1. Adani Power Ltd. IPO meet key takeaways 21 July 2009

2. The facts… Prior issue shares outstanding: 1,878.38 mln Face value: Rs. 10 Public issue: 293.65 mln Employee reservation: 8 mln Post issue shares outstanding: 2,180.04 mln Likely price band: Rs 90 – 100 Aggregating to: Rs 26,429 – 29365 mln Pre-IPO issue: 9.14 mln @ Rs 81.42

3. The story… Project detailsMundra I and IIMundra IIIMundra IV Tiroda, Maharashtra Capacity (MW)1320 1980 Estimated cost (Rs. mln)43500579608960092630 Per MW cost (Rs. mln)33444547 PPA details (MW) 1000 MW with Gujarat SEB 1424 MW with Haryana SEBs 1320 MW with Maharashtra SEB PPA rate (Rs.) 2.81/kWh for the first year to Rs. 3.42/kWh in the 25th year Fixed rate of Rs 2.35/kWh Tariff range from Rs 2.35/kWh to 3.26/kWh 2.55/kWh for the first year to Rs. 3.47/kWh in the 25th year Merchant power capacity320 556660 PPA commissioning timelineFeb' 10Jun' 11Apr' 12

4. The story… Planned capacity addition (MW)

5. The story… Projects in planning stage (post 2012) ProjectsKawaiDahejTotal Capacity (MW)1,3201,9803,300 Project cost (Rs mln)58,89088,810147,700 Per MW cost (Rs mln)45 89 LocationRajasthanGujarat

6. The strategy… Vertical integration Coal transportation through parent shipping company Fuel tied up until FY2022

7. Related to peers…my part FY10FY11FY12 Capacity (MW) NTPC30,83033,36037,440 Reliance Power6001,5004,140 Adani Power1,3201,9803,300 Price/Book NTPC2.62.42.2 Reliance Power2.92.72.5 Adani Power2.92.62.4  Based on Rs 90, NTPC appears cheaper on relative basis  Also Adani Power carry the execution risk  Play for listing gains