Essar Ports LtdEssar Ports Ltd

Annual Results FY2011-12

& Key Highlights

Indian Port Industry Performance

570 560

314369

0

100

200

300

400

500

600

700

800

900

1000

Ca

rgo

Ha

nd

led

(M

MT

)

Growth in Indian Port Traffic

884 9295%

FY11 FY12

Non Major Ports 314 369

Major Ports 570 560

0

Share in

FY11

Share in

FY12

Growth

Rate

Major Ports 64% 60% -2%Non Major

Ports 36% 40% 18%

�Major ports volumes declined mainly

because of lower iron ore export which

has declined by 30% and less than

expected growth in coal traffic which

grew by 8%.

� In the last few months, Government

has shown positive inclination towards

sorting out the issues related to power

sector; this will increase the coal

2

sector; this will increase the coal

import through ports. Iron ore export is

also expected to increase with

strengthening of global economy.

�Several BOT projects which were

awarded in last 3-4 years are expected

to be commissioned during the current

financial year and next year; this will

not only increase the port capacity but

also improve the efficiency of Indian

ports as these will be mechanized

facilities.

82.50

67.42 65.75

64.01

56.19 55.71 54.25 60.00

70.00

80.00

90.00

Cargo Handled across top Indian Port Companies in FY11

Cargo Handled across top Indian Port Trusts/Companies

-

10.00

20.00

30.00

40.00

50.00

MMT

* Cargo handled at Kandla Port partly includes the cargo handled at

Cargo Handled across top Indian Port Companies in FY11-12

Cargo Handled across top Indian Port Trusts/Companies

Major Ports

Private Ports

3

43.23

39.00

32.94 31.01

28.11

20.09

14.96 12.23 11.00

Port partly includes the cargo handled at Essar’s Vadinar Terminal

Essar Ports: Overview

Salaya

Hazira

Vadinar

� 16 MTPA Iron Ore Berth at Paradip

� 20 MTPA Dry Bulk Terminal at Salaya

Operational

Under Construction

� 58 MTPA Liquid Terminal at Vadinar

� 30 MTPA Dry Bulk / General Cargo Terminal

at Hazira

Hazira

� 20 MTPA General Cargo Terminal

(expansion) at Hazira

� 14 MTPA Coal Terminal at Paradip

� Liquid Storage Terminal (expansion) at

Vadinar

Under Development

� 3 stand-alone ports on the West Coast and 2 terminals on the East Coast of India

� Presence in strategic locations of east and west coast

� High visibility on revenue with long term Take-or-Pay contracts

� Current capacity of 88 MTPA being scaled up to 158 MTPA by FY 2014. Further

� High operating margins at both the operating ports

Paradip I (Iron ore)

4

INDIA

BAY of

BENGAL

INDIAN

OCEAN

Paradip II (Coal)

Hinterland for Essar Ports

alone ports on the West Coast and 2 terminals on the East Coast of India

FY 2014. Further scalability possible at most locations

Essar Ports: Key Highlights

� During the quarter, company suffered loss due to recognition of interest on a CDR facility which was a contingent liability

� Essar Ports Board recommends a dividend of 5% of face value of share (Re 0.5 per share) for FY 12, amounting to Rs 20.53

crore

� Essar Ports has signed a Strategic Alliance Agreement with Port of Antwerp.

� Port of Antwerp investing approx Rs 175 crores through Global Depository Receipts in Essar Ports

period. The one time liability due to this was Rs 235.5 crore

� The company also recognized a deferred tax asset in accordance with AS 22 to the extent of Rs 125.5

tax losses.

� Net one time liability recognized during the quarter is Rs 110.0

� One time en bloc approval received from GMB to handle 1 million ton third party coal at Hazira during monsoon of FY2013

� Economic ownership of Hazira has been increased from 74% to 96%

During the quarter, company suffered loss due to recognition of interest on a CDR facility which was a contingent liability till last

of face value of share (Re 0.5 per share) for FY 12, amounting to Rs 20.53

Essar Ports has signed a Strategic Alliance Agreement with Port of Antwerp.

through Global Depository Receipts in Essar Ports

5

The company also recognized a deferred tax asset in accordance with AS 22 to the extent of Rs 125.5 crore on unabsorbed

Net one time liability recognized during the quarter is Rs 110.0 crore

One time en bloc approval received from GMB to handle 1 million ton third party coal at Hazira during monsoon of FY2013

Economic ownership of Hazira has been increased from 74% to 96%

Partnership with Port of Antwerp International

� Port of Antwerp is the 2nd largest port in

Europe and gateway of many European

economies. The port handled 187 MMT of

cargo in 2011.

� Port of Antwerp International is the

international investing arm of Port of Antwerp

Port of Antwerp

Partnership with Port of Antwerp International

� Essar Ports is one of the largest port

companies in India

� The company has operational capacity of 88

MMTPA, going up to 158 MMTPA by FY14

6

MMTPA, going up to 158 MMTPA by FY14

� The company has strategically located all

weather deep draft port assets on the west

and east coasts of India

The Partnership

The Partnership:

� Strategic Alliance Agreement signed between Port of Antwerp International and Essar Ports on

� Port of Antwerp and Essar Ports will work together in the areas of training and consultancy services, port planning, traffic

flow, quality and productivity improvement. Both the companies will mutually assist in volume growth of their businesses.

� As part of the agreement, Port of Antwerp International has invested

issued by Essar Ports at Rs 100 per share. These GDS are convertible after June 2013, and would form approximately 4% stake

in EPL post conversion

� Mr Jan Adam, CFO of Antwerp Port Auhority has been appointed as an additional non executive director on the Board of Essar

Ports

Strategic Alliance Agreement signed between Port of Antwerp International and Essar Ports on 30th May 2012.

Port of Antwerp and Essar Ports will work together in the areas of training and consultancy services, port planning, traffic

flow, quality and productivity improvement. Both the companies will mutually assist in volume growth of their businesses.

As part of the agreement, Port of Antwerp International has invested approx Rs 175 crore in Global Depository Shares (GDS)

issued by Essar Ports at Rs 100 per share. These GDS are convertible after June 2013, and would form approximately 4% stake

7

has been appointed as an additional non executive director on the Board of Essar

Key Features and Benefits of the Strategic Alliance

� Infusion of approx Rs 175 crore of equity at Rs 100 per share through Global Depository Receipts

� Recognizing the attractiveness and potential of port assets of Essar Ports

� Growth of port traffic between Port of Antwerp and Ports of Essar

� Access to relationship with port operators and port based companies operating in Port of

� Developing world class port facilities with focus on quality, productivity and � Developing world class port facilities with focus on quality, productivity and

Aerial view of Port of Antwerp

Key Features and Benefits of the Strategic Alliance

of equity at Rs 100 per share through Global Depository Receipts

Recognizing the attractiveness and potential of port assets of Essar Ports

Access to relationship with port operators and port based companies operating in Port of Antwerp

Developing world class port facilities with focus on quality, productivity and environment

8

Developing world class port facilities with focus on quality, productivity and environment

Aerial view of Port of Antwerp

Growth in Third Party Traffic

� Ramping up of third party traffic at Hazira

� One time en bloc approval received from GMB to handle 1 million ton third party coal at Hazira during monsoon of FY2013

� Coal Traders have approached EBTL for handling their cargo

� Applications are being made for handling of other third party cargo (clinkers) approx 1

� Handling of Project Cargo for L&T and others

� Third Party Storage terminal at Vadinar

� Plan to invest in crude tankages for traders and National oil companies.

� Will help in better utilization of excess capacity at SBM at Vadinar

� Commissioning of Coal berth at Salaya � Commissioning of Coal berth at Salaya

� Currently 4 to 5 MMT of coal is being handled through shallow draft jetties in the nearby region

� Essar’s deep draft coal berth at Salaya plans to handle coal and bauxite for industries and coal traders in the region. The expected

potential of third party cargo is around 8 MMTPA

� Commissioning of 14 MMTPA Merchant coal berth at Paradip

� Approx. 12 MMT of coal is currently being imported at Paradip via non

deep draft coal berth upon commissioning as per the concession

� Third party traffic at Paradip coal berth is expected to be 12 to 14 MMTPA by FY15

� Building third party traffic at Paradip Iron ore and bulk cargo Terminal

� Plan to handle 1 MMT of third party cargo in FY13

� Plans to handle 5 MMT of third party Iron ore cargo at its facility which will have better loading rate as compared to existi

One time en bloc approval received from GMB to handle 1 million ton third party coal at Hazira during monsoon of FY2013

Coal Traders have approached EBTL for handling their cargo

other third party cargo (clinkers) approx 1 to 2 MMT in FY 2013

traders and National oil companies.

at Vadinar

9

Currently 4 to 5 MMT of coal is being handled through shallow draft jetties in the nearby region

coal and bauxite for industries and coal traders in the region. The expected

Commissioning of 14 MMTPA Merchant coal berth at Paradip

Approx. 12 MMT of coal is currently being imported at Paradip via non-mechanized berths. This cargo will be shifted to Essar’s

the concession agreement

Third party traffic at Paradip coal berth is expected to be 12 to 14 MMTPA by FY15

Building third party traffic at Paradip Iron ore and bulk cargo Terminal

Plans to handle 5 MMT of third party Iron ore cargo at its facility which will have better loading rate as compared to existing IOHP

Essar Ports: Key Results Highlights

� Essar Ports revenue increased to Rs 296.6 crore for Q4 FY12 as against Rs 203.9

� Revenue increased to Rs 1,131.0 crore for FY12 from Rs 746.5

� Essar Ports achieved cargo handling of 12.36 MMT during Q4 FY12 as against 10.22 MMT in Q4 FY11

� Cargo handled was 43.23 MMT for FY12 as against 39.55 MMT for FY11

� EBITDA increased to Rs 243.2 crore in Q4 FY12 as against Rs 152.2

� EBITDA increase to Rs 913.2 crore for FY12 as against Rs 550.9

� During the quarter, company suffered loss due to recognition of interest on a CDR facility which was a contingent liability

period. The one time liability due to this was Rs 235.5 crore

� EBITDA increase to Rs 913.2 crore for FY12 as against Rs 550.9

� On account of above, Essar Ports suffered a loss of Rs 61.5 crore

� PAT increased to Rs 63.9 crores for FY12 as against Rs 28.5 crore

� Essar ports achieved PAT of Rs 48.5 crore of PAT for Q4FY14 and Rs 173.9

exceptional items

� The company also recognized a deferred tax asset in accordance with AS 22 to the extent of Rs 125.5

tax losses.

� Net one time liability recognized during the quarter is Rs 110.0

Essar Ports: Key Results Highlights

for Q4 FY12 as against Rs 203.9 crore in Q4 FY11, an increase of 45% .

for FY12 from Rs 746.5 crore for FY11, an increase of 52%

Essar Ports achieved cargo handling of 12.36 MMT during Q4 FY12 as against 10.22 MMT in Q4 FY11

Cargo handled was 43.23 MMT for FY12 as against 39.55 MMT for FY11

in Q4 FY12 as against Rs 152.2 crore in Q4 FY11, an increase of 60 %

for FY12 as against Rs 550.9 crore for FY11, an increase of 66%

10

During the quarter, company suffered loss due to recognition of interest on a CDR facility which was a contingent liability till last

for FY12 as against Rs 550.9 crore for FY11, an increase of 66%

crore in Q4 FY12 as against profit of Rs 11.5 crore in Q4 FY11

crore for FY11, an increase of 124 %

of PAT for Q4FY14 and Rs 173.9 crore for FY12 before the treatment for one time

The company also recognized a deferred tax asset in accordance with AS 22 to the extent of Rs 125.5 crore on unabsorbed

Net one time liability recognized during the quarter is Rs 110.0 crore

Vadinar Oil Terminal CDR – Recognition of Contingent Liability and Deferred Tax Recognition

CDR Contingent Liability:

� Pursuant to the CDR scheme entered into by Vadinar Oil Terminal Limited with its lenders in 2003, all interest on loans at th

contracted rate of interest for the Vadinar Oil Terminal project for the period from 1October 1998 to 29 December 2003 was

converted into a funded interest facility called Facility Stoppage.

� As per CDR terms, Vadinar Oil Terminal, subject to the consent of its Lenders, has the option to prepay the Facility Stoppage

Further, the interest on Facility Stoppage for the period from 25 April 2007 to 24 April 2012 was not payable in case of prep

being made before 24 April, 2012

� The interest accrued during the above period was treated as contingent liability since Vadinar Oil Terminal planned to prepay

Facility before 24 April, 2012. This amount represents the additional interest that would otherwise have been charged to the

statement during the 5 year period (2007-2012) if the debt was not to be prepaid statement during the 5 year period (2007-2012) if the debt was not to be prepaid

� The above amount was not prepaid before 24 April, 2012, the company recognized the outstanding amount (shown as contingent

liability) towards the interest for 5 years. This amounts to Rs 235.5 crores which has been recognized as a one time exceptio

liability

� This liability will bear an interest of 5% per annum and is repayable between FY2019 and FY2023

Recognition of Deferred Tax Assets:

� Vadinar Oil Terminal has recognized Rs. 125.5 crores as net deferred tax asset in accordance with the Accounting Standard (AS

The deferred tax asset has been recognized and carried forward only to the extent that there is virtual certainty that suffic

taxable income is available as per the standard

� The deferred tax asset is due to excess of deferred tax assets on carried forward losses and unabsorbed depreciation over def

tax liabilities as income.

Net one time liability recognized during the quarter is Rs 110

Recognition of Contingent Liability and Deferred Tax Recognition

Pursuant to the CDR scheme entered into by Vadinar Oil Terminal Limited with its lenders in 2003, all interest on loans at the

contracted rate of interest for the Vadinar Oil Terminal project for the period from 1October 1998 to 29 December 2003 was

converted into a funded interest facility called Facility Stoppage.

As per CDR terms, Vadinar Oil Terminal, subject to the consent of its Lenders, has the option to prepay the Facility Stoppage.

Further, the interest on Facility Stoppage for the period from 25 April 2007 to 24 April 2012 was not payable in case of prepayment

The interest accrued during the above period was treated as contingent liability since Vadinar Oil Terminal planned to prepay the

Facility before 24 April, 2012. This amount represents the additional interest that would otherwise have been charged to the income

2012) if the debt was not to be prepaid 2012) if the debt was not to be prepaid

The above amount was not prepaid before 24 April, 2012, the company recognized the outstanding amount (shown as contingent

liability) towards the interest for 5 years. This amounts to Rs 235.5 crores which has been recognized as a one time exceptional

This liability will bear an interest of 5% per annum and is repayable between FY2019 and FY2023

Vadinar Oil Terminal has recognized Rs. 125.5 crores as net deferred tax asset in accordance with the Accounting Standard (AS 22).

The deferred tax asset has been recognized and carried forward only to the extent that there is virtual certainty that sufficient future

The deferred tax asset is due to excess of deferred tax assets on carried forward losses and unabsorbed depreciation over deferred

Net one time liability recognized during the quarter is Rs 110 crore

Vadinar: Highlights for the Year

� Vadinar handled 9.06 MMT of cargo in Q3 FY12 as against 7.37 MMT for Q4 FY11, registering a jump of 23%. Cargo handled was

31.21 MMT for FY12 as against 30.05 MMT for FY11

� The jump in cargo handled at Vadinar is due to completion of expansion of Essar Oil refinery. The cargo handled is expected t

further up as the refinery throughput ramps up

� 3 new HSD tanks of capacity 180,000 KL are under construction for Essar Oil and the construction is expected to complete duri

FY13

� Total number of vessels called at Vadinar during the year decreased from 320 vessels in FY11 to

size increasing to larger size ships

� ISO 2800 Security Management system and ISO 9001-2008 Quality Management system certifications renewed successfully during

the year

Vadinar handled 9.06 MMT of cargo in Q3 FY12 as against 7.37 MMT for Q4 FY11, registering a jump of 23%. Cargo handled was

The jump in cargo handled at Vadinar is due to completion of expansion of Essar Oil refinery. The cargo handled is expected to go

3 new HSD tanks of capacity 180,000 KL are under construction for Essar Oil and the construction is expected to complete during Q1

Total number of vessels called at Vadinar during the year decreased from 320 vessels in FY11 to 271 vessels in FY12 due to parcel

12

2008 Quality Management system certifications renewed successfully during

Hazira: Highlights for the Year

� Hazira handled 3.30 MMT of cargo in Q4 FY12 as against 2.85 MMT for Q4 FY11, registering a jump of 16%.

� Cargo handled was 12.02 MMT for FY12 as against 9.50 MMT for FY11, a growth of 26%

� In principle approval received from Railways for a green field railway project

� Approvals for Hazira expansion project are also on track

� Total vessels handled during the year increased from 190 in FY2011 to 243 in FY2012

� ISO 9001:2008 (Quality Management), ISO 14001:2004 (Health & Safety), OHSAS 18001:2007 (Environment) awarded to EBTL

Hazira during the year

Hazira handled 3.30 MMT of cargo in Q4 FY12 as against 2.85 MMT for Q4 FY11, registering a jump of 16%.

Cargo handled was 12.02 MMT for FY12 as against 9.50 MMT for FY11, a growth of 26%

In principle approval received from Railways for a green field railway project

Total vessels handled during the year increased from 190 in FY2011 to 243 in FY2012

ISO 9001:2008 (Quality Management), ISO 14001:2004 (Health & Safety), OHSAS 18001:2007 (Environment) awarded to EBTL

13

Paradip: progress

Conveyor gallery erection at Paradip I

Paradip I (Iron Ore)

� 92% project completed. Estimated COD: Q1 FY13

� Ship loader trial operations completed

� Conveyor trials started

� Stacker reclaimer erection in progress

Conveyor gallery erection at Paradip I

14

Salaya: progress

Construction work at Salaya

� 53% project completed. Estimated COD: Q4 FY14

� Ship unloaders are delivered

� 1 Stacker reclaimer erected, erection of other 2 are under

progress

� Jetty construction and conveyor erection are under

progress

� Environment and CRZ clearance are received. Forest

clearance awaited for part of the project

Construction work at Salaya

15

Essar Ports: Increasingly diversified cargo split with higher realization

Crude (SPM), 13.20

Liquid Intermediate,

3.14 Dry Bulk, 8.53

Breakbulk/Containers, 0.92

Project Cargo, 0.05

Average realization increased to Rs 233/MT from Rs 187 / MT based on higher tariff for new cargo segments and increased

earnings post commissioning of 12 MMTPA expansion project at Vadinar in April 2011

Liquid Product (Jetty), 8.70

Liquid Product (Road/Rail), 5.

01

FY11 Total Volume 39.55 MMT

Essar Ports: Increasingly diversified cargo split with higher

Crude (SPM), 12.18

Liquid Intermediate, 6.4

Dry Bulk, 10.13

Breakbulk/Containers, 1.78

Project Cargo, 0.11

16

Average realization increased to Rs 233/MT from Rs 187 / MT based on higher tariff for new cargo segments and increased

earnings post commissioning of 12 MMTPA expansion project at Vadinar in April 2011

Liquid Product (Jetty), 8.29

Liquid Product (Road/Rail), 4.34

Intermediate, 6.40

FY12 Total Volume 43.23 MMT

9.9

30.1

0.0

20.0

40.0

60.0

80.0

FY11

MMT

Traffic Growth (Volume Billed)CAGR FY11

Hazira Vadinar

39.9

Growth along with diversification in customer mix

Estimated Revenue Split

Customer mix changing with additional projects and increased utilization levels

Capacity: 88 MMTPA

Utilization: ~50%

Essar Group98%

3rd Party2%

Estimated Revenue Split (FY2012)

17.324.0

31.2

39.0

4.5

FY12 FY13E

Growth (Volume Billed)CAGR FY11-13: 30%

Vadinar Paradip Ironore

48.5

67.5

Growth along with diversification in customer mix

Estimated Revenue Split

17

Customer mix changing with additional projects and increased utilization levels

Capacity: 158 MMTPA

Estimated Utilization: 75%+

Essar Group75%

3rd Party25%

Estimated Revenue Split (FY2015)

Essar Ports: Strong growth in performance

600.0

800.0

1000.0

1200.0

502.9

698.9

Revenue (Rs Crore)

746.5

1131.0

427.4

67% Increase in EBITDA based on: 1. increased volumes, 2. improved realization, and 3. higher EBITDA margins

0.0

200.0

400.0

FY10 FY11 FY12

0.0

244.9

432.9427.4

502.9

Hazira Vadinar

427.4

Essar Ports: Strong growth in performance

500.0

600.0

700.0

800.0

900.0

596.2

EBITDA (Rs Crore)

550.9

913.2

326.5

18

67% Increase in EBITDA based on: 1. increased volumes, 2. improved realization, and 3. higher EBITDA margins

0.0

100.0

200.0

300.0

400.0

FY10 FY11 FY12

0.0

147.1

300.5326.5

368.3

Hazira VadinarFY11 EBITDA

Margin 74%

FY12 EBITDA

Margin 81%

326.5

(Figures in Rs Crore) Q4 FY12

Actuals

Total Income 296.6

Total Expenses 53.5

EBITDA 243.2

EBITDA Margin 82%

Interest and Finance Expenses 114.3

Profit Before Depreciation and Tax 128.8

Essar Ports: Financial Performance

Depreciation 59.1

Profit Before Tax 69.7

Exceptional Item 235.5

Profit After Exceptional Item and Before

Taxes -165.8

Tax -106.4

Adjustment for Share of Minority Interest 2.1

Profit After Tax -61.5

Number of Shares (Crore) 41.1

EPS (Rs) -1.5

Q4 FY11

Actuals

203.9

51.8

152.2

75%

89.9

62.3

� Quarter on Quarter revenue saw a growth

of 45% to Rs 296.6 crore and EBITDA saw

a growth of 60% to Rs 243.2 crore on

account of higher tariff and increased

earnings post commissioning of Vadinar

Expansion

� During the quarter, company suffered loss

due to recognition of interest on a CDR

facility which was a contingent liability till

Highlights for Q4 FY12

44.5

17.8

0.0

17.8

3.2

3.1

11.5

41.1

0.3

19

facility which was a contingent liability till

last period. The one time liability due to this

was Rs 235.5 crore. The company also

recognized a deferred tax asset in

accordance with AS 22 to the extent of Rs

125.5 crore

� Due to the above one time liability and

asset, the company has reported loss of Rs

61.5 crore for Q4 FY12 as against Rs 11.5

crore profit for the previous year (for Ports

only within the earlier consolidated ESPLL)

� The profit for the quarter is Rs 48.5 crore

before the recognition of contingent liability

and deferred tax asset

(Figures in Rs Crore) FY2012 FY2011

Essar Ports Ltd

ESPLL

(Ports only)

(Includes Shipping Ports,

Total Income 1131.0 746.5

Total Expenses 217.9 195.6

EBITDA 913.2 550.9

EBITDA Margin 81% 74%

Interest and Finance Expenses 420.8 325.8

Essar Ports: Financial Performance

Interest and Finance Expenses 420.8 325.8

Profit Before Depreciation and Tax 492.4 225.1

Depreciation 220.2 170.5

Profit Before Taxes 272.1 54.5

Exceptional Item 235.5 0.0

Profit After Exceptional Item and

Before Taxes 36.6 54.5

Tax -62.2 13.4

Adjustment for Share of Minority

Interest 34.9 12.7

Profit After Tax 63.9 28.5

Number of Shares (Crore) 41.05 41.05

EPS (Rs) 1.6 0.7

FY2011

ESPLL

(Consol.)

(Includes Shipping Ports,

Oilfields Services &

Logistics for H1 FY11)*

2086.1

1174.1

912.0

44%

473.8

� Year on year revenue saw a growth of

52% to Rs 1131.0 crore and EBITDA saw

a growth of 66% to Rs 913.2 crore on

account of higher tariff and increased

earnings post commissioning of Vadinar

Expansion

� The company recognized interest on

CDR facility which was a contingent

liability as exceptional item in Q4FY12

Highlights for FY12

473.8

438.3

320.8

117.4

0.0

117.4

34.6

12.7

70.2

41.05

1.7

20

liability as exceptional item in Q4FY12

which reduced the profit by Rs 235.5 cr

and recognized deferred tax asset on

unabsorbed tax losses of Rs 125.5 cr in

Q4 FY12

� Based on the above, PAT increased to

Rs 63.9 crore as against a profit of Rs

28.5 crore for the previous year (for Ports

only within the earlier consolidated

ESPLL)

Debt as on 31st March 2012 (Rs Crore)

Operating 3862

Projects 1626

TOTAL 5488

Analyst Contacts

Mr. Anshumali Dwivedi

Head – Investor Relations

Essar Ports Limited

Tel: + 91 22 6660 1544 / + 91 98339 45648

Email: anshumali.dwivedi@essar.com

Mr. Rakesh Kankanala

Manager – Corporate Finance

Essar Ports Limited

Tel: + 91 22 6660 1527 / + 91 99301 36596

Email: rakesh.kankanala@essar.com

21

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“This presentation is for information purposes only and doesrespect to the purchase or sale of any security of Essar Portsand no part of it shall form the basis of or be relied upon in connection

This presentation is not a complete description of the Companyphrases that are forward looking statements. All forward-assumptions that could cause actual results to differ materiallystatement. Any opinion, estimate or projection herein constitutescan be no assurance that future results or events will be consistentinformation in this presentation is subject to change without notice,condensed and it may not contain all material information concerningdo not intend to, update or otherwise revise any statementspresentation or to reflect the occurrence of underlying events,

All information contained in this presentation has been preparedhas been independently verified by anyone else. No representationnor is any responsibility or liability of any kind accepted withinformation, projection, representation or warranty (expressedCompany nor anyone else accepts any liability whatsoever forpresentation or its contents or otherwise arising in connectioncopied, distributed, shared or disseminated in any other manner

The distribution of this document in certain jurisdictions maypresentation comes should inform them about, and observe, any

does not constitute an offer, solicitation or advertisement withPorts Limited (the “Company” or “EPL” or “Essar Ports Limited”)connection with any contract or commitment whatsoever.

Company. Certain statements in this presentation contain words orforward-looking statements are subject to risks, uncertainties andmaterially from those contemplated by the relevant forward lookingconstitutes a judgment as of the date of this presentation, and there

consistent with any such opinion, estimate or projection. Thenotice, its accuracy is not guaranteed, it may be incomplete or

concerning the Company. We do not have any obligation to, andstatements reflecting circumstances arising after the date of thisevents, even if the underlying assumptions do not come to fruition.

prepared solely by the Company. No information contained hereinrepresentation or warranty (express or implied) of any nature is made

with respect to the truthfulness, completeness or accuracy of any(expressed or implied) or omissions in this presentation. Neither the

for any loss, howsoever, arising from any use or reliance on thisconnection therewith. This presentation may not be used, reproduced,

manner.

may be restricted by law and persons into whose possession thisany such restrictions.”

22