#1Growth With Goodness adani (+) Resources Logistics Energy Adani Enterprises Limited Investor Presentation April 2019#2Legal Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements," including those relating to general business plans and strategy of Adani Enterprises Limited ("AEL"), its future outlook and growth prospects, and future developments in its businesses and competitive and regulatory environment, and statements which contain words or phrases such as 'will', 'expected to', etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in its business, its competitive environment, its ability to implement its strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. 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AEL assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. AEL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of AEL. This presentation is strictly confidential. 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This presentation contains translations of certain Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader. adani 2#3Contents adani Adani Group Company Profile AEL: Coal Mining & ICM Adani Wilmar Ltd Mundra Solar PV Ltd Others Carmichael Mine, Australia 3#4Nation Building - Responding strategically to some of India's profound challenges World's fastest growing economy 6th largest in the - world today & estimated to be 3rd largest by 2030 Inadequate investments in the past resulted in insufficient infrastructure Rising middle class aspirations requires massive investments in Infrastructure and Energy Encouraging policy initiatives augur well for growing Private Sector participation • ENERGY India's per capita electricity consumption of 1010 kwh among the lowest in the world Thermal generation moderating but will remain mainstay for energy requirements (45% of energy basket) Renewables capacity growing rapidly at -25%; expected to be -24% of energy basket by 2027 Historical under-investment in Transmission & Distribution; $100 bn opportunity over next 5 yrs Natural Gas contributes 6% in India's energy basket, expected to be 20% by 2025; $ 16+ bn investment in next 10 years INFRASTRUCTURE (Transport & Logistics) 90% of volume and 72% of value of India's international trade is by sea Proxy to India's growth (>7% GDP) & economic development Logistics costs in India are among the highest in the world - 13- 14% of GDP vs 8% global average ~6% Indian travels by Air (among the lowest globally); - India to be 5th largest aviation market by 2025 India has low road density of 4.6 km / 1000 person (~60% unpaved roads) resulting in low road speed Adani Group is a market leader among private sector participants across both Energy & Infrastructure Sector and is well placed to participate in these key nation building efforts adani 4#5The Making of India's Leading Energy & Infrastructure Group (1988 - 2018) 1988 1995 2002 2009 2019 Gautam Adani Chairman 1995 Mundra Port Commenced operations (1995) 2002 2009 2019 Listed in 2007 Started Commodity Trading Listed in 2009 Listed in 1994 Commissioned 1st transmission Mundra unit (2009) line commissioned (2009) Operates 10 ports/terminals Bangladesh PPA Signed (2017) Adani Ports APSEZ adani Awarded Lol for Korba Adani Power APL FMCG Fast-moving consumer goods ICM Integrated Coal Management Coal ICM Commenced (1999) Listed in 2015 Awarded India's 1st MDO (2006) 50: 50 JV with Wilmar International (2000) Mumbai GTD acquisition (2018) Acquired Bunyu Acquired Carmichael Coal Mine Indonesia (2008) coal mine Australia (2010) 1st CNG Station Ahmedabad (2004) Grain Silo Depot commissioned at 7 locations (2007) Worlds Largest Single location Solar Power Plant (648 MW) (2017) Project Commissioned > 2GW by Mar 2018 JV with IOC (2014) Listed June 2018 Adani Transmission ATL Adani Green Energy AGEL Listed in Nov 2018 # 2 ICM player in the world Integrated Coal Management Coal Mining (MDO) Commissioned Mundra Solar PV plant (2017) Solar Manufacturing (MSPVL) "Fortune" Largest Food FMCG brand in India Adani Gas AGL Agro 5#6Adani Group - At a Glance 4,560 MW 10,440 MW 13,464 Ckt Km Pit to Plug Integration in Energy Value Chain ~5% of India's Renewable Generation Capacity ~5% of India's Thermal Generation Capacity 3% of India's Transmission Network Promoter Group Promoter Group Presence across Transport & Logistics Space 200 MMT 200 Km -15% of India's EXIM trade - India's only private rail network owner & operator Australia Promoter Group Promoter Group Promoter Group Promoter Group Promoter Group 75.0% 74.9% 86.5% Adani Transmission Adani Green Energy Adani Power 74.8% Adani Gas 74.9% Adani Enterprises 62.3% Adani Ports and SEZ 100% Abbot Point, Australia - Installed capacity of 10,440MW; under construction 1,600 MW Low Merchant Risk - 95% PPA (25 yr) - Low Fuel Risk • FSA 93% of domestic coal based capacity • Coal price pass-through 97% of import based capacity - Installed Capacity 9,132ckt km; under construction 3,792 ckt km -IG rated by Moody's, S&P, Fitch 100% AEML Acquired Mumbai GTD in Aug 2018 for *130 Bn Serving 3 mn consumers in suburban Mumbai (500MW of captive generation) Installed capacity of 1,970 MW; under construction 2,590 MW Renewables Capacity: 4.5 GW (Solar: 57%; Wind: 34% & Hybrid: 9%) Geographically diversified portfolio Focused Pure Play Gas Marketing and Distribution company Operational 4 GAs + 15 new Total authorization for 38 GAS (AGL+JV) Coal Mining: 9 coal MDO - Coal Logistics: ~50% market share (66 MTPA) Carmichael Mine, Australia: 11 mtpa phase 1 COD Mar 2021 Airports announced L1 bidder for 6 airports Roads Water -10 Ports across Indian coast with market share of 21% in India's EXIM - Multi-modal logistics - Mundra SEZ (8481 ha) -IG rated by Moody's, S&P, Fitch Strategically positioned coal terminal with 50 mtpa operational capacity Proximity to World's largest metallurgical & thermal coal basins Limited competition with high barriers to entry Long term take-or-pay contracts with Socialization of costs IG rated by S&P, Fitch Market Cap: 18,590 Cr Market Cap: 23,910 Cr Market Cap: 5,795 Cr Market Cap: 14,155 Cr Market Cap: 16,140 Cr Market Cap: 78,313 Cr adani Note 1: Market cap is as of 29th March 2019 9#7Fortune BIRYANI Fortune Bakewell GERON GEARED Everyday Fortune ≡อนก.. RICE BRAN HEALTH Rozana Fryola 03 Sove health Fortune HYUNDAL Give a missed call on 20% savings as compared to LPG LOAD NA LO, PNG LO 830 630 1234 adani™ Non-stop Piped Natural Gas for your kitchen Adani Enterprises: a Diversified Incubator Fortune Plus KING'S SOYABEAN OIL Avsar Vanaspat BULLET ALPHA Fortune VIVO Fortune Fortune 17 REFINED PALMOLEIN Plus Fortune Raad Vanaspati Rana Gold Fortune#8Adani Enterprises: Key Strengths adani Unique Incubator with a distinctive capability in nurturing businesses of national importance creating value for all stakeholders adani Massive Scale - Largest & best in class adani Unmatched Execution - Greenfield assets in record time adani Experienced Management Team - Expertise in regulatory environment in India adani Operational Excellence - Focus on productivity, lowest cost adani Delivered stupendous CAGR of 30%+ for 24 years (since listing) adani 00 8#9Adani Enterprises: Evolution 1996 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 2001 Adani Gas Started Bonus Issue of 1:1 Nov-1994 listed on BSE & NSE @ Rs 150/share Subscribed 25x adani 2017 Solar Mfg plant commissioned 2015 Demerger of APSEZ, APL & ATL 2009 • APL IPO subscribed 21x Bonus Issue of 1:1 2006 Stock Split Ratio 10: 1 1999 • Signed JV with Wilmar, Singapore • Bonus Issue of 1:1 6#10AEL: Corporate Structure Coal MDO (Division) ICM ** (Division) 100% AMPTY Carmichael Coal Mine (Australia) 100% Adani Global Mauritius 100% AGPTE Singapore 100% AGFZE Dubai 100% 100% PTAG Bunyu Coal Mine (Indonesia) ASPL Shipping (Singapore) Consolidated Financials FY18 ( in Crs) Parameter Revenue EBIDTA Total 37,984 3,002 Promoters 75% Adani Enterprises Limited (AEL) 51% 50% MSPVL (Solar Mfg) AWL (Edible Oil & Food)* 100% ABPL Bunkering (India) 100% Others 100% Airports 100% Roads 100% Water 100% Defence Coal MDO ICM AGL MSPVL AALL+AAFL Others AWL* 863 29,454 1,309 554 314 5,406 26,435 466 1,261 374 328 100 473 1,010 *AWL financials shown are on 100% basis Integrated Coal Management adani *x*x ICM 10#11Adani Enterprises: Exemplary Value Creation 500000 50000 5000 AEL delivered CAGR of 36% since listing Vs Nifty CAGR of 9.6% AEL CAGR - 36% 500 Coal Solar Mfg Evolving EBIDTA Mix FY2012 50 AGEL (Renewables) 1994 1997 2000 2003 2006 2009 2012 2015 2018 AGL (CGD) Others adani AEL Nifty Sensex Note: Chart value in log scale rebased to 100 Others, 8% ICM, 28% APSEZ, 38% APL, 26% FY2018 50% 9% 11% 5% 25% 11#12HYUNCIAL AEL: Mine Developer & Operator (MDO) Integrated Coal Management (ICM) 12#13Global Coal Scenario: Demand to remain stable with geographic shift to Asia +40 Pacific Basin India net imports, Australia net exports to be the highest +21 Key seaborne thermal coal exporter Secondary seaborne thermal coal exporter Key seaborne thermal coal importer Secondary seaborne thermal coal importer United Kingdom Germany Turkey USA Atlantic Basin Colombia +95 Mozambique -3 South Africa Thailand Malaysia Indonesia -67 Australia +130 Russia -38 Global coal demand to remain stable 300 389 285 300 371 China 522 Japan -67 988 614 433 397 710 955 South Korea Taiwan +69 Pacific Basin 1,914 1,841 1,552 2015 2030 2040 China ■India ■ OECD ■Other Emerging Asia ■ROW Net exports/ imports in 2035 over 2017 levels Demand to remain upbeat with growth in thermal power capacity India coal imports over the next 5 years expected to be range bound 227 227 224 225 225 220 ■Capacity ■ Addition Thermal Power Capacity CAGR: 3% 240 852 625 204 FY18 1,050 988 930 886 825 763 706 659 1,117 897 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY23 Total Demand Total Supply Imports India remain dependent on high GCV imported coal for blending in supercritical thermal power plants adani Source: Wood Mackenzie 13#14Integrated Coal Management (ICM) - Our Global Footprint Multi-Country Procurement ICM Financing Multi modal Logistics Customer Account Management Integrated presence in complete supply chain with embedded technology provides sustainable competitive advantage PSU Private Business Adani Power Ltd Overseas business Suratgarh Yamunagar Panipat Hissar Harduaganj Dadri Tanda Vindyachal Kota Unchahar Kahalgaon Parichha Chhabra Rihand Dhamra Sagardighi Bakreshwar Kandla Panki Mejia Bandel Wanabori Mundra Bedi Gandhinagar Navlakhi Dahej Sipat O Korba [Talcher] Durgapur Kolaghat Haldia O Tiroda Hazira Koradi Chanderpur O Paradip о Parli Ramagundam Kondapalli O Vishakhaptnam Simhadri Gangavaram Kakinada Richard Bay Goa South Africa Ports O Locations served Ennore North Chennai Mettur Tuticorin Tuticorin Badarpur Tarakan Samarinda Tanjung Bara Bontang Muara Satui Tanjung Indonesia Pemancingan adani We are a team of 200+ with global operations run through 20+ India offices, 3 overseas offices Queensland Australia 14#15ICM - Market Leader with Consistent Operational Performance Resilient Business Model with Leading Market Position In MMT 47% 56% 45% 164 145 147 78 81 66 Sales Mix FY 18 48% 32% 7% SEBs 22% ■APL 66 MMT 83 Exports 70 63% 34 26 FY16 FY17 FY18 1H FY18 1H FY19 AEL ICM Volume ■India Steam Coal Import Stable Operating Performance 27446 30232 29454 967 998 1261 FY16 FY17 adani FY18 Revenue 8% Realizations on an uptrend Private/Others in Crs. 13412 12916 In $/ MT 66.6 67.6 55.8 52.8 353 454 2.9 2.4 1.9 1.8 1H FY18 1H FY19 FY16 FY17 FY18 1H FY19 EBIDTA Revenue / MT EBIDTA / MT 15#16India Coal Mining: Regulatory Evolution, Regulatory Evolution, Opportunities and Potential Amendment to Coal Mines Nationalization Act (1973), 1991 • Allowed private sector participation in coal mining for captive usage • Case to case basis allotment of 218 coal blocks Auction by Competitive Bidding of Coal Mines Rules, 2012 CAG Report, 2012 & SC Judgement in 2014 • Additional regionally-explored (RE) coal blocks allocated to various PSUs - 14 for Power end use & 3 for commercial mining • Various complaints were received by the Govt. • Arbitrary and non transparent allotment led to cancellation of 204 coal blocks out of 218 Coal Mines Special Provisions Act, 2015 Way Forward • Re-Allocation of the coal blocks; 2- pronged strategy • Auction for Private & Allocation for PSUs - either for captive or commercial use • MoC has opened commercial mining for private sector under Act' 2015 Methodology for auction published on Feb 27, 2018 and tender process expected soon Category Captive Mines portfolio including CIL's mines for potential MDO business No. of Coal Blocks Category Allocation & Auction No. of Blocks 86 ~52 Bn Ton Allocation/Auction under Coal Mines Act 2015 204 To Allocate/ Auction 118 Pakri Barwadih, Tasra 2 Allocation under CMN Act 1973 14 -7 Bn Ton UMPP Linked Block 12 Sub Total (Coal Blocks) 218 PSUS Power; allocated 10 20 -9 Bn Ton PSUS- Power; cancelled 4 Allocation under Mining Rules 2012 17 Commercial Mining 3 CIL Coal Block for MDO 3 -2 Bn Ton Kaniha, Siarmal, Pelma 3 Grand Total 238 70 Billion Ton adani 16#17MDO - Largest Mine Developer & Operator in India MDO Business Order Book of 80 MMTPA A natural progression into Coal MDO Parsa East and Kanta Basan, Peak Capacity 15 MMTPA Gidhpuri Paturia Peak Capacity -5.6 MMTPA Gere Pelma -III Peak Capacity - 5 MMTPA Gere Pelma-1 & 11 Peak Capacity - 39 MMTPA Bailadela Iron Ore Peak Capacity - 10 MMTPA Talabira II & III Peak Capacity - 20 MMTPA Kushmunda Washery Peak Capacity - 10 MMTPA Kente Extension Peak Capacity - 7 MMTPA Parsa, Peak Capacity - 5 MMTPA 1. Jitpur, Peak Capacity - 2.5 MMTPA Hingula Washery Peak Capacity - 10 MMTPA Mining in Indonesia since 2007- Credence to venture into Indian mining industry after experiencing success on foreign soil Successfully developed Power projects and Ports - Gained experience in LA, Community engagement, infra development - critical activities in Coal mining Entered India Coal MDO Business in 2008 - with RVUNL Exploration Land Acquisition adani Operational Under Development Iron Ore Washery Mine operations and Logistics Average potential mine life of 30 years LA: Land Acquisition MMTPA: Million Metric Tons/ Annum Presence in Coal Trading business with PSUs, SEBS - Strong relationship with PSUs Estimated work force of 3200 personnel 17#18Coal MDO: Robust Business Model with Growing Project Pipeline Payments to MDO Mine Owner Mine Developer and Operator (MDO) MDO to do all Investments as per Scope of Work of which some part are reimbursable Coal Delivery by MDO Facilitating in obtaining clearances, DPR / mine plan, Land acquisition and R&R Construction of Infra such as CHP, Washery, rail siding etc. Coal & OB Removal Coal Loading & Transport Bundled / customized Package O&M of Washery & Disposal of rejects O&M of railway siding Major risks are transferred to one contractor - Ease in Contract Management Kente Extension Gare Pelma - III Gare Pelma - Talabira || II & III Bailadela Iron Ore Gidhpuri Paturia Gare Pelma - I Kushmunda Washery Hingula Washery Total RRVUNL RRVUNL CSPGCL Mahagenco NLC NCL* CSPGCL GSECL SECL MCL 9 MDO Parsa East & Parsa Kante Basan Owner RRVUNL Geological 516 256 200 210 736 589 362 281 607 3757 Reserves (MNT) Mineable 452 184 Reserves (MNT) 160 (Est) 94 553 554 325 158 428 2908 Capacity (MTPA) 15 5 7 (Est) 5 24 20 10 5.6 15 10 10 127 Status of Production Operational 2019 2021 2019 2021 2019 2020 2020 2021 2020 2020 since 2013 Adani Role MDO MDO MDO MDO MDO MDO MDO MDO MDO Washery Washery LoA Contract Status Signed Signed Signed Signed LoA awaited Signed Received LoA awaited LoA awaited LoA awaited LoA awaited adani NCL: NMDC-CMDC Ltd 18#19PEKB Project - World class infrastructure developed within a record time Mining Operation Started in Jan 2013 Coal Production commenced in Feb 2013 Mining operations started within record time of 5 years from the date of allocation of coal block In-house expert team of Geologists and Mining Engineers More than 25 MMT coal produced since the start of mine Infrastructure consisting Pit top railway siding, silo with Rapid Loading system for evacuation of coal is under final completion ➤ Strong EBIDTA Margins & Profitability with stable cash inflows and robust financial indicator CAGR - 34% 8.27 8.33 6.3 3.44 Peak Mining capacity as per approved plan 15 MMTPA Developed world class coal washery and CHP FY 15 FY 16 FY 17 ■ROM Production (MMT) FY 18 PEKB mine - a model project - it is vertically integrated through private rail corridor (SRCPL) to provide last mile delivery of adani PEKB - Parsa East & Kante Basin coal at TPS 19#20Competitor Landscape Turnover (Rs. Cr) 10000 Financial Position of Competitors FY16-17 8000 6000 4000 2000 Turnover Networth VPR Southwest 0 Ambey Networth (Rs. Cr) JSPL 10000 **Jaypee Power Adani Essel 8000 Less Dilip Buildcon Aggressive 6000 Most Aggressive Competitors Competitors Adani Sadhbhav 4000 Jaypee Power Sainik Monte Carlo AMR BGR Lanco Sadhbhav 2000 Dilip Buildcon Sical Essel Thriveni Lanco 0 Dhansar Mahalaxmi Mineral (Mn 40 Single Mine with Highest Mineral Production in one Year From FY11-FY17 Mineral+OB MDO Contracts Peak MTPA of Competitors Ton) Mineral (LHS) (Mn Cum) 80 250 30 60 200 MDO for Coal/Lignite/Iron Ore 20 40 150 100 10 20 50 00 40 39 28 12 0 Indonesian Company adani * JSPL Turnover Rs. 15494 Cr.; Networth Rs. 21675 Cr. 80 7 2 3 3 0 Mahalaxmi AMR Montecarlo Sical Southwest Thriveni Ambey Sainik Essel BGR Adani Source: Adani Analysis, Company Reports 20 20#21Coal MDO: Sustainable & Responsible operations driving strong financial performance Run of Mine (ROM) Production (MMT) Washed Coal Dispatch* (MMT) Responsible Green Miner 8.3 8.3 6.3 4.3 7.3 7.1 6.7 5.5 3.4. 5.2 FY16 FY17 FY18 1H FY18 1H FY19 FY16 FY17 FY18 1H FY18 1H FY19 546 712 Revenue (Rs Crs) 863 366 EBIDTA (Rs Crs) & EBIDTA Margin (%) 63% 64% 58% 55% 54% 656 466 418 394 317 230 FY16 FY17 FY18 1H FY18 1H FY19 FY16 FY17 FY18 1H FY18 1H FY19 adani * Sarguja Rail COD April 2018 has boosted coal dispatches in FY19 Bringing Mine back to its pristine stage Technology Interventions for Efficient mining Community Engagement and Development Awards and Accolades Community Engagement Health & Sanitation Sports Promotion Improvement in Education level CORPORATE SOCIAL RESPONSIBILITY & SUSTAINABLE DEVELOPMENT Infrastructure Development Skill Development & Entrepreneurship Increasing Farmer's productivity 21#22Fortune BIRYANI Fortune Bakewell Vana KEFON IFTED BY OLSON Everyday Fortune tune RICE BRAN HEALTH www.farmpik.com Besan Purafresh Matar Besan loun 100% MATAR DAL Fortune Fortune has Chakki Fresh Atta Soya Chunks (e) 100% Vegetarian Chana Dal Everyday Basmati Rice AEL: Adani Wilmar - Edible Oil & Food Rozana 03 Fortune Soya health Fryola KING'S SOYABEAN OLL Fortune Plus Avsar Vanaspat BULLET Fortune VIVO Fortune Kochi Ghana Super TRADITIONAL Basmati Rice Aged to Perfections Aged to Perfection ALPHA Raan Raan REFINED PALMOLCIN Vanaspati Gold Aadhaar D Refined Sovobeos Oil Besan Fortune Plus+ Fortune Groundnu Fortune Soya Chunksit Fortune BIRYANI SPECIAL Extra Lano Gratn#23Edible 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%. 1 Northern India 16% 17% 36% 25% 24.5% Consumption • Palm Soya • Rapeseed ■ Sun Flower -Others 3 3 Western India -Palm -Sun Flower 19% 37% 32% 29.4% Consumption - Soya -Rapeseed - Others 2 Eastern India "Palm 18% -Sun Flower 20% 12% 48% 26.1% Consumption - Soya Others -Rapeseed Southern India .Palm 6% 20% Consumption 23% -Soya ■ Sun Flower - Others 63% - Rapeseed adani Strong preference for palm oil across different parts of India; Soyabean oil is preferred in Western and Northern India 23#24Indian 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 NUBUO 60 62.4 62.8 64.2 59.5 60.1 50 43.8 43.8 40 -39.6 39.7 41.2 30 25.1 25.7 26.2 26.4 26.6 20 14.9 15.4 15.8 16.7 17.4 10 0 2011-12 2012-13 2013-14 2014-15 2015-16 EU USA China Brazil India Consumption to grow manifold 30 26 23 20 20 17 2015-16 adani 2020-21 2024-25 Per Capita (In Kg) ■Demand (MMT) Exponential increase in consumption driven by rising income levels and aspiration. Imports which constituted 3% in late nineties of overall consumption now at 70%. Per capita consumption to rise to about 23kg by 2025 with a growth likely to be around 4%. Indian oilseed production stagnating and not likely to grow fueling growth of Imports Lowest Per Capita Consumption (Kg) of Edible Oil in India Huge potential to grow. 50% of consumption still catered by unorganized sector- Huge potential for consumer pack business. Demand not constraint - Supply is abundant. 24#25Adani Wilmar: Strong Growth through Brand across Food segments Edible Oil and Food Business Dominant Market Share Gharaunda Alwar Karnal Mundra Bundi Neemuch Kadi Meda Adraj Hazira Dhaka 20% 14% (as at Mar-19) 5% 4% 4% Vidisha Shujalpur Chindwara Nagpur O Mongla Haldo Dhamra Edible & Non Edible AWL RUCHI SOYA KALEESUWARI GEMINI Refinery Crushing & Refinery Basket of Brands for Edible Oil & Food Products Kakinada Mantralayam Mangalore Tuticorin Krishnapatnam Gummidipoondi ○ Besan Rice Nugget Greenfield Project Foreign Operations 50-50 JV between Adani Enterprises and Wilmar International 18 Refineries & 10 Crushing Units Refining capacity 11,340 tpd + Crushing 8,950 tpd + Packaging 8,360 tpd 5000+distributors adani Fortune® EDIBLE OILS & FOODS EMAMI Edible Oil Pulses 00000 Fortune VIVO KING'S Raad Besan / BULLET Aadhaar Flour REFINED SOYABEAN OIL Refined Soyabean Oil Vanaspati adani wilmar JUBILEE alife Avsar Pilaf Vanaspati Basmati Rice- 25#26Business 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 18 Refineries & 10 Crushing Units Future Plans • Refining capacity of over 11,340 tonnes per day • • • Seed crushing capacity of 8,950 tonnes per day Packaging capacity of 8,360 tonnes per day 5000+ distributors & >1 mn outlets serve 30 mn households India's No.1 edible oil brand "Fortune" having presence all over India Diversified food products such as Rice, Soya, Pulses, Besan, Castor and Soya & Oleo value added products To be considered as FMCG Food Company instead of only edible oil company Overall Volume Target - 10 MMT by 2021-22 Consumer Packed Oil Business - 3LMT/Month as against 1.75-1.80 LMT/Month at present Plan to Grow in new business segments like Wheat Flour, Rice, Soya Nuggets and Sugar adani 26#27Financial Parameters Volume MMT Revenue Rs Cr 5.00 30000 CAGR : 11% 4.27 26435 CAGR 16% 3.92 4.00 25000 23215 3.15 2.78 20000 17828 3.00 2.73 14836 14861 15000 2.00 10000 1.00 5000 0.00 0 FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18 EBIDTA 1200 1000 CAGR : 24% 800 600 502 525 426 400 200 adani Rs Cr 2000 1010 CAGR : 21% 783 1500 Networth Rs Cr 1655 1280 1048 961 1000 776 FY14 FY15 FY16 FY17 FY18 500 FY14 FY15 FY16 FY17 FY18 27#28Key Investment Highlights adani Exploring the business potential in regional overseas markets Focus on operational synergies and financial flexibility Maintain leading position in edible oil market Adani Wilmar Focus on business strategy aligned to shift in consumption pattern Pan India network of manufacturing, marketing, sales and distribution Prudent risk management Diversified product portfolio and focus on branding to capture incremental market share 28#29adani AEL: Mundra Solar PV - Solar Manufacturing wwwww- 29#30Solar Manufacturing - Demand for domestic solar module expected to grow at a double digit growth rate Low Penetration in Global Energy Demand Global solar PV demand to grow at 13% CAGR Solar Manufacturing concentrated in China (in GW) 8.8% ■ROW EU India ■Japan USA China Total Cell Capacity 168 GW Total Module Capacity 219 GW 7.4% 6.2% 5.0% 116 119 121 122 106 99 38 33 42 79 45 India, 2% 45 3.6% 3.3% 14 Canada,. 4% Others, 4% Vietnam, 3% USA, 2% Others, 6% 52 13 India, 2.8% 2.6% 13 5 51 34 12 7 2.2% 7 17 Korea, 4% 12 6 16 7% Germany Japan Australia UK China India World Avg USA France Brazil Canada 13 Canada, 15 7 12 15 0.9% 12 15 14 0.6% 7 11 8 13 12 Taiwan, 4% 9 10 7% S Korea,/ 6% 21 28 31 35 40 11 China, 76% China, 75% 2015 2016 2017 2018 2019e 2020e 2021e 2022e Global Solar Module oversupply bottoming out Global Growth Drivers / Opportunities USA China Europe Africa & Latin America Cells/Modules imported from India exempt from tariffs Projected market of -350 MW/year Subsidy for new solar projects supportive to global demand Better than expected China solar target (i.e., >300 GW by 2020) positive for solar module Resurgence of demand from Govt auctions & residential will bring 43% annual growth from 2017 levels of 6.3 GW • Spain & Italy will contribute 67 GW by 2030 MENA targets 84 GW by 2023 Latin America targets 40 GW by 2021 India: 31% power generation from Solar by 2030 Installed Capacity Projected Capacity CAGR 46% CAGR - 66% 88 73 58 28 22 60 40 120% 110% 100% 90% 80% 70% 60% 50% 40% Rooftop Utility Global capacity utilization 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022e Target Polysilicon To achieve global sustainable development target, Solar PV requires annual growth of 17% till 2030 adani Source: CS Primer, 2019, GTM / BNEF, IEO - International Energy Outlook Wafer -Cell 30#31AEL: MSPVL - Largest Solar PV manufacturer in India... Competing on Quality, Cost & Scale Largest integrated module manufacturer in India Global recognition for quality & performance World Class Manufacturing Facility 12001200 Module ■Cell 1000 900 TIER Bloomberg NEW ENERGY FRANCE 500 300 Rated as Tier 1 by BNEF in 2018 OCEA 2018 410 430 DNV-GL Rated as Top performer by DNV in 2018 Munich RE EAUTY CARD Rated as Bankable by CEA in 2018 Rates as Bankable by Munich RE in 2018 Adani Tata Power Solar Vikram Solar Waaree Indo Solar Jupiter Solar ▼SOLARBUYER Rated as Bankable by 見 Solar Solarbuyer in 2018 BLACK&VEATCH Black & Veatch in 2018 Long term supplier relationships adani Investments in vertical integration enhance cost competitiveness Large scale of operations High level of automation adani Solar Investments in ancillary units Low taxes/duties in SEZ location Regulatory financial support Rated as Bankable by Manufacturing Facility at Mundra, Gujarat • State of art manufacturing facility built in a year ⚫ Best in class equipment from European & Chinese suppliers • Energy efficient building with IGBC Platinum rating Unique location to leverage cost advantages • Adani Solar can access cheaper raw material and enable supply of high quality PV products to more lucrative markets due to our unique location • Adani ports are the most efficient and have the quickest turnaround time when compared globally 31#3291 88 ■Adani Jan-18 Feb-18 Mar-18 Apr-18 May-... Jun-18 Jul-18 Adani -4MW at Mahoba, UP along with another Chinese Premium Tier-1 module > 50 MW • Performance Ratio* of Adani modules were consistently 3-5% higher than Chinese Premium Tier-1 module manufacturer Aug-18 Sep-18 Oct-18 88 88 87 86 85 85 85 84 83 83 82 82 82 82 81 81 81 80 80 80 80 79 79 78 78 78 78 76 ■Competitor Process based on Just-In-Time procurement enabled by raw material tie-up through tolling/ LTA Strong inbound and outbound logistics management team Better quality & performance vis-a-vis 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 Trinasolar • 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 AEL: MSPVL - Best in Class Technology, Process & Performance resulting into Diversified Marquee Clientele Process & quality assurance enable superior product Experienced team to ensure long term process sustenance adani * Performance Ratio (PR) = Energy measured (kWh)/[Irradiance (kWh/m2) on the panel x Active area of PV module (m2) x PV module efficiency] Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 EESL ENERGY EFFICIENCY SERVICES LIMITED A JV of PSUs under the Ministry of Power Invented for life IF ...resulting into Diversified Marquee Clientele Top Developers HERO FUTURE ENERGIES planet positive power Azure Power CleanMax SOLAR ujaas Ujaas Energy Ltd. susten By Mahindra Top EPC players KEC KEC INTERNATIONAL LIMITED SunSurce ENERGY SOLAR FROM THE CORE (ACME BOSCH STERLING & WILSON SunEdison Top Export players f STANDARD SOLAR BEPINEGATE RENEWABLES RAYS POWER INFRA NARENCO National Renewable Energy Corporation Our team has -4500 man years experience in the sector Operations and Maintenance REC SCM & Marketing Projects Technology ΤΑΤΑ TATA POWER SOLAR Goldman Sachs bp BCG Hanwha Q CELLS 6 moserbaer Solar JA SOLAR risen solar technology Nautilus Solar 32#33AEL: MSPVL - Strategic Priorities aligned to leverage Growth in Industry Strategic Priorities Expand EPC and Solutions offering along with latest technology implementation to achieve a policy independent self-sustainable business model O & M Services Latest Technology Adoption to improve unit economics adani EPC Services Strategic Priorities Cost- comeptetiveness through value engineering 65 Pumps/ Other Solutions Q1FY19 Branding through Channel Sales Order Book provides Growth Visibility Actual Sales Order Pipeline 298 259 Order book of -800* MW 134 120 Q2FY19 Q3FY19 228 126 111 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 * the above book excludes spot orders of ~15-20 MW per month Key Drivers for Growth ➤ Forayed in to retail segment by appointing Channel Sales Partners on Pan-India basis to tap up to 100 MW annually with high margins Rollover of CPSU scheme of 12 GW to boost solar manufacturing with additional margins Government Schemes like KUSUM, SRISTI, SKY to augment additional demand ➤ Building sustainable model by booking value added solutions viz EPC/RT/DG/Pump business upto 25% of the capacities to give additional margins of Rs.3-5 per wp. No moving parts, ideal for distributed generation – generation that occurs close to the point of consumption ➤ Unlimited resources with no cost (irradiation level varies) No carbon footprint from solar Decline in battery storage product price 33#34AEL: MSPVL - Key Investment Highlights Attractive growth potential - India's thrust to develop solar power generation Supportive Government policies - Make in India, capital subsidy & other incentives Strong sponsorship - AEL 51% & Promoter Group 49% Moderate technology risk - best in class technology with in-house R&D Strong track record of execution of large size and complex projects World class manufacturing facility with BNEF* and DNV.GL^ accreditation adani Note: * BNEF - Bloomberg New Energy Finance 34 ^ DNV GL - Det Norske Veritas & Germanischer Lloyd (international accredited registrar and classification society)#35AEL: Airports#36India Aviation - A Strategic Market India Aviation Industry . Low penetration of flying (0.07 trips per capita per annum vs. 0.3 in China) Norway Globally India has low domestic penetration for flying (trips per capita per annum) 5.24 • 3rd largest domestic aviation market in 2016; poised to become 3rd largest global aviation market by 2025 Australia 3.5 USA 2.59 Canada 1.57 Indian aviation industry has grown @ -10% in the last 5 years; high growth expected to increase over the next 5 years Japan 1.18 Brazil 0.65 Aviation policy aims for domestic ticketing of 500 million & international ticketing of 200 million by 2027 France 0.49 Germany 0.43 UK 0.42 10 Largest Air Passenger Markets Over 2016-2036 China 0.34 Rank, based on no of passengers India 0.07 1 2 5 9 Passenger traffic at Indian Airports Total Passengers Handled (millions) at Indian Airports, fiscal years 2012 - 2022 (million) 600 500 400 CAGR: 12-14% 500 448 399 352 300 CAGR: 10% 311 265 224 200 162 159 169 190 100 10 10 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2036 adani 0 FY12 FY13 FY14 FY15 FY16 Source: CAPA Advisory Research FY17 FY18P FY19P FY20P FY21P FY22P 36#37Adani Airports Poised to become the Leading Airport Operator in India Jaipur FY18 Px: 4.7 Mn Lucknow FY18 Px: 4.8 Mn Ahmedabad FY18 Px: 9.2 Mn Mangaluru FY18 Px: 2.3 Mn Trivandrum FY18 Px: 4.4 Mn adani Key Highlights of Recently Won Projects Qualified Successful Bidder of 6 of India's Leading Strategically located Airports handling 30+ million passengers Robust Portfolio Tracking Consumption Trend - Passenger Traffic Growth of 17% for 6 airports vs. India's Traffic Growth of 12% (5 years) Guwahati FY18 Px: 4.7 Mn Robust Concession Structure - 50 year concession, 100% Ownership Operating in a stable regulatory environment - Hybrid Till model (Post tax return on regulated asset base with pass through on all costs and taxes) with Upside from 70% of Non- Aero Business Large Non Aeronautical Potential - Current Spend of INR 80/pax vs Privatized airports of INR 200-300 / Pax Circle size indicates FY18 passenger traffic Significant Expansion Potential - Opportunity to Expand Combined Capacity to over 100 mn Pax in the next 10 years Large and attractive land for monetization - 225 acres available 37#38Adani Airports - Successful Foray into Airports Sector Portfolio of rapidly growing Airports Adani emerged successful in 6 recent airports bids (Rs/Domestic Px) ◉ Among the highest & most diversified portfolio of Airports in India 177 146 174 155 (NIIF) 171 155 168 ■ Traffic growing at 15% - 20% YOY (NIIF) 139 (AMP) 160 (NIIF) 135 (KSIDC) 115 ■ Low non aeronautical penetration (~Rs 80 / Px) provides a unique opportunity to enhance returns " Significant opportunities to improve efficiencies 45 (CIAL) " 100% equity ownership vs only majority stake for other airport operators Ahmedabad Jaipur Lukhnow Guahati Trivandrum Mangaluru Adani Bid 2nd Bidder Ahmedabad Jaipur Lucknow Guwahati Trivandrum Mangluru Total Concession Agreement (CA) Signing by July 2019 Concession Period (Yrs) 50 50 50 50 50 50 CoD Date (estimated) Jan 2020 Jan 2020 Jan 2020 Jan 2020 Jan 2020 Jan 2020 Total Land Available / City Side Land (Acre) 987/28 777/17 1259/110 826/60 637/2 584/10 5,069 / 227 Initial Capex (Rs Cr) 416 518 580 465 438 190 2,606 Additional Capex (Rs Cr) 10 years 2,500 1,100 1,650 1,000 800 1,200 8,250 adani 38#39Adani Airports - Airport Portfolio witnessing growing propensity to fly 21.4% 17.1% 9.2 Robust Passenger Traffic with Growth higher than Domestic average 18.6% 17.6% 9.1% 16.8% 7.3 4.8 4.8 4.7 4.4 1.9 2.3 4.2 4.0 4.6 2.5 1.5 1.9 0.5 0.7 Ahmedabad Jaipur Lucknow 0.1 Guwahati Trivandrum 0.8 Mangluru 46% 34% Resilient Revenue Profile with healthy EBITDA margin (FY18) 49% 40% 48% 19% 11% 22% 18% 16% 21% 17% 89% 78% 82% 84% 79% 83% Ahmedabad Jaipur Lucknow Guwahati Trivandrum Mangluru adani Domestic Px (FY18 in Mn) International Px (FY18 in Mn) ▲ CAGR (last 5 Yr) (%) Non-Aero Revenue Aero Revenue ◆ EBITDA Margin (%) 39#40Adani Airports - 30% Hybrid Till Model Hybrid Till Model - WACC based regulated returns to be provided in every 5 year block Returns on Regulated Asset Base (RAB) Annual Aero Revenue Annual Airport Revenue • • Revenue Determination Opening RAB + Capex Depreciation Closing RAB Post Tax WACC Return on Assets Aero Revenue Land Fees Parking & Housing Fees User Development Fees Cargo Handling Ground Handling Aircraft Fueling adani • Return on Assets Aero O & M Depreciation for Aero Assets + Taxes on Aero Revenues 30% of Non-Aero Revenues Annual Aero Revenue Duty Fee Retail Licenses Food & Beverages Advertising • Land License Fees • Space Rental • Car Parking Annual Aero Revenue Normalized Aero Revenue * Total Non-Aero Revenue Revenue Share Annual Airport Revenue True up in 5 yr block Non-Aero Revenue City Side Development . Development Rights on Land * Aero revenue is normalised over the 5 year regulatory period using the CPI-X Model 40 40#41AEL: Roads#42Roads Road Industry Potential & Outlook • 53000 kms of NHS have been identified to be built under Bharatmala • Rs 5.35 tn earmarked for 1st phase of Bharatmala scheme (24,800 Km) • • Government "Char Dham Connectivity Scheme" Rs 1570 tn (48000 Km) Shift to EPC/HAM projects to insulate developer's risk with respect to BOT Projects, primarily related to traffic growth etc. ⚫ Toll-Operate-Transfer new PPP model introduced for monetization of road assets Particular Project Projects under Execution Project I 4-lane 53 Km road from Bilaspur to Patharapali in Chattisgarh Project II 4-lane 42 Km road from Mancherial to Repallewada in Telangana 2 Yrs Construction Period + 15 Years O&M Project Period 2 Yrs Construction Period 15 Years O&M Period Period Hybrid Annuity Model Hybrid Annuity Model Project Mode Concession Agreement Project Cost Financial Closure NHAI Grant Signed on 14th May 2018 LOA on 8th March 2019 Project III 4-lane 59 Km road from Suryapet to Khammam in Telangana 2 Yrs Construction Period + 15 Years O&M Period Hybrid Annuity Model LOA on 8th March 2019 Rs 1,140 Crs Rs 1,357 Crs Rs 1,566 Crs Completed Under Process Under Process Rs 456 Crs Rs 543 Crs Rs 626 Crs Strategy • NHAI has identified first 75 TOT projects spanning 4500 km, considering an annual toll revenue collection of Rs 2700 Crs. • NHAI and MoEF have relaxed Land Acquisition norms and ensuring 80% of Land is in possession at the time of awarding of projects. Focus on the projects across India initiated by NHAI & MORTH Target selected projects under BOT, TOT, HAM model which can offer scale and complexity to create a differentiated value . In-organic growth through M & A adani 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 42#43AEL: Water#44Water: Significant Investment Opportunities Water Stress (withdrawals/available supply) in India • Global water demand expected to grow rapidly to touch >5,200 cubic kilometres per year by 2025 (growing at over 1.2% every year) RAJASTHAN GUJARAT PUNJAB HARYANA DELHI . 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 foreseeing an investment of around Rs 12,000 trillion Including National Mission for Clean Ganga (NMCG) This budget is expected to be spent towards water supply and sanitation and "water security" at individual states level Project under Execution Baseline Water Stress (withdrawals/available supply) Low (<10%) Low to Medium (10-20%) Medium to High (20-40%) High (40-80%) Extremely High (>80%) Arid & Low Water Use Project Particular Project Period • Project Mode • ~13 states in India spanning around 300 districts face water stress Despite a long coastline of ~7600 km, coastal areas have a huge problem of water scarcity due to poor river water availability, low ground water levels & high demand adani Project Cost Concession Agreement Brief Scope . Detail Development of Sewage Treatment Associated Infrastructure in Allahabad Plant (STP) and 2 Years Construction Period +15 Years O&M Period DBFOT with PPP Hybrid Annuity (40% from Govt. and 60% by Project Developer) Rs 908 Crs (Financial tie up under process) • Signed on 11th Jan 2019 with NMCG and UP Jal Nigam (UPJN) New STP: 72 MLD Cumulative at 3 Locations (42+14+16) Rehabilitation STP: 254 MLD Cumulative at 6 Locations (80+29+50+60+10+25) Raising Main and Gravity Main Piping: 7 Km Pumping Stations: 17 Nos (New + Rehabilitation) 44#45FARM-PIK FRUITS ⓇO AEL: Agro, Bunkering, Shipping and Defence 45#46Agro Infrastructure Fruits Storage Business Grain Logistics, Storage and Distribution REG 35% fruits & vegetable lost due to lack of storage infrastructure in India . 7% grain lost due to lack of storage infrastructure in India • Brand FARM-PIK, India's largest selling fruit brand Introduced first of its kind modern and scientific storage facilities in India, ensuring negligible losses and minimal human touch Pioneer to introduce Controlled Atmosphere (CA) technology in India, for increased fruit storage life Three Controlled Atmosphere (CA) storages with capacity to store 24,000MTs in the heart land of Apple orchards in HP A boon to farmers which has changed the apple marketing landscape in HP Sourcing fruits globally for the Indian market Selling through a wide network of retail chain stores across the major cities in India • • adani Capacity with private railway sidings, transporting grains in bulk from grain- producing states to consumption areas Current total storage capacity of 1 MMT is set to rise to 2 MMT by 2021 Since 2005, built storage capacity of 850,000 tons at 13 locations in India - - · Operates storage facilities of 5,50,000 tons at 7 locations under BOO for FCI for 20 Years · Operates storage facilities of 3,00,000 tons at 6 locations under DBFOT for MPWLC for 30 Years 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 46#47Adani Bunkering - a leading bunker supplier in India & Adani Shipping Bunkering : Re-fueling of ships with different grades of Fuel Oil } އ Sourcing FRONT SHANGHA Shipping Storage Integrated yet independent business model Adani Bunkering - Factual Snapshot 45% Market Share in India Total Volume 7.8 Lac tons Owns two ocean going bunker barges with a capacity of ~3,000 MTs each (biggest bunker barges in India) • Blending Bunker Delivery Adani Shipping - Factual Snapshot Adani Shipping Pte Ltd - a Singapore (AEL's wholly owned subsidiary) Operator of 5 foreign flag Cape size Bulk Carriers • Vessel Capacity range - 175,000 MT to 185,000 MT. . Dedicated tankages at Mundra (80 KT), Hazira (10 KT) and Goa (10 KT) • Engaged in transportation of bulk coal / iron ore • Counterparty - Both group captive as well as external adani Operating across all major ports of India & South Asia Rating BBB+/Stable 47#48Defence & Aerospace 1 PLATFORMS AND TECHNOLOGIES Focus on platforms and technologies of critical importance, to assert India's military competence, to meet Fighter Crafts • Unmanned Aerial Systems Helicopters ⚫ Satellites • Radars & Electronic Warfare Systems • Machining and Gear Manufacturing • Carbon Composites Aerostructures • Skill Building & Training Centre adani 2 COLLABORATE WITH GLOBAL PARTNERS 3 GROW INDIAN MSMEs 4 SAAB TECHNOLOGIES Collaborate with credible and committed global partners willing to team up for the long term and who are willing to transfer technology & skills SAAB Fighter aircrafts (Gripen E/F) S SOLVAY asking more from chemistry Advanced Materials (Composites) Elbit Systems Unmanned Aerial Systems (Hermes 450 and 900) भारत इलेक्ट्रॉनिक्स BHARAT ELECTRONICS * MRO - Maintenance, Repair & Others HAL • • Help develop and grow the dynamic MSME's, which are critical for a fast scale-up and sustainable ecosystem in India R/ AEROSTRUCTURES & COMPOSITES High quality machined components supplier to Global OEMS - GE, Honeywell, UTC etc. • Composite parts supplier for aircrafts, missiles & unmanned aerial V A AutoTEC AVIONICS & SYSTEMS High end built to specification supplier of avionics systems for fighter aircrafts, helicopters, UAV's. • Focus on design and development with a well-developed supply chain for fabSME PARTNERS FOCUS ON INDIGENISATION Focus on capabilities critical for indigenisation including design, system integration, maintenance & support in India UPGRADES & LIFE CYCLE MANGEMENT - Prime MRO & SUPPORT - Prime SYSTEM INTEGRATION - Prime SUB-ASSEMBLY & SUB-SYSTEMS - Support COMPONENTS - Support DESIGN & R&D - Prime 48#49Cement Cement Plant Footprints & Capacities - Phase I Lakhpat Integrated Unit Clinker Capacity: 3.2 MTPA 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) The clinker for the planned units will be produced at Lakhpat, which will also be an integrated unit • ACL has also acquired a limestone mine with reserves of 170+ mt Phase I - Status of Statutory Clearance Lakhpat IU Mundra BT Dahej GU Mundra BT Cement Capacity: 0.55 MTPA Dahej GU Cement Capacity: 1.1 MTPA Raigarh BT Raigarh BT Cement Capacity: 1.65 MTPA Udupi GU Udupi GU Cement Capacity: 2.2 MTPA The total installed cement capacity of 5.5 MTPA by 2020 adani GU: Grinding Unit BT: Bulk Terminal Clinker/Cement to be fed to Gus/BU by Sea route Clearanc e Environmen t Clearance Forest Clearance Lakhpat Site visit completed by EAC, TOR awaited Site visit by Mundra Public Hearing Completed Udupi Dahej Date for Public Hearing Awaited TOR meeting completed Raigarh Filing of Application for TOR completed Range Forest Officer completed Not Required Not Required Not Required Not Required Mining Plan Approved Not Required Not Required Not Required Not Required Aviation Clearance NOC from AAI in process Completed Completed NOC from AAI in process In Process Linkages of Raw Material Limestone Mine acquired In process to sign fly ash agreement with Adani Power, Mundra In process to sign fly ash agreement with UPCL In process to sign fly ash agreement with Reliance Industries In process to sign fly ash agreement with Adani Power, Mundra 49#50AEL: Carmichael Mine, Australia 50#51Carmichael Coal Mine - Overview Location Galilee Basin, Queensland, Australia 11 BT JORC compliant Resource Resource Phase I 880 Mn T JORC compliant Reserves Moderate to high energy thermal coal suited for Asian markets Current development: open cut mine capacity of 11 mtpa Deferring certain on site and off site infrastructure Underground Nine 1 (UG) 1 Ensures sustainability and positive cash flows on the 11 mtpa UNDERGROUND MINE UG 2 1st Coal on rail by March 2021 Phase II Decision to ramp up to 15/20 mtpa in year 2 and 3 of operations Received required approvals Matter Counterparty Initial Judgement Grant of Mine Environmental Authority on February 2, 2016 Land Court Hearing Grant of Mine EPBC Approval on October 14, 2015 Determination of National Native Title Tribunal dated April 8, 2015 Australian Conservation Foundation Incorporated (ACF) Land Services of Coast and Country Inc Further Appeal No Judgement on Further Appeal n/a In favour of Adani Land Services of Coast and Country Inc No n/a In favour of Adani Yes In favour of Adani In favour of Adani Grant of Mining Lease on April 3, 2016 Grant of Environmental Authority for Port Development dated December 7, 2015 Application to register the ILUA on April 27, 2016 by Adani Adrian Burragubba, Linda Bobongie, Lester Barnard, Delia Kemppi and Lyndell Turbane Adrian Burragubba Adrian Burragubba, Linda Bobongie, Lester Barnard, Delia Kemppi and Lyndell Turbane Whitsunday Residents Against Dumping Ltd Yes In favour of Adani In favour of Adani Yes In favour of Adani In favour of Adani n/a In favour of Adani n/a Mine Layout Hearing in the Federal Court to n/a n/a be held adani OPEN CUT MINE Underground MIA 1 MIA South ANFO 3 UG 4 UG 5 ANFO 1 MIA North MAW Dam Stockpiles UG1 Power Distribution Mine Infrastructure Levee Diversion Drains Raw Water Dam Sediment Dam MIA Tailings Cell UG2 Process Water Dam Top Soil Storage UG3 Open Cut Blocks UG4 CPP Module 1 and 2 UG5 CPP Module 3 and 4 MIA Central ANFO 2 Underground MIA 2 TOWNSVILLE Port Of Abbot Point MACKAY Port of Hay Po MORANSAM CLERMON EMERALD ROCKHAMPT GLADSTO MOURA 51#52Carmichael Mine: A conventional, commercially robust and competitive coal mine 1. Conventional mine development and operational approach 2. Product strategy well positioned to take advantage of market requirements 3. Commercially robust with competitive advantage adani • . Large resource and reserves base (Pit DE >30 years) Deposit characteristics well understood Major approvals already in place for current and future developments • 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 Carmichael 5,000kcal product aligned to resource quality and operating strategy • Target markets' demand increasing and forecast to continue . • • . Consistent low strip ratio Sustainable low operating costs Competitive capital costs Strategically positioned to rapidly expand 52#53Sustainability ורגונובר Ferrere • 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 with Board of Director system, process & policy - Corporate Sustainability Leadership Committee Decay canaby Anno Governance Social © © R Governance percolates down to the al Mining Fanewables City Gal Agr CalTri lowest level Pad O 唱 adani Pete O Regular monitoring & review of performance • Business growth in tandem with community development CSR activities thrust areas - Education, Health, Livelihood development and Rural Infrastructure Special projects - SuPoshan (Better nutrition), Swachhagraha (Clienliness), Saksham (Skill development) and Udaan ( Career building) All operations & activities subjected to regular external reviews & audits . Operations across 12 states, 1470 villages, touching 4 lakh+ families 53#54Growth With Goodness One vision, One team 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.