Investor Presentation

Investor Presentation

DISCLAIMER This presentation and the accompanying slides (the Presentation ), which have been prepared by Gitanjali Gems Limited (the Company ), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the gems and jewellery industry in India and world-wide, competition, the company s ability to successfully implement its strategy, the Company s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company s market preferences and its exposure to market risks, as well as other risks. The Company s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections 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. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. 1

INTRODUCING GITANJALI Established in 1966, Gitanjali Gems is today one of the largest integrated branded jewellery players with over 4000 Points of Sale 3 state of the art cutting and polishing facilities 400,000 stones per month 9 modern jewellery manufacturing facilities 235,000 pieces per month 4 of the top 5 brands in India owned by the Group Retail presence with over 1100 retail points across India through Own, Franchisee and Shop in Shop routes 104 retail stores in USA and 4 retail stores in Dubai to maintain brand experience for consumers 10 global offices with leading market: India 6 regional offices 2

STRATEGICALLY PRESENT IN THE TOP 5 GLOBAL DIAMOND JEWELLERY MARKETS USA: 104 stores of Samuels in the South West Key product brands - Passion Stone, Encore and Canadia supplied to over 500 retailers Europe: 4 Key Italian brands Stefan Hafner, IoSi, Nouvelle Bague, Porrati Alfred Terry in UK distributing to over 2000 retailers Japan: Supply to 110 stores of Verite 30% stake in Gems TV (one of the largest jewellery selling TV Channels) Distribution to other Retailers Middle East: Key Indian brands available through four stores in Dubai Distribution of Indian Branded Jewellery to over 50 stores of Damas, Al-Haseena, Alukkas India: Largest branded jeweller in the country Over 4,000 points of sale of which 1,100 are B2C China: Distribution to a retail chain with over 50 stores Key market for future growth potential for the Group 3

Retail Branded Jewellery*** GITANJALI TODAY THREE FOCUSED VERTICALS Diamond & Jewellery Manufacturing Gitanjali Gems Ltd. Gitanjali Exports Corp Ltd. Gitanjali Infratech Ltd.* Hyderabad Gems SEZ Ltd. Gitanjali Brands Ltd. Brightest Circle Jewellery D Damas** Gili India Asmi Jewellery India Spectrum Jewellery Gitanjali Lifestyle Gitanjali Jewellery Retail MMTC Gitanjali ** Gitanjali Gems Ltd. India Jewellery Branding & Retail Int l Branded Jewellery Distribution & Retail Aston Luxury Group Ltd Samuels Jewelers Inc. Gitanjali Ventures DMCC Leading Italian Jewels Srl. Leading Jewels of Japan KK Leading Italian Jewels (Singapore) Pte. Ltd. 4 *The company s Infratech business is only to unlock value of its surplus land in Borivali by developing a residential complex. This is essentially to monetize the company s surplus land bank. ** MMTC Gitanjali is 74% owned by Gitanjali Gems Limited while D Damas is 51% owned by Gitanjali Brands Limited. ***All entities engaged in branded jewellery are 100% subsidiaries of Gitanjali Brands Limited. All other entities are 100% owned by Gitanjali Gems

GITANJALI TODAY BUSINESS STRUCTURE (FY12 REVENUE CONTRIBUTION) Gitanjali Gems Ltd. Y-O-Y Growth Diamonds* ~ USD 1,091 Mn 23% Sales ~ USD 2,500 33% Jewellery ~ USD 1,409 Mn 40% 1 USD = INR 50 14% Exports ~ USD 832 Mn 70% Domestic ~ USD 259 Mn International ~ USD 458 Mn 18% 54% India ~ USD 951 Mn 11% USA ~ USD 220 Mn Middle East ~ USD 116 Mn 31% Other Exports ~ USD 122 Mn 16% Distributors ~ USD 532 Mn 42% 73% Retail ~ USD 419 Mn Samuels ~ USD 131 Mn 9% 14% Others ~ USD 89 Mn 42% Own Stores ~ USD 102 Mn 102% Franchisees ~ USD 198 Mn 65% SIS ~ USD 119 Mn Strategic Shift In Focus Diamond Polishing Revenues USD 1,091 Mn 44% of total group revenues Total Jewellery B2B Revenues USD 654 Mn 26% of total group revenues Total Jewellery Retail Revenues USD 755 Mn 30% of total group revenues 5 * Diamond Revenues have been netted off

Manufacturing Capabilities

MANUFACTURING STRENGTH- DIAMOND CUTTING & POLISHING Gitanjali Gems Limited Surat RAJIV GEMS PARK Gemplus II, SEEPZ Polished Diamonds - Captive Consumption Gitanjali Export Corporation Limited 1,80,000 stones/ month 1,75,000 stones/month 13,000 stones/month Polished Diamonds Exports /Domestic sales Competitive Sourcing of Rough Diamond Cutting and Polishing Polished sales to captive and 3 rd parties Gitanjali Gems and Gitanjali Exports are primarily engaged in the traditional diamond trading business of the group Both the entities enjoy competitive sourcing of rough diamonds from DTC, ALROSA, RIO TINTO and BHP Gitanjali polishes diamonds at 3 state of the art dedicated facilities These are strategically located at Surat, Hyderabad and SEEPZ (Mumbai). Polished diamonds are supplied to group entities for captive consumption as well to other local players. Polished diamonds are also exported to Antwerp, USA, Hong Kong, Middle East etc 7

MANUFACTURING STRENGTH- JEWELLERY MANUFACTURING Facility Brief Description Capacity (Pieces/Month) Diamond Jewellery MIDC Manufacturing diamond jewellery primarily for Gili 25,000 Marol Manufacturing diamond jewellery primarily for BCJL and other subsidiaries 35,000 GemPlus I Manufacturing diamond jewellery primarily for GGL 25,000 Hyderabad Rajiv Gems Park, SEZ at Hyderabad for jewellery manufacturing 60,000 Surat Manufacturing Diamond jewellery primarily for GGL & GECL 35,000 Jaipur Manufacturing Kundan, Jadau and Coloured Stones Jewellery 15,000 Pacific (China) Gold Jewellery Primarily manufacturing jewellery for International subsidiaries 25,000 Coimbatore Group company : Shubalavanyaa - contract manufacturing of gold jewellery 6,000 Kolkata Presently a division of GGL, Manufacturing Gold jewellery 7,500 8 State-of-the-art jewellery manufacturing facilities with a production capacity of c.235,000 pieces of finished jewellery per month

India : Jewellery Branding & Retail

OUR BRANDS STRONG PORTFOLIO OF WELL ESTABLISHED BRANDS Brand Characteristics Stylish, Contemporary, Extrovert, Enthusiastic, Selfmade Mesmerizing, Epitome of Beauty and Luck, Elegant and Timeless Free, Spirited, Goal oriented, Successful, Independent Celebration of every occasion, stylish, chic, aesthetic Classic, traditional, festive, occasional gift giving Brand identity Embrace the Gili way of easy elegance Beautifully you Stunning, beautiful, sparkling diamond jewellery positioned as a woman's ultimate accessory The enchanting enigma Diamond jewellery with a delicate & feminine look that is distinctly evocative of strength and grace For the woman of spirit Jewellery for every occasion, mood, need, user profile Celebrate Always Aimed at the wedding market and similar festivities and traditional occasions Moments like these speak gold Design concept Easy to wear, highly contemporary and trendy designs Design concept inspired by the popular Indian floral cluster Design concept revolves around curvilinear forms that symbolize the inner fire of women International quality combined with Indian aesthetics. For all occasions, moods, user profiles Traditional classic designs to cater to major gold jewellery buying occasions Brand Building Strategy Gitanjali has been the pioneer in marketing diamond jewellery brands; Gili launched in India in 1994 was the first ever diamond jewellery brand in India. Top brand recall value through consistent association with top Indian celebrities ~ 2 million pieces sold annually over the last 3 years (of which 60 to 70% were repeat purchases) 10

OUR BRANDS EXTENSIVE BOUQUET OF BRANDS ACROSS PRICE POINTS AND SEGMENTS PRICE HIGH ON TRADITION HIGH ON FASHION Traditional Blended Elegant Stylish/ Contemporary Trendy 11

GITANJALI THE LARGEST INVESTOR IN MEDIA IN THE DIAMOND JEWELLERY SECTOR IN INDIA Television and print 80% of our marketing spend On-line advertising e-commerce, e- franchising, social media, QR code 360 Degree Marketing Campaigns Celebrity endorsement Media Coverage 100,000 TV commercials of 10 sec. (on average) 4500 radio spots 3500 print ads with a total of 1.75 mn cm² The company spent over USD 100 Mn in the past 5 years to create consumer desire for diamond jewellery. PR and sponsorship In-store promotion Outdoor Above-theline 95% Below-theline 5% 12

DOMESTIC BRANDED JEWELLERY STRONG RETAIL FOOTPRINT IN INDIA Our 70% stores are concentrated in the North & West of India NORTH Classic, wedding style jewellery with bigger look SI JK colour WEST Modern, fine, sophisticated designs VVS-SI GH Colour EAST Traditional, Temple designs VS-SI GH colour SOUTH Traditional, ethnic designs VVS D to G Colour 13 Gitanjali has been the catalyst in the retail transformation of the Indian jewellery market Diverse Retail formats : Multi-format outlets, Multi-Brand Outlets, Exclusive Brand Outlets ranging from 500 20,000 sq. ft Multiple channels : Shop-In-Shops, Owned Stores and Franchisees Multiple Retail formats and channels to ensure effective penetration and wide spread reach

LAUNCH OF INNOVATIVE CONCEPTS Gitanjali launches Jewel Souk Gitanjali Launches India s first Gold and Diamond Vending machine at Mumbai Multi-brand, multi-category lifestyle store chain that brings together all major jewellery brands under one roof Launch of a unique and innovative Gold and Diamond vending machine, which is a one stop shop for buying medallions, coins, jewellery etc. High on convenience, this new retailing format will be ideally suited for last minute purchases on auspicious occasions and for gifting, E-Commerce Platforms Gitanjali has introduced innovative channels such as E-Commerce to also include E-Franchising to sell jewellery. These new channels shall enhance reach at a faster pace 14

International Retail

INTERNATIONAL RETAIL USA Top 5 specialty jewellery retail chain of USA - Samuels, acquired by the group in 2006 104 doors in USA USD 130 Mn retail sales in 2012 Profitable since financial year 2012 (at retail level) due to the thorough restructuring process Supply chain integration: 90% supplied inhouse 16

INTERNATIONAL RETAIL UAE Distribution Gitanjali Ventures DMCC (GVDMCC) is an initiative undertaken to capitalize on the opportunities envisioned in the Middle- east market GVDMCC is primarily into distribution of Jewellery to well established local players such as Alukkas, Al Haseena, etc Retail The group has a retail presence in Dubai via four stores. Of which the first one was opened in July 2010 to cater primarily to the Indian population Growth Potential The revenue clocked in from the Mid East business in FY12 is c. USD 116 Mn The Indian Diaspora present in the GCC presents tremendous growth opportunities for the company 17

INTERNATIONAL RETAIL EUROPE AND JAPAN Italy Acquired the assets of DIT Group S.p.A, Italy in Feb 2011. It owns reputed brands like STEFAN HAFNER, IO Si, ROBERTA PORRATI and La NOUVELLE BAGUE UK Acquired Alfred Terry in December 2011. Alfred Terry has been producing innovative and individual diamond jewellery for over 100 years. The company has a wide distribution to Chain Stores and an independent presence in UK. lt distributes to nearly 2000 Jewellery shops in UK and Europe Japan Gems TV in Japan offers online shopping platform for TV Channels in Japan Gitanjali has taken strategic stake of 30% in the entity to supply all of its diamond jewellery requirements in Japan 18

Industry Snapshot

JEWELLERY MANUFACTURING IS HIGHLY FRAGMENTED Jewellery manufacturing is characterized by extreme fragmentation, with more than 10,000 manufacturers around the world - roughly 80% based in India and China Diamond Jewellery Manufacturers At the top end of the manufacturing market, Tiffany is a large player, and other luxury brands such as Richemont and Bulgari also have a sizable share As with other Jewellery manufacturing, diamond Jewellery falls into two major categories: branded (or luxury) and unbranded, with branded commanding higher prices Larger players with strong brands operate in the branded luxury segment e.g. a diamond engagement ring by Cartier may enjoy upto 40% premium over an unbranded piece Integrated specialized manufacturers* ~5% of the market 10-20 players Luxury brand manufacturers** ~5% of the market 10-20 players Regional retailers and non-integrated manufacturers ~10% of the market ~1,000 players Non branded ~80-85% of the market ~10,000 players Richemont Bulgari Tiffany & Co. Louis Vuitton Chanel Dior Gucci Hermès Armani/Privè The Leo Diamond Chow Tai Fook Neil Lane Bridal Tolkowsky Dalumi Group Rosy Blue Over 10,000 manufacturers mostly from India and China ~30-40% of polished-diamond sales take place at industry exhibitions. Hong Kong holds the largest gathering, followed by Las Vegas *Specialized global Jewellery manufacturers with annual sales above 100mn integrated into retail **Branded manufacturers of luxury goods with Jewellery not being core commodity group Source: The Global Diamond Industry by Bain & Company 2011 20

DURING THE PAST DECADE INDIA AND CHINA BECAME THE LARGEST JEWELLERY MANUFACTURERS Value of Jewellery manufacturing, 2000-10 (%) 41.6 bn 56 bn 86.6 bn Other regions Canada United States W. Europe Italy Asia-Pacific (Other) Share change 2000-2010 1.5% (14%) (14.9%) China India 27.4% 2000 2005 2010 Others North America Europe Asia From 2000 to 2010, India and China s share in Jewellery manufacturing grew from 27 % to 55% - both countries accounted for ca. 47.4 bn in value terms The largest potential demand lies among the emerging middle classes in India and China with further belief that Asian markets hold the key to future growth in the global Jewellery manufacturing business Source: The Global Diamond Industry by Bain & Company 2011 21

THE JEWELLERY MARKET, DRIVEN BY CHINA AND INDIA, IS PREDICTED TO GROW BY 6% ANNUALLY THROUGH 2014 Demand for Jewellery items of the largest markets*, $ billions (nominal price) Consolidation Expansion Crisis Recovery and growth CAGR 1.4% 86 88 85 89 97 105 112 119 130 138 CAGR -3.4% 133 139 147 CAGR 6.4% 156 166 179 22 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F 2012F 2013F 2014F United States China India Japan United Kingdom France Italy Other Source: The Global Diamond Industry by Bain & Company 2011 *Includes 16 largest Jewellery markets; Other composed of Germany, Brazil, Netherlands, Spain, Mexico, Australia, Belgium, Sweden & South Africa

2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 INDIAN GEMS & JEWELLERY: EXPORTS OVER THE PAST DECADE 43.1 42.8 Total exports of Gems and Jewellery during 2011-12 was US $42.8bn. This included exports of cut and polished Diamonds (US$ 23.3bn), Gold (US $16.5bn) and Colored Gemstones (US$ 342.8mn) 29.4 In 2011-12, the Indian Gems and Jewellery industry stood at US $36.1bn as against US $35.2bn in 2010-11, with the sector alone accounting for 14% of India s total merchandise exports 7.6 9.2 12.1 15.7 16.7 17.2 20.9 24.9 The key factors that drive demand for Gems and Jewellery in India are Jewellery for Investment and Jewellery for weddings and festivals India has a large and rapidly growing middle class. The Indian middleclass is growing increasingly affluent with per capita incomes consistently on the rise. Private final consumption expenditure is consequently increasing Semi-urban and rural markets make up 60% of the country s jewellery market. These markets are witnessing a change with branded jewellery gaining greater acceptance. In the rural market, branded jewellery sales stand at US$ 600 mn. At present, this is just over 7% of the total jewellery sold in these markets the share is however growing at 25-30% each year (in USD million) Source: IBEF 23

GROWTH OF BRANDED JEWELLERY RETAIL IN INDIA Key Trends The gems and jewellery sector, fragmented and traditionally dominated by family jewellers is undergoing transformation - The market share for branded jewellery presently, stands at only 8% of the Indian jewellery market. It is however, growing rapidly at a rate of around 40% p.a. Branded jewellery sold through boutiques, jewellery souks, shop-in-shops, exclusive and multi-brand outlets and over the internet has not merely gained acceptance but is also becoming the preferred choice for an increasingly brand-conscious Indian consumer The Indian luxury market of around USD 5.8 billion (nearly INR 28,500 crore) is gradually extending beyond metros to smaller cities. This market has grown at 20 per cent over the past year and is likely to sustain this growth rate Some of the factors contributing to the branded jewellery s appeal in India are: A large youth population with access to information on global fashion and lifestyle trends Consideration of jewellery as a fashion accessory and a complement of one s lifestyle Modern, contemporary, lightweight and innovative designs Assurances of purity such as the hallmarking of gold and certification for diamonds Additional services such as return policies and buyback guarantees Source: CII-Kearney 24

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 490 475 442 518 506 502 658 630 620 615 587 552 746 969 THE DOMESTIC DEMAND FOR GOLD JEWELLERY IN INDIA IS GROWING AT A RAPID PACE India Consumer Demand for Jewellery (in tonnes) Indian Gold Jewellery Demand in tonnes and Gold price (INR/oz) 800 60000 700 600 500 50000 40000 400 30000 300 200 100 20000 10000 0 0 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Jewellery demand in tonnes (LHS) Gold price Rs/oz, (RHS) Source: GJEPC Source: GFMS, IHS Global Insight, World Gold Council 25

ASIA AND AFRICA ARE GAINING SHARE IN CUTTING AND POLISHING ($ BN) 16.7 18.6 19.7 17.5 CAGR (2002-2008) (2008-2010) 4% 0% 13.7 11% (18%) 8% (19%) (5%) (13%) 10% 28% 7% 27% 9% (16%) 2002 2004 2006 2008 2010 India China, Thailand, other South Africa Israel Russia United States Belgium India is the world s largest diamond-cutting center its share has been growing steadily and is no longer confined to smaller stones as factories in India employ modern technology and can capably handle larger and more complex stones Currently, 700,000 to 800,000 diamond cutters work in India, bolstered in part by government subsidies. Before the recent recession, Indian craftspeople cut 14 out of 15 diamonds worldwide, mostly in the states of Maharashtra and Gujarat 26 About 30,000 to 50,000 cutters operate in China and Thailand, and the numbers there are rising. Guangzhou in China is now one of the world s largest global cutting centers Source: The Global Diamond Industry by Bain & Company 2011

India China South Africa Belgium/Israel/Russia United States AVAILABILITY OF LOW-COST LABOR IS ONE OF THE KEY ADVANTAGES IN INDIA Estimated cost of cutting and polishing, $ per carat ~40-60 ~60-80 ~100 Spurring the shift to Asia has been the availability of low-cost labor, a key advantage in low-margin parts of the value chain Labor constitutes one of the largest expenditures. In the United States, it costs more than $100 per carat to cut a diamond, compared with just $10 in India Compared with the ups and downs of rough-diamond prices, polished diamonds show a much smoother historical dynamics. Some of those fluctuations are absorbed by players in the middle of the value chain, where pricing competition is intense. As a result, prices for the end product, polished diamonds, do not fluctuate as much as rough diamond prices ~10 ~15-20 Inventories play a less significant role in regulating the prices of polished diamonds than the prices of rough diamonds. One reason is that the industry has become so fragmented that any given company does not hold sufficient stockpiles to affect global prices. Second, cutters and manufacturers want to turn over their inventories as quickly as possible in order to free up cash for the business Source: The Global Diamond Industry by Bain & Company 2011 27

Financial Information

ROBUST FINANCIALS 1 USD = INR 50 2500 2000 1500 1000 500 0 1,305.4 56% 44% REVENUE (USD Mn) 1,875.4 53% 47% 2010 2011 2012 2,499.6 56% 44% Jewellery Diamond Revenue growth at ~ 38% CAGR in the last 3 years FY12 has seen a revenue growth of ~ 33% over the last fiscal This growth can be primarily attributed to Shifts in consumer trends Introducing gold jewellery collections to complement the existing diamond jewellery Focus on India as a key growth destination with incremental sales from new franchisee, shop-in-shop and own stores 200 180 160 140 120 100 80 60 40 20 0 79 117 Operational Indicators (USD Mn) 185 40 71 98 0.48 EBIT PAT EPS EBIT & PAT figs are in USD Mn EPS figs are in Absolute USD 0.84 1.10 EBIT growth at ~ 53% CAGR in the last 3 years FY12 has seen an EBIT growth of ~ 56% and a PAT growth of ~ 37% over the last fiscal FY12 has seen an EPS Y-O-Y growth of ~ 33% The Consistent growth in bottom line is primarily attributed to Change in the segment mix, in favor of jewellery Aggressive downstream expansion focused on branded jewellery retail 2010 2011 2012 29

Payables Payables Inventory Inventory Receivables Receivables Months WORKING CAPITAL : AN OVERVIEW 1 USD = INR 50 Working Capital Intensive (USD Mn) Debt Structure FY 2011 Debt Structure FY 2012 5% 16% > 12 Working Capital Characteristics 12-15 95% 84% 12 Long Term Borrowings Short Term Borrowings Long Term Borrowings Short Term Borrowings 10 2000 1500 Working Capital (USD Mn.) 8 1000 803.8 944.1 1077 1,157.3 6 4-6 500 580.3 738.7 4 2-3 0 2 2 2-500 (440) (658) 0 1 1-1000 30 2011 Net Working Capital 2012 Gold Jewellery Diamond Jewellery COCO/SIS Diamond Jewellery Distribution Inventory Months Receivable Months Diamond Jewellery Franchisee

Financial Information H1 FY13

ROBUST FINANCIALS REVENUE (USD Mn) Operational Indicators (USD Mn) EBIT & PAT figs are in USD Mn 1600 1400 1200 1000 800 600 400 200 0 52% 48% H1FY12 1109.7 54% 46% HIFY13 1462.6 Jewellery Diamond 120 100 80 60 40 20 0 EPS figs are in Absolute USD 106 86 60 H1FY12 51 H1FY13 0.5 0.7 EBIT PAT EPS H1FY13 has seen a revenue growth of ~ 32% over corresponding period in the last fiscal This growth can be primarily attributed to Introduction of additional collections in gold, polki, jadau to complement the existing diamond jewellery Introduction of new brands Focus on India as a key growth destination with incremental sales from new franchisees, shop-in-shop and own stores H1FY13 has seen an EBIT growth of ~ 24% and a PAT growth of ~ 18% over the same period last year H1FY13 has seen an EPS (diluted) Y-O-Y growth of ~ 26% The Consistent growth in bottom line is primarily attributed to The segment mix now being in favor of jewellery Aggressive downstream expansion focused on branded jewellery retail Effective cost control 32

MARKET DATA & SHAREHOLDING PATTERN Last 1 year Stock Price (INR) 650 92.4% 600 550 500 450 400 350 300 250 Jan 12 Mar 12 May 12 Jul 12 Sep 12 Nov 12 Jan 13 Key Stock Statistics Ownership Summary NSE/BSE ticker - GITANJALI/ 532715 Face Value (INR per share) 10 Shares Outstanding (mn) 92.06 Market Cap (INR mn)/(us$ mn) 53,930mn / $980.5mn 1 52-week range (INR)/(H/L) 607.95/ 296.5 Free Float (%) 41% (Nov 2012) Total Traded Quantity / 2Wk Avg. Quantity (BSE) 0.438 / 0.427 mn 16.1% 24.9% As of Sep 2012 59.0% Promoters FII/DII* Others Source: BSE; 1 as of January 11, 2013 *FII (14.1%); DII (1.96%) 33

The Way Forward...

EMERGING BUSINESS STRATEGY Vision To become the world s largest player in the branded luxury space 1 Strategic Shift from Diamonds to Jewellery Continuous shift from diamonds to Jewellery Reduction in working capital Increase in margins 2 Emerging Retail Concept Extension of retail and marketing expertise to leverage successful Indian and international brands to complement its product categories with other lifestyle products Existing 1.7 million sq ft retail space to scale up to 2 million sq.ft over the next 2 years 3 Focus on Growth via the Franchising Route Asset Light Model Better store economics compared to own stores Extend reach in Tier 2 and Tier 3 towns in India 4 Opportunity of midsized organized retail Opportunity in mid-sized segments with premium branded categories Tier 2 and tier 3 cities with significant demographics and higher discretionary income Organized retail as a whole expected to grow at 25-30% in next 5 years. Large branded players are likely to dominate all categories and formats 35

GITANJALI & THE ENVIRONMENT : A STRATEGIC FIT Strengths First mover advantage Fully integrated supply chain Market access and brand support Unique design skills and Technology Vast distribution and retail network Branding in Emerging Markets Opportunities Expansion into emerging markets Increased focus on branded jewellery in India Increased focus on non-metro market Expansion through revenue sharing and franchisee models Foray into other luxury categories Large presence of an unorganized sector Emergence of low cost and regional brands Increasing gold and diamond prices Challenges 36

Annexure : Historical Performance

HISTORICAL PERFORMANCE INCOME STATEMENT (CONSOLIDATED) 38 Particulars (USD Mn) H1 FY13 (Audited) H1 FY12 (Audited) H1 Y-o-Y Growth (%) FY 12 (Audited) FY 11 (Audited) FY 10 (Audited) Total Total Total Total Total Total Sales 1462.6 1109.6 32% 2499.7 1875.5 1305.5 Raw material cost 1264.3 940.8 2134.4 1598.6 1105.1 Gross Profit 198.3 168.8 365.3 276.9 200.5 Manpower costs 29.2 24.7 42.0 43.3 41.8 Other operating income - - - - 0.5 Operating expenses 76.6 59.1 161.8 125.6 70.8 Other Income 17.0 3.7 29.6 20.7-1 USD = INR 50 EBITDA 109.5 88.6 191.1 128.7 88.3 EBITDA margin (%) 7.5% 8.0% 7.6% 6.9% 6.8% Depreciation 3.1 3.0 5.9 11.3 8.9 EBIT 106.5 85.7 24% 185.2 117.4 79.4 EBIT margin (%) 7.3% 7.7% 7.4% 6.3% 6.1% Finance Costs 42.1 29.9 81.5 44.4 34.5 Exceptional items -- 1.0 1.0 3.6 -- PBT 64.3 56.8 104.7 76.7 45.0 Tax 3.4 5.3 6.8 5.3 4.6 PAT 60.1 51.1 18% 97.5 71.0 40.0 Basic EPS (Rs.10 FV) 0.7 0.6 1.1 0.8 0.5 Diluted EPS 0.7 0.5 26% 1.1 0.7 0.4

HISTORICAL PERFORMANCE BALANCE SHEET (CONSOLIDATED) 1 USD = INR 50 Particulars (USD Mn) Net Operating Working Capital H1FY 13 (Audited) FY 12 (Audited) FY 11 (Audited) Total Total Total Inventories 784.6 738.7 580.3 Inventories / COGS 31% 35% 35% Inventory days 112 126 127 Receivables 1222.9 1077.0 803.9 Receivables / Sales 42% 43% 43% Days Receivable 150 157 156 Current Liabilities (705.2) (658.4) (440.0) Payables / COGS (28%) (31%) (28%) Days Payable (100) (112) (100) Debt Facility Long Term Borrowings 130.0 128.7 29.2 Short Term Borrowings 770.1 660.0 580.3 Gross Debt (A) 900.1 788.7 609.5 Cash and Cash Equivalents (B) 115.5 130.5 87.9 Net Debt (A-B) 784.7 658.2 521.6 Net Worth 695.5 622.7 505.9 Net Debt / Equity ratio 1.1 1.1 1.0 39

THANK YOU Corporate Office: 3,B Wing, 3rd Floor, Laxmi Towers. Bandra Kurla Complex. Mumbai 400 051. India Investor contact: investor.relations@gitanjaligroup.com