2008

Investor Presentation

Key Investment Highlights

1 2 3

India : Secular Growth In Infrastructure GMR : Leading Infrastructure Player Airports : Building Gateways To India Power : Lighting India Urban Infrastructure & Highways : Paths To Progress Strong Management Shareholding Pattern Financial Highlights

4 5 6
7 8

India: Secular growth in infrastructure

Strong growth in Indian Economy
GDP growth

Leading to increase in infrastructure investment

US$ bn

And increased opportunity for the private sector

Others Private Sector Participation
$40 billion

492

Power Roads Airports Railways

71 32 76 20 62 1 18 2 8

$27.4 billion $6.3 billion $10.6 billion $13.3 billion

201 150.37

Ports
Total

Power

Roads

Railways

Ports

Airports

Total

$145.5 billion

Source: Asian Development Outlook, 2007

X Plan (2002-2007)

XI Plan (2007-2012)

Source: Consultation Paper, Planning Commission, 2007; Govt of India

0 200 400 600 Source: Consultation Paper, Planning Commission, 2007; Govt of India

Indian economy has shown strong GDP growth in FY2007 and continues to be among the fastest growing economies in the world Resulting in increasing domestic consumption and higher capital expenditure by corporates across sectors

Mid term appraisal of the Xth 5 year plan highlighted lack of infrastucture as a key impediment to growth of the economy Infrastructure spend plan targets for the XIth plan were revised from 4.6% to 7.5% of GDP

Given the scale of infrastructure spending, the government is encouraging private sector participation through PPP projects Private sector participation is estimated at 29.6% of total spending in the XI plan

Key Investment Highlights

1 2 3

India : Secular Growth In Infrastructure GMR : Leading Infrastructure Player Airports : Building Gateways To India Power : Lighting India Urban Infrastructure & Highways : Paths To Progress Strong Management Shareholding Pattern Financial Highlights

4 5 6
7 8

GMR Group has evolved very quickly into a diversified conglomerate

The GMR Group was established in 1976 and is a listed company on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). GMR Group has rapidly expanded into infrastructure and other businesses:

Infrastructure

Airports

Energy

Roads

GMR Industries Ltd Agro based Business

Sugar plant in Sankili in AP having cane crushing capacity of 5000 tonnes per day Constructing an integrated Sugar complex in Haliyal having cane crushing capacity of 3500 tonnes per day

GMR Varalakshmi Foundation Corporate Social Responsibility

The Foundation has been working with communities in the quest of improving lives and livelihoods since 1991 It focuses on Education, Health, Hygiene and Sanitation, Livelihood and Empowerment and Community Development

The Group was also engaged in the Banking (ING Vysya) & IT (iGate), which were divested with shift in focus to infrastructure.

GMR Infrastructure Limited: Indias leading infrastructure company

AIRPORTS Development of Delhi & Hyderabad International airport Modernization of Istanbul airport ENERGY Power Projects (11 Nos) Operational (3 Nos) Under development (8 Nos) Gross Capacity of 5147.625 MW1 ROADS Road Projects (6 Nos; 421 km) Operational (2 Nos;152 km) Under implementation (4 Nos; 269 km) OTHERS
24%

Flagship company of the GMR group Infrastructure Developer, Owner & Operator of Airports, Power, Roads and SEZs Assets with exclusive concessions ranging from 15 15-60 Years Balanced Revenue Model blend of stable and volume driven growth streams Current Market capitalization of US$ 7 - 8 bn

Key financials FY07: Revenue - US$495mm; EBITDA - US$141mm & PAT(After : MI) - US$44mm
Net Revenue (9M FY08) 8% 2% Power Airports Roads 66% Total = $351 mm Others 16% 57% 18% EBITDA (9M FY08) 9% Airports Power Roads Others

3,300 acres SEZ in Tamil Nadu 250 acres Aviation SEZ at Hyderabad 250 acres Multiproduct General SEZ at Hyderabad

Total = $125 mm 3

Note: 1Capacity of the Alaknanda power project to be increased to 300 MW subject to approval of project development plan by the Utta Uttarakhand govt.

GMR infrastructure business portfolio across sectors

Power
Awarded 300 MW Upper Karnali Awarded 250 in Marsyangdi Awarded 180 MW Holi Bajoli MoU for 1,050 MW in Chattisgarh Awarded 160 MW Talong MoU for 1,050 MW plants (2) in Orissa Awarded 300MW Alkananda CoD 389MW in Vemagiri

Airport

Roads

Other opportunities
Tamil Nadu SEZ project 2 Hyderabad SEZs

First international Foray Award Sabiha Gokcen Airport Turkey

FY2007

Awarded Delhi Airport

1 Annuity & 3 Toll Road Projects CoD 2 annuity road projects

FY2006 FY2005

Awarded Hyderabad Airport CoD 220MW in Mangalore Ventured in airport sector

FY2002 FY2001

CoD 200MW in Chennai Ventured into the Power sector

FY1999 FY1997

Eight Power projects Gross Capacity of 5,148.5 MW Mix of short/long term PPAs

Two of Indias busiest international airports Delhi & Hyderabad Modernizing Sabiha Gocken Internation Airport in Istanbul, Turkey

6 Road Projects 2 operational, 4 under implementation Combined length of 421kms Balanced mix:3Annuities, 3 Toll-based

Signed MoU for 3,300acres SEZ in Tamil Nadu

GMR Corporate Structure

GMR Infrastructure Limited (GIL)
ENERGY ROADS AIRPORT OTHERS

100% 51.0%

GMR Energy Limited (GEL) 220 MW GMR Power Corporation Private Limited (GPCL) 200 MW Vemagiri Power Generation Limited (VPGL) -388.5 MW

74 %

GMR Tambaram-Tindivanam Expressways Tindivanam Private Limited (GTTEPL) - 93 KMs

63 %

GMR Hyderabad International Airport Limited (GHIAL)

GMR Krishnagiri SEZ Limited

100%

100%

74 %

100 %

GMR Tuni-Anakapalli Expressways Private Anakapalli Limited (GTAEPL) - 59 KMs

50.1 %

Delhi International Airport Private Limited (DIAL)

GMR Aviations Private Limited (GAPL)

100 % 51 % GMR Energy Trading Limited 100 % GMR Consulting Engineers Limited

GMR Ambala-Chandigarh Expressways Chandigarh Private Limited (GACEPL) -35 KMs 35

40 %

Sabiha Gokcen International Airport (SGIA), Istanbul, Turkey

GMR Corporate Centre Limited (GCCL) **

99 %

GMR Jadcherla Expressways Pvt Limited (GJEPL) - 58 KMs

89 %

GMR Mining and Energy Pvt Limited

100 %

GMR Pochanpalli Expressways Private Limited (GPEPL) - 103 KMs

100 %

GMR (Badrinath) Hydro Power Generation Pvt Limited (GBHP) 300 MW GMR Kamalanga Energy Limited 1050MW + 1050 MW

100 %

GMR Ulundurpet Expressways Private Limited (GUEPL) - 73 KMs

80 %

50 % GMR Highways Private Limited

Operating Assets

Under Development Assets

Percentage of holding represents our Direct and Indirect Shareholding

** GCCL is a company Limited by Guarantee consisting of 9 members including GIL and other Subsidiaries of GIL

GMR Infrastructure : A Compelling Investment Story

1

Key player in the Indian Infrastructure story:

Over US$ 500 bn investments planned over next five years with PPP model to play significant role GMR is well positioned to benefit from this large growth opportunity Entry in the MSCI India index reinforces the companys strength in infrastructure development

Broad Based Infrastructure play:

Significant presence across high growth sectors like airports, power and roads Consistently enjoyed early mover advantage

Strong track record & established Player:

Extensive experience of developing and executing projects Established a reputation of reliability and timely project completion

Balanced revenue mix

Healthy mix of fixed and variable revenue streams across airports, power and roads

Strong Management Team

Experienced and strong management team backed by strong partnership with international players

Significant growth pipeline

Plans to tap into new opportunities across the entire infrastructure space Domestic Opportunities: Foray into railways; power transmission; real estate development, etc International Opportunities: Airports in developing countries, other specific power and roads opportunities

GMR: Partnership with best in class global players to ensure successful execution of projects across sectors
Europes largest cargo hub Europes 2nd largest passenger airport Operator and manager of Malaysias 39 airports which comprise international, domestic and Short Take-Off and Landing (STOL) ports Off

Airports

Largest Airport retailer in Malaysia with 40 outlets in 4 airports

Indias premier infrastructure finance organisation - over 332 projects financed in power, roads, urban infrastructure One of the leading engineering and construction companies in Turkey

One of the worlds largest diversified organizations with a market capitalization of about US$400bn

Power

Koreas largest integrated electric utility which controls approx 88% of Koreas generating capacity Global leader in Heavy Industries with global presence in Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery and Construction Equipment

Roads

Malaysia's leading conglomerate in infrastructure infrastructure-building, is a wholly-owned subsidiary of Khazanah Nasional Berhad, an investment arm of the Government

Key Investment Highlights

1 2 3

India : Secular Growth In Infrastructure GMR : Leading Infrastructure Player Airports : Building Gateways To India Power : Lighting India Urban Infrastructure & Highways : Paths To Progress Strong Management Shareholding Pattern Financial Highlights

4 5 6
7 8

Passenger Traffic : Growth In Leading Indian Airports

30
25.61

PAX (Dom+Int) distribution in FY2008 (Total PAX = 115.5 mm)

23.52 22.25 20.44

25 In Mn 20 15 10 5 0

21% 42% Delhi

10.66 8.97 8.12 5.99 10.10 7.42 5.75 6.93

6%

Hyderabad Mumbai Chennai Other 42 Airports

22%
Mumbai Delhi Chennai Bangalore Kolkatta Hyderabad

9%
Delhi and Hyderabad airports control 27% of the passenger traffic

FY 07

FY 08

Traffic Growth ( % )
24% 25% 20% 15% 10% 5% 0% Mumbai Delhi Chennai Bangalore Kolkatta Hyderabad 19% 15% 15% 24% 21%

Delhi Airport accounted for the highest growth in air passengers movement in the world in 2006 (Source: TOI) 8

Delhi International Airport: Modernization and development of one of the busiest airports in the country
Project Overview Financing Plan (Phase I) Consortium Partners

Concession period Phases of development Land Ultimate pax capacity Ultimate cargo capacity Completion date Estimated project cost Revenue Share

30 + 30 years I, II, III, IV & V 5,100 acres 100mn (Phase I: 37mn) 3.6 mn tons (Phase I: 0.6 ) 2010 (Phase I) US$ 2,244mn (Phase I) 45.99 % shared with AAI

Source Equity including internal accruals Unsecured lo loans/Interest Free Deposits/Redeemable Preference Shares Loan from FIs/Banks oan Total

Contribution ($mm) 312 685 1,247 2,244

Sponsor

Shareholding

50.1%

10.0%

10.0%

3.9%

26.0%

Details of Phase I Development

Phase 1 A (Completion by Mid 2008) Third Runway of 4430 Meters & Taxiways Existing Arrival Terminal Expansion Additional 3 Baggage Claim Belts New Departure Terminal 72 Check-in Counters 16 Security Channels In-line Baggage Screening Upgradation of Existing Terminal 2 72 Check-in Counters 16 Security Channels In-line Baggage Screening

Phase 1 B (Completion by Mar 2010 hase 2010) New Intergrated Terminal 3 48 Contact Stands 168 Check Check-in Counters 46 Immigration Counters 30 Security Channels 12 Baggage Claim Devices Upgradation of Cargo Terminal High Speed rail Link Multi-level car Parking (430 lots) level (4300 General Avaitaion Facilities Expansion & Upgradation of Utilities
9

Master plan to develop a world class passenger terminal by 2010, well in time for Commonwealth Games
Phase I Master Plan1
New Integrated Terminal (T3) by 2010 500,000 Sq Mts 48 Contract Stands 168 Check-in Counters 49 emigration Counters 46 immigration Counters 30 Security Channels 12 Baggage Claim devices Matt McDonald Design Engineers

Existing Domestic Terminal (T1) Land Bank Total Land -5,100 Acres

Land for Property Development - 5% of Demised Premises Hospitality Development Mix - Commercial - Retail - Convention Facility - Hotels

L&T awarded to build the third runway & Terminal 3 Owners Engineers Appointed TCE, Lahmeyer and Parsons Brinckerhoff for T1, T2 & T3 respectively

New Runway (3) 4430 Mts

*Figure not to scale

Efficient planning to minimize impact on existing operations

10

Additional revenue potential from development of real estate asset under DIAL
Commercial development of non-transfer assets Initial development plan

5% of Airport Site can be used for commercial development of i.e., about 250 Acres Development to be undertaken by developers through six land parcels in Phased manner Master plan prepared for initial development of 45 acres to set up Hospitality district through developers (Built Up area of 5.91 mn Sq.ft) Lease period 30 + 30 years
Hospitality District: 45 Acres
*Figure not to scale

Land for commercial development

Permitted development includes Airport related facilities (Hospitality Activities, Commercial & Retail) Set up Delhi Aerotropolis Pvt Ltd (DAPL) for Property development DAPL to provide basic infrastructure facilities and supervise the development Appointed Jones Lang LaSalle and Lehman Brothers for strategic plan preparation and for bidding management Received Expression of Interests (EOI) for development of land RFP issued to shortlisted prospective bidders Bids received and are being evaluated DIAL is evaluating undertaking land development on its own
11

in line with the emerging Aerotropolis at major Asian airports

Airport Hong Kong

Types of real estate development Hotels, Commercial, Housing, Retail, Logistics, Exhibition Centre, Golf Course Airport free zone, Business centre, Hotels, Retail, Convention centre Free Trade Zone, Logistics, Hotel, Commercial Logistics, Exhibition Centre, Hotels, Commercial, Hospital, Housing, Retail

Incheon, South Korea Changi, Singapore Suvarnabhumi, Thailand

DIAL: Commercial Business Developments

Existing Airport: Commercial Initiatives Operations Duty free Retail Partner Alpha Airport & Future Group Consortium for 3.25 yrs (US$125 mn) Times Innovative Media Pvt Ltd for 3 yrs (US $ 41.75 mn) 9 Currently Handles 61 airlines (9 Domestic and 52 International )
10 9 8 7 6 5 4 3 2 1 0

Revenue Growth Pattern Revenue Per Pax ( $ )

8.88 7.15
Aero Revenue per pax Non-Aero Revenue per pax Total Revenue per pax 2007 3.25 2008 3.5

3.90

5.4

Advertisement

7.15

8.9

Airlines Handled

2007

2008 (E)

Revenue ( $mm ) Revenue ($mm)

250 207 200 150 100 50 0 2007 2008 (E) 147
Aero Revenue Non-Aero Revenue Total Revenue

2007 66 81 147

2008 80 127 207

12

Delhi Airport Historical Growth Pattern of Business Volumes

Aircraft Movements (In Thousands & Per Annum) 250
20% Growth

Cargo Tonnage ( In Thousand & Per Annum) 450

2% Growth 10% Growth

13% Growth

228 400
17% Growth

11% Growth

201 200
13% Growth 22% Growth

383 345

390

429

167 150 121 100

Mar-04 Mar-05 Mar-06 Mar-07 Mar-08

350 296 300

137

250
Mar-04 Mar-05 Mar-06 Mar-07 Mar-08

Passengers Traffic (In Millions & Per Annum) 25 20

23% Growth 27% Growth

The passenger Traffic has grown at a CAGR of 18% over the past 4 years
26% Growth 14% Growth

20.44

23.24

For the Period ended 9 months FY 08 the composition of Domestic to International Passengers has been 65 : 35 The Cargo Traffic has grown at a CAGR 7% over the past 4 years . For the Period ended 9 months FY 08 the composition of Domestic to International cargo has been 30 : 70. The Air Traffic Movements has grown at a CAGR of 14% over the Past 4 Years . For the Period ended 9 months FY 08 the composition of Domestic to International ATMs has been has been 75 : 25

16.24

15 10.39 10 5 0
Mar-04

12.78

Mar-05

Mar-06

Mar-07

Mar-08 Mar

* Figures are Projected till Mar 08,based on the Figures available till Dec 07.

13

Hyderabad International Airport: Development of fastest growing airport in the country

Project overview
Concession period Phases of development Land under development Ultimate pax capacity Concession fee Airport to be operational Estimated project cost Master Planners 30 + 30 years I, II, III & IV 5,500 acres 40mm (Current capacity of 12mm) 4% of revenue (deferred payment basis from 11th year) March 2008 US$620mm (Phase I) Consortium comprising Cowi of Norway, Avai Plan of Denmark & Stup Mumbai

Consortium partners
Sponsor Shareholding 63.0% 11.0% 13.0%

Catchment area

Hyderabad

13.0%

Hyderabad International Airport

Phase I development plan is on track

Uniquely positioned to capitalize on the current growth

Emergence of Hyderabad as a major IT& ITeS destination Centrally located with respect to India, South-East Asia and Middle East Catchment area of 75mm people Growth in the passenger traffic - 40% over the past 2 years (2005-07)

*Artistic impression

Completion of Phase I Development by March 2008

Airport Master planners are Cowi of Norway, Avai Plan of Denmark and Stup of Mumbai

Source: AAI website, Company

14

Hyderabad International Airport: Development of fastest growing airport in the country

Key project features Backed by best in-class partnership Area Area Airside & landside dev. Airside & Landside Work Cargo operation Cargo operation In-flight kitchens In-flight kitchens Fuel farm Fuel farm Business hotel Business hotel Ground Handling Ground Handling Duty-free retail Duty-free retail MRO MRO Airport advertisement Airport advertisement F&B F&B Lounge management Lounge management Aviation Academy Aviation Academy Hospitals Hospitals Car Parking Car Parking Telecom Services Telecom Services Partner Partner Larsen & Toubro Larsen & Toubro Menzies plc, UK Menzies plc, UK LSG Sky Chefs & Sky Gourmet LSG Sky Chefs & Sky Gourmet Reliance industries Ltd Reliance industries Ltd Accor with Novotel Brand Accor with Novotel Brand Menzies Aviation & Bobba Menzies Aviation & Bobba Nuance & Shoppers Stop Nuance & Shoppers Stop Indian Airlines & Lufthansa Indian Airlines & Lufthansa Laqshya Laqshya FMS Host, Blue Foods and Gelato FMS Host, Blue Foods and Gelato Plaza Premium Lounge, KL Plaza Premium Lounge Sabena Flight Academy Sabena Flight Academy Apollo Hospitals Apollo Hospitals Tenage Car parking of Malaysia Tenage Car parking of Malaysia Tata Teleservices Tata Teleservices

Hyderabad International Airport

One of the longest runways (4,260 m) with 10 entry exit points. One of the longest taxiway . Car park Facility for 3700 cars . 46 immigration counters 42 aircraft parking stands. 30 remote stands and 5 more for cargo Business Hotel, Luxury Hotels & Convention Centres First Airport in the country to get Leeds Certificate for leadership in Energy & environmental Design Baggage screening will be done post check-in 12 Aerobridge facility 146 check-in counters, 16 of which are self check in check-in 90 meter long baggage carousels , handling 3 flights at a

time
1

Commercial property development (1,000 acres) Initial Cargo Capacity of 100,000MT /annum;

Real estate and SEZ development

ultimate over + 30 yearsMT Lease Period: 30 1.0mm

Permitted developments - Commercial and Residential Appointed CPG of Singapore to develop the Master Plan for property development 2

Aviation Sector Specific SEZ (250 acres)

Aircraft Maintenance and Manufacturing, Assembling or Repairing of Avionics Components IT & IT enabled services, Biotechnology, Textile (Garment & apparels) and electronics industries in processing zone

Special Economic Zones development (500 acres)

Received in-principle approval for setting up two SEZs principle on a part of the land available for the airport development

Multiproduct General SEZ (250 acres)

Source: AAI website, Company

15

Hyderabad Airport Current Growth Pattern at existing Airport

Aircraft Movements (In Thousands)
90 80 70 60 50 40 30 20 10 0 MAR 04
5.75 4.04 28 36% Growth 38 37% Growth 52 33% Growth 69 17% Growth 81

Cargo Tonnage (In Thousand Tonnes)

60 50 40
26% Growth 9% Growth 37 34 24 % Growth 11% Growth 46 51

30 20 10 0
27

MAR05

MAR 06

MAR 07

MAR 08

MAR 04

MAR05

MAR 06

MAR 07

MAR 08

Total Passengers (In Millions)

8 7 6 5 4 3
2.85 27% Growth 42% Growth 4.04 42% Growth 5.75 20% Growth 6.9

The passenger Traffic has grown at a CAGR of 27% over the past 4 years For the year FY 08 the composition of Domestic to International Passengers Expected to be 70 : 30 The Cargo Traffic has grown at a CAGR 14 % over the past 4 years For the year FY 08 the composition of Domestic to International cargo Expected to be 55 :45 The Air Traffic Movements has grown at a CAGR of 25% over the Past 4 Years For the year FY 08 the composition of Domestic to International ATMs Expected to be 85:15

2 1 0

2.24

MAR 04

MAR05

MAR 06

MAR 07

MAR 08

* Note: Mar 08 figures are projected based on 9 months actual figures till Dec07

16

Sabiha Gokcen International Airport, Istanbul, Turkey.

Brief overview of the project Development plan for the Sabiha Gokcen International Airport in Istanbul

Car Park Area

Concession period 20 years (including construction period of 30 months) In lieu of revenue share, EUR1.93bn, to be paid in 20 years with no fee payable in first 3 years 4mm growing at 40% 24mm PAX Euro 400 millions

Concession fee

Existing Intl + Domestic Terminal

New International Terminal

Current PAX traffic Ultimate capacity Estimated capex

Hotel

Equity participation in the project

20%

Implementation Agreement has been signed.

40%

*Figure not to scale

Concession provides for operation of the existing facilities and construction of new international terminal building and its complementaries. Expected to take over the operations by second quarter of calendar year 2008.

40%

Financial Closure expected by 2nd Quarter of Calendar year 2008.

17

Outline of Emerging Opportunities in Domestic Airports Sector

Growth in passenger traffic in India
31.4% 21.7% 23.7%

Significant opportunity for private sector participation

Airport Cost ($mm) Current Status Under implementation PPP Particulars 26% AAI

Restructuring/Modernisation of world class airports

Delhi

3,750
Mumbai Chennai Under implementation Modalities under consideration

74% Pvt. Consortium of GMR, Fraport, MAPL & IDF 26% AAI 74% Pvt. Consortium of GVK, ACSA & BSD Being developed by AAI Being developed by AAI

PAX (mm)

2004-05 59.3

2005-06 73.4

2006-07 96.4

Kolkata

1,250

Under implementation

More than 20% growth in passenger traffic in the last 3 years Significant growth in the passenger traffic and fleet of aircrafts anticipated over the next 10 years

Development of Greenfield airports

Hyderabad Bangalore 2,500 Navi Mumbai Pune, Goa, Nagpur & Greater Noida Bids invited Modalities under consideration Under implementation Under implementation 26% AAI & Govt. of Andhra Pradesh 74% GMR group and MAHB

A consortium of Siemens, Zurich Airport and L&T has been choosen as the strategic JV partners 74% equity contribution by private entities

26% by the respective state government and AAI (subject to a cap on investment by AAI)

3
Government has announced a national airport upgrade and modernization plan which will see an investment of over USD 9 billion by 2010

Upgradation of 35 non non-metro airports Phase I 10 airports Phase II & III 25 airports 1,750 Master plan has been approved Master plan yet to be approved
AAI to fund the entire airside and terminal development Commercial development at most of the viable airports to be taken up by private sector

Development of merchant airport policy is under consideration

Source: IBEF report on Discover Opportunity: Indian Infrastructure; AAI Website; Rupees per USD : 40

18

Airports Sector Growth Strategy with strong focus on establishing international presence
Largest Airport Developer in India
Delhi International Airport One of the busiest airports in India Concession of 30 + 30 yrs and investment of US$ 2,237 mm India Focus Participate in up-coming opportunities in Indian airports sector Balanced mix of Brownfield and Greenfield projects to be considered in portfolio selection Position as premier airports company in India

Strategy for transforming itself into a global operator

Hyderabad International Airport Airport with one of the highest growth in passenger traffic in FY2006-07 Concession of 30+30 years with investment of US$ 620 mm Global Investments

Invest in airports in developing countries with High traffic growth Need for infrastructure expansion Stake acquisition in global airports Enhance understanding of global airport sector without taking on substantial developer role De-risk from India centric business Develop structural and organizational capabilities for future expansion strategy

SGIA Istanbul Turkey1 Development of new international terminal and operation of existing facility Expected to take over the operations by first quarter of calendar year 2008

Note: 1GMR is part of the winning consortium, no contract signed as yet

19

Key Investment Highlights

1 2 3

India : Secular Growth In Infrastructure GMR : Leading Infrastructure Player Airports : Building Gateways To India Power : Lighting India Urban Infrastructure & Highways : Paths To Progress Strong Management Shareholding Pattern Financial Highlights

4 5 6
7 8

GMR has successfully implemented and operationlized Power Assets

Facility
Contracted Capacity Fuel COD PPA

Mangalore, Karnataka
220Mw Naptha 2001 7 Years till 2008; at 85% PLF Take or pay fixed charges 9.77 (26.40)

Barge-mounted power plant One of the largest operational Independent Power Producer (IPP) in Karnataka ISO 14001, ISO 9001 and OHSAS 18001 certified

GMR Energy Limited

PLF YTD (Last full year) (%)

Facility
Contracted Capacity Fuel COD

Chennai, Tamil Nadu

200Mw Low Sulphur Heavy Stock 1999 15 Years till 2014; minimum offtake at 68.5% PLF 60.65 (52.06) 93.931 (93.94)

ISO 14001 and OHSAS 18001 compliant Dr. M.S. Swaminathan Award for being an environment friendly project

GMR Power Corporation Pvt. Ltd.

PPA PLF YTD (Last full year) (%) Plant Availability in (%)

Facility
Contracted Capacity Fuel

Vemagiri, Andhra Pradesh

Contracted 370Mw; Merchant Sale 17.625Mw Natural Gas 2006 23 Years till 2029; at 80% PLF Take or pay of fixed charges

Companys third Greenfield power project Gas is expected to be available by 1st quarter 2008 PPA got extended from 15 to 23 years Expansion plan for additional 700 MWs capacity

Vemagiri Power Generation Ltd.

COD

PPA

20

Strong pipeline of power projects under development

Power assets under development
Facility Orissa II (Coal)

Orissa (Coal)

Chattisgarh (Coal)

Uttarakhand (Hydro)

Location Capacity Fuel Contract details

Kamalanga, Orissa 1,050MW Coal Build Own and operate for 25 years from Plant COD

Kamalanga, Orissa 1,050MW Coal Build Own and operate for 25 years from Plant COD rs 2012 Coal Allocation namely Rampia & Dip Rampia obtained for 1000 MW capacity.

Chattisgarh 1050MW Coal Build Own and operate for 40 years from Plant COD 2012 Signed MOU with the Govt.of Chhattisgarh State Govt. has recommended to Ministry of Coal for Coal linkage. Pre-feasibility report submitted. Land identified and state Govt.agreed to allot the same

Badrinath, Uttarakhand 300MW Hydro BOOT for 45 years from implementation Agreement 2013 DPR finalised and submitted. SNC-Lavalin appointed for review of DPR and detail engineering. Implementation Agreement by March 2008

Expected CoD 2012 Project status Coal linkage of 500MW and 500MW to be obtained after substantial progress EPC bids received & are being evaluated. Water Allocation received PPA: GRIDCO (upto 25%) and remaining by Power Trading Corporation (PTC)

21

Strong pipeline of power projects under development

Power assets under development
Facility
Location Location Capacity Capacity Fuel

Arunachal Pradesh (Hydro)

Himachal Pradesh (Hydro)

Nepal (Hydro)

Nepal (Hydro)

Talong, Arunachal Pradesh BajoliBajoli Holi , Pradesh Holi , Himachal Himachal PradeshUpper Karnali, Nepal Upper Marsyangdi Talong, Arunachal Pradesh Upper Karnali, Nepal Upper Marsyangdi 1 160 160 MW MW 180 MW 250 180 MW 300 MW 300 MW 250 MW MW Hydro Hydro Hydro Hydro Fuel Hydro Hydro Run Hydro of River on BOOT basis for a Hydro Run of River on BOOT basis for a Contract Build Own and operate for 30 Build Own and operate for concession period of 40 years from concession period of 40 years from details years from Plant COD 30 years from Plant COD Run of River on BOOT basis for a concession Build Own and operate for 30 years from Build Own and operate for 30 years from Contract details Run of River on BOOT basis for a CODconcession period of 40 years COD Plant COD Plant COD period of 40 years from COD Expected from COD 2015 2015 2014 2015 COD Expected COD 2014 2015 2015 2015

Project status
Project status

Colenco of Switzerland has been appointed as has been appointed Colenco of Switzerland the principal as the principal Engineer. engineer

Upfront premium of US$ MOU Signed Between Acquired 80% stake in 20.5mm of US$ 20.5 mm paid to paid to the Govt.of MOU Signed Between GMR ITD GMR ITD Consortium and Acquired 80% stake in the Project the Project Upfront premium the Govt.of Himachal Pradesh Consortium andof Nepal (represented Govt Govt of Nepal Himachal Pradesh Signed MOU with M/s (represented by Ministry of water MoA with the state Govt by DPR Preparation activities have Signed MOU with M/s GCE and M/s resources). Ministry of water GCE and M/s Himtal. Himtal. MoA with State Government commenced Preparation activities have resources). DPR Terms of Reference for Environment ShareShare purchaseVenture purchase and Joint and commenced Study approved by MOEF Agreement signed between Himtal Hydro Joint venture agreement Terms of Reference for Power Co.Ltd, the individual Share Discussion on study EIA in advanced signed between Himtal Environment the DPR &approved by holders and GEL. stage. Hydro Power Co.Ltd, the MOEF Due Diligence conducted by Tojo Vikas individual Shareholders and reckons that the project is capable and up to of generatingGEL. 560 MW. Discussion on the DPR & EIA in advanced stage. Due Diligence conducted by Tojo Vikasand reckons that the project is capable of generating up to 560MW.

GMR also aims to secure opportunities in transmission during the year and expand presence across the sector value chain
22

Power projects: Continued focus on diversification of revenue, fuel mix and expansion of geographic presence
3,8877.625MW of power projects spread across the country

1 Diversified fuel mix

Bajoli Holi 180 MW Fuel type - Hydro CoD - 2015 Alaknanda 300 MW1 Fuel type - Hydro CoD - 2013

23%

16%

Liquid Fuel

Mangalore 220 MW Fuel type Naphtha PPA 7 years till 2008 (85% PLF)

Upper Marsyangdi 250 MW Upper Karnali Fuel type - Hydro Talong 300 MW CoD 2015 160 MW Fuel type - Hydro Orissa Fuel type - Hydro CoD 2015 1,050 MW CoD - 2014 Fuel type - Coal Chattisgarh CoD 2012 1,050 MW Coal power Orissa (Kamalanga 2) CoD- 2012 1,050 MW Fuel type - Coal CoD 2012 Vemagiri 387.625 MW Fuel type Gas PPA 23 years till 2019 (80% PLF) Chennai 200 MW Fuel type Sulphur PPA 15 years till 2014 (min. offtake at 68.5% PLF) Under implementation 8 projects (4,340MW)

Projects distributed across all the fuel types Hydro, thermal & Gas Tied up fuel for most of the plants

Coal Hydro 61%

Total capacity = 5,147.625MW

2 Diversified revenue mix

Mix of short-term & long-term Power Purchase Agreements (PPAs) Exiting 3 projects have long term PPAs tied up Fixed revenue stream from the Mangalore & Chennai plant Availability of gas for the Vemagiri project to create future revenue growth potential New projects (other than the Orissa project) have the flexibility to choose between short-term/long-term PPAs Distribution of total capacity PPA - 1390 MW, Merchant Power 3757.625 MW

Operating assets 3 projects (807.625MW)

Note: 1Capacity to be increased to 300 MW subject to approval of project development plan by CEA

23

Power projects: Strategy to transform itself into an integrated power developer with global foot print
1
Improve performance and competitiveness of existing business

Leverage expertise to capture future growth opportunities in India and abroad Add further power assets diversified across fuel types in India Bid for UMPPs where fuel supply has been secured Invest in IPPs in neighboring developing countries with Need for infrastructure expansion Government support Explore brown field opportunities through acquisitions of development rights and operating assets

Diversify into allied power infrastructure businesses

Acquisition of Coal Mines

Secure fuel supply for thermal power plants through acquisition / joint development of domestic as well as international coal mines Exploring opportunities in Indonesia & South Africa

Actively explore opportunities in domestic power distribution State of Gujarat, Karnataka & Maharashtra have initiated private participation Evaluate power transmission opportunities in India and other growing economies of South America & Africa Explore Joint Ventures and/or acquisition to realise value

Alternate fuel opportunities

Explore options for alternate fuel to reduce reliance on any one type of fuel

24

Domestic Power sector scenarios future outlook

Per Capita Consumption in India is extremely low as compared to other countries
20 15 10 5 0
Cananda US Germany Russia Brazil China India Developing Count ries

Low Consumption per capita

Significant scope for improvements in power sector Characterized by chronic power shortages with peak hour shortage of over 14% in past few years

18.3 14.1

7.3

6.3 2.2 1.4 1.5

Total capacity of 135 GW highly inadequate given the over 9% projected growth in Indian economy
0.6

One of the lowest per capita consumption across developing countries. Per capita consumption is expected to double by 2016 (CEA) requiring rapid increase in generation capacity

Per Capita Consumption (Thousand Kwh/ year)

Government Initiatives have led to huge opportunity for the private sector participation in the sector
Huge Capacity additions have been planned in power generation in 11th Five Year Plan to the tune of 79 GW as against 135 GW currently installed XIth five year plan estimates a total investment opportunity of over US$ 100 bn in the power sector by 2012 De regulated power sector to contribute about 40% of additional capacity by 2012 Total capacity addition aimed during the11th plan 79 GW Source: UNDP, Human Development Indicators,2006 ; CEA and Crisil Research Power Annual Review
25
Installed Capacity in GW

Key Investment Highlights

1 2 3

India : Secular Growth In Infrastructure GMR : Leading Infrastructure Player Airports : Building Gateways To India Power : Lighting India Urban Infrastructure & Highways : Paths To Progress Strong Management Shareholding Pattern Financial Highlights

4 5 6
7 8

GMR Group Road Projects implemented/under implementation

Annuity
Particulars Location Road Length GTAEPL Tuni-Anakapalli 59 kms GTTEPL TambaramTindivanam 93 kms GPEPL Pochanpalli Construct - 86 kms + O&M Sweetener - 17 kms 20 years incl. construction of 2.5 years Oct. 2006 Oct . 2026 September 2006 All major contracts have been awarded GACEPL Ambala-Chandigarh Construct - 35 kms

Toll
GJEPL Faruknagar-Jadcherla Construct - 46 kms + O&M Sweetener - 12 kms 20 years incl. construction period of 2.5 years GUEPL TindivanamUlundurpet Construct - 73 kms

Concession Period

17.5 years incl. construction period of 2.5 yrs.

17.5 years incl. construction period of 2.5 yrs.

20 years incl. construction period of 2.5 years May. 2006 May. 2026 May 2006 All major contracts have been awarded

20 years incl. construction of 2.5 years

Concession Duration Financial Closure Project status

May. 2002 Nov. 2019 May. 2002 Nov. 2019 June 2002 Started commercial operations June 2002 Started commercial operations

Aug. 2006 Aug. 2026 Oct. 2006 Oct. 2026 August 2006 All major contracts have been awarded October 2006 All major contracts have been awarded

Mobilizing all resources and harnessing the best practices in all aspects of project implementation to ensure that the four Road projects under implementation are commissioned on schedule

Source: Company annual report, 1Project expenditure as of March 31, 2007

26

Road projects: On way to become a leading concessionaire in Indian Highway Sector

1
1995

Scale of operation
Holds concessions for about 421km from NHAI under 6 road projects 2 operating projects (GTAEPL 59km & GTTEPL 93km) and 4 under implementation (GPEPL 103km, GACEPL 35km, GJEPL 58km & GUEPL 73km)

Private sector participation initiated GMR won bid for TT and TA projects

2001

2
2005

Diversified asset mix

Balanced mix of annuity-based (3 projects, 255 km) and toll-based assets (3 projects, 166 km) Annuity projects GTAEPL, GTTEPL & GPEPL

CoD of 2 annuity road projects

2006

Awarded 1 annuity and 3 toll road projects

Toll-based projects - GACEPL, GJEPL & GUEPL

3
2007 onwards

Robust financial management

Achieved financial closure for all projects under implementation Securitization of revenues from annuity road projects

Plans under implementation to add more projects in FY08

4 Significant growth opportunities

Looking at adding significant projects by FY08 Exploring international opportunities
27

Roads: Significant opportunity for private sector participation

India has one of the largest road networks in the world NHDP has planned expenditure of ~US$48bn by 2012

2% 4% 14% National Highways State Highways Major district roads Rural & other roads 80%
Total length = 3.3 million km
7.0 4.2 4.2 13.1 10.3 16.3

National highways constitute only 2% of road network but carry ~40% of the total road traffic Vehicle traffic has been growing at a pace of 10% per annum over the last 5 years
Supportive regulatory framework

NHDP - I&II

NHDP - III

NHDP - IV

NHDP - V

NHDP - VI

NHDP - VII

13,146km 10,000km 20,000km 6,500km

1,000km

N/A

Opportunity for private sector participation worth $23bn (08-12E)

Provision for encumbrance free land for work Provision for Viability Gap Funding upto 40% of project cost on a case to case basis 100% tax exemption for 10 consecutive assessment years out of 20 years Concession period is linked to actual traffic as per Model Concession Agreement Right to collect and return toll for BOT projects FDI up to 100% in road sector
NHDP - I&II NHDP - III NHDP - IV NHDP - V NHDP - VI NHDP - VII

8.6

8.6
42% 58%

Total=US$55bn

2.3

1.6 0.4

1.6

Private sector contribution

Source: Report of the Core Group on the Financing of the National Highway Development Program

Contribution from other sources 28

Leveraging expertise to explore Opportunities across Land Transportation Sector

Highways
Planning to add further assets by FY08

Railways
Entry level strategy for the railway sector has been prepared Railway core team formulation under progress Strategic tie-ups finalization process under progress

Opportunities under consideration:

1

6 laning projects (891 kms)

Project Panipat Jalandhar Surat Dahisar Chilakularipet-Vijayawada Chennai-Tada Length (km) 300 240 83 43

Opportunities identified in:

1

Other corridor projects in FY08

Project 4 laning of HyderabadVijayawada Machilipatnam Corridor 2nd phase of six laning projects in Golden
Quadrilateral

Dedicated Freight Corridor (DFC) projects Rail Vikas Nigam Ltd. (RVNL) projects Modernization of the New Delhi Railway Station

2 3

Expressway Projects under NHDP Phase VI

3

International opportunities in Turkey, East Europe and Africa Due diligence process initiated
29

GMR Group Foray into Special Economic Zones (SEZs)

MOU with Tamil Nadu Industrial Development Corporation (TIDCO) for the development of a Multi-product SEZ at Krishnagiri District, Tamil Nadu SEZ to be developed through an SPV which will be a JV with TIDCO SPV to get active support from the state government & TIDCO for timely land procurement process & timely implementation of the project. To be operational by 2009 & the entire development will be completed by 2014. Project expected to generate exports turnover of about US$ 4 bn by 2014. Project details
Type of SEZ Location To house Bio Technology, IT & ITES, Traditional electronics & Engineering companies Expected to generate direct & indirect employment for over 3 lakh people Krishnagiri District Tamil Nadu, close to Bangalore metropolis Excellent connectivity through NH7 and railway network Land details Project cost 3,300 acres Land is to be acquired over a period of 1 year Estimated cost for development of basic infrastructure is INR 23bn Development cost including industrial and social infrastructure would be INR 110bn

30

Key Investment Highlights

1 2 3

India : Secular Growth In Infrastructure GMR : Leading Infrastructure Player Airports : Building Gateways To India Power : Lighting India Urban Infrastructure & Highways : Paths To Progress Strong Management Shareholding Pattern Financial Highlights

4 5 6
7 8

GMR has an experienced and dedicated team of individuals across hierarchy managing projects across sectors
GMR Holding Board
Srinivas Bommidala GM Rao
Group Chairman Chairman -Urban Infrastructure & Highways

GMR Infra Board

G. M. Rao

G Kiran Kumar
Chairman Airports

K. Balasubramanian
Member Group Holding Board

Srinivas Bommidala G. B.S. Raju G. Kiran Kumar B.V. Nageswara Rao K.Balasubramanian O B Raju Arun K. Thiagarajan K.R. Ramamoorthy Prakash G. Apte R.S.S.L.N. Bhaskarudu T. R. Prasad Udaya Holla Uday M. Chitale

GBS Raju
Chairman Corporate & International Business

B V N Rao
Chairman Energy & Agro

P M Kumar
Member Group Holding Board

Management team Airport

B. S. Shantharaju CEO Andrew Harrison COO Shirish M Navlekar CFO I Prabhakara Rao VP Project Development Phua chai Teck VP - Planning & Develop Sudhir Mathur Chief Commcl .Officer Rajgopalsamy CFO P Sripathy Head -Project Mgmnt. Raajkumar CEO G.K. Raghunandanan CFO Avinash R Shah Sr. VP - BD G. Loganathan - EVP BD R. K Goel VP Transmission K V V Rao Director & President S N Barde VP O & M Ashish Basu VP Commercial & Contracts I V Srinivas Rao VP - Finance

Energy

Urban Infrastructure & Highways

Rajan Krishnan COO D R Santhana Krishna CFO V Jayaraman COO Property Devlp.

Strategic Finance
Ashutosh Agarwala CFO

Corporate Services
O Bangaru Raju COO - Strategic Initiatives & Central Procurement

International Development
Ranjit Muregesan , CEO Madhu Terdal, EVP Cenk CEO Turkey

Y M Shivamurthy President, Legal A, Subba Rao, EVP CIG A.S. Cherukupalli, EVP Company Sec. Vijay Vancheswar Head,Corp.Comm. P M Kumar - ED Group Corporate Development R. Ram Mohan EVP GCMs office

31

Key Investment Highlights

1 2 3

India : Secular Growth In Infrastructure GMR : Leading Infrastructure Player Airports : Building Gateways To India Power : Lighting India Urban Infrastructure & Highways : Paths To Progress Strong Management Shareholding Pattern Financial Highlights

4 5 6
7 8

GMR Infrastructure Limited Shareholding Pattern Floating Shareholding

26.73% Equity of the company
Promoters Foreign Institutional Investors Domestic FI's/Banks MFs/Insurance Companies Bodies Corporate Retail Including Indian Public,HUF & Others Total 1,333,982,600 1,846,281,07 115,264,109 14,002,070 60,419,571 112,361,631 1,820,658,088 73.27 10.14 6.33 0.77 3.32 6.17
FII'S

Category

No. of shares

% Holding

23.09 % 37.94 %

12.41 %

2.88 %

23.69 %

100.00

Banks/ Domestic FI's MF'S Bodies Corporate Retail Including resident individuals, Trusts , HUF & others

32

Key Investment Highlight

1 2 3

India : Secular Growth In Infrastructure GMR : Leading Infrastructure Player Airports : Building Gateways To India Power : Lighting India Urban Infrastructure & Highways : Paths To Progress Strong Management Shareholding Pattern Financial Highlights

4 5 6
7 8

GMR: Strong revenue growth with improving margins

1
Gross revenues (US$mm)

Gross assets (US$mm)

CAGR 40.8%

495 423 319

CAGR 47.1%

3,697

250

267

1,757 811 1,076

1,622

FY05

FY06

FY07

9M FY07

9M FY08

FY05

FY06

FY07

9M FY07

9M FY08

The Increase of 32.6% is mainly attributable to additional revenues from the operations of DIAL & Higher PLF in GEL & GPCPL

The Increase of 127.9% is mainly attributable to Capital work in progress of Hyderabad & Delhi International Airports

EBITDA (US$mm) & margins (%)

CAGR 17.6% 40.8% 102 43.1% 115

4
36.0% 125

PAT after MI (US$mm) & margins (%)

33.1% 141

33.4 % 107

CAGR 60.9%

10.3% 44

12.0% 38

11.5% 40

6.8% 17

6.7% 18

FY05

FY06

FY07

9M FY07

9M FY08

FY05

FY06

FY07

9M FY07

9M FY08

The Increase of 17.1% is mainly from the Additional EBIDTA from DIAL operations & from other sectors mainly from Short term investments
Note: Exchange rate INR/USD = 39.75

The increase of 5.2% is mainly from the Operations of DIAL 33

Financials: Profit & Loss account

GMR Infrastructure Limited: Consolidated Profit & Loss account ( (US$mm)

Gross revenues Net revenues Other income Total expenditue EBIDTA EBIDTA margin (%) Interest & finance charges Depreciation PBT PBT margin(%) Taxation PAT (Before Minority Interest) PAT margin(%) PAT (After Minority Interest) PAT margin(%)

FY2005 250 250 3 151 102 40.8% 24 49 29 11.6% 1 28 11.20% 17 6.80%

FY2006 267 267 1 153 115 43.1% 33 55 27 10.1% 3 24 8.99% 18 6.74%

FY2007 495 427 5 290 141 33.1% 36 34 71 16.7% 10 61 14.2% 44 10.3%

9M FY2008 423 351 16 242 125 36% 25 30 69 19.7% 13 55 15.88% 40 11.51%

Note: Exchange rate INR/USD = 39.75

34

Financials: Balance sheet

GMR Infrastructure Limited: Consolidated Balance sheet (US$mm US$mm)

FY2005 Sources of funds Shareholder's funds Minority interest Loan Funds (a) Secured Loans (b) Unsecured Loans Deferred tax Liabilities Total Liabilities Application of funds Fixed assets Investments Net Current assets Miscellaneous expenditure Total assets 111 93 459 28 691 588 44 59 0 691

FY2006 144 107 652 95 998 751 64 183 998

FY2007 501 132 760 172 1569 1209 66 294 1569

9M FY2008 1539 154 1318 425 9 3445 1943 1303 199 3445

Note: Exchange rate INR/USD = 39.75

35

Thank You