Private & Confidential

TECHNO ELECTRIC AND ENGINEERING COMPANY LIMITED INVESTOR PRESENTATION

October, 2012

2

Section 1: Introduction and Company Overview

Section 2: Financial Performance

Section 3: Industry Outlook

CONTENTS

INTRODUCTION AND COMPANY OVERVIEW

Section 1

4

Company and Business Overview

Incorporated in 1963, Techno Electric and Engineering Company Limited (Techno) is headquartered in Kolkata

Techno is involved in the following business segments:

EPC contracting focused on the Indian power sector –

– Turnkey projects ranging from complete power generating plants to system packages of plant tailored to complement larger systems supplied by others

– Electrical System across Generation, Transmission & Distribution up to 765 KV

– Tailored power solutions for Industries such as Aluminium, Petrochemicals etc

Renewable Power Generation – operates 207.35 MW of Wind Energy assets and plans to expand further. Plans to enter Bio Mass, Solar and Hydro based power generation

Transmission – Completed a 25 year (extendable by 10 years) Concession in consortium with Kalpataru Power for transmission link at Jhajjar, Haryana

Experienced team of over 175 engineers backed by 225 skilled professionals and 100 staff members

Recognized as one of the leading Indian corporate:

Forbes, 2008 (Best 200 Under Billion List in Asia)

Business Standard, 2009 (Top 1000 Companies of India)

Dalal Street , 2009 (Top 400 Large Cap Corporates in India)

Mint, September 2010 (Top 100 Performing Companies in India)

TECHNO – NOT JUST ANOTHER POWER SOLUTIONS COMPANY

Revenue Growth CAGR - 19% over last 4 years

Key Milestones

*FY10 and FY11 includes Wind generation business

2006: Private Equity Investment by CVCI

2009: Company Enters power generation business with acquisition of Wind assets

2010: Enters Transmission Management with award of a PPP contract in Jhajjar, Haryana

2011: Private Equity Investment by IFC, Washington in Simran Wind

2012: Commissioned PPP project of KT Jhajjar. Achieved 207 MW commissioned in wind mills

4,860 7,021 7,166 8,199

11%

20%

23% 27%

13% 17% 16% 15%

0%

5%

10%

15%

20%

25%

30%

-

2,000

4,000

6,000

8,000

10,000

FY09 FY10 FY11 FY12

Revenue(in mn)

EBITDA %

PAT %

5

TECHNO ELECTRIC & ENGINEERING COMPANY LIMITED

GENERATION

Simran Wind Project Private Ltd

Design, Build, Finance, Operate and Transfer a 400 KV / 1500 MVA Transmission Network in Haryana capable of transferring 2430 MW

162.35 MW Wind Energy Generation

Jhajjar KT Transco Pvt Ltd

CORPORATE STRUCTURE

BUSINESS DIVISIONS

TRANSMISSION & DISTRIBUTION

INDUSTRIAL

45 MW WIND

E

P

C

6

LED BY EXPERIENCED MANAGEMENT TEAM

Name Details

Mr. P.P. Gupta (Managing Director)

Mr. P.P. Gupta took over Techno in 1980 and has led Techno to become one of the largest companies in the electro-mechanical field in the power sector in India

Actively involved in various power sector developmental activities on behalf of industrial bodies and Ministry of Power, India and well known in the Indian power sector. Has excellent relationships with various stakeholders in the industry

Previous employers include Bharat Heavy Chemicals Limited (BHEL) and National Grindlays Bank (Merchant Banking Division)

Education – Hons. Graduate in Industrial Engineering with post-graduation in Management from IIM, Ahmedabad

Mr. A.K. Mitra (ED – Electricals Division, Kolkata)

Associated with Techno since 1977 and has been heading the Electrical Division at Kolkata since 1980

He is leading the team to cover all the Electrical Power System

Previously employed with WBSEB (a state utility responsible for Power)

Mr. R.C. Agarwal (ED – Utility Division)

Joined Techno in 1978 and has independent charge of handling operations (including Business Development and Execution). Has expertise in all aspects of Contracting, Project and Construction Management

Member of Institution of Engineers , Indian Institute of Welding , Project Manager Associate and the CII

Education qualifications include a degree in Mechanical Engineering from BITS Ranchi

Mr. P.K. Lohia (President - Finance)

Associated with Techno since 2004 and has overall responsibility for Finance, Accounts and Taxation

Previously employed with HNG as General Manager (Commercial)

Chartered Accountant by qualification with 20 years of experience in this field

Mr. R.K. Raina (ED – Electrical Division, New Delhi)

Associated with Techno for the past 10 years

Heading the organization's set up in North India. He has expertise in Procurement, Tendering & Project Execution.

7

BOARD OF DIRECTORS

Name Details

Mr. P.P. Gupta (Managing Director)

Mr. P.P. Gupta took over Techno in 1980 and has led Techno to become one of the largest companies in the electro-mechanical field in the power sector in India

Actively involved in various power sector developmental activities on behalf of industrial bodies and Ministry of Power, India and well known in the Indian power sector. Has excellent relationships with various stakeholders in the industry

Previous employers include Bharat Heavy Chemicals Limited (BHEL) and National Grindlays Bank (Merchant Banking Division)

Education – Hons. Graduate in Industrial Engineering with post-graduation in Management from IIM, Ahmedabad

Mr. S.N. Roy (Independent Director )

Has been associated with Techno since 2003

Previous employers include Indian Oil Corporation and BHEL, where he retired as Executive Director

Bachelor of Engineering (Electrical) from Indian Institute of Technology (IIT), Kharagpur

Mr. V.D. Mohile (Independent Director )

50 years of varied experience and is associated with Techno for the last 10 years

Previous appointments include General Manager, BHEL; CEO, Indal Power Company and Chairman OPTCL, Orissa

B.E. (Electrical & Mechanical), Post Graduate Diploma in Industrial Management

K. M. Poddar (Independent Director )

Renowned industrialist with 41 years of experience in the field of accounting and finance

Bachelor of Commerce

K. Vasudevan (Independent Director )

Positions held presently include Chairman, Green Business Centre for the Southern region, Member, National Committee on Power of CII, Independent Director, Alstom Projects India Ltd.

Past associations include President, Indian Electrical and Electronics Manufacturers Association and Joint Managing Director, Alstom India Limited

Bachelor of Engineering (Electrical) and a fellow-member of the Institute of Engineers and Institute of Standard Engineers

K. K. Rai (Independent Director )

Retired banking professional, with 40 years of banking experience.

Past employments include Executive Director, Allahabad Bank from 2001 to 2004. At present he holds directorships in many reputed companies

Bachelor of Arts and member of C.A.I.I.B

8

VISION TO GROW FROM ONLY A POWER EPC COMPANY TO A COMPREHENSIVE POWER PLAYER

Historically been a Power EPC Company

Provided solutions to nearly half of India’s installed thermal capacity and made it

possible to build 50% of National Grid for Inter-regional Transmission

Growing vertically as a Power Generator (Renewable Energy) and Transmission Network

operator

Growing Focus towards Asset Ownership across the Value Chain and High Value EPC Contracting

PAST FUTURE

9

GROWTH STRATEGY – TWO FOLD APPROACH TO MAXIMISE VALUE

The Indian Power sector continues to provide significant opportunities for EPC companies

India continues to be a power deficit country and the Government has set ambitious targets for capacity addition

Almost half a century of experience in the Indian power EPC sector and well poised to capitalize on the growing market

Growing the Existing Power EPC Business

Long term strategy of entering asset heavy businesses requiring lower running costs:

Renewable Power Generation

– Depletion of finite resources to increase relevance for renewable energy in the long term

– Aspire to be one of the largest Independent Renewable Power Producers in India concentrating on both proven technologies (Wind power, Bio mass and Hydro) and emerging technologies (Solar)

Transmission Network and Management

– Growing priority to reduce transmission losses through up gradation and building new capacities

– Techno already a pioneer in this segment, bagging the first contract awarded in the private sector under a state PPP model with viability gap funding

Moving up the Value Chain: Entering new Businesses

Company proposes to build upon its experience and proven expertise in bidding for larger projects and consolidate its presence across a lower number of high value projects

Comprehensive pure play of the Growing Prospects of India’s Power Industry

10

EPC Business

Transmission Network

GROWTH ENVISAGED ACROSS BUSINESS SEGMENTS

Renewable Energy Generation

Capacity further expected to grow to 1250

MW by FY20. This will be funded by internal

accruals, debt and external equity

Company expects to add one transmission line to its

portfolio annually

Portfolio of 5 projects by FY20

The company has already registered some

biomass plants across India, and plans to

venture into hydro and solar energy

generation as well.

50.45

162.35

1250

0

200

400

600

800

1000

1200

1400

FY09 FY12 FY20

CAPACITY EXPANSION (MW)

7040

14100

0

3000

6000

9000

12000

15000

FY12 FY17E

EPC Revenues (Rs. Mn)

GROWTH IN EPC BUSINESS EXPECTED

11

Overview

EPC has been the core business of the Company and accounted for 86% of FY12 revenues

Proven Track Record with focus on meeting and exceeding customer expectations

BHEL awarded Techno as the best vendor for the year 2010

Efficiently run business with low levels of working capital (contrary to industry norms)

Clientele includes major Indian and Global companies like Power Grid, GE, BHEL, Indian Oil, NTPC, Reliance, Vedanta, Hindalco, etc

Currently multiple EPC projects are under execution across India for clients including Bengal Energy, IOC, MSEDCL, Vedanta, NTPC, Hindalco, etc

Unexecuted order book of Rs 9,500 million as at 31 March 2012

Growth in business to continue going forward owing to:

Growth in market with increasing government focus on power sector and expansion of private sector capacities

Expansion in product offering as Techno continues to expand its array of services

In house EPC (for transmission and renewable projects)

EPC CONTRACTING BUSINESS – TECHNO IS A PIONEER

Financial Performance

4860 6318 6488 7040

11.20% 12.20%

15.20% 15.90%

0.00%

5.00%

10.00%

15.00%

20.00%

0

2000

4000

6000

8000

FY09 FY10 FY11 FY12

Revenue (in mn)

EBITDA %

12

EPC CONTRACTING BUSINESS – TECHNO IS A PIONEER

Power Generation Power T & D Industrial

EHV Substations

Distribution Systems

Management (APDRP)

Rural Electrification (Rajiv

Gandhi Gramin Vidyutikaran

Yojna)

Fire Fighting Systems

Fuel Oil Systems

Off site piping systems

AC/DC substation for Aluminum

plants

Power distribution systems

Plant Electrical

Illumination systems

High intensity power system for

Aluminum smelter pots

EPC Business Segments

Captive Power Plants up to 100

MW on a turnkey basis

Balance of Plant

Fuel oil System

Water intake/ Make Up

Systems

Piping networks

Coal handling plant

HT/LT Switchgear

Cabling

Illumination Systems

Power Evacuation Systems

13

CLIENTELE INCLUDE SOME OF THE LARGEST PLAYERS IN THE INDUSTRY

14

EXCELLENT REVENUE VISIBILITY

Unexecuted Order Book of Rs. 9,500 million as on 31 Mar, 2012 including orders for:

Generation – Rs. 2750 mn

T & D – Rs. 6100 mn

Industrial – Rs. 650 mn

Order Book at 31 March, 2012 – Top 10 Orders

Customer Project Value (Rs. mn)

PGCIL 3,231

KPTCL 1,230

Power Holding Company 470

HINDALCO 423

BHEL 241

Assam State Electricity Board 218

MP Power Transmission 213

RRVPNL 209

NEEPCO 175

HPSEB 158

15

TEECL has a long term strategy of entering asset heavy businesses requiring lower running costs like Renewable Power Generation

Entered the power generation sector by acquiring two wind energy companies in 2009

Super Wind Project Ltd (now Techno)

Capacity – 45 MW

Location – Karnataka (12 MW) & TN (33 MW)

30 turbines at 3 wind farms

PLF – 24% to 29%

Contracted Tariff – 3.40 (Karnataka) and 3.39 (TN)

Simran Wind Project Pvt Ltd

Capacity – 162.35 MW

Location – Karnataka (6 MW) & TN (156.35 MW)

108 turbines at 6 wind farms

PLF – 23% to 32%

Preferential Tariff – 2.90 to 3.39 (TN) and 3.40 (Karnataka) for 50.45 MW APPC Tariff – 2.37 for 2010 – 11 (TN) for 101.4 MW

Current Operations

• In 2011, Washington-based International Finance Corporation (IFC) the

investment arm of the World Bank picked up a 3.38% stake in Simran Wind

Project Private Ltd for $5 million, and also extended another $30 million as

debt. These funds were used in setting up additional wind generating

capacity.

• Phase I of the project consisting of 101.40 MW was commissioned in

September ‘11. An additional 10.50 MW was commissioned in Q4FY12

resulting in Simran having a cumulative generating capacity of 162.35 MW by

the end of FY12. The total cost for this was Rs. 6,546 mn, and was financed at

a D:E of 60:40.

• The new capacity of 111.90 MW is located in Amuthapuram, Rasta and

Muthiampatti belt, Tamil Nadu. It was fully commissioned in February 2012.

In addition Simran is also able to avail of the following incentives:

• Simran is the first project developer in India to have won accreditation of

more than 100 MW for its wind generation project under the Renewable

Energy Certificate Scheme.

• Simran sold 81,443 RECs in FY12 at an average price of Rs. 2,900/REC

• Of the existing capacity, 21 MW has been registered under UN's Clean

Development Mechanism with capacity to generate 50,000 CERs annually.

WIND POWER – A SUSTAINABLE SOURCE OF ENERGY

16

First of its kind Public Private Partnership (PPP) project in the country at the state level

First ever transmission project to get VGF support from central government

First project in Haryana for which VGF has been sanctioned under the PPP mode

In partnership with Kalpataru Power Transmission Ltd (KPTL) – a leading Power Transmission Company in India

Project carried out by a SPV (Jhajjar KT Transco Pvt. Ltd) – a 51:49 Joint Venture between KPTL and Techno

Completed transmission network on design, build, finance, operate and transfer basis within record time of 15 months :

400 KV, 100 Km long transmission link

Connecting 2 sub-stations at Rohtak & Sonepat (24 bays each)

To evacuate 1,320 MW (2*660) of power from the Jhajjar Power Plant (design capacity – 2,400 MW) built by China Light & Power, Hongkong

Concession period – 25 years (extendable by 10 years)

Project commercials:

Sustainable revenue - Company to be paid a monthly unitary charge (Rs 45 mn per month) by Haryana Vidyut Prasaran Nigam (HVPN), besides enjoying incentives and rebates

Bid under viability gap funding where Haryana Government has given grant of Rs 920 mn

Techno did EPC and will do Operations & Maintenance work for Rs 45 mn per year for the sub-station part of the project

Jhajjar KT Transco Pvt Ltd

TRANSMISSION NETWORK MANAGEMENT

Pioneering Contract to set up and operate a Transmission link

Being a design-build-finance-operate-transfer contract, it offers wider revenue streams for Techno

FINANCIAL PERFORMANCE

Section 2

18

Standalone Revenues & EBITDA* (In Rs. Mn)

REVENUES AND EARNINGS (STANDALONE)

Standalone Profits (In Rs. Mn)

* Standalone financials from FY10 onwards include 45 MW of wind assets acquired during FY10

Revenue

CAGR – 14%

` millions

*Revenue and EBITDA figures above do not include Other Income.

8.8 11.05

19.94 17.67

16.23

0

6

12

18

24

FY08 FY09 FY10 FY11 FY12

EPS

4,295 4,860

6,680 6,811 7322

504 545 1,118 1,309 1362

0

2,000

4,000

6,000

8,000

FY08 FY09 FY10 FY11 FY12

Revenue EBITDA

Earnings per Share* (In Rs.) Profitability Ratios

12%

11%

17% 19%

19%

14%

17%

20% 19%

16%

11%

13% 17% 15%

13%

0%

6%

12%

18%

24%

FY08 FY09 FY10 FY11 FY12

EBITDA margin PBT margin PAT margin

612

844

1,368 1,260

1160

491

631

1,138

1,009 927

0

300

600

900

1200

1500

FY08 FY09 FY10 FY11 FY12

PBT PAT

19

SUMMARY INCOME STATEMENT (STANDALONE)

Standalone Income Statement

Rs. million FY08 FY09 FY10 FY11 FY12

Revenues 4,295 4,860 6,680 6,811 7322

Growth % 22% 13% 37% 2% 8%

Operating expenses 3,791 4,315 5,561 5,503 5960

EBITDA 504 545 1,118 1,309 1362

EBITDA % 12% 11% 17% 19% 19%

Other income 117 312 525 285 193

Depreciation 6 6 147 151 150

Interest 3 6 128 183 245

PBT 612 844 1,368 1,260 1160

PBT % 14% 17% 20% 19% 16%

Taxes 122 214 230 251.1 233

PAT 491 631 1,138 1,009 927

PAT% 11% 13% 17% 15% 13%

20

SUMMARY BALANCE SHEET (STANDALONE)

Standalone Balance Sheet

Rs. million FY08 FY09 FY10 FY11* FY12*

Sources of funds

Shareholders' funds 1,714 2,278 3,701 4,577 5305

Loan funds 1 420 1,667 303

Deferred tax liability 6 6 7 7 7

Other Liabilities and Provisions 1463 1070

Total 1,722 2,705 5,375 6,350 6382

Application of funds

Net fixed assets 48 47 2,605 2,487 2354

Investments 1,545 1,514 1,865 3,549 3925

Loans & Advances 13 2

Current Assets 973 2,620 3,116 3,411 3199

Current Liabilities 845 1,477 2,212 2,110 3111

Net Current Assets 129 1,143 905 301 88

Total 1,722 2,705 5,375 6,350 6,369

* Reclassification due the change in accounting standards

21

Consolidated Revenues & EBITDA* (In Rs. Mn)

GROWING REVENUES AND EARNINGS (CONSOLIDATED)

Consolidated Profits (In Rs. Mn)

` millions

*Revenue and EBITDA figures above do not include Other Income.

Profitability Ratios

4,295 4,860

7,021 7,166

8199

504 545

1,423 1,635 2182

0

2,000

4,000

6,000

8,000

10,000

FY08 FY09 FY10 FY11 FY12

Revenues EBITDA

Revenue CAGR – 18%

612

844

1,414 1,380 1449

491

631

1,183 1,128

1209

0

300

600

900

1200

1500

1800

FY08 FY09 FY10 FY11 FY12

PBT PAT

12% 11%

20%

23% 27%

14% 17%

20%

19% 18%

11%

13%

17% 16% 15%

0%

6%

12%

18%

24%

30%

FY08 FY09 FY10 FY11 FY12

EBITDA margin PBT margin PAT margin

22

SUMMARY INCOME STATEMENT (CONSOLIDATED)

Consolidated Income Statement

Rs. million FY08 FY09 FY10 FY11 FY12

Revenues 4,295 4,860 7,021 7,166 8199

Growth % 22% 13% 44% 2% 14%

Operating expenses 3,791 4,315 5,598 5,531 6017

EBITDA 504 545 1,423 1,635 2182

EBITDA % 12% 11% 20% 23% 27%

Other income 117 312 503 285 225

Depreciation 6 6 303 308 561

Interest 3 6 210 238 283

PBT 612 844 1,414 1,380 1449

PBT % 14% 17% 20% 19% 18%

Taxes 122 214 231 252 233

PAT 491 631 1,183 1,128 1209

PAT% 11% 13% 17% 16% 15%

23

SUMMARY BALANCE SHEET (CONSOLIDATED)

Consolidated Balance Sheet

Rs. million FY08 FY09 FY10 FY11* FY12*

Sources of funds

Shareholders' funds 1,714 2,278 4,626 5,622 6,696

Minority Interest 167

Loan funds 1 420 2,467 521 4,164

Deferred tax liability 6 6 7 6 7

Other Liabilities & Provisions 1,464 1,070

Total 1,722 2,705 7,100 7,613 12,104

Application of funds

Net fixed assets 48 47 5,530 8,615 11,506

Investments 1,545 1,514 500 384 384

Loans & Advances 1,148 109

Current Assets 973 2,620 3,289 3,150 3,910

Current Liabilities 845 1,477 2,219 5,684 3,805

Net Current Assets 129 1,143 1,070 (2,534) 105

Total 1,722 2,705 7,100 7,613 12,104

* Reclassification due the change in accounting standards

INDUSTRY OUTLOOK

Section 3

25

India is far below other countries in electricity consumption

542

2,171

2,332

6,317

13,652

India

Brazil

China

Russia

US

Demand to grow at 9% over next 20 years (GW)

215 331

510

785

1,207

-

200

400

600

800

1,000

1,200

1,400

FY12E FY17E FY22E FY27E FY32E

INDIAN POWER SCENARIO: INDIA CONTINUES TO BE POWER DEFICIT

Peak Load Shortage due to Capacity Shortfall (%)

Industry Dynamics

The government plans to add 95 GW of generating capacity during the next 5 years to meet the growing demand

Development of National grid with a capacity of 200,000 MW and inter-regional transmission capacity of 37,000 MW estimated to be completed by 2012

Government initiatives

Sector outlay ~ ` 9.3 trillion over next 5 years

Increasing role of private players in generation, transmission and distribution

– Faster approvals and facilitation for projects under private sector

Per capita consumption expected to increase to 1000 kWh pa over next 5 years

Growing domestic consumption and increased government thrust to fuel power sector growth

Source: CEA

KWh per capita per annum

%

Source: CEA Source: CEA

12.4 13 11.8 12.2

11.2 11.7 12.3 13.8

16.6

11.9 13.3

12.1 10.6

0

5

10

15

20

FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12

26

POWER CAPACITY TO WITNESS DOUBLE DIGIT GROWTH

Rs 9.3 trillion to be spent on Power sector over next 5 years as follows:

Generation – Rs 5.8 trillion

Transmission and Distribution – Rs 3.4 trillion

1,379 1,589

1,812

2,082

2,397

13.5

17.6 18.8

21.5

23.7

0

5

10

15

20

25

-

500

1,000

1,500

2,000

2,500

3,000

FY11P FY12P FY13P FY14P FY15P

Yearly Investment (INR bn) Capacity Addition for the year (GW)

Capacity of 95 GW to be

added over next 5 years

Rs 9.3 Trillion to be spent

on capacity expansion

Capacity Expansion in the Power sector presents huge opportunity for

Power EPC players

Source: CRISIL Report, 2010

India’s Power Capacity set to grow at CAGR of 15% over next 5 years

27

Pursuant to the Electricity Act of 2003 and the National Tariff Policy of 2006, SERC’s are encouraged to set preferential tariffs for power produced from renewable energy

Renewable Energy Companies are entitled to various tax incentives like:

Accelerated depreciation @ 80% on assets employed in renewable energy generation

Tax holiday for 10 years (within first 15 years of operations)

Excise duty relief on certain capital goods

“Must Run” Status – Per CERC Regulations, all renewable energy power plants (except certain biomass plants) treated as must run power plants and are not subject to merit order dispatch principles

Other incentives like RPOs, GBI, REC etc

Strong Regulatory Thrust Towards Renewable Energy

Renewable energy principally comprises wind power, hydro power, solar power and biomass energy

Sector has experienced rapid growth in India, with the 15.5 GW of installed capacity (excluding large hydro) accounting for ~10% of India’s overall power capacity

Capacity expected to grow at a CAGR of 11% by the end of 13th 5 year plan

Good execution track record – 6.7 GW added in the 10th 5 year plan against a planned addition of 3.5 GW

RENEWABLE ENERGY (RE) IN GREATER FOCUS

Sector to Continue on Growth Path Renewable Energy in India

Source: CEA; *Tentative Projection for XIIth Plan

India plans to raise the share of renewable energy in national power output to 10% by 2015

1,658 7,761

15,521

24,503

54,503

-

10,000

20,000

30,000

40,000

50,000

60,000

As on March2002

As on March2007

As on March2010

As on March2012

As on March2017*

Total Installed RE Generating Capacity

Generating Capacity (MW)

28

Renewable Energy Certificates (REC)

REC is a mechanism to enforce RPO across the country

The trading REC’s, one of the key growth drivers for the renewable energy industry successfully started in India

INCENTIVES FOR RENEWABLE ENERGY

Clean Development Mechanism (CDM)

Under the Kyoto Protocol, the CDM allows for projects in developing countries that result in reduction of GHG emissions to earn Certified Emission Reduction credits (CERs)

CERs are tradable carbon credits that can be purchased by developed countries to meet their emission reduction targets

To qualify to receive CERs, a project must satisfy the following criteria:

Approval from Designated National Authorities of host country

Public registration and issuance process with the UNFCCC

Indian scenario:

As of September 2010, India had 532 registered projects (426 of which were in the energy sector)

Option 1: Preferential Tariffs

Option 2: RECs

• Sale of power at weighted average power purchase cost** of distribution company

• Sale of electricity at market price in open market

Sale of RECs at market determined prices at Power Exchange (With Floor & Forbearance Prices* for non-solar of Rs. 1.5 & Rs. 3.9 and of Rs. 12.0 & Rs. 17.0 for solar )

States with low renewable energy generation will be able to purchase RECs to offset their respective Renewable Purchase Obligations

•Per KWh ** Weighted average pooled price at which distribution company has purchased electricity (including cost of self generation, long term and short term purchase) in the previous year, but excluding cost of RE power purchase

Generation Based Incentive (GBI)

GBI is a Generation based benefit available to Wind Power producers over and above the base tariff

Benefit of Rs 0.5 / kWh of power produced

Incentive available for a maximum period of 10 years from date of commercial operation (subject to maximum of Rs 6.20 mn / MW)

Incentive is limited to wind farms with a maximum aggregate installed capacity of 4,000 MW. Only available for power producers whose capacities are commissioned for sale to the grid (i.e. - not available for captive power projects and merchant plants)

IREDA appointed as the nodal agency for monitoring GBI implementation, project registration and disbursement of GBI

Entire funding for GBI to be met by Central Government

29

Source: Global Wind Energy Council (Moderate Scenario)

Indian Wind Energy - Historical Growth to Continue

WIND ENERGY – LONG TERM GROWTH MARKET

1,077 1,167 1,407 1,702 2,125 3,000 4,430 6,270 7,845 9,645 10,926 12,629

24,747

46,104

1,08,079

-

20,000

40,000

60,000

80,000

1,00,000

1,20,000

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2015 2020 2030

India: Cumulative Wind Power Capacity

Capacity (MW)

30

IMPORTANT NOTICE

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy,

completeness or correctness of such information or opinions contained herein. The information contained in this presentation

is only current as of its date. 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 the Company’s general business plans and strategy, its

future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory

environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including

future changes or developments in the Company’s business, its competitive environment and political, economic, legal and

social conditions in India. This communication is for general information purpose only, without regard to specific objectives,

financial situations and needs of any particular person. This presentation does not constitute an offer or invitation to purchase

or subscribe for any shares in the Company and neither any part of it shall form the basis of or be relied upon in connection

with any contract or commitment whatsoever. The Company 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. This presentation can not be copied

and/or disseminated in any manner.

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