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NAYARA ENERGY LIMITED Corporate Presentation

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NAYARA ENERGY LIMITED Corporate Presentation NAYARA ENERGY LIMITED Corporate Presentation September 2018 1 Legal Disclaimer NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES This presentation and the information contained herein are not an offer of the securities for sale in the United States and are not for publication or distribution to persons in the United States. The presentation is being made to you on the basis that you have confirmed you are not located or resident in the United States. No securities have been, nor will they be, registered under the US Securities Act of 1933 (the “US Securities Act”) or the securities laws of any state or other jurisdiction of the United States. No securities may be offered or sold in the United States unless those securities have been registered under the US Securities Act or are offered or sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and applicable state securities laws. There will be no public offer of securities in the United States. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF AN OFFER OR SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR ANY SECURITIES AND SHALL NOT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR BINDING COMMITMENT WHATSOEVER. This presentation is confidential and has been prepared by Nayara Energy Limited (the “Company”) solely for information purposes. This presentation is the sole responsibility of the Company and has been prepared by the Company based on information and data which the Company considers reliable. The Company does not make any representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this presentation, which have not been independently verified. This presentation may not be all-inclusive and may not contain all of the information that you may consider material. The Company expressly excludes any liability in respect of the contents of, or any omission from, this presentation. Opinions and estimates constitute the sole judgment of the Company as of the date of this presentation and are subject to change without notice. This presentation contains statements about future events and expectations that constitute “forward-looking statements.” These forward-looking statements include words or phrases such as the Company or its management “believes”, “expects”, “anticipates”, “intends”, “plans”, “foresees”, “targets”, “aims”, “may”, “would”, “could” or other words or phrases of similar import. Similarly, statements that describe the Company's objectives, plans or goals are also forward- looking statements. All such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Such forward looking statements are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management. These forward-looking statements speak only as at the date of this presentation and nothing contained in this presentation is or should be relied upon as a promise or representation as to the future. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. The historical financial information in this presentation was prepared and presented in accordance with International Financial Reporting Standards (“IFRS”) and have not been audited or reviewed by an independent auditor. Consequently, such financial statements should not be relied upon to provide the same type or quality of information associated with information that has been subject to an audit or review by an independent auditor. None of the Company nor any of its affiliates, directors or advisors make any representation or warranty, expressed or implied, regarding the accuracy of such consolidated financial statements or their sufficiency for an assessment of the Company. Caution must be exercised when using such data to evaluate the Company’s financial condition and results of operations. The historical financial information in this presentation also includes financial information that is not presented in accordance with IFRS. These non-IFRS financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company’s financial results. Accordingly, these non-IFRS financial measures may be considered in addition to IFRS financial information, but should not be considered in isolation or used as substitutes for the corresponding IFRS measures. Non-IFRS measures in this presentation may be calculated in a way that is not comparable to similarly titled measures reported by other companies. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. In particular, this presentation may not be taken or transmitted into the United States, Canada or Japan or any other jurisdiction where to do so would be illegal or distributed, directly or indirectly, in the United States, Canada or Japan or any other such jurisdiction. The information contained in this presentation is not to be taken as any recommendation made by the Company or any other person to enter into any agreement with regard to any investment. By accepting to access any copy of the information presented, you agree to be bound by the foregoing limitations. 2 Table of Contents A Introduction B Key Highlights Strong parentage and governance framework Integrated business value chain Consistent track record of operational excellence High complexity refinery Crude sourcing and procurement advantage Predictable product offtake through downstream presence and strong distribution Attractive industry dynamics Experienced management team with proven track record C Near Term Strategic Plans D Financial Overview 3 Introduction 4 Evolution and Key Milestones Pre-Nayara regime Nayara regime 2003 2006 2008 2013 2015 2017 2018 Essar Oil Limited Vadinar refinery Vadinar refinery EOL exits CDR loan Major turnaround Acquisition of VOTL and VPCL Name changed to (“EOL”) commences commences commences facility in March 2013; completed; and divestment of E&P assets Nayara Energy Limited building its network of operations on a commercial improvement in local commissioning of (“Nayara”) franchised retail trial basis operations with credit rating1 by two VGO MHC Acquisition of 98.26% stake by petrol stations nameplate notches from BBB- to Rosneft and Kesani, a Local credit rating1 capacity of 10.5 BBB+ consortium led by Trafigura and upgraded by three MMTPA UCP, at an enterprise value of notches to “AA” US$ 12.9bn in August 2017 2003 2004 2006 2008 2012 2013 2015 2016 2017 2018 2004 2012 2016 2018 Enters into Corporate EOL completes expansion and EOL delisted Refinancing of INR Debt Restructuring optimisation projects; capacity Debt for optimization of (“CDR”); construction of increased to 20 MMTPA capital structure refinery recommences Commissioned 510 MWe coal along with captive Raised INR 2,400cr (c. fired captive power plant power plant and port US$ 355mn) through its placement of non- convertible debentures 1 Refers to CARE long term rating 5 Ownership Structure 49.00% PJSC Rosneft Oil Company Trafigura Holdings Pte Ltd 49.00% UCP PE Investment Ltd 100.00% 2.00% Oil Holdings Ltd1 Kesani Enterprises Company Rosneft Singapore Pte Ltd Minority Shareholders Ltd (Cyprus) 49.13% 1.74% 49.13% Nayara Energy Ltd 98.00% 100.00% Vadinar Oil Terminal Ltd3 Vadinar Power Company Ltd2 25.00% 75.00% 100.00% Coviva Energy Terminals Ltd Nayara Energy Properties Ltd2 100.00% 100.00% Enneagon Ltd Essar Oil Trading Mauritius Ltd 1 Previously known as Essar Power Holdings Ltd 2 Vadinar Power Company Limited and Nayara Energy Properties Limited are being merged with Nayara Energy Limited; merger application filed 3 Merger of Vadinar Oil Terminal Limited with Nayara Energy Limited being evaluated 6 Company Overview Integrated refinery with dedicated infrastructure and proven track record – well positioned to cater to domestic and international demand • India's second largest single location refinery – • Co-generation power plants with a capacity of constitutes c. 8% of Indian refinery capacity1 1,010 MWe owned and operated through Vadinar • High complexity index of 11.8, capable of processing Power Company Ltd (wholly owned subsidiary) ultra-heavy, heavy and light crudes across global Highly complex Captive power • Meets captive requirements of steam and power market refinery plant for the refinery • Strategically located on Indian west coast, proximity to Middle East and high consumption domestic as well as export markets Captive port Strong retail with single business chain point mooring • Fully captive port with Single Point Mooring • 4,473 operational retail stations and 2,688 retail (Vadinar Oil Terminal Ltd) stations under implementation across India • End-to-end infrastructure including storage • Domestic sales account for 57% while exports facilities, water intake facilities, product jetty and account for 43% of FY18 sales dispatch facilities by rail, road, port and pipelines 1Source:
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