Thinking big Doing better

Resources Logistics Energy

55 96 146

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212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

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247 150 70

2

Vision - To be globally admired leader in integrated infrastructure businesses with a deep commitment to nation building. We shall be known for the scale of our ambition, speed of execution and quality of operations

Leading Player in private

power generation

• Power Generation

• Power Transmission

• City Gas Distribution

Energy

India:

• Largest trader of Coal

• Largest contract mining

developer & operator

• Contract order book of 97 mtpa

Indonesia:

• Resource 269 mn tn

• Mine life: 15 yrs

• 11 mtpa (peak)

Australia:

• JORC Resource: 11 bn ton

• Mine life:100 yrs

• 100 mtpa (peak)

India:

• No. 1 Port of India

• Largest indigenous Ports

Developer & Operator

• 6 Operational Ports / Terminals

• Developing 2 terminals on west

and east India

• Largest Private Rail Developer

Shipping:

• Own & operate 4 capesize

vessels

India:

Generation:

• 9240 MW thermal capacity by

2014

• 40 MW Solar Power Plant

Transmission:

• 5051 Ckt km of transmission

network

City Gas Distribution:

• Operate in 4 cities in

India.(Ahmedabad, Baroda,

Faridabad & Khurja)

Owning a large network of ports,

rail lines, ships

• Ports

• Multi Modal Logistics

• Special Economic Zones

Logistics

Sourcing Coal from around the

world

• Coal Mining

• Coal Trading

• Integrated Coal Management

Resources

Adani Group: Integrated & synergistic business model

3,077 5,654

12,822

16,764* 18,133

17,358

-

5,000

10,000

15,000

20,000

FY09 FY10 FY11 FY12 FY13 FY14

200 384

1,000 1,084 1,271

1,700

-

500

1,000

1,500

2,000

FY09 FY10 FY11 FY12 FY13 FY14

Adani Group – Thinking Big, Doing Better

3

Net Asset (USD mn)

EBIDTA (USD mn)

• Commercial Port in India

• Coal Import Terminal at Mundra

• Private Power Producer in India

• Mine Developer and Operator in India

• Trader of coal in India with consistent share of

about 50%

• Edible Oil Company in India in terms of market share

No.1 :-

* Figure is excluding Abbot asset

Resources Logistics Energy

•Coal Trading

•Coal Mining

•Sea Ports

•Railways

•Power

• Generation

• Transmission

Coal Business: Growth Potential

5 Source: Research Reports

Coal Mining (MDO)

Coal Mines Ordinance:

The ordinance has carved out special provision for allotment of the cancelled coal blocks to the Government companies, having specific end use (only captive use) without going through public auction

In view of this, we expect our MDO coal blocks (Parsa Kente, Machhakata, Chendipada and Parsa) to be reallocated to the respective utilities being Government companies and having specific end use

Our MDO contract for Kente Ext. is not affected by Honorable SC order since it was allocated to RRUVNL under new auction by competitive bidding of Coal Mines Rules 2012

This ordinance brings further opportunity for Adani Group to retain & strengthen its presence in the MDO business and also obtain coal resources for our power business

Thermal Coal Import (MMT)

0

100

200

300

20

11-1

2

20

12-1

3

20

13-1

4

20

14-1

5 P

20

15-1

6 P

20

16-1

7 P

20

17-1

8 P

20

18-1

9 P

20

19-2

0 P

90 116 139 169 194 218 243 270 299

0

200

400

600

800

1000

1200

20

11-1

2

20

12-1

3

20

13-1

4

20

14-1

5 P

20

15-1

6 P

20

16-1

7 P

20

17-1

8 P

20

18-1

9 P

20

19-2

0 P

Power (Mt) Cement CPP (Captive) Sponge Iron Others

Thermal Coal Demand Sector-wise (MMT)

Thermal coal import in India is estimated at 169 MT in FY2015 and expected to grow at 15% YoY

Multi-Country Procurement

Multi modal Logistics

Customer Account Management

Financing

South Africa

Richard Bay

Ports

Locations served

Indonesia

Indonesia

Tarakan

Tanjung Bara Bontang

Samarinda

Muara Satui Tanjung

Pemancingan

Australia

Queensland

Mundra

Gangavaram

Kakinada

Vishakhaptnam

Tuticorin

Haldia

Suratgarh

Tanda

Unchahar

Sipat Korba

Koradi

Parli

Chanderpur

Simhadri

Kota

Chhabra

Gandhinagar Wanabori

Dadri

Panipat

Yamunagar

Hissar

Panki

Parichha

Harduaganj

Kahalgaon

Ramagundam

Kondapalli

North Chennai

Mettur Tuticorin

Rihand

Vindyachal

Paradip

[Talcher]

Mejia

Badarpur

Ennore

Dahej

Bedi Navlakhi

Kandla

Kolaghat

Bakreshwar Bandel

Sagardighi

Durgapur

Hazira

Goa

Tiroda

Coal Business

Electricity Boards

Private Business

Adani Power Ltd

Third Country

Consistent Market share in

electricity business ~50%

We are a team of 200 + People with operations spread across globe through our 25 satellite offices, 18 branch offices, 3 global offices and a head

office based out of Gurgaon.

Coal Trading: Largest Integrated Coal Management

6

Mining Locations Ports

Mundra

Machhakata

Dahej Port

Hazira Port

Parsa

Chhendipada

Parsa – Kente Mormugao Port

Vizag

Kandla

7

State Chhattisgarh Odisha

Mine Parsa -Kente

(RRUVNL)

Parsa

(CSPGCL)

Kente Extension (RRUVNL)

Machhakata

(MGCL)

Chendipada

(UCMCCL)

Block Area (Sq

Km) 27.67 12.52 17.00 20.43 27.42

Mineable Reserve (Mn MT)

452 150 200 1244 1589

Capacity at peak level (MMTPA)

15 5 7 30 40

Overall Stripping Ratio

5.16 5.46 5.10 2.44 2.75

Commencement of Production

Started Feb 13

2016 2017 2016 2016

Notes:

1. RRVUNL – Rajasthan Rajya Vidyut Utpadan Nigam Limited ; 2. MGCL – Mahaguj Collieries Ltd. ; 3. CSPGCL – Chhattisgarh State Power Generation Company

Limited 4. UCMCCL - UCM Coal Company Limited

Coal Mining: Largest Mine Developer & Operator

8

Coal Mining: Indonesia

Indonesia

Bunyu Island

Coal Crushing

Coal Loading

Particulars Capacity

Location Bunyu Island, Indonesia

Resource 269 MMT (JORC)

Current Capacity 7 MMPTA

Production FY14: 3 MMT

FY15: 4.5 MMT (budgeted)

Coal Mining

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9

Australia Mine: Funding Plan and Timeline

Particulars Mine

Total Capex 4,200

Debt 2,940

Project Finance 2,140

Equipment Financing 800

Equity 1,260

Of which already invested 800

USD mn

Particulars Mine

Open Cut Mining 28 MMT

First Coal Open Cut Aug-17

Underground Mining 14 MMT

First Coal Underground Mar-18

Q1 2015 Off-Site & On-Site Infra Construction Commencement

Q4 2015 Financial closure

Q3 2017 Open Pit E - First Coal

Q4 2017 Open Pit D - First Coal

Q1 2018 Underground 1 System Cut First Coal

Q3 2018 Underground 2 System Cut First Coal

Timeline Carmichael Coal Mine

Agro

10

• Capacity of 21000 MT of storage of Apple

• State of Art Control Atmosphere Storage facility at 3 locations in Himachal

Pradesh

• Distribution set up across India under brand “Farm-Pik”

• One of largest importer of fruits into India

• Operates storage capacities of 6,00,000 MT at 7 locations across India

• Another 3,50,000 MT in development across 7 locations in Madhya Pradesh

• State of Art mechanized storage facilities with private railway siding

• Operates storages facilities under Build Own Operate model for FCI for 20 years

Agri Infrastructure: Food Grains

• Joint venture with Wilmar, Singapore • “FORTUNE” - India’s number 1 edible oil brand with more than 20% market share

(AC Nielson) • Revenues in excess of $ 2.5 Bn • Volumes more than 3.5 MMTPA • Expanding into more agro products such as Rice, Pulses. Soya nuggets etc • Major Exporter of Castor Oil/derivatives and Soya De-oiled cake • Manufacturing facilities spread across 18 locations pan India with 10k refining

& 7k crushing capacity

Edible Oil & Agro commodities

Agri Infrastructure: Fruits

Agri Infrastructure: Food Grains

Resources Logistics Energy

•Coal Trading

•Coal Mining

•Sea Ports

•Railways

•Power

• Generation

• Transmission

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

12

SEZ land leases complementing business models of Ports and Logistics at Mundra.

6641 acres of contiguous land available with all necessary approvals and amenities

Diverse clientele of storage for refineries, power generators, automobile industry and other industrial consumers

Ports & Logistics: Huge Growth Potential

Dahej

Vizag

Mundra

Hazira

Mormugao

Kandla

Dhamra

Ennore

Major Ports where APSEZL has terminals

Non major ports - APSEZL

SEZ

Established connectivity infrastructure including rail, road and pipe line

120 km railway line on the west coast; 63 km railway line at Dhamra on the east

Development of Inland Container Depots and container rail movements across country

Only pan India port company with 8 ports

across Indian coastline

6 operational ports; 2 under implementation

Multi Commodity Ports: >300 mtpa capacity

% of India’s international trade: 12%

Largest beneficiary of recovery in GDP and

trade

Preferred Indian Partner of Global Liners

Logistics

Ports

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13

Pipe Road Rail

Mundra

Hazira

Dahej

Dhamra

Ports\Mode

P P P

- P P

- P P

- P P

Ports & Logistics: Robust Evacuation Infrastructure

Origin Destination Distance (Kms) Advantage

Mundra

Mundra- Delhi 1,105 -

Mundra- Bhatinda 1,128 -

Mumbai-Bhatinda 1,536 408

Mumbai- Delhi 1,350 245

Pipavav- Delhi 1,191 88

Pipavav-Bhatinda 1,377 249

Shorter Route Compared to other Ports in the region

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85 142 213

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155 187 89

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14

Ports & Logistics: DFC/DMIC – a Cargo Booster

DFC/

DMIC

• The development & construction of high

speed, more efficient railway lines

• DFC is also expected to drive the

establishment of industrial corridors & logistic

parks along its alignment

• Total length: ~3300 kms

• Investment: Rs 900 bn

Status • Western corridor to be completed by 2018

• Eastern corridor to be completed by 2019

Capacity • Double stacking vs single stacking currently

• Axle load of 32 ton vs 22 ton currently

• 8-15 ton carrying capacity vs 4-5 ton currently

• Average speed 100 kmph – almost 3 times

current speed

Benefit • Mundra Port is connected with western

corridor through Mundra – Adipur – Palanpur

rail line (Kutchh Rail Corporation)

• Triple industrial output in five years (25%

CAGR)

• Quadruple exports from the region in five years

(32% CAGR)

Source: DFCCIL/DMIC website

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15

Ports & Logistics: Dhamra Strategic Importance

Dhamra: Enabling APSEZ to be a PAN India Port Company

To service landlocked Eastern and North Eastern

hinterland enabling APSEZL ports service entire land

locked Indian hinterland

Master plan to go up to 100 mtpa of cargo; Established

customer base- committed volume off-take; Rich

hinterland

Gateway for costal coal exports from the east to western

India; Access to steel industries and power plants

Robust cargo evacuation infrastructure; Dedicated 63 km

railway; Proximity to the golden quadrilateral

Deepest port; Highly mechanized cargo-handling

facilities; Likely to be the most cost-effective and

efficient port on the eastern coast of India

Near to Inland National Waterway projects: NW1: Ganga,

NW4: Krishna & Godavari, NW5: Brahmani & Mahanadi

rivers

Opportunity to emerge as a “container hub of the east”

with no large terminals between Chennai and Chittagong

Dahej

Vizag

Mundra

Hazira

Mormugao

Kandla

Dhamra

Ennore

NW 4

NW 5

NW 1

Coal Basins and Fields

Resources Logistics Energy

•Coal Trading

•Coal Mining

•Sea Ports

•Railways

•Power

• Generation

• Transmission

Power: Sectorial Demand continue to rise…

17

Average Deficit in the Last Decade: Peak deficit: 12%; Energy deficit: 9%

India – Installed Capacity: 253 GW*

Installed Capacity in India - Category

Source: 11th & 12th FYP, Ministry of Power, CEA * As on 31st Aug 2014

Units in GW

2012 2017 2020

132

204 240

39

50 57

5

10 19

25

25

32

Thermal Hydro Nuclear Renewables

200

288

347

Peak & Energy Deficit : Year-wise

Hydro 40 GW

Other 32 GW

Nuclear 5 GW

Thermal 176 GW 13361

6460 5741

2942 2384 884

0

2000

4000

6000

8000

10000

12000

14000

16000

USA Russia UK China Brazil India

kW

h

Lowest per capita electricity consumption

12% 12% 14%

17%

12% 13% 13% 11% 9%

5% 5% 7% 8%

9% 10%

11% 10%

9% 8% 9%

4% 4%

Peak Deficit Energy Deficit

Power: Generation & Transmission

18 Notes: 1. Project under AEL Subsidiary

# Line 1 operational

Commissioned: 3.300MW

Commissioned: 1,320MW

Kawai

Commissioned: 4,620MW

Mundra

Tiroda

Dehgam

Mohindergarh

Aurangabad Warora

Adani Power projects are in high growth states of India. Also these states have financially strong SEBs

40 MW Operational Solar Power Project1 in Gujarat

SN Location Capacity

(MW)

1 Mundra (Gujarat) 4,620

2 Tiroda (Maharashtra) 3,300

3 Kawai (Rajasthan) 1,320

Total - Implementation 9,240

Power Generation

Power Transmission

SN Connecting Locations Length

(Ckt Kms)

1 *Mundra – Dehgam 1000 MW, 400 KV

868 Operational

2 *Tiroda – Warora 1000 MW, 400 KV DC

438 Operational

3 *Mundra – Mohindergarh 2500 MW, 500 KV HVDC

2,530 Operational

4 Tiroda – Aurangabad1 4500 MW, 765 KV SC

1,215 Operational#

Total 5,051

Operation(MW)

4,620

3,300

1,320

9,240

*Transmission lines are part of inter-state transmission system

19

Power: Fuel Security & Off-take in Place

Customer Total

Capacity (MW)

Capacity contracted

(MW)

Levelised tariff

(INR/unit)

PPA starts from

Coal Availability Qty (MMT)

Coal Required (MMT)

Remark

GUVNL (330x4) 1,320 1,000 2.89 Feb-10 Imported Coal 10.2 ~40% of coal requirement tied up

through CIL domestic coal supply

Balance coal cost pass through as per CCEA directive

CERC issued final order granting

compensatory tariff

GUVNL (660x2) 1,320 1,000 2.35 Feb-12

UHBVNL & DHBVNL (660x3)

1,980 475 + 949 2.94 Aug-12 / Feb-13

FSA signed for 6.4 MMT

6.4

Mundra 4,620 3,424 16.6

MSEDCL (660x2)

1,320 1,320 2.64 Aug-12 FSA signed for 4.91 MMT FSA - Tapering linkage signed for 800 MW#

8.3

~66% of coal requirement tied up through CIL domestic coal supply

Balance coal cost pass through as per

CCEA directive

MERC issued final order granting compensatory tariff

MSEDCL (660x3)

660 125 + 440

3.28**

Aug-14 / Feb-17

1,320 1200 Apr-14 MoU signed for 3.39 MMT

5.5

Tiroda 3,300 3,085 13.8

RRVPNL (660x2) 1,320 1,200 3.24** Aug-13 MoU signed for 3.39 MMT

5.5

~62% of coal requirement tied up through CIL domestic coal supply

Balance coal cost pass through as per

CCEA directive

Proceedings completed in RERC. Order awaited.

Kawai 1,320 1,200 5.5

Grand Total 9240 7709^ 19 35.9 ~53% of coal requirement tied up through CIL domestic coal supply

**Fuel & Fuel Transportation are linked to CERC escalation index in PPA tariff ^ PPA Capacity 92% of Net capacity

# SLC (LT) has approved 1 year extension of tapering coal supplies, pending decision of competent authority

20

20

Disha: Power Operations Ignite: Ports Operations

Agile: Capital Projects Synergy: Services (Finance, IT, HR)

BPT of Power Operations Group with ATK:

– Strategic Planning

– Revenue Management

– Operations and Maintenance

– Fuel Sourcing and Mgmt.

BPT of Ports Operations Group with KPMG :

– Marine Operations

– Terminal Operations

– Engineering Services

– Customer Service & Marketing

BPT of Projects with Accenture:

– Sourcing and Procurement

– Project Management

– Engineering

– Construction and Commissioning

BPT of Services with Strategy&*:

– Finance: B2P, O2C, Tax, R2R, Treasury, FP&A, ABEX

– IT: Planning, Delivery, Support

– HR: TM, TA, L&D, PMS, HR Ops

Tezz Transformation: Components and Key Processes

TEZZ

Adani Group: Business Process Transformation

* Formerly Booz & Company

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85 142 213

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212 226 185

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155 187 89

96 74 123

75 172 198

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21

Power: Growth Enablers

Domestic coal availability can now be a reality based on ordinance

• Ensures a long-term fuel supply for the sector, with overall fuel

production to rise

• Increased coal production and efficiencies result in lower fuel

pricing

• Opportunity for private IPPs with operational / ready to use capacity

New Projects – sources of funding & opportunity for growth

5/25 scheme announced by RBI

• Existing long term debt are allowed to be refinanced till

economic life of asset

• Average debt tenure for long term loan of Adani Power would

be about 20 years

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

22

Adani Group: Our Leadership Position

Leadership Position

• Leadership Position in Ports – 8 Ports • Our Leadership Position as Private Sector

Generation Co - 9240 MW • Transmission Network – 5051 circuit kms • Coal Trading

• Mine Developer and Operator

Favorable Macroeconomic

Environment

Clear Policy

Framework

Sustainable Growth of Business

23

AEL assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. AEL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of AEL. This presentation is strictly confidential. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. This presentation contains translations of certain Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader.

Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Enterprises Limited (“AEL”) and Adani Ports and Special Economic Zone Limited (“APSEZ”) & Adani Power Limited (“APL”), their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of AEL’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of AEL. AEL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation.

Legal disclaimer