Steiner AG ("Steiner" together with its subsidiaries the "Steiner Group") is a real estate developer (RED) and total and general construction service contractor (TC/GC) headquartered in Zurich, Switzerland

1. 1
Ajay Sirohi
CFO Steiner Group

2. 2
OVERVIEW ON STEINER
Business overview
Strong positioning of Steiner in Switzerland
 Fully Integrated real estate developer and TC/GC company
 Overall No. 2 Player in Swiss RE development and construction
 No. 1 in the institutional client segment
 No. 1 in MCHF 100 plus segment
 Local presence in all major cities in Switzerland
 Steiner AG ("Steiner" together with its subsidiaries the "Steiner Group") is a real estate
developer (RED) and total and general construction service contractor (TC/GC)
headquartered in Zurich, Switzerland
 With a total of 800 employees, Steiner generates annual revenues of approx. MCHF
1000 and has operations in Switzerland, France, Germany and India
 Steiner Switzerland currently has a development backlog of CHF2.5bn

3. 3
DEVELOPMENT OF STEINER GROUP
Steiner can look back on a long and successful corporate history of close to 100 years
Steiner corporate development
Hindustan
Construction
Company Ltd
(HCC) acquires a
majority interest in
Steiner Group
Founding of a
carpentry workshop
by Carl Steiner-
Schuhmacher
Karl Steiner
becomes
owner of the
carpentry
workshop
Company moves
to Hagenholz-
strasse in Zurich,
commencement of
activities as
general contractor
Renovation and
refurbishment
businesses are
now marketed
with the
Unirenova brand
Incorporation of
Karl Steiner AG
Introduction of
Total Service
Contractor
business model
Peter Steiner
becomes new
owner
New name,
Steiner AG and
new headquarter,
Business Center
Andreaspark
Incorporation of
Evostate for the
financing of real
estate
development
projects
Introduction
of Holding
structure
New corporate
identity for
Steiner Group;
introduction of
one-brand
strategy
1915 1944 1948 1973 1980 1988 2001 2010 20112005 2006 2013 2014
HCC acquires
remaining shares
from Peter
Steiner and now
holds 100% of
the Steiner AG
share capital

4. 4
HCC AND STEINER, A STRONG LONG-TERM PARTNERSHIP
Steiner and HCC combine complementary strengths in two different home markets
Steiner Group HCC Group
 Strategic position in India
 Infrastructure construction competencies
 Public clients
 High-growth emerging market
HCC
Engineering
&
Construction
HCC
Infra-
structure
HCC
Real Estate
Lavasa
Corporation
Development
and execution
of infrastructure
projects in
sectors such as
hydro power
plants,
transportation
infrastructure
(bridges,
highways etc.),
water supply,
nuclear power
plant
Development
and operation
(concessions)
of infrastructure
in
transportation,
electrical power
supply, urban
infrastructure
Development
and execution
of high-end real
estate projects
(residential and
commercial/
offices))
Development
and
construction of
Lavasa City
(c. 93 km2,
300'000
inhabitants)
 Development of real estate projects
 TC/GC-services in new building and renovation
construction
 Real estate sale as well as project management and
engineering
 Steiner India incorporated as 100% subsidiary to
benefit from HCC's market access in India and to
operate as contractor for Lavasa
 Strategic position in Switzerland
 Building construction competencies
 Private clients (institutional, corporates etc.)
 Mature and stable market
Key service segments

5. 5
ESTABLISHED PRESENCE IN SWISS ANCHOR MARKETS
Group Functions
49
Monitoring
8
Legal Services
16
Quality, Safety &
Environment
7
TC/GC
301
RED
31
Technical
Department
55
Central
Procurement
13
480
East
60%
Centre
15%
West
25%
East
85%
Centre
7%
West
8%
Local RED and TC/GC execution teams in three regions, supported by centralized corporate and project
expert functions based in Zurich
West
Centre East
 Head office
 Regional office
Geneva
Tolochenaz
Berne
Lucerne
Basel
Zurich
St Gallen
80
TC/GC Real estate development
Regional offices in all major towns across Switzerland
400
Project Execution and support (FTE)
Local presence
with project
managers and
project support
staff across
Switzerland
Regional revenue split (FY 2013/2014)
Key central
support functions
based in Zurich
Back-office functions (FTE)

6. 6
STRONG REPUTATION WITH EXCELLENT TRACK RECORD IN
LANDMARK PROJECTS IN SWITZERLAND
Steiner is the partner of choice for large institutional real estate investors in Switzerland
ClientbreakdownSelectedrealizedprojects
Institutional
clients
Public
sector
Corporate
& private
clients
Sihlcity, Zurich (2007)
Client: Credit Suisse
Project: Shopping, Cinema, Hotel &Spa
Contract: Development and TC/GC
Size: CHF 500m
Prime Tower, Zurich (2011)
Highest tower in Switzerland
Client: Swiss Prime Site
Project: Office complex and restaurant
Contract: Total contracting
Size: CHF 250m
Löwenbräu, Zurich (2012)
Client: PSP Swiss Property
Project: Office and residential
Contract: Total contracting
Size: CHF 155m
Serono, Geneva (2006)
Client: Merck-Serono
Project: Research centre / head office
Contract: Total contracting
Size: CHF 235m
Park Hyatt, Zurich (2004)
Client: Zürich Escherwiese Hotel GmbH
Project: Hotel
Contract: Total contracting
Size: CHF 90m
Montjoie, Lausanne (2010)
Client: Migros Pension Fund / Private clients
Project: 143 apartments and 95 condominiums
Contract: Development and TC/GC
Size: CHF 120m
Average revenue split
(last 2 years)
27%
8%
65%

7. 7
SITUATION AT THE TIME OF ACQUISITION…DISTRESS PRE
TURNAROUND PHASE
Past (pre 2010)
 Long-standing reputation and heritage
 Known for quality products
 Top Brand name with strong customer loyalty
 Family Office culture, one man decides, low to no ownership of results, no transparency
 Limited data focus…decisions based on feel good basis
 Hybrid systems with very complex interfaces, manual data processing, no single version of truth
 POC accounting didn’t reflect project performance
 Narrow segment focus, not well diversified across value chain…at the mercy of market and large clients
 Cash consuming business model, capital intensive with longer development cycle
 Purely project-driven organization with small degree of centralized functions and processes
 Project management was entirely driven by individuals
 No contract management experts, didn’t adapt to change in market behaviour
 No independent project monitoring, controlling focus on project accounting only
 No technical department to back project cost calculations and optimization
 Risks and risky projects identification post POC 90%...too late to mitigate
 Warranty claims handled by project execution teams
 Double digit losses

8. 8
BUILDING CONSTRUCTION VALUE CHAIN
Foundation Construction planning Execution Utilisation
Acquisitionofland
Definitionofrequirements
Planningcriteria
Conceptualdesign
Design/qualityrequirements
Material/dimensioning
Technicalspecifications
Orderprocessing
Construction
Lease/saletousers
Administration
Operation/maintenance
Renovation/changeofuse
Building owner /
Investor
Property developer
Total contractor
General contractor
Subcontractor
Involvement Steiner core competencies
Comprehensive service package along the whole construction value chain
Commercialization

9. 9
As developer and TC/GC-contractor, Steiner is uniquely positioned along the entire real estate life cycle
from development to realization and renovation
TC/GC = Total Contracting / General Contracting
The total / general contractor generally commits to provide the entirety of work required for the construction of a building, while a substantial part of the work is delegated to subcontractors. As opposed to the general
contractor which is exclusively in the construction building phase, the total contractor is also involved in the construction planning process
 Project and market know how
 Funding / capital requirements
 Optimized utilization of resources
 Project profitability
 Land is usually secured and not bought until project is sold
 Sale of RED projects to investor(s) before start of project execution
 Use of 3rd party and in-house TC/GC as financing source for RED
 results in capital commitment of only 3-5% of project volume
Mutual benefits from integrated business model Capital light business model
Identify opportunity
Buy / reserve
land
Development process Sale to investor
Transfer to Steiner
TC/GC
 Client prepayments from TC/GC as financing
source for RED
 Extensive local market knowledge and superior
project cost calculation based on in-house TC/GC
know how
 Valuable client contacts for RED through broad
network and strong reputation of Steiner
Mutual
benefits
TC/GC — New constructions / Renovation
Centralizedgroupand
supportfunctions
Real Estate Development (RED)
 Direct sourcing of TC/GC projects with lower
execution risks via own RED pipeline
 Increase predictability of TC/GC revenues
through execution of own RED projects
 Optimize utilization of resources in TC/GC
Project sourcing
Calculation /
release of bid
Project setup Project realization Hand over
Steiner's integrated business model
CREATION OF SELF SUSTAINING AND CAPITAL LIGHT BUSINESS
MODEL…RESULTING IN LOWER WORKING CAPITAL REQUIREMENTS

10. 10
STEINER GATE SYSTEM—THE CORE OF OUR RISK MANAGEMENT
The philosophy behind the Steiner gate system is to streamline and standardize the core steps in the
value chain and identify project risks and risky projects an earlier stage
Group Management, Finance & Controlling, Human Resources and Marketing & Business Development
Legal Department, Quality – Safety – Environment, Information Technology and Communication
TC/GC Realisation
TC/GC Acquisition
Customer Service
Technical Department
Procurement
Monitoring
Real Estate Development
Selection Engagement Launch Bid release Review
of contract
Transfer Objective POC 50% POC 100% Guarantee
expiration
Closing
…and align all support functions to increase efficiency and effectiveness of the service processes

11. 11
Strategy re-formulation/ Re-organization
 From top-line focus to EBIT focus
 Re-organization of key support functions to secure and
increase project margins
 Introduction of Steiner client service model with dedicated
Customer Service Group resulting in lower cost of warranty
and higher customer satisfaction
 Change in percentage-of-completion accounting to capture
true project completion and profitability
 Higher ownership and accountability at all levels within the
Company
Change in corporate culture
 Project management: from individual-driven to team-
based decision making and solutions
 Performance improvement through personal ownership,
accountability and transparency
 Employee goals aligned with corporate objectives
through better incentive schemes
Technical Department
Contract management
Procurement
Monitoring
Customer Service Group
 Independent team of building experts in Technical Department provide cost calculation and
active support during project execution
 Contract and order management by specialists with legal and construction expertise
 Central procurement setup for sourcing of standardized and high-value building materials
 Dedicated team monitoring projects on schedule, scope and budget
 Newly established Customer Service Group fully focused on warranty risk management
Newly established support functions
SUCCESSFUL BUSINESS REENGINEERING…CREATION OF NEW
COMPETENCE CENTERS…CHANGE FROM PROJECT TO PROCESS
ORGANIZATION

12. 12
PROJECT EXECUTION… TEAM APPROACH BY CREATING COMPETENCE
CENTERS…INCREASED FOCUS ON PROFIT OPTIMIZATION
Steiner has established a progressive project monitoring approach unique in today's industry…
Text
 Ensures legal contract compliance
 Provides templates
 Handling of legal claims
Legal
 Project submission and calculation
 Value engineering and technical
project management
Technical Department
 Actively supports project manager
 Ensure compliance of contracts vs. the
builder owner and sub-contractor
 Manages change requests and claims
 Complements legal with technical know-
how
Contract Management
 Face to suppliers and subcontractors
 Partnering with sub-contractors
 Negotiating contracts
 Frame agreements
 Supplier database
Procurement
 Focus on technical and financial controlling
 Identifies issues early
 Supports project manager to initiate
counter measures
Monitoring & Controlling
Project manager
 P&L responsibility
 Key person to
coordinate
 Indispensable
know-how
 Entrepreneur
 Systematic and consistent management of project warranty
with standard process and tools
 Pool approach to manage financial risk
 Dedicated teams in all regions
Customer Service Group
Project execution – Steiner project monitoring process overview
Post execution services
Systematic approach to limit project
execution and financial risk with
positive impact on margins
Clearly defined KPIs for all group
supporting functions
Steiner's New Customer Service
Group—a clear differentiator
vis-à-vis its peers in the market
Steiner expert functions ensure that
important project know how remains
within the company
…strengthening the project manager's focus on the project with support from expert functions in the
process

13. 13
FULL ALIGNMENT OF COMPETENCE CENTER KPIS WITH COMPANY
GOALS
RoleandresponsibilitiesOrganization
 Project calculation and technical
contract analysis for RED & TC/GC
during acquisition and execution
 Verification of tender quotes before
submission
 Ensuring sustainable project
planning and budgeting
 Quality control on project
calculation
 Team of 55 people
 Reporting to COO
 Teams organized by regions (East,
Center, West) and by categories
(core and shell, mechanical and
electrical, finishing)
 All employees with strong technical
backgrounds
 Negotiate and sign framework
agreements with suppliers
 Centralized purchasing of approx.
20 categories of building materials
to reduce costs
 Lead in tendering and negotiating
procurement contracts of >CHF50k
 Strengthen relationship with major
key suppliers/sub-contractors
 Team of 13 people
 Reporting to COO
 Teams organized by categories
(core and shell, mechanical and
electrical, finishing)
 Support function to project
manager and technical department
 Technical controlling – acting as
the liaison between project
management and financial
controlling
 Monitor ongoing projects (identify
issues, quality defects, time delays
etc.) and pro-actively initiate
counter measures
 Support project team in setting up
project budget
 Team of 12 people
 Directly reporting to CEO
 Integrated into existing project
review cycle (e.g. once a month)
 Support function for project
manager in close collaboration with
financial controlling
Technical Department Procurement Monitoring & Controlling
Legal & Contract
Management
 Identify and address risks &
opportunities in construction
contracts
 Advise project management in all
contract-related questions and
ensure compliance with legal
requirements
 Manage guarantees issued to
clients
 Coordinate with authorities
 Prevent and resolve third party
claims and enforce own claims
 Team of 16 people
 Directly reporting to CEO
KPIs
 > 90% of finalized new projects
captured in database
 Accuracy calculation vs. “project
budget” down to ±3%
 Accuracy calculation vs. effective
project costs ±3%
 80% of third-party spend
purchased centrally
 <500 suppliers
 3-5 % of savings achieved annually
on purchase volume
 Purchasing mix (CH/EU/Others)
 60-70% of Steiner third party cost
monitored
 Monthly report for all projects
 All projects > 30MCHF monitored
 All projects with a baseline
 Contract Management:
 Chance & risk analysis of every
project
 Documentation on every
contract change

14. 14
POOLING OF POST COMPLETION PROJECTS RISKS BY
ESTABLISHING CENTRAL CUSTOMER SERVICE GROUP
Steiner established a post-execution team handling all client interaction after project hand over in order
to increase client satisfaction and limit warranty claims
 Systematic and consistent management of client warranty
claims
 Dedicated and timely resources solely focused on post-
execution client service
 Standard processes and tools in claims management
 Clear accountability for:
• warranty and claims process
• methods (advanced planning and controls)
• pool approach to manage financial risk
• provide standard tools (e.g. templates, databases)
• implementation (training, starting operations)
Objectives of client service and warranty group
Status of implementation
 Separate team “client service” in all regions operational
 Reasonably staffed with a total of 18 FTE
 Consistent process in place across the organisation
 “Client service manual” established and piloted in Region
West
 Central warranty pool provision set up
 Most legacy issues closed
Core activities
 Customer Service Group as first point of contact for clients
after handover from project execution management
 Customer complaint management post project completion
 Pro-active building assessment two years after project
completion
 Warranty related work management during whole warranty
period
 Coordination of claims with sub-contractors
 Warranty cost management and warranty bond risk
management
Alignment of risks within the full value chain

15. 15
STEINER PROJECT RISK MANAGEMENT AND MONITORING MODEL
Steiner project risk management in TC/GC is state-of-the-art in the market
Transfer into
execution
Objective
50 % POC
100% POC
2-year warranty
5-year warranty
10-year warranty
Prior to beginning of construction
= Start contract management
 Master contract for subcontractor
 General prerequisites
 Special prerequisites
 Coordination with Insurance
 Template Minutes of Negotiations
Subcontractor / contract for services
 Excavation/excavation pit/securing of
excavation pit
 Architect/Water Resistance Concept
 Building Shell
 HVAC / Electric
 Electric
 Planner
 Expert Planner (SIA-Contracts)
Purchasers / Condominium Community
 Contracts Purchase Support /
Condominium Community
During the construction period
 Log Change Orders from owner
 Log Change Orders from subcontractors
 Look for opportunities, claims
 Minimise risk
 Talk over project
Final Review
During warranty period
 Special event of loss or damage
 Legal disputes / litigations
 Establishing Conformance Procedure
 Log deficiencies upon completion
 Log acceptance protocol
Project closing
 Review performance of contract
 Log service and maintenance contracts
 Log acceptance protocol
 Log „Project Completion“ form
► Delivery Customer Service Group
 Action upon contract disputes
 Action upon
contract disputes
“Interim Gate” 3 months prior to 100%
delivery to building owner
Support via Legal Department
 Risk analysis
Selection till „Bouclage“

16. 16
MILESTONES IN STEINER DEVELOPMENT
Past (pre 2010)
Turnaround (2013)
Profit growth (2014 onwards)
Turnaround Transformation
 Long-standing reputation
and heritage
 Purely project-driven
organization with small
degree of centralized
functions and processes
 Project management was
entirely driven by
individuals
 No independent project
monitoring
 No technical department
to back project cost
calculations
 Warranty claims handled
by project execution
teams themselves
After the successful turnaround, Steiner has embarked on a clear growth path
New partner
 Successful turnaround of
company through HCC-
involvement
 New strategy, processes
and organizational setup
in place
 Phasing out of non-
profitable legacy projects
 CHF2.6bn of secured
backlog of profitable
projects in Switzerland
 Clear revenue and
margin visibility based on
current backlog
 Majority shareholder with
long-term commitment
 Steiner India established,
all entry costs realized
 New equity capital to
develop additional real
estate projects
 Major shift in Swiss
revenue and EBIT mix
towards higher margin
RED business
 Build on already strong
positioning among
institutional clients
 Attractive return for new
investor/partner
 Growing India business
based on secured project
pipeline (growth already
fully financed)
DRAFT

17. 17 Steiner Group – An Overview | March 2014
VULCANO, ZURICH
Project: Commercial and
residential building
Client: Credit Suisse
Architect: Dominique Perrault,
Paris

18. TAKING THE LEAD TOGETHER
18 Steiner Group – Investment Opportunity
Steiner AG
Hagenholzstrasse 56
Postfach 6762
CH-8050 Zurich
T +41 58 445 20 00
F +41 58 445 30 00
steiner.ch