Reliance Power Limited

Corporate Presentation September 2011

Agenda
1. Corporate Overview

2. Business strengths
3. Financial Performance 4. Projects Overview

5. Fuel Sources Overview

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DRAFT FOR DISCUSSION PURPOSES ONLY

Section 1

Corporate Overview

Reliance Power: A Snapshot

Confidential

One of the leading power development companies in India

Largest portfolio of power projects under construction and development in the private sector in India One of the largest coal reserves amongst private power generation companies in India

Power Generation

Resources

One of the largest power portfolio in the private sector in India with capacity at various stages of construction/ development 600 MW of operational capacity 19,642 MW of construction capacity 16,772 MW of capacity under development Only company to have won 3 Ultra Mega Power Projects (UMPPs)

Portfolio well diversified by fuel source, geography and offtake

Focus on environmentally friendly technologies

4 captive coal mines in India with aggregate reserves of c. 2 bn tonnes and expected production of 65 MTPA 3 coal concessions in Indonesia with significant resources 45% participating interest in 4 coal-bed methane exploration blocks with an area of 3,251 sq.km. in India 10% participating interest in an oil & gas exploration block with an area of 3,619 sq. km in India

Reliance Groups brand, experience and position in the Indian Power Sector

DRAFT FOR DISCUSSION PURPOSES ONLY

Reliance Power: Projects Portfolio

Hydro Projects * (672 MW) Hydro Project * (400 MW) Barmer 4 Barmer 5 Solar CSP ^ #^ (100 MW) Rosa (1,200 MW) Solar PV ^ (40 MW) Sohagpur Hydro Projects * (4,220 MW)

Power Under Construction/Operation

Project Coal based Gas based No 6 1 Total capacity (MW) 17,640 2,262

Solar
Wind

2
1

140
200

Chitrangi^ (3,960 MW) Tilaiya^ (3,960 MW) Mizoram

Power Under Development

Project Hydro-electric Gas based Coal based No 12 2 1 Total capacity (MW) 5,292 10,280 1,200

Wind ^ (200 MW)

Sasan^ (3,960 MW) Butibori^ (600 MW) Kothagudem Samalkot^

(2,262 MW) Krishnapatnam^ (3,960 MW)

Resources
Asset Coal mine-India Coal mine-Indonesia CBM blocks India No 4 3 4 1 Total resources ~ 2 bn tonnes Reserves being established 193.92 BCM 204 MMT; 76 BCM

Coal

Gas

Renewable

Hydro

Coal Mines

CBM blocks

E&P Assets

E&P blocks@ India

Note: # represents Operating Projects; ^ represents Projects Under Construction; * represents Projects Under Development (Planning phase); @ Situated in Mizoram

Reliance Powers project portfolio is well diversified by fuel type and location
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Section 2

Business strengths

Reliance Power: Key Strengths

1
Favourable Industry Dynamics Experienced Management Team and strong Parentage

2
Extensive Growth Pipeline with Execution On Track

6
Diversified Generation Portfolio

3
Secured Fuel Supply

5
Focus on Long Term PPAs

4
Low cost of generation

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DRAFT FOR DISCUSSION PURPOSES ONLY

Power Generation: an Attractive Opportunity in India

Low Per Capita Consumption With Consistently High Deficits
1,500
16.6% 11.8% 12.2% 11.2% 11.7% 12.3% 7.5% 8.8% 7.1% 7.3% 559 591 8.4%

20,000 15,000 10,000 5,000 0

18,408 14,240 8,459 5,985 2,568 2,416 2,205 704 India

13.8% 9.6% 9.9%

1,200
(BU)
900 600 300

11.9% 12.7% 11.1%

16%
12%

9.8% 10.1% 8.5%

8% 831 862
4%

523

546

632

691

739

777

0%
FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

Canada

USA

Japan

Russia

World

China

Brazil

Energy demand (BU)

Source: World Energy Statistics (2008 data) Source: CEA

Energy deficit

Peak deficit

Significant Capacity Additions Targets (XI Plan 2007-2012)

90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0
6,843 3,380 78,700

15,627
52,850

(MW)

Coal
Source: CEA

Hydro

Gas

Nuclear

Total

India remains one of the lowest per capita power consuming economies with significant growth expected through sustained urbanization and
GDP growth. Capacity creation has trailed demand growth leading to consistently high power deficits . Confidential DRAFT FOR DISCUSSION PURPOSES ONLY

Significant Plans to Capitalise on Sector Growth

Operating Power Portfolio to be 19,582 MW in Less Than 6 years(a)

15,442 9,682 600 FY11 3,056 4,962

18,262

19,582

FY12E

FY13E

FY14E

FY15E

FY16E

FY17E

(a) Capacity (MW) includes only those projects under current construction

On-Track Execution of Projects

Project
Rosa Phase I Rosa Phase II

Capacity (MW)
600 MW (2 units) 600 MW (2 units)

COD Unit 1
Mar-10 Dec-11

COD Project
Jun-10 Mar-12

Fuel Type
Coal Coal

Land Acquisition

Environment Clearance

Financial Closure

Butibori
Sasan UMPP Krishnapatnam UMPP Chitrangi

600 MW (2 units)
3,960 MW (6 units) 3,960 MW (6 units) 3,960 MW (6 units)

Mar-12
Jan-13 Jun-13 Jun-14

Jul-12
Jun-14 Feb-15 Sep-15

Coal
Coal Coal Coal

In-progress

In-progress

Tilaiya UMPP
Samalkot Wind Solar PV

3,960 MW (6 units)
2,262 MW (3 units) 200 MW 40 MW

May-15
Mar-12 Mar-12 Mar-12

May-17
Dec-12 Dec-12 Mar-12

Coal
Gas Wind Solar

In-progress
In-progress In-progress

NA NA

In-progress
In-progress In-progress In-progress

Solar CSP
Total

100 MW
20,242 MW

May-13

May-13

Solar

NA

In-progress

Reliance Power has one of the largest pipeline of power projects in the private sector in India. Execution of projects is on-track, with key approvals obtained for most of the projects.
Confidential DRAFT FOR DISCUSSION PURPOSES ONLY

Secured Fuel Supply

Domestic Captive Fuel Sources
Over 2 billion tons coal reserves in India with approved production of 65 MTPA
Sasan coal mines (Moher, Moher Amlori Ext. and Chhatrasal) Reserves: 707 MT Production: 25 MTPA Tilaiya coal mines (Kerandari B&C) Reserves: 1,230 MT Production: 40 MTPA

Coal Mine

Sasan

Tilaiya

Total Resources (MT)

707

1,229

Peak Production (MTPA)

25

40

Significant coal resources in Indonesia

Sasan UMPP (3960 MW) Chitrangi
(3,960MW)

Fuel for Project

Tilaiya UMPP (3,960MW)

One of the largest mining capacity in the private power generation sector in India. Estimated Peak Production from domestic mines: 65 million tonnes per annum

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DRAFT FOR DISCUSSION PURPOSES ONLY

Low Cost of Generation

Low dependence on linkage fuel
Low fuel cost
Linkage 20%

Captive Fuel Sources

Renewable 2%

Pithead / Wellhead Project Locations

Low fuel transportation cost

Standardisation of equipment

Low O&M expense

Captive 78%

Strategic tie-ups with equipment vendors

Low lifecycle cost

Note: Based on total Operational and Under Construction capacity

Majority capacity located at pit-head/well-head

Low financing cost, diversification of funding sources
Others 28%

Access to ECB Funding

Low cost of generation

Pithead/ Wellhead 72%

Note: Based on total Operational and Under Construction coal and gas based capacity of 20,242 MW

Reliance Powers projects are expected to have one of the lowest generation cost in India, resulting in a significant competitive advantage
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Focus on Long-Term Power Purchase Agreements

89% of generation capacity Under Operation and Construction is tied-up through PPAs
Tied-up Capacity Off Take Arrangement

Project

Capacity (MW) Case 1 Case 2 Cost Plus Others

Rosa-I Rosa-II Butibori Sasan UMPP Krishnapatnam UMPP Chitrangi Tilaiya UMPP Wind

600 600 600 3,960 3,960 3,960 3,960 200

447 3,960 -

3,960 3,960 -3,960

600 600 -200

153 -
Others Cost plus 1% 8%

Case I 25%

Solar PV Solar CSP

Total

40 100
17,980

100
4,507

11,880

40
1,440

153
Case II 66%

Off-take optimized with focus on long-term PPAs to provide secured revenue and cash flow stream.

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DRAFT FOR DISCUSSION PURPOSES ONLY

Diversified Generation Portfolio

Power Projects Across India Power Portfolio Diversification
Gas 11% Renewable 2%

By Feedstock
Solar CSP ^ (100 MW) Rosa # ^ (1,200 MW) Solar PV ^ (40 MW)
Coal 87%
Cost plus 7%

Chitrangi^ (3,960 MW)

Others 1%
Case I 33%

Wind ^ (200 MW)

Tilaiya^ Sasan^ (3,960 MW) (3,960 MW) Butibori^ (600 MW)

By Offtake
Case II 59%
North 6%

Samalkot^ (2,262 MW) Krishnapatnam^ (3,960 MW) By Geography

West 44%

South 31%

East 19%
Coal Gas

Renewable
Note: Based on operational and under construction capacity of 20,242MW

Note: # represents Operating Projects (600MW) and ^ represents Projects Under Construction (19,642MW)

The project portfolio of Reliance Power is based on latest technology that results in greater operational efficiency
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Experienced Leadership
An Experienced Board of Directors
Mr. Anil Dhirubhai Ambani Chairman and Non-Executive Director Experience: 28 years

Mr. S.L. Rao Independent Director Ex-chairman, CERC Experience: >30 years

Dr. Yogendra Narain Independent Director Ex-Secy General, Rajya Sabha Experience: 42 years

Mr. J.L. Bajaj Independent Director

Ex-chairman, UPERC
Experience: >30 years

Dr. V.K. Chaturvedi Non-Executive and Non-Independent Director Ex-chairman, NPCIL Experience: 43 years

along with a Best-in-Class Management Team

JP Chalasani CEO Experience: 32 years Qualification: BE Previous Experience: NTPC Deepak Maheshwari CFO Experience: 17 years Qualification: MBA Previous Experience: ANZ Bank, ICICI Securities Ashwani Kumar Head Business Experience: 21 years Qualification: MBA Previous Experience: Powergen, Rolls Royce

Prakasa Rao Head Engineering Experience: 34 years Qualification: BE Previous Experience: NTPC

VK Reddy Head Operations Experience: 32 years Qualification: BE Previous Experience: NTPC, Lanco

Russell Taylor Head Coal Experience: 14 years Qualification: Mining Engineering Previous Experience: Leighton, Peabody, BHP Biliton

Confidential

DRAFT FOR DISCUSSION PURPOSES ONLY

Sponsorship of Reliance Group and In-House EPC

Reliance Power Limited

Market Cap Revenues $5.1bn

Reliance Infrastructure Limited

$2.7bn

Reliance Capital Limited

$2.2bn

Reliance Communication Limited

$3.8bn

Reliance MediaWorks Limited

$0.1bn

Reliance Broadcast Network Limited

$0.2bn

$420mn Energy
Power project development, construction and operation Coal mining, CBM, oil & gas E&P Operating power projects of 600 MW and projects under construction of over 19,500 MW across India Coal mines, CBM blocks, E&P blocks

$3.6bn Infrastructure
Electricity generation, distribution , transmission, trading, and EPC services for power projects Power stations in Maharashtra, Andhra Pradesh, Kerala, Karnataka and Goa

$1.2bn Financial services

Asset management, mutual funds, pension funds, investments

$5.1bn Telecommunications
Mobile, Direct-to-home (DTH) and internetbased communication

$188mn Entertainment
Film processing, production and allied services

$31mn Entertainment
Radio broadcasting, experiential marketing and TV joint venture

Sector

Key Activities

Assets

US$5.8 billion total assets; US$1.7 billion total net worth

190,000 km of fibre optic cable systems in India, the US, Europe, the Middle East and the Asia-Pacific region

Cinema chains with over 550 screens across India, the US, Malaysia, Nepal and Netherlands

45 radio station networks across India

Note: Market cap as of 09-Sep-2011, revenues as of 31-Mar-11, USD INR 45.21

The Reliance Group is a leading conglomerate in India operating across numerous sectors with a combined market cap in excess of $13bn In-house EPC contracting from Reliance Infrastructure provides control around costs and timing of development

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DRAFT FOR DISCUSSION PURPOSES ONLY

Reliance Power Well Positioned to Weather the Challenges Facing the Indian Power Sector
Issue Reliance Powers Position
Land acquisition is a time consuming and difficult process in India Execution delays Issues related to environment clearances further adding to delays Environment clearances for most of the capacity of projects under construction already obtained Land for almost entire capacity of projects under construction already acquired

Coal Indias supply lagging demand Fuel availability Captive coal block awards impacted by delays in environmental clearances

Captive coal mines in India to have a production of c.65 MTPA Captive coal mines in Indonesia to have a production of c.30 MTPA

Most of the State Electricity Boards (SEBs) in a poor financial health

Financial condition of SEBs High fuel cost, leading to higher tariff, may affect offtake/payment by SEBs

Low cost of generation for Reliance Powers projects, positions it favorably for offtake by SEBs

Owing to efficient project planning and execution and captive fuel-sources, Reliance Power is favourably placed to emerge as a successful player in the Indian Power sector
DRAFT FOR DISCUSSION PURPOSES ONLY

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Section 3

Financial Performance

Robust Financial Performance

Revenue (US$m)
500 400 200 300 200 100 0 0 FY 10 FY 11 Q1 FY 12 187 153 100 158 74 419 300 242

EBITDA (US$m)

FY 10

FY 11

Q1 FY 12

PBT (US$m)
200 171 180 135 100 50 90

PAT (US$m)
151 168

155

43

45
0 FY 10 FY 11 Q1 FY 12 0 FY 10 FY 11 Q1 FY 12

Note: US$-INR 45.21

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DRAFT FOR DISCUSSION PURPOSES ONLY

Section 4

Projects Overview

Thermal Projects Under Construction / Operation

Rosa Ph-I Location Capacity (MW) Configuration (MW) Technology Uttar Pradesh 600 2 x 300 Sub-critical Rosa Ph-II Uttar Pradesh 600 2 x 300 Sub-critical Butibori Maharashtra 600 2 x 300 Sub-critical Sasan Madhya Pradesh 3,960 6 x 660 Super-critical Krishnapatnam Andhra Pradesh 3,960 6 x 660 Super-critical Chitrangi Madhya Pradesh 3,960 6 x 660 Super-critical Samalkot Andhra Pradesh 2,262 3 x 754 Advanced-class Tilaiya Jharkhand 3,960 6 x 660 Super-critical

BTG / Gas Turbine

SEC

SEC

SEC

SEC

SEC

SEC

GE

Intended to be sourced from SEC

Fuel

Coal

Coal

Coal

Coal

Coal

Coal Surplus coal from Sasan / Linkage from Ministry of Coal

Gas

Coal

Fuel Supplier and Source

Central Coalfields Limited

Central Coalfields Limited

Western Coalfields Limited

Coal block Moher, MoherAmroli & Chhatrasal

Imported coal from Indonesian Coal concessions

Gas allocation pending

Coal block Kerandari-B and C

Off-take Arrangement

Regulated (Cost Plus)

Regulated (Cost Plus)

Captive and Case I

Case II: Levelized tariff (Rs1.196/kWh)

Case II: Levelized tariff (Rs2.33/kWh)

Case-I: Levelized tariff (Rs 3.28/kWh)

Being tied-up

Case II: Levelized tariff (Rs 1.77/kWh)

Financial Closure Project Cost (US$ m) CoD First Unit

Yes 689 Mar-10

Yes 671 Dec-11

Yes 804 Mar-12

Yes 4,291 Jan-13

Yes 3,860 Jun-13

No 4,722 Jun-14

No 2,212 Mar-12

No 6,041 May-15

COD- Last Unit

Jun-10

Mar-12

Jul-12

Jun-14

Feb-15

Sep-15

Dec-12

May-17

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Renewable Projects Under Construction

Project 200 MW Wind 100 MW CSP Solar 40 MW PV Solar

Location
Capacity Technology Land acquisition Environmental Clearance Financial closure Equipment Off take Expected COD last unit

Maharashtra
200 MW Fuhrlnder In-progress Not required Discussion with European ECAs European Vendors Rel Infra December, 2012

Rajasthan
100 MW CSP In-progress Not required Discussion with US-Exim and European ECAs Areva NVVN Scheme May, 2013

Rajasthan
40 MW PV In-progress Not required Sanctions obtained from US-Exim Bank First Solar Rel Infra March, 2012

Confidential

Section 5

Fuel Sources Overview

Coal Mines
India
Estimated Reserves (MT) Moher & MoherAmlori Extension Peak Production (MTPA) Mine type
Open cast Open cast Open cast

Mine Plan

EC for Mines

Equipment Start of Ordering production

Power Project
Sasan (3,960MW) & Chitrangi (3,960MW) Sasan (3,960MW) & Chitrangi (3,960MW)

Approval for use of surplus coal

575

20

Approved

Obtained

Bucyrus

2012

Chhatrasal

132

Approved Recommended

Being finalized Being finalized

2013

Kerandari

1,229

40

Approved

ToR approved

2015

Tilaiya (3,960MW)

In-progress

Indonesia
Equipment ordering
Being finalized

Production plan

Clearances

Start of production
2012

Nearest port
Muara sabak (230km)

Power Project
Krishnapatnam UMPP

ID-1, ID-2, ID-3

Note: * Internal Estimates

30 MTPA*

Obtained

Coal mines on track to being operational before the power projects

Confidential

Coal Bed Methane and Oil & Gas Blocks

Barmer 4 BS(4)CBM-2005/III
Acreage (sq kms): 1,168 Participating Interest: 45% Estimated CBM Reserves (BCM): 82 Plateau Production (MMSCMD) DGH Estimates: 3.02

Sohagpur SP(N)CBM-2005/III
Acreage (sq kms): 609 Participating Interest: 45% Estimated CBM Reserves (BCM): 16.72 Plateau Production (MMSCMD) DGH Estimates: 0.95

Barmer 5 BS(5)CBM-2005/III
Acreage (sq kms): 739 Participating Interest: 45% Estimated CBM Reserves (BCM): 38 Plateau Production (MMSCMD) DGH Estimates: 1.89

Mizoram MZ-ONN-20042
Acreage (sq kms): 3,619 Participating Interest: 10% Peak Production: Gas (MMSCMD)- 7.52

Kothagudem KG(E)CBM-2005/III
Acreage (sq kms): 735 Participating Interest: 45% Estimated CBM Reserves (BCM): 57.2 Plateau Production (MMSCMD) DGH Estimates: 2.62

With an estimated Peak Production of 8.48 mmscmd, CBM blocks are estimated to support a natural gas based generation capacity over 2,000MW
Confidential

Thank You

Appendix

Attractive Revenue Stream From Carbon Credits

CERs Sasan & Krishnapatnam UMPPs Available CERs for Sale Per Year
Coal based portfolio Worlds largest Power projects registered under Clean Development Mechanism (CDM) 7,920MW Gas based portfolio 7 million 8 million

Renewable energy Only UMPPs to be registered till now Total

1.6 million 16.6 million

CERs Other Projects

One of the worlds largest emission reduction companies Tilaiya UMPPP Reduction of 3.48 million tons CO2/annum Host country clearance obtained and global stakeholder consultation process underway Host country clearance obtained and global stakeholder consultation process underway

Samalkot Project
Eligible for 35 million Certified Emission Reduction (CERs) over 10 years Renewable energy

Initial documentation work in progress

Carbon credits offer a attractive revenue stream to Reliance Power

Confidential

Rosa I (Operational)
Project Snapshot
Location
Dist. Shahjahanpur, Uttar Pradesh

Operational Parameters
3Q FY 11 Gross Units Generated (MU)
87.0% 90.9%

4Q FY 11

1Q FY 12

Capacity

600 MW (2x300)

Fuel

Mix of Domestic Coal (60%) and Imported Coal (40%)

PLF Technology
Subcritical Technology of Shanghai Electric

53.9%

BTG Supplier

Shanghai Electric

Off-take

25 year PPA with UPPCL (Uttar Pradesh) at cost plus tariff

Financial Parameters
3Q FY 11 4Q FY 11 1Q FY 12

Fuel supply Year of Commissioning Project Cost

Blending of Coal from Central Coalfields Ltd.(CCL) and Imported Coal Unit I March 2010 Unit II June 2010

Revenues (US$ m)

Rs 31,129 million/US$ 689m

PAT
(US$ m)
Note: US$-INR 45.21

Confidential

Rosa-II (Under Construction)

Location Capacity Uttar Pradesh 600 MW (2x300) Domestic Coal Subcritical Technology of Shanghai Electric Completed

Fuel
Technology Land Acquisition Environmental Clearance Financial Closure BTG Contract Off Take Fuel Supply Expected COD Last Unit Project Cost

Obtained
Achieved with Domestic Banks and Financial Institutions Shanghai Electric

25 year PPA with UPPCL at cost plus tariff

CCL; Linkage Awarded (E-Grade Coal) March 2012 Rs 30,340 million/US$ 671m

Note: US$-INR 45.21

Confidential

Butibori (Under Construction)

Location Capacity Maharashtra

600 MW (2x300) Coal

Subcritical Technology of Shanghai Electric Completed Obtained Achieved with Domestic Banks and Financial Institutions Shanghai Electric Industrial consumers, Case-1 WCL; linkage awarded (E Grade coal) July 2012

Fuel Technology
Land Acquisition Environmental Clearance Financial Closure BTG Contract Off Take Fuel Supply Expected COD Last Unit Project Cost

Rs 36,330 million/US$ 804m

Note: US$-INR 45.21

Confidential

Sasan UMPP (Under Construction)

Location Madhya Pradesh 3960 MW (6x660) Coal from Captive Coal Mines allotted to the Project

Capacity
Fuel Technology Land Acquisition Environmental Clearance

Supercritical Technology from Shanghai Electric

Completed for Main Power Plant Block Obtained for Power and Coal Block Achieved with Domestic and International Banks and Financial Institutions

Financial Closure
BTG Contract Off Take Fuel Supply

Shanghai Electric
Case-2, to 14 Procurers (7 States) Captive Coal Mines June 2014 Rs 194,000 million/US$ 4,291m

Expected COD Last Unit

Project Cost

Note: US$-INR 45.21

Confidential

Krishnapatnam UMPP (Under Construction)

Location Capacity Andhra Pradesh 3960 MW (6x660) Coal Supercritical In-Progress

Fuel
Technology Land Acquisition Environmental Clearance Financial Closure BTG Contract Off Take Fuel Supply Expected COD Last Unit Project Cost

Obtained
Completed Shanghai Electric

Case-2; 11 procurers (4 states)

Imported coal February 2015 Rs 174,510 million/US$ 3,860m

Note: US$-INR 45.21

Confidential

Chitrangi (Under Construction)

Location Capacity Madhya Pradesh 3960 MW (6x660) Coal Supercritical Completed Obtained

Fuel
Technology Land Acquisition Environmental Clearance

Financial Closure
BTG Contract Off Take

In-process
Shanghai Electric Case-1 (Letter of Intent for 1,320MW from MPPTCL and Letter of Intent for 2,640MW from UPPCL) Captive coal mines/Linkage

Fuel Supply
Expected COD Last Unit Project Cost

September 2015
Rs 213,410 million/US$ 4,722m

Note: US$-INR 45.21

Confidential

Samalkot (Under Construction)

Location Andhra Pradesh 2,262 MW

Capacity
Fuel Technology Land Acquisition Environmental Clearance Financial Closure Gas Turbine Contract Off Take Fuel Supply

Gas Advanced class turbines

Completed Obtained In process including from US-Exim GE In process Gas allocation pending December 2012 Rs 100,000 million/US$ 2,212m

Expected COD Last Unit

Project Cost

Note: US$-INR 45.21

Confidential

Tilaiya UMPP (Under Construction)

Location Capacity Jharkhand

3960 MW (6x660) Coal

Supercritical In-progress Obtained In-process Shanghai Electric Case-2; 18 procurers (4 states)

Fuel Technology
Land Acquisition Environmental Clearance Financial Closure BTG Contract Off Take Fuel Supply Expected COD Last Unit Project Cost

Captive coal mines

May 2017 Rs 273,080 million/US$ 6,041m

Note: US$-INR 45.21

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