AEL Presentation

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    .. Emerging Energy & Logistics Conglomerate ..

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    3

    Notes

    1. AEL also has trading activities in power, metals and minerals

    2. Reflects economic ownership adjusted for AELs 95% ownership in the real estate subsidiary Adani Infrastructure Developers

    Pvt. Ltd.

    3. CASF - Controlled Atmospheric Storage Facility

    4. MDO - Mine Developer cum Operator

    Energy Ports & Logistics Mundra Port & SEZ

    (Publicly listed since Nov., 2007)(77.5% holding) (6) (proposed)

    Hazira(100% SPV)

    Dahej(74% SPV)

    Murmugao(74% owned by MPSEZ;

    26% owned by AEL)

    Logistics(100%holding)

    Ship Owning(70.25%holding)(7)

    Oil & Gas(65 : 35 JV With Welspun of

    Gujarat)

    GasDistribution

    (100% holding)Real Estate

    ShantigramAhmedabad

    (71% holding)(2)

    BKCMumbai

    (95% holding)(2)

    KhatauMumbai(5)

    (57% holding)(2)

    CASF for Fruits &Vegetables (3)

    (100% holding)

    Grain Silos(100% holding)

    Edible Oil & Agri Trading(50:50 JV with WilmarGroup of Singapore)

    5. Khatau Makanji Spinning & Weaving Mills property was acquired through BIFR. The property is in Borivali & Byculla - Mumbai

    6. The Board of Directors and shareholders of AEL have approved the proposal to merge the promoter entities of Mundra Port and Special

    Economic Zone Ltd. with AEL and announced swap ratio on April 24, 2010 ; Application for proposed merger has been filed with HighCourt of Gujarat

    7. Reflects AELs ownership through APL which has 70.25% holding in referred ship owning business

    Coal Mining(As MDO(4) or Mine owner)

    Integrated Coal Management

    (AGFZE, Dubai & AGPTE, Singapore)

    Power Generation(70.25% holding)

    Publicly Listed since Aug 2009

    Strong Diversified Portfolio - Way ForwardOne Adani

    Bunkering(50:50 JV With Chemoil

    Of Singapore)

    Ports &Logistics

    Energy

    Key Strategic

    Initiatives

    1

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    Increasing Focus on Asset-Based Businesses: AELs Strategic Transformation

    Building on Trading and DomainExpertise to Develop Portfolio of

    Infrastructure Assets

    Oil & Gas City gas distribution: 8 Cities Oil & Gas exploration in India and abroad Bunkering

    Real Estate Projects under planning in Ahmedabad & Mumbai: c.45 MM sq.

    ft.

    Agricultural Products 11 fully integrated refineries Controlled Atmospheric Storage Facility (CASF) for fruits and

    vegetables Grain silos 550,000 MT capacity in 7 locations

    Coal Mining: Coal Mining in Indonesia and India Arrangement to operate and develop coal mines in India

    Asset Ownership

    Metals & Minerals

    Coal

    Power

    Oil & Petroleum Products

    Agro Products

    Ports & Logistics Developer and operator of the largest private sector multi-user

    port in India Multi-product SEZTrading Business

    Power Generation 660 MW operational 9,900 MW under development and implementation 2,640MW under planning Entered into contract for purchase of four newly-built vessels

    Coal: Foundation for AELs Strategic Transformation

    Creation of integrated player with a diversified portfolio of assets

    Significant internal synergies to arise from integration of businesses

    Way Forward

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    Integrated Presence Across the Value Chain

    Coal Mining

    Development and operation ofParsa East and Kente Basancoal blocks at Chhattisgarh

    Development and operation ofMachhakata coal block at Orissa

    LoA for development, miningand transportation of coal fromParsa coal block at Chhattisgarh

    Coal mining concessions inBunyu island, Indonesia

    Presence across the entireenergy value chain offeringend-to-end solutions inintegrated coal management

    Managed c. 28.8 MMT ofthermal coal in FY 2010

    Ports andLogistics

    Power Generation

    and Transmission

    Developer and operator of thelargest private sector multi-

    user port in India

    Developing terminals at Dahejand Hazira, Gujarat and a coalterminal at Mormugao, Goa

    Synergy between ports, SEZand logistics, complementing

    business

    Industrial and growinghinterlands of North, West andCentral India, the key tradingregions

    Currently developing powerprojects of 9,900 MW across

    India

    660 MW already under operation

    2,640MW under planning

    Operational and planned powertransmission network of 1,619

    kms.

    Integrated CoalManagement

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    Coal Mining & Integrated Coal Management

    Ports & Logistics

    Power Generation

    Key Strategic Initiatives

    6

    Strong Business Fundamentals

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    Highest Demand for Coal Comes from the Power Sector

    Well-Positioned to Leverage India Growth Story: Demand for Coal Expected to Increase

    Historical Demand-Supply of Coal in IndiaImports Expected to Increase to Bridge

    Demand-Supply Gap

    549

    604

    50 5970

    507 534

    489454

    0

    150

    300

    450

    600

    FY 2008 FY 2009 FY 2010BE

    Demand Production Import

    521

    664

    15

    15

    364

    18

    104

    331

    38

    41

    45

    14

    51

    28

    70

    0

    400

    800

    1,200

    X Plan (FY 2007) XI Plan (FY 2012)E XII Plan (FY 2017)E

    CIL Captive Mining SCCL Others Import/Def icit

    Source Ministry of Coal Source Ministry of Coal

    Coal Demand in FY2017 forecasted at 1,125MMT: Driven by 835MMT from Power, 105MMT from Steel, 50MMT fromCement, 135MMT from other sectors

    MMT MMT

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    Coal: Integrated Business Model Key Growth Driver; AEL Managed c. 28.8 MMT of Thermal Coal in FY 2010

    Integrated Coal Management (ICM) End-to-End Solutions

    Australia

    South Africa

    Map not to scale

    Multi-CountryProcurement

    Arrangement to secure guaranteesand Letter of Commitments to

    support trading business

    Multi modallogistics

    Indonesia

    Coal Supplied

    Coal Imported

    Financing

    Coal imported and suppliedin the same States

    Coal Supplied

    Coal Imported

    Coal Supplied

    Coal Imported

    Focus on Pricing

    Reimbursable charges

    FOB (index)

    Freight (index)

    Mark-up

    Handling charges

    AELs Growing Coal Imports (1)

    18.7

    10.28.17.7

    0

    5

    10

    15

    20

    FY 2006 FY 2007 FY 2008 FY 2009

    Total Non Coking

    Coal Imports inIndia (MMT)

    MMT

    21.7 25.2 27.8 35.0

    (1) Source: Based on total imports data as per Ministry of Coal and FY09 from Infraline

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    Mine Developer Cum Operator: A Utility Business with Stable Cash Flows

    Coal mine ownedby the State

    Electricity Board(SEB)

    MDO

    Awards mining contracts based oncompetitive bidding

    Agrees to supply coal at SEB power plants at minimum ofbid price or discount to Coal India Ltd. (CIL) price.

    Provide end-to-end solutions like coal washing, betterlogistics, land acquisition etc.

    Typical MDO Agreement MDO Process Stages

    Develop,Plan, Operate

    & ManageMining

    Operation

    Establishmentof Washery

    LogisticSolution

    EnvironmentClearance

    R&R

    LandAcquisition

    Mining PlanApproval

    Investment inMachineries

    Mining activitythroughdeployinglatesttechnology

    Ensuring thegrade andspecs of coal

    to be delivered

    Laying railwaysiding from pithead to nearby

    connectingcentrepoint

    Delivery atthermal powerstation

    LandAcquisition

    Approvalsand LandAcquisition

    MiningOperation

    Washery RailwaySiding

    AEL has been awarded three MDOs in India namely, Parsa Kente, Machhakata, and Parsa blocks

    These pictures are for illustrative purpose only

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    Notes:

    1 Adani Mining Private Ltd. which is a wholly owned subsidiary of AEL has executed Coal Mining Services Agreement (CMSA) with Para Kente Collieries Ltd.,which is a 74:26 JV between AEL and RRVUNL

    2 Executed CMSA for Machhakatta Mine Block with Mahaguj Collieries Ltd. (MGCL)3 Letter of Award (LoA) for Parsa coal block from Chhatisgarh State Power Generation Co. Ltd. (CSPGCL)

    4 MGCL Mahaguj Collieries Ltd..

    5 RRVUNL Rajasthan Rajya Vidyut Utpadan Nigam Limited

    6 CSPGCL Chhattisgarh State Power Generation Company Limited

    Parsa - Kente1 Machhakata2 Parsa3

    LocationChhattisgarh,

    India

    Orissa,

    India

    Chhattisgarh,

    India

    Beneficiary RRVUNL(5) MGCL(4) CSPGCL(6)

    Block Area

    (Sq Km)27.67 20.43 12.52

    Mineable Reserve

    (MM MT)452 1,244 150

    Average Grade F Grade F Grade F Grade

    Capacity p.a. at peaklevel (MM MT) 15 50 5

    Overall Stripping Ratio 5.16 2.44 NA

    Expected Commencementof Production June 2011 FY 2013 FY 2013

    Coal Mining Operations 70 MM MT p.a. Mining

    Machhakata

    Parsa - Kente

    Locations of IndianCoal Mining Operations

    Parsa

    10

    MDO: Mining, Development and Operations in India

    Base Revenues from the mines per MT

    Parsa - Kente Year I INR 958.5

    Machhakata Coal Block Year I INR 543, II INR 1,161,

    III INR 1,262, IV INR 1,29