Group Corporate Presentation

June 2014 Disclaimer

This presentation has been prepared by KSK Energy Ventures Limited (the “Company”) solely for information purposes without any regard to any specific objectives, financial situations or informational needs of any particular person. This presentation may not be copied, distributed or disseminated, directly or indirectly, in any manner. Failure to comply with this directive may result in a violation of the applicable law in certain jurisdictions. By reviewing this presentation, you agree to be bound by the restrictions contained herein, and to maintain absolute confidentiality, regarding the information disclosed in these materials. This presentation contains statements that constitute forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. 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2 Investor Presentation, 2014 KSK Group – an overview

KSK Power Ventur plc (“KSK plc”) KSK Energy Ventures Limited (“KSKEV”)

Arasmeta (86 MW) Sai Regency (77 MW) 100 % 100 % KSK Energy Limited, KSK Green Energy Pte Sitapuram (43 MW) Mauritius Limited, Singapore VS Lignite (135 MW) Wardha (540 MW) 67.60%* 100 % 100 % Sai Maithili (10 MW) KSK Energy Ventures KSK Energy Project Limited (“KSKEV”) Company (“KECPL”) companies KSK Mahanadi (3.6 GW) • Operating 1472 MW • Railway and water • Wind • 6 SPVS 872 MW transportation • Solar infrastructure • KSK Mahanadi 600 MW . Operational • block mine • Under Construction 3000 . Under Construction – partially MW of which II unit of 600 development operational

MW expected to be support commissioned by

*Balance 32.4 % held by various public shareholders at BSE/NSE listed KSKEV

3 Investor Presentation, 2014 Background

• Two Listed entities • KSK Power Ventur plc – LSE Listed main holding Company • KSK Energy Ventures Limited – Indian stock exchanges listed generation holding company • Founded by KA Sastry and S Kishore, first generation entrepreneurs with extensive energy sector consulting experience prior to business setup • KSK amongst the few developers in India with extensive project footprint across the country - , , , , • Valued relationship with Industrial consumers, State Mineral Development Corporations and power utilities across states • Access to project debt from major Indian project lending institutions and recent availability of External Commercial Borrowing • Experienced Board led by Padma Bhushan Sri T.L.Sankar, Non Executive Chairman who is a distinguished energy expert of India

4 Investor Presentation, 2014 KSK Power Ventur plc - The Board

Non Executive Chairman Executive Directors Non-executive Directors

Mr. S.R. Iyer Padma Bhushan Mr. K.A. Sastry Non-Executive Director Mr. T.L. Sankar, Executive Director Non-executive Mr Iyer retired as Managing Director of the State Bank of India Mr. Dlouhy graduatedChairman with a Bachelor and Master degrees in Mathematical Mr. Sastry is one of the founders of KSK and Mr. Abhay Nalawade Renowned in India as an energy expert heads its execution and operations areas, as withEconomics more thanand Econometricsfour decades offrom the Non-Executive Director Prague School of Economics and studied well as having responsibility for the financial experience in the energy sector. Served Mr Abhay has three decade of experience in Management at Catholic University of accounting and taxation various distinguished positions Power Equipment Business and earlier CEO of Louvain, Belgium. Mr. Dlouhy served as Thermax MinisterEnergy of SecretaryIndustry and to the Trade Government of the Mr. S. Kishore Czech Republic, responsible for the of Andhra Pradesh Executive Director Mr. Vladimir Dlouhy policiesSecretary, in the Fuelareas Policy of Fuels. Committee Non – Executive Director  Principal Secretary of the Working Mr Vladimir is a distinguished Economist and Group on Energy Policy served as Deputy prime minister of Czechoslovak  Member of the Advisory Board on government and federal minister of economy. Energy, Government of India,  Member, Integrated Energy Policy Mr. Kishore co-founded KSK along with Mr. Mr. Keith Nicholas Henry Committee. Sastry and heads its business development and Non – Executive Director capital formation. Earlier Mr. Kishore was a  Chairman of the Andhra Pradesh Mr. Henry has rich experience in global power financial advisor & consultant for major State Electricity Board and energy sector.  United Nations Adviser on Energy domestic as well as international businesses issues to the governments of Sri and has advised multiple energy companies/ Mr. Guy Delemere Lafferty utilities/ market entrants since early nineties. Lanka, Tanzania, Bangladesh amongst Non – Executive Director others Mr Guy is partner in Hoegh capital Partners. Formerly, he worked at Royal Bank of Canada & National Westminister Bank

5 Investor Presentation, 2014 KSK Energy Ventures - The Board

Non Executive Chairman Executive Directors Non-executive Directors

Mr. S.R. Iyer Padma Bhushan Mr. K.A. Sastry Non-Executive Director Mr. T.L. Sankar, Executive Director Non-executive Mr Iyer retired as Managing Director of the State Bank of India Mr. Dlouhy graduatedChairman with a Bachelor and Master degrees in Mathematical Mr. Sastry is one of the founders of KSK and Mr. Girish Kulkarni More than four decades of experience in heads its execution and operations areas, as theEconomics energy andsector. Econometrics Served various from the Non-Executive Director Prague School of Economics and studied well as having responsibility for the financial distinguished positions Formerly ICICI securities, and expertise in Management at Catholic University of accounting and taxation Indian capital markets Louvain,Energy Belgium. Secretary Mr. to Dlouhy the Government served as Ministerof Andhra of Industry Pradesh and Trade of the Mr. S. Kishore Mr. Anil Kutty Czech Republic, responsible for the  Secretary, Fuel Policy Committee Executive Director Director policiesPrincipal in the Secretary areas of ofFuels. the Working Formerly Indian Administrative Service, Formerly Group on Energy Policy Joint Secretary, Power , Government of India and  Member of the Advisory Board on Chairman and Managing Director, AP TRANSCO Energy, Government of India,  Member, Integrated Energy Policy Mr. KB Raju Committee. Mr. Kishore co-founded KSK along with Mr. Director  Chairman of the Andhra Pradesh Sastry and heads its business development and More than two decades experience and leads State Electricity Board capital formation. Earlier Mr. Kishore was a corporate affairs of the group  United Nations Adviser on Energy financial advisor & consultant for major issues to the governments of Sri domestic as well as international businesses Mr. Tanmay Das Lanka, Tanzania, Bangladesh amongst and has advised multiple energy companies/ Director others utilities/ market entrants since early nineties. More than 15 year experience in project finance, fund management and development of generation assets

6 Investor Presentation, 2014 Power Sector – The Growth Canvas

937 998 1,002 777 831 862 • Energy demand growth closely linked to GDP growth • Pick-up in domestic economy could trigger energy demand FY09 FY10 FY11 FY12 FY13 FY14 growth

Growth Real GDP growth 6.7% 8.6% 8.9% 6.7% 4.5% 4.9% YoY power demand growth 5.1% 6.7% 3.8% 8.6% 5.9% 1.0%

Robust Demand Demand Robust Energy demand (Twhs) 777 831 862 937 998 1,002

13,394 Consumption • Notwithstanding sustained (kWh/Year) demand, India continues to be 10,286 among the lowest per capita 5,733 consumers of electricity 2,975 2,944 2,384 globally, lagging behind Brazil

Growth 879 and China by ~3:1 • Per capita consumption ~30%

Robust Demand Demand Robust US Australia UK World China Brazil India of the world average

Peak Deficit Energy Deficit • Power deficit scenario persists, 12.7% though significant capacity 11.9% 9.8% 10.6% addition and slowed down 9.0% demand narrowed gap 11.1% 10.1% – -4.2% energy deficit in FY14 8.5% 8.5% 8.7% 4.5% Growth (~42Twh) 4.2% – -4.5% peak deficit in FY14

Robust Demand Demand Robust (~6 GW) FY09 FY10 FY11 FY12 FY13 FY14

Source: Planning Commission CEA Report, GoI Economic Survey. 7 Investor Presentation, 2014 The Government got into action

 Prime Ministers  Government issues  Government issues  CERC revises pre - office meets power Presidential Second Presidential determined tariff PPAs sector Directive to Coal Directive to Coal India for 2 projects Management for India to sign FSAs Limited review of problems  CERC issues final tariff  FSA to provide 80%  Fuel Supply Agreement norms for 2014-19;  Decides to form a supply to 60 GW list expanded to 78 GW tightens norms, lowers committee for time- capacity including tapering RoE bound action linkages

Jan -12 Apr -12 Jan-13 Apr -13 Jun -13 Jul -13 Feb-14

 Committee of  Cabinet  Distribution  Change in National Coal Secretaries (CoS) Committee on companies financial Distribution Policy formed under Prime Investments restructuring norms  CIL’s supply commitment Ministers Office formed to extend finalized reduced from 100% to efforts to remove  CoS to include  Multiple states 65-80% till 2017 bottlenecks secretaries of power, participated, more  Imported coal would be petro, coal, may join a pass-through in PPAs environment & finance ministries

Further acceleration required to resolve issues related to power sector

CERC – Central Electricity Regulatory Commission, CIL – Coal India Limited, RoE – Return on Equity, PPA – Power Purchase Agreement

8 Investor Presentation, 2014 KSK – Key Milestones

Year Milestone 2014  KSK Mahanadi – PPA with UP DISCOMS for 1000 MW power supplies  KSK Mahanadi executed Fuel Supply Agreement for Tapering Coal Linkage 2013  KSK Mahanadi – PPA with Tamil Nadu Utility - 500 MW, Chhattisgarh – 225 MW  First 600 MW Unit of KSK Mahanadi operational and power supplies commenced  New Initiatives on Generation 2012  KSK Mahanadi – PPA with AP DISCOMS for 400 MW power supplies  Wardha Power - Open Access for supplies to Industrial consumers and Fuel Supply Agreement with Western Coal Fields Limited 2011  Wardha Power fully operational –supplies to Reliance-infra Discom commences  KSK plc completes an Open Offer to acquire additional 20% of Indian listed subsidiary, KSK Energy Ventures Limited – shareholding goes upto 74.94%  Arasmeta Expansion unit of 43 MW commences power generation 2010  KSK Mahanadi – PPA with GUVNL for 1010 MW of Power supplies  VS Lignite power plant commissioned 2009  Coal supply agreement entered with GIDC for proposed 1800 MW Power project in Chhattisgarh, KSK Mahanadi capacity enhanced to 3600 MW  Implementation Agreement signed with Government of Chhattisgarh for KSK Mahanadi project 2008  KSK Energy Ventures Initial public offering of Shares, raising approx US$ 290 mn, KSK Power Ventur plc stake at 55.25%. 2007  Sai Regency power plant synchronized with the grid 2006  Arasmeta power plant synchronized with the grid  Collaborative MOU’s with Government mining companies for long term coal supply arrangements signed - Execution of a coal supply and investment agreement with GMDC for supplies to proposed 1800 MW Chhattisgarh project  KSK Power Ventur plc lists on AIM Market of London Stock Exchange

GMDC – Gujarat Mineral development Commission, GIDC – Goa Industrial Development Corporation, GUVNL – Gujarat Urja Vikas Nigam Limited

9 Investor Presentation, 2014 KSK – Business Strategy and Response

Secure Fuel Access – • Arasmeta and Sitapuram - Coal linkages from SECL /SCCL attempts for sustained • Sai Regency – from GAIL (India) Limited generation • VS Lignite - captive lignite block • Sai Wardha Power – Linkage with Western Coal Fields on cost plus basis • KSK Mahanadi - Collaboration with State Mineral Development Corporations for dedicated coal block supplies – Tapering coal linkage from CIL subsidiaries in the interim period

Power purchase • New PPA signed by KSK Mahanadi with TANGEDCO for 500 MW and UPPCL Agreements for 1000MW • Industrial supply PPAs under captive consumer model • Wardha Warora - challenges of open access and alternative PPA tie-ups being addressed

Enabling Support • Power generation de-licensed but support sectors continue under Infrastructure government control and limited pace of progress • At KSK Mahanadi - supplement generation initiatives of KSK Energy Ventures Limited with pursuit of necessary utilities of railway, water and transport infrastructure through SPVs under KSK Energy Company

10 Investor Presentation, 2014 KSK Mahanadi (3600 MW) – Brief Overview

KSK Mahanadi, (Chattisgarh) - 3600 MW consists of 6 units, each of 600 MW.

Project Construction over last 4 years • First 600 MW commissioned in 2013 • Second unit of 600 MW (expected to commission during 2014) • Balance units to follow

Support Infrastructure commissioned • Water transportation pipeline commissioned • Railway siding and line from main trunk line into power plant commissioned • Evacuation infrastructure in place and power supplies commenced

Fuel Progress • Morga-II Forest clearance for prospecting achieved • Gare Pelma Stage II forest clearance obtained and mining to commence • Tapering Linkage Fuel Supply Agreement

USD/INR Depreciation • Depreciation of the INR against the USD affecting equipment supplies cost at INR level - balance four units necessitating enhanced debt • External Commercial Borrowing (ECB) being pursued to substitute part of the INR Project Finance Debt

11 Investor Presentation, 2014 KSK Mahanadi – EPC Approach

#9 #8 #7

# #1 #2 3 #4 #5 #6

“Differentiated EPC String Approach” – the core units (i.e. #3, #4) are commissioned first and then the other units are taken up for commissioning thereafter. This also necessitates setup and construction of common infrastructure for each three units block ( # 7 and #8) as well as for all the six units ( #9). This approach though entails significant initial capital expenditure, ensures easier and faster access to materials & common infrastructure setup at the construction site

12 Investor Presentation, 2014 KSK Mahanadi – Fuel Access

Morga II coal block

Fuel Block Tie up Status End Use Power Plant SECL Linkage Tapering Linkage

Morga II (GMDC) 350 MT Fuel supply KSK agreement Mahanadi completed 3.6 GW Gare Pelma III 210 (GIDC) MT

Gare Pelma - III Independent coal collaboration and mine development initiatives including coal block procurement of imported coal in interim

KSK Mahanadi Power Plant

13 Investor Presentation, 2014 KSK Mahanadi – PPA Approach

Morga II based Supply PPA Gujarat 1010 MW

Chhattisgarh 5%/7.5% Supply PPA 225 MW

Goa* Gare pelma supplies based PPA

AP Distribution Medium term PPA companies** 400 MW

Case I Competitive bid PPA UP 1000 MW

Tamil Nadu Case I Competitive bid PPA 500 MW

*PPA to be executed shortly – tariff under Central Electricity Regulatory Commission mechanism ** supplies between 2013 to 2016

14 Investor Presentation, 2014 Wardha Power – 540 MW

Wardha Warora, (Maharashtra) - 540 MW | Coal

It consists of 4 units, each of 135 MW. Unit I & II for utility sales and part sale to multiple industrial consumers from unit III & IV Commenced Unit wise generation during 2010 and 2011

Generation 2011-12 PLF: 60 % 2012-13 PLF: 72 % 2013-14 PLF: 55 %

PPA arrangements

• Longer term PPA with industrial customers for part capacity • Medium term PPA (Apr 2011 to Mar 2014 ) with Reliance-Infra (Distribution licensee) – Fresh arrangements under pursuit

Fuel supply arrangements

• Long term source – cost plus coal block linkage from Western Coalfields Limited – FSA for 1.625 MTPA as against Linkage quantity of 2.26 MTPA • Price, quality and other conditions before Competition Commission of India • Interim open market / imported coal

15 Investor Presentation, 2014 VS Lignite – 135 MW & Sai Maithili – 10 MW

VS Lignite (Rajasthan) – 135 MW | Lignite

Commenced generation during 2010 Power purchases by multiple industrial consumers in Rajasthan and balance power to local utility

2010-11 PLF: 63 % 2011-12 PLF: 78% 2012-13 PLF: 75% 2013-14 PLF: 76%

• Gurha (E) Captive Lignite Block allotted in July 2005 • Lignite mine - Gurha (E) with reserves of 22 MT

Sai Maithili (Rajasthan) – 10 MW | Solar

• Sai Maithili Solar unit of 10 MW under Jawaharlal Nehru National Solar Mission • Initial Funding by IDBI Bank Limited, US Exim Funding tied up – RBI approval under pursuit

2013-14 PLF: 21%

16 Investor Presentation, 2014 Arasmeta – 86 MW

Arasmeta (Chattisgarh) - 86 MW (2 x 43 MW) | Coal

Phase I in operation since 2006, Phase II commissioned in 2011

Initial Power purchases by Lafarge India 2009-10 PLF: 84 % 2010-11 PLF: 82 % 2011-12 PLF: 49 % 2012-13 PLF: 59 % 2013-14 PLF: 45 %

• PPA with Lafarge not renewed post Dec 2013 • Power Purchases by Chhattisgarh state utility commenced under long term PPA • PPA approved by Chhattisgarh State Electricity Regulatory Commission in May 2014

17 Investor Presentation, 2014 Sai Regency – 58 MW, Sitapuram Power – 43 MW

Sai Regency Power (Tamil Nadu) - 58MW Natural gas CCGT asset In operation since 2007 2009-10 PLF: 71 % 2010-11 PLF: 87 % 2011-12 PLF: 89 % 2012-13 PLF: 84 % 2013-14 PLF: 88%

• Supplies to multiple Industrial customers in Tamil Nadu • Gas supplies by GAIL under FSAs from Ramnad zone • PPA with fuel cost pass-through formulae

Sitapuram (Andhra Pradesh) – 43 MW Coal

In operation since 2008

2009-10 PLF: 86 % 2010-11 PLF: 77 % 2011-12 PLF: 68 % 2012-13 PLF: 89 % 2013-14 PLF: 91%

Power Purchases by Zuari Cements and surplus to local utility

18 Investor Presentation, 2014 Operation Performance of Power Project Portfolio

Generation and Tariff (Rs /kwh)

4.33 4.57 4.63 6000 5757 5 4.09 5546 3.89 5103 3.54 4862 4916 4

4500 4306

3 3000 2793

Mn Units Mn 2512 2

1500 Avg Tariff (Rs/ kWh) 958 862 1010 905 1

0 0 FY09 FY10 FY11 FY12 FY13 FY14

MU Generated MU Sold Avg Tariff (Rs./ kWh)

* Based on audited financial statements 19 Investor Presentation, 2014 Key Strengths

● Strong execution track record with a combination of outsourced captive power plants and IPP’s with well demonstrated growth path – Large installed capacity scale up (144 MW at IPO to 1472 MW currently) – Proven development expertise

● Attractive PPA tie-ups – Recent PPA tie-ups with UP Discoms and TANGEDCO– significant amongst the PPAs pursuant to Case-1 bidding format in India

● Strong Domestic Coal focused power generation – generation supported with adequate fuel tie-ups and cost advantage

● Key projects to drive majority of incremental cash flows – 540 MW Wardha project cash flows upon better utilization, addressing fuel price, PPA arrangements and Open access issues – 3.6 GW KSK Mahanadi project – 1.2 GW along with common infrastructure significantly done

20 Investor Presentation, 2014 KSK Energy Company – Support Infrastructure

KSK Energy Limited, Mauritius KSK Mahanadi • Power project company constructing the 67.6%* 100 % 3.6 GW power plant at Nariyara, Chhattisgarh KSK Energy Ventures KSK Energy Company • 6 units of 600 MW each, with Limited (“KSKEV”) (“KECPL”) independent unit wise commissioning

KSK Mineral Resources Private Raigarh Champa Rail Infrastructure Limited • Rail connectivity and transportation KSK Mahanadi Power infrastructure between Coal blocks and Contractual agreements Company Limited Raigarh Champa KSK Mahanadi power plant (3.6 GW) Rail Infrastructure Private Limited KSK Water Infrastructure • Water transportation and storage infrastructure between Mahanadi river KSK Water and KSK Mahanadi power plant Infrastructure Private Limited KSK Mineral Resources • Development support of Gare-Pelma coal block of GIDC *Balance 32.4 % held by various public shareholders at BSE/NSE listed KSKEV

21 Investor Presentation, 2014 KSK Water Infrastructure

• Project Authorization: Chhattisgarh Government for water allocation, right of way and land for intermediate storage

• Nature of activities: Land acquisition, construction, pumping and pipeline facilities , intermediate storage, two pumping stations along with river anicuts • Revenue Model: Cost plus

Line I – 23.29 km • River intake at Basantpur to common pipeline Junction Pipeline • Entire 60 km pipeline laying work completed Line II – 1.1 km and currently used for water transport • River intake at Seorinarayan to common water pipeline junction Intermediate Reservoir Line III – 22.53 km • Water storage reservoir with 7 MCM • Common water pipeline junction to intermediate reservoir capacity and spread over 270 acres of land mid way between river and power project Line IV – 14.02 km under progress • Intermediate reservoir to power plant

22 Investor Presentation, 2014 Raigarh Champa – rail connection for fuel supplies

• Incorporation: May 2009 for coal transportation facilities from mines to power project • Nature of activities: Land acquisition, construction of rail lines, loading and unloading facilities , shunting locomotive along with safety and signaling infrastructure • Construction: Raigarh Champa with subcontractors • Revenue Model: Cost plus

Stage I – 15.7km + siding • The first leg of 15.7 Km connects the power project to the main railway line enabling coal and fuel oil transport to the plant The inward line operation has already commenced

Stage I Stage II – 65.5km • Connectivity of power plant with Indian • The second leg of 65.5 Km connects Gare Pelma coal block in Mand Raigarh rail network completed and movement of coalfield to the main rail route. rakes into the plant commenced • Handling capacity of 24 MTPA far exceeding KSK’s requirements

• Construction of this phase expected over next 24-36 months

23 Investor Presentation, 2014 KSK Mineral Resources

• Mine: Gare Pelma III • Mine Owner: Goa Industrial Development Corporation (“GIDC”) • Mine Developer & operator: KSK Mineral Resources consortium • Nature of activities: Technical studies, facilitation of mine plan / mine lease, land acquisition etc • Revenue Model: Cost plus assured return

● GIDC was allotted the coal block in November 2008 with Geological Reserves of 210 MT

● Mine plan approval was obtained in May 2010 , forest clearance from Ministry of Environment & Forest (Stage I) obtained in April 2011 and stage II in early 2013

● Mining Contractor appointment notified and Lease anticipated to be executed shortly by GIDC

● KSK Mineral facilitating GIDC in coal block development - coal production commencement anticipated in the short term

24 Investor Presentation, 2014 Sustainability Initiatives

State of art Hospital at Raipur – over 3000 consultations and 300 + cardiac surgeries , free of cost performed already

25 Investor Presentation, 2014

Thank you

26 26 Investor Presentation, 2014