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ThomasCookIndia

InvestorPresentation
May 2012

ImportantNotice
Thispresentationispublishedforgeneralinformationpurposesandtheinformationcontainedhereindoesnotconstituteorform partofan offerorinvitation,orasolicitationofanyoffer,orrecommendationforthepurchaseorsubscriptionofsecuritiesoranyinterestintheCompany. Theinformationcontainedinthispresentationshallnotformthebasisoforberelieduponinconnectionwithanycontract, commitmentor investmentdecision. Thispresentationmaycontaincertainforwardlookingstatements,plansandstrategieswithrespecttotheanticipatedgrowthandfuture performanceoftheCompany,whicharesubjecttochangebytheCompanywithoutnotice.TheCompanyanditsdirectors,officers,agents,or employeesanditsaffiliatesmakenorepresentation,warrantyorassuranceofanykind,expressorimplied,ontheaccuracy,completenessor usefulnessofthepresentationortheinformationcontainedthereinorthatthestrategiesorforwardlookingstatementsarereasonableorwill berealised.Thispresentationisnotintendedunderanycircumstancestobeaprofitforecastortoguaranteefuturereturns andthestatements containedhereinmayormaynotprovetobecorrect.Theactualresultscouldvaryfromthestrategiesandforwardlookingstatements containedinthispresentation,andsuchvariationscouldbematerial.TheCompanyanditsdirectors,officers,agents,oremployeesandits affiliatesshallnotbeliableforanyindirect,incidentalorconsequentialdamagessustainedorincurredinconnectionwith theuse,operation,or inabilitytousethispresentationandinformationcontainedtherein.TheCompanydisclaimsanyintentionorobligationtoreviseanyforward lookingstatements,whetherasaresultofnewinformation,afutureevent,orotherwise.

IndiasLeadingIntegratedForexAndTravelOperator
SegmentRevenue(2011A) Leadingintegratedforeignexchangeandtravel servicescompany 2011revenueofRs.4,027m(up18.3%from2010) 2011EBITDAofRs.1,177m(up19.0%from2010) OperationsinIndiasince1881 Strongfranchises Forex LeisureTravelInbound LeisureTravel(Outbound&MICE/Domestic) CorporateTravel Expansiveretaildistributionnetwork 151ownstores,117franchises,166preferredsales agentsand29extensioncountersacrossIndia 16locationsinMauritiusand2locationsinSri Lankaairport

Financial Services 12%

Travel& Related Services 88%

CompanyHistory
1881 Firstofficeisestablished inMumbai February1983 IPOontheBombay stockexchange December2008 TCILissues50.7msharesby wayofarightsissue February 2007 Mergerwith LKPForex March2008 ThomasCookUKLimited acquires74.9%inthe company July2010 TCILentersintosevenyear agreementwithNewDelhi InternationalAirportandlaunches nineforeignexchangeandtravel counters

1881

1983

2005

2006

2007

2008

2009

2010

2011

December2006 Acquisitionof100% in TravelCorporation (India)Limited October2011 December2005 DubaiFinancial(LLC)acquires 100%ofTCIMLimited Signingof MasterCard agreement AppointmentofState BankofIndiaas MoneyGramsubagent

BenefitsOfOperatingAFullyIntegratedForexAndTravel Platform
Travel
Outbound Inbound MICE/Domestic Corporate

IntraGroupSynergies
Marketing&brand Distributionnetwork Operatingand infrastructurecosts Customeraccess

CrossSelling
Leveragefootfall Leverageonlineplatform

Financial Services

WholesaleForex

Travelrelated Forex Insurance Visas&Passport Services OtherTravel RelatedServices

Travelrelated Services

ForexScaleBenefits
Noteconsolidationmore economical Dealingroomandability tohedge
4

AttractiveMarketWithStrongGrowthCharacteristics
Supportivemacrobackdropanddynamics...
StrongRealGDPGrowth(20112015E)
China India Africa Brazil 5.2% 4.8% 8.3% 8.2%

YoungPopulation

IncreaseinDiscretionarySpending

39.1% 2000A 2559

42.7% 2010A 014 1524

48.6% 2040E 60orabove

53%

58%

65%

2005A 2010A 2015E Discretionary NonDiscretionary

...stimulategrowthinourareasofoperation
FXEarningsfromTourism
(Rs.bn)
649 331 156 2000A 2005A 2010A
12.6 7.2

OutboundTravelfromIndia
(mtrips)
22.5

InboundTravelinIndia
(mtrips)
5.7 3.9 7.8

2005A

2010A

2015E

2005A

2010A

2015E

Source: Global Insight, UN Population Statistics; Euromonitor, Ministry of Tourism annual report 2011 Note: Non discretionary spend only includes housing, food and non-alcoholic beverages

OurBroadDistributionNetworkEnsuresWeAreWellPositioned ToCaptureThisGrowth
India
Ownstores Franchises PSAs Extensioncounters
2 7 2

151Ownstores 117Franchises 166PSAs 29Extensioncounters

Mauritius
42 3 3 2 2 5
3

6 4 211 2

3 4 2 17 6 8 3 8 2
4

4 2 6

16ownstores

India Keyproperties
DNRoad(Owned&Leased) Gurgaon(Owned) Chembur (Owned) Nariman Point(Owned)
2

3 12

7 3

22

SriLanka
2Ownstores

PresenceInWholesale,RetailAndCorporateForex
Segments Wholesale Institutions (Banks,FullFledgedMoney Changers,RestrictedMoney Changers) Characteristics

Purpose:bulknoteconsolidationandbulksale Highvolumeandlowmarginbusiness Extremelysensitivetomarketmovementsand pricing

Retail Individuals (WalkinsatShops& Airports,Agents)

Purpose:leisure,education,remittances, migration Relativelypriceinelasticatairports(1);somedegreeofelasticityatnon airportoutlets

Corporate CorporateHouses (TravellingEmployees)

Purpose:businesstravel TypicallycorporatesarefromIT,manufacturingandfastmoving consumergoods sectors Sensitivetoglobaleconomicconditions

Note:

(1) Company has presence in Mumbai, Bangalore, Chennai, Cochin and Delhi Airports

BroadProductAndServiceOfferingForRetailAndCorporate ForexCustomers
BankNotes

Buying/selling Export Servicesprovidedin26currencies AmericanExpresstravellercheques Providedinsixcurrencies:USD,GBP,Euro,AUD,JPY,CAD Reloadableandacceptedat1millionATMs DenominatedinUSD,GBP,Euro,AUD,CAD,JPY,CHFandSGD

Traveller Cheques

Prepaid Cards PayOrders

Foreigncurrencypayorders,availablein8currencies

WireTransfers

Availablein10currencies

MoneyGramTransfer

Persontopersonmoneytransferservice

ForexOperationalOverview
Day0 Customers
PointofSale/Purchase ofForeignExchange RetailOutlets (OwnStores, GCPs)

Day1

Day2
INRFunds

RetailCustomers (Tourists,NRIs, Students,Business Travellers,etc.)

Banks (Interbank Parties) Surplus Currency SettleInterbank Contracts Monitor Holdings Consolidation ExportCenters DealingRoom

AgentOutlets

OverseasBanks (forExport/ Import) Currencies Shipped Creditto Nostro Accounts

Corporate Employees

Implants, CorporateHubs

NostroAccounts Wholesale Customers (Banks,FFMCs, RMCs,NonBank Retailers,etc.)

WholesaleHubs Onaverage,thecomplete cashconversioncycleis~3days

CurrencyMovement WithinBranches

WehavebeengrantedAuthorizedDealer(ADCategoryII)licensebytheRBI
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LeisureOutboundOverview

Leadingoutboundtouroperatorbysalesand passengers Offersoutboundtourpackagesconsistingof numerouscomponentstoc.50countries Alsoactasasalesagentforothertravel operators

ListofProducts&Services

Airtickets Cruises Railtickets Airporttransfers Hotelaccommodation Sightseeing

Tourguides Packages Fullyindependent Tours Groupinclusive tours

Distributionthroughmultiplechannels Focusonlonghaulroutesenableshighermargins Productinnovation Newdestinations Productsatvariouspricepoints Fusionholidays flexibletourpackages Luxuryproducts

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MICE&DomesticTravelOverview
MICE

DomesticTravel

LeadingMICEplayerbysales ComprehensiveMICEsolutionsprovided

Domesticofferstourpackagesandindividualtour componentstodomestictravellers

Usualsalesprocessinvolvespitches,followedby competitivebidding

Distributionthroughmultiplechannels(ownstores, GCPs,travelagents,website)

Keycustomersectorsincludepharmaceuticals, consumerdurables,automotivesandfinancial services Corporatearrangementswithanumberofevent managementcompanies

Specialairinclusivefixeddeparturetoursforsmall andlargegroups;innovativeweekendpackages; travelpartnerforuniqueevents

Tieupswithlocalagents,hotels,guidestoprovide destinationmanagementservices

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InboundTravelOverview

TopthreeinboundplayerinIndiabysales1 Twobrands: Keymarkets:Europe,JapanandtheUS Broadnetworkoftravelagentsandtour operatorsworldwide

ListofProducts&Services

Individualtours Groupescortedtours

Emergencymedical assistance Airporttransfers Excursions

MICE

Strategy

DevelopmentofComprehensiveProductPortfolio ImprovedCustomerReach&ServiceDelivery MarginImprovement Leveragingscale Increasedoperatingefficiency

Increasedpromotion Onlinepresence

(1)

MinistryofTourism,GovernmentofIndia.

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CorporateTravelOverview

Amongsttop3corporatetravelplayersinIndia Providesbothtravelproductsandtravelbudget managementservices Distributionthroughstores,ServiceExcellence Centreandimplants Over700clients PredominantlyIndianmultinationals

ListofProducts&Services

Airtickets Hotelaccommodation Carrental Transfers Meetandassist

Passportandvisa services Foreignexchange services Insurance

Strategy

Increasedfocusonnonairrevenuestreams ImprovedServiceDelivery Consolidationofservicedelivery Improvedonlineticketingplatform Assessingcustomersatisfaction

PortfolioDiversification

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BusinessDrivers
Travel Product Offering Outbound Destinations
Introducenewdestinationsfor GITandFIT

TravelrelatedServices PrepaidCards retailprepaidcards


Increasepenetration,inparticular

Outbound Packages

Packagesfornicheholidays(e.g. culturaltours,religioustours, etc.)

Remittances

Increaseretailproductpenetration

MICE Destinations

Developofferingsinnew destinationstodifferentiate

MoneyTransfer additionalproviders

Introduceproductsandservicesof

SourceMarkets regionsofIndiaforMICEsales Distribution Retail

Geographicexpansiontocoverall

ATMServices

Potentialtotieupwithlocalbank 14 andsetupATMnetwork

Expandintosecondandthirdtiercities;Increasefootprintinstrategiclocations

Online

Continuetodevelopwebsitefunctionalityandcontent;LeverageonlineplatformforB2Cand B2Bdistribution

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TrackRecordOfGrowthAndProfitability
Netrevenues(2009A2011A)
(Rs.m)

EBITDA(2009A2011A)
(Rs.m)

Netincome(2009A2011A)
(Rs.m)

4,027

1,177
3,406

562 472

989
2,746

731

250

2009A

2010A

2011A

2009A

2010A

2011A

2009A

2010A

2011A

Note:

Net Revenues and EBITDA includes other income

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KeyFinancials
(Rs m) Sources of Funds Shareholders' Funds Common Equity Preference Capital Loan Funds Deferred Taxation (Net) Total Application of Funds Fixed Assets (including WIP) Investments Current Assets, Loans and Advances Sundry Debtors Cash & Bank Balance Loans & Advances Less: Current Liabilities & Provisions Liabilities Provisions Net Current Assets Total
(1) (1)

2009

2010

2011

(Rs m) Cash Flow Cash Flow from Operations

2009 810 (513) (615)

2010 82 8 18

2011 1,460 (300) (50)

211 6 2,803 1,700 29 4,750 2,192 356 2,071 1,501 1,087 2,306 151 2,202 4,750

212 6 3,190 2,016 76 5,499 2,475 156 2,225 1,601 1,440 2,279 118 2,869 5,499

212 6 3,705 2,286 50 6,259 2,491 383 2,264 2,735 1,358 2,848 123 3,386 6,259

Cash Flow from Investing Cash Flow from Financing

Reserves & Surplus

Include 319,765 Class B and 271,800 Class C 0.001% Cumulative Convertible / Redeemable Preference Shares of INR10/- each, convertible into an equivalent number of Equity Shares, if the EPS of the Company exceeds 3.03 and 3.64 per share, respectively. These would be redeemed within a period of six months if the said EPS of the Company is not achieved based on the audited accounts of the Company as at the end of 31st December, 2013.

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SegmentalPerformance
Travel&RelatedServices
(Rs.m) Net Revenues Growth

FinancialServices
2010 2,720 2011 3,303 CAGR 21.6%
(Rs.m) Net Revenues
2009 417 2010 384 2011 435 CAGR 2.1%

2009 2,235

(16.8%)
767

21.7%
1,129

21.4%
1,286 29.5%

Growth
Segment result

0.6%
257

(8.0%)
196

13.2%
239 (3.6%)

Segment result

Margin
Segment Capital employed

34.3%
1,995

41.5%
2,275

38.9%
2,570 13.5%

Margin
Segment Capital employed

61.7%
983

51.1%
1,080

55.0%
1,296 14.8%

Inthetravelbusiness,2009Asawasignificantdecreaseinbothleisureandbusinesstravellersgiventheoveralldifficultmacro economicbackdrop Resurgenceineconomicactivityspurredarecoveryinthecorporatetravelandleisureoutboundsegmentsin2010A UnderlyingfactorssuchasincreasedappetiteofIndianstotravelabroadremainedsupportivein2011Aandledtoastrongresult intheleisureoutboundsegment TCILsforeignexchangeoperationswerenegativelyimpactedbyrupeeappreciationin2009A Challengingenvironmentin2010A,duetoacontinuedappreciationoftherupee,compensatedby increaseddemandforforeigncurrencyfromcorporateandleisuretravellers, TCILsongoingexpansionofthebranchnetworkand higherremittances Stronggrowthinamorefavorablemarketenvironmentsupportedbyadepreciationoftherupeein2011A

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PotentialForGrowth
Netrevenues(2012E2014E)
(Rs.m)

EBITDA(2012E2014E)
(Rs.m)

Netincome(2012E2014E)
(Rs.m)

5,648 1,732 4,927 4,340 1,295


666 547 869

1,435

2012E

2013E

2014E

2012E

2013E

2014E

2012E

2013E

2014E

LeisureTravel(1) andMICEaccountfor33%oftotalrevenues(2011A)andareexpectedtobethekeygrowthdriversforthe companygoingforward


Includes Outbound, Inbound and Domestic Travel

(1):

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