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Date, Venue, etc..( Arial, Font size 18 )

Investor Relations Management Update July FY15

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Share Price Movements

• Tata Power, down by 9% performed better than most of its peers in the last month.

Summary – Share Price Movement

Tata Power Stock Price

52-Week High

52-Week Low

115.2

68.1

Lanco (24) %

JSPL (15) %

NHPC (13) %

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Summary – Investors & Analysts Meetings

Analyst Reports

• Currently 40 analysts are listed on Bloomberg

• 7 of 40 analysts have a Sell / Reduce / Underperform rating on Tata Power with price targets Rs. 70-85. Most

other analysts have a price target of Rs. 85-120 per share with either a Buy or Hold rating.

Key Investor/Analyst Meetings Held in July FY15:

Firm Designation Representative of Firm Representative of Company

1 Franklin Templeton Head- Equities,

Portfolio Manager

Anand Radhakrishnan,

Roshni

Ramesh Subramanyam,

Nandakumar Tirumalai, Anirudh

Mani

2 Emerging Sovereign

Group Managing Director Zubier Alim

Nandakumar Tirumalai, Anirudh

Mani

3 Goldman Sachs Analyst Pulkit Patni Anirudh Mani

4 Deutsche Bank Analyst Abhishek Puri Anirudh Mani

5 Morgan Stanley Analyst Satyam Thakur, Girish

Achhipalia Anirudh Mani

6 GIC DGM, AGM Praveen Gandhi, S Tripathy Nandakumar Tirumalai, Anirudh

Mani

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Summary – Investors & Analysts Queries

Investor Queries / Concerns

• Tata Power Standalone

• Monetization of other assets on the balance sheet, especially telecom shares to raise additional cash

• SED business and Tata Power’s role in manufacturing of weapons systems

• Renewal of Mumbai licence and likely date for announcement by MERC

• Growth plans of the Company now that the CERC order has come

• CGPL

• Likely date of settlement in ATE and further course if the order is further challenged by the procurers in

Supreme Court

• Whether Compensatory tariff has been billed by CGPL to procurers and whether payment has come

• Inclusion of compensatory tariff in Q1FY15 results

• Coal SPVs

• Likely date of completion of Arutmin sale and timeline for getting money from Bumi and use of proceeds

• Likely sale of KPC also by Tata Power and reasons for holding on to coal asset

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Shareholding Pattern – Last 6 months

S.No. Group Description Percentage to Capital

Jul 2014 Jun 2014 May 2014 Apr 2014 Mar 2014 Feb 2014

1 Promoter Holdings 33.04 33.04 33.04 33.04 32.47 32.47

2 Foreign Holdings 29.92 29.77 29.52 30.50 30.18 29.92

3 Insurance Companies 21.11 21.39 21.36 20.85 20.99 21.02

4 Mutual Funds 1.05 1.11 1.05 0.73 0.83 1.18

5 State Financial Corporations 0.02 0.03 0.03 0.03 0.03 0.03

6 Banks 0.46 0.41 0.36 0.39 0.42 0.42

7 Other bodies Corporates 1.09 1.00 1.36 1.14 1.17 1.01

8 Individuals 13.31 13.26 13.27 13.32 13.91 13.94

Grand Total 100.00 100.00 100.00 100.00 100.00 100.00

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Top 10 FIIs (Jul 2014)

Name of Shareholder % of Holding

First State 9.99

Matthews Pacific 5.60

Abu Dhabi Investment Authority 1.13

Government of Singapore 1.06

Vanguard 1.01

Blackrock Fund 0.72

Credit Suisee (Singapore) Limited 0.35

Retail Employees Superannuation Trust 0.34

Morgan Stanley 0.33

MSCI Funds 0.29

Total 20.82

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Top 10 Buyers (Jul 2014)

Name of Shareholder Units Bought

(lakhs)

Value Bought

(Rs. Crs.) *

% of Holdings

(31-Jul-2014)

Government Of Singapore 39.8 41.0 0.81

Gmo Emerging Domestic Opportunities Fund 25.6 26.3 0.09

Blueplanet Infradevelopers Pvt. Ltd 23.5 24.2 0.09

Monetary Authority Of Singapore 13.6 14.0 0.24

Birla Sun Life Insurance Company Limited 13.4 13.8 0.43

Punjab National Bank 9.7 9.9 0.13

Oregon Public Employees Retirement System 8.9 9.1 0.03

The Master Trust Bank Of Japan 8.8 9.1 0.03

Barclays Capital Mauritius Limited 6.8 7.0 0.15

Stichting Pensioenfonds Van De Metalektro (Pme) 6.7 6.9 0.03

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* Average Share price at which shares bought assumed at Rs. 102.9 per share

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Top 10 Sellers (Jul 2014)

Name of Shareholder Units Sold

(lakhs)

Value Sold

(Rs. Crs.) *

% of Holdings

(31-Jul-2014)

Morgan Stanley Mauritius Company Limited 54.6 56.2 0.26

LIC Of India Profit Plus Growth Fund 35.4 36.4 0.37

Canara Hsbc OBC Life Insurance 32.6 33.6 0.00

Kuwait Investment Authority 24.8 25.5 0.00

Macquarie Emerging Markets Asian Trading 20.6 21.2 0.06

Nomura Singapore Limited 15.2 15.7 0.01

SBI Life Insurance Co. Ltd 9.6 9.9 0.46

Aviva Life Insurance Company India Limited 6.2 6.3 0.09

Birla Sun Life Trustee Company Private Ltd 4.5 4.6 0.00

Swiss Finance Corporation (Mauritius) Ltd 3.7 3.8 0.18

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* Average Share price at which shares bought assumed at Rs. 102.9 per share

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Summary – Competition Updates Power Projects

• Adani is looking to buy Indiabulls' Amravati power plant for between Rs. 7000-9000 Cr

• R Power has agreed to buy 3 hydro power plants of JPVL after JPVL’s deal with TAQA was cancelled

• Abhijeet group receives no bids for buying its power subsidiary

Funding

• NTPC has sought shareholder approval for raising up to Rs 130 bn through the issue of securities.

• Adani is planning to raise about Rs 100bn through a QIP of shares of Adani Enterprises, Adani Power and Adani Ports

• Tamil Nadu government intends to provide Rs. 106 bn to the TN SEB as part of the SEB’s financial restructuring plan

• Aditya Birla’s PE fund will purchase an 8% stake in IEX for Rs 1.36 bn, thus valuing the company at Rs 17 bn

• GVK Power plans to raise Rs 15 bn through a QIP to repay a part of its debt

• Sembcorp Industries has raised its shareholding in Thermal Powertech from 49% to 65%

• Standard Chartered Private Equity will invest Rs 5 bn in Sterlite Technologies’ power transmission business

• Inox Wind is looking to raise around Rs 10 bn in F2015 by diluting a minority stake in the company

Other

• Delhi High Court has adjourned hearing on NTPC’s plea challenging the new CERC tariff regulations to August 28

• MERC allows power tariff hikes for Adani Power, Indiabulls Power and JSW Energy

• Imports of Chinese power generation equipment have increased in the last few years. Out of 48,540 MW of thermal

power capacity commissioned in the 11th Plan, equipment for 18,187 MW was imported from Chinese manufacturers

• Demand-supply gap for power touched 8,000 MW against average shortfall of 4,000 MW at the beginning of July

• R Infra has appointed M S Mehta as the new CEO of the company with effect from July 7

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Appendix

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Analysis of Analyst Recommendations

Stock No of Recommendations % of Recommendations Ranking

Buy Hold Sell Total Buy Hold Sell Total

No of

analysts

covering

the stock

No of

Buys Buy %

Adani 2 5 22 29 7% 17% 76% 100% 6 11 11

CESC 17 7 4 28 61% 25% 14% 100% 7 5 3

JSPL 16 10 5 31 52% 32% 16% 100% 4 6 6

JSW 15 6 10 31 48% 19% 32% 100% 4 7 7

Lanco 3 1 6 10 30% 10% 60% 100% 11 10 9

NHPC 7 6 10 23 30% 26% 43% 100% 8 8 8

NTPC 25 12 8 45 56% 27% 18% 100% 2 2 4

Power Grid 42 4 1 47 89% 9% 2% 100% 1 1 2

PTC 19 1 1 21 90% 5% 5% 100% 9 4 1

Reliance Power 4 3 13 20 20% 15% 65% 100% 10 9 10

Tata Power 22 11 7 40 55% 28% 18% 100% 3 3 5

Total – Sector 172 66 87 325 53% 20% 27% 100%

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Stock Price Summary

BSE Power

Index

Tata

Power

Reliance

Power NTPC JSPL

Adani

Power Lanco CESC NHPC Powergrid

30/06/2014 25414 2319 107.8 108.3 155.9 322.7 62.6 12.2 706.7 26.4 139.2

31/07/2014 25895 2134 98.0 92.5 145.0 275.0 56.6 9.3 646.0 22.9 132.8

Movement 1.9% (8.0) % (9.1) % (14.5) % (7.0) % (14.8) % (9.6) % (24.0) % (8.6) % (13.3) % (4.6) %

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Firm Name Analyst Recommendation Target Date

Axis Capital Limited Bhavin Vithlani hold 101 07/25/14

Standard Chartered Jay Kakkad outperform 105 07/23/14

IDFC Securities Ltd Shirish Rane neutral 103 07/23/14

Ambit Capital Pvt Ltd Bhargav Buddhadev buy 111 07/22/14

Emkay Share & Stock Brokers Amit Golchha sell 92 07/18/14

ICICI Securities Prakash Gaurav Goel add 108 07/14/14

Karvy Stock Broking Ltd Rupesh D Sankhe buy 118 07/11/14

Motilal Oswal Securities Ltd Nalin Bhatt neutral 103 07/10/14

Quant Broking Pvt Ltd Abhineet Anand accumulate 103 07/10/14

Edelweiss Capital Shankar K buy 117 07/09/14

HDFC Securities Abhinav Sharma neutral 95 07/08/14

Jefferies Lavina Quadros buy 105 07/07/14

ICICIdirect.com Chirag J Shah hold 107 07/07/14

Centrum Broking Pvt Ltd Sachin Mehta sell 85 07/02/14

UBS Pankaj Sharma buy 130 07/01/14

Deutsche Bank Abhishek Puri buy 115 06/27/14

Almondz Global Securities Ltd Amit Shah hold 110 06/27/14

Barclays Venugopal Garre equalweight 95 06/27/14

IIFL Harshvardhan S Dole buy 100 06/22/14

Goldman Sachs Pulkit Patni neutral/cautious 122 06/19/14

Batlivala & Karani Securities Vishal Biraia outperform 107 06/13/14

HSBC Arun Kumar Singh overweight 131 06/11/14

IndiaNivesh Securities Pvt Ltd Abhishek Jain hold 115 06/10/14

JPMorgan Sumit Kishore overweight 113 06/04/14

EVA Dimensions Neil Fonseca underweight 06/03/14

Kotak Securities Murtuza Arsiwalla add 115 05/30/14

Antique Stock Broking Limited Rahul Modi buy 96 05/12/14

Firstcall India Equity Advisors Pvt Ltd Team Coverage buy 105 04/14/14

Credit Suisse Amish Shah underperform 73 03/24/14

Analyst Report Summary

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