2013 Cairn India Limited

Corporate presentation
November 2013

Corporate Presentation

Disclaimer
This material contains forward-looking statements regarding Cairn India and its affiliates, its corporate plans, future financial condition, future results of operations, future business plans and strategies. All such forward- looking statements are based on the management's assumptions and beliefs in the light of information available to them at this time. These forward-looking statements are by their nature subject to significant risks and uncertainties; and actual results, performance and achievements may be materially different from those expressed in such statements. Factors that may cause actual results, performance or achievements to differ from expectations include, but are not limited to, regulatory changes, future levels of industry product supply, demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use of technology, acts of competitors and other changes to business conditions. Cairn India undertakes no obligation to revise any such forward-looking statements to reflect any changes in Cairn India's expectations with regard thereto or any change in circumstances or events after the date hereof. Unless otherwise stated the reserves and resource numbers within this document represent the views of Cairn India and do not represent the views of any other party, including the Government of India, the Directorate General of Hydrocarbons or any of Cairn Indias joint venture partner. All data points in the presentation refer to status as on 30 September, 2013 , unless otherwise specified.

Corporate Presentation

Cairns Strategic Pillars

World Class Resource Base
Operational Excellence Robust Financial Performance

Active Exploration led Growth Strategy

A Top 20 Global Independent E&P company Market Cap - ~US$10bn

Corporate Presentation

World Class Resource Base

Balanced portfolio, 9 blocks with net acreage in excess of 42,000 sq. kms Successful track record across Exploration, Development and Production cycle
Assets Across the Life-Cycle of a Field (mmboe)
As at 31st March, 2013

Asset Locations & Share of Production

Gross 2P Reserves and Resources2 Producing assets

Asset

Basin

Development/ Gross 2P Exploration Production HIIP1

Domestic Assets
RJ-ON-90/1 CB/OS-2 Ravva KG-ONN-2003/1 KG-OSN-2009/3 Barmer Cambay KG Offshore KG Onshore KG Offshore Mumbai Offshore Palar Pennar 4,198 209 681 480 1,0853 20 50
INDIA
RJ-ON-90/1

70%

74
CB/OS-2 KG-ONN-2003/1

40%

49%
RAVVA 22.5%

MB-DWN-2009/1
PR-OSN-2004/1 International Assets SL-2007-01-001 Block 1

MB-DWN-2009/1

100%

KG-OSN-2009/3

100%
PR-OSN-2004/1

35%
SL-2007-01-001

Mannar Orange

73

56

100%
Name of Asset

60% Total 5,641 1,287 1 HIIP: Hydrocarbons Initially in Place; 2 Reserve and Resource estimates based on the SPE (Society of Petroleum Engineers) guidelines 3 Includes Rajasthan MBA EOR potential and excludes the production till date

Participating Interest (%)

BLOCK 1

SOUTH AFRICA

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Sustained Year-on-Year Growth

Rich resource base with higher liquid in product mix Cumulative production of ~540 mmboe till 30th September 2013 Currently accounts for >25% of Indias oil production* Strong partnerships with state and private companies
Volume Growth 17% CAGR Product Mix by Volume

205

213 5%

149

173

95% FY11 FY12 FY13 1H FY14 Oil Gas

Cairn Indias Average Production (kboepd) On track for FY14 exit production of >225 kboepd
2 year CAGR
* Source: Ministry of Petroleum and Natural Gas

Corporate Presentation

Operational Excellence Across the Value Chain

Safety first Top quartile HSE performance
Opened 4 frontier basins with >40 discoveries Excellence in execution - discovery to production Onshore oil production - In 4 years in Rajasthan Offshore natural gas production - In 28 months in Cambay Leveraging technology to reduce total cost of ownership Skin effect heating system worlds longest continuously heated pipeline Modular well pad concept rapid moving rigs Uptime >98% with a low field direct opex

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Robust Financial Performance

Strong revenues and profits driven by lowest quartile operating costs Flexibility to develop asset base and support accelerated growth
Revenue (INR bn)
31% CAGR 103 119 87 175 84

EBITDA (INR bn)

25% CAGR 93 67 130

FY11

FY12

FY13

1H FY14

FY11

FY12

FY13

1H FY14

PAT (INR bn)

38% CAGR 79 63 121

Cash Flow from Operations (INR bn)

32% CAGR 63 71 53 110

65

FY11
2 year CAGR

FY12

FY13

1H FY14

FY11

FY12

FY13

1H FY14

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Efficient Project Management - Onshore and Offshore

Rajasthan: World class asset with strong growth
200 150 100 50 0 15 101 128 169

Rajasthan Block

Ravva: Sustaining mature asset

70 60 50 40 30 20 10 0

Cambay: Gas Producing to Oil Producing

25

20
15 10 5 0

Oil Production (kbopd)

Gas BOE (kboepd)

Corporate Presentation

Active Capex Program for Growth - $3 billion net over 3 years

Significant Potential in Rajasthan (RJ) Block : ~80% of the Planned Capex (Mmboe) Gross in Place Gross EUR ~15% RJ Additional Production (BH + Satellite fields)

2,272 1,069 1,764

1,925

3,100

7,297

~25%

RJ Exploration

165 530 MBARS BH + 19 disc RJ Exploration

~20% Other Assets

~40%
Future Development & Prospective Currently Under Resources Development/Production

Focus to increase production primarily in Rajasthan Block

Increasing ultimate oil recovery and sustaining production through EOR* project and in-fill wells Development focus on low permeability reservoirs within Barmer Hill

RJ Production Sustenance (MBA + EOR + Infill drilling)

Exploration (45%) Development (55%)

Aggressive Exploration & Appraisal program underway to prove up reserves RJ: To drill out half of 530mmboe prospective resources by FY 14 KG-ONN: Seeking to commercialize onshore discovery Ravva: Pursuing high risk high return exploration well Sri Lanka: 6 month extension for current exploration phase received South Africa: 3D Seismic interpretation on-going; 3,000 lkm 2D seismic planned

Note: Capex excludes spend on new exploration discoveries and In-organic opportunities

*Subject to approvals

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Sustaining production by Improving Ultimate Recovery:~$1,200Mn

To sustain the MBA plateau via EOR technology and Infill drilling
Polymer Flood - Improved Sweep Efficiency Enhanced Oil Recovery Pilot Performance

Areal Sweep improvement

Vertical Sweep improvement

Alkaline Surfactant Polymer Flood- Improved Displacement Efficiency Original Oil

Sand Grain

Remaining oil

Water
Oil Saturation Display at Pore Level Reduction in Trapped Oil

Initial

After Waterflood

After ASP flood

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11

Additional Producing Fields (BH + Satellite): ~$450Mn

Monetizing 2bn boe contingent resource base

Barmer Hill formation spread over a large area in the basin Oil and gas found in majority of the wells penetrating BH formation Low permeability tight reservoirs

Infrastructure is already in place for quick monetization

Use of state-of-the-art technologies like fracture stimulation, horizontal well completion for field monetization

Data analogs indicate recovery factors in BH of 7 to 20% Development plan for BH, NI & NE submitted Technical alignment in place with partner Production expected in FY14, subject to approvals

Fast track preparation for Development plans of other discoveries

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12

Exploration in Rajasthan: ~$750Mn

To pursue high-value exploration opportunities
A target-rich environment
~100 Prospects; 20 Play Types, 3.1 bn boe in place Prospective Resources: 530 mm boe Gross Risked Recoverable

Two-pronged strategy Proven play extensions Drill prospects with largest risked volumes first Revise / re-prioritise remaining prospects based on results Unproven plays De-risk the play drill the lowest risk prospect first Revise / re-prioritize tested play based on results

Exploration program Plan to drill ~100 E&A wells till FY16; increase rig count to 5 by end FY14 4 of the 6 wells drilled found hydrocarbons 26th Discovery, Raag S-1, tested at flow rate of 450 bbls/day; Declaration of Potential Commerciality filed Drill out half of 530mmboe prospective resources in FY14

Acquire ~1,900 sq km of additional 3D seismic data to assist in extending proven plays & de-risking prospects

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13

Major Undrilled Play Types in Rajasthan

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14

Ensuring Growth in Other Assets: ~$600Mn

Portfolio diversity across India
Raava: High Value High Risk prospect to be drilled in H2 FY1314 KG-ONN-2003/1: 3x increase in the productivity of first appraisal well; DoC to be submitted in this FY
RAJASTHAN BASINS (Established & Emerging)

KG-OSN-2009/3: Approvals secured for reduction in Minimum Work Program; planning and tendering for 3D seismic data acquisition underway
MB-DWN-2009/1: Conditional approval to carry out exploration activity received
MUMBAI

INDIA

RAAVA KG ON/OFFSHORE PALAR/ PENNAR

PR-OSN-2004/1: Significant progress towards resumption of exploration activity

Successful exploration in Sri Lanka two gas discoveries; commercial options under review; 6 month extension secured for current exploration phase up to Apr14 3D seismic gathered in S. Africa Block 1; interpretation underway; acquisition of 2D seismic planned in 2014 A growth-focused new ventures strategy aimed at capturing bestfit international opportunities

Growing international exposure

MANNAR

SOUTH AFRICA

KG: Krishna Godavari MB: Mumbai Basin PR: Palar Basin

ORANGE

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15

Outlook
On track for FY14 exit production target of over 225 kboepd
Increasing ultimate oil recovery and sustaining production through EOR* project and in-fill wells Development focus on low permeability reservoirs within Barmer Hill Aggressive Exploration & Appraisal program underway To drill out half of 530mmboe prospective resources in Rajasthan

Pursuing high risk high return exploration well in Ravva

Seeking to commercialise KG-ONN Onshore discovery Ramping up the Rig count to 13, by the end of FY14 for exploration and development activity Robust financials to fund Ongoing 3 year $3bn net capex program Development costs based on exploration success Inorganic growth initiatives
*Subject to approvals

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16

Appendix

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17

Fact Sheet
Value Proposition
As Indias largest private sector E&P company accounting for 25% of the countrys energy production, Cairn India is well positioned to grow revenues and profits. Its strong track record, low cost of operations, high cash flow generation, combined with the world's growing demand for energy, provides confidence for future growth in reserves and production while meeting its return on capital targets. Chairman: Navin Agarwal CEO: P. Elango CFO: Sudhir Mathur FY 2013 P&L Revenues: US$3.2 billion PAT: US$2.1 billion Cash Flow from Operations: US$2 billion Balance Sheet Cash: US$3.1 billion Assets: US$9.9 billion Zero Debt Company Other Ratios EPS: INR 63.2 Dividend Yield: 4% DPS: INR 11.5 BVPS: INR 250

FY13 Production

Gross Production: 205,323 bopd Oil: 195,780 bopd Gas: 57 mmscfd

Countries present
Reserve Base Producing Assets Cumulative Production (till FY13) Capital Budget Cumulative Capex (till FY13) Achievements

India Sri Lanka South Africa

Gross 2P Hydrocarbons Initially in Place (mmboe): 5,641 Gross 2P Reserves & Resources (mmboe): 1,287 Net Working Interest 2P Reserves & Resources (mmboe): 871 Rajasthan (RJ-ON-90/1) - ~149mmboe Andhra Pradesh - Ravva (PKGM-1) - ~300 mmboe Gujarat - Cambay (CB/OS-2) - ~50 mmboe $3 billion over three years (FY2014, 2015, 2016) 55% for Production; 45% in Exploration Gross Development - ~US$ 4.8bn Gross Exploration - ~US$ 1bn Together with its JV partners accounts for ~25 per cent of Indias crude oil production Among the top 20 global independent E&P companies Built worlds longest (~600 kms) continuously heated and insulated pipeline Fastest growing energy company in the world at Platts Top 250 Energy Company Awards 2013 Golden Peacock Award for Excellence in Corporate Governance, 2012

Top Management

Financial Strength

Stock Market

Market Cap: ~$10 billion Listed on: NSE, BSE Index Representation - Nifty 50 and MSCI Symbols: CAIRN (NSE); 532792 (BSE); INE910H01017 (ISIN); CAIR (Bloomberg) Shares outstanding: 1910 million Shareholding Pattern: Vedanta Group: 59% Cairn PLC: 10% Institutional Holding: 28% Retail: 3%

Awards

Contact Information
Nidhi Aggarwal M: 91 98101 97755 nidhi.aggarwal@cairnindia.com cilir@cairnindia.com Cairn India Ltd. 4th Floor, Vipul Plaza, Sun City, Sector-54, Gurgaon 122002 India

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Strong Stable Balance Sheet FY 13

Asset Current Assets Cash and Investments Other Current Asset Non Current Assets Fixed Asset Goodwill MAT Credit Other LT asset 2.5 2.8 0.9 0.1 2.9 0.7 US$ bn Liability Current Liabilities Current Liabilities Non Current Liabilities Non Current Liabilities Shareholders Funds Net Worth 8.8 0.5 0.6 US$ bn

Total
USD/INR 54.39

9.9
ROE (%) 25.3

Total
ROCE (%) 16.7

9.9
22.1 15.3

16.4

2.5 FY09

3.1

1.4

1.3

1.7
FY10 FY11 FY12 FY13

FY10

FY11

FY12

FY13

FY09

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Financial Summary H1 FY14

Unit Revenue (Net) EBITDA EBITDA Margin INR bn INR bn % H1 FY14 87.1 66.7 76.5% (10.7) 10.6 H1 FY13 88.8 68.6 77.2% (8.9) 3.8 y-o-y% (2%) (3%)

DD&A
Net Other Income Tax PAT EPS Cash EPS CFFO

INR bn
INR bn INR bn INR bn INR/sh INR/sh INR bn

(1.4)
65.1

(2.0)
61.5 6%

34.1
29.5 53.1

32.2
30.6 56.3 Price Realization

6%
(4%) (6%)

Strong growth in Revenue and Profits, generate high CFFO Net Cash in hand US$ 3.2 billion H1 FY14 gross capex US$ 285 Mn Interim dividend of INR 6 per Equity share Growth driven by increase in volumes, realizations & currency

Average Oil Price Realization: US$ 95.7/ bbl Average RJ Oil Price Realization: US$ 95.1/ bbl RJ Oil Price Discount to Brent: 10.5% Total Forex gain - US$ 188 million

Profit petroleum pay-out to the government rose from 20% to 30% in the Development Area 1 in RJ block in FY14