Corporate Presentation - NELP Roadshow Building an E&P Business in India NELP VII Roadshow

07S1673KG00 Corporate Presentation – NELP Roadshow Cairn in India DELHI INDIA NEPAL DHAKA BANGLADESH KATHMANDU VISION  India is prospective for hydrocarbons  Rapidly growing energy markets  Favourable investment climate FOCUS  Sustained investment and re-investment in the region for more than a decade  Rajasthan – new world-class oil province established EDGE  Knowledge / Expertise / Relationships  Consistent strategy and material acreage position  Partnership with Indian stakeholders 3

07S1673KG00 Corporate Presentation – NELP Roadshow Track Record of Discoveries Oil and Gas Found Every Year Since 1998 More than 40 discoveries to date Rajasthan - NE, NI-north, NP, Shakti North East, Kameshwari West-2 & -3, Barmer Hill reservoir in Mangala & Aishwariya. KG Deepwater – W-1, E-1 and ultra-deep water UD Rajasthan - NI, Vijaya & Vandana, NC-West, GSV-1, Bhagyam South and NR4; KG Deepwater: U-1, A-1 and D Rajasthan - Mangala, Aishwariya, Shakti, Bhagyam2004 Rajasthan – Kameshwari, Cambay – CB-X2003 Rajasthan – Guda extension, Raageshwari2002 KG Deepwater discoveries - Annapurna, Padmavati, Kanaka Durga and ‘DWN-N’ & Rajasthan – Saraswati 2001 Cambay discoveries - Lakshmi, Gauri, Ambe2000 Rajasthan - Guda1999 Ravva satellite gas discoveries - RD5, RG & RH1998 Rajasthan – Saraswati Crest-1, Kameshwari West-6; Ravva - RX-10 and RX

07S1673KG00 Corporate Presentation – NELP Roadshow Overview of Assets RJ-ON-90/1 RAVVA Gross Production 60,450 boepd* Gross Production 13,190 boepd* Gross production target ~150,000 bopd Cambay (CB/OS-2) Cairn (Operator)40% ONGC50% Tata10% Ravva Cairn (Operator)22.5% ONGC40% Videocon25% Ravva Oil12.5% Rajasthan – Exploration (RJ-ON-90/1) Cairn (Operator)100% Rajasthan – Development Cairn (Operator)70% ONGC30%  14 blocks, 2 producing: Ravva and CB/OS-2  Operated gross field production 73,640 boepd (working interest 18,771 boepd)  11 offshore platforms and 2 processing plants  Rajasthan block under development  Exploration ongoing in all blocks except CB/OS-2  5 operated *Note : 2007 figures CB/OS-2 5

07S1673KG00 Corporate Presentation – NELP Roadshow Unique Skill Set Development Fast track development  Lakshmi gas field discovery in May 2000 and first gas by October 2002  Ravva developed from a 3,700bopd field to 35,000 bopd field in 26 months  Rajasthan field development plan (FDP) approved within 30 months from discovery Fast track development  Lakshmi gas field discovery in May 2000 and first gas by October 2002  Ravva developed from a 3,700bopd field to 35,000 bopd field in 26 months  Rajasthan field development plan (FDP) approved within 30 months from discovery Exploration More than 40 hydrocarbon discoveries  Onshore  Offshore  Deep  Shallow More than 40 hydrocarbon discoveries  Onshore  Offshore  Deep  Shallow Production  Operates the largest producing fields in Indian Private Sector  Field direct opex of Ravva and CB/OS-2 is around $2/boe  Pioneer in India for use of the latest technologies to extend production life  Operates the largest producing fields in Indian Private Sector  Field direct opex of Ravva and CB/OS-2 is around $2/boe  Pioneer in India for use of the latest technologies to extend production life  Gas sales contract with public and private buyers  Oil sales to four major refineries across India  Efficient sales management of more than $1.6 bn gross annual revenues in 2007  Gas sales contract with public and private buyers  Oil sales to four major refineries across India  Efficient sales management of more than $1.6 bn gross annual revenues in 2007 Sales Strong operating track record across all aspects of E&P activities 6

07S1673KG00 Corporate Presentation – NELP Roadshow Cairn India – World Class Resource Base bn boe Note :GHIIP: Gross Hydrocarbons Initially in place * Have already recovered 230 mmboe from Ravva and 29 mmboe from CB/OS-2 at 31/12/ Ravva, Cambay & KG-DWN* GHIIP Rajasthan Field GHIIP Under Development Rajasthan Other Fields GHIIP Exploration Potential  14 blocks  Gross prospective unrisked potential > 1.5 bnboe (Net 360 mmboe)* *D&M estimates at time of IPO 7

07S1673KG00 Corporate Presentation – NELP Roadshow Delivering Strong Production Growth Net (WI) Projected Production  Maximise and sustain production from current operational assets  Execute Main Rajasthan developments  Optimise further growth potential in Rajasthan through EOR, Barmer Hill, gas and smaller fields  Future exploration growth across all Indian interests  Plateau extension through current successful infill well drilling programme boepd 19,482* ~115,000 GasOil Q3 07 * Working Interest % 7% 66% 34% 8

07S1673KG00 Corporate Presentation – NELP Roadshow  Resource base : > 3.6 billion boe  4 fields approved for development including Mangala and Aishwariya  Declaration of Commerciality for Northern Appraisal Area  First Oil in 2009  Mangala revised STOIIP- potential plateau production ~125,000 bopd  Bhagyam FDP plateau 40,000 bopd – approval pending  Aishwariya FDP approved plateau 10,000 bopd  EOR ~200 mmbbls 2C Resources - potential for further production increase  EOR pilot planned for 2009  Potential to produce ~20% domestic crude Rajasthan – Developing a World Class Basin 9

07S1673KG00 Corporate Presentation – NELP Roadshow Continuing Application of Technology DoC (June 2004)DoC (Aug. 2004) Update FDP (Oct. 2005)Dec 2007 Mangala STOIIP mmbbls P90=242 P10=1336 P50=1071 P50=829 P50=956 P50=1293 P10=1166 P90=1091 P10=1599 IPO Dec 2006 P50=1202 P90=819 P90=772 P90 -20% 2D Seismic, PHIE, SWE ( 2 Wells ) Post STM 3D Seismic, PHIE, SWE ( 7 Wells ) Pre STM 3D Seismic, PHIE, SWT, DS Data ( 9 Wells ) Post STM 3D Seismic, PHIE, SWE, DS Data ( 7 Wells ) Additional 2D Seismic, PHIE, SWE ( 7 Wells ) P10 +20%  Dec 2007: Mangala reserves update submitted to DGH 10

07S1673KG00 Corporate Presentation – NELP Roadshow  Laboratory Core Flood Experiments completed for Mangala and Bhagyam  Polymer Flood  Alkali-Surfactant-Polymer (ASP) Flood  Chemical Flood Simulation studies for Mangala underway  Significant addition of reserves  Potential for increased offtake and plateau extension  Reduced water production and injection  Techno-Economics  Robust under wide range of costs & oil price  Forward plan  ASP field pilot during Top Figure: Demonstrates sweep/displacement efficiency obtained during scaled sector simulation modeling for Mangala waterflood and ASP processes. Bottom Figure: Sector modeling results have been upscaled to estimate full-field chemical flood (Polymer and ASP) recoveries. Maximising Recovery by Application of EOR ASP Water Flood Polymer ASP Polymer Water Flood Production Rate Recovery %

07S1673KG00 Corporate Presentation – NELP Roadshow Mundra Salaya Viramgam Jamnagar Gujarat Rajasthan Mangala DELHI Panipat Mathura Mangala to Salaya 585 km Mangala to Viramgam 325 km Kandla Kot Refinery Existing Pipelines Pipeline Route Koyali Tankers to Coastal Refineries Bhatinda Rajasthan Development Concept Low risk development  Known technology  Shallow depths Reservoir connectivity  Good reservoir quality  High sand content with little faulting  Well interference tests Sustain deliverability  Artificial lift  EOR opportunity Flow assurance  Hot water injection  Hot water jet pumps  <25 wells to first oil  Rigs under contract  Fluid handling capacity 12

07S1673KG00 Corporate Presentation – NELP Roadshow Rajasthan Project Alignment  Target sustainable production >150,000bopd  $50-60bn gross revenues at current prices*  Significant value creation for Government of India and Rajasthan State RAJASTHAN STATE Government of India Fast Project Maximum Volumes Highest Price Note : *889mmboe gross resources at US$60 - US$70/bbl PRIZE + 13

07S1673KG00 Corporate Presentation – NELP Roadshow Exploration Investment Highlights  Cairn US$ 1.1 billion (gross) 0.74 billion (net) in exploration since 1994  World class resource base from successful exploration:  1994: 101 mmboe gross 2P reserves – initial Ravva reserves  2006: 1,167 mmboe gross 2P reserves & contingent resources  Produced >226 mmboe since 1994  More than 40 oil and gas discoveries in India - 3 “landmark” discoveries:  Lakshmi Gas field in Cambay  Annapurna Gas field - Deepwater KG Basin – 2001  Mangala Oil Field - Rajasthan – 2004  Drilled >180 exploration & appraisal wells, acquired > 17,650 km 2D and > 6,750 km 2 3D seismic  Participated in all New Exploration Licensing Policy (NELP) rounds  Exploring in 14 Blocks across India, covering full range of risk and potential resource impact 14

07S1673KG00 Corporate Presentation – NELP Roadshow Exploration Strategy  Focus on India – Replace Production – Early Entry – Significant Equity and Acreage  Focus on both mature and frontier/relatively unexplored areas  Operatorship Onshore and Shallow Water – Selective Partnerships with Edge  Maintain balanced portfolio of risk, reward and exposure  Acreage access via license round, farm-in/strategic alliances/cross- assignment, asset purchase and corporate purchase 15

07S1673KG00 Corporate Presentation – NELP Roadshow Summary of Recent & Forthcoming Exploration Activity RJ-ONN-2003/1 Acquired 3D Drilling expected 2008 GS-OSN-2003/1 Acquired 500 km2 3D and entered 2nd Exploration Period VN-ONN-2003/1 2D seismic expected in 2008 RJ-ON-90/1 220 km2 3D and 6 wells in 2007, further drilling Q GV-ONN-97/1 Spud of final commitment well in Dec 2007 GV-ONN-2003/1 2D seismic in 2008 GV-ONN-2002/1 500 Km 2D Seismic acquired in Drilling 2008 RAVVA Drilled 2 wells Appraisal drilling Q KG-DWN-98/2 UD discovery Q plus 2 exploration wells in Appraisal plan in preparation; drilling and 3D seismic in 2008/09 KG-ONN-2003/1 Seismic 2D & 3D planned in 2008 KK-DWN-2004/1 2D programme expected in 2008 PR-OSN-2004/1 2D programme planned for 2008 Exploration Activity: 13 wells, 4 seismic programmes 3 wells from early 2008 CB-ONN-2002/1 16

07S1673KG00 Corporate Presentation – NELP Roadshow Cairn India …Well Placed For Future Growth  First Oil from Mangala on schedule for 2009  Five fold production increase by 2010  Ongoing cash flow from current operations in Ravva and Cambay Basin  Established resource base  EOR potential for recovery increase and plateau extension  Further exploration opportunities 17