Investor Presentation

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1 Investor Presentation December

2 Overview of Jaypee Group 2

3 Corporate Structure Jaiprakash Associates Limited (JAL) E&C Cement MTPA Real Estate & Hospitality Listed company BOO Power 60.72% Cement Infrastructure Jaiprakash Power Ventures Ltd (JPVL) 400 MW Vishnuprayag HEP # 500 MW Bina TPP # 1,320 MW Nigrie TPP (UI) $ 74% Bhilai SAIL JV 2.2 MTPA # 71.64% Jaypee Infratech Limited (JIL) # 165 Km long expressway with 443 mn sq ft Real Estate Development (Yamuna Expressway) 99% 86% 74% Himachal Baspa Power Co. Jaypee Cement 300 MW Baspa II HEP # Corporation Limited 1000 MW Karcham Wangtoo HEP # Balaji Cement Prayagraj Power Generation Co. Ltd.(1) 1980 MW Bara TPP 1980 MW (UI)* Jaypee Powergrid Limited 214 KM Long Transmission System # (5 MTPA) # Himalayan Expressway Limited # (NHAI BOOT Project) Jaypee Sports Int l Limited. (Formula-1) # 3 SPVs for executing an aggregate capacity of 5900 MW Jaypee Fertilizers & Industries Limited (JFIL) # (Fertilizer Plant at Projects under transfer to new entities through Scheme of Arrangement (1) JAL has a right to subscribe up to 26% equity in this project Projects where disinvestment recently announced Market Cap. (02 nd Dec 14) JAL INR Bn (USD 1.21 Bn); JPVL INR Bn (USD 0.64 Bn) ; JIL INR Bn (USD 0.48 Bn) $ 660 MW Unit-I COD on 3rd Sept, 14 * UI - Under Implementation # In Operation 3

4 Demonstrated Execution Capability of JAL Completed HEPs Generating 9840 MW between JAL is the leader in the construction of multi-purpose river valley and hydropower projects and has been involved in construction of major engineering projects over the last 4 decades Dulhasti 390 MW Baspa-II* 300 MW Chamera II** 300 MW Baghalihar I ** 450MW Vishnuprayag* 400 MW Tehri 1,000 MW Karcham Wangtoo 1000 MW Nathpa Jhakri 1,500 MW BHUTAN Teesta 510 MW PROUD TO PARTICIPATE IN: Largest Concrete Dam in India Sardar Sarovar Largest Rockfill Dam in India Tehri Sardar Sarovar 1,450 MW Omkareshwar** 520 MW Indira Sagar 1,000 MW B A Y O F B E N G A L Tala 1,020 MW Largest Underground Powerhouse in India Natpha-Jhakri Second Largest Surface Powerhouse in India Indira-Sagar *BOO projects **EPC contracts Projects completed between

5 JPVL s Business Overview 5

6 Power Capacity in Operation/ Under Advanced Stages of Implementation S.N. Project State Fuel Capacity (MW) PPA (MW) Merchant (MW) Equipment Supplier VER / CER Current Capacity 1. Baspa-II H.P. Hydro VA Tech (Austria), Voith (Germany), Alstom (France) 1.00 Mn VERs 2. Karcham Wangtoo H.P. Hydro 1, # 296 VA Tech (Austria), Voith (Germany), Areva (France) 3.35 Mn CERs Sub Total (Divested Assets) 1,300 1, Vishnuprayag U.K. Hydro Alstom (France) 1.32 MnVERs 4. Bina Phase I M.P. Thermal (Coal Linkage) BHEL (India) 5. Nigrie (Unit-I) M.P. Thermal L&T-MHI (India/Japan) By Jan 2015 * Sub Total 1, Total (Operational Capacity) 2,860 2, Nigrie (Unit II) M.P. Thermal L&T-MHI (India/Japan) 0.8Mn CERs* By Oct 2015 * 7. Bara Phase I (Units 1, 2 & 3) U.P. Thermal (Coal Linkage) 1,980 1, BHEL (India), Alstom (France), Siemens (Germany) 1.5 Mn CERs* Sub Total (Capacity after divestment) 4,200 3,028 1,172 Grand Total 5, ,032 1,468 * Management Estimates Definitive document for disinvestment signed with JSW # Tariff petition filed with CERC. Sale of energy under PPA commenced for Haryana w.e.f. 1 st May 14, for UP w.e.f. 1 st June 14, for Rajasthan w.e.f. 1 st Oct, 14 and for Punjab to commence soon. 6

7 Thermal Hydro Mix & Merchant Power Capacity 0% Thermal : Hydro Mix of Power Capacity * 87% 13% 77% 77% 23% 23% 48% 52% 10% 90% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 Thermal Hydro Merchant vs. PPA * 58% 47% 50% 67% 68% 57% 47% 50% 73% 73% 42% 53% 50% 53% 50% 33% 32% 27% 27% FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 Merchant PPA Optimal off-take arrangements to ensure balance between steady locked-in cash flows (PPA) and upside from merchant tariffs. Year Saleable Generation in Mus * Merchant (MU) PPA (MU) Total (MU) FY ,249 3,111 5,360 (A) FY ,542 3,172 6,714 (A) FY ,145 4,073 8,218 (A) FY ,236 8,663 12,899 (E) FY ,407 18,158 26,565 (E) * All figures assuming disinvestment of Baspa II HEP & KWHEP by June 15 7

8 Nigrie TPP - 2X660 MW Progress Report Nigrie STPP - Unit - I - Progress Report As on 30 th Sept 2014 Nigrie STPP - Unit II - Progress Report Completed Balance Work Completed Balance Work Balance of Plant 0% Balance of Plant 87% 13% ESP 0% ESP 97% 3% TG 0% TG 99% 1% Mill Bay & Bunker Structure 0% Mill Bay & Bunker Structure 0% Boiler 0% Boiler 97% 3% Structural Steel Fabrication 0% Structural Steel Fabrication 0% Concrete 0% Concrete 98% 2% Target Commissioning Commissioned on 3 rd Sept 14 Jan-15 Project Investment as on 30 th Sept 14 Total Investment INR 10,238 Crores (US$ 1,678 Mn) Equity Investment INR 3,163 Crores (US$ 518 Mn)

9 Nigrie TPP - 2X660 MW Project Highlights g Unit II Boiler Light up on Oil done on 11 th November 14 Unit II expected to be Synchronized to the grid on January 15 Majhauli Railway Station at Amelia (North) commissioned in Apr 14 Expected Commissioning : Unit I : Commissioned on 3 rd Sept 14 ; Unit II : Expected by January 15 9

10 Bara TPP 3x660 MW Progress Report Bara STPP - Unit I - Progress Report As on 31 st Oct, 14 Completed Balance Work Balance of Plant 80% 20% ESP 94% 6% TG Bunker Structure Boiler including Mill Bay Structural Steel Fabrication 96% 92% 94% 0% 4% 8% 6% Concrete 92% 8% Target April - 15 for June 15 for Oct 15 for Commissioning Unit I Unit II Unit III Project Investment as on 30 th Sept 14 Remarks Total Investment INR 10,703 Crores (US$ 1,755 Mn) Equity Investment INR 2,823 Crores (US$ 463 Mn) FSA for 6.95 MTPA signed with NCL on 29 th August, 2013 Project lending led by SBI Bank 10

11 Bara TPP 3x660 MW Progress Report Contd.. Bara STPP - Unit 2 - Progress Report Completed Balance Work As on 31 st Oct, 14 Bara STPP - Unit 3 - Progress Report Completed Balance Work ESP 93% 7% ESP 92% 8% TG 99% 1% TG 98% 2% Bunker Structure 89% 11% Bunker Structure 91% 9% Boiler including Mill Bay 78% 22% Boiler including Mill Bay 78% 22% Structural Steel Fabrication 99% 1% Structural Steel Fabrication 0% Concrete 95% 5% Concrete 90% 10% 11

12 Financial Overview 12

13 Power Business Summary of Project Status: Hydro Rs in Crs (In US$ Mn) Project Equity Invested Securitized Loan* Design Energy (in Mus) Baspa 491 (80) 440 (72) 10 1,0500 Vishnuprayag 509 (83) 775 (127) 1,774 Karcham Wangtoo 2,070 (339) 1,377 (226) 4,114 Total 3,070 (503) 2,592 (425) 6,938 * VHEP, Baspa and Karcham have been successfully securitized in FY 09, FY 10 & FY 14 respectively. 13

14 Power Business Summary of Project Status: Thermal Rs in Crs (In US$ Mn) Project Total Equity to be Invested Equity Invested As on 30 th Sept 14 Balance Equity to be Invested Design Energy (in Mus) Bina 1,317 (216) 1,211 (199) 106 (17) 3,723 Nigrie STPP 3,463 (567) 3,163 (518) 300 (49) 9,239 Bara 4,021 (659) 2,823 (463)* 1,198 (197) 13,858 Total 8,801 (1,443) 7,197 (1,180) 1,604 (263) 26,820 *Out of the total capital deployed in Bara Project, Rs. 340 Crs (US$ 59 Mn) have been deployed by JAL. Total equity investments made across the projects as on 30 th Sept 2014 ~ INR Bn (US$ 1.68 Bn) 14

15 Jaiprakash Power Ventures - Financial Performance ANNUAL In INR Mn (US$Mn) HALF YEAR Particulars FY 2012 FY 2013 FY 2014 H1 FY 2015 Revenue 16,863 (276) 22,908 (376) 26,775 (439) 19,884 (326) EBIDTA 15,267 17, , , (250) (290) (309) (249) PAT 4,029 3, ,690* (66) (54) (3) (60) Income Tax Benefit under section 80 (I) A FX: 1US$ = INR 61 Baspa II, Vishnuprayag, Karcham Wangtoo & Bina TPP Projects are eligible ibl for income tax benefits under this act for a period of 10 years. * The operational results during the current quarter / half year have been impacted on account of (i) Lower generation of energy at Baspa, and Karcham Wangtoo HEPs in the current quarter as compared to corresponding quarter of previous year due to hydrology. (ii) The current revenue of 500 MW Jaypee Bina Thermal Power Plant is based on provisional tariff, pending final tariff determination (iii) Higher interest on Corporate loans facilities to fund on going projects in the absence of Company's ability to raise equity due to market conditions prevailing in the recent past. 15

16 Selected financial information Balance Sheet Rs mn (US$ mn) Particulars JPVL FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 Net worth 33,778 (554) 51,706 (848) 54,650 (896) 64,443 (1,056) 63,297 (1,038) Secured & 53, , , , ,414 Unsecured Debt (881) (1,978) (2,428) (2,952) (3,367) Net Fixed Assets (including WIP) 48, , , , ,618 (794) (2,000) (2,630) (3,334) (3,366) Capital 77, , , , ,818 Employed (1,277) (2,826) (3,324) 324) (4,073) (4,374) Book Value / Share (in Rs/share US$ /Share) (0.19) (0.40) (0.34) (0.36) (0.35) Fx: 1 US$ = INR 61 NB: JPVL in FY 10 was Baspa II HEP + Vishnuprayag HEP + Nigrie TPP whereas in FY 11 post-amalgamation was Baspa II HEP + Vishnuprayag HEP + Nigrie TPP + Karcham Wangtoo HEP + Bina TPP 16

17 Way Forward 17

18 Salient Features of JSW Deal The proposed share securities purchase agreement contemplates the purchase of all securities including the entire equity share capital and debt instruments of JPVL s subsidiary, namely, Himachal Preface Baspa Power Company Limited (HBPCL) by the purchaser i.e., JSW Energy Limited, subject to the satisfaction of certain conditions precedent. The consideration amount from the Purchaser shall be approximately Rs.9700 crores subject to mutually agreed adjustments. Conditions Precedent Approvals Transition& Assistance by JPVL The consummation of the transaction is subject to the satisfaction of conditions precedent, some of which are listed below: Approval of the scheme of arrangement by the court for the transfer of two of JPVL s operating power plants namely, 300 MW Baspa-II Hydro-Electric Plant and 1091 MW Karcham Wangtoo Hydro-Electric Plant to HBPCL as a going concern and on a slump-exchange basis, and the scheme becoming effective; Transfer and/or amendment of licenses/clearances in the name of HBPCL; Receipt of lender consents, third party and government consents for the transaction; Receipt of approval from the Competition Commission of India; The transaction is subject to the approvals of shareholders, creditors, High Court, SEBI, stock exchanges, the Competition Commission of India, other statutory and governmental authorities and certain third parties. JPVL has agreed to provide for a period of one year from the Closing Date, such assistance, support and cooperation to the Purchaser as may be required by the Purchaser on terms mutually agreed terms. 18

19 Scheme of Arrangement with JSW: Status S.No. Particulars Date 1. Board meeting to get approval al of Draft Scheme 15 th Nov Filing of draft scheme and other documents with Stock Exchanges / SEBI 22 nd Nov Approval by Stock Exchanges / SEBI 5 th Jan Filing of 1st motion petition with High Court of Himachal Pradesh Order on 1st motion petition and approval by High Court and dispatch of notices to shareholders / creditors 7 th Jan 15 9 th Jan Dispatch of notices to shareholders / creditors 15 th Jan Convening of meetings of shareholders and creditors 14 th Feb Filing of reports with High Court 17 th Feb Filing of 2nd motion petition 24 th Feb Court hearing 27 th Mar Receipt of certified copy of order 15 th Apr Filing of order with ROC 15 th May 15 Already Held Already Filed 19

20 CONFIDENTIAL Term Loan (Debt) Status Pre & Post Divestment Name of the Project Debt Debt * as of 30 th Sept, 14 as of 31 st March, 15 Rs. in Crs In US$ Mn Debt * as of 30 th June, 15 (Post Disinvestment) Baspa II 532 (87) 501 (82) - Vishnuprayag 973 (159) 791 (129) 743 (122) Karcham 5,397 (883) 5,364 (877) - Bina 2,019 (330) 1,929 (315) 1,883 (308) Nigrie 7,075 (1,157) 7,273 (1,189) 7,230 (1,182) Nigrie CGU 50 (8) 200 (33) 200 (33) Corporate 5,124 (838) 4,845 (792) 3,089 (505) Total 21,170 (3,462) 20,903 (3,418) 13,145 (2,150) * Management Estimates Debt/Equity as on 30 th Sept ; Debt/ Equity as on 30 th June

21 CONFIDENTIAL Movement of Debt in the coming gyears Particulars Debt as on 31 st Mar 15 Project (A) 16,058 (2,626) Corporate (B) 4,845 (792) Total (A+B) = C 20,903 (3,418) Less Debt Transfer to JSW Baspa II (D) 501 (82) Karcham Wangtoo (E) 5,364 (877) Rs. in Crs (US$ in Mn) Total Total (D+E) = F 5,865 (959) (C F) = G 15,038 (2,459) Repayment py during the Year Project (H) 819 (134) Corporate Loans (I) 2,285 (374) Total (H+I) = J 3,104 (508) Debt as on 31 st Mar 16 (G J) = K 11,934 (1,952) Likely Debt /Equity as on 31 st March

22 CONFIDENTIAL Coal Capacity Thermal Power Projects Name of the Project Coal Qty required for the Project (MTPA) Coal Linkage* (MTPA) CCL Bina 2.40 SECL Total Amelia Dongri Tal 2.70 Total Bara 8.43 NCL 6.95 Total * Remaining Coal Requirement to be bought from e-auction/ washeries/ imported Currently tied up with the Dedicated Coal Blocks. Since these coal blocks have been cancelled, the company will be bidding for the new coal blocks in the auction process. 22

23 CONFIDENTIAL Coal Block Cancellation The Supreme Court in a decision given on September 2014 has cancelled the allocation of 204 out of the 218 blocks that various governments since 1993 had allocated to companies for captive consumption. 6 months breathing time was granted to the mining companies to wind up their operations and the govt was told to hold auctions by 31 st March 15. Companies which had utilized coal from these captive blocks were asked to pay a penalty of Rs. 295 per tonne. The govt has since brought out an ordinance to make coal block allocation transparent. The government has since brought out The Coal Mines (special Provisions) Ordinance, 2014 to ensure continuity in mining operation and for promoting optimum utilization. 23

24 CONFIDENTIAL Salient Features of Coal Auction Process The 74 coal blocks covered in Schedule II (42 nos.) and Schedule III (32 nos.) have been earmarked for allotment to Government sector and for auction. The Nominated Authority will fix reserve price for Government blocks and Floor price for auction based on technical information/recommendation. A company engaged in specified end use including a company having a coal linkage shall be eligible to bid. The Tender process shall include technical bid and financial bid. The tender document will specify the weightage to be applied for technical bid and the financial bid for the purposes of determination of the successful bidder. The Nominated Authority will specify the maximum number of mines and/or coal reserves that may be allocated to one or more persons. The participants in the tender process shall be required to make payment of tender fee on the basis of the geological reserves. Upon completion of public auction process the Nominated authority shall forward its recommendations to the Central Government with regard to the selection of successful bidder. Central Government may direct the Nominated authority to issue a Vesting Order in favour of the successful bidder. The time frame given for Request for proposal p is Dec 22, 2014 and issue of Allotment letters to winners is Mar 16, JPVL WILL ACTIVELY PARTICIPATE IN COAL AUCTION FOR ITS THERMAL CAPACITIES. 24

25 Reforms in Power Sector Finance ministry has appointed committee under IIFCL Chairman Mr.Santosh B Nayar, to recommend measures to revive investments stuck power projects wherein investment to the tune of ` 6.2 lakh crore is stranded. The Committee has proposed allowing banks and lenders a one-time dispensation to provide easier refinancing norms for all viable projects, irrespective of their loan size. One-time shift of all stressed but competitively bid projects to a regulated tariff regime that may even enable banks to consider sharing a part of the burden by partially converting their debt into equity The committee has also proposed setting up of a separate government entity to assess project viability and prepare a detailed project report to ensure funding for key projects is not choked. Power Industry under the newgovtis receiving i renewed focus with ihthrough h on sorting out the issues plaguing the industry. The govt believes that for GDP to grow, infrastructure including power sector needs to get back on track. 25

26 Reforms in Power Sector It was observed by the Govt appointed Committee headed by Sh S B Nayyar that power plants are facing challenges like coal & gas shortage, delay in obtaining regulatory approvals, low offtake by distribution ib ti companies, transmission i bottlenecks, highh interest t rate and rupee depriciation i. The committee has made their recommendations to the govt which include the follows: a) Providing additional debt without the condition of bringing fresh equity b) Lowering interest rates c) Restructuring loans without classifying them as non performing assets d) Extending the loan repayment period to match cashflows of the projects. It is believed that based on the above suitable packages are likely to be recommended for power plants facing these challenges. Further, the govt is determined to make some sure that coal production in India double s to ensure no fuel shortage is seen by power companies. POWER SECTOR REVIVAL IS ON TOP OF GOVT AGENDA 26

27 Shareholding Pattern* Jaiprakash Power Ventures Limited S.N. Category JPVL 1 Promoters Trust FIIs Mutual Funds Bodies Corporate Public Financial i Institutions & Banks Public 8.16 TOTAL No. of Shares (in Mn) 2,938 Face Value (Rs) 10/- All figures in % * As on 31 st October,

28 THANK YOU 28

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