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Investor Presentation

Integrated Business Model Drives Attractive Returns In Falling Tariff Environment Integrated Business Model Azure's integrated approach enhances returns Local development expertise for land development, transmission & interconnection capabilities Continued ability to win bids above the lowest clearing bid Real-time monitoring for high availability of assets Cost of Capital Reductions Access to public equity and debt; relationships with leading infrastructure and pension investors; Cost of Capital Project debt costs have declined ~250 bps since 2014 Power Price Tariffs 20%+ IRR Project Costs (Modules, BOS) Project Cost Reductions In-house value engineering, design and procurement expertise complemented by strong supplier relationships; Achieved an 86% BOS cost decline since inception High Quality Counterparties 8 | Copyright © 2018 Azure Power | www.azurepower.com Majority of portfolio with sovereign level, highly rated Gov. of India agencies Over 73% of the portfolio contracts with A to AAA credit rated offtakers Azure PowerⓇ
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