PresentationProactive Conference – 6 May 2015

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OPG Introduction

OPG is a fast growing UK listed power business with

operations in India and a focus on profitable growth

20 30107 113

190

270

420

750

0

200

400

600

800

IPO May-08

31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 Current 31-Mar-16E

Operational & Under Commissioning

450 MW Tamil Nadu 300 MW Gujarat

• 77 MW Chennai I

• 77 MW Chennai II

• 80 MW Chennai III

• 180 MW Chennai IV **

• 25.4 MW Gas Mayavaram ***

• 10 MW Waste heat ****

* Commenced commercial sales from unit 1 in Apr’15 ; plant ramp up exp by Sep ‘15

** Expected to be operational by end of Apr’15*** Holds 44% minority interest

**** Holds 33% minority interest

Fully funded to 750 MW

4Source: Company

MW

Gujarat

Chennai I, II, III,

Waste Heat

Chennai IV

Mayavaram

Operational

Near commissioning

• 300 MW Gujarat *

5

• Fixed price tariff

• Fixed term

• Fixed return

• State support for land, debt

• E.g. Reliance, Adani, TATA

Power

Regulated - Majority players have long term PPA’s

with State utilities at fixed prices

HT III – Commercial Establishments:

HT IIB – Pvt. Educational Institutions etc:

HT IA – Industrial Establishments:

HT IB – Railway Traction:

HT IIA – Govt. & Govt. aided Edn. Institutions etc

LT IIA – Public services:

LT IC – Govt PSU domestic housing:

L TIIC – Places of Worship

L TIIB – Cottage, tiny industries:

LT IA – Domestic, Charitable & Handlooms:

LT IB – Villages & agriculture:

7.09

6.38

6.36

5.58

5.50

4.00

3.75

3.75

3.05

0.00

7.41

Tiered Pricing: Industry paying highest whilst

subsidized rural & agriculture rates (INR/kWh)

Source: Tamil Nadu Electricity Regulatory Commission Apr ‘12

OPG’s Flexible Revenue Model

Robust offtake profile through active contract management

• Uncapped ROE

• Variable term and market pricing

• Flexibility as to customers

• Meeting demands of high tension, industrial consumer

• Reliability of provision of power

Flexible - Group Captive

Generator

State utility

Industrial Consumer

30

50

70

90

110

Ap

r/12

Jun

/12

Au

g/1

2

Oct/12

Dec/1

2

Fe

b/1

3

Ap

r/13

Jun

/13

Au

g/1

3

Oct/13

Dec/1

3

Fe

b/1

4

Ap

r/14

Jun

/14

Au

g/1

4

Oct/14

Dec/1

4

USD/MT

Indonesia EcoCoal Spot Index(4,200 kCal/kg) -USD/MT

RB - USD/MT

NEWC -USD/MT

Flexibility in fuel sourcingOur flexibility between domestic and imported coal means we have not had a fuel shortage to date

6

OPG’s boiler configuration allows use of

• 100% Domestic; 100% Imported

• Or any mix of the 2

Option to use high moisture coal provides relative cost advantage

• Low premium

OPG Power Plants are located at close proximity to major coal ports

Our typical coal blend* (based on quantity): 30% Domestic

International Coal Prices trendEnergy Adjusted Cost of Coal Delivered at OPG Plant Gate

INR/ unit of energy

Coal Price trend

Major ports

OPG Plant Locations

Source: Bloomberg Source: Company

Mundra Kandla

Gujarat

Mumbai

Goa

Mangalore

Kovalam Mayavaram

Nagapattinam

Chennai

EnnoreChennai I, II, III, IV, Waste Heat

Dhamra

Jambudwip

70% Imported

Paradip

Krishnapatnam

*Chennai I, II, III have a domestic coal linkage;

Chennai IV – imported only, Gujarat – imported initially (first shipment already received)

-

200

400

600

800

1,000

FY12 FY13 FY14

IndonesianCoal

Indian Coal

OPG Recent performance

Recent operational update

8

Source: Company

• Average Plant Load Factor (PLF) of 94% and average tariff of Rs 5.71 in Q3 FY15;

• 300 MW Gujarat – commercial operations commenced

• 180 MW Chennai IV - expected to commence operations around end April 2015

• Over 10% increase in tariff on 55 MW Group Captive sales in Tamil Nadu

• Coal supply unaffected by ongoing coal block reallocation

• Interest Rate reduction by Reserve Bank of India

Key highlights

Operating assets of 420 MW

Maximising generation

Source: CEA & Company

PLF – Consistently above Industry Average*

9

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

FY11 FY12 FY13 FY14

Chennai I

Chennai II

Chennai III

All India Private Sector(Thermal IPPs)

Average Plant Load Factor of operating units significantly above the industry average

Projects Capacity (MW) Avg. PLF (FY14)

Chennai I 77 96%

Chennai II 77 99%

Chennai III 80 92%

Total 234** 96%

** Gujarat 150 MW commenced operations in Apr;15;

Legacy assets: 10 MW Waste heat; 25.4 MW: Mayavaram*Chennai II became operational in October 2012 and Chennai III in June 2013

10

180 MW Chennai unit

• Commercial operations is expected to commence around

end of Apr’15

• Transmission infrastructure in place

• Sales agreed to Tamil Nadu Generation & Distribution

Corporation (TANGEDCO) at Rs 5.50 until Sep’15

• On same site as Chennai I, II and III

• Close to port

300 MW Gujarat plant

• Commenced commercial sales in Apr’15

• Interim transmission line construction in use

• Multi circuit line expected to be completed by Gujarat Energy

Transmission Corporation (GETCO) in Q2 CY15

• Ramp up of plant expected by Sept’15

• Close to port

Recently operational & under commissioning assets

480 MW

11

Financial snapshot – delivery and growth

21.58

38.48

56.19

98.81

FY11 FY12 FY13 FY14

FY11 FY12 FY13 FY14

1.71

2.48

4.14

FY12 FY13 FY14

52.98

103.90

171.63

213.26

Mar'13 Sep'13 Mar'14 Sep'14

EPS (£ pence) Net Debt (£m)

Revenue (£m)

Source: Company

10.08 11.3017.74

30.97

FY11 FY12 FY13 FY14

FY11 FY12 FY13 FY14

EBITDA (£m)

12

Leading share price performance

Market FTSE AIM

Share price 89 pence

Market Cap Market Cap (£): 314.84m

Shares outstanding 351.50m

Leading share price performance amongst peers

2009 2010 2011 2012 2013 2014

YTD Mean (£) 101,550 112,725 92,987 127,959 110,499 206,057

-

100,000

200,000

300,000

Average Daily Mean Value

YTD Mean (£)

£

2009 2010 2011 2012 2013 2014

YTD Median (£) 29,960 24,327 35,624 40,604 36,059 98,236

-

30,000

60,000

90,000

120,000

Average Daily Median Value

YTD Median (£)

£

Liquidity of shares up significantly in 2014 and no

“zero” trading days

%

Source: Bloomberg

Source: LSE, 1 May 2015

Source: Broker Profile

0

40

80

120

160

200

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-14

Sep

-14

Oct

-14

No

v-14

Dec

-14

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

OPG KSK MYT GKO AIM

Share price performance rebased to 100

India Macro developments

80

90

100

110

120

130

140

150

160

170

BSE - Midcap Nikkei FTSE UKX S&P 500

India's Equity Indices outperforms major Global Indices

Interest Rates and Inflation, %

Indian Equity Markets performance

Stabilized rupee exchange rate

Source: RBI & GoI Source: RBI & GoI

Growth, inflation and

current-account deficit

concerns

New reserve bank Governor

Incoming Modi government

Source: Bloomberg

Real GDP Growth Rate

Source: RBI

50.0

52.0

54.0

56.0

58.0

60.0

62.0

64.0

66.0

68.0

Mar

/12

May

/12

Jul/

12

Sep

/12

No

v/1

2

Jan

/13

Mar

/13

May

/13

Jul/

13

Sep

/13

No

v/1

3

Jan

/14

Mar

/14

May

/14

Jul/

14

Sep

/14

No

v/1

4

Jan

/15

Mar

/15

USD/INR

6.8

7.0

7.2

7.4

7.6

7.8

8.0

8.2

0.0

2.0

4.0

6.0

8.0

10.0

12.0

Ap

r/12

Jun

/12

Au

g/1

2

Oct

/12

Dec

/12

Feb

/13

Ap

r/13

Jun

/13

Au

g/1

3

Oct

/13

Dec

/13

Feb

/14

Ap

r/14

Jun

/14

Au

g/1

4

Oct

/14

Dec

/14

Feb

/15

Repo Rate %Inflation %

Inflation (LHS) Repo Rate(RHS)

Growth, inflation

and current-account

deficit concerns

New reserve bank

Governor

Figures for FY13 and FY14 are based on the new GDP methodology with 2011-12 as

base year. FY15 & FY16 numbers are estimates

5.4

3.9

8.07.1

9.5 9.69.3

6.7

8.6 9.3

6.25.1

6.97.4

7.8

0.0

2.0

4.0

6.0

8.0

10.0

12.0

FY0

2

FY0

3

FY0

4

FY0

5

FY0

6

FY0

7

FY0

8

FY0

9

FY1

0

FY1

1

FY1

2

FY1

3

FY1

4

FY1

5e

FY1

6e

Incoming Modi

government

India: 6th Largest power producer in the world

but needs much more…

15

• 6th largest power producer: 268 GW

• 5th biggest coal producer: 565 MT

• 5th highest wind capacity: 21 GW

IEA anticipates

• 400 GW additional in 15 years

• USD1.6 tn Investment by 2035

All India Installed Capacity 268 GW

(Fuel wise breakdown)

Source: World Bank ,11*India, CEA Nov 14

Per Capita Consumption (kWh)

…..to meet demand and match world per capita consumption

268 GW

Source: CEA, Coal Ministry of India

Source: CEA

60%

16%

12%

9%2% 1% Coal

Hydro

Renewables

Gas

Nuclear

Diesel

684 774 9172,438

4,6045,949 6,486

13,246

0

3000

6000

9000

12000

15000

India (2011) India (2012) India (2013) Brazil South Africa China Russia US

kwh

Reforms and initiatives introduced in the last 12 months

16

Single ministry for power, coal and renewable energy

• Targets “Power to All by 2020”

• Improvement in transmission and distribution

Renewables boost • Renewable energy impetus with earmarked investments and budgetary measures and other incentives

• Government targets 175GW of renewable capacity addition by 2022

Mines and Mineral/

Coal Mines Bill

• Private companies would be allowed to participate in bidding for mining (coal and other minerals) for merchant

use

• Transparent auction process for allocation of 204 mines cancelled by supreme court on Sept, 2014

• Of 204, 28 coal mines are awarded – 15 operating mines and 13 near term producing mines

• All mining leases would be granted through auction by competitive bidding, including e-auction

Foreign Investment in Insurance sector

• Amended insurance law to raise the cap on foreign investment into Indian insurance companies to 49% from the

26%

Interest rate cut • RBI cuts key interest rates by 50 bps, 25bps each in Jan & Mar 15

Tax reforms • Government is rationalising tax structure; much awaited Goods & Services Tax (GST) bill is in final stages and

expected to be passed soon

• Pledge to not initiate any new retrospective tax claims; simplify corporation tax regime

Land Acquisition Bill • Make land acquisition easier for private and PPP projects in defence and infrastructure sector

Electricity Act reforms proposed

• Proposed amendment aims at promoting competition and efficiency in generation and distribution

• Make Renewable Purchase Obligations (RPO) mandatory

• Planning reforms to unbundle DISCOMS

OPG Now is a special time for us

An important time for us

18

Achieved + Proven Operations + Proven Development skills + 750 MW assets

Achieved+

Track record of profitability and financial management

Achieved+

Proven the business model

Achieved+

Increased equity research coverage, liquidity and governance

= Onwards and upwards