Investor Presentation Business Overview July 2020

0 DISCLAIMER

All statements, graphics, data, tables, charts, logos, names, figures and all other statements relating to future results of operation, financial condition, business information (“Contents”) contained in this document (“Material”) is prepared by GMR prospects, plans and objectives, are based on the current beliefs, assumptions, Infrastructure Limited (“Company”) soley for the purpose of this Material and not expectations, estimates, and projections of the directors and management of the otherwise. This Material is prepared as on the date mentioned herein which is solely Company about the business, industry and markets in which the Company and the intended for reporting the developments of the Company to the investors of equity GMR Group operates and such statements are not guarantees of future shares in the Company as on such date, the Contents of which are subject to performance, and are subject to known and unknown risks, uncertainties, and other change without any prior notice. The Material is based upon information that we factors, some of which are beyond the Company’s or the GMR Group’s control and consider reliable, but we do not represent that it is accurate or complete. difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are Neither the Company, its subsidiaries and associate companies (“GMR Group”), nor not, and should not be construed, as a representation as to future performance or any director, member, manager, officer, advisor, auditor and other persons achievements of the Company or the GMR Group. In particular, such statements (“Representatives”) of the Company or the GMR Group provide any representation should not be regarded as a projection of future performance of the Company or the or warranties as to the correctness, accuracy or completeness of the Contents and GMR Group. It should be noted that the actual performance or achievements of the this Material. It is not the intention of the Company to provide a complete or Company and the GMR Group may vary significantly from such statements. All comprehensive analysis or prospects of the financial or other information within the forward-looking statements are not predictions and may be subject to change Contents and no reliance should be placed on the fairness on the same as this without notice. Material has not been independently verified by any person. This Material is not and does not constitute any offer or invitation or NONE OF THE COMPANY, THE GMR GROUP AND THE REPRESENTATIVES recommendation or advise to purchase, acquire or subscribe to shares and other OF THE COMPANY AND THE GMR GROUP ACCEPT ANY LIABILITY securities of the Company or the GMR Group and not part of this Material shall WHATSOEVER FROM ANY LOSS OR DAMAGE HOWSOEVER ARISING FROM neither form the basis of or part of any contract, commitment or investment decision ANY CONTENTS OR OTHERWISE ARISING OUT OF OR IN CONNECTION nor shall be relied upon as a basis for entering into any contract, commitment or WITH THIS MATERIAL. investment decision in relation thereto. Prospective investors in the Company or the GMR Group should make its own investment decisions and seek professional This Material is published and available on the Company’s website advice including from legal, tax or investment advisors before making an investment www.gmrgroup.in which is subject to the laws of , and is soley for information decision in shares or other securities of the Company or the GMR Group. purposes only and should not be reproduced, retransmitted, republished, quoted or Remember, investments are subject to risks including the risk of loss of the initial distributed to any other person whether in whole or in part or for any other purpose principal amount invested; past performance is not indicative of future results. or otherwise. REGULATORY AUTHORITIES IN THE UNITES STATES OF AMERICA, INDIA, Any reproduction, retransmission, republishing or distribution of this Material or the OR OTHER JURISDICTIONS, INCLUDING THE SECURITIES AND EXCHANGE Contents thereof in certain jurisdictions may be restricted by law and persons who COMMISSION AND THE SECURITIES AND EXCHANGE BOARD OF INDIA come into possession of this Material should observe such laws and restrictions if (“SEBI”), HAVE NEITHER APPROVED OR DISAPPROVED THIS MATERIAL OR any. DETERMINED IF THIS MATERIAL IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY MAY CONSTITUTE A CRIMINAL This Material and any discussions which follows may contain ‘forward looking OFFENSE. statements’ relating to the Company and the GMR Group and may include

1 Table of Contents

Particulars Pg. No.

Institutional Framework 3 – 7

Business Overview 8 – 11

Airport Sector 12 – 19

Energy Sector 20 – 23

Urban Infrastructure & Transportation 24 – 27

Summing Up 28 – 30

Strategic Initiatives And Way Forward 31 – 37

2 Institutional Framework Visionary Leadership - Building Institution For Perpetuity…

GROUP DIRECTORS ON GIL BOARD INDEPENDENT DIRECTORS ON GIL BOARD

R S S L N NC Sarabeswaran GM Rao Bhaskarudu Group Chairman • Ex- nominee director of • Ex- MD of Maruti Udyog RBI and Vysya Bank Limited Board • Founder Chairman of the Group • Since 1978, he has successfully led the Group creating infrastructure assets of national importance S Sandilya S Rajagopal

Chairman - • Ex-Chairman & MD of Srinivas Bommidala • GBS Raju Chairman, Energy • Board Member - Mastek , Chairman, and International Airports Airports

C. R. Muralidharan Kameswari Vissa

B V N Rao • Ex-CGM of RBI and an Ex- • CA with 24 yrs of G Kiran Kumar Chairman, member of IRDA experience Corporate Transportation • Board Member: L&T Chairman & MD and Urban valves, Madura microfin. Infra ADDITIONAL DIRECTOR

Madhva Suresh Narang Bhimacharya Terdal Ex-Board member of Whole Time • Director Mandiri Securities • Ex-Chief Country Officer of the Bank in Indonesia

Group has rotated its Business Chairmen across verticals as a healthy governance practice.

4 External advisory council ensures highest standards of Governance and Professionalism

Dr Ram Charan • Highly acclaimed business advisor, speaker, and author. Group Performance • For 35 years, he's worked with companies like GE, BoA, DuPont, 3M,etc. Advisory Council M Damodaran • Retired IAS, with 30+ experience in financial services and PSUs. • Served leadership positions- Chairman SEBI,CMD IDBI Bank, Chairman UTI O P Bhatt • Former MD & Chairman of SBI, Chairman of Indian Bank’s Association. • Independent Director & interim Chairman of

Pradip P Shah • Independent panel • Founder / Co-founding member Indocean, CRISIL and HDFC. comprising eminent • Advisory roles to USAID, The World Bank and ADP industry leaders Sanjeev Aga • Experience of 40+ yrs, Now engages in advisory/board • Quarterly meetings • Has been CEO/MD at Blow Plast / VIP Industries, Aditya Birla Nuvo, Idea. Daljit Mirchandani • Former Chairman Ingersoll Rand/ leadership positions with Kirloskar group. • Brings Outside – in • Serves on the advisory and statutory Board of various Companies view Dr V Sumantran • Executive Vice-Chairman of Hinduja Automotive • Advises on business • Was chief executive of (Cars);16-year stint with GM in Detroit strategy and future positioning Luis Miranda • President & CEO at IDFC alternatives. • Now works for non-profits & also as advisor to Morgan Stanley Infra.

5 Vision & Values

GMR Vision

“GMR Group will be an Institution in perpetuity that will build Entrepreneurial Organizations, making a difference to Society through creation of Value”

Our Values and Beliefs Family Constitution

Run the family like business and run the business like family

HUMILITY LEARNING & INNER EXCELLENCE We value intellectual modesty We cherish the life long and dislike false pride and commitment to deepen our self arrogance awareness, explore, experiment ✓ A family vision that is in sync with and improve our potential the business vision

✓ Defines family governance structure, rights and responsibilities of family ENTREPRENEURSHIP SOCIAL RESPONSIBILITY RESPECT FOR INDIVIDUAL We seek opportunities – Anticipating and meeting We will treat others with members in business and outside of they are everywhere relevant and emerging dignity, sensitivity and needs of society honor business

✓ Codifies agreed ways of decision making within the family

TEAMWORK & RELATIONSHIPS DELIVER THE PROMISE Going beyond the individual- We value a deep sense of encouraging boundary less responsibility and self-discipline, to behavior meet and surpass on commitments made 6 Committed to “Giving Back To The Community" through GMR Varalakshmi Foundation

“To make sustainable impact on the human development of under- Mission of GMR served communities through initiatives in education, health and Varalakshmi Foundation livelihoods”

Through Through Our Four Pronged approach “Our Projects” “Personal Philanthropy” ▪ Working with communities where: ▪ Started from Rajam (A.P) in 1991 o Group has business operations- Education 25 locations in India & 1 in ▪ Personal Holding in the Group - Health, Nepal pledged to foundation by GM Rao Hygiene & Sanitation o 350+ school & 35 K students GMR Varalakshmi o Vocational training to ~44K ▪ Family Constitution ensures Foundation ▪ GHIAL recognized as an example donation by the family members to Community Development of “Reaching out to Bottom of the Foundation Pyramid” in 2012/13

Livelihood

*National Voluntary Guidelines for Responsible Business published by Ministry of Corporate Affairs 7 7 Group Overview GMR Group : Evolution And Key Milestones

Managing Cash Flow Growth Phase Turbulence Consolidation Stabilisation 1996 - 2008 2009 - 11 2012 - 14 > 2015

Group • IPO - INR 8bn • QIP - USD 315mn • QIP - INR 14.8bn (Capital • QIP - USD 1bn • Rights issue - INR 14.0bn Raising) • FCCB - INR 20bn from KIA Commencement of Divestments • Agreement with Groupe ADP for 49% stake sale in Operations • Istanbul Airport, Turkey GMR Airports Ltd – received ~INR 98.13 bn. • DIAL - Completed Terminal New Airport Wins New Airport Wins 3 of in record 37 months New Airport Wins • Mopa Airport, Goa in Aug’16 • Delhi Airport • Istanbul Airport • Cebu Airport in Philippines • Crete Airport, Greece in Jun’17 • Hyderabad Airport (CoD in Capital Raising Airports 2008) • Clark Airport, Philippines in Dec’17 (EPC project) • GMR Airports - USD 330mn • Bhogapuram Airport, AP in Feb’19 from PE Investors • Bidar Airport, Karnataka in Feb’20 International Bonds • Delhi Airport - USD 1.31 bn • Hyderabad Airport - USD 650 mn Commencement of Operations Capital Raising Commencement of Operations Capital Raising/Partnership • Chennai Power Plant (200MW) • GMR Energy - USD 300mn • Warora (Coal - 600MW) • Tenaga - 30% stake in GMR Energy for from PE Investors • Kamalanga (Coal – 1,050MW) USD 300mn Acquisition • 50% stake in Intergen Power – Acquisition Equity Partnership with Lenders USD 1.1bn • 30% stake in PT GEMS • Rajahmundry (Gas – 768MW) Energy (coal mine in Indonesia) – • Chhattisgarh (Coal – 1,370MW) USD 520mn Divestments Divestments • Island Power Project, Singapore Divestments • Divested Chhattisgarh Plants • Intergen Power for USD 1.2 • 2 Transmission assets bn • PT BSL coal mine (Indonesia) • Himtal (hydro) project (Nepal) Commencement of Operations Commencement of Commencement of Operations New Project Wins • Tuni Anakapalli Operations • Hyderabad Vijayawada • EPC project of INR 51bn on eastern DFCC Urban • Tambaram Tindivanam • Pochampalli • Hungund Hospet Infra & • Chennai ORR • Ambala Chandigarh • Jadcherla Expressways Divestment Highways • Ulundurpet Expressways Divestments • 1 Highway project • 2 Highway projects 9 GMR Infrastructure: Leading Infrastructure Player In India Diversified Presence With Leadership In Airports Segment

th Airports: 4 Largest Private Airport Developer in the World – Total capacity of ~300 mn Partners - Airports • ~94 mn passenger capacity operational, ~85 mn under development • Operational: Delhi and Hyderabad in India, Cebu in Philippines • Under Development: Goa and Bhogapuram in India, Crete in Greece, Clark (EPC) in Philippines • Airport Land: ~230 acres in Delhi, ~1500 acres in Hyderabad, 232 acres in Goa,, 792 acres in Bhogapuram, 10 acres in Greece,11 acres in Cebu

Energy: Diversified Presence Across Value Chain Partners - Energy • Coal Based: ~1,650 MW • Gas Based: ~1,400 MW1 • Hydro Projects: 180 MW under construction • Solar: 26 MW & Wind: 3.4 MW • Coal Mines: 1 in Indonesia; Total reserves ~828 mn tons

Transportation: Highways Business with a Mixed Portfolio of Annuity and Toll Projects • Highways – 4 Operational Projects • 2 Annuity Projects : 133 kms & 2 Toll Projects: 216 kms • Railways– Construction of 417 Km stretch in Eastern DFCC

Urban Infrastructure: Special Investment Regions at Krishnagiri and Kakinada • ~13,000 Acres Land • ~10,400 acres in Kakinada (AP) & ~2,500 acres in Krishnagiri (TN)

1) Include Barge Plant (220 MW) for which Sale and Purchase Agreement for divestment is signed 10 Corporate Structure

Shareholdings as on 31 June 2020 GMR Infrastructure Ltd FIIs 21.0% Promoter & Promoter Group 65.5% MF & DIIs 3.9%

Others 9.6%

51%** 52%* 100%* 100%

GMR Airports Ltd GMR Energy Other Energy Assets GMR Highways Ltd Special Investment Region

Operational Projects Stake Operational Projects Stake Operational Projects Stake Annuity Projects Stake Projects Stake

Delhi International Airport 64% Warora Plant (Coal) 100% Rajahmundry Plant (Gas) 45% Pochanpalli 100% Kakinada SIR 51%

Hyderabad International Airport 63% Kamalanga Plant (Coal) 87.4% Wind Projects 100% Chennai ORR 90% Krishnagiri SIR 100% Mactan-Cebu International 40% Kakinada Plant (Gas)^^ 100% Airport, Philippines Vemagiri Plant (Gas) 100%

Solar Power Project 100%

Under Construction / Development Under Development Project Coal Mines (Indonesia) BOT (toll) Projects (Hydro)

Goa International Airport (Mopa) 100% Bajoli Holi Project # 79.1% Ambala Chandigarh 100% PT Golden Energy Mines 30% Crete International Airport, (PT GEMS) 21.6% Alaknanda Project 100% Hyderabad Vijaywada 90% Greece

Clark Internation Airport, 50% Upper Karnali Project** 73% Philippines (EPC)

• Includes both direct & indirect holding; ** direct and indirect holding and post transfer of 49% to Groupe ADP; # DIAL holds 20.9% stake; ^^ Barge Plant (220 MW) - Sale and purchase agreement for divestment is signed 11 Airport: World’s 4th Largest Private Airport Developer GMR Is One Of The World’s Largest Integrated Airport Platform

Leading Integrated Large Market 4th* Largest Private Airport Platform Opportunity in India Operator Globally

Wide range of capabilities and Fastest growing aviation market Portfolio of 7 marquee airports– Delhi, services across the entire airport globally Hyderabad, Cebu, Goa, Bhogapuram, value chain; with demonstrated Crete and Bidar; handling ~102 mn1 replicability and scalability passengers globally

RegulatedAero High-growth Non-Aero Real Estate Development Business Business Opportunity

Unique Consumer-facing, retail- Highly visible cash flows through focused play on India’s defined tariff setting; with a assured High quality, multiple contiguous land demographics and consumer story; 4 2 parcels spanning 2,738 acres; located regulated return catering to 33.1%3 of international close to the heart of economic activity arrivals

Note: *Private Operator (Govt. holding <50%) 1. Delhi, Hyderabad and Cebu LTM (Apr 2019-Mar 2020) passenger data 2. Only for India 3. As of 2016 through Government tourism websites 4. Includes DIAL (230 acres), GHIAL (1,463 acres), Goa (232 acres), Bhogapuram (792 acres), Cebu (11 acres),Greece (~ 10 acres). 13 Demonstrated Execution Capabilities

GMR has constantly expanded its capability set over time, as demonstrated across multiple assets and geographies 2020

2019 EPC Bidar Airport (Concession Won) Airport Operations 2016–2017

Non Aero Expertise Bhogapuram Airports (Concession Won) 2014 Real Estate Development Goa Airport (Concession Won; 2010 Advisory / Consultancy Expected COD in 2021)

Crete Airport 2008 (Concession Won Expected COD in 2023) 2006 2004 Clark Airport (EPC)

Hyderabad Airport Delhi Airport Istanbul Airport Male Airport Cebu Airport (Concession Won; (Concession Won; (Operations (Operations (Concession Won Operations Operations Commenced; Commenced; and Operations Commenced in 2008) Commenced in 2006) Divested in 2014) Exited in 2012) Commenced)

Existing Concessions Past Concessions Asset Light Contracts

14 GMR Airports : Focus on Emerging Markets

GMR Infrastructure Ltd*

51%^

49% Groupe ADP GMR Airports Ltd (GAL)

India Outside India

64% 63%

Delhi Airport Hyderabad Airport 100% Crete Airport, Goa Airport (DIAL) (GHIAL) Greece

67%* 100% Duty Free (DDFS) Duty Free ** 40% 100% Mactan Cebu, 26% 100% Bhogapuram Airport Philippines Cargo (Celebi) Hotel (GHRL) **

49% 100% Advertising (TIMDAA) Cargo (GHACLPL) # Clark Airport, 50% 26% 100% Philippines^^ Fuel Farm (DAFFL) MRO #

90%* 49% Car Park (DAPS) Advertising (Laqshya)

40% 100% F&B (TFS) Real Estate

50% Delhi Aviation Services Under Subsidiaries / Operational EPC Development JVs ^ direct and indirect holding and post transfer of 49% to Groupe ADP and the stake will undergo change post achievement of milestones * Includes both direct & indirect holding; ** Duty Free business merged with GHRL; # Wholly owned subsidiary of GHIAL w.e.f Nov’18 and MRO business is merged with Cargo w.e.f Aug’19

15 GMR’s 7 World Class Airport Portfolio : A Snapshot

DIAL, , India GHIAL, Hyderabad, India Current PAX (FY20) (mm) • Marquee asset of • Ranked 1st by 21.7 67.3 66/119 national importance ACl3 4 in its ASQ PAX CAGR awards for 2017 FY14–20 • Gateway to India—Catering to 10.5% 45.99% one of the largest urban 16.4% • Among fastest Cargo CAGR Partnerships in Businesses conglomerates in the world growing major Indian airport FY14–20 • Ranked 1st in the world by ACl3 in 7.9% 64.0% 8.4% by traffic 40 mm+ category competing with Current/Max Capacity lncheon (South Korea), Changi Partnerships in Businesses• Poised to (MPPA)5 (Singapore) in 2017 ASQ awards 12/80 become regional hub Revenue Share (%) Revenue per Pax 4.0% GAL Stake (%) 63.0% Crete DIAL Nagpur Bhogapuram MOPA GHIAL Cebu

Crete, Greece MOPA, Goa, India Bhogapuram Cebu, Philippines

• Important Tourist • Goa is India's • Strategically 152 2 303— • Vital international 7.7 /33 located on East 11.4 Gateway leading DOM gateway to international Coast of Andhra • New airport with 606—INT Philippines tourist destination Pradesh 21.6% higher capacity 36.99% • 2nd busiest and Partnerships in Businesses nd replacing 2 Partnerships in Businesses• Tourist airport • ~15 year fastest growing largest airport in with high 100% moratorium on 15.81/28.3 Partnerships in Businessesairport in Greece currently 100.0% international revenue share Philippines serving 6.9mm passenger traffic passengers and non-aero • Named “APAC potential Regional Airport 40.0% of the year” by CAPA3 in November 2016

Source: Company Data; 1) Capacity increased to 15.8 mn, 2) Under-development, 3) ACI: Airport Council International. CAPA: Center for Asia-Pacific Aviation, 4) In 5 to 15mm passengers per annum category, 5) MPPA: Million Passengers per Annum 16 Non-Aero Businesses : Delivering Strong Growth

Demonstrated Track Record of Successful Execution Across Value Chain of Non-Aero Businesses

Duty Free F&B Advertising Car Park Cargo MRO

Delhi Airport : Non-Aero Revenues Hyderabad Airport : Non-Aero Revenues^^

INR bn INR bn

22.0 20.9

18.0 3.9 15.3 3.4 13.6 3.0 11.4 2.7 2.2 1.9

FY15^ FY16* FY17 FY18 FY19 FY20 FY15^ FY16 FY17 FY18 FY19 FY20 ^ FY15 financials are based on I-GAAP; * FY16 financial adjusted for one-time adoption of Ind-AS; ^^ excluding CGF which is classified as aero

Source: Company data; 17 Real Estate : Unique Opportunity Beyond Core Airport

Delhi Airport

Aerocity – Upcoming Central Business District in NCR Marquee Customer Base

Prime Real Estate Strategic Location Long Lease Period Between Central Delhi 230 acres available for Land parcels available (current CBD) & Gurgaon development till 2066 (commercial hub)

Excellent Track Record of High Occupancy Monetization Connectivity Prime hospitality market Dedicated high speed Hospitality, Retail, with scope for hotel metro line & 8-lane access Commercial additions road to NH8 Hyderabad Airport Aerotropolis – Large Integrated Ecosystem Synergistic with the Airport Large Client Base across Industry Verticals

Key Location Large Land Bank Long Lease Period Organic extension of 1,463 acres available for Land parcels available commercialized west development till 2068 Hyderabad

Excellent Mixed Use Model Connectivity Monetization Land Use across gaining traction Connected by NH44, hospitality, education, NH765 and Nehru Ring warehousing, Road entertainment etc.

18 Airports Business : Main Growth Engine

Rapidly growing • Low penetration of flying (0.07 trips per capita vs. 0.3 in China) passenger rd rd volumes • 3 largest domestic aviation market; to become 3 largest global aviation market by 2025

• Government agenda to privatize airports opens up big pipeline for growth Large potential • Expansion plans in place to capitalize on evident growth opportunities for expansion • DIAL to expand to 119 mn (rated capacity) from 66 mn, becoming one of the largest airports in the world; Hyderabad can expand upto 80 mn (rated capacity)

• Strong non-aero performance and significant potential to grow; Duty free SPP of ~USD Significant 11.3/pax in Delhi vs. USD ~25/pax at Dubai/Bangkok unregulated • Continuous revamp of retail offerings to cater to evolving passenger profile of young and commercial aspirational travelers revenue upside • Plans to develop Delhi as a cargo hub • Addition of new airports particularly Goa and Greece with tourist destination to provide big fillip

• Marquee hospitality/retail development in 230 acres at Delhi (monetized ~127 acres so far) Outstanding • Hyderabad Airport has one of the largest free unencumbered airport land banks - 1,463 acres Real Estate enabling development of both industrial (SEZs) and commercial formats opportunity • Addition of new airports particularly Goa with tourist destination to provide prime opportunities

• Comprehensive new aviation policy to strengthen growth in the Indian aviation market Positive regulatory • Clarity on major regulatory issues, especially applicability of 30% “hybrid till” and momentum implementation of Base Airport Charges (BAC) • Favourable judgement from TDSAT (appellate tribunal) provides clarity on long pending issues 19 Energy Business Diversified Asset Base In Strategic Partnership With Tenaga

GMR Infrastructure

52% 30% Tenaga GMR Energy Other Assets

18% Private Equity Investors

Rajamundry Deep Financial Thermal Renewables Restructuring

Gas (768 MW) Completed Warora Bajoli Holi (600 MW) (180 MW) Gujarat (2 MW) Coal Kamalanga Upper Karnali Project

(1,050 MW) (900 MW) Wind Hydro Tamil Nadu Alaknanda Project (1.4 MW) Kakinada Barge Plant1 (300 MW) (220 MW) Coal Mines – Indonesia – PT GEMS Gas Vemagiri Gujarat Power

(388 MW) Solar (25 MW)

Operational Under Construction Under Development

Key Operational Highlights - Coal Based Plants 1 2 3 Highly Contracted Power Supply Strong Fuel Linkage Improving PLF at asset level Power Offtake is contracted through long Robust fuel supply chain with confirmed Improving PLFs across assets – Warora term PPAs with State Electricity Boards linkage from and Kamalanga operating at a PLF of 82% and 66% respectively (FY20)2

1. Sale and Purchase Agreement for divestment is signed; 2. Including alternate power 21 GMR Energy Ltd. : Diversified Portfolio of Projects

Warora Kamalanga Vemagiri Bajoli Holi Project (Maharashtra) (Orissa) (Andhra Pradesh) (Himachal Pradesh)

Fuel Coal Coal Gas Hydro

Ownership 100% 87.4% 100% 100% ^

Capacity 600 MW 1,050 MW * 388 MW 180 MW

CoD September 2013 March 2014 September 2006 Expected in 2021

• 100% regulated tariff ~50% of saleable power Fully contracted through long 85% of power contracted • Power Off-take • • contracted through long term term PPA through long term PPA • 23 years PPA with Andhra Pradesh & Telangana PPA

Confirmed linkage from Coal • Gas not available since FY13 Confirmed linkage from Coal • Fuel Linkage • India Ltd. for 85% contracted Run of the river facility India Ltd. for entire capacity • Plant operated under eRLNG • capacity scheme during FY16 & FY17

Operated till FY12 • 74% in FY19 • 73% in FY19 • PLF Operated in FY17 under - 79% in FY20 64% in FY20 • • • eRLNG scheme

Refinancing of project loan Definitive agreements for Under construction with ~91% Others • • Debt-free plant • completed divestment is signed • completed by Mar’20

* excludes 350MW of Unit 4 which is yet to be developed ^ Includes both direct & indirect holding

22 Other Energy Projects

Rajahmundry Power Plant (Andhra Pradesh)

Fuel Gas

Ownership 45%

Capacity 768 MW

CoD • October 2015

• Executed Resolution Plan approved by 100% of lenders o Debt of INR 24 bn brought down to a Sustainable Debt of INR 11 bn Current Status o Balance Debt of INR 9.4 bn converted into Long Dated CRPS @0.1% coupon repayable from 17th to 20th year

PT Gems

Mine Location Indonesia

Ownership 30%

Resources 2.4 Bn Tons

Reserves 828 Mn Tons

24.4 mn tons in CY18 ( ▲ 43%) Sales Volume 31.0 mn tons in CY19 ( ▲ 27%)

23 Urban Infrastructure & Transportation Transportation Road Projects Diversified Across Annuity And Toll Revenues

Annuity Based Road Projects (133 kms) Toll Based Road Projects (216 kms)

GPEPL GCORRPL GACEPL GHVEPL

Road

GMR Shareholding 100% 90% 100% 90%

Road Length (kms) 103 30 35 181

Concession 20 Years 20 Years 20 Years 25 Years Period (from Sep 2006) (from Jun 2010) (from May 2006) (from Apr 2010)

Commercial Operations Date March 2009 June 2013 November 2008 December 2012

25 Urban Infrastructure – Special Investment Regions

Kakinada SIR (Andhra Pradesh) : ~10,400 Acres

• Port-based SIR, located in the Krishna-Godavari basin, to include an all weather multi-purpose deep- water port, a logistics park, a petrochemicals cluster and an eco-industrial park • Land of ~4,650 acres notified as SEZs; Utility / environment approvals in place • APTRANSCO accorded administrative approval for construction of 400/220/132/33 kV Substation • Monetization of Land – Large Clients under discussion: o Govt of AP signed MoUs with Haldia Petrochemicals Ltd to set up a refinery cum petrochem project in 2,500 acres and with HPCL-GAIL consortium for Petrochem complex in 2000 acres land o A large Chinese Stainless Steel Manufacturer for 500 acres and an Australian Lithium Refinery for 100 acres • Development of a greenfield commercial port at a location ~30km north from Kakinada o Proposed to be developed as an all-weather, deep draft, multi-cargo port o Consent for establishment for port received on 12th June 2019 o Initial capacity of 16 MnT to be spread over ~1,950 acres • MoU signed with APGDCL for supply of gas at KSEZ project doorstep

Krishnagiri SIR (Tamil Nadu) : ~2,500 Acres • Development philosophy – Leverage locational advantage to create cluster in Aerospace, automobile, logistics, engineering and electronics sectors • Setting up an Special Investment region in JV with TIDCO o Infra development in 275 acres in progress with all approvals in place. • SIPCOT to acquire ~500 acre for their Industrial park o Initiated the acquisition of ~335 acres • Leased 20 acre to M/s Toyota Boshuku for their manufacturing unit

26 EPC Projects in Dedicated Freight Corridor Projects

DFCC’s Project Network GMR’s Scope and Highlights • GMR along with it’s partner SEW Infra has been awarded contract to construct a part of the eastern corridor:

Contract Length Corridor Value Kanpur (Kms) (INR bn)

GMR’s stretch Mughalsarai to New of work 181 24.2 Karchana (UP)

New Karchana to New 236 26.6 Mughalsarai Bhaupur (UP)

TOTAL 417 50.8

• Above section of the project is fully funded by World Bank by • Dedicated Freight Corridor is INR 820 bn project USD 1.1 bn - no anticipatory revenue risk undertaken by DFCCIL (a wholly owned public sector undertaking of MoR)

• Corridor under construction - Eastern (Ludhiana to Kolkata) & Western (Dadri to Mumbai)

27 Summing Up Airports Portfolio Expansion And Real Estate Monetization To Drive Growth In Airports Segment

1

• Second phase of Real Estate monetization at DIAL Real Estate − Commercial Development Rights awarded to consortium led by Bharti realty for ~10 mn sq ft Monetization − For 1st phase (~5 mn sq ft) – upfront payment of INR 18.4 bn plus Annual Lease Rent of INR 3.64 bn p.a. till 2036 to be escalated by 50% for the extended term of 30 years till 2066

2 • Capacity Expansion underway at Delhi (from 66 mn to 100 mn) and Hyderabad (12mn to 34mn) Airports

• Aero Revenue visibility at Delhi Airport − Base Airport Charges (BAC) implemented from December2018

• Award of New Airports − Bhogapuram (Vizag): Signs concession agreement for development and operations of the Airport Growth In Bidar (Karnataka): GHIAL signed concession agreement to commission, operationalize and maintain the Airport Airports − − Crete (Greece): Achieved Concession Commencement Date for design, construction, financing and O&M

• Expanding Duty free business portfolio − Signed 7 year (extendable by 3 years) concession agreement to manage and operate Kannur Airport’s duty free outlets

• Original Proponent Status (OPS) for developing the Ninoy Aquino InternationaI Airport − Manila International Airport Authority has granted the GMR Megawide Consortium, the OPS for developing the airport

3 • Delhi Airport - Raised 10 year bonds amounting to USD 350 mn & USD 150 mn priced at 6.45% & 5.34% p.a. respectively Fundraise • Hyderabad Airport - Raised 5 year Bonds amounting to USD 300 mn priced at 5.375% p.a.

29 Recent Developments For Value Creation

Energy

1

Reorganizing • Tenaga Nasional Berhad invests INR 2.26 bn in GMR Bajoli Holi Hydropower Ltd. Energy Assets • Achieved tariff increase in Warora & Kamalanga related to ‘change in law’ and ‘coal cost pass-through’

2

Resolution • Executed resolution plan for Rajahmundry gas based projects of Energy Assets • Divestment of entire stake (of 47.62%) in Chhattisgarh coal based projects

Urban Infrastructure

1

• Setting up an Special Investment Region at Krishnagiri on ~600acres of land in JV with TIDCO Unlocking Value in • MoU signed for monetization of 3,100 acres in Kakinada SIR SIRs • Development of greenfield commercial port at Kakinada with an initial capacity of 16 MnT over ~1,950 acres • Construction of Eastern Dedicated Freight Corridor (DFCC)

30 Strategic Initiatives Significant Value Creation Through Deleveraging

Strategic Partnership with Groupe ADP Transaction • Minority stake sale of 49% in GMR Airports Ltd (GAL)

Investment Amount • Base Value : INR 200 bn • INR 98.13 bn received • Earnouts INR 10.6 bn - Valuation INR 220 bn ✓ Tranche I: INR 52.5 bn received in February 2020 • Earnouts INR 44.8 bn - Valuation INR 265 bn - GMR stake can go up to 59%, by achieving ✓ Tranche II: INR 45.7 bn received in July 2020 earn-outs ─ Including INR 10 bn primary capital @ GAL ─ Balance secondary- cash inflow at corporate level • INR 10.60 bn, currently part of Earnouts to be received by FY24 ✓ subject to the achievement of certain performance related targets by GMR Airports Limited

Status • Transaction completed

Utilisation of proceeds • Servicing of debt and purchase of private equity investors in GAL

Deleveraging to result in improved cash flows and profitability over the medium term

32 Strategic Roadmap - Mirror Demerger

Mirror Demerger* of GMR Group to provide pure play in Airport business • Initiated the process of due diligence after the Second Closing of ADP Deal. • The Sub-Committee of the Board is considering the following two options for demerger: (a) Two entities - Airport and Non-Airport; or (b) Three entities - Airport; Energy and Highways ✓ Key criteria for demerger– to create verticals which allow for pure-play thereby attracting investors for strategic play or capital raise to further reduce debt

This will eventually lead to • Value unlocking of Airport & Non-Airport businesses • Simplification of the Corporate Holding Structure • Enable both Airport & Non-Airport businesses to chart out their respective growth plan independently • Multiple platforms to raise fund to grow respective businesses – both from private & public market

Preparatory works are in progress and plans to make necessary filings after internal due diligence * Subject to Board Approvals; 33 Divestment of Non-Core Assets

Monetisation of Barge Plant • GMR Energy Limited has entered into a Sale and Purchase Agreement with a prospective buyer for a consideration of USD 15.50 mn for sale of the Barge Mounted Power Plant. • Received an advance of USD 3 mn till March 31, 2020.

Divestment update on Kamalanga Power Plant • Long stop date for the proposed divestment of 100% stake in Kamalanga Energy to JSW Energy has elapsed • Given the continued uncertainty due to Covid-19 pandemic, the parties have mutually agreed to terminate the said transaction

Plan is to Divest Large Part of Other Assets Identified as Non-Core Divestment initiative Details • Thermal assets are self sustained • Recent Govt. release of INR 900 bn to Discoms to aid early recovery. I Power Business • Recent proposal has established a benchmark valuation for Kamalanga Energy (EV INR 53 bn) implying an asset level debt reduction of ~INR 40 bn • Total land—10,500 acre; Even 50% land monetization to yield significant value II Port & Industrial Land • Land at strategic industrial locations to benefit from manufacturing dislocation from China • Highway debt to be pared from favourable judgment on significant arbitration claim III Road Assets • Monetization to gain momentum post arbitration claim settlement IV Coal Mines (Indonesia) • To re-start the process of divestment once coal prices stabiles Double dip: Divestment of assets to lead reduction of Consolidated debt and equity value to facilitate reduction in Corporate level debt 34 Investment Merits of the ADP Partnership

Creation of world-class Airport Development and Management platform in partnership with strategic airport operator

Significant deleveraging at GMR Infrastructure Ltd. using the equity raise o Improved cash-flow and profitability

Paves way for value unlocking through demerger of businesses1 o Transaction entails ease of & flexibility for demerger process

Strong partner to capitalise on future growth opportunities

1) subject to corporate & regulatory approvals

35 En route to build Strong Partnership with ADP

• Combination of expertise to extract more value and create synergies Leverage o Building strong partnerships by leveraging aeronautical and non- Expertise aeronautical expertise through systematic best practices implementation o Sharing knowledge and best practices across airports

• Market access for service companies Strategic • Route development partnership • Enhance expertise in operations / smart airport • Retail and passenger experience, IT/Innovation, engineering etc.

• Achieving standardized and highest level of passenger experience and quality Hospitality of service

Optimise skills in operations, engineering, IT etc. to create global benchmarks

36 GMR Infrastructure – Key Takeaways

01 Significant deleveraging of the group via equity capital transaction with marquee partners

02 Pure play airport business on the cards1 – to drive GMR’s leadership in airports business

Strong underlying macro fundamentals, including fast growing aviation market in India, to act as 03 tailwinds for the group

04 One of the world’s largest integrated airport platforms with significant potential for expansion

Non Aero – on the back of growing retail consumption – and Real Estate to provide additional 05 upside for the Airport segment

06 Ability to derive value from strong partnerships from global majors across businesses

07 Strong management and leadership teams with ability to successfully build strong businesses

1 Subject to Corporate Approvals 37