Preliminary Results Presentation 31 March 2013...FY2013 PRELIMINARY RESULTS PRESENTATION -16 MAY 2013 11 Long-Term Value Creation with a Focus on Sustainability increasing free cash

VEDANTA RESOURCES PLCVEDANTA RESOURCES PLC

Preliminary Results Presentation

for the year ended

31 March 2013

16 MAY 2013

Cautionary Statement and Disclaimer

The views expressed here may contain information derived from publicly available sources that have not been

independently verified.

No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this

information. Any forward looking information in this presentation including, without limitation, any tables, charts

and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This

presentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc ("Vedanta").

Past performance of Vedanta cannot be relied upon as a guide to future performance.

This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. In

this context, forward-looking statements often address our expected future business and financial performance,

and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–

looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties

arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in

interest and or exchange rates and metal prices; from future integration of acquired businesses; and from

numerous other matters of national, regional and global scale, including those of a environmental, climatic, natural,

political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future

results to be materially different that those expressed in our forward-looking statements. We do not undertake to

update our forward-looking statements.

This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of

an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta or any

of its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shall

this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection

with, any contract or investment decision.

FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013 2

Chairman’s

Remarks

Anil Agarwal

Executive Chairman

Overview

Navin Agarwal

Deputy Executive

Chairman

FY2013 Highlights

Operations

� Significant production growth across the portfolio

− Record production of mined zinc-lead and integrated silver at Zinc India

− Record oil & gas production driven by 32% higher output at Rajasthan block

� Strong cost performance despite industry-wide inflationary pressure

Reserves and Resources

� Recommenced oil & gas exploration drilling in Rajasthan and made a successful discovery in April 2013

� Mine life extensions at Zinc, Copper and Iron Ore operations

Financial

� EBITDA of $4.9bn, EBITDA margin 45%1, Underlying EPS of $1.332

� Free Cash Flow of $3.5bn3 (72% of EBITDA), Free Cash Flow after Growth Capex of $1.5bn

� Gearing reduced from 35.3% to 31.4%, Net Debt reduced by c.$1.5bn

� Final Dividend of 37 US cents per share, up 6%

Corporate

� Group simplification received approval from High Court of Bombay at Goa; Madras High Court Order awaited

5FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013

Note: 1. Excludes custom smelting at Copper and Zinc-India operations

2. Based on profit for the year after excluding special items and other gains and losses, and their resultant tax and minority interest effects

3. Free Cash Flow before Growth Capex

Resources Industry Landscape

Sector Theme Vedanta’s Advantage

� China growth moderating

� US recovery and EU stabilising

� Commodity price volatility

� Diversified portfolio across oil & gas, metals and bulks

� Tier-1 assets with competitive cost positioning

� Leading natural resources company in India

� Industry-wide inflationary cost

pressures

� Focus on “all-in” cost of production

� High-quality cost-efficient assets

� One of the lowest annual sustaining capex costs

� Potential for further cost reduction with ramp-ups, asset optimisation

and improved raw material linkages

Metals and

Energy Demand

Focus on Costs


and improved raw material linkages

� Capital return vs. Investing for growth

� Capex cuts

� Divestments and refocusing portfolios

� FCF from ramp-up of substantially-invested assets, driving

deleveraging

� Progressive dividend through the cycle, returned $1.3bn to

shareholders since IPO in 2003

� Disciplined phased growth

� Deleveraging

� Focus on liquidity

� Net debt reduced by c.$1.5bn, Net Debt/EBITDA at 1.8x

� Group simplification to improve alignment of debt and cash flows

� Balanced maturity profile

Capital Allocation

Balance Sheet

Strength

Tier-1 Diversified Asset Portfolio

PositioningR&R Life1

FY2013 Production (Full Capacity)2

EBITDA($mn) Cash Cost Position

Oil & GasIndia’s largest private-sector crude oil producer

15205kboepd

(225-240kboepd3)

2,440 Lowest Quartile

Zinc IndiaLargest integrated zinc producer

25+802kt

(1.2mtpa)1,165 Lowest Quartile

Zinc Intl.One of the largest undeveloped zinc deposits

20+426kt

(400ktpa)295 Lower Half

SilverOne of the largest silver producers

25+13.1moz(16mozpa)

Included in Zinc India

By-product

4

Low all-in

costs with

Sustaining

Capex of

$390mn in

FY2013 PRELIMINARY RESULTS PRESENTATION - 16 MAY 2013

Iron Ore4

Largest private sector exporter in India, developing large deposits in Liberia

20+3.1mt

5

(16.8mtpa)84 Lowest Quartile

Copper ZambiaWorld class fully-invested operations

25+160kt

6

(400ktpa)257

Lower Half (post ramp-up)

AluminiumStrategically located large-scale assets with integrated power

774kt (2.3mtpa)

214Lower Half; Lowest Quartile

with captive bauxite

Notes

1. Based on FY2013 production and R&R as at 31 March 2013; Iron ore is based on existing

capacity; Zinc International includes Gamsberg in R&R

2. Includes announced expansions; Iron ore shown at existing EC capacity of 14.5mt in Goa and

2.3mt provisional capacity in Karnataka

3. Expected capacity for currently producing assets, subject to approvals

4. Numbers excluding Liberia

5. FY2013 Sales

6. Integrated Production

Large, Low-Cost, Long-Life, Scalable Assets

7

$390mn in

FY2013

Delivering Disciplined Growth and Consistent Margins

Growth and DiversificationEBITDA

59%

55%

35%

43%45%

47%45%

110

Group EBITDA margin¹ Average LMEX

Brent Crude Oil ($/bbl)

Zinc54%

Copper31%

Aluminium15%

Zinc-Lead-Silver

FY2007$1.6bn

Delivered Consistent Profit Margins


3,643 3,374

65

FY07 FY08 FY09 FY10 FY11 FY12

PF

FY13

Notes: FY12PF is proforma for FY2012 including Cairn India for the full year

1. Excludes custom smelting at Copper and Zinc-India operations, which represents c.4% of Group EBITDA

30%

Iron ore2%

Copper10%

Aluminium4%

Power4%

Oil & Gas50%

FY2013$4.9bn

0.0

1.0

2.0

3.0

4.0

FY08 FY09 FY10 FY11 FY12 FY13

Free Cash Flow¹ Growth Capex

Strengthening Free Cash Flow post Growth Capex($bn)

Capital Allocation Priorities

� Production ramp-up and cost efficiencies delivering

free cash flow growth

� Focus on deleveraging

− Net debt reduced by c.$1.5bn

− Group simplification to align debt and cash

generation across the group

� Consistent return to investors

− Progressive dividend maintained through the cycle

− $1.3bn returned to shareholders since IPO

� Focused on projects with attractive returns

− Expansion to 1.2mtpa mined metal (20% growth)

at high-margin Zinc India

− Unlock value of proven Rajasthan oil & gas block:

exploration to achieve basin potential of 300kbopd


Maintained Progressive Dividends (USc/share)

0

10

20

30

40

50

60

70

FY04² FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13

Notes: 1. Free cash flow after sustaining capex but before growth capex

2. In FY2004, a single dividend of 5.5 USc per share was paid, for the four months since listing, equivalent to an annual payment of 16.5 USc per Share

Cairn India: Contributing to India’s Energy Security

India Imports >80% of its Crude Oil requirementCairn India’s rising share of domestic crude production

0%

10%

20%

30%

0

500

1,000

1,500

FY2009 FY2010 FY2011 FY2012 FY2013

Imports (mn barrels)

Domestic Production (mn barrels)

Cairn India % of Domestic Production (RHS)

Cairn India – World Class Asset PortfolioProduction Growth & Balanced Exploration Portfolio

101 128169

200-215

149173

205

225-240

FY11 FY12 FY13 FY14exit

Rajasthan Other

Production in kboepd


FY2009 FY2010 FY2011 FY2012 FY2013

Milestones since acquisition in Dec 2011

� Rajasthan ramp-up from 125 to 175 kbopd

� Commenced production from Bhagyam and Aishwariya

� Commenced commercial gas sales at Rajasthan

� Recommenced Rajasthan Exploration & made 26th Discovery to

harness basin potential

� Cairn India Restructuring and Maiden Dividend

Source: Ministry of Petroleum and Natural Gas, Government of India Key:Producing BlocksExploration

Cairn India – Strategic Priorities

� Unlock Rajasthan Basin Potential of 300kbopd with

ongoing Exploration & Appraisal programme

� Accelerating Exploration across balanced portfolio of assets

� Production growth and best quartile costs

� Top Quartile HSE Standards

Key Strategic Priorities

Production growth across portfolio with a focus on returns

Continue to add R&R in our existing portfolio of assets

to drive long-term value

� Continue to drive operational and cost efficiencies

� Capital allocation with a focus on low-risk and phased development

− e.g. Rajasthan Oil & Gas, Zinc India

� Exploration programme to realize Rajasthan basin potential of 300kbopd

� Strong exploration results in FY2013, continued focus to add more than mined-out

Continue to reduce gearing from � Production ramp-up from well-invested assets driving strong free cash flow growth


Long-Term Value Creation with a Focus on Sustainability

Continue to reduce gearing from increasing free cash flow

� Production ramp-up from well-invested assets driving strong free cash flow growth

Complete simplification of the Group structure

� Reorganization update: Received approval of High Court of Bombay at Goa, and

Madras High Court Order awaited

� Minority buyouts: Awaiting Government response on next steps

Financials

D.D. Jalan

Chief Financial Officer

� Strong growth in EBITDA and Free Cash Flow

� Positive Free Cash Flow post growth capex

� Net Debt reduced by c.$1.5bn, cash and liquid investments of $8bn

� Increased total dividend by 5% to 58 USc/share

Financial Highlights

$mn or as stated FY2013 FY2012 % change

EBITDA 4,888 4,026 21%

EBITDA margin1 (%) 45% 41%

Underlying Attributable PAT2 363 387 (6)%

Underlying EPS($/share)2 1.33 1.42 (6)%

Free Cash Flow before Growth Capex 3,535 2,534 40%

Growth Capex 2,019 2,398 (16)%

Free Cash Flow after Growth Capex 1,516 136

Net Debt 8,616 10,064 (14%)

Gearing (%) 31.4 35.3

Net Debt/EBITDA3 1.8 1.9

Total Dividend (USc/share) 58.0 55.0 5%

Final Dividend (USc/share) 37.0 35.0 6%

Notes: 1. Excludes custom smelting at Copper and Zinc-India operations

2. Based on profit for the year after excluding special items and other gains and losses, and their resultant tax and minority interest effects

3. FY2012 is on a pro forma basis with Cairn India for full year


4,026

1,727

119 66154 72 4,888

(637)

(638)

EBITDA Reconciliation

FY2013 vs. FY2012 ($mn)

Aluminium $(255)mn

Copper $108mn

Power $39mn

EBITDAFY2012

Cairn India Iron Ore Prices Premiumsover LME

prices

Cash Costs Volume FX incl EBITDA Translation &

Others

EBITDAFY2013


Zinc $(212)mn

Copper $(161)mn

Power $39mn

Zinc India $23mn

Zinc Intl $(18)mn

4,888

(1,388)

(946)

EBITDA to PAT

FY2013 ($mn)

US$600mn of depreciation and US$834mn of amortisation at Cairn India

1,666

157

(40)

363

(946)

(521)

(327)

(1,508)

EBITDA Depreciation Amortization Net Interest Expense

Other Gains and Losses, and

Special Items

Tax PAT MinorityInterest

AttributablePAT

Underlying Attributable PAT¹

19%

Underlying Attributable


Notes: 1. Based on profit for the year after adding back special items and other gains and losses and their resultant tax and non-controlling interest effects

15

9%

Attributable

Well-Invested Assets Driving Cash Flow Growth

� $1.5bn free cash flow (post growth capex) in FY2013

− Expected to grow with production ramp-up

� Oil & Gas: c.$3bn1 over next 3 years

− 80% of capex on proven Rajasthan block

� Metals & Mining : c.$3.4bn over next 3 years

− Of which, c.$1.4bn flexible capex2: Lanjigarh

refinery, Jharsuguda-II smelter, Tuticorin smelter,

Cash Flow and Growth Capex Profile - $bn

3.7

1.8

2.5

2.3

2.7

3.1

2.0

3.5

2.4

1.9

2.1

Free Cash Flow³ M&M Capex M&M Capex Flexibility O&G Capex²

refinery, Jharsuguda-II smelter, Tuticorin smelter,

and India Iron ore expansions

− Remaining $2bn includes expansion at Zinc India

and completing other ongoing projects


Positive Free Cash Flows post growth capex to drive Deleveraging

Notes: M&M refers to Metals and Mining, O&G refers to Oil & Gas

1. Capex net to Cairn India; subject to Government of India approval

2. Subject to approvals

3. Free cash flow after sustaining capex but before growth capex

1.2

0.50.3

0.2

0.5

0.6

FY2010 FY2011 FY2012

PF

FY2013 FY2014e FY2015e FY2016e

0.5 0.1 0.5 1.0

0.4

2.2 0.8 1.3

-

1.4 1.3

1.0 1.3

0.8 0.6

1.3

1.8

3.6 4.0

1.3 1.6 1.7

4.0

Debt at VED plc Convertibles at Put Date Cairn acquisition debt Debt at Subsidiaries

Strong Financial Profile

� Cash and Liquid Investments of $8.0bn, with additional $2.1bn undrawn lines of credit

� Credit ratings of BB/Ba3/BB1

� Net Debt:EBITDA of 1.8x; Net Gearing ratio of 31%

Term Debt Maturity Profile ($bn) as of 31 March 20132

$0.8bn - Repaid $810mn of convertible puts exercised in April, refinanced at c.4% with average maturity of 4+years$0.5bn – Due in January 2014

Tied up through

bank loans and bond

$0.53bn - Refinancing tied up$0.42bn - To be rolled over into term debt or repaid from Internal accruals$0.04bn - Repaid in April 2013

0.5 0.1 0.7 1.0 0.5

2.5 1.3 0.3

0.3 0.3

2.0

1.0

1.3 0.8 0.6 1.3

1.8

1.5

2.7

1.8 1.9 2.1

6.3

FY2014³ FY2015³ FY2016 FY2017 FY 2018 FY2019 and later

0.5 0.1 0.5 1.0

0.4 -

FY2014³ FY2015³ FY2016 FY2017 FY 2018 FY2019 and later


Notes: 1. Issue credit Ratings as per S&P, Moody’s and Fitch respectively. Moody’s and S&P have placed their ratings on review for possible downgrade.

2. Debt numbers shown at face value, excludes one-year rolling working capital facilities of $848mn

3. $810mn of the $883mn convertible at Vedanta plc due in FY2017 was put in March 2013 and was paid in April 2013. The balance $73mn is shown at the next put date of 30 March

2015. The $1,250mn convertible at Vedanta plc due in FY2017 (with a put option in July 2014) is shown at first put date.

$0.5bn – Due in January 2014

Pro forma Debt Maturity Profile ($bn) post current refinancing as of 31 March 20132

Business and

Operations

M.S. Mehta

Chief Executive Officer

26%

5%

36%

(4)%

16%

15%

8%

15%

36%

Oil & Gas²

Zinc India - Mined Zinc Lead

Zinc India - Silver³

Zinc Intl

Copper Zambia³

Copper Australia

Copper India

Aluminium

Commercial Power

Production Growth and Cost Performance

FY2013 Production1 (% change vs. FY2012)

36%Commercial Power

0%

(5)%

8%

(10)%

(27)%

Zinc India - Zinc

Zinc Intl

Copper Zambia³

Aluminium

Commercial Power


Notes: 1. Excludes Iron Ore

2. Working Interest

3. Integrated production

Delivering significant production growth and cost reduction across the portfolio

FY2013 Unit Costs1 (% change vs. FY2012)

1.91.7

1.5

1.1 1.00.7

1.8

FY08 FY09 FY10 FY11 FY12 FY13 Peer

Average

Sustainability – Integral to our Business

Embedding Sustainability Framework

� Sustainability Framework rolled out

− All group companies are implementing the framework

− Sustainability Assurance Programme in place

� Independent Review by URS Scott Wilson

− 27 of 29 recommendations completed

− Final Sign Off Audit planned in H2 CY2013

Health and Safety

� 62% reduction in Lost Time Injury Frequency Rate (LTIFR) in

the last six years

� Structured programmes focusing on incident reduction

-62%

Source: Peer average of last reported numbers for FTSE-100 metals and mining

companies who report LTIFR

Lost Time Injury Frequency Rate (LTIFR)(per mn man hours)

Environment

� Climate Change

− Carbon Disclosure Project: 8th among the 38 FTSE 350

material companies

− Operating 274 MW of wind power

− Generating 92 MW power from waste heat

� 64% of non-hazardous solid waste recycled

Communities

� Community programmes reaching 3.7mn people in India and

Africa across 2,200 villages

� Community spend of $42mn in FY2013


companies who report LTIFR

Oil & Gas

Oil & Gas FY2012 FY2013

Average Daily Gross Operated Production (boepd)

172,887 205,323

Rajasthan 128,267 169,390

Ravva 36,379 29,161

Cambay 8,242 6,772

Average Daily Working Interest Production (boepd)

101,268 127,843

Rajasthan 89,787 118,573

Ravva 8,185 6,561

Cambay 3,297 2,709

Brent (US$/boe) 115 110

Average realizations – oil & gas(US$/boe)

102 98

Operations and Development: Rajasthan Block

� 32% production ramp-up, currently operating at c.170kbopd

− Commenced commercial sales of gas

− Best decile performance in costs and plant uptime

− Pipeline debottlenecked for higher off-take

− Crude sales tied up for higher volumes

� Production increase to 200-215kbopd by FY2014 exit

− Ramp up from existing producing fields i.e. Bhagyam and

Aishwariya

− Sustenance of current production levels at Mangala field

through drilling of infill well and Enhanced Oil Recovery


EBITDA ($mn)

21

through drilling of infill well and Enhanced Oil Recovery

implementation in FY20151

− New fields coming on stream with expected production in

FY20141 i.e. Barmer Hill

Other Blocks

� CB/OS-2 (Cambay): Successful infill drilling campaign

� Ravva: Infill wells and additional drilling in H2 FY2014

2,040

2,440

FY2012² FY2013

Notes: 1. Subject to approvals

2. FY2012 EBITDA post acquisition on 8th December 2012 was $713mn

Under Development Future Development & Prospective Resource

2,2721,925

3,100

7,297

1,069

165530

1,764

MBARS BH+19

Discoveries

Exploration Total

Gross In Place Gross EUR

Oil & Gas: Exploration and Appraisal

Rajasthan Block

� Recommenced exploration and 26th discovery in April 2013

− Exploration to achieve basin production potential of

300kbopd

� Gross Prospective Resources of 3.1bn boe

− 530 mmboe Gross Risked Recoverable Resource (P Mean)

− Exploration Strategy for c.100 Prospects in 20 Plays:

� Extension of 11 Proven Plays

� De-risk 9 Unproven Plays

� Existing Discoveries: 165mmboe Contingent Resource to be

converted to Proven Resource through Appraisal and

preparation of Development Plans

Rajasthan Resource Potential – 7.3bn boe in place(in mn boe)

preparation of Development Plans

Other Blocks

� Ravva: High value deep prospect drilling in H2 FY2014

� Nagayalanka (KG-ONN-2003/1): Appraisal drilling to commence

shortly

� KG-OSN-2009/3: Conditional approval for 60% of block area

received

� Sri Lanka: Evaluating options to monetize the discovered gas

� South Africa: 3D seismic data acquisition 80% done,

completion expected by Q1 FY2014


80% of Capex for Rajasthan Block$3bn net capex1 over 3 years

Notes: 1. Capex net to Cairn India. Capex excludes spend on new ventures or development of any new discoveries through exploration in Rajasthan block.

25%

15%

40%

RAJ Exploration &

Appraisal

RAJ Development

(Barmer Hill+Other Fields)

RAJ Sustaining Prod.

(MBA +EOR+Infill Drilling)

Rajasthan c.80%

Otherassetsc.20%

Zinc

Zinc-India

� Record mined metal production

− FY2014 production of c.1mt

� Strong ramp-up of lead and silver production

− FY2014 integrated production of c.11.6moz saleable silver

� Maintained lowest quartile cost position

− FY2014 unit costs to remain stable

� R&R addition of 24.6mt before depletion of 8.6mt

− Total R&R of 348mt, with mine life of over 25 years

� Expansion to 1.2mtpa mined zinc-lead underway

− $1.5bn capex over next 6 years

Zinc-India FY2012 FY2013

Mined Metal (kt) 830 870

Refined Zinc – Integrated (kt) 752 660

Refined Lead – Integrated (kt)1 89 107

Zinc Concentrate Sales (kt) - 61

Silver – Integrated (moz)1 7.62 10.35

Zinc LME 2,098 1,948

Zinc CoP2 ($/t) 834 835

Zinc-International FY2012 FY2013

Mined Metal – Lisheen & BMM (kt) 299 280

Refined Zinc – Skorpion (kt) 145 145

Zinc-International

� FY2013 production in line with mine plan

− FY2014 production of 390-400kt

� FY2014 costs of $1,100-1,200/t

� 186mt Gamsberg project feasibility underway

− Phased development


EBITDA ($mn)

23

1,035 894

210 271

366 295

1,6111,460

FY2012 FY2013

Zinc India (excluding Silver) Zinc India (Silver)

Zinc International

Refined Zinc – Skorpion (kt)

CoP ($/t) 1,146 1,092

Notes: 1. Includes captive consumption

2. Excluding royalty and credits for silver and lead

Iron Ore

India

� Karnataka: Supreme Court recently cleared our mine to

resume operations

− Expect to resume mining by June 20131

� Goa mining: Supreme Court process underway

� Exploration success: Net addition of 59mt taking R&R to

433mt, with mine life of 20+ years

Liberia

� Proximity to port, two brownfield and one greenfield

deposits, phased capex

Iron Ore and Pig Iron FY2012 FY2013

Sales (mt) 16.0 3.1

Goa 13.3 3.0

Karnataka 2.7 0.1

Production 13.8 3.7

Average Net Sales Realizations ($/t) 76.0 70.0

Pig Iron (kt)

Pig iron - Production 249 308

Met coke – Production 257 331

.deposits, phased capex

� R&R

− Exploration confirmed 966mn tonnes R&R2

− Drilling continues, and expect R&R to be c.3x

� Completion of the 1st phase of 2mtpa by CY2014

− First shipment by road by March 2014


EBITDA ($mn)

721

84

FY2012 FY2013Notes: 1. Subject to final regulatory approval

2. JORC - compliant

Copper-India/Australia

Australia

� Strong mined volumes and exploration success

India

� Strong operating performance, higher volumes

� Net COP higher due lower sulphuric acid realizations (57%

lower)

� 160 MW CPP

Copper-India/Australia FY2012 FY2013

Mined Metal – Australia (kt) 23 26

Copper Cathodes– India (kt)

Volumes 326 353

Copper Tc/Rc 14.5 12.8

Conversion cost – India (c/lb) 0.0 8.7

Copper LME 8,475 7,853

.

� 160 MW CPP

− First 80 MW stabilised, 81% PLF in Q4

− 2nd Unit to be synchronized in Q1

� Tuticorin smelter update

− Pollution Control Board has recently issued a closure order,

and appelate court hearings are in progress

� Expert committee appointed by appelate court found

all plant parameters to be in full compliance


EBITDA ($mn)

25

59 61

239

158

298

219

FY2012 FY2013

Copper Australia Copper India

Copper-Zambia

� Integrated production up 16%

− Ramp-up at Konkola mid-shaft level

− Costs affected by increased labour and power costs and

lower volumes at Chingola Open Pit F&D

� EBITDA reflects lower LME and higher royalty from April 2012,

partially offset by higher integrated production

� R&R: Net addition of 78mt in FY13

− Total R&R of 767mt at average grade of 2.1%

− Mine life of 25+ years

Copper-Zambia FY2012 FY2013

Mined Metal (kt) 142 159

Refined Metal – Total (kt) 200 216

Integrated (kt) 139 160

Custom Smelting (kt) 61 56

Copper LME ($/t) 8,475 7,853

CoP – Integrated1 ($/lb) 2.37 2.55

Notes: 1. Excludes Royalty

� Konkola mine development at bottom shaft level in progress

− Final milestone of crusher chamber in June 2013 to support

Konkola mine volume ramp-up of 25-30% per year

� 180-190kt integrated production expected in FY2014

− FY2014 costs estimates: 240c/lb in H1, 200c/lb in H2

− Chingola Open Pit F&D: Mining to ramp up in Q2


EBITDA ($mn)

26

388

257

FY2012 FY2013

Aluminium

� Strong volumes: VAL and BALCO smelters operated above rated capacity

� Sustained 2nd quartile costs (even without captive bauxite)

− Q4 costs at $1,839/t

− VAL: Significant reduction in captive power generation cost and power consumption of smelter

− Alumina production at Lanjigarh suspended since December 2012 due to non-availability of sufficient bauxite

− Power costs at BALCO higher due to tapering of coal linkage

� Premiums of $370/t, higher by $165/t

− 59% of production converted to value added products

Aluminium and Alumina FY2012 FY2013

Aluminium Production (kt) 675 774

BALCO 246 247

VAL 430 527

Aluminium LME 2,314 1,974

Aluminium COP ($/t) 2,091 1,879

BALCO 1,922 1,901

VAL 2,188 1,869

Alumina Production (kt) 928 527

Alumina COP ($/t) 350 353

Power – BALCO 270 MW

Sales (mu) 1,605 1,241

Realisation (Rs/unit) 3.2 3.2

Cost of Generation (Rs/unit) 2.2 2.7

� Committed to an integrated Aluminium strategy

− Supreme Court ordered approval process for Niyamgiri mining project

− Separately, pursuing allocation of alternate bauxite blocks with Odisha Government

� Projects

− BALCO 325kt smelter - First metal in Q2 FY2014

− BALCO 211mt coal block mining in Q2 FY20141

− BALCO 1200 MW power plant: Awaiting approvals to start


EBITDA ($mn)

27

Cost of Generation (Rs/unit) 2.2 2.7

62

152

120

62182

214

FY2012 FY2013

VAL BALCO

Notes: 1. Subject to approvals

Power

� 36% higher sales driven by ramp-up of 2,400 MW Jharsuguda

power plant

− Improved PLF of 58% by 3 units in Q4 as evacuation

constraints eased

− Fourth unit capitalized on 31st March

� Easing of evacuation constraints to drive higher PLFs

− Partial easing in Q4 with the commissioning of a new

1,000 MW transmission capacity

− Near term PLFs of 60-70% expected for all 4 units

� Jharsuguda 2,400 MW costs lower due to operational efficiency

Power FY2012 FY2013

Total Sales (mu) 6,554 8,888

Jharsuguda 2,400 MW 1 5,638 7,530

MALCO & HZL WPP 917 1,358

Realisation (Rs/u) 3.6 3.6

Cost of generation (Rs/u) 2.6 2.2

Realisation (USc/u) 7.5 6.6

Cost of generation (USc/u) 5.5 4.0

Notes: 1. Includes trial run generation of 795mu in FY2013 vs. 926mu in FY2012

� Jharsuguda 2,400 MW costs lower due to operational efficiency

and improved availability of linkage coal

� 1st 660 MW unit of 1,980 MW Talwandi Sabo on track for

synchronisation by Q2 FY2014

− 2nd unit to be synchronized by Q4 FY2014


EBITDA ($mn)

28

122

215

FY2012 FY2013

Summary

Key Strategic Priorities

� Production growth across portfolio with a focus on returns

− Continue to drive operational and cost efficiencies

� Continue to add R&R in our existing portfolio of assets to drive long-term value

� Continue to reduce gearing from increasing free cash flow

� Complete simplification of the Group structure

Proven Track Record


EBITDA (US$mn)

+35% CAGR

335

3,535

FY2004 (IPO)

FY2013

Free Cash Flow (US$mn)

+30% CAGR

27

133

FY2004 (IPO)

FY2013

Underlying EPS (USc/share)

+19% CAGR

323

4,888

FY2004 (IPO)

FY2013

Appendix

Entity Wise Financials

FY2013 ($mn or as stated)VED

Consol HZL Zinc-Intl SesaSIIL

(incl CMT) KCM BALCO VALSEL & TSPL

Cairn India VED plc1

Others & Elim

EBITDA 4,888 1,203 295 84 225 257 62 152 152 2,440 25 (7)

Depreciation (1,388) (129) (122) (44) (43) (194) (41) (150) (61) (600) (5) 2

Amortization (946) (6) (62) (40) - - (4) - - (834) - -

Special Items (42) (3) - (4) (18) (12) - - - - (5) -

Net Interest Income (Expense) (521) 357 6 (39) 282 (56) (4) (368) (42) 108 (424) (344)

FX and Embedded Derivative MTM (285) 0 (1) 7 (47) - (10) (121) (22) (83) (6) 0

Profit before Tax 1,706 1,422 116 (36) 399 (4) 3 (487) 27 1,031 (415) (349)

Effective Tax Rate (%) 2.4% 11.6% 16.8% 51.9% 19.9% -49.8% 17.3% 0.0% 37.5% -24.9% -1.4% -9.5%

Tax (40) (166) (19) 19 (79) (2) (1) - (10) 257 (6) (33)

Profit after Tax 1,666 1,256 96 (17) 319 (6) 3 (487) 17 1,288 (421) (382)


Attributable (%) 9.5% 37.7% 53.0% 55.1% 58.0% 79.4% 29.6% 87.6% 58.0% 49.8% 100.2% 89.1%

Attributable PAT 157 473 51 (10) 185 (5) 1 (426) 10 641 (422) (341)

Underlying Attributable PAT 363 474 52 (11) 211 2 3 (320) 23 682 (411) (339)

As of 31 March 2013

Property Plant and Equipment2 17,372 1,822 422 586 524 2,136 1,916 5,252 2,825 1,857 48 (15)

Mining Reserve 5,708 63 257 1,106 - - 27 - - 4,254 - -

Exploratory Assets 10,040 - 152 118 - - - 40 - 9,731 - -

31

Notes: 1. Includes Vedanta plc and Investment companies at 100% attributable and MALCO at 94.8% attributable

2. Includes Capital Work in Progress

Proforma Entity Wise Financials – with Sesa Sterlite

FY2013 ($mn or as stated)VED

ConsolVED plc1

Others& Elim KCM

Sesa Sterlite Consol

Sesa Sterlite Standalone

Cairn India HZL

Zinc-Intl. BALCO TSPL TSMHL2

Others4

& Elim

EBITDA 4,888 0 - 257 4,631 577 2,440 1,203 295 62 (0) - 54

Depreciation (1,388) (0) 1 (194) (1,195) (291) (600) (129) (122) (41) - - (12)

Amortization (946) - - - (946) (40) (834) (6) (62) (4) - - -

Special Items (42) (5) - (12) (25) (22) - (3) - - - - -

Net Interest Income (Expense) (521) (157) (201) (56) (107) (161) 108 357 6 (4) (1) (269) (145)

FX and Embedded Derivative MTM (285) (6) - - (279) (175) (83) (0) (1) (10) (8) - 0

Profit before Tax 1,706 (167) (199) (4) 2,078 (113) 1,031 1,422 116 3 (9) (269) (103)

Effective Tax Rate (%) -3.6% -0.9% - -49.8% -4.4% 36.8% -24.9% 11.6% 16.8% 17.3% 0.0% 0.0% -20.9%

Tax 62 (2) (26) (2) 91 42 257 (166) (19) (1) - - (22)

Profit after Tax 1,768 (169) (225) (6) 2,169 (71) 1,288 1,256 96 3 (9) (269) (125)

Proforma Entity Wise Financials assuming completion of Group Structure Simplification


Attributable (%) 14.2% 100.0% 89.5% 79.4% 28.9% 58.0% 34.3% 37.9% 52.9% 29.7% 58.3% 58.3% 111.6%

Attributable PAT 251 (169) (202) (5) 626 (41) 442 475

51 1 (5) (157) (139)

Underlying Attributable PAT 414 (158) (200) 2 771 66 470 476 52 3 (0) (157) (140)

As of 31 March 2013

Property Plant and Equipment3 17,372 48 (144) 2,136 15,333 7,684 1,857 1,822 422 1,916 1,470 - 161

Mining Reserve 5,708 - - - 5,708 1,106 4,254 63 257 27 - - -

Exploratory Assets 10,040 - - - 10,040 158 9,731 - 152 - - - -

32

Notes: 1. Includes Vedanta plc and Investment companies

2. Twin Star Mauritius Holdings Limited (SPV holding the 38.7% stake in Cairn India with associated debt of $5.9bn)

3. Includes Capital Work in Progress

4. Others include: CMT, VGCB, Fujairah Gold, and SIIL investment companies

Entity-Wise Cash and Debt

Net Debt Summary ($mn)

31 Mar 2012 30 Sep 2012 31 Mar 2013

Company Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt

Vedanta plc2 9,263 184 9,080 9,259 43 9,216 9,062 101 8,961

Sterlite standalone incl. CMT 544 758 (214) 457 569 (112) 837 454 383

Zinc India - 3,574 (3,574) - 3,698 (3,698) 0 4,045 (4,045)

Zinc International 9 215 (206) - 208 (208) - 197 (197)

BALCO 711 49 662 692 0 692 687 0 687

SEL & TSPL 1,175 37 1,138 1,284 6 1,278 722 4 718

Others3 74 23 52 117 29 88 113 5 108

Sterlite Consolidated 2,513 4,655 (2,142) 2,550 4,510 (1,960) 2,360 4,706 (2,346)

Vedanta Aluminium Ltd 3,505 85 3,420 3,652 5 3,647 3,626 2 3,625

Copper Zambia 750 42 708 769 4 765 761 10 751


Copper Zambia 750 42 708 769 4 765 761 10 751

Sesa Goa 681 118 563 657 81 576 784 39 744

MALCO - 6 (6) - 21 (21) - 22 (22)

Cairn India 244 1,797 (1,553) 119 2,499 (2,381) - 3,102 (3,102)

Total (in $mn) 16,955 6,885 10,0644 17,006 7,163 9,8355 16,593 7,982 8,6166

Debt numbers at Book Values, as of 31 March 2013

Notes: 1. Cash and Liquid Investments; Vedanta plc had an additional $485million of undrawn credit facilities as of 31 March 2013

2. Includes Investment Companies

3. Others include: VGCB, Fujairah Gold, and SIIL investment companies

4. Includes $6 million debt related derivative



33

Entity-Wise Cash and Debt (Sesa Sterlite Proforma)

Net Debt Summary ($mn)

31 Mar 2012 30 Sep 2012 31 Mar 2013

Company Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt

Vedanta plc2 6,521 184 6,337 6,506 43 6,463 6,424 91 6,334

KCM 750 42 708 769 4 765 761 10 751

Sesa Sterlite Standalone 5,248 978 4,270 5,336 673 4,663 5,263 515 4,748

Zinc International 9 215 (206) - 208 (208) - 197 (197)

Zinc India 0 3,574 (3,574) - 3,698 (3,698) 0 4,045 (4,045)

Cairn India 244 1,797 (1,553) 119 2,499 (2,381) - 3,102 (3,102)

Balco 711 49 662 692 - 692 687 0 687

Talwandi Sabo 657 5 653 714 3 711 706 1 705

TSMHL3 2,741 0 2,741 2,753 - 2,753 2,638 10 2,628

Others4 74 43 31 118 35 83 113 10 103


Debt numbers at Book Values, as of 31 March 2013

Notes: 1. Cash and Liquid Investments; Vedanta plc had an additional $485million of undrawn credit facilities as of 31 March 2013

2. Includes Investment Companies

3. Twin Star Mauritius Holdings Limited (SPV holding the 38.7% stake in Cairn India with associated debt of $5.9bn). Since the table above shows external debt, it

does not include the $3.3bn inter-company receivable at Vedanta plc from TSMHL.

4. Others include: CMT, VGCB, Fujairah Gold, and SIIL investment companies




Others 74 43 31 118 35 83 113 10 103

Sesa Sterlite Consolidated 9,683 6,660 3,023 9,731 7,116 2,615 9,407 7,881 1,526

Total (in $mn) 16,955 6,885 10,0645 17,006 7,163 9,8356 16,593 7,982 8,6167

(343)

10,064

390

2,019 411

8,616

Net Debt Reconciliation

FY2013 ($mn)

(3,925)

390

Opening Net Debt(1 Apr 2012)

Cash Flow from Operations¹

Sustaining Capex Project Capex Shareholder and Minority Dividends

Others Closing Net Debt(31 Mar 2013)


Notes: 1. Excludes sustaining capex

Impact of Group Simplification on pro-forma basis

Group Simplification to Reduce Debt at plc

� Post group structure simplification, debt service

liability at plc reduces to c.$3.5bn

� Debt service cost at Vedanta reduces from c.$500mn

to c.$250mn in FY2013

� Payout-based dividend policies at subsidiaries to

result in significantly higher dividends to plc

Debt Service Liability at plc2($bn)

9.5

(3.3)

3.5

(2.7)

Debt transferred to Sesa Sterlite;

guarantee continued by

Vedanta($mn or as stated)FY2013 Actual

FY2013 Proforma

EBITDA 4,888 4,888


(3.3)

Service Liability Pre Transaction

Service Liability Post Transaction

Intercompany receivable created

at Vedanta, from Sesa Sterlite

EBITDA 4,888 4,888

Underlying Attributable PAT1 363 414

Underlying EPS($/share)1 1.33 1.52

Free Cash Flow after Growth Capex 1,516 1,575

Debt at plc2 9,472 3,487

Interest cost at plc3 499 258

Notes: 1. Based on profit for the year after excluding special items and other gains and losses, and their resultant tax and minority interest effects

2. Debt numbers at Face Values, as of 31 March 2013, net of intercompany receivable

3. Interest paid on external debt net of interest income on inter-company receivable

Notes: The split between debt transferred and intercompany receivable is subject to change

based on refinancing of the Cairn acquisition facility of $2.7bn

Project Capex

Capex in Progress Capacity Completion Time

Capex

(US$mn) FY 2013

Spent up to

31 Mar 13

Unspent as

on 31 Mar 13

Copper Sector

160 MW CPP at Tuticorin 160 MW 1st unit commissioned, 2nd unit in Q1 FY 2014 161 25 151 10

KCM KDMP Project 7.5 mtpa 973 58 889 84

Aluminium Sector

BALCO- Korba III Smelter 325 ktpa 1st metal tapping by Q2 FY 2014 772 113 709 63

BALCO- Korba 1200 MW CPP 1200 MW Awaiting Approval 1,100 83 887 213

BALCO- Coal Block 211 mt Mining from Q2 FY 2013-14 150 2 14 136

Power Sector

Sterlite Energy 2400 MW Completed 1,769 79 1,731 38

Talwandi 1980 MW IPP 1980 MW 1st unit synchronisation in Q2 FY 2014 2,150 622 1,595 555

Zinc Sector

Zinc India(Mines Expansion) 1,500 150 176 1,324

HZL- Zinc & Lead Dariba Project Completed 811 12 811 -


HZL- Zinc & Lead Dariba Project Completed 811 12 811 -

Iron Ore

Pig Iron Expansion Completed 153 14 153

Infrastructure

Vizag General Coal Berth Commissioned 118 59 118 -

Total Capex in Progress 9,657 1,217 7,233 2,423

Continued

Project Capex (continued)

Capex Flexibility Capacity Completion Time

Capex

(US$mn) FY 2013

Spent up to

31 Mar 13

Unspent as

on 31 Mar 13

Copper Sector

SIIL Smelter 400 ktpa EC awaited 367 13 123 244

Aluminium Sector

VAL- Lanjigarh Debottlenecking 1.0 mtpa On hold 150 2 76 74

VAL- Lanjigarh Refinery (Phase II) 3.0 mtpa On hold 1,570 (15) 810 760

Val- Jharsuguda (Smelter II) 1.25 mtpa 2,920 198 2,479 441

Iron Ore

Sesa Iron Ore mine Expansion 36mt On hold 500 26 155 345

Total Capex with Flexibility Progress 5,507 224 3,643 1,865

Improvement Capex Capacity Completion Time

Capex

(US$mn) FY 2013

Spent up to

31 Mar 13

Unspent as

on 31 Mar 13

KCM 273 33 273 -

Zinc India 168 73 168 -


Zinc India 168 73 168 -

Total Improvement Capex 441 107 442 -

Enabling Capex Capacity Completion Time

Capex

(US$mn) FY 2013

Spent up to

31 Mar 13

Unspent as

on 31 Mar 13

Zinc International- Gamsberg 24 8 8 16

Western Cluster Liberia 97 39 67 30

Total Enabling Capex 121 47 75 46

Total Capex (Excluding Cairn) 15,726 1,595 11,392 4,334

Capacity Completion Time

Capex

(US$mn) FY 2013

Spent up to

31 Mar 13

Unspent as

on 31 Mar 13

Cairn India 3,673 424 585 3,089

Total Capex (Including Cairn) 19,399 2,019 11,977 7,422

Credit Metrics

FY2012 FY2013 Covenant

Net Debt/EBITDA 1.9x 1.8x < 2.75x

EBITDA/Net Interest Expense1 11.1x 8.4x > 4.0x

Tangible Net Worth ($bn) 4.5 4.3 > 3.0

Net Assets/Debt 2.47x 2.38x > 1.75x

Gearing2 35% 31%


Notes: 1. Interest includes Capitalized Interest

2. Gearing is calculated as Net Debt divided by the sum of Net Debt and Equity

EBITDA Sensitivities

Commodity prices – Impact of a 10% increase in Commodity Prices

Commodity

FY2013

Average price

FY2013 EBITDA

($mn)

Oil ($/bbl) 108 301

Zinc ($/t) 1,948 195

Aluminium ($/t) 1,974 128

Copper ($/t) 7,853 147

Iron Ore ($/t) 70 20

Lead ($/t) 2,113 33

Silver ($/oz) 30.5 32


Foreign Currency - Impact of a 10% depreciation in FX Rate

Currency

FY2013

Average FX rate

FY2013 EBITDA

($mn)

INR/USD 54.451 204

40

Sales Summary

Sales volume FY2012 FY2013

Zinc-India Sales

Refined Zinc (kt) 758.5 675.0

Refined Lead (kt) 91.7 117.4

Zinc Concentrate (MIC) - 61.1

Lead Concentrate (MIC) 5.4 -

Total Zinc (Refined+Conc) (kt) 758.5 736.1

Total Lead (Refined+Conc) (kt) 97.1 117.4

Total Zinc-Lead (kt) 855.6 853.5

Silver (moz) 6.6 12.0

Zinc-International Sales

Refined Zinc (kt) 152.8 145.5

Zinc Concentrate (MIC) 216.8 209.5

Total Zinc (Refined+Conc) 369.6 355.0

Lead Concentrate (MIC) 84.0 71.8

Sales volume FY2012 FY2013

Iron-Ore Sales

Goa (mn DMT) 13.3 3.0

Karnataka (mn DMT) 2.7 0.1

Total (mn DMT) 16.0 3.1

MetCoke (kt) 251.7 301.9

Pig Iron (kt) 250.6 275.1

Copper-India Sales

Copper Cathodes (kt) 159.0 350.5

Copper Rods (kt) 161.5 171.7

Sulphuric Acid (kt) 594.9 731.1

Phosphoric Acid (kt) 151.7 119.2

Copper-Zambia Sales

Copper Cathodes (kt) 200.9 215.5

Power Sales (mu)


Lead Concentrate (MIC) 84.0 71.8

Total Zinc-Lead (kt) 453.6 426.8

Aluminium Sales

Sales - Wire rods (kt) 267.2 295.4

Sales - Rolled products (kt) 64.0 58.2

Sales - Busbar and Billets (kt) 66.0 98.4

Total Value added products (kt) 397.2 452.0

Sales - Ingots (kt) 271.8 321.0

Sales - Total (kt) 669.0 773.0

Power Sales (mu)

SEL 5,638 7,530

Non-SEL 916 1,358

Total sales 6,554 8,888

BALCO 270 MW 1,605 1,241

Power Realisations (USc/mu)

SEL 7.2 6.1

Non-SEL 9.4 9.1

Average Realisations 7.5 6.6

BALCO 270 MW 6.7 5.9

Power Costs (USc/mu)

SEL 5.4 3.8

Non-SEL 6.0 4.7

Average costs 5.5 4.0

BALCO 270 MW 4.5 4.9

41

Proximity to Rapidly Growing Markets

Vedanta Revenues by GeographyFY2013

82%

54%

40%

48%

Strong Market Positioning in IndiaFY2013 India Market Shares

#1 #1 #1 #2#1

Asia others²1%

Middle East8%

Far East others¹

4%

Europe7%

Africa2%

Others³1%


40%

5%

Zinc Lead Copper Aluminium Oil

Notes: 1. Far East others includes a number of countries, primarily Korea, Thailand, Singapore and Mauritius

2. Asia others includes Sri Lanka, Bangladesh, Nepal and Pakistan

3. Others include the United States, Australia, New Zealand and a number of countries that are not classified in the other available categories

4. Based on domestic Consumption, except Aluminium which is based on primary production. Rank excludes imports. Oil & Gas production numbers considered instead of sales.

5. Source: Indian Ministry of Petroleum and Natural Gas, IBIS, Aluminum Association of India, ILZDA, company sources.

6. Based on Primary lead

India63%

China14%

1%

Optimising Group Structure

Restructuring on track for completion in CY2012

� Consolidates and simplifies group structure,

eliminates cross-holdings

� Delivers significant synergies up to $200mn/yr

� Reduces debt service liability at plc by $5.9bn

Event Completion

BSE and NSE approval � Apr 2012

Competition Commission approval � Apr 2012

Vedanta / Sesa / Sterlite / MALCO � Jun 2012

Konkola

Copper

Mines

VedantaResources

Sesa Sterlite

58.3%79.4%

Listing on LSE

Listing on NSE, BSE and NYSE


Vedanta / Sesa / Sterlite / MALCO shareholder approvals

� Jun 2012

Foreign Investment Promotion Board approval

� Jun 2012

Supreme Court of Mauritius approval � Sep 2012

High Court of Bombay at Goa approval � Apr 2013

High Courts of Madras approval / Transaction completion

� Awaiting approval

� HZL� Zinc Int’l

� Sesa Goa� WCL

� Cairn India

� Tuticorin� CMT

� BALCO� VAL

� Talwandi Sabo

� Jharsuguda� BALCO� MALCO

Zinc-Lead-Silver

Iron OreOil & Gas

(Cairn)

Copper Aluminum Power

Note: Shareholding based on basic shares outstanding

Proposed New Group Structure

Konkola Copper

Mines (KCM)

58.3%

Vedanta Resources

Sesa Sterlite

79.4%

Subsidiaries of Sesa Sterlite

� Iron Ore (Sesa Goa)

� Copper Smelting (Tuticorin)

� Power (2,400 MW Jharsuguda)

� Aluminium (VAL aluminium assets)

Divisions of Sesa Sterlite


100%64.9%

Zinc India (HZL)

AustralianCopper Mines

Cairn India

58.8%

Subsidiaries of Sesa Sterlite

Option to increase stake

to 94.4%

Unlisted entitiesListed entities

Talwandi Sabo Power

(1,980 MW)

100%

VAL Power and MALCO

Power (1,405 MW)

100%

Skorpion & Lisheen -

100%BMM -74%

100%

Zinc International

51%

Bharat Aluminium (BALCO)

Option to increase stake

to 100%

100%

Western Cluster

(Liberia)

44

Note: Shareholding based on basic shares outstanding as on 31 March 2013

Vedanta Group Structure

Konkola Copper

Mines (KCM)

54.6%

Vedanta Resources(Listed on LSE)

Madras Aluminium (MALCO)

94.8%70.5%

29.5% Sterlite Industries(Listed on BSE, NSE and NYSE)

VedantaAluminium

(VAL)

79.4%

Sesa Goa (Listed on BSE

and NSE)

55.1%

3.6% Cairn India Ltd(Listed on BSE

and NSE)

38.7%

20.1%


Zinc IndiaCopperAluminium Iron ore Power

KEY

51.0% 100%64.9%

Zinc India(HZL)(Listed on BSE

and NSE)

AustralianCopper Mines

Bharat Aluminium (BALCO)

Sterlite Energy

100% 100%

Skorpion and Lisheen

Black Mountain

100% 74%

Zinc International

Liberia Iron Ore Assets

Oil & GasZinc International

45

Note: Structure as at 31 March 2013

Documents

Preliminary Results Presentation 31 March 2013...FY2013 PRELIMINARY RESULTS PRESENTATION -16 MAY 2013 11 Long-Term Value Creation with a Focus on Sustainability increasing free cash