Investor Presentaiton

Acquisition and Turnaround Experience Case Study Udupi Thermal Power Plant adani Power 1,200 MW (2 x 600 MW) imported coal based power plant in Udupi District, Karnataka - Acquired by APL in April 2015 from Lanco Infratech Limited First project in India utilizing 100% imported coal as fuel First acquisition by APL of an operational project UPCL was a stressed company with Credit Rating of D, despite being a Section 62 (cost plus tariff) power plant Plant had poor operational performance due to financial stress of sponsor and delays in availability of funds Operational performance of UPCL has improved significantly post acquisition by APL acquired UPCL • • Improved plant availability consistently higher than the normative availability (which forms the basis for fixed charge payment) Lesser outages and start-ups, leading to reduced secondary oil consumption • Improved plant efficiency with reduction in station heat rate and auxiliary consumption Improvement in operational performance post acquisition Improvement in financial performance post acquisition Particulars PLF % Availability % Pre acquisition (FY11-15) Post acquisition (FY16-17) Particulars Pre acquisition (FY14-15) Post acquisition 64.1% 75.9% 74.7% 87.2% Average Revenue 2,900 (FY16-17) 3,147 SOC (ml/kwh) 0.75 0.12 Average PBT Aux Power (%) 6.6% 5.8% PBT % Outages (#) 26 19 (66) (2.3%) 108 3.4% Post acquisition, project debt was restructured under 5-25 scheme to extend repayment during PPA tenor, improving cash flow profile PLF Plant Load Factor; SOC - Secondary Oil Consumption; Aux Power - Auxiliary Power; SHR Station Heat Rate 18

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