategically located near Mumbai and Gujarat, Daman is positioned for rapid growth Strategically located near Mumbai and Gujarat, Daman is positioned for rapid growth

♦ Daman is only a 2 5 hour drive from Mumbai and ♦ Daman is only a 2.5 hour drive from Mumbai and

contiguous to the state of Gujarat one of the most affluent contiguous to the state of Gujarat, one of the most affluent city/states in India city/states in India

♦ Well connected to Surat Vadodara and Ahmedabad 3 ♦ Well connected to Surat, Vadodara and Ahmedabad, 3

  • ther large affluent cities in Gujarat
  • ther large affluent cities in Gujarat

♦ E

il ibl b d f i hb i t t / iti

♦ Easily accessible by road from neighbouring states/cities ♦ Easily accessible by road from neighbouring states/cities

Distance from Daman City Population (mm) Distance from Daman City Population (mm) (km) (km) Mumbai 12 5 ~180 km Mumbai 12.5 180 km Surat 4.5 ~120 km Surat 4.5 120 km V d d 1 8 250 k Vadodara 1.8 ~250 km Ahmedabad 5 5 ~350 km Ahmedabad 5.5 ~350 km

18

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S i L k G i M k t P i d F R id G th Sri Lanka Gaming Market Poised For Rapid Growth Sri Lanka Gaming Market Poised For Rapid Growth g p

Sri Lanka is well positioned to become a South Asia gaming hub Sri Lanka is well positioned to become a South Asia gaming hub p g g

♦ With the end of the 25-year civil war in May of 2009 tourism in Sri Lanka has experienced rapid growth over the past 2 years with ♦ With the end of the 25 year civil war in May of 2009, tourism in Sri Lanka has experienced rapid growth over the past 2 years with

tourist arrivals increasing every month on a year-on-year basis tourist arrivals increasing every month on a year on year basis

♦ Indian visitors made up the largest percentage of total visitors to Sri Lanka accounting for 28% of total Sri Lanka tourists in 2010 ♦ Indian visitors made up the largest percentage of total visitors to Sri Lanka accounting for 28% of total Sri Lanka tourists in 2010 ♦ S i L

k li t l li d i bli ith th f th C i R l ti Bill i N b 2010 t f th

♦ Sri Lankan parliament legalized casino gambling with the passage of the Casino Regulation Bill in November 2010 as part of the ♦ Sri Lankan parliament legalized casino gambling with the passage of the Casino Regulation Bill in November 2010 as part of the

t’ h t it li it t i i d t government’s push to revitalize its tourism industry government s push to revitalize its tourism industry

♦ Sri Lanka within ~3 hour flight range from all of India ♦ Sri Lanka within 3 hour flight range from all of India ♦ More convenient gaming option for Indians as >2 hours closer to major gaming destinations such as Singapore and Macau ♦ More convenient gaming option for Indians as >2 hours closer to major gaming destinations such as Singapore and Macau

g g p j g g g p

♦ Potential to attract additional visitors from other nearby countries such as China Australia and Malaysia ♦ Potential to attract additional visitors from other nearby countries such as China, Australia and Malaysia

Number of Visitors to Sri Lanka Number of Visitors to Sri Lanka F ll Y U il M Full Year Until May

654 5

Full Year Until May

654.5 46.1%

327.9

46.1% 44 3% ) 44.3% 448 0 00

233 9

448.0 '00

233.9

(' rs

157.5

to isi Vi

2009 2010 2011

2009 2010

2009 2010 2011

2009 2010

Source: Sri Lanka Tourism Board Source: Sri Lanka Tourism Board.

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SLIDE 21
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SLIDE 22

D lt P ti Delta Properties Delta Properties Delta Properties p

Offshore Casino Offshore Casino

Year Opened Gaming Table Casino Year Opened / A i d Ownership Location Gaming P iti Table P iti Slots Status Casino / Acquired Ownership Location Positions Positions Slots Status q Casino Royale 2008 100% Goa 500 470 30 Operational Casino Royale 2008 100% Goa 500 470 30 Operational Expected Opening Kings Casino 2011 100% Goa 1 500 1 250 250 Expected Opening Kings Casino 2011 100% Goa 1,500 1,250 250 Date: 3Q 2012-13 Date: 3Q 2012 13 Casino Prime 2010 51% Goa 200 190 10 Operational Casino Prime 2010 51% Goa 200 190 10 Operational

O h C i Onshore Casino Onshore Casino

Year Year Gaming Tables Hotel Hotel Opened / Ownership Location Gaming Tables Slots Hotel Status Hotel Opened / Ownership Location Positions Positions Slots Rooms Status Acquired Positions Positions Rooms Acquired Expected Opening Date: Daman Hospitality* 2011 51% Daman 1 000 750 250 179 Expected Opening Date: Daman Hospitality 2011 51% Daman 1,000 750 250 179 May 2012 May 2012 *Casino will be operated in the hotel through a separate entity “Daman Entertainment Private Limited” Casino will be operated in the hotel through a separate entity Daman Entertainment Private Limited

21

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SLIDE 23

C i R l G Casino Royale Goa Casino Royale - Goa Casino Royale Goa y

Largest offshore gaming casino currently operational in Goa India Largest offshore gaming casino currently operational in Goa, India g g g y p ,

Overview Overview

♦ Highstreet Cruises & Entertainment (100% Subsidiary of DCL) entity ♦ Highstreet Cruises & Entertainment (100% Subsidiary of DCL) entity

g ( y ) y has casino license has casino license Casino Royale

♦ I di ’ l

t li ff h i i ith 4 ti l d k Casino Royale

♦ India’s largest live offshore gaming casino with 4 operational decks ♦ India s largest live offshore gaming casino with 4 operational decks ♦ Covers an area of 31 900 sq ft ♦ Covers an area of 31,900 sq. ft ♦ B

ti i 2008

♦ Began operations in 2008 ♦ Began operations in 2008

Gaming Facilities Gaming Facilities Gaming Facilities

♦ Offering 500 live gaming positions with 470 table positions and 30 slot ♦ Offering 500 live gaming positions with 470 table positions and 30 slot

machines machines

H t l F&B d Oth F iliti Hotel F&B and Other Facilities Hotel, F&B and Other Facilities

♦ Separate VVIP and VIP gaming rooms for high rollers ♦ Separate VVIP and VIP gaming rooms for high rollers

p g g g

♦ Li

kit h f 6 000 ft d th t t i t lik

♦ Live kitchen of 6,000 sq. ft. and other entertainment areas like ♦ Live kitchen of 6,000 sq. ft. and other entertainment areas like

hith t ith li i amphitheatre with live music amphitheatre with live music

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Ki C i G Kings Casino Goa Kings Casino - Goa Kings Casino Goa g

Kings Casino on board M V Horseshoe will become the largest offshore casino in Goa Kings Casino on board M.V. Horseshoe will become the largest offshore casino in Goa g g

O i Overview Overview

♦ Victor Hotels and Motels (100% Subsidiary of HCEPL) has casino license ♦ Victor Hotels and Motels (100% Subsidiary of HCEPL) has casino license ♦ P

h d l f C ’ i A il 2011 d t l A bi S

♦ Purchased vessel from Caesar’s in April 2011 and propose to replace Arabian Sea

p p p p King which commenced operations in 2008 King which commenced operations in 2008 g p

f C ff

♦ 3X the size of Casino Royale the largest operational offshore vessel ♦ 3X the size of Casino Royale, the largest operational offshore vessel ♦ Expected to begin operations coinciding with start of the busy season in 3Q 2012 ♦ Expected to begin operations coinciding with start of the busy season in 3Q 2012-

13 13

♦ Positioned as a mass market boat to attract higher visitation ♦ Positioned as a mass market boat to attract higher visitation

g

G i F iliti Gaming Facilities Gaming Facilities g

♦ Expected to have 1 500 gaming positions comprising of 1 250 table game ♦ Expected to have 1,500 gaming positions comprising of 1,250 table game

g g g g positions and 250 slot machines positions and 250 slot machines

Artistic impression Artistic impression

23

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SLIDE 25

C i P i G Casino Prime Goa Casino Prime - Goa Casino Prime Goa

First live offshore casino in India 51% owned by Delta Pleasure Cruise Company Pvt Ltd First live offshore casino in India, 51% owned by Delta Pleasure Cruise Company Pvt. Ltd. , % y p y Overview Overview

♦ Casino license held in Delta Pleasure Cruise Company Private Limited (DPCCPL) ♦ Casino license held in Delta Pleasure Cruise Company Private Limited (DPCCPL)

entity 51% owned by Delta entity 51% owned by Delta

♦ India’s first offshore live gaming casino ♦ India s first offshore live gaming casino

Gaming Facilities Gaming Facilities g

♦ Casino Prime offers 200 gaming positions comprising of 190 table game positions ♦ Casino Prime offers 200 gaming positions comprising of 190 table game positions

and 10 slot machines and 10 slot machines

24

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Th d bi d R t D Thunderbird Resorts Daman Thunderbird Resorts - Daman Thunderbird Resorts Daman

Largest integrated resort complex to be built in Daman Largest integrated resort complex to be built in Daman g g p

O i Overview Overview

Largest contiguous integrated resort in Daman

Largest contiguous integrated resort in Daman

Only foreseeable land based casino in Daman

Only foreseeable land based casino in Daman

S d 10

Spread over 10 acres p

Expected opening May 2012

Expected opening May 2012

G i F iliti Gaming Facilities g

60 000 square feet of gaming space

60,000 square feet of gaming space

1 000 gaming positions comprising of 750 table game positions

1,000 gaming positions comprising of 750 table game positions and 250 slot machines and 250 slot machines

H t l F&B d Oth F iliti Hotel, F&B and Other Facilities ,

179 all suite hotel rooms

179 all-suite hotel rooms

3 bars and 4 restaurants

3 bars and 4 restaurants

29 000 ft f i d t (MICE )

29,000 sq ft of indoor event (MICE space) , q ( p )

> 8 000 sq ft high end end shopping facility

> 8,000 sq ft. high-end end shopping facility

Artistic impression Artistic impression

25

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SLIDE 28

St Fi i l P f Strong Financial Performance Strong Financial Performance Strong Financial Performance g

Quarterly Gaming Revenues (US$ Mn ) Quarterly Gaming Revenues (US$ Mn.) y g ( $ )

8 3 9 7.7 8.3 8 9 7.7 8 7 n.) 5 6 5 6 5 7 7 Mn 4 7 5.6 5.6 5.7 6 M 4.6 4.7 5 6 ($ 4.6 5 e ( 4 ue 4 nu 3 ve 2 3 ev 2 Re 1 R 1 Q1 FY11 Q2 FY11 Q3 FY11 Q4 FY11 Q1 FY12 Q2 FY12 Q3 FY12 Q1-FY11 Q2-FY11 Q3-FY11 Q4-FY11 Q1-FY12 Q2-FY12 Q3-FY12

Gaming and Hospitality* Consolidated* Particulars (US$ Mn ) Gaming and Hospitality Consolidated Particulars (US$ Mn.) ( ) 31 Dec 11 31 Dec 10 31 Dec 11 31-Dec-11 31-Dec-10 31-Dec-11 Total Income 21 6 14 9 60 1 Total Income 21.6 14.9 60.1 Operating Expenditure 16 3 10 2 41 9 Operating Expenditure 16.3 10.2 41.9 p g p EBITDA 3 4 18 2 EBITDA 5.3 4.7 18.2 EBITDA 5.3 4.7 18.2 % EBITDA 24 64% 31 55% 30 25% % EBITDA 24.64% 31.55% 30.25%

N t F th i d f i th di 31 t D Note: For the period of nine months ending 31st Dec p g Lower EBITDA margin in FY12 due to one time marketing exp and write offs Lower EBITDA margin in FY12 due to one time marketing exp and write offs Exchange Rate $1 = INR49 Exchange Rate $1 = INR49

27

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C t St t Corporate Structure Corporate Structure Corporate Structure p

Delta Corp Limited Delta Corp Limited e ta Co p ted

100% 100% 100% 100% 100% 100%

Delta Real Estate Delta Hospitality and Delta Leisure and Delta Real Estate p y Leisure Pvt Ltd Entertainment Pvt Ltd Leisure Pvt. Ltd. Entertainment Pvt. Ltd.

100% 76% 51% 51% 51% 40% 100% 76% 51% 51% 51% 40%

Daman Hospitality Daman Daman Hospitality (Th d bi d Delta Pleasure Cruise Daman E t t i t Highstreet Cruises Real Estate M l R t (Thunderbird Delta Pleasure Cruise Company Pvt Ltd Entertainment g &Entertainment Real Estate Kenya Marvel Resort Resorts) Company Pvt. Ltd. Pvt Ltd &Entertainment Kenya Resorts)

  • Pvt. Ltd.

100% 76% 100% 76%

Victor Hotels Marvel Resorts and Motels (Holiday Inn) and Motels (Holiday Inn)

35% 35%

Advani Hotels Advani Hotels (Ramada Cara ela) Kings Casino Casino (Ramada Caravela) Kings C i Casino Casino Prime Casino J k t To Be Named

(1)

Casino Royale Casino Prime Jackpot To Be Named y p

R l E t t G i H it lit Real Estate Gaming Hospitality Gaming Hospitality

(1) Delta owns 35% equity stake in Advani Hotels & Resorts India Limited. Not operated or controlled by DCL (1) Delta owns 35% equity stake in Advani Hotels & Resorts India Limited. Not operated or controlled by DCL

28

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Sh h ld St t Shareholder Structure Shareholder Structure Shareholder Structure

Key Shareholders Shareholding Structure as of December 31 2011 Key Shareholders Shareholding Structure as of December 31, 2011 y g ,

D lt ’ t J d M d d th h ld 42 3%

Delta’s promoters, Jaydev Mody and others, hold 42.3% p , y y ,

  • f the Company’s shares through a multitude of
  • f the Company’s shares through a multitude of

p y g investment vehicles investment vehicles Jaydev Mody has over 26 years of experience in real – Jaydev Mody has over 26 years of experience in real estate development estate development

Among P blic shareholders 19 7% is held b large

Among Public shareholders, 19.7% is held by large g , y g shareholders (holding more than 1% of the shares shareholders (holding more than 1% of the shares ( g

  • utstanding)
  • utstanding)

g) – Rakesh Jhunjhunwala the renowned Indian – Rakesh Jhunjhunwala, the renowned Indian Investor holds a 7% stake Investor, holds a 7% stake

Non Institutional / Retail shareholders and Clearing

Non Institutional / Retail shareholders and Clearing g Members together own the remaining 37 8% of the Members together own the remaining 37.8% of the g g Company Company p y ICICI V t i t it i t t d

ICICI Ventures, a private equity investment arm and a ICICI Ventures, a private equity investment arm and a h ll d b idi f ICICI B k tl h ld wholly-owned subsidiary of ICICI Bank, currently holds wholly owned subsidiary of ICICI Bank, currently holds 6 2% t k a 6.2% stake

CLSA (Mauritius) Limited owns 2 2% stake CLSA (Mauritius) Limited owns 2.2% stake Morgan Stanley Mauritius Company Limited owns

Morgan Stanley Mauritius Company Limited owns 0 95% stake 0.95% stake

29

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SLIDE 31

41

30