1. Gujarat Ambuja Cements Limited Wednesday, November 1, 2006

2. Contents Industry Highlights Demand Drivers Gujarat Ambuja Cements Limited – An Overview Key Financials - Quarterly Results & YTD Consolidated Results (YTD) Sales Volume Sales Realisation Direct cost of Production Peers Quarterly Performance Future Growth Plans Status on the merger of ACEL

3. Industry Highlights 1

4. Cement Industry – At a Glance Cement Capacity 164.7 Mil.T. (As of Sep-06) Clinker Production 118.4 Mil.T. (2006 Est.) Cement Production 151.4 Mil.T. (2006 Est.) YOY Growth 3.0% 10.1% 10.8% 2.8% Cement Demand (Domestic) 144.3 Mil.T. (2006 Est.) 2

5. Rising Capacity Utilisation 3 79.56 79.24 77.00 85.10 85.07 78.19 80.63 80.92 83.60 87.64 92.82 0 20 40 60 80 100 120 140 160 180 19961997199819992000200120022003200420052006 mn. tonnes 0 10 20 30 40 50 60 70 80 90 100 Capacity installedCement ProductionCapacity utilisation (%)

6. Industry Highlights (Jan – Sept 2006) * Growth rate 3% 12% 4 101.20 101.39 85.44 113.24 113.55 88.79 Clinker ProductionCement ProductionCement Despatches 2005 2006 12%

7. Demand Drivers 5

8.  Development of New Urban Cities  Hedge against Inflation - Property  Increasing Housing Mortgage Penetration  Retail Sector Development – Malls & Multiplexes  Growth in IT / IT Enabled Services  Emphasis on Infrastructure Demand Drivers Increased Construction will lead to higher cement demand 6

9.  Demand expected to grow by over 10%, on a back of strong GDP growth  Fresh Supply is limited in the near future  Demand to outstrip supply.  Consolidation drive has changed the face of industry. The way forward Result – Prices to remain Firm 7

10. Gujarat Ambuja Cements Limited – An Overview 8

11. HP Gujarat Rajasthan Chattisgarh WB Maharashtra Punjab Substantial Presence in West & North India Cement Plant Grinding Station Terminal Port Clinker Capacity Cement Capacity Western India Northern India Eastern India 7.0 4.1 1.4 8.0 6.0 2.0 Total Capacity12.516.0 Our Operations (Post Merger with ACEL) 9 Mn. Tonnes

12. Gujarat Ambuja Cements Limited 10  Capacity built up from 0.7 mn. Tonnes in 1986 to 16.0 mn. Tonnes today (including acquisitions).  Sea transportation of bulk cement from Gujarat to 3 terminal ports at Surat, Mumbai & Sri Lanka.  A captive port at Muldwarka (Gujarat) for inward / outward movement of goods.

13.  Captive Infrastructure: Ports & Power Plants  Presence in the growing markets of North & West  Retail Focus – Premium pricing  Largest Exporter of cement  35% Cement transport by sea - Cheapest Mode  One of the Lowest Cost Cement Producer Our Strategy 11

14.  7 Owned Cement Ships for transporting Cement by Sea.  Port at Muldwarka (Gujarat) to handle import/export of material.  3 Cement receiving terminals.  Over 250 MW of Captive Power Plants at various cement plants to give reliable and cheap power. Own Infrastructure 12

15.  India - A bagged market  Individual home builder - key driver of demand Our focus :  Best quality cement  Good packaging  Logistic management - strong distribution network  Customer service Ambuja Cement - A preferred brand - Fetching higher realisation Strong Brand 13

16. Key Financials (Standalone) 14

17. Key Financials – Latest Quarter (July – Sept 2006) Rs. Crores 15

18. GACL standalone (YTD) Rs. Crores 16

19. Consolidated Results (YTD) 17

20. Consolidated Results (YTD) 18 Rs. Crores

21. Sales Volume 19

22. Sales Volume (Including ACEL) Mn. Tonnes 20

23. Sales Realisation 21

24. Sales Realisation 22 Rs. per 50 Kg Bag Mumbai 217214193172171 Ahmedabad 193188167155152 Delhi 201202178156 Jaipur 178174162144138 Kolkatta 194192178171172 Sep-06 Jun-06Mar-06Dec-05Sep-05

25. Direct cost of Production 23

26. Direct cost of Production 848 804 24

27. Peers Quarterly Performance (July - Sept 2006) 25

28. Peers Quarterly Performance (July – Sept 2006) 26

29. Future Growth Plans 27

30. Future Growth Plans Projects Expected Year of completion 60 MW Power plant at Ambujanagar Phase I Phase II Expansion at Rabriyawas – 0.5mn. Tonnes clinker Grinding station at: Farraka - 1 mn. Tonnes Roorkie - 1 mn. Tonnes 2.3 mn. Tonnes clinkerisation plant at Chattisgarh Power plants of 81 MW at various locations 1 st Quarter 2007 2 nd Quarter 2007 June, 2007 January 2007 March 2007 December, 2008 Total Capital Outlay of Rs. 1600 Crores 28

31. Status on the Merger of ACEL 29

32. Status on the Merger of ACEL  Scheme of Arrangement filed with High Courts  Shareholder’s & Creditor’s meeting completed.  Process expected to be completed by end of November 2006 30

33. * Includes indirect holding of approx. 10% through Ambuja Cement India Private Limited Our Shareholders ( Post Merger ) 31

34. Cement…  A Growth Story  A Proxy on Indian Economy  A business with least challenges  Industry at Maturity Levels Synopsis Ambuja the Most Profitable Cement Play With Growth and Value 32

35. Thank You 33