Thinking big Doing better

Resources Logistics Energy

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

2

Vision - To be 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 operations

Leading Player in private

power generation

Power Generation

Power Transmission

City Gas Distribution

Energy

India:

Largest trader of Coal

Largest mine developer &

operator

Contract order book of 97 mtpa

Indonesia:

Resource 269 mn tn

Mine life: 15 yrs

Australia:

JORC Resource: 11 bn ton

Mine life:100 yrs

100 mtpa (peak)

India:

No. 1 Port of India

Largest indigenous Ports

Developer & Operator

6 Operational Ports / Terminals

Developing 2 terminals on west

and east India

Largest Private Rail Developer

Shipping:

Own & operate 4 capesize

vessels

India:

Generation:

9240 MW thermal capacity

40 MW Solar Power Plant

Transmission:

5051 Ckt km of transmission

network

City Gas Distribution:

Operate in 4 cities in

India.(Ahmedabad, Baroda,

Faridabad & Khurja)

Owning a large network of ports,

rail lines, ships

Ports

Multi Modal Logistics

Special Economic Zones

Logistics

Sourcing Coal from around the

world

Coal Mining

Coal Trading

Agro

Resources

Adani Group: Integrated & synergistic business model

3,077 5,654

12,822

16,764* 18,133

17,358

-

5,000

10,000

15,000

20,000

FY09 FY10 FY11 FY12 FY13 FY14

200 384

1,000 1,084 1,271

1,700

-

500

1,000

1,500

2,000

FY09 FY10 FY11 FY12 FY13 FY14

Adani Group Thinking Big, Doing Better

3

Net Asset (USD mn)

EBIDTA (USD mn)

Commercial Port in India

Coal Import Terminal at Mundra

Private Power Producer in India

Mine Developer and Operator in India

Trader of coal in India with consistent share of

about 50%

Edible Oil Company in India in terms of market share

No.1 :-

* Figure is excluding Abbot asset

Resources Logistics Energy

Coal Trading

Coal Mining

Sea Ports

Railways

Power

Generation

Transmission

Coal Business: Growth Potential

5 Source: Research Reports

Coal Mining (MDO)

Coal Mines Ordinance:

The ordinance has carved out special provision for allotment of the cancelled coal blocks to the Government companies, having specific end use (only captive use) without going through public auction

In view of this, we expect our MDO coal blocks (Parsa Kente, Machhakata, Chendipada and Parsa) to be reallocated to the respective utilities being Government companies and having specific end use

Our MDO contract for Kente Ext. is not affected by Honourable SC order since it was allocated to RRUVNL under new auction by competitive bidding of Coal Mines Rules 2012

This ordinance brings further opportunity for Adani Group to retain & strengthen its presence in the MDO business and also obtain coal resources for our power business

Thermal Coal Import (MMT)

0

100

200

300

20

11-1

2

20

12-1

3

20

13-1

4

20

14-1

5 P

20

15-1

6 P

20

16-1

7 P

20

17-1

8 P

20

18-1

9 P

20

19-2

0 P

90 116 139 169

194 218 243 270

299

0

200

400

600

800

1000

1200

20

11-1

2

20

12-1

3

20

13-1

4

20

14-1

5 P

20

15-1

6 P

20

16-1

7 P

20

17-1

8 P

20

18-1

9 P

20

19-2

0 P

Power (Mt) Cement CPP (Captive) Sponge Iron Others

Thermal Coal Demand Sector-wise (MMT)

Thermal coal import in India is estimated at 169 MT in FY2015 and expected to grow at 15% YoY

Multi-Country Procurement

Multi modal Logistics

Customer Account Management

Financing

South Africa

Richard Bay

Ports

Locations served

Indonesia

Indonesia

Tarakan

Tanjung Bara Bontang

Samarinda

Muara Satui Tanjung

Pemancingan

Australia

Queensland

Mundra

Gangavaram

Kakinada

Vishakhaptnam

Tuticorin

Haldia

Suratgarh

Tanda

Unchahar

Sipat Korba

Koradi

Parli

Chanderpur

Simhadri

Kota

Chhabra

Gandhinagar Wanabori

Dadri

Panipat

Yamunagar

Hissar

Panki

Parichha

Harduaganj

Kahalgaon

Ramagundam

Kondapalli

North Chennai

Mettur Tuticorin

Rihand

Vindyachal

Paradip

[Talcher]

Mejia

Badarpur

Ennore

Dahej

Bedi Navlakhi

Kandla

Kolaghat

Bakreshwar Bandel

Sagardighi

Durgapur

Hazira

Goa

Tiroda

Coal Business

Electricity Boards

Private Business

Adani Power Ltd

Third Country

Consistent Market share in

electricity business ~50%

We are a team of 200 + People with operations spread across globe through our 25 satellite offices, 18 branch offices, 3 global offices and a head

office based out of Gurgaon.

Coal Trading: Integrated Coal Management

6

Mining Locations Ports

Mundra

Machhakata

Dahej Port

Hazira Port

Parsa

Chhendipada

Parsa Kente Mormugao Port

Vizag

Kandla

7

State Chhattisgarh Odisha

Mine Parsa -Kente

(RRUVNL)

Parsa

(CSPGCL)

Kente Extension (RRUVNL)

Machhakata

(MGCL)

Chendipada

(UCMCCL)

Block Area (Sq Km)

27.67 12.52 17.00 20.43 27.42

Mineable Reserve (Mn MT)

452 150 200 1244 1589

Capacity at peak level (MMTPA)

15 5 7 30 40

Commencement of Production

Started Feb 13

2016 2017 2016 2016

Notes:

1. RRVUNL Rajasthan Rajya Vidyut Utpadan Nigam Limited ; 2. MGCL Mahaguj Collieries Ltd. ; 3. CSPGCL Chhattisgarh State Power Generation Company Limited 4. UCMCCL - UCM Coal Company Limited

Coal Mining: Largest Mine Developer & Operator

8

Coal Mining: Indonesia

Indonesia

Bunyu Island

Coal Crushing

Coal Loading

Particulars Capacity

Location Bunyu Island, Indonesia

Resource 269 MMT (JORC)

Current Capacity 7 MMPTA

Production FY15: 4.5 MMT

Coal Mining

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

9

Australia Mine: Funding Plan and Timeline

Particulars Mine

Total Capex 4,200

Debt 2,940

Project Finance 2,140

Equipment Financing 800

Equity 1,260

Of which already invested 800

USD mn

Particulars Mine

Open Cut Mining 28 MMT

First Coal Open Cut Aug-17

Underground Mining 14 MMT

First Coal Underground Mar-18

Q1 2015 Off-Site & On-Site Infra Construction Commencement

Q4 2015 Financial closure

Q3 2017 Open Pit E - First Coal

Q4 2017 Open Pit D - First Coal

Q1 2018 Underground 1 System Cut First Coal

Q3 2018 Underground 2 System Cut First Coal

Timeline Carmichael Coal Mine

Agro

10

Capacity of 21000 MT of storage of Apple State of Art Control Atmosphere Storage facility at 3 locations in Himachal

Pradesh

Distribution set up across India under brand Farm-Pik One of largest importer of fruits into India

Operates storage capacities of 6,00,000 MT at 7 locations across India Another 3,50,000 MT in development across 7 locations in Madhya Pradesh State of Art mechanized storage facilities with private railway siding Operates storages facilities under Build Own Operate model for FCI for 20 years

Agri Infrastructure: Food Grains

Joint venture with Wilmar, Singapore FORTUNE - Indias number 1 edible oil brand with more than 20% market share

(AC Nielson) Revenues in excess of $ 2.5 Bn Volumes more than 3.5 MMTPA Expanding into more agro products such as Rice, Pulses. Soya nuggets etc Major Exporter of Castor Oil/derivatives and Soya De-oiled cake Manufacturing facilities spread across 18 locations pan India with 10k refining

& 7k crushing capacity

Edible Oil & Agro commodities

Agri Infrastructure: Fruits

Agri Infrastructure: Food Grains

Resources Logistics Energy

Coal Trading

Coal Mining

Sea Ports

Railways

Power

Generation

Transmission

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

12

SEZ land leases complementing business models of Ports and Logistics at Mundra.

SEZ Area of 6,641 Hectares.

Diverse clientele of storage for refineries, power generators, automobile industry and other industrial consumers

Ports & Logistics: Huge Growth Potential

Dahej

Vizag

Mundra

Hazira

Mormugao

Kandla

Dhamra

Ennore

Major Ports where APSEZL has terminals

Non major ports - APSEZL

SEZ

Established connectivity infrastructure including rail, road and pipe line

120 km railway line on the west coast; 63 km railway line at Dhamra on the east

Development of Inland Container Depots and container rail movements across country

Only pan India port company with 8

ports across Indian coastline

6 operational ports; 2 under

implementation

Multi Commodity Ports: >300 mtpa

capacity

Preferred Indian Partner of Global Liners

Logistics

Ports

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

13

Ports & Logistics: Mundra Port enjoys Distance Advantage

Adani 64 km private rail network connecting

Mundra Port to National Railway Network

Resulting in savings on both cost and time

compared to competing Mumbai ports

408 km lesser to industrial zone of Bhatinda

245 km lesser to the Delhi - NCR

Less congested route than JNPT (Mumbai)

Route passes through sparsely populated

regions of Kutch and Rajasthan.

New Delhi

Gurgaon

Alwar

Jaipur Ajmer

Palanpur Bhildi

Mundra Port

Adipur

Samakhiali Ratlam

Vadodara

Surat

Kota

Agra

Mathura

JNPT

Vasai Road

Marwar

Godhara

Pipavav

Shorter Distance & Low Passenger Traffic results in reduced operating cycle

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

14

Feature Existing DFC

Container stack Single Double

Train length 700m 1,500m

Train load 4,000 tons 15,000 tons

Axle load 22 tons 32 tons

Maximum speed 75 km/ hr 100 km/ hr

Status

Mundra to be connected to DFC through Palanpur ( ~350 km)

To be connected via Kutch Railway Corp Ltd. (Budget for dovetailing to DFC approved)

Advantage:

Faster trains, improving transit time by 50%

Higher capacity trains, increased capacity of infrastructure

New Delhi

Gurgaon

Alwar

Jaipur Ajmer

Bhildi

Mundra Port

Adipur

Samakhiali Ratlam

Vadodara

Surat

Kota

Agra

Mathura

JNPT

Vasai Road

Marwar

Godhara

Pipavav

Palanpur

Source: Dedicated Freight Corridor Corporation of India Ltd (http://dfccil.org),

Ports & Logistics: DFC / DMIC - the Growth Catalysts

Proximity to Adani Ports: Future evacuation Infrastructure Assured

Hazira

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

15

Ports & Logistics: Dhamra - Mundra of the East

Dhamra: Enabling APSEZ to be a PAN India Port Company

Dhamra NW 5

NW 1

Coal Basins and Fields

Only port in East with deeper Draft for larger vessels

Gateway for Mining, Power and Steel Industry

Potential coastal shipping hub

Potential Transshipment Hub No large vessel

container facility between Paradip to Chittagong.

Gateway for Inland Waterways connecting north east

Dhamra: Mega Port in making

Master Plan of Total 17 berths;

12 bulk, 4 container, 1 LNG Terminal

Phased Growth to reach up to 100 mtpa

Resources Logistics Energy

Coal Trading

Coal Mining

Sea Ports

Railways

Power

Generation

Transmission

Power: Sectorial Demand continue to rise

17

Average Deficit in the Last Decade: Peak deficit: 12%; Energy deficit: 9%

India Installed Capacity: 253 GW*

Installed Capacity in India - Category

Source: 11th & 12th FYP, Ministry of Power, CEA * As on 31st Aug 2014

Units in GW

2012 2017 2020

132

204 240

39

50 57

5

10 19

25

25

32

Thermal Hydro Nuclear Renewables

200

288

347

Peak & Energy Deficit : Year-wise

Hydro 40 GW

Renewables

32 GW

Nuclear 5 GW

Thermal 176 GW 13361

6460 5741

2942 2384 884

0

2000

4000

6000

8000

10000

12000

14000

16000

USA Russia UK China Brazil India

kW

h

Lowest per capita electricity consumption

12% 12% 14%

17%

12% 13% 13% 11% 9%

5% 5% 7%

8% 9%

10% 11%

10% 9%

8% 9%

4% 4%

Peak Deficit Energy Deficit

Power: Generation & Transmission

18 Notes: 1. Project under AEL

Commissioned: 3.300MW

Commissioned: 1,320MW

Kawai

Commissioned: 4,620MW

Mundra

Tiroda

Dehgam

Mohindergarh

Aurangabad Warora

Adani Power projects are in high growth states of India. Also these states have financially strong SEBs

40 MW Operational Solar Power Project1 in Gujarat

SN Location Capacity

(MW)

1 Mundra (Gujarat) 4,620

2 Tiroda (Maharashtra) 3,300

3 Kawai (Rajasthan) 1,320

Total - Implementation 9,240

Power Generation

Power Transmission

Operation(MW)

4,620

3,300

1,320

9,240

Mundra Dehgam Tiroda Warora

Mundra Mohindergarh Tiroda Aurangabad

Operational Transmission Asset portfolio of

5051 Ckt Km

19

Power: Fuel 53% already tied up, balance to be tied up through mining

Customer Total

Capacity (MW)

Capacity contracted

(MW)

Levelised tariff

(INR/unit)

PPA starts from

Coal Availability Qty (MMT)

Coal Required (MMT)

Remark

GUVNL (330x4) 1,320 1,000 2.89 Feb-10 Imported Coal 10.2 ~40% of coal requirement tied up

through CIL domestic coal supply

Balance coal cost pass through as per CCEA directive

CERC issued final order granting

compensatory tariff

GUVNL (660x2) 1,320 1,000 2.35 Feb-12

UHBVNL & DHBVNL (660x3)

1,980 475 + 949 2.94 Aug-12 / Feb-13

FSA signed for 6.4 MMT

6.4

Mundra 4,620 3,424 16.6

MSEDCL (660x2)

1,320 1,320 2.64 Aug-12 FSA signed for 4.91 MMT FSA - Tapering linkage signed for 800 MW

8.3

~66% of coal requirement tied up through CIL domestic coal supply

Balance coal cost pass through as per

CCEA directive

MERC issued final order granting compensatory tariff

MSEDCL (660x3)

660 125 + 440

3.28**

Aug-14 / Feb-17

1,320 1200 Apr-14 MoU signed for 3.39 MMT

5.5

Tiroda 3,300 3,085 13.8

RRVPNL (660x2) 1,320 1,200 3.24** Aug-13 MoU signed for 3.39 MMT

5.5

~62% of coal requirement tied up through CIL domestic coal supply

Balance coal cost pass through as per

CCEA directive

Proceedings completed in RERC. Order awaited.

Kawai 1,320 1,200 5.5

Grand Total 9240 7709^ 19 35.9 ~53% of coal requirement tied up through CIL domestic coal supply

**Fuel & Fuel Transportation are linked to CERC escalation index ^ PPA Capacity 92% of Net capacity Fuel Security - 19 Mil MT of Domestic Coal linkages

20

20

Disha: Power Operations Ignite: Ports Operations

Agile: Capital Projects Synergy: Services (Finance, IT, HR)

BPT of Power Operations Group with ATK:

Strategic Planning

Revenue Management

Operations and Maintenance

Fuel Sourcing and Mgmt.

BPT of Ports Operations Group with KPMG :

Marine Operations

Terminal Operations

Engineering Services

Customer Service & Marketing

BPT of Projects with Accenture:

Sourcing and Procurement

Project Management

Engineering

Construction and Commissioning

BPT of Services with Strategy&*:

Finance: B2P, O2C, Tax, R2R, Treasury, FP&A, ABEX

IT: Planning, Delivery, Support

HR: TM, TA, L&D, PMS, HR Ops

Tezz Transformation: Components and Key Processes

TEZZ

Adani Group: Business Process Transformation

* Formerly Booz & Company

21

Underprivileged Children

Training volunteers for teaching

Mobile dispensary

Immunization for kids

Vocational training

Animal Husbandry

Pond deepening

Village drainage system

Livelihood development

Quality education

Girl Child Education

Adani Vidyamandir

Teaching sanitation in rural area

HIV /AIDS awareness campaign

Cattle vaccination

Check dam construction

Other Village Infrastructure

Roads, drinking water, power etc.

Health

Rural infrastructure development

Adani Group: CSR Initiatives

55 96 146

230 185 184

85 142 213

185 205 229

255 192 0

212 226 185

192 80 77

155 187 89

96 74 123

75 172 198

183 222 232

247 150 70

22

Adani Group: Our Leadership Position

Leadership Position

Leadership Position in Ports 8 Ports Our Leadership Position as Private Sector

Generation Co 9280 MW Transmission Network 5051 circuit kms Coal Trading

Mine Developer and Operator

Favorable Macroeconomic

Environment

Clear Policy

Framework

Sustainable Growth of Business

23

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. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. This presentation contains translations of certain Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader.

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) and Adani Ports and Special Economic Zone Limited (APSEZ) & Adani Power Limited (APL), their future outlook and growth prospects, and future developments in their businesses and their 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 their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of AELs shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of AEL. AEL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation.

Legal disclaimer