Commercial-in-confidence

Jeyakumar Janakaraj – CEO & Country Head

Adani, Australia

May 2016

Safe HarborAEL 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 Rupee amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader. All statistics and references are valid as on March 2016.

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 AEL’s 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.

2

Adani Group: One of India’s Leading Infrastructure Conglomerates

Note: 1 USD = 66.51 INR (RBI Reference Rate as of 12 May 2016); Note: Details about the Group companies have been sourced from respective company reports filed with stock exchanges1. Market cap. as of May 12, 2016 (BSE Limited). Financials for 12-months period ending March 31, 2016 (Source: company reports filed with stock exchanges) except ATL ( for 9 months)2. AEL holds 51%, currently the only cell and module manufacturing facility under construction in India3. 600MW Korba under finalization

Adani Port & SEZ Limited (APSEZ) (Ports & Logistics)

Adani Power Limited (APL)(Power Generation)

63%

Adani Enterprises Limited (AEL)(Resources)

56%

Adani Transmission Limited (ATL) (Power Transmission)

75% 75%

Largest integrated coal management operation in India

Mining operations in India and Indonesia

Mine under development in Australia

Solar power units development

Largest private sector power producer

Installed capacity of 11,080 MW(3)

Solar PV Project of ~ 838 MW under implementation/operational

Largest commercial port developer & operator in India with 10 ports / terminal

Largest private rail operator Operates the largest port in India

Integrated logistics player with Special Economic Zone (SEZ)

One of the largest private sector transmission company with over 5,000 ckt km lines operational

~ 1,650 ckt km under development

Integrated yet Independent Business Model with Leadership across Businesses

Revenue / EBITDA(1): USD 3,794 m / 1,316 m Revenue / EBITDA(1): USD 1,091 m / 699 mRevenue / EBITDA(1): USD 6,619 m / 468 m Revenue / EBITDA(1): USD 241 m / 223 m

Market cap.(1): USD 1,509 mMarket cap.(1): USD 6,019 mMarket cap.(1): USD 1,228 m Market cap.(1): USD 489 m

Adani Promoter Group

Mr. Gautam Adani, Group founderFirst generation entrepreneur,one of the leading businessmen in India with30+ years of experience

Professionally and Independently managed verticals led by industry veterans

India: A Paradigm Shifter in Global Economy

Democracy Demographics & Demand will drive India’s Growth Strategy

• Rising middle class - 800 Million3

below the age of 35 - puts increasing demand on infrastructure needs like power, water, road & land

• Availability of cost effective engineering resources

• GDP to grow to 5x of current size: increasing from ~USD7 trillion to ~USD38trillion by 20402

• Estimated to become the 5th

largest consumer market by 20252

• India’s GDP to consistently grow at 7.5% in near term in comparison to China’s average growth of 6.3% and advanced economies’ average of 1.4%1

5Note: 2- PPP (Purchasing Power Parity) terms, 2014Source: 1 International Energy Agency: World Economic Outlook (WEO) Update–19 January 2016, 2-WEO Report 2015, 3–Govt. of India–Census 2011

Steady Growth Rate

7MMT: Million Metric Tons

Coal Handling(in MMT)

Cargo Handling(in MMT)

Power Capacity (in MW)

2013 2012 2011 2010 2015 2014

35.7

33.5

28.8

90.7

77.8

52.3

39.7

112.8

2013

2012

2011

2010

200 (Plan)2020 32,000 (Plan)

10480

9280

5320

2020

2015

2014

2012

46.45

2014

2020

200(Plan)

2015

43.5

58.4 144

Adani’s Competitive Advantage

9Note: MDO : Mining, Development & Operations; SPM : Single Point Mooring; SEZ : Special Economic Zone

Number one Commercial port in IndiaLogistics

Adani Port Presence: India and Australia

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Mormugao

Vizag

India: Largest port business

Dahej

Hazira

Mundra

Tuna

All Units in MMTPA

20 20

20 25

7 7

318 578.5

210 315

35 856 6.5

Current Capacity

Proposed Capacity

Ennore (Under Construction)

0 20

Dhamra

20 100

Vizhinjam(Under Construction)

Australia: Key strategic location -closest to Asian markets

50 120

Abbot Point

50 120

Number one private thermal power producer in IndiaEnergy

World’s Largest Single Location Coal Fired Private Power Plant at Mundra

Bitta (Solar)

Bhadreshwar

Kawai

Dahej

Chhindwara

4620

1320

3300

Commissioned Project Pipeline

Tiroda

1320

3300

40

2640

Udupi

1200

Power Generation – Thermal – 20,000MW by 2020

13

All figures in MW

Adani Power Plant

Operational Power Plants (Commissioned since 2011)

Installed Capacity

(MW)

Mundra, Gujarat (Thermal) 4,620

Tiroda, Maharashtra (Thermal) 3,300

Kawai, Rajasthan (Thermal) 1,320

Udupi, Karnataka(Thermal) 1,200

Total 10,040

Power Generation - Solar PV – 10,000MW Roadmap

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Other Business Ventures

16

Edible Oil Agri Logistics Fruits and vegetables Gas Distribution Shipping Ship Bunkering Real Estate

Abbot Point Port: Overview

13 May 2016Commercial-in-confidence

Adani Abbot Point Terminal (T1)

Total asset base of ~$2.0 billion

• Acquired the 99 lease on the terminal in 2011

• Capacity has doubled to 50 MTPA since acquisition

• 2 Dump stations, 2 ship loaders, 6 stacker reclaimers

• Multiproduct, multiuser, fully integrated modern coal terminal

• Abbot Point Bulkcoal Pty ltd operate and maintain the facility under contract

• Employs directly over 150 employees

• Handles both thermal and metallurgical Coal

• Growth options available

• Safety performance is best in class, with over 12 months since the last Lost Time Injury (LTI)

• No material Environmental reports since ownership

• Enjoy great community support, only one complaint in over 2 years

19

Annual Export Tonnes

T1 Performance

20

16.9315.06

13.6

17.74

22.89

28.73 28.39

0

5

10

15

20

25

30

35

FY10 FY11 FY12 FY13 FY14 FY15 FYF16

EBITDA and Revenue in A$’million

T1 Performance

21

113

186

214

260281

65

125143

191208

0

50

100

150

200

250

300

2011-12 2012-13 2013-14 2014-15 2015-16

Revenue

EBITDA

Carmichael Coal Mine: Economies of Scale is the Key

Rail: Unlocking the Galilee basin, while writing history in Queensland

13 May 2016Commercial-in-confidence

Project Overview

Adani has invested to date ~A$1.4 billion in Queensland

• World’s largest single coal tenement; Australia’s largest coal mine - Capacity to produce up to 60Mtpa• Extremely competitive in seaborne market: Underground coal at 8th percentile and Open-cut coal at 15th

percentile• QLD’s largest drilling programmer (~+830 holes drilled); 11.04 billion tonnes of thermal coal JORC resource• Construction start: awaiting approvals and potential judicial reviews

• Queensland’s first standard gauge train; 23,760 tonnes/consist - Australia’s highest payload coal train• Greenfield, multi-User rail with capacity ~100Mtpa and design life ~ 100 years, ensuring long term vision• Unlock the Galilee Basin

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• 99-year lease on the operational multi-User Terminal 1 with capacity ~ 50Mtpa; excellent history of HSE compliance• Proposed Terminal 0 to have multi-User capacity ~ 70Mtpa, operations to be most competitive among all new ports

Abbot Point Port (T0): Environment-friendly and most competitive export option

Historical Planned

• Acquired Carmichael coal tenement in the Galilee Basin

2010

• Acquired 99-year lease of Terminal T1 (operating)

• T1’s nameplate capacity increased to 25 Mtpa (X25)

2011 2012

• T1’s nameplate capacity increased to 50 Mtpa (X50)

• T0 proposed

2013

• T0 approved

2014

• Carmichael mine and rail approved

• POSCO - Rail and Port EPC contractor

• Mining contractor (open cut) – Downer EDI

• CFMEU – Negotiation concluded, Agreement in place

Going forward

Recent

Adani in Queensland: Last Six Years

Adani to continue the significant momentum…

Dec 2019

2015

Approved again: • Mine

EPBC• Rail EPBC• T0

DredgingNo new approvals

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2016

• EA & ML received

Building a sustainable businessAdani’s path towards a sustainable business will leverage from our core values, ensuring we deliver against our regulatory and company commitments, we earn a social licence and create and sustain long term socio-economic value.

We will align and measure our business against the UN Sustainable Development Goals

Building a sustainable

business

Our values

Our people

Our business

Societies

Stakeholders

The environment

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UN SDG Materiality Analysis – mapping against business obligations

Abbot Point Terminal

Carmichael RailCarmichael Mine

• Materiality analysis undertaken at the operations level with consideration of:

– Internal factors: operational control, company policies, project approval conditions

– External factors: relevant legislation, national and international standards, stakeholders

Source: PwC report dated 9 April 2014 on Tax revenue contribution of Adani Group’s venture in Queensland’s Galilee Basin at 60mtpa

• 10,000+ jobs (direct and indirect) during construction and operations

Employment Creation

Benefits to the Australian EconomyTax & Royalty

• Heavy haul, standard gauge rail for 3rd party access to unlock the Galilee Basin

Long Term Infrastructure Build

• Proposed Terminal T0 to offer Queensland miners most economical new export option

• ~$21.7 billion by half mine

• ~$5.5 billion in first 10 years of operations

0

200

400

600

800

1,000

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

$ Mn

Tax and Royalty Contribution of Adani Group's Project in Queensland

State taxes State royalties

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Solar Opportunities in Australia

Australia has the highest average solar radiation per square metre of any continent in the world

More than 2 million Australian households now have solar hot water systems or solar photovoltaic (PV) systems on their rooftop

Deployment of megawatt-scale solar electricity generation systems is still at an early stage of development in Australia

Australian government’s Large Scale Renewable Energy Target of 33,000 gigawatt-hours (GWh) of renewable energy generation by 2020- approx 23.5% of the total generation will be from renewable sources

Adani Australia Solar :

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Scope of the Business

• To become a leading generator of renewable power in Australia.

• We will have:– Successfully develop a pipeline of renewable projects– Established a fleet of renewable power plant which we will own, operate

and maintain– Become a major participant in renewable energy certificate trading

schemes– Established a suite of industry changing technologies

Adani Australia Solar Projects in pipeline

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Rugby Run 150 MWCrinum Creek

100 MW

Whyalla 150 MWYorkie’s Crossing

250 MW

Adani Solar Strategy Highlights

ExperienceLeverage on our solar business expertise

Mutual GrowthPartner with communities and businesses to mutually grow businesses and communities.

Drive technologyImplement commercially leading technology to lead the solar cost curve without the need for government subsidies and grants.

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Thinking bigDoing better

We are 10,000+ young, dynamic doers working across the globe for a common purpose

One vision, One team

Q & A