.. Emerging Energy & Logistics Conglomerate ..

Legal Disclaimer
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 Mundra Port and Special Economic Zone Limited (MPSEZ), 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. AEL 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 Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader.

Strong Diversified Portfolio - Way ForwardOne Adani

Energy
Coal Mining (As MDO(4) or Mine owner) Ports & Logistics

Ports & Logistics

Mundra Port & SEZ (Publicly listed since Nov., 2007) (77.5% holding) (6) (proposed) Energy Hazira (100% SPV) Logistics (100% holding) Ship Owning (70.25% holding)(7)

Integrated Coal Management (AGFZE, Dubai & AGPTE, Singapore)

Dahej (74% SPV) Power Generation (70.25% holding) Publicly Listed since Aug 2009 Key Strategic Initiatives Gas Distribution (100% holding) Edible Oil & Agri Trading (50:50 JV with Wilmar Group of Singapore) CASF for Fruits & Vegetables (3) (100% holding)

Murmugao (74% owned by MPSEZ; 26% owned by AEL)

Oil & Gas (65 : 35 JV With Welspun of Gujarat)

Real Estate Shantigram Ahmedabad (71% holding)(2) BKC Mumbai (95% holding)(2) Khatau Mumbai(5) (57% holding)(2)

Bunkering (50:50 JV With Chemoil Of Singapore)

Grain Silos (100% holding)

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

Increasing Focus on Asset-Based Businesses: AELs Strategic Transformation

Coal: Foundation for AELs Strategic Transformation
Asset Ownership
Coal Mining:

Trading Business Coal Power Agro Products Oil & Petroleum Products Metals & Minerals

Coal Mining in Indonesia and India Arrangement to operate and develop coal mines in India Developer and operator of the largest private sector multi-user port in India Multi-product SEZ 660 MW operational 9,900 MW under development and implementation 2,640MW under planning Entered into contract for purchase of four newly-built vessels 11 fully integrated refineries Controlled Atmospheric Storage Facility (CASF) for fruits and vegetables Grain silos 550,000 MT capacity in 7 locations City gas distribution: 8 Cities Oil & Gas exploration in India and abroad Bunkering

Ports & Logistics

Power Generation

Building on Trading and Domain Expertise to Develop Portfolio of Infrastructure Assets

Agricultural Products

Oil & Gas

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

Way Forward
Creation of integrated player with a diversified portfolio of assets Significant internal synergies to arise from integration of businesses 4

Integrated Presence Across the Value Chain

Integrated Coal Management Coal Mining Ports and Logistics Power Generation and Transmission

Presence across the entire energy value chain offering end-to-end solutions in integrated coal management Managed c. 28.8 MMT of thermal coal in FY 2010

Development and operation of Parsa East and Kente Basan coal blocks at Chhattisgarh Development and operation of Machhakata coal block at Orissa LoA for development, mining and transportation of coal from Parsa coal block at Chhattisgarh Coal mining concessions in Bunyu island, Indonesia

Developer and operator of the largest private sector multiuser port in India Developing terminals at Dahej and Hazira, Gujarat and a coal terminal at Mormugao, Goa Synergy between ports, SEZ and logistics, complementing business Industrial and growing hinterlands of North, West and Central India, the key trading regions

Currently developing power projects of 9,900 MW across India 660 MW already under operation 2,640MW under planning Operational and planned power transmission network of 1,619 kms.

Strong Business Fundamentals

Coal Mining & Integrated Coal Management Ports & Logistics Power Generation Key Strategic Initiatives

Well-Positioned to Leverage India Growth Story: Demand for Coal Expected to Increase Highest Demand for Coal Comes from the Power Sector
Historical Demand-Supply of Coal in India
MMT MMT

Imports Expected to Increase to Bridge Demand-Supply Gap

1,200 70 15 45

604 600 507 454 450 549 534 489

800 51 15 41

331

300
400 28 14 38 18

104

664 521

150 50 0 FY 2008 Demand

Source Ministry of Coal

59

70

364

FY 2009 Production

FY 2010BE Import

X Plan (FY 2007) CIL

Source Ministry of Coal

XI Plan (FY 2012)E SCCL Others

XII Plan (FY 2017)E Import/Deficit

Captive Mining

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

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

Coal: Integrated Business Model Key Growth Driver; AEL Managed c. 28.8 MMT of Thermal Coal in FY 2010
Multi-Country Procurement Financing
Arrangement to secure guarantees and Letter of Commitments to support trading business

Multi modal logistics

AELs Growing Coal Imports (1)

MMT 20

Focus on Pricing
FOB (index) Freight (index) Mark-up

18.7

15 10.2 10 5 0 FY 2006
Total Non Coking Coal Imports in India (MMT)

7.7

8.1

Handling charges
FY 2007
25.2

FY 2008
27.8

FY 2009
35.0

21.7

Reimbursable charges

Indonesia

Coal Imported Coal Supplied

South Africa Australia

Map not to scale
(1) Source: Based on total imports data as per Ministry of Coal and FY09 from Infraline

Coal Imported Coal Supplied Coal Imported Coal Supplied Coal imported and supplied in the same States

Mine Developer Cum Operator: A Utility Business with Stable Cash Flows
Typical MDO Agreement
Awards mining contracts based on competitive bidding

MDO Process Stages

Develop, Plan, Operate & Manage Mining Operation Logistic Solution

Land Acquisition

Establishment of Washery

Coal mine owned by the State Electricity Board (SEB)

Approvals and Land Acquisition

Mining Operation

Washery

Railway Siding

MDO
Environment Clearance R&R Land Acquisition Mining Plan Approval Investment in Machineries Mining activity through deploying latest technology Ensuring the grade and specs of coal to be delivered Laying railway siding from pit head to nearby connecting centrepoint Delivery at thermal power station

Agrees to supply coal at SEB power plants at minimum of bid price or discount to Coal India Ltd. (CIL) price. Provide end-to-end solutions like coal washing, better logistics, land acquisition etc.

These pictures are for illustrative purpose only

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

MDO: Mining, Development and Operations in India

Coal Mining Operations 70 MM MT p.a. Mining
Base Revenues from the mines per MT

Parsa - Kente Year I INR 958.5

Location

Parsa - Kente1 Chhattisgarh, India RRVUNL(5) 27.67 452 F Grade 15 5.16 June 2011

Machhakata2 Orissa, India MGCL(4) 20.43 1,244 F Grade 50 2.44 FY 2013

Parsa3 Chhattisgarh, India CSPGCL(6) 12.52 150 F Grade 5 NA FY 2013

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

III INR 1,262, IV INR 1,296, V INR 1,383

Beneficiary Block Area (Sq Km) Mineable Reserve (MM MT)

Locations of Indian Coal Mining Operations

Average Grade Capacity p.a. at peak level (MM MT) Overall Stripping Ratio Expected Commencement of Production

Machhakata

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 Executed CMSA for Machhakatta Mine Block with Mahaguj Collieries Ltd. (MGCL) Letter of Award (LoA) for Parsa coal block from Chhatisgarh State Power Generation Co. Ltd. (CSPGCL) MGCL Mahaguj Collieries Ltd.. RRVUNL Rajasthan Rajya Vidyut Utpadan Nigam Limited CSPGCL Chhattisgarh State Power Generation Company Limited

Parsa - Kente Parsa

2 3 4 5 6

10

Coal Mining in Indonesia

Bunyu Mine - Indonesia

AEL has access to Bunyu

coal mine, Indonesia for captive consumption by Adani Power Ltd

3.4 MM Tons of coal

mined till date

Bunyu Island

Indonesia

11

Strong Business Fundamentals

Coal Mining & Integrated Coal Management Ports & Logistics Power Generation Key Strategic Initiatives

12

Ports & Logistics

Ports in India: An Overview Ports in India: High Growth Industry

About 95% (by volume) of Indias international trade moves through

Ports spread along its coast line, of 7,517 km, comprising of 12 Major and 187 non major Ports

FY09 Cargo: 733MMT (Major:531MMT, Non Major:202MMT) YoY:

1.4%

Major Ports cargo grew at a CAGR of 7.7% over the last decade Major ports require capacity expansion to 1,002 mmt by FY12 to cater
to projected cargo

Non major Ports in Gujarat grew at a CAGR of 13.4% since 2004 Share of non major port of India cargo was 26.5% in FY07 and its
share is expected to be 30% of total traffic by FY12

During the Eleventh Plan, non major ports are expected to more than
double their capacity, from 228.3 MMT upwards to 573.5 MMT

MPSEZ, the largest non major port located in Gujarat has grown at
CAGR of 50.8% in last 5 years (2004 - 2009)

13

Mundra Port & SEZ Ltd.: Ports, SEZ & Logistics

Ports: SEZ: Mundra SEZ: Multi Product SEZ at Mundra

Mormugao

Mundra: Indias Largest Private Sector multi-user port Dahej: Bulk Berths with Sub concession from Petronet LNG Limited (PLL) Murmugao: Developing coal handling berth at Mormugao port Hazira: LoI received to develop Multi Cargo terminal
Mundra Dahej Hazira Patli Kishangharh

Logistics: Adani Logistics Ltd: Container Trains, ICDs

14

Ports & Logistics: Hinterland Connectivity

Rail Linkages Pipeline Network

Bhatinda Barmer Sidhpur Chaksu

Panipat Delhi Mathura

Mundra
Kandla

Viramgam Bina Navagan Koyali Ankleshwar

Private Operational Railway Lines 57 km (Mundra Adipur) : doubling of railway line in progress. 22 km (Mundra PortPower Plants) Advantages Mundra Delhi vis-a -vis Mumbai - Delhi 322 km distance advantage Mundra Bhatinda vis-a -vis Mumbai - Bhatinda: With Bhildi Luni; Conversion completed; distance advantage: 392 km Double stacking on trains from Mundra HPCL Proposed Crude Pipeline HPCL Mundra Delhi Product Pipe-Line IOCL Crude Pipe Line from Mundra to Panipat

15

Ports & Logistics: Facilities at Mundra Port

Existing Facilities Terminal 1 & 2 : 8 cargo berths - handling both dry & liquid bulk Container Terminal 1: Berth: 632 mts, with back-up yard. Cranes Trailer Systems (Managed by Dubai Port)
Bulk Berths

Container Terminal 2: Berth: 632 mts, with back-up yard. Cranes Trailer Systems. Re- configured to handle auto
exports

Single Point Mooring 1: To handle Very Large Crude Carriers; handles crude for IOCLs Panipat Refinery

Single Point Mooring

Other Facilities Mechanised system for cargo handling: Comprehensive Ship Un-loaders Conveyor Systems Storage: ~ 800,000 sq.mts.; Liquid storage 342,000 KL, Crude Oil 700,000 KL (of IOCL), PoL 300,000 KL (of HPCL) Marine operations: Fleet of Tugs for 24 x 7 marine operations; Fleet of Dredgers for capital & maintenance dredging

Container (4 Berths)

Railway facilities: For bulk & container cargo Facilities Under Construction Coal Bulk Terminal (West Port): Berth: 1,125 mtr; Draft: 19 21 mtrs. For handling coal for Tata Power and Adani Power

Auto Exports

Single Point Mooring 2: Under Construction by GGSRL, to handle Crude for its Bhatinda Refinery

Mundra Port handled 40.3 mmt cargo in FY10

Coal Bulk Terminal
Note: GGSRL Guru Gobind Singh Refineries Ltd.; IOCL Indian Oil Corporation Ltd.: HPCL: Hindustan Petrolium Corporation Ltd.

16

Ports & Logistics: Scalability of Port Facilities

Land Notified: 6472 Ha (15,995 Acres). Area Under Possession: 9495 Ha (23,643 Acres)

NH 8A Port connectivity

Air Strip Mundra Adipur 57 kms rail link

Intra SEZ Rail & Road

Earmarked for Shipyard Earmarked East Port

Earmarked North Port Earmarked for Shipyard Coal Terminal (Under Construction) Proposed LNG Terminal Container Terminals I & II (Existing) Multi Purpose Terminals I & II (Existing) Proposed South Port 17

Ports & Logistics: New Developments

Port Development at Gujarat (Dahej, Hazira) Strategic locations in proximity of good rail and road connectivity

Adani Petronet (Dahej) Port Pvt. Ltd. 74% held SPV with a sub concession till 2035, to develop solid cargo port 2 berths c.440 mtrs length and mechanized handling Construction of first berth by July10 and entire facilities by March11 Adani Hazira Port Pvt. Ltd. LoI for 100% SPV to develop multi cargo berths under a sub-concession.

Port Development in Other States (Goa)

Adani Murmugao Port Terminal Private Ltd. 74% held SPV with a concession till 2039, to develop a berth for coal handling Signed Concession to operate Coal berth at Mormugao Port 300 mtrs. Berth length with mechanised back up facility Caters to South Maharashtra and Bellary - Hospet Area
Logistics Value Chain

Adani Logistics Ltd.

Patli

License for container train operations across India including all ports ICDs operational at Patli and Kishangarh (Dhurai) Synergistic benefits from ICDs at strategic locations, container train operation and port operations

18

Strong Business Fundamentals

Coal Mining & Integrated Coal Management Ports & Logistics Power Generation Key Strategic Initiatives

19

Power Generation: Strong Industry Dynamics

1
High demand-supply deficit in 2009-10 c.14% of peak demand Main regions affected are West and North with c.18% and c.15% deficit of the peak capacity Majority of the capacity with public sector but Government keen to attract private participation

2 Achievement of Planned Expansion Remains Low

GW
50 85% 66% 30 64% 50% 20 13 10 4 1 1 2 II 7 5 9 5 0% I III IV V VI VII VIII IX X 65 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 10 20% 20 14 22 21 16 19 82% 72% 31 54% 48% 52% 21 40% 70 69.0 60% 69.9 96% 40 41 80% 75 72.2 72.7 76.8 74.8 73.6

Coupled With Low Thermal Plant Load Factor

%

%
100%

80 78.6

40

0 5 yr Plan

Targeted Source

Installed

% Achieved Source Central Electricity Authority

White Paper on Strategy for 11th Plan, Central Electricity Authority & Confederation of Indian Industry

Power Generation Dominated by Coal

Key Uses of Coal X(FY07) vs. XII(FY17) Plan

3 Leads to Low Per Capita Consumption of Energy

Per Capita Electricity Consumption MW
15 17 14 11 10 9

4 And Persistent Demand-Supply Deficit

Region-Wise Power Demand-Supply Position During 2009-10
40

11% 9% 5% 1%

5% 3% 1%

7%

GW
37.2 31.4

39.6 32.6 32.1 29.1

35 30 25

74%
84%
X Plan (FY 2006-07) XII Plan (FY 2016-17)
5

7 6

20 15 2 10 2 1 5 0 1.8 1.4 14 12.9

Power

Fertilizer

Cement Others

0 Canada US Aust ralia Japan France Germany Russia UK China Brazil India

Steel & Coke Ovens

North

West

Sout h

East

NorthEast

Peak Demand Source Ministry of Coal Source IEA, Key World Energy Statistics 2009 Source Central Electricity Authority

Peak Met

20

Power: High Value Underway with Key Milestones Already Achieved

Location Map of Power Generation Assets
Mundra 4,620 MW (Gujarat)
Kawai August 2013 Under Development: 1,320 MW Chhindwara(1) Under Development: 1,320 MW

Land

Water

Fuel tie up

Environmental Clearance

Tiroda 1,980 MW (Maharashtra)

Tiroda 1,320 MW
Mundra - April 2012 Commissioned: 660 MW Under Development: 3,960 MW Dahej Planned: 2,640 MW Tiroda July 2013 Under Development: 3,300 MW

(Maharashtra)

Kawai 1,320 MW (Rajasthan)

Terms of

Reference (ToR) approved

Notes: 1 Applications for terms of reference have been made and a notice inviting tenders on an international competitive bidding basis for carrying out EPC works has been issued

* Applied for coal linkages Tiroda III (1,320 MW) & Kawai (1,320 MW)

21

Major Suppliers
Project Mundra 1,320 MW (4 x 330 MW) Mundra 3,300 MW (5 x 660 MW) Tiroda 3,300 MW (5 x 660 MW) Kawai 1,320 MW (2 x 660 MW) Growth with Cleaner Energy - Super Critical Technology (11,880 MW out of 13,200 MW) Mundra Phase III (1,320 MW) Key Suppliers for BTG

Boiler : Babcock & Wilcox Turbine & Generator (TG) : Beijing Beizhong Steam Generator Boiler : Harbin Boiler Co. Ltd. TG : Dongfang Machinery Co. Ltd. Boiler, Turbine & Generator: Shanghai Electricals

Boiler, Turbine & Generator: Shanghai Electricals

Registered as Clean Development Mechanism (CDM) Project with United Nations Framework Convention on Climate Change (UNFCCC) Eligible to receive 1.84 Mil CER p.a. for 10 Yrs from February 2011 onwards

22

Long Term Off-take Arrangements

Off-take Arrangements MW PPA (MW) Utility Date Tariff (Rs. / unit) 2.81 3.42 M -330 MW 1,424 (712 X 2) 1,320 UHBVNL & DHBVNL(2) MSEDCL(3) JVVNL, 1,200 AVVNL & JdVVNL(4) T - 660 MW 1,200 6,144 MSEDCL(3) March 2014 2.902# M - 660 MW T - 660 MW K 660 MW
# Tariff at PPA signing, consisting escalable component of Rs 0.915 / Kwh for Tiroda & Rs 0.862/ Kwh for Kawai

Commissioning Plan Planned Schedule In Operation Q2 FY2011 Q3 FY2011 Q4 FY2011 Q1 FY2012 Q2 FY2012 Q2 FY2012 Q3 FY2012 Q4 FY2012 Q4 FY2012 Q4 FY2012 Q1 FY2014 Q1 FY2014 Q2 FY2014 Q2 FY2014 Cumulative (MW) 660 MW 990 MW 1,320 MW 1,980 MW 2,640 MW 3,300 MW 3,960 MW 4,620 MW 5,280 MW 5,940 MW 6,600 MW 7,260 MW 7,920 MM 8,580 MW 9,240 MW

M - (2 x 330) 660 MW M - 330 MW

1,000

GUVNL(1)

Feb / June 2010 Aug 2012 (475)

2.35 3.26 Feb 2013 (949)

M - 660 MW M - 660 MW

Aug 2012

2.55 3.47

T - 660 MW M - 660 MW

Aug 2013

2.912#

M - 660 MW

Total contracted capacity

T 660 MW T 660 MW

Notes: 1 2 3 4 GUVNL: Gujarat Urja Vikas Nigam Limited UHBVNL: Uttar Haryana Bijli Vitran Nigam Limited, DHBVNL: Dakshin Haryana Bijli Vitran Nigam Limited MSEDCL: Maharashtra State Electricity Distribution Company Limited JVVNL: Jaipur Vidyut Vitran Nigam Ltd, AVVNL: Ajmer Vidyut Vitran Nigam Ltd, JdVVNL: Jodhpur Vidyut Vitran Nigam Ltd

K 660 MW

M Mundra; T Tiroda; K - Kawai

23

Dedicated Transmission Network

Connecting Location Connecting Sub Station Configuration Capacity

Mundra Phase I & II

Dehgam, Gandhinagar PGCIL
1

400 KV

1,000 MW

(433 Kms)

Mundra Phase III

This Transmission line is operational

Mohindergarh, Haryana

Mundra Phase IV

Haryana State Utility

500 KV HVDC

(986 Kms transmission line under construction)

2,500 MW

Warora, Maharashtra

Tiroda

(200 Kms Kms transmission line under construction)

MSETCL2

400 KV

1,000 MW

Key Suppliers

Mundra Phase IV - Siemens AG Mundra Phase III & IV - Jyoti Structures Ltd. Mundra Phase III - Kalpataru Power Transmission Ltd.

Notes: 1 2 PGCIL: Power Grid Corporation of India Limited MSETCL: Maharashtra State Electricity Transmission Company Limited

24

Financial Tie - Up (9,240 MW)

USD million Project Cost (9,240 MW) Status

9,464

Fully Tied Up i) US$ 6,322 MM: Documents executed / Firm sanctions received ii) US$ 1,205 MM: In principle sanction received Equity raised / Brought in: 1,130

Debt (incl. sub-debt)

7,527

Equity

1,937

Internal generation: 807

Exchange Rate: 1 USD : INR 46

Benefits from SEZ & Mega Power Project Status

Mundra Power Projects SEZ Status

100% Income tax exemption for a consecutive period of 10 years. Exemption from all indirect taxes - Customs Duty, Excise Duty, CST, Service Tax and DDT

Tiroda Power Project Mega Power Project Status

Exemption from all indirect taxes - Customs Duty, Excise Duty, CST, Service Tax and DDT 100% Income Tax Exemption for a consecutive period of 10 years MAT Applicable @ 18%

25

Strong Business Fundamentals

Coal Mining & Integrated Coal Management Ports & Logistics Power Generation Key Strategic Initiatives

26

Real Estate Portfolio

Shantigram, Integrated Township at Ahmedabad, Gujarat
75:25 sharing with Suyojan Realty Pvt. Ltd. Approximately 42 MM sq. ft. of development area Residential and commercial units to be constructed In-principle approval for township license

Bandra-Kurla Complex (BKC) - Mumbai, Maharashtra

Prime commercial property in Mumbai at International Finance and Business Centre 1.5 MM sq. ft. of development area Developing a multistorey tower

Khatau - Mumbai, Maharashtra 60% equity interest Development area: Borivali 1.2 MM Sq. ft. & Byculla 0.7 MM sq. ft. Planning to develop residential complex in Borivali and residential cum commercial complex in Byculla

27

Energy: Additional Growth Drivers

City Gas Distribution Distributing compressed and piped natural gas in Ahmedabad, Vadodara and Faridabad Current status: 58 CNG Stations; 75,000 households; 450 industrial and 600 commercial connections. Steel ring network
of c.328 km and PE network of c.1,800 km

Future operations: Khurja, Noida, Lucknow, Jaipur, & Udaipur. NOCs received from respective State Governments

Oil & Gas Exploration (65:35 JV with Welspun Group of Gujarat) Awarded two onshore blocks through a consortium with majority stake in Nelp VI (Area of 75 Sq. Km at Bharuch and
Vadodara, Gujarat and area of 95 Sq. Km located at Marghreita, Assam)

Awarded two onshore blocks by Govt. of Thailand with total surface area of 3,975 Sq. Km and 3,947 Sq. Km New off shore block located at northwestern part of the Surat depression of Mumbai Offshore Basin (Area: 1,191 Sq. Km) A block awarded at Gulf of Suez, Egypt, in partnership with GSPC (60:40)(1) Awarded two offshore blocks in Kutchchh as a non operator of which the first block is a consortium of AWEL (20%), ONGC
(40.0%), IOC (20.0%) and GSPC (20.0%) and another block is a consortium of AWEL (30%), ONGC (40.0%) and IOC (30.0%) with a total area of 1,264 and 1,242 Sq. Kms respectively

Ship Fuelling (50:50 JV with Chemoil Energy Ltd of Singapore) AEL has leased one floating barge, with an approximate capacity of 3,000 metric tons, to refuel vessels AEL is engaged in importing petroleum products, fuel oil and gas oil

Notes: 1. In the block of Egypt AWEL is a non operator & 40% stake owner

28

Established Agro Platform

Manufacturing of Edible Oil & Agro Trading
50:50 sharing with Wilmar Group of Singapore Refining capacity of 4,040 tpd; crushing capacity of c.5,750 tpd and hydrogenation capacity of c.575 tpd Indias leading Edible Oil brand (Fortune) Our other brands include Raag, Jubilee , Kings, Ivory, Bullet and Avsar Trader in diversified agro commodities

Agri Product Storage Facilities: Agri Fresh and Agri Logistics Developed an integrated controlled atmosphere storage facility (CASF) 3 locations at Rohru, Sainj & Rewali in Himachal Pradesh (Total storage capacity of 18,000 MT per year)

Grain Silos Agri Logistics to develop vertical silos to store grains and bulk movement in top loading / bottom discharge wagons on
BOO basis for Food Corporation of India (FCI) over a long term contract of 20 years from 2005

Total storage capacity of 550,000 MT

29

Financials

30

AEL: Delivering Steady Growth in Revenue and Margins 1,2

(INR MM except for EPS)

Consolidated Total Revenues3

INR MM
300,000 262,729 196,487 169,532

EBITDA
INR MM

Profit After Tax

INR MM
17,225
10,000 8,000

CAGR (2007-2010): 15.2%

259,234

CAGR (2007-2010): 53.7%

CAGR (2007-2010): 74.4%

9,193

20,000 16,000

200,000

12,000 8,000 4,744 4,000 7,547

10,166

6,000 4,000 2,000 0 1,733 3,698

5,047

100,000

0 FY 2007 FY 2008 FY 2009 FY 2010

0 FY 2007 FY 2008 FY 2009 FY 2010

FY 2007

FY 2008

FY 2009

FY 2010

US$ MM

3,900

4,897

5,178

5,774

US$ MM

109

188

200

384

US$ MM

40

92

99

205

Earnings Per Share (Diluted)4

INR
20.00 16.00 12.00 8.00 4.00 0.00 FY 2007 FY 2008 FY 2009 FY 2010 7.31 14.12

Net-Worth
INR MM

Net Assets
INR MM
300,000

CAGR (2007-2010): 35.6%

18.21

CAGR (2007-2010): 73.8%

60,377

CAGR (2007-2010): 66.2%

253,856

75,000

225,000

50,000
10.54 156,084

30,189 25,000 11,506 0 FY 2007 FY 2008 FY 2009 FY 2010 21,250

150,000 86,115 75,000 55,303

0 FY 2007 FY 2008 FY 2009 FY 2010

US$

0.17

0.35

0.21

0.41

US$ MM

265

530

595

1,345

US$ MM

1,272

2,146

3,076

5,654

Notes 1 Exchange rate of US$1 = INR43.47 on 31/03/2007, INR40.12 on 31/03/2008, INR50.73 on 31/03/2009 and INR44.90 on 31/03/2010 from RBI 2 Excluding MPSEZ 3 Including other income 4 Diluted numbers of shares calculated, assuming outstanding FCCB conversion for respective year

31

MPSEZ: Growth in Revenue and Margins 1

(INR MM except for EPS)

Total Revenues
INR MM
16,000 12,395 12,000 8,449 8,000 5,870 6,000 3,201 4,000 3,000 9,000

EBITDA
INR MM
15,276 12,000 10,247 9,983 6,000

Profit After Tax

INR MM
8,000 6,760

CAGR (2007-2010): 37.6%

CAGR (2007-2010): 46.1%

CAGR (2007-2010): 53.4%

4,325 5,637 4,000 1,872 2,104

2,000

0 FY 2007 FY 2008 FY 2009 FY 2010

0 FY 2007 FY 2008 FY 2009 FY 2010

0 FY 2007 FY 2008 FY 2009 FY 2010

US$ MM

135

211

244

340

US$ MM

74

140

202

222

US$ MM

43

52

85

151

Earnings Per Share

INR
18.00 15.00 28,000 12.00 9.00 6.00 3.00 0.00 FY 2007 FY 2008 FY 2009 FY 2010 5.19 5.41 14,000 7,493 7,000 0 FY 2007 10.79 21,000

Net-Worth
INR MM
16.81 35,000 29,296 26,216

Net Assets
INR MM
34,637 90,000 75,000 60,000 45,000 30,000 15,000 0 27,901 55,251 67,136

CAGR (2007-2010): 48.0%

CAGR (2007-2010): 66.6%

CAGR (2007-2010): 43.0%

81,599

FY 2008

FY 2009

FY 2010

FY 2007

FY 2008

FY 2009

FY 2010

US$

0.12

0.13

0.21

0.37

US$ MM

172

653

577

772

US$ MM

642

1,377

1,323

1,818

Notes 1 Exchange rate of US$1 = INR43.47 on 31/03/2007, INR40.12 on 31/03/2008, INR50.73 on 31/03/2009 and INR44.90 on 31/03/2010 from RBI

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Proforma Financials of AEL-MPSEZ Consolidated Entity (1) (2)

Proforma Select Income Statement Items for the Year Ending March 31, 2010
INR MM US$ MM(1)

Total Revenues EBITDA PAT

270,857 26,340 13,333

6,032 587 297

Proforma Select Balance Sheet Items as on March 31, 2010

INR MM US$ MM(1)

Net-Worth Net Debt Net Assets

111,415 172,088 359,498

2,481 3,833 8,007

Notes 1 Based on Proforma Financial Statements prepared to include effect of consolidation based on an assumption that proposed merger between the seven promoter entities of Mundra Port & SEZ Limited (MPSEZ) and the Company is effective and MPSEZ becomes a subsidiary of AEL from April 1, 2009 2 Exchange rate of US$1 = INR44.90 on 31/03/2010 from RBI

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Adani Enterprises

Integrated Presence Across the Energy Value Chain

Experienced and Dedicated Management Team

Strong Business Fundamentals

Strong Financials

Proven Execution Capabilities

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Thank You

For further details, please contact:

Adani House, Navrangpura, Ahmedabad - 380 009. India. Website: www.adanigroup.com

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