Reliance Infrastructure Ltd

Investor Presentation
December 2010

Forward looking statements Important Note

This presentation and the discussion that follows may contain forward looking statements by Reliance Infrastructure that are not historical in nature. These forward looking statements, which may include statements relating to future results of operation, financial condition, business prospects, plans and objectives, are based on the current beliefs, assumptions, expectations, estimates, and projections of the directors and management of Reliance Infrastructure about the business, industry and markets in which Reliance Infrastructure operates. These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond Reliance Infrastructure control and difficult to predict, that could cause actual results, performance or achievements to differ materially from those in the forward looking statements. Such statements are not, and should not be construed, as a representation as to future performance or achievements of Reliance Infrastructure. In particular, such statements should not be regarded as a projection of future performance of Reliance Infrastructure. It should be noted that the actual performance or achievements of Reliance Infrastructure may vary significantly from such statements.

Slide 2

Business Overview
Transmission Distribution Airports Generation Trading Roads Metro Rail

R Infra Presence

Cement Specialty Real Estate

Power Sector Infrastructure Sector

Slide 3

The Structure
Reliance Infrastructure
Reliance Power (38%)

EPC
100%

Power Generation

Power Transmission

Power Distribution

Power Trading

Specialty Real Estate

Roads

Metros

Cement

Airports

Business segmentation for focused leadership

Slide 4

Pan India Diversified Presence

Roads Metros Generation Transmission Distribution Cement Airport Specialty Real Estate

37 Projects

16 States

8 Sectors
Slide 5

Power Business

Slide 6

Power Generation
Parameter
Dahanu Power Station Samalkot Power Station* Goa Power Station* Kerela Power Station* Wind Farm, Karnataka

Capacity
500 MW 220 MW 48 MW 165 MW 8 MW

Type
Thermal Combined Cycle Combined Cycle Naptha Wind

Off-take Arrangements
Mumbai Discom Andhra Pradesh Grid Goa Grid Kerela State Electricity Board Karnataka Power Transmission Corp. Ltd

* To be transferred to R Power Necessary approval awaited

Dahanu Station running at PLF of ~100% from last 6 yrs Samalkot Station achieved PLF of 93% in FY10

Outperformance of norms leading to high ROEs

Operate one-of-the-most efficient thermal plants of India

Slide 7

Future Power Generation through Reliance Power

R Infra owns 38% of R Power R Power to develop all future power generation assets in India and overseas Develop, construct and operate ~34,500 MW of generating capacity Well diversified portfolio consisting of Coal, Gas & Hydroelectric power based projects across India Aggregate Investment in R Power of `17.2 Bn

Largest private power generation portfolio in India

8 Slide 8

Reliance Power Project Portfolio

Project phase Operating phase
Projects in Arunachal Pradesh Urthing Sobla (400 MW) (4220 MW)

Capacity 1,033 MW 9,160 MW 24,120 MW 34,313 MW

Construction phase Development phase Total

Dadri Gas

Rosa (1200 MW) Chitrangi (5,940 MW) Tilaiya (3960 MW) Sasan (3,960 MW) Shahapur Gas

Diversification of projects
Region-wise break up Fuel-wise break up

Butibori (600 MW)

Shahapur Coal (1200 MW) Samalkot Goa IPP (48 MW) Krishnapatnam (4000 MW)

Kochi IPP (165 MW)

Operating projects

Projects under construction

Projects under development

Slide 9

Power Transmission - Current Projects

Parbati Koldam

North Karanpura - UMPP

Western Region Strengthening System

Tariff Based Project Regulated Return Project

Mumbai Transmission

Talcher II - UMPP

5 Projects

10 States

` 66 Bn
Slide 10

Power Transmission Project Details

Project Name Project Cost Shareholding (` Bn) Update Tower foundation work for more than 2,500 tower completed Erection work for more than 1,100 towers completed Over 2,000 people working on site Stringing completed for 116 kms of Solapur - Karad line in Maharashtra awaiting PGCIL to charge the line Revenue to commence shortly Financial closure achieved signed financing agreement with PFC & REC for debt amount of ` 7.7 Bn Obtained approval from MOP for commencement of work Site offices have been set up and preliminary construction activities started Revenue to commence from Q1FY13 All major equipment orders such as GIS, transformers & 220 Kv cables has been placed 3 receiving stations to be commissioned in FY11 Acquisition process completed Hearing process for adoption and License application completed

Western Region Strengthening Scheme (WRSS)

13.8

100%

Parbati Koldam

10.7

74%

Mumbai Strengthening North Karanpura (UMTP) Talcher II (UMTP) Total

18.0 15.5 8.2 66.2

100% 100% 100%

R Infra is the largest private player in transmission sector

Slide 11

Power Distribution
Mumbai

Serves 2 out of 3 homes in Mumbai & Delhi Serve over 5.2 million customers Distributes over 5,000 MW of power

Largest private sector distributor of power

Slide 12

Mumbai Distribution
Distributing power to over 2.7 million customers 1,450 MW of peak demand Among the lowest AT&C loss levels in the country AT&C losses of <11% Reliability of 99.95% Continuous upgradation and modernization undertaken Yearly investment of ~` 4 bn Technology driven organization

Recent Developments
Added 46,000 new customers in FY11 till Sep10 Customer migration to Tata Power have reduced by more than 75% Filed Annual Revenue Requirement (ARR) to regulator for tariff determination for 2010-11

Awarded Excellence in Power Distribution by IEEMA

Slide 13

Delhi Distribution
BSES Rajdhani Power Limited (BRPL)

Both Discoms was privatized in 2002 R Infra own 49% in both discoms

AT&C Losses (%)

40 31 30 20 10 0 FY07 FY08 Target FY09 Achieved FY10 30 27 27 23 21

20 19

Distributing power to over 2.6 million customers 2,630 MW of peak demand AT&C loss reduction of ~35% In BRPL from 51% to 19% In BYPL from 63% to 23% Yearly investment of ` 4-5 Bn

BSES Yamuna Power Limited (BYPL)

50

Recent Developments
40 39 35 31 30 26 24 23

A C Losses (% T& )

40 30 20 10 0

Successfully electrified Commonwealth Games Ensure uninterrupted power supply Expects to earn incentives this year also Last year earned incentive of ` 1.4 Bn File petition for tariff hike and FAC pass-through to regulator

FY07

FY08 Target

FY09 Achieved

FY10

Awarded as Best Distribution Utility (Urban)

Slide 14

IT Initiative under R-APDRP* programme

R Infra is empanelled under R-APDRP* Scheme as
IT Consultant IT Implementation Agency SCADA/DMS consultants

Providing IT consultancy to Karnataka State Electricity Board for 5 distribution circles Won SCADA/DMS consulting contract State Chattisgarh Haryana Maharashtra Bihar Cities Raipur & Bhilai Gurgaon & Faridabad 10 Cities Patna

* Restructured Accelerated Power Development and Reform Programme

Projects provide competitive edge during privatisation process

Slide 15

Distribution - Opportunities Ahead

Distribution Franchisee is recognized as a way forward in power distribution business Participated in Nagpur distribution franchisee & is technically qualified. Several states have initiated process under Franchisee model MSEDCL has published RFP for franchising Jalgaon area

States Uttar Pradesh Maharashtra Haryana Madhya Pradesh Uttaranchal Total

No. of Circles 5 5 2 3 2 17

Project Size (` Bn) 21.0 13.0 6.0 3.5 1.5 45.0

Pursuing profitable opportunities in the space

Slide 16

Power Trading
No of units traded (in MU's)

H1 FY11

1,582

Reliance Energy Trading Ltd traded 1,582 MUs in H1FY11 Tied up with merchant and captive power plants for assured trading of 60,000 MUs during 25 years Integration with generation capacity of R Power & captive distribution businesses

FY 10

3,200

FY 09

1,934

FY 08

1,022

Achieved volume growth of 3x in 3 years

Among the top 3 private players in trading market

Slide 17

EPC Division
Engineering, Procurement & Construction

Slide 18

EPC Business Projects

Order Book of ` 240 Bn
Revenue (` Bn)

EBIT Margin (%)

40 35 35 30 25
Revenue ` Bn

10 9 8
EBIT margin (%)

R Power & Internal Power projects 3,960 MW Sasan UMPP 600 MW Butibori TPP* Western Region Strengthening project External Power projects 1,200 MW Raghunathpur TPP* 1,200 MW Rajiv Gandhi TPP* at Hisar 500 MW Parichha TPP* BOP package Road projects Gurgaon Faridabad Toll Road Jaipur Reengus Toll Road Pune Satara Toll Road Kandla Mundra Toll Road Hosur Krishnagiri Toll Road Delhi Agra Toll Road Projects under construction 6 Power projects : 7,500 MW 6 Road projects : 570 Kms
* Thermal Power Project
Slide 19

7 6

25 20 15 10 5 0 FY08 FY09
8.2%

14

5 4 3 2 1 FY10
8.6%

EBIT (%)

9.1%

EPC Business Major Initiatives

Signed MOU with Black & Veatch, USA
Mentoring support to projects based on Super Critical Technology

Remote surveillance of project sites Established Centre of Excellence to enhance technical capabilities Developing competencies in infrastructure sectors viz Roads, Metro/Mono Rail, etc. Well positioned for 30,000 MW from R Power Over 15,000 people are working on site Including 1,600 of engineering staff

Recent foray in Road Sector

Slide 20

Infrastructure Business

Slide 21

Infrastructure Portfolio
Business Roads Metros Transmission Sealink Airports Total No. of projects 11 projects 3 projects 5 projects 1 project 5 projects 25 projects Project Cost ` 120 Bn ` 160 Bn ` 66 Bn ` 51 Bn ` 5 Bn ` 402 Bn

Largest Infrastructure developer of India

Slide 22

Roads Business

Slide 23

Roads Portfolio

Roads joining urban centres Over 6,500 people working on sites Largest NHAI concessionaire Amongst the largest developer of 6 laning roads First developer in the country to introduce Enterprise Toll Management System

11 Projects

6 States

970 kms

` 120 Bn
Slide 24

Roads Project Details

S.No Project Project Cost (` Bn) Funding (Debt : Grant : Equity) 80:07:13 Length (Km) Concession Period* (years) Status

Namakkal Karur (NK Toll Road) Dindigul Samyanallore (DS Toll Road) Trichy Karur (TK Toll Road) Trichy Dindigul (TD Toll Road) Salem Ulenderpet (SU Toll Road) Gurgaon Faridabad (GF Toll Road)

3.5

44

20 Operational since Q2 FY10

4.2

80:07:13

53

20

7.3

60:20:20

80

30

COD by Q1 FY12

5.4

60:20:20

88

30 COD by Q4 FY11

10.6

60:20:20

136

25

7.8

75:00:25

66

17

COD by Q1 FY12
Continued...
Slide 25

* Includes construction period

Roads Project Details

S.No Project Jaipur Reengus Corridor (JR Toll Road) Pune Satara Road# (PS Toll Road) Kandla Mundra Road (KM Toll Road) Hosur to Krishnagiri# (HK Toll Road) Delhi Agra Road# (DA Toll Road) Total
* Includes construction period
#

Project Cost (` Bn) 5.3

Length (Km) 52

Concession Period* (years) 18

Status

COD by Q4 FY12 Tolling started for existing 4 laning road from Oct, 2010 Concession agreement signed in March 10

20.0

140

24

9 10 11

15.4 10.1 30.7 120.2

Six laning projects

71 60 180 970

25 24

Concession agreement signed in July 10 26

Slide 26

Western Freeway Sea Link Project

Operation & Maintenance of Bandra to Worli Sea Link and development of Worli to Haji Ali Sea link Estimated project cost of ` 51 Bn Upfront payment of ` 16.34 Bn to MSRDC Viability gap funding of ` 13.92 Bn R Infra have tolling right of entire 11.5 kms stretch Concession agreement signed in July 10 for a period of 40 yrs
Stretch COD Traffic PCUs (on COD) Toll Rate* Bandra Worli FY11 52,000 ` 65 Worli Haji Ali FY15 50,000 ` 45

Key consultants appointed and preliminary design completed

* To be increased @ WPI every year

R Infra owns the first Sea Link of the country

Slide 27

Metro Business

3 Projects

66 kms

` 160 Bn
Slide 28

Metro Rail Current Projects

Project Delhi Airport Express Link Project Mumbai Metro Line I Project Cost (` Bn) 24.5 Debt : Grant : Equity 2.33:0:1 Length (Km) COD Concession Period* Shareholding
a) R Infra: 95%

23

Q4 FY11

30 Years

b) CAF (Spain): 5% a) R Infra: 69%

25.0

51:27:22

11

Q2 FY12

35 Years

b) MMRDA: 26% c) Veolia (France):

5%
a) R Infra: 48%

Mumbai Metro Line II

110.0

32

Within 5 year

35 Years^

b) R Com: 26% c) SNC Lavalin

(Canada): 26%

Total
* Including construction period

159.5

66

^ Could be extended for further 10 yrs

Largest & established private player in Metro Rail

Slide 29

Delhi Airport Metro Express Link Project

Metro express link connecting New Delhi Railway Station to Dwarka through IGI Airport Traffic forecast: ~15,000 daily in initial year Fare Structure*
Categories Between New Delhi Station & IGI Airport Between Dwarka Sector 21 & IGI Airport
* Fares to be increased every 2 yr @ WPI

Major contractors
Nature of work Project Management Consultants Civil Contractor Business Partners Mass Transit Railway Corporation (MTR), Hong Kong Delhi Metro Rail Corporation (DMRC) CAF, Spain MVA Asia, Systra MVA Consulting Siemens VNC Rail One Cushman & Wakefield

Fares ` 150 ` 30

Rolling stock Supplier Traffic Consultant Signaling & Traction Track work Real Estate Potential Study

Real Estate area of 1,32,000 sqmtrs

Fastest, comfortable and economical commute to the airport

Slide 30

Delhi Airport Metro Express Link Status Update

Airport Line (Travel time 20 mins) Existing DMRC Line (Travel time ~1 hrs)

Complete project is ready for commercial operations awaiting safety clearances from authorities Seven trains have been received from Spain and trial run in advance stages System wide installation is completed

1 New 1

Delhi Shivaji Stadium 3 3 4 Dhaula 4 5 5 6 6 Delhi Kuan IGI DwarkStation Aerocit a 21 y

2 2

Automatic train protection signaling system commissioned Equipment fittings of Power Supply, Tunnel Ventilation, Signaling and Platform Screen Doors are installed Negotiations for lease rental is in advance stages

Commercial Operation to commence shortly

Slide 31

Mumbai Metro Line I Project

Elevated metro rail connecting Versova Andheri Ghatkopar Provide East to West connectivity 12 stations along the corridor
Viaduct Simplex Infrastructure Sew Construction Sew Infrastructure CSR Nanjing Puzhen, China Consulting Engineering Services (CES) Siemens Thales ABB VNC Rail One

Major contractors
Nature of work Project Management Consultants Business Partners Consortium of Parsons-Brinckerhoff (USA) & Systra (France)

Traffic forecast: 0.6 Mn per day; would reach upto 1.1 Mn Fare Structure
Categories Traffic < 3 km 8 km <Traffic>3 km Traffic > 8 km Fares at Base Year (2004)* \` 6 `8 ` 10

Station Work Special Bridges Rolling stock Supplier Traffic Study Signaling Communication Traction & Power Supply Track work

* Fares to be increased @11% every 4th year

Real Estate of 1,000 sqmtrs at each station

Project of the Year 2nd KPMG Infrastructure Today Awards

Slide 32

Mumbai Metro Line I Status Update

First train has been received Viaduct and Station works are in advance stages of completion Track laying in depot is in progress Construction work is in full swing for major structures Western Express Highway Bridge and Railway Line Bridge Foundation works at Mithi River Special Bridge completed Over 4,000 people are working on site Obtained viability gap funding of ~` 2.7 Bn from MMRDA

Slide 33

Mumbai Metro Line II Project

32 km elevated track along the Mankhurd-Bandra-Charkop corridor having 27 stations Estimated project cost of ` 110 Bn Viability Gap Funding of ` 23 Bn Concession period of 35 yrs - Concession agreement signed in January10 Achieved Financial closure for debt of ` 70 Bn M/s Systra has been finalized as Design consultants for track & civil work Topographical survey of the alignment has been completed & Geo-technical investigation is in progress Detailed traffic survey of complete alignment completed to identify the potential bottleneck Traffic forecast: 1.4 mn daily in initial year Real Estate development of 1.2 Mn sqft at stations
Bandra Mankhurd Charkop

Largest financial closure for a PPP project in the country

Slide 34

Airports
Developing 5 brownfield regional airports in Maharashtra Concession period of 95 yrs
5

Passenger traffic have increased from 0 to over 6,000 per month Over 125 commercial flights are operating per month

4 3 1

Setting up flight training academy in Nanded and Osmanadabad

Will provide requisite regional air connectivity

Slide 35

Airports - Project Details

Airports Nanded Runway Length (mtrs) 2,300 Land Area (hectares) 105 Opportunities on the anvil Cargo and Logistics Hub Air Connectivity Pune, Hyderabad, Amritsar & Tirupati, pilgrims visiting Sachkhand Gurudwara Warehousing & Food Storage hub Air Logistics hub Aviation Engg Inst. & Aviation Themed film studio Air Connectivity - Mumbai, Nagpur & Delhi Emerging Power and Cement Mfg hub Aircraft Recycling Zone Aircraft Parking Plaza MRO Hub Textile and Leather SEZs of Govt. of Italy Aviation & Aeronautical Engineering Institute

Latur

2,420

145

Yavatmal

2,100

113

Baramati

2,350

182

Osmanabad

1,200

55

Total

600

Slide 36

Cement Business Status Update

Madhya Pradesh Location Capacity Land acquired Environment Clearance(EC) Limestone Reserves Acquired Forest Clearance Rail Water Coal Linkage Financial Closure Project Cost Expected COD *District Forest Officer Satna 5.0 mtpa Yes Applied Yes Cleared by DFO*, forwarded to CCF^ Got rail transport clearance for Maihar & Gondavali Ground water NOC received & Surface water - Cleared by Jila Jal Upyog Recommended by DIPP Done ` 27.8 Bn 2012-13 ^Chief Conservator of Forest
#

Maharashtra Yavatmal 5.0 mtpa Yes Applied Yes Cleared by DCF# forwarded to CCF^ Applied for rail transport clearance Ground water & Surface Water - Applied Recommended by DIPP Underway 2013 Divisional Conservator of Forest

Target to reach 25 mn tons in next 5 years

Slide 37

Specialty Real Estate

CBD & Trade Tower

Developing a 100 storeyed Trade Tower & Business District in Hyderabad on 80 acres of land Unlimited FSI & no restriction on mix use Clear titled land : APIIC in possession of the entire land R Infra have 89% stake; 11% by APIIC Strategic location 6 kms from new international airport

SEZ
Setting-up IT/ITES SEZ at DAKC, Navi Mumbai Over 45 acres area - Initial saleable area of 4 Mn sqft BOA approved and notification process underway Complete land is in possession

Slide 38

Financial Strengths

Financials Performance
Amount In ` Bn

Standalone
Particulars Total Operating Income EBITDA Interest PAT Cash Profit EPS FY 09 98.7 17.7 3.3 11.4 13.3 49.5 FY 10 100.3 19.1 2.9 11.5 14.4 51.1 Particulars

Consolidated
FY 09 128.5 21.1 4.4 13.5 16.3 59.0 FY 10 148.7 23.5 5.3 15.2 19.4 67.4 H1FY11 78.7 12.0 2.9 7.4 9.7 30.0

Total Operating Income EBITDA Interest PAT Cash Profit EPS

Slide 40

Sound Financial Status*

Debt of ` 46.6 Bn Debt free at net level Equity infusion of ` 18.2 Bn by promoters, due to conversion of 19.6 Mn warrants into equity out of total allotment of 42.9 Mn warrants Balance Sheet Strength Particulars Networth Book Value per share Standalone ` 156 Bn Consolidated ` 216 Bn

` 635

` 880

*As on September 30, 10

Slide 41

Shareholding Pattern*
Category Promoters Insurance Co FII Mutual Funds/ Banks & FI Bodies Corporate Public Total *As on September 30, 10 No. of Shares (In Mn) 105.2 46.9 40.4 16.1 8.4 27.9 244.9 % Holding 43 19 17 7 3 11 100

R Infra has 1.5 Mn shareholders

Slide 42

To sum up

Moving Ahead.
Generation - Developing ~34,500 MW through Reliance Power Transmission - Developing 5 projects with total outlay of ` 66 Bn Distribution - Existing distribution businesses to grow at 4-5% pa Power Trading - Among top 3 private players and business growing steadily EPC Business - Healthy EPC order book of over ` 240 Bn

Largest infrastructure company in the country

Slide 44

Moving Ahead.
Infrastructure - Expanding footprint in all high growth sectors

Roads Metros: Sea Link: Airports

: 11 projects : 3 projects : 1 project : 5 projects

Cement Developing two projects of 5 Mn tons each Healthy Balance Sheet to capitalize on growth opportunities

Growth at explosive pace

Slide 45

Thank You