Bob Smith, EVP21 April 2016

2

The information contained in this document is strictly confidential and has been prepared by Mytrah Energy Limited (the “company”) for informational purposes only and it is not intended to form the basis of any investment decision to purchase securities in or in relation to the company. This document may not be taken away, reproduced or redistributed or disclosed, in whole or in part, to any other person without the prior written consent of the company. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. By attending the meeting where a presentation in relation to these materials is made, or by reading the presentation slides, you agree to be bound by the limitations set out herein.

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The third party information and statistical data in this presentation have been obtained from industry publications or publicly available sources that the company believes to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. This presentation does not contain all material information concerning the company and the information set forth in these materials is subject to change without notice. The information in this document is presented as of April, 2016, its accuracy is not guaranteed, and it may be incomplete or condensed. The company is under no obligation to update or keep current the information contained herein. None of the company, its shareholders or its directors, officers, key managerial personnel or affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information in this presentation, and nothing in this presentation is, or should be relied upon as, a promise or representation by any of them.

Certain statements in this document may constitute “forward-looking statements”, including statements regarding the company’s expectations and projections for future operating performance and business prospects. Such forward-looking statements are based on numerous assumptions regarding the company’s present and future business strategies and the environment in which the company will operate in the future. Such forward-looking statements speak only as of the date on which they are made. Accordingly, the company expressly disclaims any obligation to update or revise any forward-looking statement contained herein to reflect any change in the company’s expectations with regard to new information, future events or other circumstances. The company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Accordingly, parties reviewing this presentation should not place undue reliance on any forward-looking statements.

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Disclaimer

• Renewable Energy Owner, Operator : IPP• Long Term Electricity Sales Agreements• Upfront Capital, Low Operating Costs• Highly Levered, but Non-Recourse

AND

• Fully Integrated Developer• Rapidly Growing• Not Reliant on Subsidy

AND

• World-Class Governance• Backed by Major Players• Independent & AIM Listed

4

1. The Company

2. India

3. Current Performance

4. Financing

5. Q&A

6. Future Plans

7. Summary

8. Q&A

Contents

Proven Management Team & Governancediverse team with wide-ranging and relevant experience

Russell Walls – Aviva, BAA, Welcome, Coats Viyella*#

Rohit Phansalkar – Oppenheimer, Bear Stearns*#

Bob Smith (EVP) – BP#

Vikram Kailas (CFO) – Deloitte, Credit Suisse#

Ravi Kailas (Chairman & CEO) – 25yr Successful Entrepreneur*#

Shirish Navlekar – Cairn Energy, GMR, Delhi Airport#

Milind Joshi – Powergen, Tata Power, GMR, IDFC#

Charandeep Kaur – Trilegal#

Ren

ewab

les En

ergy

Fina

nce

Reg

ulat

ory

& C

SR

Ops

& H

SE

Non

Exe

c. D

irec

tors

Companies quoted to show the background experience of the Directors, the list is not meant to be complete for each director, and each director may or may not have a current relationship with the companies shown. Mytrah is fully compliant with governance requirements of UK and India company law.* Director Mytrah Energy Ltd. # Director Mytrah Energy (India) Ltd.

0

85

299 310

529583

617

Oct/2010 2011 2012 2013 2014 2015 Mar/2016

35

48

64 66

9M 2012 2013 2014 2015

listed in 2010, growing & profitable

Revenue Generating MW Capacity EBITDA ($m)

0

200

400

600

800

Inst

alle

d W

ind

Cap

acity

MW

*

*Major players, information collated by Mytrah at YE 2014 from publicly available sources

among the biggest players in India

backed by highly regarded international investors & banks

8

1. The Company

2. India

3. Current Performance

4. Financing

5. Q&A

6. Future Plans

7. Summary

8. Q&A

Contents

0

100

200

300

400

500

600

700

800

Wind Solar Small hydro

Others

GW

Installed capacity Estimated potential

huge potential, driven by scale, geography

huge potential, driven by scale, geography & fundamentals

0

50

100

150

FY08 FY10 FY12 FY14

DemandSupply

0

5

10

15

USA

Japa

n

Ger

man

y

Rus

sia

UK

S. A

frica

Chi

na

Braz

il

Indi

a

Energy Consumption Per Capita (kWh pa)

Peak Power (GW)

Supportive EnvironmentGovt Plan to Grow RE Rapidly Without Subsidy

0

40

80

120

2000 2004 2008 2012

0

40

80

120

160

2007 2012 2017 2022

Indi

a In

stal

led

GW Compound Growth Rate

55% per year

Ger

man

y In

stal

led

GW

All data on this slide Mytrah internal analysis, based on publicly available information

• Serving an unmet need• Cost effective• Faster to market

• And – Returns are good

12

1. The Company

2. India

3. Current Performance

4. Financing

5. Q&A

6. Future Plans

7. Summary

8. Q&A

Contents

Existing Wind Plants : Risk Management Through Diversification

SuzlonGamesa

ReGen

Gujarat

Rajasthan

Maharashtra Andhra Pradesh

Karnataka

Tamil Nadu

PlantCapacity

(MW)

Ope

ratio

nal

Kaladonger 75.6Mokal 42.0Bhesada 50.4Jamanwada 52.5Mahidad 25.2Sinnar 12.6Chakala 39.0Savalsang 95.2Vajrakarur 1/2 86.1Burgula 37.4Vagarai 100.5

Total 616.5

Gujarat

Rajasthan

Maharashtra

Andhra PradeshKarnataka

Tamil Nadu

5

4

1

2

8

11

910

6

7

3

20 Years

25 Years

13 Years

< 10 Years

current portfolio

risk management through diversification

Technical Capabilityleading edge technology

90%

100%

110%

120%

1995 2000 2005 2010 2015

Rel

ativ

e A

vera

ge W

ind

Spee

d (2

015

Bas

e)

2015 wind lowest for 21 years, and Mytrah still made a reasonable profit and did not miss a debt payment

16

1. The Company

2. India

3. Current Performance

4. Financing

5. Q&A

6. Future Plans

7. Summary

8. Q&A

Contents

MEL Corporate Structure

Mytrah Energy Limited, Guernsey (MEL)

Solar SPVs Wind SPVs

Mytrah VayuUrja

67 MW

Mytrah VayuPennar63 MW

Bindu VayuUrja

179 MW

Mytrah VayuKrishna

133 MW

Future SPVs

410 MW

Mytrah VayuManjira101 MW

IdentifiedPipeline

3,500 MWFuture SPVs

Mytrah VayuIndravati50 MW

AIM

Bindu Vayu (Mauritius) Ltd(BVML)

Mytrah Energy (India) Limited(MEIL)

100%

100%

INDIA

company structure

Term Loan and Working Capital Lenders

$ 380MRefinancing

3 Large Banks (including two existing

banks)

• Refinance of $380 m senior loans from 22 banks across 543 MW of operating wind farms

• Interest savings of 140 bps

• 3 year term extension

financing innovation

$2m loan

$380m Senior Debt

Mytrah Energy Limited, Guernsey

(MEL)

Bindu Vayu (Mauritius) Ltd(BVML)

Mytrah Energy (India) Limited(MEIL)

Operating Wind SPVs

Wind SPVs with Assets in

Construction

$476m

$30m NCB

$64m mezz.

Funding Structure for Existing Asset Base

Debt for 460MW New Assets+

$331m

$7m loan

$91m NCB

$233mSenior Debt

In Place In Negotiation

c. $186mSenior Debt

c. $186m

$130m NCB

$380m ReFi

$175m ADB

large portion of debt is for new assets yet to come on line

20

1. The Company

2. India

3. Current Performance

4. Financing

5. Q&A

6. Future Plans

7. Summary

8. Q&A

Contents

project development cycle – different in India – boosts returns

0 2 4 6 8 10 12 14 16

Years from Inception

Europe

Mytrah

Cumulative Cost

Revenue

Cumulative CostRevenue

Site Identification

& EvaluationLand Negotiation

& PermittingProject

ExecutionOperation & Maintenance

• Wind assessment

• Grid assessment

• Bid Strategy • Land

Acquisition• Government• Contracts• Finance

• Engineering• Procurement• Construction• Quality

Control

• Asset management

• Power marketing

• Customer & Community relations

Team

s

Legal, IT, HR, Admin

22

fully integrated team across asset lifecycle

Strong Pipeline

Andhra Pradesh

Telangana

Karnataka

Tamil Nadu

Maharashtra

Gujarat

Rajasthan

Madhya Pradesh

Wind Studies Approval Stage Ready to Build7000 MW 2500MW 1000MW

377 Today

strong pipeline of future opportunity

ProjectExpected Capacity in 2016 Wind Season

Substation Progress Export Line Progress Wind Turbine Progress

Bhesada 50.4 MWComplete &

Charged Complete & Charged All the 24 turbines commissioned

Vajrakarur 2 100 MWComplete &

Charged Complete & Charged11 out of 50 turbines commissionedErection of another 30 turbines is complete

Nazeerabad 50 MW 85% Complete85%

Complete Erection of all 24 turbines is complete.

Nidhi Wind Farms 40 MW 80% Complete 80% Complete Erection of all 24 turbines is complete.

Additional 220 MW in

construction

Target commissioning ahead of 2017 wind

season70% Complete

60%Complete Foundation construction in progress

783 MW going into the 2016 Wind Season + 220 MW for Next Season

Good progress on current projects in construction

085

299 310

529583 617

783

1000

Oct/2010 2011 2012 2013 2014 2015 Mar/2016 Mid 2016 Mid 2017

1000 MW in 12 mo from today

• Renewable Energy Owner, Operator : IPP• Long Term Electricity Sales Agreements• Upfront Capital, Low Operating Costs• Highly Levered, but Non-Recourse

AND

• Fully Integrated Developer• Rapidly Growing• No Reliance on Subsidy

AND

• World-Class Governance• Backed by Major Players• Independent & AIM Listed