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CESC Limited Powering India since 1899

April 2015

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This presentation has been prepared by and is the sole responsibility of CESC Limited (the “Company”). By accessing this presentation, you are agreeing to be bound by the

trailing restrictions.

This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer or recommendation to purchase or

subscribe for, any securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or

commitment therefor. In particular, this presentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. No

representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or

opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. There is no obligation to update, modify

or amend this communication or to otherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes

inaccurate.

Certain statements contained in this presentation that are not statements of historical fact constitute “forward-looking statements.” You can generally identify forward-looking

statements by terminology such as “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”, “potential”, “project”,

“pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known and unknown risks, uncertainties,

assumptions and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or

achievements expressed or implied by such forward-looking statements or other projections. Important factors that could cause actual results, performance or achievements to

differ materially include, among others: (a) our ability to successfully implement our strategy, (b) our growth and expansion plans, (c) changes in tariff and the traffic structure,

(d) availability of fuel, (e) changes in regulatory norms applicable to the Company and its subsidiaries, (f) technological changes, (g) investment income, (h) cash flow

projections, (i) our exposure to market risks and (j) other risks.

This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. The

Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such change or changes.

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RP- Sanjiv Goenka Group

Source: Annual Reports, Company filings and ET publication dated 25th August 2014

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CESC

Phillips Carbon Black

Spencer`s Retail

Firstsource Solutions

Saregama India

Harissons Malayalam

Private Power Utility

Carbon Black Manufacturer

Organized Retail

Business Process management

Music & Entertainment

Tea & Rubber Plantations

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(Rs. bn )

Financials of RP- Sanjiv Goenka Group companies

Gross

Revenues (FY`14)

EBIDTA (FY`14)

Net Profit (FY`14)

Current Market cap

Promoter Holding

Institutional Holding

CESC 56.10 15.30 6.52 80.0 49.5% 42%

Firstsource Solutions 31.10 3.62 1.93 21.0 56% 15%

Phillips Carbon Black 22.98 1.55 (0.87) 4.5 53% 12%

Spencer`s Retail 14.58 (0.70) (1.66) - 100% -

Noida Power Company 7.85 1.60 0.89 - 73% -

Saregama India 1.74 0.28 0.12 2.5 59% 12%

Harrisons Malayalam 3.67 0.26 0.04 1.0 50% 5%

Integrated Coal Mining 3.10 0.47 0.13 - 100% -

Crescent Power 1.47 0.74 0.22 - 100% -

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India Energy Demand Trend Capacity addition (Conventional energy)

Trend in Energy Deficit Installed Capacity by Ownership

Indian Power Sector

Source: CRISIL Research Power Annual Review

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Rising gap between ACS and ACR

Trend in Thermal PLFs

Tariff Hike in Key States

AT&C Losses Trend

Indian Power Sector

Source: CRISIL Research Power Annual Review

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Private sector power utility company in India

Distributing power to city of Kolkata & adjoining areas

Engaged in Coal mining, Generation and Distribution of electricity

80%+ energy requirement from own generation, meeting peak demand of 2000+ MW

CESC Regulated Business - 1125 MW Generation, 567 sq.km. area, 2.9 mn consumers

All three PF stations amongst top performing power plants in the country

(February 2015 CEA Report)

Board represented by independent directors and lender’s nominee

Shares Listed on BSE , NSE and Kolkata. GDR listed on Luxembourg

Access to International Equity & Debt market (Institutional holding at 42%)

Overview of CESC

Kolkata

1125 MW TPP

Chandrapur TPP

600 MW

Kutch

9 MW Solar

Jaisalmer

24 MW Wind

Mahidaad

26 MW Wind

Power Generation Map

Haldia 600 MW TPP

Operational

Map not to scale

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9 MW Solar Power Plant in Gujarat.

24 MW wind power plant, Rajasthan

26 MW wind power plant, Gujarat

17 MW Solar Power Plant in Tamil Nadu – under progress

Renewables

PAN India Organized Retail player with 1 mn+ sqft area and 125 stores spread over 35+ cities

Organized Retail

Owns and operate “Quest” Shopping Mall in Kolkata

Real Estate

Business Process Management (BPM) company in India Client base includes 21 Fortune 500 and 9 FTSE 100 companies (as of March 31st 2014)

Business Process Management

Electricity Generation & Distribution -1125 MW generation - 567 sq km area - 2.9 mn consumers - 20,400+ ckt km of network

Kolkata Distribution Business

600 MW thermal power project in Chandrapur, Maharashtra (Project cost Rs. 38 billion) 600 MW thermal power project in Haldia, West Bengal (Project cost Rs. 46 billion)

Independent Power Project

CESC Existing Businesses

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Present in Both Generation & Distribution of Electricity

115 years of Experience

Diverse Customer base

Strong Balance Sheet

Dedicated Skilled workforce / domain expert with very low attrition rate

Advantage CESC

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Top Infrastructure

Company

"Power Distribution"

Best Performing

Utility - 2015

CESC Power Plants

feature among top

power plants in the

country

"Award in Best

Innovation in

Power

Technology" by

Asia Power,

Singapore

20th CII-Exim Bank

Award for Business

Excellence 2014

“Strong

Commitment to

Excellence”

Golden Peacock HR

Award 2014 under

the large Industrial

category

Recent

Recognitions

Awards & Recognitions

Corporate Headquarter- “CESC House” is the First Heritage Building in India to get a LEED Gold rating from the United States Green Building Council (USGBC) under Existing Building category

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Enriching Consumer

Experience

Web Services

24x7 Call Centre

Branding

Communication –

Web chat etc

Social Media

SMS Services

Mobile

Apps

Improving Consumer Experience with

superior customer service

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Dun & Bradstreet Infra Awards

in Power Distribution Category

2013 & 2014

Impact Awards for DISCOMS by ICC in

Distribution Side Management Category -

2014

CBIP Award for

Best Performing Utility - 2015

Accolades – Generation and Distribution Award for "Meritorious Performance" by CEA

BBGS awarded Silver certificate of Merit in

"Manufacturing Excellence Award" by

Economic Times

"Award in Best Innovation in Power

Technology" by Asia Power, Singapore

Annual Group Conference, 2015

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14th Annual Greentech

Environment Award 2014 –

BBGS, SGS, TGS

Greentech Safety Award 2013

for TGS

CII-National Energy Award 2014 for

Energy Efficient Unit – For BBGS

IGCL Leadership Awards

for Zero Waste

CESC House

Runner up at NDTV Grundfos

Mission Energy Challenge 2014

Accolades - Environmental Practices

Annual Group Conference, 2015

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20th CII-Exim Bank Award for Business Excellence

2014 Strong Commitment to Excellence

4th Annual Greentech HR Award 2014 in Gold

Category for ‘Innovation in Recruitment’

NIPM Gold Winner

in National Award for Best HR

Practices 2013

IUKAN Winner

in 'People Management & Development'

Category 2014

Accolades - Employee Practices

Annual Group Conference, 2015

Golden Peacock HR Award 2014: Awarded to HR wing of CESC Limited under the large Industrial category.

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CESC Standalone Financials

T&D Loss (%) PLF%(excluding peaking Station)

Sales (MU)

Revenue (Rs. bn)

7595

8135 8271 8577 8591

7090

FY'10 FY`11 FY'12 FY'13 FY`14 FY'15(YTD Dec)

34.49

42.47 47.82

54.1 56.09 48.26

FY'10 FY`11 FY'12 FY'13 FY`14 FY'15(YTD Dec)

22.8% 21.9%

16.3%

13.3% 11.8% 11.8%

FY'01 FY'02 FY'05 FY'10 FY'14 FY'15(YTD Dec)

93%

85% 88% 86%

89% 92%

FY'10 FY`11 FY'12 FY'13 FY`14 FY'15(YTD Dec)

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Dividend History

PBT (Rs. Bn) Long Term Debt / Equity Ratio

EPS (Rs.)

CESC Standalone Financials

40% 40% 50%

70% 80%

FY'10 FY`11 FY'12 FY'13 FY`14

5.22 6.14

6.93 7.73 8.25

5.91

FY'10 FY`11 FY'12 FY'13 FY`14 FY'15(YTD Dec)

35 39

45 50 52

35.92

FY'10 FY`11 FY'12 FY'13 FY`14 FY'15(YTD Dec)

*

* Not annualised

0.7 0.7

0.5

0.6 0.6

0.7

FY'10 FY`11 FY'12 FY'13 FY`14 FY'15(YTD Dec)

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Coal Mine Auction

Renewables

Independent Power Projects

New Power Policy

Major thrust on clean energy generation incl Wind, Solar & Hydro

Government Committed to Ensure Affordable 24x7 Power for all

Acquisition of Generation Assets & fuel security for new projects

Growth Opportunities

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First Independent Power Plant (IPP) of CESC

Constructed in Chandrapur, near Nagpur with 2x300 MW configuration

Project cost of Rs. 38 billion funded at 75:25 debt equity ratio

BTG supplied by Shanghai Electric, BoP undertaken by Punj Lloyd

Long Term PPA for 100 MW signed with TANGEDCO

First unit (300 MW) commissioned on 11th February 2014

Second unit (300 MW) commissioned on 2nd August 2014

Received the Golden Peacock Award during the 16th World Congress on Environment Management in New Delhi in July 2014

600 MW Chandrapur Thermal Power Project, Maharashtra

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600 MW Haldia Thermal Power Project, West Bengal

To meet the growing need of its consumers - new 600 MW (2x300) TPP in Haldia, near Kolkata

Fully regulated project approved by WBERC, entire 600 MW power to be supplied to CESC, PPA approved by WBERC

Project include around 80 kms long 400 kV Transmission line from Haldia to CESC network

Project cost of Rs. 45 billion funded at 75:25 debt equity ratio

BTG supplied by Shanghai Electric, BoP undertaken by Punj Lloyd

First unit (300 MW) commissioned on 28th January 2015

Second unit (300 MW) commissioned on 21st February 2015

Won the Coal Power Project of the Year award at Asian Power Awards 2014

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Coal Mining

To ensure long term fuel security in its power plant, CESC has won

the bid for the Sarisatolli coal block in an e-Auction conducted by the

Ministry of Coal, Government of India on February 15, 2015

CESC quoted a forward bid of Rs. 470 per MT to won the block

Sarisatolli shall meet more than 50% of CESC’s coal requirement

Mining operations at Sarisatolli started from April 10, 2015

CESC plans to bid for upcoming rounds of coal auctions to secure long

term fuel availability for its new power projects

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Plans to increase footprints in the wind business, driven by favorable tariff regime and positive long term outlook for renewable energy

Operational wind portfolio of 50 MW

24 MW (2x12) wind power project in Jaisalmer, Rajasthan commissioned in FY`13. Long term PPA signed with Rajasthan Discoms

26 MW (2x13) wind power plant in Surendranagar, Gujarat commissioned in FY`15. Long term PPA signed with Gujarat Urja Vikas Nigam Ltd. (GUVNL)

Exploring wind opportunities in other states to ramp up capacity to 100 MW in near future

Wind Power Project

CESC wind sites in Jaisalmer, Rajasthan

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Luxury Mall built on 3 acres of land in Kolkata,

Mall inaugurated on 30th September 2013

4,15,000 sq.ft retail area, 900+ parking

Designed by RTKL (UK), construction by L&T

Houses volume retailers like Spencer’s, Starmark, Lifestyle as well as international luxury labels such Burberry, Emporio Armani, Gucci, Canali, Furla, Tumi, Rolex, Omega and much more

Fine Diners include Smoke House Deli, Bombay Brasserie, Irish House, Yauatcha & Serafina

Marking its one year anniversary, the mall has already crossed a footfall of 1 million per month

Declared ‘Best Shopping Mall of the Year – East’ at the Indian Retail and 3rd e-Retail Awards 2014

Real Estate – “Quest”

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RETAIL BUSINESS

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Rs 1500+ crs food-first, multi-format retailer since 1996

Organized retail business

125 stores spread over 35+ cities and about 1.1 mn sq ft

High same store sales growth in last few years

Private label program across food, fashion, home and general merchandising.

Targeting growth in big box format

Planning to roll out 60-80 Hypermarket stores over next four years

Ranked 2nd in India’s most respected companies in Retail in a study

conducted by Business World in 2013

Won the ‘Images Most Admired Retailer of the Year: Hypermarket ’’ at the

11th annual Images Retail Awards in Sept 2014

Spencer`s Retail

www.spencersretail.com

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• Spencer’s enters into agreement with DFI Ltd., Hong Kong, to set up the Foodworld chain of supermarkets in India

1989 to 2005: Foodworld stage 2006-2009: Spencer's brand launch

and rapid expansion 2009 onwards: Consolidation and

performance improvement

1989 1995 2006 2009 2010 2001 2008 2009 onwards

2013 2009

• RPG Enterprises buys a majority stake in Spencer’s

• 1st hypermarket inaugurated

• 100th Foodworld store inaugurated

• Joint venture with DFI terminated

• RPG retained 48 of the 93 stores & and launched under the brand name, Spencer’s

• First standalone retail store inaugurated at Vadodara

• Exclusive tie-ups with Woolworths, Au Bon Pain, Beverly Hills Polo Club

• Spencer had >300 stores by the end of the year

• Loss for the year stood at ~Rs 290 Cr

• Consolidation by shutting down non-performing stores

• Improving profitability from loss of Rs. 300 cr to loss of <Rs. 100 cr

• Launch of Bangalore’s first hyper store, launch of hyper in AP

• Change in brand positioning from “Taste-the-World” to “Makes Fine Living Affordable

• 125+ stores in India

• Future focus on hyper stores

Spencer's Retail - three stages of evolution

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Focused geographical presence & expansion plan

34 hyper stores across 5 regions ; 94 smaller stores focused in 3 main regions

Baroda (1)

Gurgoan (1)

Bangalore (2)

Trichy (1)

Mumbai (1)

Gorakhpur (1)

Kolkata (5)

Siliguri (1)

Durgapur (1)

Hyderabad (2)

Kurnool (1)

Vishakapatnam (1)

Vijayawada (1)

Kakinada (1)

Haridwar (1)

Coimbatore (1)

Lucknow (2)

Ghaziabad (1) Aligarh (1)

Guntur (1) Spencer's Hyper

Reaching critical scale in some geographies

Spencer's Small stores

Planning to open 12-14 hyper stores every year

Hyper defined as clear focus area 9 new hyper stores to be opened in FY` 16

• All stores currently on track for possession and opening in next year

• To continue with store expansion in coming years

New stores to be opened in the existing 5 regions • No new regions to be tapped

Small stores to continue as-is

• Profitable at store level

Bhopal (1)

Merut (1)

Raipur (1)

Dhanbad (1)

Kadappa (1)

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Food has highest share ~ 80%

Sales Mix (FY`14-15)

FMCG, 40.7%

Apparel, 5.3% E&E, 5.3%

HWP, 9.3%

Staples, 20.1%

Fresh, 14.7%

Liquor, 4.6%

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Store count for

Store Count

11-12 12-13 13-14 YTD Dec 14

HYPERS (Avg 23,000 sft)

26 (56%)

25 (64%)

34 (74%)

33 (74%)

SUPER (Avg 6700 sft)

15 (7%)

14 (9%)

13 (9%)

13 (9%)

DAILY (Avg 2200 sft)

141 (37%)

92 (27%)

81 (17%)

79 (17%)

ALL TOTAL 182 131 128 125

No of Hypers opened 6 0 9 1

No of Hypers closed 1 2

* Value contribution

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Operating Performance:

Store Opex/ sqft (Rs./month) Store EBIDTA/ sqft (Rs./month)

Sales/ sqft (Rs./month)

Gross Margin/ sqft (Rs./month)

962 1060

1226 1307

FY`11 FY`12 FY`13 FY`14

174

199

233 249

FY`11 FY`12 FY`13 FY`14

172 171 183 190

FY`11 FY`12 FY`13 FY`14

2

27

50

59

FY`11 FY`12 FY`13 FY`14

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Au Bon Pain is a fast casual dining concept founded in Boston in 1978 by the late Louis Kane and has over 280 cafes across the world

RP-SG group is the master franchisee of Au Bon Pain, USA in India

Started in 2009, in Bengaluru; Au Bon Pain Café India Limited has 27 cafes in Bengaluru, 3 in Kolkata and 2 in NCR

Cafes spread across High Street & Malls, Business & IT Parks, Hospitals and Universities

Au Bon Pain offers a wide range of menu choices for all day parts consisting of scrumptious sandwiches, palatable soups, salads, delectable baked goods, beverages, cakes and desserts

New stores planned in NCR and West Bengal in 2014-15

Specialty Brands -Au Bon Pain

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Firstsource Solutions Ltd.

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Pure play BPO company in India Leading Scale

Player

In December 2001 by ICICI Ltd, CESC acquired majority stake in FY`13 Founded

CESC (56.69%), ICICI Bank (4.86%%) Major

Shareholders

Full range of business process management services across the customer life cycle delivered through

transaction processing, CRM, collections and receivables mgmt. Service Offerings

Client base includes 21 Fortune 500 and 9 FTSE 100 companies (As on 31st March 2014)

Healthcare: 5 top Health insurance / managed care companies in the US and over 730+ hospitals in the US

Telecom & Media: 2 Top U.S. telecom companies, 1 large mobile service providers in the U.K., largest pay TV

operator in the U.K., Leading European Telecom Service Provider, Largest pay TV operator in Australia, 3 Top 5

mobile service providers in India, Largest Telecom company in Sri Lanka, 3 leading Trade Publishers

BFSI: 6 top 10 U.S. banks, 2 of the leading consumer finance companies in the U.S., largest bank and mortgage

lender in the U.K., 1 large 3 motor issuers in the U.K, 1 5 private banks in India and India’s leading private life insurer

Clients

An Overview

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Global Delivery Platform

14 Centers

3,402 Employees

USA

6 Centers

4,203 Employees

UK & Ireland

22 Centers

17,853 Employees

India

1 Center

703 Employees

Sri Lanka 3 Centers

986 Employees

Philippines

Employee Strength : 27,600+ | Countries:6 | Center:46 | Right-shore Delivery Model | Proximity to Clients | Business Continuity Capability

3,294 Seats

2,265S eats

16,064 Seats

480 Seats

1,608 Seats

As of June 30, 2014

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(IN INR Million) 9M FY2014

9M FY2015

Income from services 23,207 22,690

Other operating Income (110) 116

Revenue from operations 23,097 22,806

Personnel and Operating Expense 20,465 19,991

Operating EBITDA 2,632 2,815

Operating EBITDA % 11.4% 12.3%

Depreciation / amortization 576 542

Operating EBIT 2,056 2,273

Operating EBIT % 8.9% 10.0%

Other Income / (expense) 9 18

Interest Income / (expense), net (632) (494)

PBT 1,433 1,797

PBT (% of total income) 6.2% 7.9%

Taxes and Minority Interest 92 77

PAT 1,341 1,720

PAT (% of total income) 5.8% 7.5%

Revenue From Operations

1.3% Y-o-Y

23,097 22,806

12,000

16,000

20,000

24,000

28,000

9M FY2014 9M FY2015

Rs.

Mn

Operating EBITDA

6.9% Y-o-Y

2,632 2,815

11.4%

12.3%

10%

11%

12%

13%

1,000

1,500

2,000

2,500

3,000

9M FY2014 9M FY2015

EBIT

DA

Mar

gin

Rs.

Mn

Operating EBIT

10.5% Y-o-Y

2,056

2,273

8.9%

10.0%

8%

9%

10%

11%

1,800

2,000

2,200

2,400

9M FY2014 9M FY2015

EBIT

Mar

gin

Rs.

Mn

PAT

28.3% Y-o-Y

1,341

1,720

5.8%

7.5%

3%

5%

7%

9%

500

1000

1500

2000

9M FY2014 9M FY2015

PA

T M

argi

n

Rs.

Mn

Financial Performance – 9M FY2015

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Full Repayment of FCCB of USD 237 mn in December 2012 with internal accruals and cash infusion from CESC

Cost rationalization drive to improve operational efficiency and increase seat utilization

Exiting unviable/ low margin contracts

Debt repayment of USD 45 mn p.a. to become debt free by 2016

Expansion in Customer Management and Healthcare industry segments

Investment in people development and delivery capabilities

Business Strategy

FY`13 FY`14 FY`15

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Investment Highlights

Leading Power Generation & Distribution Company in India with rich experience

CESC`s current project commitments ending in FY15 and cash inflow commences. Strong Balance Sheet to drive growth from FY16

Significant growth opportunities in Power sector – Generation, Transmission & Distribution, pursuant to new Govt policies, leading to higher demand, conducive environment for investment with necessary reforms

Coal Sector to be positively impacted

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Thank You