Adani Enterprises Limited Investor Presentation Thinking Big Doing Better July 2018 Legal Disclaimer

Adani Enterprises Limited Investor Presentation Thinking big Doing better July 2018 Legal Disclaimer

Certain statements made in this presentation may not be based on AEL assumes no responsibility to publicly amend, modify or revise any historical information or facts and may be “forward-looking forward looking statements, on the basis of any subsequent statements,” including those relating to general business plans and development, information or events, or otherwise. Unless otherwise strategy of Adani Enterprises Limited (“AEL”), its future outlook and stated in this document, the information contained herein is based on growth prospects, and future developments in its businesses and management information and estimates. The information contained competitive and regulatory environment, and statements which herein is subject to change without notice and past performance is contain words or phrases such as ‘will’, ‘expected to’, etc., or similar not indicative of future results. AEL may alter, modify or otherwise expressions or variations of such expressions. Actual results may differ change in any manner the content of this presentation, without materially from these forward-looking statements due to a number of obligation to notify any person of such revision or changes. factors, including future changes or developments in its business, its No person is authorized to give any information or to make competitive environment, its ability to implement its strategies and any representation not contained in and not consistent with this initiatives and respond to technological changes and political, presentation and, if given or made, such information economic, regulatory and social conditions in India. This presentation or representation must not be relied upon as having been authorized does not constitute a prospectus, offering circular or offering by or on behalf of AEL. This presentation is strictly confidential. memorandum or an offer, or a solicitation of any offer, to purchase or This presentation does not constitute an offer or invitation sell, any shares and should not be considered as a recommendation to purchase or subscribe for any securities in any jurisdiction, that any investor should subscribe for or purchase any of AEL’s shares. including the United States. No part of its should form the basis of or Neither this presentation nor any other documentation or information be relied upon in connection with any investment decision or any (or any part thereof) delivered or supplied under or in relation to the contract or commitment to purchase or subscribe for any securities. shares shall be deemed to constitute an offer of or an invitation by or None of our securities may be offered or sold in the United States, on behalf of AEL. without registration under the U.S. Securities Act of 1933, as AEL, as such, makes no representation or warranty, express or implied, amended, or pursuant to an exemption from registration therefrom. as to, and does not accept any responsibility or liability with respect to, This presentation is confidential and may not be copied or the fairness, accuracy, completeness or correctness of any information disseminated, in whole or in part, and in any manner. This presentation or opinions contained herein. The information contained in this contains translations of certain Rupees amounts into U.S. dollar presentation, unless otherwise specified is only current as of the date amounts at specified rates solely for the convenience of the reader. of this presentation.

2 Contents

Adani Group

Company Profile

AEL: Coal Mining & ICM

Adani Gas Ltd

Adani Wilmar Ltd

Mundra Solar PV Ltd

Others

Carmichael Mine, Australia

3 Nation Building - Responding strategically to some of India’s profound challenges

One of the global growth Rising middle class Estimated to be the engines of the 21st century, places increasing world’s 5th largest Availability of cost ranking high on many macro- demand on consumer market by effective engineering economic indicators infrastructure 2025 resources

Rising Energy Needs Growing Infra Requirements Increasing Power Demand Food Safety

• Indian economy to remain • 90% of the volume and 72% • ~70% of electricity is • India has among the highest heavily reliant on Coal of total value of country’s generated from thermal food losses in the world international trade is power which will continue • The key driver of coal through maritime transport over the next two decades • Stagnant oil seed demand is the power sector production and rising edible • Shipping Ministry estimates • In 2015, as per IEA, World oil demand is increasing Indian Ports will need to Energy Outlook, over 240 import dependency have capacity to handle 2.5 million Indian citizen had no bn MT cargo by 2025 access to electricity

• Resources: Obtaining coal • Logistics: A large network • Energy: Conventional and • Agri: Agri products & from mines and trading; in of ports, Special Economic Renewable Power infrastructure future it will also include oil Zone and multi-modal generation, transmission, and gas. logistics – rail and ships Solar PV manufacturing and • Adani’s coal operations will gas distribution account for ~20% of India’s • Adani Ports will handle ~20% • Adani’s power generation will • Adani will cater to 25% of projected coal requirements of the total cargo at Indian represent ~5% of India’s India’s edible oil demand by by 2021 Ports by 2021 projected capacity by 2021 2021

4 The Making of India’s Leading Infrastructure Group

1988 1995 2002 2009 2018

Coal Trading Started a Commenced Among the largest (1999) Coal traders in the Commodity world Trading ICM Gautam Adani Business Chairman Awarded India’s 1st MDO (2006) Acquired Carmichael Adani Acquired Bunyu coal mine Australia (2010) Enterprises listed Coal Mine Indonesia (2008) (1994) Mining operations in India, Indonesia Coal Mining & Australia (MDO) Mundra Port Commenced 1995 (1995)

50: 50 JV with Wilmar International Commissioned (2000) Solar PV plant at Mundra (2017)

Grain Silo Depot 2002 commissioned at 7 locations (2007) Solar Mfg

Adani Power 1st CNG Station Adani listed (2009) Ahmedabad Awarded Grain Storage Ports (2004) business from MP state listed (2007)

“Fortune” Largest Food 2009 1st transmission FMCG brand in Commissioned first India unit (2009) line commissioned (2009) Worlds Largest JV with Single location Indian Oil Agro Corporation Acquired Solar Power Plant Presence Dhamra Port (2014) Acquired 1,200 MW Listed (2015) (648 MW) (2016) in 13 cities (2014) Udupi Thermal Power plant (2015) Acquired GMR and Reliance Transmission Project pipeline To be Lines (2016) > 2GW listed (2018) 2018 Operates 10 ports/terminals Bangladesh PPA To be Signed (2017) BSES acquisition (2017) listed (2018) Adani Gas

Adani Ports Adani Power Adani Transmission Adani Green Energy

Adani Green Energy = will be demerged from AEL w.e.f from 1st April 2018 FMCG = Fast-moving consumer goods All business in green colour in Adani Enterprises Limited 5 Adani Group – At a Glance

Largest private sector ports, thermal power, transmission, renewables and coal trading player in India

180 MMT ~15% of India’s EXIM trade 10,440 MW ~5% of India’s Thermal Generation Capacity 2,500 MW ~4% of India’s Renewable Generation Capacity 11,890 Ckt Km ~3% of India’s Transmission Network

Promoter Promoter Promoter Promoter Promoter Promoter Group Group Group Group Group Group 74.9% 63.6% 73.1% 74.9% 86.9% 74.9% Adani Enterprises Adani Ports and SEZ Adani Power Adani Transmission Adani Green Energy Adani Gas

–Integrated coal –India’s largest –India's largest private –India’s largest –Renewables –Leading Private management commercial ports thermal power private transmission Capacity: 1.9 GW Sector CGD operations operator and generation Co with Co operational, 1.2 GW Company in India –Over 50% market integrated logistics installed capacity of –Installed Capacity under pipeline –Focussed Pure Play share in coal (66 Company 10,440MW 5,000ckt KMs; –Solar: 90%, Wind: Gas Marketing and MTPA) –Market share of ~15% –A national record: doubling by 2019 10%(3) Distribution –Leading Coal MDO in India’s cargo Mundra thermal plant –SPA signed in Dec –Geographically company player in India –10 Ports across West running continuously 2017 to acquire BSES diversified portfolio –Operational in 4 for 600 days –Agro commodities and and East Coast Electricity –Tamil Nadu 648 MW cities storage, ‘Fortune’ - –Multi-modal logistics –Signed PPA with Govt distribution (c. 3 mn : World’s largest –IOAGPL – 50:50 JV of B’desh in 2017 for consumers) India's leading cooking –Mundra SEZ (8481 single location solar with Indian Oil oil brand 1.6 GW ultra super- –Rated Investment plant Corporation with ha) critical thermal power –India’s largest solar Grade by Moody’s, –Quality operations in 9 cities –Rated Investment project (COD 2022) S&P, Fitch panel and cell Grade by Moody’s, Counterparties: manufacturer (1.2 GW S&P, Fitch SECI – 28%, p.a.) NTPC - 17%

Revenues EBITDA Revenues EBITDA Revenues EBITDA Revenues EBITDA Revenues EBITDA Revenues EBITDA ₹ 37,984 Cr ₹ 3,002 Cr ₹ 12,334 Cr ₹ 8,073 Cr ₹ 21,093 Cr ₹ 6,174 Cr ₹ 3,239 Cr ₹ 2,937 Cr ₹ 1,078 Cr ₹ 857 Cr ₹ 1309 Cr ₹374 Cr Total Debt Total Assets Total Debt Total Assets Total Debt Total Assets Total Debt Total Assets Total Debt Total Assets Total Debt Total Assets ₹ 17,915 Cr ₹ 43,615 Cr ₹ 21,433 Cr ₹ 47,375 Cr ₹ 52,835 Cr ₹ 69,523 Cr ₹ 10,009 Cr ₹ 17,265 Cr ₹ 9,280 Cr ₹ 13,280 Cr ₹348 Cr ₹1,311 Cr Market Cap: ₹ 14,776 Cr Market Cap: ₹ 76,731 Cr Market Cap: ₹ 7,039 Cr Market Cap: ₹ 16,634 Cr Market Cap: 4,337 Cr Listing Oct 2018

Operational Massive Unmatched excellence Track record of Experienced management scale execution Focus on integrating Expertise in regulatory Largest in Greenfield assets productivity, acquisitions environment in India class in record time lowest cost

Note 1: All the financials are from respective companies’ Annual Financial Statements dated 31 March 2018 2: Market cap is as of 18th June 2018 3: Mix as of March 31, 2018 6 Adani Group : Financial Snapshot* and Stock Price Movement

Revenue EBITDA Total Assets Total Net Worth 15% CAGR

16,953 39,904 73,640 75,729 21,043 1,91,058 45,106 474 5,546 18,218 1,06,997 1,75,597 1,151 19,490 38,310 5,534 4% 4% 4% 11% 4% 11% 7% 6% 3% 14% 8% 8% 27% 8% 8% 13% 32% 28% 31% 2% 48% 35% 51% 41% 69% 29% 34% 65% 13% 16% 46% 38% 25% 47% 96% 81% 24% 25% 23% 37% 39% 52% 50% 49% 44% 34% 39% 31% 28% 27% 28% 35% 35% 17% 14%

FY 2007 FY 2012 FY 2017 FY 2018 FY 2007 FY 2012 FY 2017 FY 2018 FY 2007 FY 2012 FY 2017 FY 2018 FY 2007 FY 2012 FY 2017 FY 2018

AEL APSEZ APL ATL AGEL AEL APSEZ APL ATL AGEL AEL APSEZ APL ATL AGEL AEL APSEZ APL ATL AGEL

Stock Price Movement (%)

Adani Enterprises Adani Ports and SEZ Adani Power Adani Transmission

34%

133% 394%

16%

Oct-2016 Mar-2018 Oct-2016 Mar-2018 Oct-2016 Mar-2018 Oct-2016 Mar-2018

Adani Enterprises NIFTY 50 Adani Ports & SEZ NIFTY 50 Adani Power NIFTY 50 S&P BSE POWER Adani Transmission NIFTY 50

• Includes listed Group Companies • Stock Price Movements are until 31-03-2018 7

Adani Enterprises: a D iversified Incubator

8 Thinking Big, Doing Better

Unique Incubator with a distinctive capability in nurturing businesses of national importance creating value for all stakeholders

Massive Scale - Largest & best in class

Unmatched Execution - Greenfield assets in record time

Experienced Management Team - Expertise in regulatory environment in India

Operational Excellence - Focus on productivity, lowest cost

Delivered stupendous CAGR of 32% for 24 years (since listing)

9 Adani Enterprises : Evolution

2018 • Demerger of Adani Green Energy & Adani Gas

2010 • QIP of $ 850 mn • Acquired Carmichael Coal Mine • Won First Coal MDO contract

2007 • APSEZ IPO subscribed 116x • FCCB Issue of $ 250 mn

2017 • Solar Mfg plant 2001 commissioned • Adani Gas Started

2015 1996 • Demerger of APSEZ, APL & ATL • Bonus Issue of 1 : 1 2009 • APL IPO subscribed 21x • Bonus Issue of 1 : 1

2006 Nov-1994 listed on • Stock Split : Ratio 10 : 1 BSE & NSE @ Rs 150/share Subscribed 25x 1999 • Signed JV with Wilmar, Singapore • Bonus Issue of 1 : 1

10 AEL: Corporate Structure

Promoters

75%

Adani Enterprises Limited (AEL)

Coal MDO ICM ** (Division) (Division)

100% 100% 51% 50% 100%

AGL AWL MSPVL Adani Global (City Gas (Edible Oil & Others Mauritius (Solar Mfg) Distribution) Food)*

100% AALL/AAFL 100% 100% (Agro Storage) AGPTE AGFZE Singapore Dubai 100% Defence

Road, Metro & 100% 100% 100% 100% 100% Railways AMPTY PTAG ASPL ABPL Carmichael Bunyu Coal Shipping Bunkering Coal Mine Mine 100% Cement (Singapore) (India) (Australia) (Indonesia) 100% Water Consolidated Financials FY18 (₹ in Crs)

Parameter Total Coal MDO ICM AGL MSPVL AALL+AAFL Others AWL*

Revenue 37,984 863 29,454 1,309 554 314 5,406 26,435

Op. EBIDTA 3,002 466 1,261 374 328 100 473 1,010

* AWL financials shown are on 100% basis ** ICM – Integrated Coal Management 11 Adani Enterprises : Exemplary Value Creation

EBIDTA Mix AEL delivered CAGR of 32% since listing

1000000 FY2012 Others, Vs 8%

Nifty CAGR of 9.3% & Sensex CAGR of 9.3% ICM, APSEZ, 28% 38%

100000 APL, 26%

FY2015 10000 Others, ICM, 12% 6%

APSEZ, 31% APL, 51% 1000

100 FY2018 ICM 9% Coal MDO 13% Solar Mfg 25% Solar Gen 37% 10 CGD 11%

Others

2011 2017

1997 5%

2012

2013

2015

1995

2014

2016

2001 2010

1999

1994

1996

1998

2007

2002

2003

2005

2009

2004

2006

2008 2000

AEL Nifty Sensex Note: Chart value in log scale rebased to 100 12 Adani Enterprises : Experienced Management Team

Mr Gautam Adani, Chairman & Founder - Adani Group Mr Rajesh Adani, MD – Adani Enterprises Ltd Mr Adani has more than 33 years of business He has been associated with Adani Group since its experience. His journey has been marked by his inception. He is in charge of the operations of the ambitious and entrepreneurial vision, coupled with Group and has been responsible for developing its great vigour and hard work. This has not only enabled business relationships. His proactive, personalized the Group to achieve numerous milestones but also approach to the business and competitive spirit has resulted in creation of a robust business model which is helped towards the growth of the Group and its various contributing towards building India. businesses.

Mr Pranav Adani, Director Mr Vinay Prakash, CEO - Mining & ICM He has been active in the group since 1999. He has A mechanical engineer with MBA (finance), Mr. Vinay spearheaded the Joint Venture with the Wilmar Group Prakash has a rich and diversified experience of over 24 of Singapore and transformed it from a single refinery years, spanning across the complete coal value chain, edible oil business into a pan India Food Company. He from Mining, Trading, Shipping & Logistics to Port & also leads the Oil & Gas, City Gas Distribution & Agri Power. He has been instrumental in nurturing our Infrastructure businesses of the Group. His astute trading & mining business & achieving multi-fold growth understanding of the economic environment has helped subsequently. the group in scaling up the businesses multi fold.

Mr Rajeev Sharma, CEO – Adani Gas Ltd Mr T K Kannan, CEO – Adani Wilmar Ltd Mr Sharma has over 38 years of focused experience in Mr Kannan has been active in the group since 1999. He Oil & Gas industry especially natural gas pipelines and has about 40 years of experience in the Edible Oil city gas distribution networks. He has been with Adani Sector. Out of which the last 20 years he has been with since 2003 & responsible for Group’s initiatives in city Adani Wilmar Ltd working in Singapore & India. With his gas distribution. He was associated with GAIL for 19 rich experience he has been handling the Edible Oil years in various capacities. Mr Sharma was the business and Co-ordinating, Trading, Marketing & founding MD of Indraprastha Gas Ltd and has Manufacturing since inception. Prior to joining Adani implemented the prestigious CNG Program in Delhi. Wilmar, he worked 20 years for Godrej Soaps Ltd.

Mr Ramesh Nair, CEO – MSPVL (Solar Manufacturing) Mr Rajiv Nayar, CFO Mr Nair has over 27 years of experience in the Mr Nayar joined the Adani Group in April 2016 after a manufacturing industry. He has worked in Essar Steel 30 years career at Citigroup. At Citi, he had a broad Limited, Sterlite Industries Limited as COO Sterlite based experience in both developed and emerging Copper and Director - MALCO and Jindal Stainless markets in India, London and Hong Kong across various Limited as President & Executive Director. Before disciplines including Corporate Banking, Project joining Adani Solar, he was the CEO and whole time Finance, Leveraged and Acquisition Finance, Capital Director of Bharat Aluminium Company Limited (BALCO) Markets as well as Risk and Portfolio Management. for the last 4 years.

13 Adani Enterprises : Consolidated Historical Financials

AEL FY 16 FY 17 FY 18 Value creation • Demerger of AGEL, renewables vertical Revenue 35,131 38,056 37,984 • Listed in June 2018 2,789 3,090 3,002 EBITDA • Demerger of AGL, city gas distribution vertical PAT 1,009 988 870 • Listing in 2H FY 19 Basic and Diluted EPS (in ₹) 9.19 8.98 6.89

Net Fixed Assets (NFA) 18,135 21,399 16,081 Expansion of existing businesses Total Assets 41,756 47,689 43,615 • Enhancing nationwide footprint in Agro and 8,163 10,166 5,072 Total Long Term (LT) Debt Coal MDO through organic route 19,169 20,846 16,990 Total Debt • Acquisition of Ruchi Soya, one of the largest Total Net Worth (TNW) 13,463 14,698 15,588 edible oil producers in India, by Adani Wilmar,

EBITDA / Interest 2.1x 2.5x 2.3x

Total LT Debt / EBIDTA 2.9x 3.3x 1.7x Highly successful incubator Total LT Debt / TNW 0.6x 0.7x 0.3x • Unparalleled track record of transforming Total Debt / EBITDA 6.9x 6.7x 5.7x businesses from challenging gestation to robust independence Total Debt / TNW 1.4x 1.4x 1.1x • Venture into new businesses such as

Note 1: Excludes Adani Wilmar (50% JV) now consolidated as per equity method per IndAS. defence, roads, cement and water

Note 2: FY18 figures exclude AGEL

Note: 1. Per Indian Accounting Standard (IndAS) 2. Note: EBITDA = PBT + Depreciation + Net Finance Costs 3. Debt figures exclude Intra-Group Borrowings 14

AEL: India Coal – Coal MDO & ICM

1 5 Global Coal: Demand to remain stable, with India contributing significantly towards imports & Australia towards exports

India net imports, Australia net exports to be the highest -38

-67 +40

~+95 +69

+21

-67

-3 +130

India thermal coal imports by country Seaborne Thermal Coal Market 2017 2035 1062 / Net exports/ imports in 2035 over 2017 levels 29% 945 44% 42% 51%

5% 29% 2017 2035 Coal Volumes (Mt) Indonesia Australia Others Source: Wood Mackenzie 16 Global Coal Scenario – Stable Outlook

Global coal demand flat lines, with falls in China and OECD offset by increases in India and other Asia

2,500 Million toe Coal Consumption by Region 5.0% Coal Consumption Growth and Regional Contributors

4.0% 2,000 China India OECD Other Asia Other 3.0%

1,500 2.0%

1.0% 1,000

0.0% 500 -1.0%

- -2.0% 2000 2010 2015 2020 2030 2040 2000-2010 2010-2020 2020-2030 2030-2040

China India OECD Other Emerging Asia RoW

Source: BP Statistical Review Source: BP Statistical Review

Decline in exports from Indonesia to be offset by exports from Australia With thermal coal prices projected to remain stable

1,600 Thermal coal price nominal estimate(US$/t)

120

96 1,200 500 100 87 86 457 80 82 76 78 80 429 Rest of World 800 416 Indonesia 60 397 Australia 316 40 400

550 20 399 450

0 0 2015 2025 2040 2017 2018E 2019E 2020E 2021E 2022E 2023E Source: International Energy Outlook, 2017 Source: Bloomberg, JP Morgan Estimates 17 Evolution of Indian Coal Mining & Opportunities

Amendment to Coal Mines Nationalization Act •Allowed private sector participation in coal mining for captive usage (1973), 1991 •Case to case basis allotment of 218 coal blocks

Auction by Competitive Bidding of Coal Mines •Additional regionally-explored (RE) coal blocks allocated to various PSUs - 14 for Power Rules, 2012 end use & 3 for commercial mining

•Various complaints were received by the Govt. CAG Report, 2012 & SC Judgement in 2014 •Arbitrary and non transparent allotment led to cancellation of 204 coal blocks out of 218

•Re-Allocation of the coal blocks; 2- pronged strategy Coal Mines Special Provisions Act, 2015 •Auction for Private & Allocation for PSUs - either for captive or commercial use

•MoC has opened commercial mining for private sector under Act’ 2015 Way Forward •Methodology for auction published on Feb 27, 2018 and tender process expected soon

Captive mines portfolio including CIL’s mines for potential MDO business shown below

Category No. of Coal Blocks Category No. of Blocks

Allocation/Auction under Coal Mines Act 204 Allocation & Auction 86 Category No. of Coal ~52 Bn Ton 2015 To Allocate/ Auction Blocks118 Allocation under CMN Act 1973 14 Pakri Barwadih, Tasra 2 Category No. of Coal ~7 Bn Ton UMPP Linked Block Blocks12 Sub Total (Coal Blocks) 218 PSUs – Power; allocated 10 Allocation under Mining Rules 2012 ~9 Bn Ton 17 PSUs- Power; cancelled 4 Category No. of Coal CIL Coal Block for MDO 3 Commercial Mining Blocks 3 ~2 Bn Ton Grand Total 238 Kaniha , Siarmal, Pelma 2

70 Billion Ton

18 Demand Drivers for Thermal Coal in India

Share of Thermal Power to go down to 51% in next 5 years, although expected to increase in absolute terms

2016-17 2022-23 Coal

8% Large Hydro 6% 2% 2% 4% Small Hydro 13% 10% & Bio Mass Wind Power 4% 326 GW 472 GW 51% 13% 59% Solar Power

13% Nuclear 4%

Gas & Diesel 12%

Coal based thermal power capacity @ 240 GW by FY 2023

240000 220000 200000 Additions Capacity

180000 MW 160000 140000 120000 FY 17 FY 23

 Coal based power capacity expected to increase from 204 GW in FY 2018 to 240 GW in FY 2023  Power generation expected to increase at rate of 6 to 7 % for next 5 years

Source: Ministry of Power, Adani Estimates 19 Domestic Coal Production

CIL Total Coal Production (Mn Ton) SCCL Total Coal Production (Mn Ton)

800 762 90 84 79 750 CAGR: 721 CAGR: 80 75 80 Base—4.6%, 683 726 Base—4.5%, 700 71 76 694 68 73 Pessimistic-3.6%, 646 Pessimistic---3.5%, 76 664 692 70 64 70 74 650 Optimistic---5.6%, 612 Optimistic---5.5%, 67 71 634 668 64 69 579 645 61 66 600 606 60 60 64 579 622 600 550 554 52 53 53 538 579 50 50 500 493 40 450 452 462 436 400 30

CIL- Base CIL- Pessimistic CIL- Optimistic SCCL - Base SCCL - Pessimistic SCCL - Optimistic

Captive & Others Coal Production (Mn Ton) 210 191 . MoC has auctioned/allocated 94 captive coal blocks

180 172 under CMN* Act 1973, CMSP Act 2015, CBR 2012 147 150 152 . Production started in 13 auctioned/allocated coal blocks 111 132 120 80 100 117 . Production forecasted to reach 172 MT by FY23 based on 90 63 59 52 51 53 72 89 possible opening of new mines and ramp up 60 44 46 40 53 46 64 30 46 47 FY-12 FY-13 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19FY-20FY-21 FY-22FY-23 Optimistic Base @90% Pessimistic@80%

FY-15 FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 Peak MTPA 115 53 68 73 106 143 206 256 308 • CMN Act : Coal Mines Nationalization Act, 1973 Source: Ministry of Coal, Market reports, Adani Analysis • CMSP : Coal Mines Special Provisions Act, 2015 20 • CBR 2012 : Competitive Bidding of Coal Mine Rules, 2012 Demand Supply of Thermal Coal

Supply Total Demand 1200 MMT 1117 1050 988 930 1000 886 828 852 843 783 800 733 647 686 597 625 600

400

200

0 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23

Imports over the next 5 years likely to be range bound between 140 to 160 MMT

(MMT) 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 CAGR (18 to 23)

Total Demand 828 852 886 930 988 1050 1117 5.6%

% Increase 3.05% 2.94% 3.99% 4.97% 6.24% 6.28% 6.38% Total Supply 597 625 647 686 733 783 843 6.2% (Pessimistic) % Increase 3.3% 4.6% 3.5% 6.02% 6.8% 7.09% 7.5%

Total Supply (Base) 597 625 659 706 763 825 897 7.5%

% Increase 3.3% 4.7% 6.4% 7.4% 8.54% 8.25% 8.9%

Imports may go beyond the range based on how CIL & captive performs, removal of infrastructure bottlenecks including railways !!

21 Adani India Mining: Introduction

Largest Mine Developer & Operator in India

• Exploration Parsa East and Kanta Basan, Peak Capacity 15 MMTPA • Preparation of GR, Mine Plan

• Land Acquisition, R&R Kente Extension Peak Capacity – 7 MMTPA • Obtaining Clearance

• Establishment of washery & reject based TPP Parsa, Peak Capacity – 5 MMTPA (if applicable)

• Planning, Developing & Operations

Jitpur, • Operation of mine Peak Capacity – 2.5 MMTPA • Logistics solution Talabira II & III Peak Capacity – 20 MMTPA Gere Pelma-III Peak Capacity – 5 MMTPA • Average Potential mine life: 30 years

• Estimated direct employment to 3200 persons

Operational Under Development

Map Source: http://clipground.com/clipart-maps-of-india.html MMTPA: Million Metric Tons/ Annum 22 MDO Business Model & Project Pipeline

Mine Owner Packages wherever applicable basis

Payments to MDO Coal Delivery by MDO

Facilitating in obtaining clearances, DPR / mine plan, Land Mine Developer acquisition and R&R and Operator (MDO) Construction of Infra such as CHP, Washery, rail siding etc. Bundled Coal & OB Removal Package Coal Loading & Transport MDO to do all Investments as per Scope of Work of which some O&M of Washery & Disposal of rejects part are reimbursable O&M of railway siding

Major risks are transferred to one contractor- Ease in Contract Management

Parsa East & Kente Gare Pelma Talabira II Parsa Gare Pelma -II Jitpur Total Kante Basan Extension -III & III

Owner RRVUNL RRVUNL RRVUNL CSPGCL Mahagenco NLC APL 7 Contract

Geological 516 256 200 210 736 589 81 2588 Reserves (MnT)

Mineable 451 184 160 (Est) 134 553 554 66 2102 Reserves (MnT)

Capacity 15 5 7 (Est) 5 23.6 20 4 80 (MTPA)

Status of Producing Start in Start in Start in Start in Start in Start in 2019 Production since 2013 2021 2018 2021 2019 2020

Adani Role MDO MDO MDO MDO MDO MDO Captive

CMDPA Contract Status Signed Signed Signed Signed LoA awaited LOA issued signed

23 Why we entered into MDO? - a natural progression from Coal Trading

Successfully developed Power projects and Ports in India – Gained experience in LA, Community engagement, infra development- critical for Coal mining as well Mining in Indonesia since 2007- Our presence in Coal Trading Built credence to venture in business with PSUs, SEBs – Indian mining industry after a Built strong relationship with taste of success in foreign soil PSUs

Adani entered in Indian Mining MDO Business in 2008 - with RVUNL

24 PEKB Project - World class infrastructure developed within a record time

 Infrastructure consisting Pit top railway siding, silo  Mining Operation Started in Jan 2013 with Rapid Loading system for evacuation of coal  Coal Production commenced in Feb 2013 is under final completion

 Mining operations started within record time of 5  Strong EBIDTA Margins & Profitability with stable cash inflows and robust financial indicator years from the date of allocation of coal block

 In-house expert team of Geologists and Mining

Engineers 8.27 8.33  More than 25 MMT coal produced since the start 6.3 of mine

 Peak Mining capacity as per approved plan - 15 3.44

MMTPA

 Developed world class coal washery and CHP FY 15 FY 16 FY 17 FY 18

ROM Production (MMT)

PEKB mine - a model project - it is vertically integrated through private rail corridor (SRCPL) to provide last mile delivery of coal at TPS

PEKB – Parsa East & Kante Basin 25 Competitor Landscape

Turnover (Rs.Cr) Financial Position of Competitors FY16-17 Networth (Rs.Cr) 10000 JSPL* 10000 Jaypee Power 9000 Adani 9000 Turnover Networth Essel 8000 8000

7000 Less 7000 6000 Aggressive 6000 Dilip Buildcon Competitors 5000 Most Aggressive Competitors 5000 Adani 4000 Sadhbhav 4000 Jaypee Power 3000 3000 Monte Carlo BGR Lanco Sadhbhav 2000 Sainik 2000 VPR AMR Dilip Buildcon 1000 Ambey Sical Essel 1000 Southwest Thriveni Lanco 0 0 Dhansar Mahalaxmi

Single Mine with Highest Mineral Production in one Mineral (Mn Year From FY11-FY17 Mineral+OB 35 Ton) (Mn Cum) 70 80 Mineral (LHS) 30 60 25 50 MDO for Coal/Lignite/Iron Ore 20 40 15 30 10 20 5 10

0 0

VPR

BGR

Sical

AMR

JSPL

Essel

Adani

Sainik

Ambey

Dhansar

Thriveni

PT Darma PT

Sadhbhav

Southwest Mahalaxmi

Monte Carlo Monte Indonesian Jaypee Power Jaypee Company * JSPL : Turnover - Rs. 15494 Cr. ; Networth – Rs. 21675 Cr. Source: Adani Analysis, Company Reports 26 Robust operations driving strong financial performance

8.27 8.33

7.31 7.1 6.3 5.5

3.44 2.95

1.2 0.96

FY 14 FY 15 FY 16 FY 17 FY 18 FY 14 FY 15 FY 16 FY 17 FY 18

ROM Production (MMT) Washed Coal Dispatch (MMT)

61% 56% 54% 47% 956 579 863 466

570 23% 322

286 135 77 18

FY 14 FY 15 FY 16 FY 17 FY 18 FY 14 FY 15 FY 16 FY 17 FY 18

Revenue (in ₹ Cr) EBITDA (in ₹ Cr) Margin

27 Integrated Coal Management: Our Global Footprint…

Multi-Country Multi modal Customer Account Financing Procurement Logistics Management

ICM

Private Adani Power Overseas PSU Business Ltd business Yamunagar

Suratgarh Panipat Hissar Harduaganj

Dadri Tanda Vindyachal

Kota Unchahar Kahalgaon Badarpur Parichha Sagardighi Chhabra Rihand Dhamra Bakreshwar Kandla Mejia Bandel Panki Wanabori Durgapur Mundra Kolaghat Gandhinagar Sipat Bedi Tarakan Navlakhi Korba [Talcher] Haldia Tanjung Bara Tiroda Samarinda Dahej Koradi Bontang Paradip Hazira Chanderpur

Parli Muara Satui Ramagundam Vishakhaptnam Tanjung Indonesia Simhadri Pemancingan Kondapalli Gangavaram Kakinada Richard Bay South Africa Goa Queensland Ennore North Chennai Australia Mettur Tuticorin Ports Locations served Tuticorin

We are a team of 200 + People with operations spread across globe through more than 20 satellite offices & branch offices, 4 global offices and a HO based out of Gurgaon

28 AEL: Integrated Coal Management – Amongst World’s leading & India’s largest

Resilient Business Model with Dominant Market Position Sales Mix

In MMT FY 18

7% 31% 48% 56% 45%

22% SEBs 66 MMT APL 81 185 78 164 66 Exports 58 145 147 63% Private/Others 8%

FY15 FY16 FY17 FY18

AEL Coal Trading Volume India Steam Coal Import

Stable Operating Performance Realizations on an uptrend

In $/ MT Revenue EBIDTA in ₹ Crs.

27,446 30,232 29,454 66.61

55.71 52.52

967 998 1,261

2.85 1.85 1.84

FY 16 FY 17 FY 18

Revenue / MT EBITDA / MT FY16 FY17 FY18

29 AEL: Adani Gas – City Gas Distribution

www.adanigas.com 30 Natural Gas – A Low Cost, Clean & Efficient Source of Energy

Abundance Availability Affordability Acceptability Gas Value Increasing Expanding Price decline, Less polluting, Proposition Liquefaction Imports / commoditized, clean and green capacity infrastructure fungible

Global Gas export capacity increasing 50% between 2016-20 Infrastructure around natural gas import is accelerating

425 398 400 374 80 73 375 350 328 60 53 44 325 299 300 40 265 28 275 24 241 245 248 16 250 20 225 200 0 13 14 15 16 17e 18e 19e 20e China LNG (MMTPA) India LNG (MMTPA) India Pipeline ('000 KM) mtpa FY 16 FY 20E

Poor air quality in cities supporting gas adoption Gas is cheaper than oil linked fuel $/MMBTU Oil Linked Fuels Gas Price Iran 3 11.3 Nigeria 5 10.8 Pakistan 5 8.7 7.6 7.1 B'desh 6 6.3 Saudi Arabia 6 No of Cities 3.7 2.7 China 16 India 31

0 10 20 30 40 World’s 100 cities with worst Air Quality

From a fragmented and regional market, natural gas now a global commodity. Supply is driven by new discoveries and demand by rapid infrastructure development

31 India belatedly catching up on the Natural Gas

Environmental commitments, “Make in India” initiative, need for energy security makes natural gas a priority

Lower Gas Consumption per Capita (Cbm/person) India Contracted and Uncontracted LNG Demand

30,630 21,449

2,367 1,678

253 152 80

UAE Qatar United Thailand Bangladesh China India States

Gas as % of primary energy consumption declining National Priorities

61 60 • Paris agreement requires 35% reduction in CO2 over 2005 level

51 49 49 50 46 40 42 36 37 • Reduce oil import 10% by 2020 32 30 26 26 28

• Balance energy mix- gas 6% to 15%, by 2022 8 8 8 8 8 8 8 9 10 10 10 7 7 7 7 6 6

2000 2002 2004 2006 2008 2010 2012 2014 2016 • 100% LPG/PNG penetration

Gas as % of Primary energy Prmary Energy Gas Consumption

India has lagged, but given the global glut, this might be a advantage with significant uncontracted demand. Gas and Renewables together serves the twin purpose of climate and growth

32 City Gas Distribution (CGD) infrastructure generates demand

China Gujarat Gas consumption increased 4 times compare to India Highest CGD penetration and gas has 25% share in energy mix LNG as transport fuel picked up due to LNG infrastructure compare to national average of 6%

Gas demand India Vs China (In BNSCMD)

India China

188 200 172

151 137 150 111 93 84 100 73 59 48 41 30 35 50 71 60 61 Gas Consumption Gas 51 49 49 36 37 40 42 - 28 30 32 FY 02 FY 04 FY 06 FY 08 FY 10 FY 12 FY 14

China LNG as auto fuel demand rising as fueling station increasing 2800 200 2667 3000

180 2230 2500 160 1824 140 2000 120 100 1500 175 80 777 137 60 124 1000

40 304 (Nos) Station LNG 203 74 500

Heavy Duty trucks('000) Duty Heavy 101 20 14 17 22 38 0 0 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16

Heavy duty Trucks ('000) LNG station (in Nos)

Consensus at political & judicial level to replicate Gujarat model , i.e. to increase gas share to 25%

33 Massive Infrastructure Investment in Oil & Gas sector is underway

Carrier first- Commodity latter. Infrastructure will unblock latent demand.

Ongoing Infrastructure Investment India Gas Pipeline and CGD Network

• LNG terminals from 4 to 11; 6 under construction, 2 terminal from group company

• Pipeline network of 16000 kms extended by 13000kms work is started on most of stretches

• City Gas Distribution from 78 to 250 cities by 2020, bids for 150 cities are likely by March 2018.

• Incentives to explore and extract gas, 1st round under OLAP/HELP is going on.

• Small oil field 1st round concluded and second round by May 2018.

Blue star denotes proposed 146 GA for CGD bidding

About $23bn will be spent in the next 5 years to build oil & natural gas infrastructure. Approx. $1 bn VGF has been granted to GAIL to build pipeline infrastructure with likely unbundling

34 Indian CGD is ready for next growth cycle

CGD to provide base load to Gas Economy. Government is aggressively pushing Compressed Natural Gas and Piped Natural Gas

Growth Drivers India Gas Demand is Increasing

500 252 219 • 120 districts have high pollution levels 190 400 167 150 • Stringent emission norms. SC suggestion to ban Fuel Oil & 300 Petcoke on pan India basis 206 173 191 200 1390 146 157

1340 1210 1170 1310 • Coverage to increase to 322 cities (total >700 districts) MMSCMD 100 • Favourable regulatory support for CGD 0 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 • Tax arbitrage between liquid fuel and Gas Normalised Demand Bull Case • Energy security by balances energy mix

CGD demand adequately covered by domestic production • Industrial automation supports gas as fuel 38% 140 40% 35% • Domestic production of natural gas is rising and expected to 120 31% 35% grow considerably 100 29% 26% 30% 80 • Fuel Oil production declining at refineries 25% 60 21% 111 19% 103 108 • Absolute constrain on LPG production and Import 17%97 92 100 20% 40 88 87 91 14% infrastructure 15% 20 36 41 15 16 17 18 22 27 31 0 10% • Highway, Inter city traffic, MHV, 2W will drive demand FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 • Urbanisation and High rise building supports CGD India CGD Demand Domestic Productiom CGD as % of Domestic Production

CGD will have wider political patronage due to its wider, small consumption intensity (Household, passenger vehicles, small enterprises) 35 Natural Gas: Clean Fuel for Swachh Bharat (Clean India)

Fuel for urban India, clean India, digital India, GST compliant India

CNG has significant price advantage over Petrol Khurja- Case Study INR/ ltr energy equalized

80.00 Demonetization, GST roll out and environmental pressure changing the 70.00 fuel landscape. 60.00 33.44 Small town about 100 Km from Delhi is famous for ceramics art work. 150 50.00 units making hand crafted pottery and ceramic work. 40.00 14.83 9.06 30.00 11.78 Unorganized sector, avoided using natural gas which leaves a trail and can 20.00 reveal financial data. 29.22 10.00 22.64 - Used all kinds of fuels – Furnace Oil, PetCoke, Kerosene, Rubber/Tyre Oil, Petrol CNG as emission monitoring not a deterrent Brent/ Gas S&D Cost/ Margins Taxes The tri–combination of Demonetization, GST and SC’s decision to ban Furnace Oil, PetCoke has proved to be a game changer for fuel mix. Natural Gas Vehicle Penetration is low and will increase India 1% November 2016 our total PNG sale in Industrial segment at Khurja was 2000 SCMD. Thailand 1% China 2% December 2017 sales, increased to 16000 SCMD, registering 8 fold growth Brazil 2% Egypt 3% FY 19 will reach 80000 SCMD, growth of 4000% in 2 year expecting 100% Banglade… 11% units on Natural Gas. Iran 15% Pakistan 33% Industry is happy with ease of use with gas: saving space/ easy to handle/ on tap/ pay after use/ safe and reliable. It has improve the product quality. 0% 10% 20% 30% 40% NGVs as % of total vehicle population

Apart from less polluting and ease of operation, Natural Gas will continue to have significant competitive advantage over liquid fuel 36 Regulatory Framework, Policy Landscape

Regulator Framework Pricing Mechanism Recent Policy Impetus

• No regulatory control on Sales Price • Allocation of domestic gas for household Petroleum and Natural Gas Regulatory

Board • Sales price are benchmarked to alternate and transportation segment fuel in each segment • Public Utility status to CGD • Asks for bids for Municipal areas based Natural Gas will have clean and Green upon premium over alternative fuel • CGD eligible for funding from infra cess

• Network Tariff-20% • Prices are more stable and less volatile • LNG approved as fuel for highway • No. of Domestic Connection-50% than liquid fuel • No. of CNG Outlets-20% transportation • Inch KM of Pipeline-10% Gas Supply Mechanism • Natural gas is likely Ito be included in GST • Government allocates gas for CNG & • Push for LPG penetration in rural area domestic use • Strong entry barriers by regulation- Awards 25 years concession • Gas for other segments bought from open

market exclusivity • Awardee to build the urban network • Sourcing is fair mix of short term and spot • Ban on Fuel Oil in NCR and SC suggestion o Network exclusivity for 25 yrs o Marketing exclusivity for 5 yrs contracts to ban pan India expected to increase to 8 year • Term prices are benchmarked to Brent

• Massive infrastructure in oil & Gas • No regulation around marketing crude margin • • Main suppliers are GAIL, GSPC, IOCL Likely unbundling of GAIL

In essence, Utility Business with a market economy flavour - largely unregulated

* Compressed Natural Gas 37 Adani Gas Expanding CGD Network

AGL is directly operating in 4 cities and added 9 cities in recent bidding rounds through IOCL JV, All 9 cities to be operational by 2021

Chandigarh AGL along with JV to expand footprint

Udham Singh Nagar Network by FY21 ADANI GAS IOAGPL

Panipat Bulandshahr Cities 4 9

Faridabad Khurja Infrastructure -Steel Pipeline KM 500 750 Ahmedabad -PE Pipeline KM 6,000 5000

Allahabad Customer No. -Industrial 1,500 750 -Household 4,00,000 2,50,000 Vadodara -Commercial 3,000 1,000 Daman

CNG Outlets No. 100 75

Dharwad South Goa Gas Volume MMSCMD 1.75 1.5

Adani Gas

Ernakulum IOAGPL Aspirations to add more cities to portfolio in upcoming bidding rounds

Largest private sector CGD. Well positioned to expand the network

38 The JV with IOCL: Public sector pedigree with private sector expertise

Petronet LNG, IGL with 50% private ownership are success stories in Indian gas sector, IOAGPL to replicate and exceed the same in CGD JV will have private sector character

Domain Expertise Infrastructure • Processes Logistics & resources • Manpower Borrowing Capacity

• Strong commitment of promoters

• Promoters has stake in 5 upcoming LNG terminal

• Economics of scale will allow

• Continued cost leadership

• Competitive sourcing of gas, IOC is importing LNG

• With IOC good support at government/ regulatory levels

• Easy access to ready marketing infra of IOCL, 25000 retail outlets

• Strong credit rating of promoters

• Ability to hire talent

• Easy to scale on technology platform developed by AGL

• Strong safety practices adopted at AGL

IOAGPL is in perfect position to participate in growth driven by new geographies and intensify growth within developed cities

39 Adani Gas – Key growth drivers

Intensifying the growth within same and new geography, increasing PNG penetration in each segment Replicating the AGL learnings at JV

CNG Household Industrial/Commercial LNG

• Existing User- additional • Building with infrastructure- • Linked with Economic growth mileage current penetration < 50% • Long distance fixed route

• Inbound from other GA highway vehicle • New Industrial clusters • Outbound to other GA • New Building, under

• New User construction building- 100% • Industries not connected with • NCR- as much coverage • New CNG car buyers penetration from day-1 Pipelines

• New CNG conversion • Outer Faridabad • New Segment • Pubic building, Defense, PSU • CNG for cities closer to LNG

• Commercial MHV colony, Auda terminal not yet authorized

• Cab aggregators • Existing user of other CGD • Heating application current user • boarder area base around 30%

Strategy Strategy Strategy Strategy

• Zero waiting at outlet • Customer Ease • On demand connection • Early mover • Spot Billing • Targeted marketing and • Prepaid meters • EMI for upfront cost • Pilot type projects awareness • Targeted marketing and • Targeted marketing and • Strategic positioning of new awareness awareness outlets • Safety awareness • Safety awareness

CGD is in resurgence mode and ready for next round of growth, likely to have higher growth compared to peers

40 Adani Gas customer base is well spread out across segment and cities

Pure play CGD company with 10 year of operational track record

Segment Wise Volume City wise Volume The Differentiators Comm VAD KHJ 3% 6% 2%

Dom 7% • Balanced product segment mix

FBD 28% • Wide customer base Ind CNG 37% 53% AHD • 64% No single entity greater than 2% of revenue

• Cost leadership – Lowest operating cost in the industry

• Under penetrated market in Gujarat and NCR Gujarat segment Volume NCR segment wise Volume • Management Depth Comm Comm Dom 1% Dom 4% 3% 9% • Strong Brand

• Technology driven only CGD company to have SCADA CNG Ind CNG 44% Ind 53% 52% 34% based operation

• Evolving SCM integration with new terminals

Well established player, competitive advantage from low operating cost, scale advantage for new cities

41 Adani Gas: De-Merger

Adani Gas Limited (AGL) operates the CGD business and is currently 100% subsidiary of AEL

• AGL is operating in 4 cities and its 50: 50 joint venture with Indian Oil Corporation Largest Private Sector CGD Limited, has been authorised for 9 cities. player in India with significant • CGD is end customer facing business, listing of AGL will provide AGL with brand growth opportunities awareness for future growth

• AGL will be a pure play gas marketing and distribution company. Focused Pure Play Gas • All the CGD assets will be housed under AGL Marketing and Distribution • Focused management team to capture emerging opportunity in Gas as Green Fuel

• Unlocks value of CGD business currently embedded in the value of AEL Shareholder Value Unlocking • Shareholders to get direct exposure to high growth CGD business of AGL, removing any holding company discount

Post demerger, AGL is to list on stock exchanges tentatively by end of H1FY19

42 Resilient operations resulting into robust financial performance

Strong Operational Matrix

Volume in MMSCMD Gross Margin INR per SCM Gross Margin in % & INR/Crs) 800 50% 25 CAGR 45% 1.50 10.1 700 1.3 9.6 9.7 38% 37% 40% 20 8.5 1.1 1.1 600 33% 1.20 1.1 1.0 35% 25% 500 30% 0.63 15 6.0 12.34 0.90 0.51 11.09 11.80 400 25% 0.57 0.52 0.47 178 11.81 10 16% 133 20% 0.60 300 94 132 7.53 15% 200 93 0.68 5 306 10% 0.30 0.55 0.56 0.57 0.61 261 7.69 7.11 7.73 100 240 232 4.47 4.96 152 5% - 0 - 0% FY 14 FY 15 FY 16 FY 17 FY 18 FY 14 FY 15 FY 16 FY 17 FY 18 FY 14 FY 15 FY 16 FY 17 FY 18

CNG PNG PNG CNG CNG

Robust Financial Performance

Operating EBIDTA INR per SCM / Free Cash Flow INR/Crs. ROCE (%) EBIDTA Margin in % 9 35% 7.6 8 49 21% 6.9 6.9 30% 7 19% 18% 5.8 30% 33 16% 6 29% 12 40 140 25% 5 4.1 26% 30 125 11% 4 78 20% 0 3 18% 50 2 15% 128 96 152 1 11% 79 178 0 10% FY 14 FY 15 FY 16 FY 17 FY 18 FY 14 FY 15 FY 16 FY 17 FY 18 FY 14 FY 15 FY 16 FY 17 FY 18

EBIDTA (Per SCM) FCF (Post Capex) ROCE

43 Key Investment Highlights

Natural gas has become a major source of clean fuel based energy across the world with heavy investment in production, transportation and distribution infrastructure

Lower cost and cleaner than other fossil fuels

India has lagged; however now serious efforts to catch up: $23bn earmarked

Exponential multiyear growth expected

Adani Gas is the largest private sector player – well positioned to take advantage of this growth

Cost leader, strong balance sheet and superior execution capability should help in building pan India CGD infrastructure

44 AEL: Adani Wilmar – Edible Oil & Food

www.farmpik.com Edible Oil Industry in India

• India consumes almost 21 MMT edible oil every year • Consumption of edible oil growing @ CAGR of approx. 4% • India is the third largest consumer of edible oils (12% of global consumption), after China and the EU • Every increase in income translates to a rise in demand for food products including cooking oil. • Consumption-driven demand growth has outstripped domestic supply growth, increasing the country's import dependence to nearly 60%.

46 Indian Edible Oil Consumption Growth Drivers

One of the lowest per capita oil consumption (in kg) Market Dynamics

70 61.1 63.9 63.9 63.6 59.7 • Exponential increase in consumption driven by rising 60 62.4 62.8 64.2 59.5 60.1 income levels and aspiration. 50

43.8 43.8 40 41.2 39.6 39.7 • Imports which constituted 3% in late nineties of 30 overall consumption now at 70%. 25.1 25.7 26.2 26.4 26.6 20 17.4 14.9 15.4 15.8 16.7 10 • Per capita consumption to rise to about 23kg by 2025 with a growth likely to be around 4%. 0 2011-12 2012-13 2013-14 2014-15 2015-16

EU USA China Brazil India • Indian oilseed production stagnating and not likely to grow – fueling growth of Imports Consumption to grow manifold

35 30 • Lowest Per Capita Consumption (Kg) of Edible Oil in 30 26 India – Huge potential to grow. 25 23 20 20 20 17 15 • 50% of consumption still catered by unorganized 10 sector- Huge potential for consumer pack business. 5 0 • Demand not constraint - Supply is abundant. 2015-16 2020-21 2024-25

Per Capita (In Kg) Demand (MMT)

47 Adani Wilmar: Strong Growth through Brand across Food segments

Edible Oil and Food Business Dominant Market Share

(as at March-18)

19%

14%

5% 4% 4%

Basket of Brands for Edible Oil & Food Products

• Refineries spread across India to cater the geographies Haldia- (North East), Mundra-(West) Mangalore, Kakinada& Krishnapatnam- (South). • Crushing Units located in the proximity to seed cultivating areas- Mantralayam –Sunflower Seed, Neemuch, Chindwara, Shujalpur (M.P.) , Bundi (Rajasthan) & Nagpur (Maharashtra)-Soya Seed, Alwar & Bundi (Rajasthan)-Mustard Seed. • Job work units spread across India to cater the local markets.

48 Business Model & Strategy

Journey so far….

• Set up first refinery at Mundra with a refining capacity of 600 TPD in the year 1999

• Launch of Fortune Brand in the year 2000

• Grown from 1 refinery in 1999 to 18 refineries in 2018

• Refining capacity increased from 600 TPD in 1999 to 11000 TPD in 2018

• Owns 18 refineries and 10 crushing units at various strategic locations across India.

• One of the leading exporters of Castor Oil, Oleo-Value Added Products and De-oiled Cakes

• Revenue went up from INR 417 Cr to INR 25000 Cr over these years

• Capital investment of INR 2500 Cr as on date

Competitive Advantage Future Plans

• 18 Refineries & 10 Crushing Units • To be considered as FMCG Food Company instead of only • Refining capacity of over 11,340 tonnes per day edible oil company • Seed crushing capacity of 8,950 tonnes per day • Packaging capacity of 8,360 tonnes per day • Overall Volume Target – 10 MMT by 2021-22

• 5000 + distributors & >1 mn outlets serve 30 mn • Consumer Packed Oil Business – 3LMT/Month as against households 1.75-1.80 LMT/Month at present • India’s No.1 edible oil brand “Fortune” having presence all over India • Plan to Grow in new business segments like Wheat Flour,

• Diversified food products such as Rice, Soya, Pulses, Besan, Rice, Soya Nuggets and Sugar Castor and Soya & Oleo value added products

49 Financial Parameters

Volume MMT Revenue Rs Cr 4.50 4.27 30000 3.92 26435 4.00 CAGR : 11% CAGR : 16% 25000 23215 3.50 3.15 3.00 2.78 2.73 20000 17828 2.50 14836 14861 15000 2.00 1.50 10000 1.00 5000 0.50 0.00 0 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18

EBIDTA Networth Rs Cr Rs Cr 1200 1800 1655 1010 1600 1000 CAGR : 24% CAGR : 21% 1400 1280 783 800 1200 1048 961 1000 600 502 525 776 426 800 400 600 400 200 200 0 0 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18

50 Key Investment Highlights

1 Indian food consumption trend is a compelling case for AWL’s business

7 2 Competitive advantages in Strong parentage, company sourcing, investment in managed by professionals capacities and strong and industry experts business strategy aligned to shift in consumption pattern

Investment 3 6 highlights Diversified product Pan India presence and portfolio and focus on extensive manufacturing, branding to capture marketing, sales and incremental market share distribution platform

5 4 Strong financial profile with Prudent business strategy and revenue growth ~25% CAGR, risk management policies, given with comfortable cash flows the low margin business coupled throughout the tenor of the with commodity cycles and project competition

51 AEL: Mundra Solar PV - Solar Manufacturing

52 Solar Manufacturing - Demand-Supply Scenario

Global solar PV demand projection (in GW)

China US Japan India EU RoW 119 121 116 116 107 33 99 38 45 42 79 14 48 52 13 3 13 4 34 12 17 5 16 51 10 6 15 7 12 13 14 15 12 15 11 12 7 8 13 9 10 12 9 40 2 5 31 35 8 7 7 21 28 6 9 11 2015 2016 2017E 2018E 2019E 2020E 2021E 2022E

India cumulative solar capacity (MW)

Installed Capacity Projected Capacity 100000 82500 65000 48000 32000

12288 3745 6760

FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22

To achieve such an ambitious target, India is projected to install on average 18,000 MW of solar capacity annually

Source: GTM Research – PV Pulse, February 2018, MNRE IEO – International Energy Outlook 53 Drivers & Regulatory framework for Growth

• Impending safeguard / CVD duties to open up market demand India • Increased demand for Indian made cells / modules set to raise ASPs and margins domestically • Cells / Modules imported from India exempt from Section 201 tariffs USA • Projected market of ~350 MW / year opens up with price premiums Vietnam • Announced project pipeline is above 8.8 GW • Energy Strategy Package - 40 GW of PV on top of installed 19.2 GW (EoY 2016), Italy translating to 3 GW annual market from 2018 to 2030 • Resurgence of European demand in 2018 will bring 43% annual growth from 2017 levels Europe of 6.3 GW • France, Netherlands and Taiwan round out some of the most attractive markets by 5- Others year market size (~ 2 GW/annum) and growth rate (2-3x)

Supportive Regulatory framework

Gujarat Govt. Policy Safeguard Duty Countervailing Duty M-SIPS Policy

o INR 100 Cr CAPEX o Status o Status o Status subsidy • Recommended • Ongoing • INR 342 Cr. Capex o INR 10 Cr Interest subsidy assessed subvention o Expected impact o Expected impact o Full exemption of • 70% duty on imported • 30-35% on panel o Timeline electricity duty cells from China / prices • Subsidy disbursement o INR 1/unit rebate on Malaysia expected shortly electricity rates o SEZ benefits on import duties

Duty impacts are expected to have a cumulative impact on imported PV products; an additional customs duty of 7.5% is also being considered

Source: GTM / BNEF 54 Support for Incremental Capex

Proposed Capital Subsidy for new/upgraded capacities

Polysilicon Wafer Cell Module

Est. Capex for 1000 MW ~ $150 Mn ~ $120 Mn ~ $160 Mn ~ $50 Mn

2-3 GW 4 GW 6 GW 6 GW

Upper limit of ~ $46 Mn ~ $37 Mn ~ $48 Mn ~ $16 Mn CFA* @30%

Manufacturing Support Creation of Local Offtake • Interest subvention of up to 3% for upgrading/expansion • Restructuring requirements for greater backward of existing capacity integration • Exemption from customs duty on import of capital goods • Rooftop DCR to have 40% requirement of domestic • Lenient allocation and banking of renewable energy for cells in 2018/19 manufacturing • 20% of DCR modules to have domestic made wafers • Supply of power at APPC + 5% rates from 2019/20 • Land at preferential rates / near ports • 2020/21 to see earmarked DCR component of 20% for domestic polysilicon

CPSU scheme has been increased to 12 GW from 1 GW; Creating offtake and price premiums for locally made cells and modules

* CFA – Central Financial Assistance 55 Why India needs to build Solar Manufacturing Capacity

• Controlling Forex outflow: In the absence of manufacturing, India will need to import USD 42 bn. of solar equipment by 2030 corresponding to 100 GW of installed capacity1. • Job Creation: Solar manufacturing can also create direct employment of more than 50,000 in the next 5 years assuming local manufacturing captures 50% domestic market share and 10% global market. Another at least 125,000 indirect jobs will be created in the supply chain • Investment opportunity in the country impacting the GDP • Achieving self-sufficiency: a) Major exporters may decide to divert most of their supply for domestic use (as evidenced by increased demand pull in Q3 2017 and non-availability of imported modules) b) Sudden jump in prices in the future due to supply shortages (polysilicon supply constraint raised the price due to supply disruptions) c) Dispute with major suppliers (as evidenced in the case of China’s rare earth supply to Japan or supply of gas by Russia to European nations) d) Unless end-to-end value chain capability is created domestically, temporary protectionist measures like ADD/CVD on cells/modules may attract additional tariffs on imported raw material like wafers/polysilicon • Protection against fluctuation in pricing: Unless end-to-end value chain capability is created domestically, temporary protectionist measures like ADD/CVD on cells/modules may attract additional tariffs on imported raw material like wafers/polysilicon • Quality and warranty assurance

1) India’s energy imports have risen sharply from USD 43 bn. in 2005-06 to USD 167 bn. in 2013-14. In comparison India’s trade deficit in 2013-14 was USD 139 bn. Solar power is a strategic need for the country as solar power can potentially save USD 20 billion in fossil fuel imports annually by 2030.

56 Largest PV manufacturer in India with global scale & quality standards

Production Capacity of Leading Indian Players (in MW) Manufacturing processes and systems equivalent to SMSL, making us the preferred choice In Cell Module Prov Produc In hous AAA ISO 3*EL en Compa tion 3xIE hous e IEC6 IEC6 UL17 IEC6 IEC6 Sun 900 1400 1400 Testi CMS Equi ny Capacit C e Quali 1730 1215 03 1701 2716 Simu 1: ng pmen y GW R&D ty later 2015 ts Lab Adani 1.2 Y Y Y Y Y Y Y Y Y Y Y Y Y JA 5.3 Y Y Y Y Y Y Y Y Y Y Y Y Y 900 Solar Jinko 6.2 Y Y Y Y Y Y Y Y Y Y Y Y Y Solar Hanw 500 500 ha Q 5.3 Y Y Y Y Y Y Y Y Y Y Y Y Y 410 430 Cells Trina 300 5.9 Y Y Y Y Y Y Y Y Y Y Y Y Y Solar GCL 4.9 Y Y Y Y Y Y Y Y Y Y Y Y Y Longi 3.5 Y Y Y Y Y Y Y Y Y Y Y Y Y 0 0 0 0 Solar Canadi Adani SolarTata Power SolarVikram Solar Waaree Solar Indo Solar Jupiter Solar an 5 Y Y Y Y Y Y Y Y Y Y Y Y Y Solar

Adani Solar products’ technical specifications are better than / at par with top tier competition’s offerings

Company Power Temp. NOCT Mech. Certifications Performance Workmanship Range Coeff. Value Load Warranty Warranty (Wp) (%/°C) (Pa) Adani IEC, UL, Salt Mist, 25 Years Linear 300-330 -0.42 44±2°C 5400 12 Years Solar Ammonia, PID (81.2%) Jinko IEC, UL, Salt Mist, 25 Years Linear 315-335 -0.40 45±2°C 5400 10 Years Solar Ammonia, PID (80.7%)

Trina IEC, UL, Salt Mist, 25 Years Linear 320-335 -0.41 44±2°C 5400 10 Years Solar Ammonia, PID (80.0%) Canadian IEC, UL, Salt Mist, 25 Years Linear 315-330 -0.41 45±2°C 5400 10 Years Solar Ammonia, PID (80.7%)

57 Adani Solar products have excelled in performance testing against IEC standards & global peers

Adani ‘s internal pass criteria is even more stringent than IEC standards to ensure delivery of products of only the highest quality and performance Pmax degradation (in %) Type of test Pass Criteria Pass Criteria Actual (IEC) (Adani) Results DH1000 – Damp Heat 5 3 1.9 TC200 – Thermal Cycling 5 5 2.9 Mechanical Load Test 5 5 4.1 UV Preconditioning Test 5 3 0.4 HF 10 – Humidity Freeze 5 3 1.9 Hot Spot 5 3 0.9 Potential Induced Degradation 5 3 1.5 Ammonia Corrosion 5 3 0.7 Salt Mist Corrosion 5 5 3.9

Adani (MSPVL) Vs Leading Chinese Supplier Mahoba Site UP Adani (MSPVL ) Vs Leading Domestic Supplier Ghani Site AP

6 25% 300 10.00% 8.00% 5 20% 250 15% 6.00% 4 200 10% 4.00% 3 150 5% 2.00% 2 100 0% 0.00% 1 -5% 50 -2.00% 0 -10% 0 -4.00%

Gain /Loss Average of Jinko Per KW DC Generation Delta Adani 72 Cells Waaree 72 Cells (Adani-Jinko)/Adani 58 Competitive Advantage

Manufacturing ecosystem with co-located ancillaries Large investment in Capex driving down cost of developed along the lines of China production

Over 4,100 man-years of technical know-how / expertise Only cell maker producing 5 bus bar cells in India

MSPVLMSPVL Advantage Futuristic technology mix with higher binning Investment Vertical integration capability / expansion into than competition global market

Technical consultants enabling high power output Lowest capex intensity (INR 1.6 Cr / MW) w.r.t. and efficient production peers

• Leading QMS and excellent product quality assurance • Triple stage Electro-luminescence inspection • Working on the principle of lean manufacturing • Co-locating ancillaries to achieve strict quality control • Tie-ups with leading global institutes (ISC, UNSW, PI Berlin, Fraunhofer etc.) for material and process improvements • Dedicated R&D center to enable continuous upgrading of lines as per latest developments • Process based on Just-In-Time procurement enabled by raw material tie-up through tolling / LTA • Strong inbound and outbound logistics management team

Adani Solar has been rated Tier-1 by BNEF for bankability providing approval for our commitment towards quality & reliability

59 Future Plans & Key Investment Highlights

Future Plans

• Phase 1 - facility completed for 1.4 GW Cell + Module • Phase 2 - 1.5 GW Ingot + Wafer; Polysilicon manufacturing plans also in place

Significant asset base with Cell capacity – equivalent to 100% of Bloomberg Tier-1 status Indian competition

Over 4,100 man-years of technical Only cell maker producing 5 bus bar know-how / expertise cells in India

MSPVLWHY Futuristic technology mix with higher InvestmentMSPVL Vertical integration capability / binning than competition expansion into global market

Corporate backing from strong Lowest capex intensity (INR 1.6 Cr / parent group MW) w.r.t. peers

60 AEL: Others – Agro Infra, Bunkering, Shipping, Defence, Commuting Infra, Cement and Water

61 Agro Infrastructure

Fruits Storage Business Grain : Logistics, Storage and Distribution

• 35% fruits & vegetable lost due to lack of storage • 7% grain lost due to lack of storage infrastructure in India infrastructure in India • Introduced first of its kind modern and scientific storage facilities in India , • Brand FARM-PIK, India’s largest selling fruit brand ensuring negligible losses and minimal human touch • Pioneer to introduce Controlled Atmosphere (CA) technology • Capacity with private railway sidings, transporting grains in bulk from grain- in India, for increased fruit storage life producing states to consumption areas • Three Controlled Atmosphere (CA) storages with capacity to • Current total storage capacity of 1 MMT is set to rise to 2 MMT by 2021 store 24,000MTs in the heart land of Apple orchards in HP • Since 2005, built storage capacity of 850,000 tons at 13 locations in India • A boon to farmers which has changed the apple marketing − Operates storage facilities of 5,50,000 tons at 7 locations under BOO for landscape in HP FCI for 20 Years • Sourcing fruits globally for the Indian market − Operates storage facilities of 3,00,000 tons at 6 locations under DBFOT • Selling through a wide network of retail chain stores across for MPWLC for 30 Years the major cities in India • Building silos in 10 more locations across India for FCI and PGPCL, with a capacity of 4,75,000 tons under DBFOT/DBOO for 30 Years

BOO - Build Own Operate; DBFOT - Design, Build, Finance, Operate, Transfer; FCI – Food Corporation of India MPWLC = Madhya Pradesh Warehousing and Logistics Corporation PGPCL = Punjab Grain Procurement Corporation Ltd 62 Adani Bunkering – a leading bunker supplier in India & Adani Shipping

Bunkering : Re-fueling of ships with different grades of Fuel Oil

Sourcing Shipping Storage Blending Bunker Delivery

Integrated yet independent business model

Adani Bunkering - Factual Snapshot Adani Shipping - Factual Snapshot

• 45% Market Share in India • Adani Shipping Pte Ltd – a Singapore (AEL’s wholly owned • Total Volume ~ 7.8 Lac tons subsidiary) • Owns two ocean going bunker barges with a capacity of • Operator of 5 foreign flag Cape size Bulk Carriers ~3,000 MTs each (biggest bunker barges in India) • Vessel Capacity range – 175,000 MT to 185,000 MT. • Dedicated tankages at Mundra (80 KT), Hazira (10 KT) and • Engaged in transportation of bulk coal / iron ore Goa (10 KT) • Counterparty - Both group captive as well as external • Operating across all major ports of India & South Asia

Rating – BBB+/Stable

63 Defence & Aerospace Business

1 PLATFORMS AND 2 COLLABORATE WITH 3 GROW INDIAN MSMEs 4 FOCUS ON TECHNOLOGIES GLOBAL PARTNERS INDIGENISATION

Focus on platforms and Collaborate with credible and Help develop and grow the Focus on capabilities critical technologies of critical committed global partners dynamic MSME’s, which are for indigenisation including importance, to assert India's willing to team up for the long critical for a fast scale-up and design, system integration, military competence, to meet term and who are willing to sustainable ecosystem in India maintenance & support in emerging security challenges transfer technology & skills India

UPGRADES & LIFE CYCLE MANGEMENT - Prime Fighter aircrafts (Gripen AEROSTRUCTURES & COMPOSITES E/F) • High quality machined components supplier to Global OEMs – GE, MRO* & SUPPORT - Prime Honeywell, UTC etc.

• Composite parts supplier for

Advanced Materials aircrafts, missiles & unmanned aerial SYSTEM • Fighter Crafts (Composites) vehicles. INTEGRATION - Prime • Unmanned Aerial Systems

• Helicopters SUB-ASSEMBLY & AVIONICS & SYSTEMS SUB-SYSTEMS - Support • Satellites Unmanned Aerial Systems • High end built to specification (Hermes 450 and 900) • Radars & Electronic Warfare Systems supplier of avionics systems for fighter aircrafts, helicopters, UAV’s. COMPONENTS - Support • Machining and Gear Manufacturing • Focus on design and development • Carbon Composites Aerostructures with a well-developed supply chain

• Skill Building & Training Centre for fabrication etc.. DESIGN & R&D - Prime

MSME PARTNERS

* MRO – Maintenance, Repair & Others 64 Road, Metro & Railways

Road Metro Railways

Potential & Outlook Potential & Outlook Potential & Outlook

• 53000 kms of NHs have been identified to be • 60% of Indians living in urban areas by 2050 • 100% FDI in the railway infrastructure allowed built under Bharatmala • Metro rail operating in 10 cities and in 12 more • Prospective investment of USD 131 bn in next • Under phase I target to reach 24,800 kms by cities it is under implementation five years FY22 with capital of Rs 5.35 tn • At present, Metro projects of ~Rs 2 tn are • Government aims to boost passenger • PMGSY intends to award projects of 20000 under approval in 15 cities amenities by PPP model kms in FY 2017-18 and targets to award • India’s share in the global metro network is • Investment opportunities in components & projects of 25,000 km in FY 2018-19 currently limited to 3% coaches manufacturing, Infrastructure, • Metro's role as main transporter has yet to electrification, DFC, terminals operations gain significance in India gauge conversion & network expansion

Strategy Strategy Strategy

• Focus on the projects across India initiated by • Focus on the projects across the country • Adani is first investor cum developer of private NHAI & MORTH initiated by various States railway line in India • Target selected projects under BOT, TOT, HAM • Target selected underground Metro-rail, Mono- • Focus on pan-India PPP projects model which can offer scale and complexity to rail, Light-rail projects which can offer scale • Target selected EPC projects which can offer create a differentiated value and complexity to create a differentiated value scale and complexity to create a differentiated • In-organic growth through M & A value

MORTH – Ministry of Road Transport and Highways; PMGSY - Pradhan Mantri Gram Sadak Yojana; DFC – Dedicated Freight Corridor BOT – Build-Operate-Transfer; TOT - Toll-Operate-Transfer; HAM - Hybrid Annuity Model 65 Cement Business

Cement Plant Footprints & Capacities – Phase I Cement Business Growth Plan

• Adani Cementation (ACL) plans to be among the top by 2025 • ACL plans to achieve this feat in three phases i.e. Phase I & IA, Phase II and Phase III • In its Phase I, ACL plans to put Cement Unit at Mundra, Udupi, Dahej and Raigarh (near Mumbai)

Lakhpat Integrated Unit • The clinker for the planned units will be produced at Lakhpat, which Clinker Capacity: 3.2 MTPA will also be an integrated unit • ACL has also acquired a limestone mine with reserves of 170+ mt

Lakhpat IU Mundra BT Cement Capacity: 0.55 MTPA Phase I – Status of Statutory Clearance

Mundra BT Clearan Lakhpat Mundra Udupi Dahej Raigarh ce Dahej GU Dahej GU Site visit Date for Filing of Cement Capacity: 1.1 MTPA Environme Public TOR completed by Public Application

nt Hearing meeting EAC, TOR Hearing for TOR Clearance Completed completed

awaited Awaited completed

Clinker/Cement to be to Sea by Gus/BU fed route Raigarh BT Site visit by Raigarh BT Range Forest Not Not Cement Capacity: 1.65 MTPA Forest Not Required Not Required Clearance Required Required Officer completed

Mining Not Not Approved Not Required Not Required Udupi GU Plan Required Required Udupi GU Cement Capacity: 2.2 MTPA NOC from NOC from Aviation AAI in Completed Completed AAI in In Process Clearance process process

In process In process In process to sign fly In process to sign fly to sign fly Linkages Limestone ash to sign fly ash ash of Raw Mine agreement ash agreement agreement Material acquired with Adani agreement with with Adani The total installed cement capacity of 5.5 MTPA by 2020 Power, with UPCL Reliance Power, Mundra Industries Mundra

GU: Grinding Unit BT: Bulk Terminal 66 Water Business

Water Stress (withdrawals/available supply) in India India Per Capita Water Availability in Cubic Meters (cm)

• Global water demand expected to grow rapidly to touch >5,200 cubic kilometres per year by 2025 (growing at over 1.2% every year) • Agriculture in India is the prime user of freshwater with a share of 80% followed by industry & domestic applications • Per capita water availability was 5177 cm in 1951, which is down 70% to 1545 cm in 2011 • According to McKinsey, there will a demand-supply gap of 50% by 2030 in India • Indian Government has aggressive plans for water & wastewater projects & investment expected to exceed Rs 1 tn ($15 bn) by 2020 • Adani focussing on projects in PPP/Hybrid-Annuity/EPC mode initiated by Central & State Government and Local Municipal Corporations • Some specific opportunities, where projects & tenders are shaping up • ~13 states in India spanning around 300 districts face water stress  National Mission for Clean Ganga (NMCG) • Despite a long coastline of ~7600 km, coastal areas have a huge problem  Municipal Corporation of Greater Mumbai of water scarcity due to poor river water availability, low ground water  Desalination projects in Tamil Nadu levels & high demand  District wise Water Supply Projects in Andhra Pradesh

Source: World Resources Institute, GoI Census 67 AEL: Carmichael Mine, Australia

68 Carmichael Coal Mine - Overview

. Galilee Basin, Queensland, Australia Location . The Carmichael River cuts through the tenement

. One of the largest thermal coal resources in the world

. 11.04BT JORC compliant Resource Resource

. 880 Mn T JORC compliant Reserves

. Moderate to high energy thermal coal suited for Asian markets

. Current development: Open cut Mine (Pit D-E) of upto 30 MTPA ROM Coal

Development . Future development : Underground and Open cut Mine Operations (Pit A, Pit BC, Pit FG and Pit H)

. Mine Associated Infrastructure

. Exploration over Exploration Permit Coal (EPC) 1080 and 1690

. EPC 1080 converted to Mining Lease (ML) 70506 and 70505 EPC & ML

. EPC 1690 converted to ML 70441

69 Carmichael Coal Mine: Capital Cost & Status of Major Approvals

Judgemen Capex Particulars AUD $m Initial Further t on Matter Counterparty Judgement Appeal Further Mine Fleet 516 Appeal

Grant of Mine ✔ Pre strip 372 Environmental Land Services of In favour of No n/a Authority on Coast and Country Inc Adani CHP and CPP 225 February 2, 2016 ✔ Land Services of Coast NGWS pipeline 158 Land Court Hearing In favour of No n/a and Country Inc Adani

MIA & Mine Pit Civils 125 Australian Grant of Mine EPBC ✔ ✔ Conservation Approval on October In favour of Yes In favour Foundation Owners costs 106 14, 2015 Adani of Adani Incorporated (ACF) Capex - Contingency 70 Determination of ✔ ✔ National Native Title Adrian Burragubba In favour of Yes In favour Tribunal dated April Other Capex 60 Adani of Adani 8, 2015

Adrian Burragubba, Accommodation - P&I and Capitalised Opex 57 Grant of Mining ✔ ✔ Linda Bobongie, Lester Lease on April 3, In favour of Yes In favour Total Barnard, Delia Kemppi 2016 Adani of Adani 1,689 and Lyndell Turbane

Grant of Environmental ✔ Comprehensive and Competitive Capital Cost Whitsunday Residents Authority for Port In favour of n/a n/a Against Dumping Ltd Development dated Adani December 7, 2015

Hearing in Application to Adrian Burragubba, the Federal register the ILUA on Linda Bobongie, Lester Court n/a n/a April 27, 2016 by Barnard, Delia Kemppi estimated to Adani and Lyndell Turbane be held 70 Favourable strip ratio and mine development sequence ensure low cost sustainable operations

Favourable strip ratio enables cost competitiveness of the Low operating costs insulate against price and FX movements operation throughout the mine’s life – Carmichael will be able to operate throughout the cycle

ROM Ratio Breakeven Calculation (10 years average in real US$*)

Annual tonnage (Phase 1) Million tonnes 27.5

Mining Cost $/t 19.7

5.78 5.09 Rail Cost $/t 9.6 4.96

Port Cost $/t 5.87

3.94 Royalty $/t 2.3

ROM ROM Stripping Ratio 3.37

Lease/BOOT/Interest payments $/t 3.5

Total FOB Cost $/t 40.97 1.10

Adjusted Newcastle 5500 2020 2025 2030 2035 2040 2045 2050 $/t 51 Breakeven price Year

Current price NEWC 5500 $/t 75.6

Consistent strip ratio guarantees consistent volume & quality Margin $/t 24.6

71 Focus Markets – India and South East Asia

Growth markets forecast to be India and SEA – power generation markets that are aligned to Carmichael 5000kCal specifications

• Seaborne thermal coal market expected to grow from

945 Mt in 2017 to 1062 Mt in 2035, the largest markets

being China, India and South East Asia

• The growth in imports is driven by demand growth, a

lack of alternatives, and a persistent demand supply

gap in India.

Carmichael’s product strategy addresses market risk

• Quality - specification is aligned to target markets First five years of Year 5 of production onwards • Growing Target markets production

SE Asia / • SE Asia / Geographically favourable for target markets Other India - Other 18% Adani 13% India - Adani Power • Mining and logistics solutions offer supply confidence to customers Power China China 36% 25% 36% 20% • Product strategy designed to evolve in line with target markets India - India - Other Other 26% 26% • Cost competitive – 1st Quartile cost delivered in to East India

72 Carmichael Mine: A conventional, commercially robust and competitive coal mine

• Large resource and reserves base (Pit DE >30 years) • Deposit characteristics well understood 1. Conventional mine development and operational • Major approvals already in place for current and future developments approach • Proven mining method enables product strategy and reduces operational risk • Conventional construction and execution strategies to efficiently manage cost, schedule and risk

• Comprehensive approach to product strategy development 2. Product strategy well positioned to take advantage • Carmichael 5,000kcal product aligned to resource quality and operating strategy of market requirements • Target markets’ demand increasing and forecast to continue

• Consistent low strip ratio

3. Commercially robust with • Sustainable low operating costs competitive advantage • Competitive capital costs • Strategically positioned to rapidly expand

73 Sustainability

• Business in harmony with Nature • Measurement of carbon footprint across all business operations • Management systems & policies in place to ensure efficient use of resources • Strategies & initiatives to reduce resources consumption and maximize recycling

Environment

• Streamlined governance structure • Business growth in tandem with with system, process & policy community development Governance Social • CSR activities thrust areas – • Governance percolates down to the Education, Health, Livelihood lowest level development and Rural Infrastructure • Regular monitoring & review of • Special projects – SuPoshan (Better performance nutrition), Swachhagraha (Clienliness), Saksham (Skill • All operations & activities subjected development) and Udaan ( Career to regular external reviews & audits building) • Operations across 12 states, 1470 villages, touching 4 lakh+ families 74 One vision, One team

Thinking big Doing better

To be the 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 operation.