#1Generating Growth for Generations एनटीपीसी NTPC NTPC INVESTOR PRESENTATION#2NTPC - Vision, Mission and Core Values Vision To be the World's Leading Power Company, Energizing India's Growth एनटीपीसी NTPC Mission एनटीपीसी NTPC Provide Reliable Power and Related Solutions in an Economical, Efficient and Environment friendly manner, driven by Innovation and Agility Core Values CUSTOMER FOCUS INTEGRITY ORGANISATIONAL PRIDE C MUTUAL TRUST AND RESPECT M D:: INNOVATION AND LEARNING TOTAL QUALITY AND SAFETY T#3Outline of the Presentation एनटीपीसी NTPC 1 Company Overview 2 Financial Highlights एनटीपीसी NTPC 3 Operational Highlights 4 Transforming Power Sector 5 Key Growth Pointers 6 Sustainability Initiatives D::#4NTPC - Generating Growth for Generations एनटीपीसी NTPC Largest Power Generator in India O&M and PM Excellence Clear Growth Visibility एनटीपीसी NTPC Energy Transition Value Accretive Acquisitions Robust Coal Mining Portfolio Installed capacity of 62,910 MW Generating 22% with 17% Installed Capacity Highest ever Commercial Capacity Addition Maintaining consistent lead over All India PLF 20,533 MW under construction Plan to become 130 GW company by 2032 2,348 MW Renewable Capacity under construction Plan to have 30% Non-fossil fuel basket by 2032 Acquired 6,408 MW of Power Assets in FY20 Leading to three fold growth in Non-fossil portfolio 7.3 BT GR / 103 MMTPA ultimate mining capacity 11.15 MMT coal produced in FY20 D::#5Key Performance Highlights FY 2019-20 Regulated Equity 61,811 crore Comml Addition 8,260 MW FY 2018-19 * 53,989 crore एनटीपीसी NTPC 2,180 MW FGD Orders 25,810 MW 25,640 MW एनटीपीसी NTPC RE Orders 2,053 MW 245 MW Coal Production 11.2 MMT 7.3 MMT Acquisitions Regulated equity shown above is on standalone basis 6,408 MW D:: 3,310 MW#6Unparalleled Presence across the Nation Present + Under Construction Capacity Leading Market Share Share of Installed Capacity (as on June 30, 2020) 17% एनटीपीसी NTPC Share of Electricity Generated (during Q1FY21) 22% Himachal Pradesh Haryana 1937 MW Rajasthan 800 MW Uttarakhand 1424 MW+2135 MW Uttar Pradesh 679 MW+1546 MW 11653 MW+2925 MW Arunachal Pradesh 815 MW+300 MW Rest of India : 3,08,944 MW NTPC (Group): 62,110 MW Assam 1316 MW Nagaland $75/MW Bihar Rest of India : 247 BUS NTPC (Group): 68 BUS Present Installed Capacity: 62,910 MW 6150 MW+3800 MW Gujarat Madhya Pradesh 7188 MW+800 MW 1476 MW+20 MW Chhattisgarh 7754 MW Bangladesh Jharkhand 1320 MW 4380 MW West Bengal 2220 MW+160 MW Tripura 241 MW NTPC Owned Stations in MW Mix % Mizoram Coal 24 45,410 72.18% 60 MW Gas/Liquid Fuel 7 4,017 6.39% Odisha Hydro 1 800 1.27% Maharashtra 5607 MW 4390 MW+1050 MW Renewables 13 928 1.48% Telangana 2610 MW+1700 MW Andhra Pradesh 2250 MW+25 MW Sub-total 45 51,155 81.32% Owned by JVs and Subs Coal 9 6,494 10.32% Karnataka 2400 MW Gas/Liquid Fuel 4 2,494 3.96% A&N Islands Tamil Nadu Hydro 8 2,625 4.17% 5 MW 1500 MW+230 MW Renewables 4 142 0.23% Kerala 360 MW+142 MW Sub-total Total 25 11,755 18.68% 70 62,910 100.00% Map not to scale D::#7एनटीपीसी NTPC Financial Highlights#8Growing Revenue with Robust Margins एनटीपीसी NTPC Amount in Crore Particulars (Standalone) FY20 FY19 Chg. (in %) Q1FY21 Q1FY20 Chg. (in %) Revenue from Operations 97700 90307 8% 23453 24193 -3% Fuel & Energy Purchased 57018 55207 3% 12369 14659 -16% Gross Profit 40682 35100 16% 11085 9534 16% Gross Margin 42% 39% 47% 39% Other Income 2778 1872 48% 568 326 74% Operating Expenses 13589 12329 10% 3339 3081 8% EBITDA 29871 24643 21% 8313 6779 23% EBITDA Margin 30% 27% 35% 28% Depreciation 8623 7254 19% 2530 2051 23% Finance Cost 6782 4717 44% 2083 1565 33% PBT (incl. exceptional item) 14466 12672 14% 2897 3162 -8% Tax 9182 -2919 -415% 1230 1070 15% Movement in Reg. Def. Bal. 4829 -3841 -226% 803 511 57% Profit for the period 10113 11750 -14% 2470 2603 -5% Annualized EPS (in ) 10.22 11.88 -14% 2.50 2.63 -5% D::#9Strong Financials with Balanced Pay-outs एनटीपीसी NTPC Amount in Crore Particulars (Standalone) 31.03.2020 31.03.2019 Change Remarks Gross Fixed Assets 1,92,898 1,52,976 39,922 Increase in GFA and Decrease in CWIP CAPEX (for the period) 36,618 27,363 9,255 Capital Work-in-Progress 73,067 90,809 (17,742) Debt 1,52,692 1,27,430 25,262 Net Worth 1,13,569 1,07,408 6,161 Addition of standalone commercial capacity of 3970 MW in FY20 as against 1930 MW in FY19 Book Value per Share (in ) 114.78 108.55 6.23 Balanced Payouts Committed to 60.80% 70% 6000 deliver sustainable 60% 47.80% 51.20% 5000 value to 50% 33.50% 4000 shareholders 31.50% 40% 46.18% 42.00% 40.82% 3000 30% Balancing payout 30.82% 2000 20% 26.97% with deployment 1000 10% for growth plans 2,762 3,941 0% 2015-16 2016-17 4,222 5,426 2017-18 2018-19 3,117 0 such as value 2019-20 Dividend Dividend % (of paid up capital) Dividend as a % of PAT accretive acquisitions D::#10Expanding Consolidated Financials एनटीपीसी NTPC Amount in Crore Particulars (Group) 31.03.2020 31.03.2019 Change Change (in %) Gross Fixed Assets 2,36,104 1,88,852 47,252 25% Capital Work-in-Progress 98,211 1,17,298 -19,087 -16% Debt 1,84,073 1,55,689 28,384 18% Net Worth 1,22,156 1,14,264 7,892 7% Regulated Equity 77,233 60,294 16,939 28% Revenue 1,12,373 1,02,533 9,840 10% I EBIDTA 34,445 28,927 5,518 19% Profit before tax 16,378 15,326 1,052 7% Profit for the period 11,902 14,034 -2,132 -15% D:: 10%#11एनटीपीसी NTPC Operational Highlights#12Proven Operational Excellence Maintaining Leadership In-depth Monitoring Safety at Forefront एनटीपीसी NTPC ■ Consistent spread over National PLF during last 2 decades NTPC's coal stations achieved PLF of 68.2% against All India PLF of 55.9% ■ 4 NTPC coal stations among top 10 of the country in terms of PLF ■ Sound maintenance practices & real-time monitoring ensure high availability and efficient operations ■ Periodic structured technical audits carried out for all units for identifying and correction of gaps Safety is integral to our working and we have renewed focus on safety We have upscaled our safety standards & inculcated complete safety culture 84.1% 80.2% 64.5% 91.9% 78.6% 62.3% 91.6% 78.6% 59.9% 86.0% 77.9% 60.7% 87.1% 76.7% 60.3% 89.7% 68.2% 55.9% 2014-15 2015-16 NTPC AVF (DC) 2016-17 2017-18 2018-19 2019-20 NTPC PLF All-India PLF % for Coal Based Power Plants D:: 12#13Sustaining Status of Competitive Power Producer Payment Security New Regulations- 2019-24 एनटीपीसी NTPC Regulatory mechanism assures Returns balancing risks and rewards ■ TPA agreements in addition to payment security through LC mechanism ■ RoE remains unchanged at 15.50% ◉ 85 kcal allowed on account of loss of coal GCV Security expenses excluded from normative O&M expenses Recognition of cost impact for meeting environment norms ■ Time and cost over runs due to land acquisition classified as an "uncontrollable factor" Equity of plants, which have completed their useful life restricted to 30% Sustaining Competitive Tariff 3.28 3.90 Rs./kWh 3.39 3.18 3.30 3.23 2.15 2.23 1.96 2.01 2.11 1.95 1.67 1.13 1.22 1.29 1.28 1.28 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 Average Tariff Fuel Charges Fixed Charges D:: 13#14Long-term Fuel Security - Assured Coal Supply Single ACQ Long-term FSAs Ensuring Logistics एनटीपीसी NTPC NTPC through sustained policy advocacy has signed a Supplementary Agreement with aggregation of ACQ (Annual Contracted Quantity) on CIL subsidiary level basis resulting in: ✓ Optimum utilization of coal leading to reduction in ECR Avoidance of loss of fixed charges due to coal shortage More efficient outage planning/stock management of power plants Long term Fuel Supply Agreements (FSAs) have been signed with CIL and SCCL for supply of coal for total ACQ of ~175 MTPA Agreement with Railways for ensuring smooth coal transportation 62% of our coal-based capacity, representing 12 out of 24 of our coal plants, is linked by MGR/belt conveyor system to coal mines 145.2 Assured Coal Supply 92.8% ACQ materialization during FY20 152.2 ACQ Non-ACQ ■Imported 156.4 160.5 (in MMT) 155.2 9.7 7.2 7.2 1.0 11.8 0.3 14.6 1.0 16.8 2.8 FY16 FY17 FY18 FY19 FY20 D:: 14:#15Competent Manpower driven by Strong Management NTPC HR Vision To enable our people to be a family of committed world class professionals, making NTPC a learning organization एनटीपीसी NTPC Leading to Consistent Improvement in Productivity of Manpower Per Employee FY20 FY19 FY 18 Revenue (in crore) 5.78 5.02 4.32 EBITDA (in crore) 1.72 1.34 1.19 Value Added (✓ in crore) 2.16 1.83 1.58 Generation (in MUs) 14.92 14.95 13.47 MAN-MW Ratio 0.35 0.39 0.43 Only PSU to consistently feature for the past 12 years in Top 50 Best Companies to work for in India Proud of Building a High-Trust, High-Performance Culture D:: 15#16एनटीपीसी NTPC Transforming Power Sector#17Strong Growth Drivers for Power Sector in India Demand India's GDP is expected to grow significantly over next two decades on the back of our demographic strength India has low per capita consumption of electricity which is expected to rise to ~3,000 kWh by 2040 Increasing Per Capita Consumption (kWh/Year) Supply एनटीपीसी NTPC Electricity requirement in India is expected to grow in tandem with GDP growth Both peak load demand and energy requirement are expected to rise at a healthy pace Projected Energy requirement & Peak Load (BUS) (GW) 3,500 448 500 3,000 450 3,000 370 400 2,500 299 350 2,000 300 226 250 184 914 957 1,010 1,075 1,122 1,149 1,181 1,500 3,049 200 2,531 1,000 2,047 150 500 1,291 1,566 100 50 FY13 FY14 FY15 FY16 FY17 FY18 FY19 2040P FY20 FY22P FY27P FY32P FY37P With every Indian now having access to electricity power sector is poised for Long-term Growth D:: 17#18Decade of Transformation Begins... Installed Capacity FY20 ~370 GW Generation (in BUs) ~1,391 BUS Peak Load Demand Per Capita Consumption Renewable Capacity Coal Requirement ~184 GW ~ 1,181 kWh ~87 GW ~650 MT 11 एनटीपीसी NTPC FY30 ~817 GW ~2,518 BUS ~340 GW ~2,100 kWh ~435 GW ~892 MT A wave of new reforms - In the form of revised tariff policy & smart prepaid metering D:: Source: NITI Aayog, MOP, CEA, NTPC 18#19Our Key Growth Pointers 4 3 1 2 Huge Capacity Addition Lined Up Leading India's Push Towards Green Energy एनटीपीसी NTPC Rising Captive Acquisitions Coal & Diversification Production 19 D::#20Huge Capacity Addition Lined up एनटीपीसी NTPC Ensuring Availability Investment Land Water Coal Environment Clearances PPAS Approval 62,910 Current development pipeline (in MW) 20,533 Installed Capacity Under Construction 46,557 1,30,000 Under feasibility & balance Total by 2032 Snapshot of Projects Under Construction Fuel Mix In MW Coal Technology In MW Group Mix In MW Coal 15,630 Ultra Super Critical 4,000 NTPC 11,179 Hydro 2,555 Super Critical 10,840 Domestic JVS 8,034 RE 2,348 Sub Critical 790 International JV 1,320 Total 20,533 Total 15,630 Total 20,533 D:: 20#21Why to Invest in NTPC FY20 marked beginning of Reversal in CWIP ratio एनटीपीसी NTPC 300000 PPE 250000 160% CWIP % of PPE & CWIP 140% 120% 200000 100% 150000 80% 60% 100000 38% 42% -42% 45% 39% -42% 40% 50000 32% 29% 24% 19% 20% 0 0% FY14 FY15 FY16 FY17 FY 18 FY19 FY20 FY21E FY22E FY23E Expansion in Regulated Equity Regulated Equity (* crore) FY23E FY20 61,811 FY19 53,989 FY18 50,921 FY17 44,049 FY16 41,420 50,000 1,00,000 All financial figures on standalone basis. ☐ FY20 marked beginning of Reversal in CWIP ratio and this will continue due to accelerated commercialization Fall in CWIP ratio will lead to ROE expansion as the equity blocked in CWIP starts earning Growth will continue and the turnaround from CWIP to PPE would be quicker in Renewable energy projects D:: 21#22Leading India's push towards Green Energy Present NTPC RE Plan - Moving towards 30% Non-fossil fuel basket by 2032 एनटीपीसी NTPC In GW In % NTPC@2032 In GW In % Thermal 58.4 92.9% Thermal 91 70.0% RES 1.1 1.7% RES 32 24.6% Hydro 3.4 5.4% Hydro 5 3.8% Nuclear - Nuclear 2 1.6% Total 62.9 100% Total 130 100% Highlights ■ Solar Projects of 2 GW awarded under EPC mode ■ MOU with MAHAGENCO for setting up 2.5 GW UMREPP NTPC RE Portfolio (in MW) Status EPC Developer Installed 1,070 3,983 Under 2,348 1,600 NTPC to play a Pivotal Role ■ NTPC being the largest power producer in the country is best placed to support intermittent nature of Renewable Energy Sources Implementation ■ MOU with ONGC for offshore wind & other RES Under Tendering 2,104 1,200 Total 5,522 6,783 Bids invited for acquisition of up to 1 GW RE capacity ■ Our base load plants will play a key role in taking care of RE integration through Flexibilization D:: 22:#23Rising Captive Coal Production NTPC Coal Mining Portfolio Pakri Barwadih Dulanga Talaipalli Other Highlights ☐ Coal blocks with estimated geological reserves of about 7.3 BT एनटीपीसी NTPC Ultimate capacity of 103 Million Metric Tonnes of coal per annum when all mines reach their peak capacity Mine declared commercial w.e.f. 1 April 2019 9.42 MMT of coal produced in FY20 (FY19 : 6.81 MMT) Cumulative coal production of 19.14 MMT till FY20 Coal extraction started in March 2018 1.54 MMT of coal produced in FY20 (FY19: 0.50 MMT) Cumulative coal production of 2.04 MMT till FY20 Contract awarded for start of mining operation Coal extraction commenced in Nov'19 0.19 MMT of coal produced in FY20 Cumulative expenditure of 6,722 Crore incurred till FY20 Mining operations are expected to start in Kerandari & Chatti- Bariatu coal blocks in FY21 Target to produce 15 MMT of coal in FY21 as against 11.15 MMT produced in FY20 D:: 23:#24Acquisitions & Diversification LUC Acquisition of Power Assets Acquired entire GOI stake in THDC and NEEPCO एनटीपीसी NTPC THDC and NEEPCO have installed capacity of 3294 MW and under construction capacity of 3114 MW Acquisition of Jhabua Power Plant (under NCLT) in progress E-Mobility enabler Setting up 250 charging stations across the cities and highways for creation of Charging Infrastructure Ecosystem, 90 chargers installed NTPC is offering complete e-bus solutions to STUs through its subsidiary NVVN Pilot project with complete value chain of Hydrogen being designed Waste to Energy Plants (WtE) JV with EDMC for setting up Integrated WtE project in East Delhi Plasma Gasification based WtE Pilot Plant for 50 TPD MSW jointly by NTPC and IOC is being pursued with SDMC Processing capacity of about 3800 tonnes per day tied up International Business +1 Construction activities of a 1320 MW project in Bangladesh are under progress Ten countries finalized with ISA to implement 1500 MW solar projects Appointed as PMC by Govt. of Mali for 500 MW solar projects Actively looking at East Asia, Middle East and Africa for business opportunities D:: 24#25एनटीपीसी NTPC Sustainability Initiatives#26Reducing Emissions - Increasing Efficiency Sustainability Strategy & Technologies Introduced/Under Development एनटीपीसी NTPC NTPC's Sustainability Strategy with clearly defined KPIs and targets under finalisation Cumulative CO2 emissions of 49.61 million tonnes avoided by sustained efficiency improvements Initiative taken for flexibilization of existing fleet of thermal power plants through advance process control (APC) solutions keeping plant parameters within acceptable band at part load Higher Cycle of Concentration (COC >5) to conserve water Zero Liquid Discharge completed at various stations Developing Mega Eco park at Badarpur Ash Dyke Area bigger than New York Central park Various digital initiatives being taken in the field of process control & maintenance optimization, enhancing process visibility, virtual reality-based training, digital worker etc. e-Office implemented for working in paperless mode Every 1% rise in efficiency leads to 2.5% CO2 reduction 40.8% 41.5% 46% 42% 38.6% Vindhyachal II (Yr. 1999) 39.5% Sipat I (Yr. 2011) Barh II (Yr. 2013) Khargone (Yr. 2019) D:: Telangana (Yr. 2022) Advance USC Pilot (Under planning) 26#27Unwavering Commitment to Environment Firm Action Plan to comply with New Environment Norms SOx Action Plan ■ एनटीपीसी NTPC The first Flue Gas Desulphurisation System (FGD) has been implemented at Vindhyachal Stage-V-500 MW unit FGD systems are under implementation at ~59 GW capacity and are under tendering for ~5 GW capacity FGD systems are expected to be commissioned in entire operational and under construction capacity well within the timelines set by CEA Contracts amounting 28,060 crore have been awarded till now for FGD implementation De NOx Action Plan " For low NOx combustion system, contracts have been awarded for 18 GW capacity Combustion modification implemented in 2.5 GW capacity and is under various stages for 44 GW capacity Blue Sky Initiatives of NTPC Farm to Fuel ☐ Air quality improvement due to avoidance of farm fires Projected reduction in carbon foot print by saving about 6.4 MMTPA of CO2 Bio-Mass Co-firing ■ Dadri has become first plant to commercialize the Biomass Co-firing ■ More than 6500 tonnes of agro residue based bio- fuel co-fired till now Circular Economy Establishing integrated facility in Delhi where Bio- Waste will be used to produce Bio-CNG, C&D waste to construction material and combustible fraction will be used for energy recovery Waste to Energy ■ Developing WtE plants supporting in improving people's health & welfare Being developed in association with Municipal Corporations D:: 27#28NTPC Energy Technology Research Alliance (NETRA) R&D wing of NTPC - Technology Focus Areas Carbon Capture & Utilization एनटीपीसी NTPC ☐ Design, Engineering & Development of 10TPD CO2 to Methanol Plant ☐ Development of Indigenous Catalyst & Reactor for Methanol Synthesis Green Hydrogen Design, Development of Sea Water Electrolyser Development of Photo-electro- chemical Reactor Waste to Hydrogen Water Technologies Desalination Technologies ✓ 120 TPD Solar Desalination Plant ✓ 120 TPD Flue gas desalination plant ☐ High Yield Water Technologies Non Thermal /Thermal Forward Osmosis Ash Technologies Geo Polymeric Paver blocks NTPC stations - - all Geo Polymer Roads / Tetra Pods / Hume pipes 28: D::#29NTPC CSR Initiatives - Touching Lives of People 305 crore spent on CSR activities during FY20 Girl Empowerment Mission (GEM) & Education एनटीपीसी NTPC ■ One-month residential workshop for more than 1800 young girls under GEM wherein interventions were taken to make the girls self-reliant and confident in all walks of life. https://www.youtube.com/watch?v=Y4z6vKFYeUg ■ Awarded prestigious FICCI “Jury Commendation Certificate" under category "Women Empowerment” for GEM. ■ More than 450 schools have been benefitted due to NTPC's various CSR initiatives at different locations. Other Key CSR Activities ■ NTPC has adopted 18 Industrial Training Institutes (ITIs) and is setting up 8 new ones. ■ 50 Nos. of sanitary napkin mini manufacturing units installed in Odisha. ■ MoU with NSDC to develop skills of more than 30000 youth including 8000 youth from J&K. " Supporting redevelopment of KEDARNATH town and its surrounding areas. ■ NTPC's CSR initiatives have touched the lives of around 18 lakh people in one or the other way, at remote locations. We Rear Jong SAN SE P D:: 29#30Disclaimer एनटीपीसी NTPC " " This presentation is issued by NTPC Limited (the "Company") for general information purposes only and does not constitute any recommendation or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment thereof. This presentation does not solicit any action based on the material contained herein. Nothing in this presentation is intended by the Company to be construed as legal, accounting or tax advice This presentation has been prepared by the Company based upon information available in the public domain. This presentation has not been approved and will not be reviewed or approved by any statutory or regulatory authority in India or by any Stock Exchange in India. This presentation may include statements which may constitute forward-looking statements relating to the business, financial performance, strategy and results of the Company and/or the industry in which it operates. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, including those cited from third party sources, contained in this presentation are based on numerous assumptions and are uncertain and subject to risks. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Company nor its Directors, Promoter, affiliates or advisors or representatives nor any of its or their parent or subsidiary undertakings or any such person's officers or employees gives any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecasted developments. Forward-looking statements speak only as of the date of this presentation. The Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this presentation as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. The information contained in these materials has not been independently verified. None of the Company, its Directors, Promoter or affiliates, nor any of its or their respective employees, advisers or representatives or any other person accepts any responsibility or liability whatsoever, whether arising in tort, contract or otherwise, for any errors, omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred howsoever arising, directly or indirectly, from any use of this document or its contents or otherwise in connection with this document, and makes no representation or warranty, express or implied, for the contents of this document including its accuracy, fairness, completeness or verification or for any other statement made or purported to be made by or on behalf of any of them, and nothing in this document may be relied upon as a promise or representation in any respect. Past performance is not a guide for future performance. The information contained in this presentation is current and, if not stated otherwise, made as of the date of this presentation. The Company undertakes no obligation to update or revise any information in this presentation as a result of new information, future events or otherwise. Any person or party intending to provide finance or to invest in the securities or businesses of the Company should do so after seeking their own professional advice and after carrying out their own due diligence and conducting their own analysis of the Company and its market position. This presentation is strictly confidential and may not be copied or disseminated, in whole or in part, and in any manner or for any purpose. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. Failure to comply with this restriction may constitute a violation of applicable securities laws. Neither this document nor any part or copy of it may be distributed, directly or indirectly, or published in the United States. The distribution of this document in other jurisdictions may be restricted by law and persons in to whose possession this presentation comes should inform themselves about and observe any such restrictions. By reviewing this presentation, you agree to be bound by the foregoing limitations. You further represent and agree that (i) you are located outside the United States and you are permitted under the laws of your jurisdiction to receive this presentation or (ii) you are located in the United States and are a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). This presentation is not an offer to sell or a solicitation of any offer to buy the securities of the Company in the United States or in any other jurisdiction where such offer or sale would be unlawful. Securities may not be offered, sold, resold, pledged, delivered, distributed or transferred, directly or indirectly, into or within the United States absent registration under the Securities Act, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with the applicable securities laws of any state or other jurisdiction of the United States. D:: 30#31NTPC - A COMPELLING INVESTMENT एनटीपीसी NTPC Thank You D:: 31