Investor Presentation Business Overview December 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

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

B V N Rao G Kiran Kumar Chairman, Corporate Transportation Chairman & MD and Urban Infra Kameswari Vissa Suresh Narang

• CA with 24 yrs of • Ex-Board member of Madhva experience Mandiri Securities Bhimacharya • Board Member: L&T • Ex-Chief Country Officer Terdal valves, Madura microfin. of the Deutsche Bank in Whole Time Director 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 • Nagpur Airport in Oct’18 • Delhi Airport • Istanbul Airport • Cebu Airport in Philippines • Mopa Airport, Goa in Aug’16 • Hyderabad Airport (CoD in Capital Raising Airports 2008) • Crete Airport, Greece in Jun’17 • GMR Airports - USD 330mn • Clark Airport, Philippines in Dec’17 (EPC project) from PE Investors • Bhogapuram Airport, AP in Feb’19 • 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 • Chennai ORR Divestment Infra & • Ambala Chandigarh • Jadcherla Expressways • 1 Highway project Highways • Ulundurpet Expressways Divestments • Signed agreement for divesting entire stake in • 2 Highway projects Kakinada SEZ 9 Leading Airport Focused Infrastructure Player

Amongst the Largest 101 mn Private airport developers in the Passengers handled in FY20 across world, largest in India key gateway airports

7 nos. ~2,240 acres 65.6% Of airport assets under operations or Of land with strong RE development various stages of development potential Airports 300 mn Strategic Partnerships Rated capacity across portfolio of With marquee operators at platform FY20 airport assets and asset level Revenue 179 mn Integrated Split Current capacity: 94 mn under Airport development and operation operations capabilities Power

1bn Tons+ 4.5 GW Marquee Investors Transport & 12.3% Coal reserves, total Of total generation • Temasek Holdings Pte Urban Infra resources ~2.9 bn tons capacity, over 2.8 Limited GW commissioned • Tenaga Nasional Bhd. • IDFC Alternatives 22.1% 4 nos. 13,000 acres 417 km Of highway projects Of land at strategic Of railway stretch covering ~350 km locations, integrated getting constructed industrial development

1) Includes Barge Plant (220 MW) for which Sale and Purchase Agreement for divestment is signed; 2) Revenue for GMR Energy Limited is not consolidated in FY20 financials hence, revenue for ‘power’ segment shown above includes mainly power trading and mining operations 10 Corporate Structure

Shareholdings as on 30 September 2020 GMR Infrastructure Ltd FIIs 21.3% Promoter & Promoter Group 65.5% MF & DIIs 2.0%

Others 11.3%

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% (PT GEMS) Bhogapuram Airport 100% Alaknanda Project 100% Hyderabad Vijaywada 90%

Crete International Airport, 22% Upper Karnali Project** 73% Greece Clark Internation Airport, 50.0% 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; & Signed definitive agreement to divest Kakinada SEZ to Aurobindo Realty and Infrastructure Pvt. Ltd. 11 Airport: World’s 4th Largest Private Airport Developer One of the World’s Leading Integrated Airport Platforms

India’s Largest Airport Operator

Leading Integrated Large Market Among the Largest Airport Platform Opportunity in India Private Operators Globally

Wide range of capabilities and One of the fastest growing aviation Portfolio of 7 marquee airports– Delhi, services across the entire airport market globally with an expected Hyderabad, Cebu, Goa, Bhogapuram, value chain; with demonstrated passenger traffic growth of 7.4% Bidar and Crete; handling ~101 mn2 replicability and scalability CAGR1 for the period 2020-2037 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 High quality, multiple contiguous land defined tariff setting; with a assured demographics and consumer story; parcels spanning 2,2405 acres; located regulated return3 catering to 27.4%4 of international close to the heart of economic activity arrivals

Note: *Private Operator (Government holding <50%) 1. Based on 2037 passenger forecast by IATA 2. Delhi, Hyderabad and Cebu LTM (Apr 2019-Mar 2020) passenger data; Nagpur airport award is sub-judice. 3. Only for India 4. As of Jan 2020 through Ministry of Tourism website 5. Includes DIAL (230 acres), GHIAL (1,463 acres), Goa (232 acres), Bhogapuram (294 acres), Cebu (11 acres),Greece (~ 10 acres). 13 Demonstrated Execution Capabilities

2020 GMR has constantly expanded its capability set over time, Ninoy Aquino as demonstrated across multiple assets and geographies InternationaI Airport (Granted OPS) 2019 EPC Bidar Airport (Concession Won) Airport Operations 2016–2017 Nagpur Airport* (Highest Bidder) Non Aero Expertise Bhogapuram Airport 2014 (Concession Won) Real Estate Development Goa Airport (Concession Won; 2010 Advisory / Consultancy Expected COD in 2022)

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 Note: *Nagpur Airport award is sub judice 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% 100% Nagpur Airport## 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 ## Nagpur Airport award is sub judice 15 Portfolio of World Class Assets

Current PAX (FY20) DIAL, , India (mn) • Marquee asset of PAX CAGR 67.3 66/119 Crete, Greece national importance FY15–20 Bhogapuram, India • Gateway to India – National Capital • Important Tourist Cargo CAGR 152 with large catchment area • Strategically located Gateway 10.4% 45.99% 303—DOM FY15–20 Partnerships in Businesses on East Coast of • Ranked 1st in the world by ACl3 in 40 606—INT Andhra Pradesh • New airport with higher mm+ category competing with lncheon Current/Max Capacity 21.6% capacity replacing 2nd Partnerships in Businesses 6.5% 64.0% (South Korea), Changi (Singapore) in • ~15 year (MPPA)5 largest airport in 2019 ASQ awards moratorium on Greece currently 100% revenue share Revenue Share (%) serving 6.9mm Revenue per Pax passengers GAL Stake (%) Cebu, Philippines Crete • Vital international DIAL 11.4 Nagpur, India7 gateway to Nagpur Philippines

• Winter capital of Bhogapuram • One of the fastest 3.1 MOPA Maharashtra GHIAL Cebu growing airports in 15.81/28.3 Philippines • Fast emerging as Bidar Partnerships in Businesses Partnerships16.9% in Businessesa major IT / ITES, • Named “APAC logistics, and Regional Airport of GHIAL, Hyderabad, India aerospace hub along the year” by 9.7% with a major CAPA3 in • Ranked 1st by 40.0% manufacturing base 21.7 November 2016 ACl3 4 in its ASQ MOPA, Goa, India awards for 2019

• Goa is one of • Among fastest Bidar, India 7.72/33 15.9% India's popular growing major • Concession agreement has tourist destinations Indian airports been given till March 2033 by traffic 36.99% • Tourist airport with 7.3% Partnerships in Businesseshigh international • Revenue model basis cost Partnerships in Businesses• Poised to plus approach passenger traffic become regional 100.0% and non-aero 12/80 hub potential

4.0%

63.0%

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 15 to 25mm passengers per annum category, 5) MPPA: Million Passengers per Annum, 6) As of FY19, 7) Nagpur airport award is sub-judice 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 passenger • Low penetration of flying (0.07 trips per capita vs. 0.3 in China) volumes

• 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/pax1 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 1. As of FY20 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 67% and 70% respectively (H1FY21)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 64% contracted through long 84% 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 82% in FY20 66% in FY20 • ** • • PLF Operated in FY17 under - 67% in H1FY21 70% in H1FY21 • • • eRLNG scheme

Refinancing of project loan Under construction with ~93% Others • Debt-free plant • completed • completed by Sep’20

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

31.0 mn tons in CY19 ( ▲ 27%) Sales Volume 17.0 mn tons in H1CY20 ( ▲ 28%)

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

Note: 1) GPEL: GMR Pochanpalli Expressways Limited , 2) GCORRPL: GMR Chennai Outer Ring Road Private Limited, 3) GACEPL: GMR Ambala Chandigarh Expressways Private Limited, 4) GHVEPL: GMR Hyderabad Vijayawada Expressways Private Limited 25 Urban Infrastructure – Potential to Unlock Substantial Value

Kakinada Special Investment Region

1 2  DivestmentDivestment ofof Group’s Group’s entire entire stake stake in in KSEZ KSEZ1 . Signed Definitive Agreements for divestment by GSPHL3 of its entire 51% stake in KSEZ2 to Aurobindo Realty and Infrastructure Pvt. Ltd . 100% equity stake of KGPL4 held by KSEZ2 would also be transferred to Aurobindo Realty.

 Consideration for the equity stake and sub-debt in KSEZ2 - INR 26.1 bn . INR 16 bn to be received on the closing date . INR 10.1 bn to be received in next 2 - 3 years which is contingent upon certain agreed milestones

Krishnagiri Special Investment Region

 2,500 acres of land

 275 acres being used for infra development, approvals in place

 Joint Venture with TIDCO5

 Industrial cluster catering to aerospace, automobile, logistics, engineering and electronics sectors

Note: 1) subject to receipt of regulatory and other statutory approvals 2) Kakinada SEZ Limited, 3) GMR SEZ and Port Holding Limited - wholly owned subsidiary of GMR Infrastructure Ltd, 4) Kakinada Gateway Port Limited, 5) Tamil Nadu Industrial Development Corporation – TIDCO is a governmental agency in the state of Tamil Nadu, India 26 EPC 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

• Signed definitive agreement to divest entire stake in Kakinada SEZ to Aurobindo Realty Unlocking Value in • Setting up an Special Investment Region at Krishnagiri on ~600acres of land in JV with TIDCO SIRs • Construction of Eastern Dedicated Freight Corridor (DFCC)

30 Strategic Initiatives Significant Move Towards Deleveraging

Transaction Details Minority stake sale of 49% in GMR Airports Ltd (GAL)

 INR 98.13bn received . Tranche I: INR 52.5bn received in February 2020 . Tranche II: INR 45.7bn received in July 2020 ─ Including INR 10bn primary capital @ GAL Investment ─ Balance secondary - cash inflow at corporate level Amount  INR 10.60bn, currently part of Earn-outs to be received by FY24 . subject to the achievement of certain performance related targets by GMR Airports Limited  INR 44.8bn, further earn-outs in form of equity shares . Earn-outs achievements can potentially increase GMR stake up to 59%

Status  Transaction completed

Utilization of  Servicing of debt and exit for private equity investors in GAL Proceeds

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

*Linked to achievement of certain agreed operating performance metrics and receipt of certain regulatory clarifications over the next ~5 years; **including Earn-outs on consummation 32 Strategic Group Restructuring to Unlock Value1 (1/2)

Current Structure Resultant Structure

Promoter & Promoter Public Promoter & Promoter Group Group Public

65.52% 34.48%

GIL 65.52% 34.48%

Airport, Energy, EPC, Urban Infra Businesses GPUIL GIL

100% 100%2 Energy, EPC and Urban Airport Business GPIL Infra Businesses GPUIL Power Business

The Scheme of Arrangement is subject to necessary approvals from shareholders, creditors & regulatory authorities. Consent of the Stock Exchanges already received.

Move to Create India’s only Pure-Play Listed Airports Company

Note: 1. subject to the customary approvals from the SEBI, NCLT. Shareholders and Creditors, etc. 3. Directly and indirectly 2. “GPIL” - GMR Power Infra Limited; “GPUIL” - GMR Power and Urban Infra Limited; GIL – GMR Infrastructure Limited 33 Strategic Group Restructuring to Unlock Value1 (2/2)

Rationale for Demerger Schemes of Arrangement

 Value unlocking of Airport & Non-Airport  Demerger of the Non-Airport Business of GIL businesses into GPUIL as a going concern

 Mirror shareholding of GIL in GPUIL with all  Simplification of the Corporate Holding existing shareholders of GIL becoming Structure shareholder of GPUIL in same proportion.

 Issue of 1 additional share of Rs.5/- each of  Enable both Airport & Non-Airport businesses GPUIL for every 10 shares in GIL of Re.1/- to chart out their respective growth plan each as on the record date independently

 All existing shareholders of GIL to continue  Multiple platforms to raise fund to grow their same shareholding in GIL respective businesses – both from private & public market  Amalgamation of GPIL with GIL as a step preceding demerger

 Reduction of WACC for the Airport Business  Appointed date fixed at April 1, 2021

Scheme is expected to be in the best interests of the Companies and their respective shareholders, employees and creditors

Note: 1. subject to the customary approvals from SEBI, NCLT. Shareholders and Creditors, etc. 2. “GPIL” - GMR Power Infra Limited; “GPUIL” - GMR Power and Urban Infra Limited; GIL – GMR Infrastructure Limited 34 Plans to Divest Select Assets across Businesses

 Signed Definitive Agreements for divestment of entire 51% stake in KSEZ to Port & Aurobindo Realty and Infrastructure Pvt. Ltd. Industrial  Consideration for the equity stake and sub-debt in KSEZ - INR 26.1 bn Land - INR 16 bn to be received on the closing date

 Cash flow from thermal assets sufficient to service the interest Power  Strong prospects for divestment of thermal assets given improved performance Business  Monetisation of Barge Plant – SPA1 signed, partial consideration received

 Debt to be pared from favourable judgment on significant arbitration claim Highways  Monetization to gain momentum post arbitration claim settlement

 To re-start the process of divestment once coal prices stabiles Coal Mines (Indonesia)  Despite Covid pandemic and subdued coal prices, coal mining business has shown improved operating performance

Double dip: Divestment of assets to lead reduction of consolidated debt; and Equity value to facilitate reduction in corporate level debt

Note : 1) SPA – Sale and Purchase Agreement ^ As on Mar 2020 35 Strategic Partnership with Groupe ADP

Considerable synergistic advantages, bolstering GMR’s growth plans

About Group ADP Investment Merits Strategic Rationale

Leverage Expertise One of the largest airport groups in Creation of world-class Airport Development and Europe based out of Paris (France)  Combination of expertise to extract more Management platform in partnership with value and create synergies strategic airport operator  Building strong partnerships by leveraging aeronautical and non- Operating 24 international airports aeronautical expertise through across geographies Significant deleveraging at GMR using the systematic best practices equity raise implementation  Improved cash-flow and profitability  Sharing knowledge and best practices across airports  Lower cost of financing Handled1 234 Mn passengers Strategic partnership (including Istanbul Atatürk) Paves way for value unlocking through  Market access for service companies demerger of businesses3  Route development  Transaction entails ease of & flexibility for  Enhance expertise in operations / smart Market Cap2 of ~ € 9 Bn demerger process airport  Retail and passenger experience, IT/Innovation, engineering etc.

Strong partner to capitalize on future growth Hospitality Revenue1 at €4,700 Mn and Net opportunities  Achieving standardized and highest level of Income1 at €588 Mn passenger experience and quality of service

Substantial portion of consideration utilized to deleverage

1) For the Year 2019; 2) as on August 14, 2020; 3) subject to receipt of approvals from shareholders, creditors and regulatory authorities 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 cards – 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 with global majors across businesses

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

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