PitchSend

Investor Presentaiton

Global 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

View entire presentation