Thinking big Doing better

Resources Logistics Energy

Today & 2020

Resources

Logistics

Energy

Coal Mining

2012 : 2 MMT

9M 2013 : 3 MMT2020 : 200 MMT

Coal Trading

2012 : 36 MMT

9M 2013 : 34 MMT2020 : 100 MMT

Port Cargo

2012 : 66 MMT

9M 2013 : 65 MMT2020 : 200 MMT

Power Generation

2012 : 4660 MW

Current : 5980 MW2020 : 20000 MW

2

Coal Trading & Mining

2020

2012

300MMTPA

36MMTPA

3

Coal: Fuel Security

2012 2017 2020

658975

124036

80

100

2

70

200

19%

696

1125

1540

Units in MMTPA

Mining (AEL) Imports (AEL)

CIL & Other Imports AEL Market Share

Source: Ministry of Coal/XIIth Plan Working Group/Company estimates,

13%

6%

* As of 31st Dec 2012

Adani: Key Supplier to Growing Coal

Demand in India

Coal imports rising steadily in India

driven mainly on account of higher

demand supply gap

Coal demand driven predominantly by

Indian Power Sector – estimated to

reach ~275 GW by 2017 from 211 GW*

currently

4

Largest Procurer of Coal in India

Multi-CountryProcurement

Multi modal Logistics

Customer Account Management

Financing

Consistent market share of

~ 50%

Map not to scale

Australia

Indonesia

South Africa

Mundra

GangavaramKakinada

Vishakhaptnam

Tuticorin

Haldia

Suratgarh

Tanda

Unchahar

SipatKorba

Koradi

Parli

Chanderpur

Simhadri

Kota

Chhabra

GandhinagarWanabori

Dadri

Panipat

Yamunagar

Hissar

Panki

Parichha

Harduaganj

Kahalgaon

Ramagundam

Kondapalli

North ChennaiMettur Tuticorin

Rihand

Vindyachal

BakreshwarBandel

Sagardighi

Kolaghat

Paradip

[Talcher]

MejiaDurgapur

Badarpur

Ennore

Pipavav

Bedi Navlakhi

Kandla

Richard Bay

Ports

Locations served

Indonesia

TarakanTanjung Bara

BontangSamarinda

Muara Satui TanjungPemancingan

Queensland

829 36

6580

100

020406080

100120

FY07 FY10 FY12 FY15 FY17 FY20

5

Largest Mine Developer & Operator

Mining LocationsPorts

Mundra

Machhakata/Mahanadi

Dahej PortHazira Port

Parsa

Chhendipada

Parsa – KenteMormugao Port

Vizag

Kandla

Land Acquisition

Develop, Plan, Operate

& Manage Mining

Operations

Establishment of Washery

& Rejects based Power

Plants

Logistic Solutions

6

MDO: Mining, Development and Operations

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 LimitedAdditional : # in process 30 MMTPA, ̂LoI received for 20 MMTPA from RRVUNL

201520142014Production Started in Jan 13

Expected Commencement of

Production

2.752.445.465.16Overall Stripping Ratio

4050515Capacity at Peak Level (MMTPA)

E/F GradeF GradeF GradeF GradeAverage Grade

1.503.00.150.45Mineable Reserve (Bn MT)

21.9120.4312.5227.67Block Area (Sq Km)

UCMCCL4MGCL2CSPGCL3RRVUNL1Beneficiary

ChhendipadaMachhakata / Mahanadi #ParsaParsa – KenteMine

OrissaChhattisgarhState

Coal Mining Operations – 110 MMTPA ^

7

Indonesia Mining: Bunyu Coal Mine

Indonesia

Bunyu Island

Coal Crushing

Coal Loading

Particulars Capacity

Location Bunyu Island, Indonesia

Reserve 180 MMT

Peak Capacity 11 MMTPA

Current Capacity 7 MMPTA

8

Coal Mining

Australia Mining: Carmichael Coal Mine

Particulars Capacity

Location Queensland, Australia

Resource 9.4 BnMT (JORC)

Peak Capacity 100 MMTPA

Coal Quality 5400-5500 Kcal (GAR)

Expected Commencement 2015 Largest Investment by an Indian

company in Australia.

9

118 Km67 Km

195 Km

270 Km

Blackwater

Clermont

BOWEN

Galilee

BASIN

China First

Suggested rail links

Blair Athol

Kevin’s Corner

Abbot Point

Dudgeon Point

Goonyella System

Newlands System

Carmichael Coal Mine

Ports and Logistics

2020

2012

200MMTPA

66MMTPA

10

Ports & Logistics: Immense Industry Potential

Ports in India: An Overview

A coastline of 7,517 km, comprising 13 Major and 187 Non-major Ports

About 95% (by volume) of India’s international trade moves through Ports

Growth (CAGR) over the last decade

•Major Ports: 7% (run by GoI)

•Non major Ports : 14% (Private Ports) - Double the growth compared to Major Ports

•Mundra Port, India’s Largestnon Major Port (36% CAGR).

FY 12 FY 17 FY 20

5601,034 1,221

293

7971,015

66

193278

Units in MMTPA

7%

11%

Source: Company estimates

10%

Major Ports Non Major Ports 1

APSEZ Ports APSEZ Market Share

919

2024

2514

11

APSEZ: Market Leader In India

• Ports under public private partnership

• Greenfield development with limited revenue share to government

• Opportunity for expansion • Commercially negotiated pricing

Inland Container Deports

License to operate container rail across India

Mundra

Hazira

Vizag

Dahej

Kishanghar

Patli

DahejMundra Hazira Mormugao VizagKandla

Mormugao Abbot*

AUSTRALIA

INDIAKandla

APSEZ as developer of Non Major Ports

Operations by Operational FY 16 Operational Operational FY 14 FY 15

Cargo Bulk/Container/Crude Bulk Bulk Bulk/Container Coal Coal

Berth 3150 mtr 600 mtr 566 mtr 1580 mtr 300 mtr 310 mtr

Expansion Yes No No Yes No Yes

Connectivity Rail/Road/Pipe/Air Rail/Road Rail/Road Rail/Road Rail/Road Rail/Road

12

* Independent Board of Director of APSEZL has in principle decided to divest stake in Abbot Point, Australia to Adani family subject to approvals & formalities.

APSEZ: Pan India Presence

Port Name Mundra Dahej Hazira Murmugao Vizag Kandla

Capacity (MMTPA)

Bulk (MMTPA) 100 20 15 - - -

Crude (MMTPA) 50 - - - - -

Container (Mn TEUs) 4.0 - 1.5 - - -

Total Capacity(MMTPA) 200 20 35 - - -

Under Development

LNG 5 - - - - -

Bulk 40 - 10 7 20

Total Development 45 - 10 7 20

Incremental Capacity 245 20 35 10 7 20

Fully Mechanized √ √ √ √ √ √

Revenue Share NIL NIL 3% after 10 yrs 20% 40% 25%

Tariff Fixation Commercially Negotiated

Commercially Negotiated

Commercially Negotiated Regulated Regulated Regulated

13

APSEZ: More than 250 MMTPA Capacity Created

14

Cargo Handled at Adani Ports

Capacity Creation: Assets Created and Under Implementation

In MMT

Indian Ports (MMTPA)

Ports Current Capacity

Proposed Capacity

Mundra 200 245

Dahej 20 20

Goa - 10

Hazira 35 35

Vizag - 7

Kandla - 20

Total Capacity 255 337 3 4 59 12

20

2936

40

52

66

FY02FY03FY04FY05FY06FY07FY08FY09 FY10 FY11 FY12

0

50

100

150

200

250

300

350

Mundra Dahej Hazira Murmugao Vizag

APZEZ: Current Positioning & Connectivity Edge

15

Cargo at Indian Ports: 9M FY13: Mundra continues at 2th #

Ports in India: An Overview

• Mundra – Delhi vis-a -vis Mumbai - Delhi 322 km distance advantage

• Mundra – Bhatinda vis-a -vis Mumbai - Bhatinda: With Bhildi – Luni; Conversion completed; distance advantage: 392 km

• Double stacking on trains from Mundra & Python Rail: 90 wagons train operated out of Mundra

0

20

40

60

80 69.559.2

48.0 44.2 44.1 40.8 39.927.0

21.0 20.2 14.9 14.9 12.2 8.7

In MMT

Rail Linkages & Distance Advantages

APSEZ: The Energy Gateway

Crude: Crude – PoL products imports

• 2 SPMs: Servicing Indian Oil Corporation and HMEL

• Scope to add in 2 more SPMs as cargo ramps up

• 2 Crude pipelines and a PoL pipeline linked to north India

Coal: Feeding to power projects across the hinterland

• Mundra caters to 17% of India’s coal imports;

poised to grow to nearly 25%

• Operational power generation capacity of 7820 MW.

under implementation 800 MW, under development 3300 MW

LNG: Servicing the “tomorrow” of Energy

• LNG Terminal of 5 MMTPA proposed

• Supply to hinterland via Mehsana Bhatinda pipeline

Deep Draft, Location Advantage, Established Connectivity

Transmission Lines

Crude Pipeline to HMEL, Bhatinda

Crude Pipeline to IOC, Panipat

PoL Pipeline to HPCL, Delhi

LNG Pipeline Mehsana to Bhatinda

16

APSEZ: Unparalleled Operational Expertise…

Storage

1 mn sq. mtrs of Warehouses

400 mega liters Liquid Tank Farms

12.5 Hectares of Back up yard for containers

Pilotage &Towage

20 tugs & master mariners

13 Dredgers for Capital

Dredging across ports

Berthing

20 Bulk Berths

8 Container Berths

2 Single Point Moorings

Cargo Handling Bulk Handling: 135 MTPA Containers: 5.25 MnTEUs Crude Handing: 50 MTPA Fully Mechanized Cargo

handling terminals

Internal Transportation

>58 kms of Conveyor Systems

>120 kms of private roads

>80 kms Railway Sidings

Evacuation

150 kms of private railway line

Pipelines over >1,000 kms

3km airstrip at Mundra

17

APSEZ: Scalability of Port (40 km of Waterfront Development)

Coal Bulk Terminal

AICTPL - CTIII(Existing)

ProposedLNG

Terminal

Air Strip

MPT III (Existing)

Intra SEZRail & Road

CTI & II (Existing)

East Basin(Heavy Engineering Units)

North Basin

Pipelines towards SPMs

64 kms RailwayTowards Gandhidham

NH 8A –Port connectivity

MPTs I (Existing)

MPT II (Existing)

South Basin

West Basin

Land Notified: 6472 Ha (15,995 Acres). Area Under Possession: 9495 Ha (23,643 Acres)

18

APSEZ: Abbot Point Stake Sale

19

Proposal:

• To divest its stake in entities controlling the

Abbot Point Coal Terminal in Queensland,

Australia to the Adani family

• Subject to requisite approvals, formalities

and clearances, at a valuation determined by

an independent valuer.

Outcome:

• To focus on high growth emerging economies

like India

• The debt on the Abbot Point asset and the

corporate guarantee from APSEZL to be

released.

• Significant reduction in the leverage

parameters of the consolidated as well as the

standalone entity.

Power Generation and Transmission

2020

Current

20000MW

5980MW

20

Indian Power Sector: Demand continue to rise…

Current YTD deficit @ 9%+ – deficit of 12 GW

India – Installed Capacity: 211 GW (as on 31st Dec., 2012)

India - lowest per capita amongst G-20 - 779 Kwh

v/sChina – 1684 KwhUK – 6756 KwhUSA – 14240 Kwh

Share of Private sector – generation capacity: 29% now, will grow to 40%+ by 2020 (present 62 GW will grow to 126 GW in FY20)

Power in India: An OverviewInstalled Capacity in India

India – Installed Capacity Source wise

199

275 315

-

50

100

150

200

250

300

350

2012 2017 2020

Thermal, 67%Nuclear, 2%

Hydro, 19%

Renewable, 12%

21

Source: Ministry of Power, CEA

APL: Power Generation & Transmission

22

Notes: 1. Project under AEL Subsidiary

Commissioned: 1.320MW Under Implementation:1,980 MW

Under Implementation: 1,320 MW

Kawai – August 2013

Commissioned: 4,620MW

Mundra - April 2012

Tiroda – July 2013

Dehgam

Mohindergarh

Aurangabad Warora

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

40 MW Operational Solar Power Project1 in Gujarat

* In Operation – 5940 MW

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(Kms)

1Mundra – Dehgam1000 MW, 400 KV

433Operational

2 Tiroda – Warora1000 MW, 400 KV DC

200 Operational

3 Mundra – Mohindergarh2500 MW, 500 KV HVDC

1,000Operational

4Tiroda – Aurangabad1

4500 MW, 765 KV SC1,290

Total 2,923

APL: Fuel Tie – Up: 9,240 MW

23

ProjectMundra – 4,620 MW

(MTPA)Tiroda – 3,300 MW

(MTPA)Kawai – 1,320 MW

(MTPA)

Requirement 16.6 13.8 5.8

Domestic Linkage6.4

FSA Signed (MCL)

8.0 FSA signed for 2.3

(SECL & WCL)-

Domestic Linkage Applied For

- 7.0 7.0

Imported Coal 10.2 - -

* Exclusive of Mundra Port Handling Charges

Grade

F (MCL)

F (SECL)

E (WCL)

GCV (K Cal / Kg)

3,700 – 4000

4,000 – 4,300

4,600 – 4,900

Row Coal Price at Mine

(Rs. / Tonne) #

893

971

1,554

Freight & Other Charges(Rs. / Tonne)

947

414

316

CIF Price at Destination(Rs. / Tonne)

1,385

1,870

1,840*

# w.e.f. January 1, 2012 & June 21, 2012

990 1320

3300

5280

330

1980

1980

3960

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

10000

2010 2011 2012 2013

Existing Capacity Capacity Added

APL: Secured Cash Flows: Long Term Off-take Arrangements

24

Off-take Arrangements

Notes:GUVNL: Gujarat Urja Vikas Nigam Limited ; UHBVNL: Uttar Haryana Bijli Vitran Nigam Limited ; DHBVNL: Dakshin Haryana Bijli Vitran Nigam Limited MSEDCL: Maharashtra State Electricity Distribution Company Limited ; RRVPNL: Rajasthan Rajya Vidyut Prasaran Nigam Ltd

Commissioning Plan

M – Mundra, T – Tiroda, K – Kawai # Fuel & Transportation, escalable *CY: Calendar Year

CY*

1320

3300

5280

9240PPA(MW) Utility Date

Levelised Tariff

(Rs. / KWh)

M - 1,000 GUVNL Feb / June 10 2.89

M - 1,000 GUVNL Feb 12 2.35

M - 1,424

(712 MW each)

UHBVNL

&

DHBVNL

Aug 12 (475)

Feb 13 (949)2.94

T - 1,320 MSEDCL Aug 12 2.64

K - 1,200 RRVPNL Aug 13 3.24#

T - 1,200 + 125 MSEDCL April 14 3.28#

7,269 Total contracted capacity

83% Tied up under Long Term PPAs

APL: Domestic Coal Availability & Pass-through

25

Fuel Supply Agreement (FSA)

APL Ph IV - FSA for 6.4 MTPA of Domestic Coal has been signed, and receiving domestic coal from July-12

APML Ph I & II - FSA for 2.3 MTPA out of 8 MTPA has been signed and the rest shall be signed shortly

Price Pooling

CIL has assured 65% domestic coal & 15% imported coal with pricepooling

Price Pooling mechanism will ensure that no extra price for importedcoal till at least 80% of the coal requirement is met – Detailed Terms &Conditions yet to be finalized

Merchant Support

Surplus power generated will be sold through merchant mechanism; sohigh cost of coal should not affect our profitability for quantity beyondPPA.

Present Price is around Rs 4.5/Kwh level and already showingnorthbound trend due to restricted supply, drought like situation in thecountry and improvement in SEBs financial health

Cost Pass-through

Mechanism

As regards the tariff revision, the regulatory commission (CERC), whichhad earlier resolved the jurisdiction matter, has now initiated the processof deciding on our Force Majeure petition

Foreign Exchange movement is also being proposed to be a Pass Throughsince Indian developers have no control over it.

Legal disclaimerAEL 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.

26