Adani Ports and Special Economic Zone Limited

November 2016
The Adani Group : Significant Presence In Logistic, Resources and Energy Space
Adani Ports and
Special Economic
Zone
• An integrated logistics and
port operator company in
India
• 10 strategically located
ports
• Handling 15 % of India’s
Cargo
• Mundra - A Multi product
port based SEZ
• Integrated logistics service
provider with 18 operating
Rail Rakes
• Investment grade rating
Adani
Adani
Adani Power Transmission
Enterprises
• Renewables: Commenced • India’s largest private • India’s largest electricity
worlds one of the largest thermal Power Producer transmission company
single location solar with capacity of 11,040
power plant MW • Capacity: 5,051 ckt kms
• Coal Trading & MDO • Largest Sea Water based • India’s only Private 1000
Flue Gas De-Sulfurization km HVDC transmission
• Edible Oil: “Fortune” Plant in India system for efficient
Amongst leading brand of transmission of power to
Edible Oil in India • Ranked among 100 great the state of Haryana
• places to work in India
• Others : Agro • Investment grade rating
Commodities & city gas
distribution
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APSEZ - String Of Ports With Logistics Connectivity – Providing End To End Service

String Of Ports Multipurpose Terminals Mundra SEZ

Bulk Terminals
Container Terminals

Inland Container Depot (ICDs)

Patli

Kishangarh

Mundra Kandla
Dahej
Hazira Logistics
Dhamra

Vizag

Mormugao
Kattupalli (1)
Ennore (2)

Vizhinjam (2)

Tugs Cargo
Storage Connectivity
Handling

3
Integrated Business Model – Presence Across Value Chain

Ports Logistics SEZ

• Concession assets in a supportive
regulatory environment with
commercially negotiated free
pricing
• Weighted average concession
period of 30 years
• Handling multi & Complex cargo
• Provides container rail operations
across all Indian ports; 20 years
license
• 2 Inland Container Depots providing
warehousing
• Enhancing connectivity between
ports & origin / destination of cargo
• Land bank of over 8,000 hectares
• Provide services through a blend of
land bank and port facilities
• Focus on developing industry
cluster in a transportation and
logistics hub
• Revenue from upfront premium and
recurring, annual lease rentals

And……. Having Unique Operating Model

Port
Marine Handling Storage Logistics
Development

• 17 Dredgers • 11.5 km quay • 21 cranes • 11 Silos • 311 km rail length

length • 2.9 mn sq mtrs Bulk
• 21 Tugs • 35 RTGS • 13 locomotives
• 42 berths Storage
• 102 KM Conveyors • 2 ICDs
• 0.9 mn Kl Tankages
• 17 terminals
• 36.5k container • 18 rakes
ground slots

Integrated Ports, Logistics and SEZ Business to provide End to End Solutions to Customers
4
Strategically Located Ports With Hinterland Connectivity

Close Proximity to Key Trade Routes Multi-Modal Hinterland Connectivity

• Connectivity to the national railway grid connectivity
Rail • Developed > 300 KM of Private rail lines
• Incremental Rail lines developed under JVs with Indian railway
Adani Ports – India’s Destination Ports
• Developed private road network
Road • Direct connectivity to national and state highways

• Link between Mundra and inland refineries

• GAIL to construct 2,539 km Jagdishpur - Haidia and Bokaro - Dhamra
Pipeline Gas Pipeline 1

Further Enhanced through Proximity to DMIC / DFC

DMIC Influence Area

Dedicated Freight Corridor (DFC)

Mundra / Dhamra – New Delhi

Well Positioned to Connect India to Global Trade

5
Continuous Evolution With Strong Customer Base

Diverse Cargo Mix Geographical Advantage Incremental volume

growth drivers

Bulk & Break Bulk Hinterland access Across Indian

Coastline:
Crude Oil
– West: Mundra, Kandla, Dahej, Containers, Trans-shipment
Containers Hazira, Goa
LNG / LPG – East: Dhamra, Vizag,
– South: Ennore, Vizhinjam,
Automobiles
Kattupalli
Coastal shipping

Bulk Crude Container

Diversifying Customers & Location Long-term Off-takers Partnership Model

Rising coking coal imports

Global Leaders - Our Partners:

Exclusive contracts for crude

oil
Power

Mundra Mundra At Hazira

Port CT 1 Port CT 3 Port Agri Products, Timber,
fertilizers, steel, iron ore etc

6
Successful Turnaround: A Testimony to APSEZ’s Operational Skills

Dhamra Port – A Turnaround Story

 Acquired in 2014 from Tata Steel & Larsen & Toubro Ltd
 Integrated and turned around from a loss making entity to profit generation in first year
 Over all turn-around
 Enhanced operating efficiency by reducing operating costs and diversifying cargo mix

…….Demonstrated Integrated Business Model

Manufacturing Warehousing Transportation The Last Mile Export-Import

APSEZ’s private Cars exported;

Manufacturing Cars handed over Cars transported
rail link (Mundra) parts imported
facility in to APSEZ at its by APSEZ’s
transports from and sent back
Manesar Patli ICD (North container rail to
national network using the same
(North India) India) Mundra
to the port chain

7
Mundra SEZ – Growth Driver For EXIM Cargo
Free Trade Warehousing Zone with Strong Competitive Advantages Presence of Diversified Industry Clusters

Large Land Bank • > 8000 hectares of contiguous land with all approvals

Automobile Agricultural
• Power availability: Mundra power plant Oil & Gas Assembly Commodities

One Stop Business • Water treatment plant, de-salination plant

Support Services
• Connectivity: Mundra port (proximity to global trade routes),
connectivity to road and rail network, airport
Heavy
• School, Hospital, Supermarkets, Others Chemicals Engineering Logistics
Social Infrastructure
• Enables development of industrial townships

Port led SEZ development: Proven Track Record of Execution with High Growth Visibility

• Preferred Port of Call and Container hub for global liners

2014 2015 2016 Future
• Diversified Revenues

• Upfront: Land lease premium, Sale of port assets Mundra Solar

Technopark
• Recurring : Lease rentals, Revenue Share, Marine, Handling
and Evacuation Income

High Quality Client Base Visibility of Contracts

Annuity Revenue Model with Predictable Cash Flows helping Port Revenues with Minimal Incremental Capex
8
Logistics – An End to End Logistic Service Provider

• Two ICD’s at Patli (Haryana)and Kishangarh (Rajasthan) Strategic

partnership at Loni, Bawal and Wardha.

• ICD at Kila-Raipur (Punjab) will be commissioned in Jan 2017.

• ICD Patli - The largest private ICD in the country for Container
Volume.

• ALL: In volume terms is India's largest private rail operator. Operating

18 Rail rakes.

• Expanded capabilities to offer Warehousing and End-to-End supply

chain solutions to clients namely - Maruti Suzuki, Honda, Toyota
Tsusho, Hanko, Hero Motors, Aditya Birla and many more.

9
Key Differentiators …...

Operating under Stable & supportive regulatory framework since last 25 years
helps in creating Large infrastructure and allied projects

Proven track record - Executed greenfield & brownfield expansions /

acquisitions

Operating Efficiency: Mechanized operations, technologically

Adani Ports integrated model leading to low-cost operations
&
Special Economic
Zone Mitigating risk through diversification of cargo, geographical
expansion and multiple services to clients

SEZ: Port Led SEZ development with high growth visibility

Enhancing customer experience through logistics support

10
Leading To Higher Capacity , Faster Growth With High Profitability

1
FY16
FY06

1
Capacity 10 35x 335
MMT MMT

Assets 2086 13x 39361

(Rs in cr)

Port

Ports

From Single Ports In West to Multi Ports

Rs in Crores Rs in Crores Rs in Crores

Cargo Volumes FY06 FY 16
200 500 8000 7256
152 385
400
150 6000
4650
300 235
100 4000
200
50 100 2000
12
0 0 0
FY06 FY 16 EBITDA Revenue EBITDA Revenue

11
Outlook & Growth Strategy
12
Ports Sector – Benefits From Strong Demand & Government Initiatives

Growing Policy
Innovation
Demand Support

National Maritime
Increasing Trade Expanding
Development
Activities in Development &
Programme &
Container Traffic distribution facilities
National Maritime
in India
Agenda

Rising Demand for FDI of upto 100%

Agro & Other Bulk under automatic Use of Modern
Commodities route technology

Tariff at non-major
Growing Crude and private ports are Providing Support to
Imports by the based on free- Global Projects from
Country market pricing India

13
Ports Sector – National Maritime Agenda 2010 - 2020

Focus on Increasing Capacity :

To create a port capacity of around 3200 MT to handle the expected traffic of about 2500 MT by 2020

Increasing Investments :
Proposed Investments in major ports(Government Owned ) by 2020 are expected to total USD 18.6 billion, while those in non –
major ports(Private sector) would be USD 28.5 billion

Creating World Class Infrastructure :

To implement full mechanism of cargo handling and movement of ports, thereby bringing Indian ports on par with best
international ports in terms of performance & capacity

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India’s Cargo Volume – Set To Accelerate Manifold
10% 2%
Commodity wise
CAGR (2016-25) (%) 83 2,160
11% 804
323

1,072 200
1,377
123
573

377 460

2016 Containers Bulk Crude 2025

Our Capacities ……Ready to Capture incremental cargo growth

Adani Ports & 6.7mn 201 50
SEZ Capacities TEUs MMT MMT

• 4 container • Mechanized coal • 2 operational

terminals at handling offshore single
Mundra, one point mooring
each at Hazira & facilities
Kattupalli • All our Ports •
equipped to • Long Term
• Ennore & handle coal Contracts with
Vizhinjam under cargo three petroleum /
construction POL companies

APSEZ has Strong Market Positioning and Diversified Asset Base to Leverage India’s Growing Trade
Note: 15
1. Sagarmala, National Perspective Plan (April 2016), Ministry of Shipping
APSEZ Focusing On Its Continued Outperformance ….
Non Major Ports Excluding Adani Adani Ports
Major Ports – Under Purview of Ports
Central Govt 330

620
720
CAGR of 2%
606
581
560 546 555 CAGR of 3%
CAGR of 23%
327 323 151
287 296 304 144
112
90
66
CAGR CAGR CAGR
0f 0f 0f
4% 14% 17%

2012 2013 2014 2015 2016 2021E 2012 2013 2014 2015 2016 2021E 2012 2013 2014 2015 2016 2021E

Note: All Figures in Million Metric Ton(MMT)

Major & Non Major Ports Estimates are based on Industry Analysis & CAGR of past 10 years

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Economy of Indian Maritime Industry

1.6x rise in all India Cargo Traffic by 2021 Leading to 1.9x rise in
APSEZ Cargo Handling
2000

1760
(Mn MT)
1750
At 1.5x multiplier to GDP
1500 (pre-crisis 1.6x), all India
 cargo growth will clock
12.9% to 1760 Mn MT by
1080

1250
1052

2021.

1000

750 On organic basis, APSEZ

will handle 282 Mn MT
 Cargo by 2021 with 1.15x
500
FY15 FY16 FY17E FY18E FY19E FY20E FY21E
market share gains.

Real GDP 7.2 7.6 7.8 7.9 8.1 8.5 8.9

APSEZ will meet its

GDP 1.1 0.3 0.9 1.2 1.3 1.4 1.5
multiplier
target of 330 Mn MT
 with diversifying cargo
Cargo 8.2 2.6 7.0 9.1 10.5 11.9 12.9 mix and addition of
growth LPG/LNG products

Note:
17
1. Numbers have been arrived at using weighted averages using bulk and container percentages and average turnaround time as per Maritime Agenda 2020.
2. Numbers have been arrived at using weighted averages using bulk and container percentages and average pre berthing / waiting time as per Maritime Agenda 2020.
Strong Operating and Financial Performance

Revenues CAGR of 15%

Rs in Crores
EBITDA CAGR of 17%
Rs in Crores

8000 7256 4650

5000
7000 6152 3903
6000 4000
4830
5000 2919
3000
4000
3000 2000
2000
1000
1000
0 0
FY 14 FY 15 FY 16 FY 14 FY 15 FY 16

INR
PAT Rs in Crores EPS
CAGR of 12%
16
3500 CAGR of 18% 13.72
14
2867
3000
12 10.55
2500 2314 9.8
10
2000 1740 8
1500 6
1000 4
500 2
0 0
FY 14 FY 15 FY 16 FY 14 FY 15 FY 16

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Strong Operating Metrics Compared to Peers

Revenue Growth (3yr CAGR) EBITDA Margin (LTM) Return on Assets (LTM) 1 Adjusted FCF Margin 2 (FY16)

APSEZ APSEZ APSEZ Hutchison PT

31.6% 65.3% 9.6% 39.5%
(Baa3/BBB-/BBB-) (Baa3/BBB-/BBB-) (Baa3/BBB-/BBB-) (A3/A-/A-)

Pelindo II Hutchison PT SIPG APSEZ

12.4% 60.8% 7.8% 31.7%
(Baa3/BB+/BBB-) (A3/A-/A-) (A1/A+/-) (Baa3/BBB-/BBB-)

DP World DP World PSA International China Merchant

9.0% 49.6% 7.5% 20.1%
(Baa2/-/BBB) (Baa2/-/BBB) (Aa1/AA/-) (Baa1/BBB+/-)

Asciano PSA International DP World Asciano

3.6% 45.9% 5.7% 16.9%
(Baa3/BBB-/-) (Aa1/AA/-) (Baa2/-/BBB) (Baa3/BBB-/-)

SIPG 1.5% China Merchant Pelindo II 4.3% DP World 2.6%

(A1/A+/-) 45.4% (Baa2/-/BBB)
(Baa1/BBB+/-) (Baa3/BB+/BBB-)

Hutchison PT SIPG Asciano SIPG

0.3% 34.6% 4.3% (1.2%)
(A3/A-/A-) (A1/A+/-) (Baa3/BBB-/-) (A1/A+/-)

PSA International (0.02%) Pelindo II China Merchant PSA International

32.3% 3.6% 0.0%
(Aa1/AA/-) (Baa3/BB+/BBB-) (Baa1/BBB+/-) (Aa1/AA/-)

China Merchant Asciano Hutchison PT Pelindo II

(9.3%) 27.0% 2.8% 0.0%
(Baa1/BBB+/-) (Baa3/BBB-/-) (A3/A-/A-) (Baa3/BB+/BBB-)

Note: Financials for comparable companies are on Last Twelve Month (LTM) basis as on 30th June 2016 for DP World, Hutchison PT and China Merchants and; 31st December 2015 for SIPG,
Asciano, Pelindo II and PSA International. LTM data for APSEZ as on 30th Sept 2016.
Source: Audited financials as per each of the above companies’ publicly available rating reports.
19
Note: Ratings in the sequence of Moody’s / S&P / Fitch.
1. ROA: Profit After Tax / Average Total Assets. Earnings Before Interest and Taxes = Revenue from Operations – Total Expenses (excluding finance costs and tax expenses).
2. Adjusted FCF Margin = Adjusted FCF / Sales
Experienced Senior Management Team

Experienced Leaders and Proven Senior Management Team

Karan Adani B. Ravi Capt. Ummesh Abhyankar

CEO CFO Joint President (CEO’s Office)

• Joined APSEZ in 2009 • Joined APSEZ in 2009 • Joined APSEZ in 2005

• Responsible for strategic development of • Involved with accounting, business • Responsible for business reviews, analysis,
the Group and overlooks day to day management, strategy and planning, M&A, innovation and excellence
operations debt restructuring, etc.

Sarthak Behuria Capt. Sandeep Mehta G. J. Rao

Executive Director (CEO’s office) (1) President (Business Development) Director (Ports) (1)

• Joined APSEZ in 2016 • Joined APSEZ in 2005 • Joined APSEZ in 2012

• Prior experience as Chairman in IOCL and • Responsible for business development • In-charge of port operations and
BPCL maintenance, business development and
marketing

Port – Wise Management Team

Ennarusu Karunesan Subrat Tripathy Capt. Anil Kishore Singh

CEO (Mundra and Tuna) CEO (Dhamra) CEO (Hazira and Dahej)

• Joined APSEZ in 2015 • Joined APSEZ in 2014 • Joined APSEZ in 2010

• Over 26 years of experience in managing • 24 years of experience in operations of • Over 33 years of experience in marine
ports and container terminals railway, port connectivity projects and port operations and pilotage
management

Santosh Kumar Mohapatra Amit Uplenchwar Anil Radhakrishnan

CEO (Vizhinjam) President, SEZ CEO (Logistics)

• Joined APSEZ in 2014 • Joined APSEZ in 2013 • Joined APSEZ in 2014

• Former IAS officer and served in senior • Over 16 years of international and cross • Over 21 years of experience in senior
positions in the Government and public functional experience management roles in shipping, logistics,
sector supply chain and consumer

Asset Level Leadership with Strong Technical and Managerial Expertise and Experience
Note: 20
(1) Non-board position.
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Sustainability Report and CSR Activities

Sustainability CSR Activities

Corporate Governance Community Health
• Clear & effective Corporate governance mechanism • Teaching sanitation in rural areas

• Utmost importance to transparency • HIV / AIDS awareness campaign

• Mobile dispensary
Compliance Management System
• Immunization for kids
• Well structured IT-enabled compliance
management system Education
• Underprivileged Children
Stakeholder Engagement • Girl Child Education
• Helps understand and address the
• Training volunteers for teaching
concerns of stakeholders in a Environment
Economic
systematic & structured manner Labour Practices • Adani Vidyamandir
Human Rights
Society Rural Infrastructure Development
Sustainability Governance Product Responsibility
Common Aspects • Pond deepening
• Established strong internal Not Relevant

mechanism for implementation, • Check dam construction

monitoring and review
• Village drainage system
Environmental Protection • Roads, drinking water, power, etc
• Energy and Emissions
Livelihood Development
• Water Management • Vocational training
• Waste Management • Cattle vaccination and Animal Husbandry

• Fostering of Environment • Skill gradation

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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 Ports and Special Economic Zone Limited (“APSEZL”),the future outlook
and growth prospects, and future developments of the business and the 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 APSEZL'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 APSEZL.

APSEZL, 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. APSEZL 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. APSEZL 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 APSEZL.

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.

22
Notes
• Twenty Equivalent Units (TEU) is a standard measure of containers which are 20 feet in length and 8 feet in width; the height
can vary

• Cargo traffic includes both loading (export) and unloading (imports) of goods

• Draft is the vertical distance between waterline and the bottom of the ship. It determines the depth of water a ship or boat can
safely navigate. Higher capacity ships will need higher draft, hence ports with higher natural draft will attract bigger Ships

• Waterfront availability is the length of the water line on the coast where ships can rest and the goods are unloaded. Longer
waterfront lengths reduce waiting time and help raise capacity

• Quay Length : A structure of solid construction along a shore or bank that provides berthing and generally provides cargo-
handling facilities. A similar facility of open construction is called a wharf

• Terminals are certain sections of the ports where different types of cargo are unloaded

• A tug (tugboat) is a boat or ship that manoeuvres vessels by pushing or towing them.

• Dredging is an excavation activity usually carried out underwater, in shallow seas or freshwater areas with the purpose of
gathering up bottom sediments and disposing of them at a different location. This technique is often used to keep waterways
navigable

• A berth is a designated location in a port or harbour used for mooring vessels when they are not at sea.

• Terminals are certain sections of the ports where different types of cargo are unloaded

• Draft is the vertical distance between waterline and the bottom of the ship. It determines the depth of water a ship or boat can
safely navigate. Higher capacity ships will need higher draft, hence ports with higher natural draft will attract bigger ships

23
Glossary

• DMIC: Delhi Mumbai Industrial Corridor

• DFC: Dedicated Freight Corridor

• ICD: Inland Container Depot

• ALL : Adani Logistics Ltd

• SEZ: Special Economic Zone

• USD : US Dollar

• MMT: Million Metric Tonnes

• CAGR: Compounded Annual Growth Rate

• MDO : Mine Developer – Cum - Operator

24