THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE TO SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, OUTSIDE INDIA.

THE INITIAL PUBLIC OFFER OF EQUITY SHARES ON THE MAIN BOARD OF NATIONAL STOCK EXCHANGE OF INDIA LIMITED ("NSE") AND BSE LIMITED ("BSE", AND TOGETHER WITH NSE, THE "STOCK EXCHANGES") IN COMPLIANCE WITH CHAPTER II OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED ("SEBI ICDR REGULATIONS")

WATERWAYS LEISURE TOURISM LIMITED

(TO BE LISTED ON THE MAIN BOARD OF BSE AND NSE)

Our Company was originally incorporated as "Waterways Leisure Tourism Private Limited", a private limited company under the provisions of the Companies Act, 2013 on November 2, 2020, pursuant to a certificate of incorporation dated November 5, 2020, issued by the Registrar of Companies, Delhi and Haryana at New Delhi. Our Company was subsequently converted from a private company to a public company, pursuant to a resolution passed by our Board on February 24, 2025, and by our Shareholders on February 25, 2025, consequent to which the name of our Company was changed to "Waterways Leisure Tourism Limited" and a fresh certificate of incorporation consequent upon conversion to public company was issued by the Registrar of Companies, Central Processing Unit, Manesar on March 12, 2025. For further details of change in the name of our Company and the Registered and Corporate Office, see "History and Certain Corporate Matters" on page 213 of the Prospectus dated June 25, 2026 ("Prospectus").

1. Dependency on a single cruise vessel for operations: We currently undertake our operations through a single cruise vessel, the 'MV Empress'. Any disruption to our cruise vessel could lead to operational disruptions and adversely impact our business, results of operations, financial condition and cash flows.

2. Revenue concentration in cruise ticket sales: A significant portion of our revenue is derived from our cruise ticket sales, which accounted for 91.22%, 89.53% and 87.45% of our revenue from operations in Fiscals 2026, 2025 and 2024, respectively. A decline in our cruise ticket sales may adversely impact our business, financial condition, results of operations, cash flows and prospects.

3. Cruise Vessel ownership structure and associated risks: Our Company operates as the vessel operating entity, while the vessel owning entity is Bay Cruise Investments Inc ("Bay Cruise"). Bay Cruise is our wholly-owned Subsidiary which is incorporated in the British Virgin Islands. Any legal, financial, or regulatory issues faced by Bay Cruise could indirectly impact our business and results of operations.

4. Reliance on acquisition of new vessels: Our growth strategy relies on the acquisition of new vessels to expand our operations. On April 11, 2025, we have entered into two time charter agreements to lease two new cruise vessels, i.e. 'Norwegian Sky' and 'Norwegian Sun', from Baycruise Shipping and Leasing (IFSC) Private Limited, each with a passenger capacity of up to 2,004 and 1,936 guests respectively, which we intend to introduce and commercialize by Fiscal 2027 and Fiscal 2028, respectively to meet the growing demand. Our inability to expand our operations by acquiring new vessels could significantly impact our business, financial condition, and results of operations.

5. Auditor remarks: Our Statutory Auditors have included certain adverse remarks, emphasis of matters and qualifications in their auditor's report. In particular, our Statutory Auditors included a remark in the audit report for Fiscal 2024 pertaining to the material uncertainty related to going concern.

6. Risk of overcapacity without supporting demand: We are currently operating a single cruise vessel, the "MV Empress", with a passenger capacity of 2,005 guests and we have acquired two new cruise vessels on lease, namely 'Norwegian Sky' and 'Norwegian Sun', each with a capacity of up to 2,004 and 1,936 guests respectively, and intend to introduce aboard the 'Norwegian Sky' by Fiscal 2027 and 'Norwegian Sun' by Fiscal 2028 to meet the growing demand. An increase in cruise capacity without a corresponding increase in demand and infrastructure could adversely affect our business, results of operations, financial condition and cash flows.

7. Dependence on third-party service providers: Our cruise operations depend on limited third-party service providers for critical services and amenities, including technical and crew management, hospitality management, general purchasing and logistics management and entertainment. Any disruption in the services offered by these third-party service providers may adversely impact our business, results of operations, financial condition and cash flows.

8. Limited operating history: Our Company was incorporated on November 2, 2020 and our cruise vessel commenced sailing only from September 16, 2021, and we, therefore, have limited operating history and our historical performance may not be indicative of our future growth or performance.

9. Risk of low cruise occupancy: Our inability to ensure high cruise occupancy rates could result in significant financial losses and adversely impact our business, results of operations, financial condition and cash flows. Our passenger load factor (calculated as actual number of passengers carried to the total passenger capacity of the cruise vessel over a period/year) was 84.99%, 91.63% and 78.54% in Fiscals 2026, 2025 and 2024, respectively.

10. Related party transactions: We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders. Our aggregate amount of related party transactions as a percentage of revenue from operations was 2.37%, 14.36% and 19.72% in Fiscals 2026, 2025 and 2024, respectively.

11. Brand dependence and dilution risk: Our business and results of operations are significantly dependent on our "Cordelia" brand and any dilution or damage to our brand in any manner may adversely affect our business reputation, results of operations, financial condition and cash flows.

12. Risks associated with the acquisition of new cruise vessels: We have acquired two new cruise vessels on lease and our inability to adhere to the terms of the lease agreements (including our inability to pay the lease rentals) could lead to the termination of agreements which could have an adverse impact on our business, results of operations, financial condition and cash flows.

13. Operational disruption due to adverse incidents: Adverse incidents involving the operation of our cruise vessel, including adverse weather conditions or other natural disasters, may require us to alter our itineraries or cancel existing cruises which could have an adverse impact on our business, results of operations, financial condition and cash flows.

14. Incurred losses in the past: We have incurred losses of Rs. 1,227.33 million in Fiscal 2024 and we may continue to incur losses in the future. Further, we reported a profit of Rs. 1,681.85 million for Fiscal 2025 which is significantly higher than the profits reported during the preceding three Fiscals, primarily due to the recognition of exceptional items (gain) of Rs. 755.89 million primarily arising from the derecognition of the lease impact on ROU and lease liabilities and derecognition of the lease impact on security deposit. As such exceptional items are non recurring in nature and do not arise from our core operating activities, such financial performance may not be indicative of our historical operating performance or future results of operations.

15. Vessel malfunction and maintenance risks: Any significant malfunction or breakdown of our cruise vessel may cause interruptions to our cruise operations and may involve high repair and maintenance costs, both of which could have an adverse impact on our business, financial condition, results of operations and cash flows.

16. The Price/Earnings ratio based on diluted EPS for latest full financial year 2026 for the issuer at the upper end of the Price band is as high as 100.75 as compared to the average industry peer group PE ratio of 495.31.

17. Weighted Average Return on Net Worth for Financial Year ended 2026, 2025 and 2024 is 214.06%.

18. Weighted average cost of acquisition for all Equity Shares transacted in 1 year, 18 months and 3 years immediately preceding the date of the Prospectus is as follows:

*As certified by V A Bapat & Co, Chartered Accountants bearing Firm Registration Number 0122546W and UDIN : 26161664MCMTKJ6670, by way of their certificate dated June 17, 2026.

#Computed based on the equity shares acquired/allotted/purchased (including acquisition pursuant to the transfer). However, the equity shares disposed off have not been considered while computing number of Equity Shares acquired.

19. The Floor Price is 76.90 times and the Cap Price is 80.80 times the weighted average cost of acquisition at which the Equity Shares were issued by the Company, or acquired or sold by the Promoters, the members of the Promoter Group or other Shareholders of our Company with rights to nominate directors on the Board are disclosed below

*As certified by V A Bapat & Co, Chartered Accountants bearing Firm Registration Number 0122546W and UDIN : 26161664MCMTKJ6670, by way of their certificate dated June 17, 2026.

20. The BRLM associated with the Issue has handled 3 public issues in the past three years out of which 2 issues closed below the issue price on listing date

21. The details of the Price/Earnings (P/E), Earnings per Share (EPS), Return on Net Worth (RoNW) and Net Asset Value (NAV) per Equity Share for our Company and peer group for the year ended 2026 appear hereunder:

Notes: (i) Financial information of the Company has been derived from Restated Consolidated Financial Information as at or for the period ended March 31, 2026.

(ii) The information for the respective peers have been derived from the Consolidated Financial statements for March 31, 2026. For Norwegian Cruise Line Holdings Ltd the information is as on February 28, 2026.

(iii) # To be included in respect of the Company in the Prospectus based on the Issue Price.

(iv) Source: All the financial information for listed industry peers mentioned above, unless indicated otherwise, is on a consolidated basis and is sourced from the financial statements of the respective company for the year ended March 31, 2026, submitted to stock exchanges.

(v) P/E Ratio for the peer group has been computed based on the closing market price of equity shares on BSE/ NASDAQ as on April 30, 2026, divided by the annualized diluted EPS.

(vi) Return on Net worth (RoNW) is calculated by dividing the diluted earnings for the period by the NAV per share as on March 31, 2026. NAV per share is calculated by adding the opening shareholders equity and earning for the period and dividing the same with number of equity shares outstanding.

(vii) Figures for foreign peers which are reported in USD Millions on the stock exchanges and financial statements have been converted to INR millions by multiplying the same by the FBIL reference as on April 30, 2026 = 95.2417.

(viii) Figures for Carnival Corporation & PLC are as on February 28, 2026, since that is their period end date.

(ix) For the Company:

a. Basic and diluted earnings/ (loss) per equity share: Basic EPS/ Diluted EPS based upon the Restated Consolidated Financial Information as on March 31, 2026.

b. Net worth is calculated based upon the Restated Consolidated Financial Information as on March 31, 2026, and includes equity and other equity closing balances of the Company.

c. Net Asset Value per share is calculated as equity and other equity as on March 31, 2026, divided by number of equity shares outstanding.

d. Return on Net Worth (%) = Earnings after tax for the period divided by the average net worth of the Company as at the opening and end of period as per Restated Consolidated Financial Information.

This Issue has been made in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Issue was made through the Book Building Process in terms of Regulation 6(2) of the SEBI ICDR Regulations, wherein at least 75% of the Issue was allocated to Qualified Institutional Buyers ("QIBs" and such portion, the "QIB Portion"), provided that our Company in consultation with the BRLM, allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis (the "Anchor Investor Portion"), out of which forty per cent of the Anchor Investor Portion, within the limits specified under the SEBI ICDR Regulations was reserved -(i) 33.33 percent for domestic Mutual Funds; and (ii) 6.67 percent for life insurance companies and pension funds. Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids having been received at or above the Issue Price. Further, not more than 15% of the Issue was made available for allocation to Non-Institutional Bidders ("NIBs") of which (a) one-third portion was reserved for applicants with application size of more than Rs. 200,000 and up to Rs. 1,000,000; and (b) two-thirds portion was reserved for applicants with application size of more than Rs. 1,000,000, and 10% of the Issue was made available for allocation to Retail Individual Bidders ("RIB") in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or above the Issue Price. All Bidders (except Anchor Investors) were mandatorily required to utilise the Application Supported by Blocked Amount ("ASBA") process by providing details of their respective ASBA accounts and UPI ID (defined hereinafter) in case of UPI Bidders (defined hereinafter), as applicable, pursuant to which their corresponding Bid Amount were blocked by the Self Certified Syndicate Banks ("SCSBs") or by the Sponsor Banks under the UPI Mechanism, as the case may be, to the extent of the respective Bid Amounts. Anchor Investors were not permitted to participate in the Issue through the ASBA Process. For details, see "Issue Procedure" on page 368 of the Prospectus.

The bidding for Anchor Investor opened and closed on Monday, June 22, 2026. The Company received 11 Anchor Investor application forms from 09 Anchor Investors for 3,418,938 Equity Shares. The Anchor Investor Issue Price was finalized at Rs. 808 per Equity Share. A total of 3,258,045 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 2,632,500,360.00/-.

The Issue received 117,773 applications for 10,316,016 Equity Shares resulting in 1.42 times subscription as disclosed in the Prospectus. The details of the applications received in the Issue from Retail Individual Bidders, Non-Institutional Bidders and QIBs are as under (before rejections):

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being BSE on June 29, 2026.

The Basis of Allotment to the Retail Individual Bidders, who have bid at cut-off or at the Issue Price of Rs. 808 per Equity Share, was finalized in consultation with BSE. This category has been subscribed to the extent of 4.31 times. The total number of Equity Shares Allotted in Retail Individual Bidders category is 724,009 Equity Shares to 40,222 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

The Basis of Allotment to the Non-Institutional Bidders (more than Rs. 0.20 million and upto Rs. 1 million), who have bid at the Issue Price of Rs. 808 per Equity Share or above, was finalized in consultation with BSE. This category has been subscribed to the extent of 1.50 times. The total number of Equity Shares allotted in this category is 430,634 Equity Shares to 1,708 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

The Basis of Allotment to the Non-Institutional Bidders (more than Rs. 1 million), who have bid at the Issue Price of Rs. 808 per Equity Share or above, was finalized in consultation with BSE. This category has been subscribed to the extent of 0.91 times. The total number of Equity Shares allotted in this category is 655,380 Equity Shares to 483 successful applicants. The category-wise details of the Basis of Allotment are as under: (Sample)

Allotment to QIBs, who have bid at the Issue Price of Rs. 808 per Equity Share or above, has been done on a proportionate basis in consultation with BSE. This category has been subscribed to the extent of 1.06 times of Net QIB portion. As per the SEBI Regulations, Mutual Funds were allotted 5% of the Equity Shares of Net QIB portion available i.e. 108,602 Equity Shares and other QIBs were allotted the remaining available Equity Shares i.e. 2,063,429 Equity Shares on a proportionate basis. The total number of Equity Shares allotted in the QIB category is 2,172,031 Equity Shares, which were allotted to 13 successful applicants.

The Company, in consultation with BRLM have allocated 3,258,045 Equity Shares to 9 Anchor Investors (through 11 Anchor Investor Application Forms including one domestic mutual fund through three Mutual Fund schemes) at an Anchor Investor Allocation Price of Rs. 808/- per Equity Share in accordance with the SEBI ICDR Regulations. This represents 60% of total QIB portion. (including a share premium of Rs. 798.00 per Equity Share).

The Board of Directors of our Company at its meeting held on June 29, 2026 has taken on record the basis of allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful applicants. The Allotment Advice Cum Refund Intimation and/or notices have been dispatched to the address of the investors as registered with the depositories. Further, instructions to the SCSBs have been issued for unblocking of funds and transfer to the Public Issue Account on June 29, 2026 and the payments to non-syndicate brokers have been issued on June 29, 2026. In case the same is not received within ten days, investors may contact the Registrar to the Issue at the address given below. The Equity Shares allotted to the successful allottees have been uploaded on June 30, 2026 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on June 30, 2026. The Company has received the listing and trading approval from BSE & NSE, and trading will commence on July 1, 2026.

Note: All capitalized terms used and not defined herein shall have the respective meanings assigned to them in the Prospectus.

These details of the Allotment made were hosted on the website of Registrar to the Issue, MUFG Intime India Private Limited (Formerly Link Intime India Private Limited). All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/ Sole applicant, Serial number of the Bid cum Application form number, Bidders DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details at the address given below:

MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)

C-101, Embassy, 247 L.B.S. Marg, Vikhroli (West), Mumbai 400 083 Maharashtra, India.

Telephone: +91 810 811 4949; E-mail: waterwaysleisure.ipo@in.mpms.mufg.com; Investor Grievance ID: waterwaysleisure.ipo@in.mpms.mufg.com

Registration & Details: Website: www.in.mpms.mufg.com; Contact person: Shanti Gopalkrishnan; SEBI Registration No.: INR000004058

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF WATERWAYS LEISURE TOURISM LIMITED.

WATERWAYS LEISURE TOURISM LIMITED has filed a Prospectus dated June 25, 2026 with the RoC on June 26, 2026. The Prospectus is made available on the website of the SEBI at www.sebi.gov.in as well as on the BRLM i.e., Centrum Broking Limited (as successor to the Merchant Banking business of Centrum Capital Limited) at www.centrumbroking.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at www.cordeliacruises.com. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risks, please see the section 'Risk Factors' beginning on page 20 of the Prospectus. Potential investors should not rely on the DRHP for making any investment decision but should only rely on the information included in the RHP filed by the Company with the RoC.

The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in "offshore transactions" as defined in and in reliance on Regulation S and the applicable laws of the jurisdictions where such offers and sales occur.