2014-05-15 VED FY2014 Prelims Presentation Final

VEDANTA RESOURCES PLCPreliminary Results Presentation for the year ended 31 March 2014

15 MAY 2014

Cautionary Statement and Disclaimer

The views expressed here may contain information derived from publicly available sources that have not beenindependently verified.

No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of thisinformation. Any forward looking information in this presentation including, without limitation, any tables, chartsand/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. Thispresentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc ("Vedanta").Past performance of Vedanta cannot be relied upon as a guide to future performance.

This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. Inthis context, forward-looking statements often address our expected future business and financial performance,and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertaintiesarise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations ininterest and or exchange rates and metal prices; from future integration of acquired businesses; and fromnumerous other matters of national, regional and global scale, including those of a environmental, climatic, natural,political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual futureresults to be materially different that those expressed in our forward-looking statements. We do not undertake toupdate our forward-looking statements.

This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation ofan offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta or anyof its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shallthis presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connectionwith, any contract or investment decision.

The views expressed here may contain information derived from publicly available sources that have not beenindependently verified.

No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of thisinformation. Any forward looking information in this presentation including, without limitation, any tables, chartsand/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. Thispresentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc ("Vedanta").Past performance of Vedanta cannot be relied upon as a guide to future performance.

This presentation contains 'forward-looking statements' – that is, statements related to future, not past, events. Inthis context, forward-looking statements often address our expected future business and financial performance,and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' or 'will.' Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertaintiesarise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations ininterest and or exchange rates and metal prices; from future integration of acquired businesses; and fromnumerous other matters of national, regional and global scale, including those of a environmental, climatic, natural,political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual futureresults to be materially different that those expressed in our forward-looking statements. We do not undertake toupdate our forward-looking statements.

This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation ofan offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta or anyof its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shallthis presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connectionwith, any contract or investment decision.

2FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014

10 Years sinceVedanta listing10 Years sinceVedanta listing

Anil AgarwalExecutive Chairman

1,800

Successful Strategy of Organic Growth and Value-Accretive M&A

KCM Sesa Goa VS Dempo Cairn India Liberia iron ore

assets Zinc Intl

Org

anic

gro

wth

/A

sset

Op

tim

izat

ion

M&

A

FY2005

FY2006

FY2007

FY2008

FY2009

FY2010

FY2011

FY2012

FY2013

Rajasthan:Restarted oil &gas exploration

Zinc India:Expansion to 1.2mtpa started

Konkola: BottomShaft LoadingCompleted

Mine-life extension across operations

BALCO: 245kt Alsmelter and540MW CPP

Tuticorin: 400ktsmelter

FY2014

200mn boecumulative atRajasthan

BALCO: 325kt Alsmelter 1st metal

Talwandi Sabo1,980MW: 1st unitsynchronized

Production Growth (in Copper Equivalent kt)1

Chanderiya:170kt Zn and50kt Pbsmelters,154MW CPP

Tuticorin: 300ktsmelter

Chanderiya:Addn 170kt Znsmelter and80MW CPP

RA mine:5mt Nchanga: 311kt

Cu smelter Konkola: 6mt

Concentrator Jharsuguda:

500kt Al smelter

SK Mine: 1.5mtmill

Jharsuguda:2,400 MW power

RA mine: 6mt Dariba: 210kt Zn

smelter Konkola: Mid-

shaft loading

Dariba: 100kt Pbsmelter

Silver Refinery:500t

Nchanga: 7.5mtEast mill

RA Mine: 3.75mt

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Pro

du

ctio

n in

cop

per

eq

uiv

alen

t(k

t)

FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014

Note: 1. All commodity and power capacities rebased to copper equivalent capacity (defined as production x commodity price / copper price) using average commodity prices for FY2014. Powerrebased using FY2014 realisations. Copper custom smelting capacities rebased at TC/RC for FY2014. Iron Ore volumes refers to sales, with prices rebased at average 56/58% FOB pricesfor FY2014. For Oil & Gas, production refers to Working Interest.

4

Colour Key

Zinc-Lead

Copper

Aluminium

Power

Iron Ore

Oil & Gas

Silver

390p

902p

At IPO End FY2014

Creating Value over 10 Years

Since IPO Share PricePerformance

TotalShareholder

Return

Vedanta 131% 200%

FTSE-350 Mining 137% 189%

FTSE-100 51% 114%

Share price

At IPO End FY2014


Government1 $15 billion(last 3 years)

Communities:Social Investment $127 million

(last 3 years)

Direct and IndirectEmployment 88,000

Notes: TSR data sourced from Bloomberg. Dividend Yield based on the 1 month average share price as of 2 May 2014. Employees as of 31 March 2014.Government refers to payments to various governments through direct and indirect taxes, royalty and profit petroleum.Contribution to government and communities includes FY2012 on a pro forma basis with Cairn India for the full year.

Capital Returned toShareholders $1.4 billion

since IPO

Total ShareholderReturn 200%,

12% CAGR

Dividend Yield 4%

Overview

Tom AlbaneseChief Executive Officer

CEO’s First Impressions

Chaired monthly Executive Committee and visitedoperations since joining the Group in Sep 2013

First Impressions

Dynamic teams, welcome to change

Significant capabilities – exploration, engineeringand project execution, production and operationalexcellence

Strong community programs

Some areas for improvement

Safety performance – fatalities need to beeliminated

Underground mining skills

Some businesses are generating significant freecash flows, while others have opportunities toimprove

Diversified portfolio of world class assets

Rajasthan Oil & Gas, India Chaired monthly Executive Committee and visitedoperations since joining the Group in Sep 2013

First Impressions

Dynamic teams, welcome to change

Significant capabilities – exploration, engineeringand project execution, production and operationalexcellence

Strong community programs

Some areas for improvement

Safety performance – fatalities need to beeliminated

Underground mining skills

Some businesses are generating significant freecash flows, while others have opportunities toimprove

Diversified portfolio of world class assets


Rampura Agucha Zinc-Lead mine, India

India: Strong Fundamentals for Demand and Supply

Urbanization increasingbut below World average

Increasing Labour Force(% of Total Population)

1.50.4 0.5 1.0

6.6

3.51.9

4.6

15.4

7.2

4.22.7

Aluminum Copper Zinc Oil

India World China

Low Per Capita Consumption(Metals - CY 2013 per capita consumption in kg;Oil - CY2012 per capita consumption in barrels)

India: Shared geology and mineral potential withAfrica & Australia and Abundant Natural ResourcesGlobal Ranking¹

7th Iron OreR&R: 29 bn tonnes

5th CoalR&R: 295 bn tonnes

6th ZincR&R: 50 mn tonnes

8th BauxiteR&R: 3.5 bn tonnes

Vedanta - Strong Market Positioning in IndiaFY2014 India Market Shares²


Sources: Wood Mackenzie, BP Statistical Report, Global Insight, Indian Ministry of Petroleum and Natural Gas, IBIS, Aluminium Association of India, ILZDA, company sources. Total estimatedReserves and Resources based upon public sources including GSI, GOI, Wood Mackenzie, UNFC & IBM.

Notes: 1. Ranking based on Reserves.2. Based on domestic Consumption, except Aluminium which is based on primary production.3. Based on Primary lead.

Urbanization increasingbut below World average

Increasing Labour Force(% of Total Population)

15%

30%

45%

60%

1990 2000 2010 2020 2030

India World China

15%

30%

45%

60%

2000 2010 2020 2030 2040

India World China

89%

49%

5%29% 38%

5%Zinc Lead³ Silver Copper Aluminium Oil

Vedanta Other Producers Imports

Vedanta - Strong Market Positioning in IndiaFY2014 India Market Shares²

CEO’s Priorities

Operational excellence Improve business performance: Copper Zambia: Deliver an operational turnaround Aluminium: Operationalise remaining smelter

capacity and work on bauxite sourcing Iron Ore: Restart operations in Goa

Enhance performance of well-performing assets Zinc-India: Transition to underground mining, and

expansion to 1.2mtpa of mined zinc-lead Oil & Gas: Maximize exploration and optimize

production ramp-up at the Rajasthan block

Corporate Vedanta brand, communication and stakeholder

engagement, safety and CSR Group structure: Realize synergies of the Sesa Sterlite merger Pursue minority buyouts

Konkola Deeps mine, ZambiaOperational excellence Improve business performance: Copper Zambia: Deliver an operational turnaround Aluminium: Operationalise remaining smelter

capacity and work on bauxite sourcing Iron Ore: Restart operations in Goa

Enhance performance of well-performing assets Zinc-India: Transition to underground mining, and

expansion to 1.2mtpa of mined zinc-lead Oil & Gas: Maximize exploration and optimize

production ramp-up at the Rajasthan block

Corporate Vedanta brand, communication and stakeholder

engagement, safety and CSR Group structure: Realize synergies of the Sesa Sterlite merger Pursue minority buyouts


Iron Ore mine, Goa, India

FY2014 Results Highlights

Operations Record oil & gas production at Rajasthan: Achieved 200kboepd during the year and cumulative

production of 200 million barrels till end FY2014; 100% reserve replacement during the year Record production of mined and integrated metal at Zinc India Continued strong operating performance at Aluminium and begun commissioning new pot-lines Continued cost control and efficiency improvements across businesses Goa mining ban lifted1

Financial EBITDA of $4.5bn, EBITDA margin 45%2

Underlying Attributable Profit of $93mn3, Underlying EPS of $0.343

Free Cash Flow of $3.0bn4 (67% of EBITDA), FCF after Growth Capex of $1.6bn Net Debt reduced by c.$0.7bn over the last 12 months and by c.$2.1bn over the last 24 months Final Dividend of 39 US cents per share, up 5%

Corporate Sesa Sterlite merger completed c.$900mn buyback program at Cairn India

Operations Record oil & gas production at Rajasthan: Achieved 200kboepd during the year and cumulative

production of 200 million barrels till end FY2014; 100% reserve replacement during the year Record production of mined and integrated metal at Zinc India Continued strong operating performance at Aluminium and begun commissioning new pot-lines Continued cost control and efficiency improvements across businesses Goa mining ban lifted1

Financial EBITDA of $4.5bn, EBITDA margin 45%2

Underlying Attributable Profit of $93mn3, Underlying EPS of $0.343

Free Cash Flow of $3.0bn4 (67% of EBITDA), FCF after Growth Capex of $1.6bn Net Debt reduced by c.$0.7bn over the last 12 months and by c.$2.1bn over the last 24 months Final Dividend of 39 US cents per share, up 5%

Corporate Sesa Sterlite merger completed c.$900mn buyback program at Cairn India


Note: 1. Restart of mining is subject to conditions laid out by the Supreme Court.2. Excludes custom smelting at Copper and Zinc-India operations.3. Based on profit for the period after excluding special items and other gains and losses, and their resultant tax and minority interest effects.4. Free Cash Flow before Growth Capex.

Financials

D.D. JalanChief Financial Officer

Financial Highlights

Consistent and strong EBITDA margin driven by diversified portfolio

Strong FCF after growth capex and continued reduction in net debt and gearing

$mn or as stated FY2013¹ FY2014 changeEBITDA 4,909 4,491 (9)%EBITDA margin² (%) 45% 45%Free Cash Flow before Growth Capex 3,535 3,017 (15)%Growth Capex 2,091 1,425 (32)%Free Cash Flow after Growth Capex 1,516 1,592 5%


Net Debt 8,616 7,920 (8)%

Gearing (%) 31.4% 30.6%Net Debt/EBITDA 1.8 1.8

Underlying Attributable PAT³ 368 93 (75)%Underlying EPS (USc/share)³ 135 34 (75)%Total Dividend (USc/share) 58 61 5%

Notes: 1. The comparative information has been restated so as to reflect the adoption of new accounting standards.2. Excludes custom smelting at Copper and Zinc-India operations.3. Based on profit for the period after excluding special items and other gains and losses, and their resultant tax and minority interest effects.

4,909

170 4,121

30776 19 4,491

(508)

EBITDA Bridge

FY2014 vs. FY2013 ($mn)

$ 371 mn

Controllable

170 4,121

(258)(124) (33) (36)

(31)

EBITDAFY2013

Price ProfitPetroleum to

GOI

Iron Ore -Mining Ban

Impact

Tuticorinsmelter

temporarysuspension

(Q1)

Other one-offitems

Currencytranslationeffect onEBITDA

AdjustedEBITDA

CMT minetemporarysuspension

(Q4)

Volume COP Others EBITDAFY2014


$ (788) mn

Non-Controllable

Income Statement – Variances

Sesa Sterlite Merger completed in H1

EBITDA margins maintained at 45%¹

Higher net interest cost due to:

One time amortization of borrowingcost due to prepayment of Cairn Indiaacquisition loans, partly offset byfavourable refinancings

Stopped capitalizing interest costsrelated to the Jharsuguda-II smelterfrom FY2014

INR Depreciation (from 54.5 to 60.5/USD)

Favourable impact on EBITDA

Unfavourable one-time MTM impact onforeign currency debt (net offavourable impact on investments) ofIndian subsidiaries: $364mn

Special items: $138mn

$82mn asset impairments

$mn or as stated FY2013 FY2014EBITDA 4,909 4,491Depreciation & Amortization (2,337) (2,203)EBIT 2,572 2,288

Net Interest Expense (521) (668)Special Items, FX & Emb. Derivative MTM (327) (502)Profit Before Tax 1,724 1,118

Tax Expense (46) (129)Effective Tax Rate(%) 2.7 11.5

Sesa Sterlite Merger completed in H1

EBITDA margins maintained at 45%¹

Higher net interest cost due to:

One time amortization of borrowingcost due to prepayment of Cairn Indiaacquisition loans, partly offset byfavourable refinancings

Stopped capitalizing interest costsrelated to the Jharsuguda-II smelterfrom FY2014

INR Depreciation (from 54.5 to 60.5/USD)

Favourable impact on EBITDA

Unfavourable one-time MTM impact onforeign currency debt (net offavourable impact on investments) ofIndian subsidiaries: $364mn

Special items: $138mn

$82mn asset impairments


Effective Tax Rate(%) 2.7 11.5PAT 1,678 989Attributable PAT 162 (196)Minorities % 90% 120%

Underlying PAT 1,966 1,451Underlying Attributable PAT 368 93Underlying Minorities % 81% 94%

Note: 1. Excludes custom smelting at Copper and Zinc-India operations.

0.5

0.4

3.7

1.8

2.52.3

2.7

3.1

2.0

3.5

3.0

1.9 1.9

Free Cash Flow-FY² M&M Capex O&G Capex¹

Well-Invested Assets Driving Cash Flow Growth

Continued growth in Free CashFlow with production ramp-up

$1.6bn free cash flow (postgrowth capex) in FY2014

Capex up to FY20173: $4.7bn

Oil & Gas: c.$3.0bn1

Proven and high-marginRajasthan block: $2.6bn

Zinc India: $0.75bn forbrownfield expansion

Other : $0.95bn3 on TalwandiSabo, Aluminium smelters andrefinery, and other ongoingprojects

Cash Flow and Growth Capex Profile - $bn

2.2

1.6

0.8 0.7 0.60.4

0.61.2 1.2

0.6

1.4

1.0

FY2010 FY2011 FY2012PF

FY2013 FY2014 FY2015e FY2016e FY2017e

Continued growth in Free CashFlow with production ramp-up

$1.6bn free cash flow (postgrowth capex) in FY2014

Capex up to FY20173: $4.7bn

Oil & Gas: c.$3.0bn1

Proven and high-marginRajasthan block: $2.6bn

Zinc India: $0.75bn forbrownfield expansion

Other : $0.95bn3 on TalwandiSabo, Aluminium smelters andrefinery, and other ongoingprojects


Notes: M&M refers to Metals and Mining, O&G refers to Oil & Gas.1. Capex net to Cairn India; subject to Government of India approval.2. Free cash flow after sustaining capex but before growth capex.3. Excludes flexible capex of a further 1.4bn (Lanjigarh Refinery, Tuticorin Smelter and India Iron Ore Expansions): Awaiting regulatory approvals and subject to review.

Positive Free Cash Flows post growth capex to drive Deleveraging

Strengthened Financial Profile

Cash and Liquid Investments of $9bn, with

additional $1.5bn undrawn lines of credit

Net debt reduced by $0.7bn over last 12

months and by $2.1bn over last 24 months

Term Debt Maturity Profile(as of 31 March 20142) Debt at VED Plc Convertibles at put date Term Debt at Subsidiaries

Metric FY2012 PF1 FY2013 FY2014

Gross Debt 17.0 16.6 16.9

Net Debt 10.1 8.6 7.9

EBITDA 5.3 4.9 4.5

Net Debt/ EBITDA 1.9x 1.8x 1.8x

Gearing 35.3% 31.4% 30.6%


Notes: 1. FY2012 is shown on a pro forma basis considering Cairn India for full year.2. Debt numbers shown at face value, excludes one-year rolling working capital facilities of $586mn due in FY 2015.3. $810mn of the $883mn convertible at Vedanta plc due in FY2017 was put in March 2013 and was paid in April 2013. The balance $73mn is shown at the next put date of 30 March 2015.

The $1,248.3mn convertible at Vedanta plc due in FY2017 (with a put option in July 2014) is shown at first put date.

Term Debt Maturity Profile(as of 31 March 20142)

$1.3bn Convertible Puts– $1bn term loan tied upthrough bank loans 0.2 0.7

1.0 1.1

2.71.51.3

2.4

1.01.1 1.2

1.4

1.0

3.9

1.62.1

2.4

4.1

2.5

FY2015³ FY2016 FY2017 FY2018 FY2019 FY2020 and later

Debt at VED Plc Convertibles at put date Term Debt at Subsidiaries

Capital Allocation and Returns

World class assets and operational excellence to deliver

strong, stable and sustainable cash flows

Improve Capacity Utilization(Copper Zambia, Aluminium, Iron Ore)


Strong ShareholderReturns since IPO

• $1.4bn returned toshareholders

• 200% shareholder return(12% per annum)

• Maintained ProgressiveDividend

StrengthenBalance Sheet

• Debt Reduction

• Cash Fungibility

• Achieve Investment Gradecredit rating

EnhanceAsset Portfolio

• Prioritizing capex for high-margin Zinc and Oil & Gasprojects

• Robust approach to investmentdecisions to achieve hurdlerate of return

BusinessPerformance

Tom AlbaneseChief Executive Officer

Sustainability: Integral to our Business

Responsible Stewardship

Fatalities: 19 in FY2014; focus on elimination of fatalities

Ranked 9th among FTSE 350 material & mining companies inCarbon Disclosure Project

50%+ increase in waste heat power generation capacity to139 MW

74% of non-hazardous waste recycled

Building Strong Relationships

Focus on stakeholder engagement

Human Rights: Conducting a gap analysis as a step towardsbecoming a signatory of UNCHR

Community relations: 250+ partnerships with NGOs, localgovernments, academia and private hospitals

Focus on local consent prior to accessing resources

Adding & Sharing Value

Contribution to exchequers globally in FY2014: $5.3bn

Community infrastructure development projects

Community reach: 4.1mn people

Mock Drill by Mine Safety TeamResponsible Stewardship

Fatalities: 19 in FY2014; focus on elimination of fatalities

Ranked 9th among FTSE 350 material & mining companies inCarbon Disclosure Project

50%+ increase in waste heat power generation capacity to139 MW

74% of non-hazardous waste recycled

Building Strong Relationships

Focus on stakeholder engagement

Human Rights: Conducting a gap analysis as a step towardsbecoming a signatory of UNCHR

Community relations: 250+ partnerships with NGOs, localgovernments, academia and private hospitals

Focus on local consent prior to accessing resources

Adding & Sharing Value

Contribution to exchequers globally in FY2014: $5.3bn

Community infrastructure development projects

Community reach: 4.1mn people


22.7

24.0

25.1

FY12 FY13 FY14

Water Recycled(in million cubic metres)

Tod

ay

Case Study: Transforming Water Footprint at Copper Zambia

20

07

0

100

200

300

400

500

TSS

(m

g/L

)

Total Suspended Solids

Ave. TSS (mg/l)Statutory Limit (mg/l)

Total Suspended Solids Reduction Program for Konkola:Underground rehabilitation for water handling & pumping

PollutionControl Dam

Tod

ay


0

2007

2008

2009

2010

2011

2012

2013

2014

YTD

Effluent Treatment Ponds Recycled Water Usage Hippo Pool – Upstream and Downstream

Copper Zambia: Delivering Operational Turnaround

Key initiatives: Incoming CEO to lead and improve business Production lower as COP F&D remain closed; Konkola shafts

affected by unplanned stoppages in H2 Konkola mine development - initiatives: Augmented team of underground mining experts Changing mining method to reduce secondary

development requirement Improved grade through dilution controls

Other assets: Record throughput at TLP Smelter - Highest recovery since commissioning

Cost control and productivity improvement initiatives: New 10hr shift at Konkola to improve productivity Focusing on recovery improvements Mitigating labor cost escalation through wage control Improving power consumption and efficiencies

Vedanta is committed to improving operating performance atKCM Financial support to operations Actively engaged with the government VAT credit: Working with peers and government

Copper-Zambia FY2013 FY2014

Mined Metal (kt) 159 128

Konkola: Large, long-life, high-grade Copper mineKey initiatives: Incoming CEO to lead and improve business Production lower as COP F&D remain closed; Konkola shafts

affected by unplanned stoppages in H2 Konkola mine development - initiatives: Augmented team of underground mining experts Changing mining method to reduce secondary

development requirement Improved grade through dilution controls

Other assets: Record throughput at TLP Smelter - Highest recovery since commissioning

Cost control and productivity improvement initiatives: New 10hr shift at Konkola to improve productivity Focusing on recovery improvements Mitigating labor cost escalation through wage control Improving power consumption and efficiencies

Vedanta is committed to improving operating performance atKCM Financial support to operations Actively engaged with the government VAT credit: Working with peers and government


Mined Metal (kt) 159 128

Finished Metal – Total (kt) 216 177

Integrated (kt) 160 124

Custom Smelting (kt) 56 53

Copper LME ($/t) 7,853 7,103

C1 Cash Cost– Integrated1 (USc/lb) 255 238

Total Cash Cost – Integrated2 (USc/lb) 354 334

EBITDA ($mn) 257 156

PAT ($mn)3 (6) (90)

Notes: 1. C1 cash cost excludes royalty, logistics, depreciation, interest,sustaining capex.

2. Total cash cost includes sustaining capex.3. Includes special items of $(12)mn in FY2013 and $(51)mn in

FY2014.

1,773276 84 2,134

(707)

(560)

(392) (39) (49) (24)

363

LME

Ingo

t Pr

emiu

m

Val

ue A

dditi

on

Tota

l Rea

lizat

ion

Alu

min

a Cos

t

Pow

er C

ost

Oth

er H

ot M

etal

Cos

ts

Ingo

t Con

vers

ion

Cos

ts

Val

ue A

dditi

on-

Con

vers

ion

Cos

ts

Oth

er O

verh

eads

EBIT

DA

Aluminium Costs and Margins(in $/t, for FY2014)

Captive bauxite cansignificantly reduce

this

Aluminium: Putting capacity to work

Operations

Smelters delivered high operating efficiencies

2nd quartile costs with third-party bauxite andalumina

High ingot premiums of $276/t

58% of metal production converted to value-addedproducts

Project Ramp-ups

Korba-III 325kt (BALCO): First metal tapped in Q4,1st phase of 84 pots ramping up

Further pots to be started after commissioningof BALCO 1,200 MW power plant

Other key issues:

Refinery feed: Pursuing options with OdishaGovernment

Niyamgiri: Not pursuing bauxite without localconsent

Focusing on other abundant bauxite in the state

Coal block: BALCO 211mt coal block mining inFY2015

245

500

325

1,250 2,320

BALCO 245kt(Operating)

J'guda 500kt(Operating)

BALCO 325ktProject

J'guda 1.25mtProject

TotalAluminiumCapacity

Ingo

t Pr

emiu

m

Val

ue A

dditi

on

Tota

l Rea

lizat

ion

Oth

er H

ot M

etal

Cos

ts

Ingo

t Con

vers

ion

Cos

ts

Val

ue A

dditi

on-

Con

vers

ion

Cos

ts

Oth

er O

verh

eads

Operations

Smelters delivered high operating efficiencies

2nd quartile costs with third-party bauxite andalumina

High ingot premiums of $276/t

58% of metal production converted to value-addedproducts

Project Ramp-ups

Korba-III 325kt (BALCO): First metal tapped in Q4,1st phase of 84 pots ramping up

Further pots to be started after commissioningof BALCO 1,200 MW power plant

Other key issues:

Refinery feed: Pursuing options with OdishaGovernment

Niyamgiri: Not pursuing bauxite without localconsent

Focusing on other abundant bauxite in the state

Coal block: BALCO 211mt coal block mining inFY2015


Roadmap to 2.3mtpa Aluminium Capacity(in ktpa)

Phase1: 50 pots of1st line of 312.5kt

First metaltapped in FY2014

92% capexcompleted

86% capexcompleted

Iron Ore: Regaining momentum for the business

Karnataka Mining restarted end Dec’2013 Annual capacity capped at 2.29mt Produced 1.5mt in Q4

Sales: e-auction in the domestic marketGoa Mining ban lifted conditionally in April 2014 Conditions include additional royalty, new

overburden dumping constraints, and leaserenewals

Working with State Government and MoEF torestart mining

Inventory sales through e-auction as per SupremeCourt conditions

Mt Newman, PilbaraMt Newman, Pilbara

Sonshi, GoaSonshi, Goa

Geologic Potential similar to PilbaraBanded Haematite Quartzite Formations

Goa Iron Ore Mines – Proximity to Coast

Arabian Sea

Scale (km)

0 10

Karnataka Mining restarted end Dec’2013 Annual capacity capped at 2.29mt Produced 1.5mt in Q4

Sales: e-auction in the domestic marketGoa Mining ban lifted conditionally in April 2014 Conditions include additional royalty, new

overburden dumping constraints, and leaserenewals

Working with State Government and MoEF torestart mining

Inventory sales through e-auction as per SupremeCourt conditions


Goa Iron Ore Mines – Proximity to Coast

R&R1

(in million tonnes)

Note: 1. Excludes Odisha operations that were closed in FY2011.

159

275 306374

433 431

FY09 FY10 FY11 FY12 FY13 FY14

Zinc India: Brownfield Expansion

Rampura Agucha:

Evaluating optimizing the RAM open pit, to ensureconsistent output from the mine

Delivered steady increase in underground minedevelopment rates

Record mined and refined metal production

Maintained lowest quartile costs

Integrated mined and refined metal production(including silver) expected to be marginallyhigher in FY2015

Rampura Agucha Mine – Isometric View


RA Underground Mine Development(in meters per month)

0

500

1000

Apr-13 Jul-13 Oct-13 Jan-14 Apr-14

RAM Open Cast Mine

Oil & Gas: A world class asset getting better

Rajasthan

Operations: Strong execution focus

200kboepd rate and cumulative production of over 200million barrels achieved

7% production growth driven by rapid well construction -129 new wells

Operating costs at $3.9/bbl

2P Reserve Replacement: 100%

Exploration:

On track: 50% success, 6 discoveries, 5 play types

Added 1bboe-in-place to discovered resources

Finding costs maintained <US$ 2/bbl

3D seismic: Acquired 266km2, 14% of total

17 exploratory wells drilled since explorationresumption, over 80% show hydrocarbons

Mature Assets

Ravva: High Recovery (47%)

Ravva HPHT prospect: Drilled up to depth of 3400m

Cambay: 44% production growth

Rajasthan – A World Class Asset(production in kboepd)

Exploration: Significant Potential UpsideReserves and Resources - 7.3bn boe in place(in mmboe)

0

50

100

150

200

250

FY10 FY12 FY14 FY15e FY16e FY17eNote: 1. From known discoveries.

Rajasthan

Operations: Strong execution focus

200kboepd rate and cumulative production of over 200million barrels achieved

7% production growth driven by rapid well construction -129 new wells

Operating costs at $3.9/bbl

2P Reserve Replacement: 100%

Exploration:

On track: 50% success, 6 discoveries, 5 play types

Added 1bboe-in-place to discovered resources

Finding costs maintained <US$ 2/bbl

3D seismic: Acquired 266km2, 14% of total

17 exploratory wells drilled since explorationresumption, over 80% show hydrocarbons

Mature Assets

Ravva: High Recovery (47%)

Ravva HPHT prospect: Drilled up to depth of 3400m

Cambay: 44% production growth


UnderDevelopment

Future Development &Prospective Resource

2,272 1,9253,100

7,297

1,069165 530

1,764

MBARS¹ BH+19 Disc Exploration Total

Gross In PlaceGross EUR

Exploration: Significant Potential UpsideReserves and Resources - 7.3bn boe in place(in mmboe)

Note: 1. Includes EOR potential.

1,000

Successful conversion through exploration

Oil & Gas: Rajasthan – Jewel in the crown

Rajasthan 3 Year Plan: $2.6bn net capexRajasthan Development: $2.4bn net capex to drive 150% RRR and 7-10%production CAGR1

MBA: 180-200kbopd, net capex of $1.6bn EOR/Polymer flood:

Mangala: EOR injection in Q4’15, ASP pilot started Bhagyam: Plan in place, JV alignment in progress Aishwarya: Plans being prepared

7 rigs in place to drill 120-150 wells in FY15 Upgrade fluid handling capacity and augment water injection

facilities Pipeline tested at 227kbopd, upgrades possible to reach 300kbopd

Barmer Hill: 10-30kboepd, net capex of $0.6bn Exploration confirmed BH potential across block Permeability better than shales

Gas: 10-20kboepd, net capex of 0.2bn Develop existing Raageshwari Deep Gas Upgrade RDG terminal capacity and plans for higher capacity gas

pipelinesRajasthan Exploration: $200million, for significant upside to reserves andresources Continue exploration and appraisal program across the portfolio,

with a sharper focus on Rajasthan

Rajasthan Block – 31 discoveries to date

Shakti NEShakti

N-C-West-A

BhagyamN-I North

N-IBhagyamSouth

N-EN-P

Mangala

Aishwariya

Vijaya

Vandana

Kaam-W-6

Kaameshwari-W-3 Saraswati CrestGS-V

Mangala BH

Aishwariya BH

V2Y Channel

NR3-2100

Kaameshwari-W-8

Rajasthan 3 Year Plan: $2.6bn net capexRajasthan Development: $2.4bn net capex to drive 150% RRR and 7-10%production CAGR1

MBA: 180-200kbopd, net capex of $1.6bn EOR/Polymer flood:

Mangala: EOR injection in Q4’15, ASP pilot started Bhagyam: Plan in place, JV alignment in progress Aishwarya: Plans being prepared

7 rigs in place to drill 120-150 wells in FY15 Upgrade fluid handling capacity and augment water injection

facilities Pipeline tested at 227kbopd, upgrades possible to reach 300kbopd

Barmer Hill: 10-30kboepd, net capex of $0.6bn Exploration confirmed BH potential across block Permeability better than shales

Gas: 10-20kboepd, net capex of 0.2bn Develop existing Raageshwari Deep Gas Upgrade RDG terminal capacity and plans for higher capacity gas

pipelinesRajasthan Exploration: $200million, for significant upside to reserves andresources Continue exploration and appraisal program across the portfolio,

with a sharper focus on Rajasthan


Notes: 1. Production from known discoveries, exploration subject to PSC extension.

Kaam-West-2 (Oil)Kaameshwari

Saraswati

Tukaram-P50

Raageshwari OilRaageshwari

Deep Gas

Raageshwari S-1

Guda-GRF

Guda-South-7

LegendDA-1DA-2

Oil Discoveries (26)Gas Discoveries (5)

DA-3

Block Highlights On-shore Low-cost & Scalable Primarily Oil Exploration Upside Close to Markets

Other Assets: Significant part of the portfolio

Zinc International Working on extending life of assets Lisheen: Extension beyond FY2015 depends on discovery

of new ore Skorpion: Refinery conversion to tap feed sources in large

sulphide belt, including BMM - Technical feasibility inprogress

BMM: Swartberg and Gamsberg projects feasibilityCopper India Tuticorin copper smelter Strong utilizations through debottlenecking Planned maintenance shutdown in progress 2nd 80MW power unit commissioned in Q4

CMT: Working with Work Safe Tasmania to resume modifiedoperations

Power Power sales affected by weak demand and evacuation

constraint Talwandi Sabo: 1st unit synchronized and trial runs in Q1

FY2015Liberia Iron Ore Working with government on infrastructure solutions for ore

evacuation Successful exploration results

Skorpion Mine and RefineryZinc International Working on extending life of assets Lisheen: Extension beyond FY2015 depends on discovery

of new ore Skorpion: Refinery conversion to tap feed sources in large

sulphide belt, including BMM - Technical feasibility inprogress

BMM: Swartberg and Gamsberg projects feasibilityCopper India Tuticorin copper smelter Strong utilizations through debottlenecking Planned maintenance shutdown in progress 2nd 80MW power unit commissioned in Q4

CMT: Working with Work Safe Tasmania to resume modifiedoperations

Power Power sales affected by weak demand and evacuation

constraint Talwandi Sabo: 1st unit synchronized and trial runs in Q1

FY2015Liberia Iron Ore Working with government on infrastructure solutions for ore

evacuation Successful exploration results


CaptivePower2.4 GW

CommercialPower3.8 GW

TemporarilyCommercial

Power(to become

captive)1.8 GW

Power Generation Capacity – c. 8.7 GW

(75% commencedoperations)



Notes: Pie chart excludes 0.6 GW of captive power at Zinc India and Copper India.

Key Strategic Priorities remain unchanged

Production growth acrossportfolio with a focus on

returns

Continue to add R&Rin our existing portfolio

of assets to drivelong-term value

Disciplined capital allocation: Low-risk and phased development

Sustained operational excellence and cost efficiencies

Active engagement with Governments

Development and exploration on track to realise Rajasthan basin potential

Continued focus to more than replace production

Reduce gearing fromincreasing free cash flow

Production ramp-up from well-invested assets driving strong free cash flow

Generate positive free cash flow from all businesses

Utilise cash flows to de-lever


Continue to add R&Rin our existing portfolio

of assets to drivelong-term value

Consolidation andSimplification

of the Group structure

Sesa Sterlite merger: Realize full synergies

Buyout of GoI’s stake in HZL and BALCO

Protect and preserve ourLicense to Operate

Continued focus on

Eliminating fatalities

Stakeholder Engagement

Summary: Building on Operational Momentum

Delivered 10 years of growth and createdshareholder value

Built a diversified portfolio of high-quality world-class assets

Cash flows ramping up from well-invested assets todrive deleveraging

Focus on delivering operational excellence andexploration upside

Sustainability is core to our operations and longterm value for all stakeholders

Strategy remains unchanged

India: The next growth market


Delivered 10 years of growth and createdshareholder value

Built a diversified portfolio of high-quality world-class assets

Cash flows ramping up from well-invested assets todrive deleveraging

Focus on delivering operational excellence andexploration upside

Sustainability is core to our operations and longterm value for all stakeholders

Strategy remains unchanged

Appendix

Segment Wise Summary

Aluminium FY2013 FY2014Aluminium Production (kt) 774 794

Jharsuguda-I 527 542Korba-II 247 251Korba-III - 1

Aluminium LME ($/t) 1,974 1,773Aluminium COP ($/t) 1,879 1,659

BALCO 1,901 1,781Jharsuguda-I 1,869 1,602

Alumina Production (kt) 527 524Alumina COP ($/t) 353 358

EBITDA ($mn) 203 287

Copper-Zambia FY2013 FY2014Mined Metal (kt) 159 128Finished Metal – Total (kt) 216 177

Integrated (kt) 160 124Custom Smelting (kt) 56 53

Copper LME ($/t) 7,853 7,103C1 Cash Cost – Integrated1 (USc/lb) 255 238Total Cash Cost– Integrated2 (USc/lb) 354 334EBITDA ($mn) 257 156PAT ($mn)3 (6) (90)Notes: 1. C1 cash cost, excludes royalty, logistics, depreciation, interest, sustaining capex.

2. Total Cash Cost includes C1 cash cost, royalty, interest and sustaining capex.3. Includes special items of $(12)mn in FY2013 and $(51)mn in FY2014.

Iron Ore and Pig Iron FY2013 FY2014Sales (mt) 3.1 0.0Goa 3.0 -Karnataka 0.1 0.01

Zinc-India FY2013 FY2014Mined Metal (kt) 870 880Refined Zinc – Integrated (kt) 660 743Refined Lead – Integrated (kt)1 107 118


Goa 3.0 -Karnataka 0.1 0.01

Production 3.7 1.5Goa 3.7 -Karnataka - 1.5

Average Net Sales Realizations ($/t) 61.9 31.1Pig iron - Production (kt) 308 510Met coke – Production (kt) 331 408EBITDA ($ mn) 85 (24)Notes: 1. Sales of 27kt.

Refined Zinc – Integrated (kt) 660 743Refined Lead – Integrated (kt)1 107 118Saleable Silver – Integrated (moz) 9.267 9.663Average Zinc LME ($/t) 1,948 1,909Zinc CoP2 ($/t) 835 844EBITDA ($ mn) 1,182 1,145Notes: 1. Includes captive consumption.

2. Excluding royalty. Revenues from silver not credited to CoP.

Zinc-International FY2013 FY2014Mined Metal – Lisheen & BMM (kt) 280 239Refined Zinc – Skorpion (kt) 145 125Total Zinc-Lead Metal 426 364CoP ($/t) 1,092 1,167EBITDA ($ mn) 295 213

Segment Wise Summary contd.

Oil & Gas FY2013 FY2014Average Daily Gross OperatedProduction (boepd) 205,323 218,651

Rajasthan 169,390 181,530Ravva 29,161 27,386Cambay 6,772 9,735

Average Daily Working InterestProduction (boepd) 127,843 137,127

Rajasthan 118,573 127,071Ravva 6,561 6,162Cambay 2,709 3,894

Average Brent (US$/boe) 110.1 107.6Average realizations – oil & gas

(US$/boe) 97.6 94.5

EBITDA ($ mn) 2,440 2,347

Copper-India/Australia FY2013 FY2014Mined Metal – Australia (kt) 26 18Copper Cathodes– India (kt) 353 294Tuticorin Power Plant (mu) 42 601Average Copper LME ($/t) 7,853 7,103Copper Tc/Rc 12.8 16.6Conversion cost – India (c/lb) 8.7 9.7

Power FY2013 FY2014Power Sales (mu) 10,129 9,374

Jharsuguda 2,400 MW 1 7,530 7,625BALCO 270MW 1,241 390MALCO 847 911HZL Wind Power 511 448

Power Realisation (Rs/u) 3.55 3.54Power Cost of generation (Rs/u) 2.23 2.23EBITDA ($mn) 228 169Notes: 1. Includes trial run generation of 795 million units in FY2013.


Conversion cost – India (c/lb) 8.7 9.7EBITDA ($ mn) 219 198

Entity Wise Financials

FY2014 ($mn or as stated)VED

Consol KCM Plc CosSSLT

standaloneCairnIndia HZL ZI BALCO CMT MALCO TS TSMHL Others¹ Elim

Group Revenue 12,945 1,271 - 4,680 3,093 2,225 661 594 123 85 - - 967 (754)

EBITDA 4,491 156 1 510 2,347 1,173 214 53 3 24 (1) - (1) 13

Depreciation (1,410) (171) (0) (262) (692) (129) (90) (37) (10) (4) - - (14) 1

Amortisation (793) - - (12) (721) (10) (47) (3) - - - - - -

Special Items (138) (51) (3) (22) - (10) (47) - - - - 1 (332) 326

Operating Profit 2,150 (66) (3) 214 934 1,023 29 14 (7) 20 (1) 1 (347) 340

Investment Revenue 688 0 385 284 254 312 7 3 0 3 - 153 178 (893)

Finance Cost (1,356) (46) (664) (547) (14) (7) (4) (4) 1 (0) 0 (381) (8) 316

Other Gains/ (Losses) (364) - 1 (242) (45) (3) - (29) (0) - (47) - (0) (0)

Profit Before Taxation 1,118 (112) (280) (291) 1,128 1,325 32 (15) (6) 23 (47) (227) (177) (237)

Current Tax (554) (0) (19) 261 (418) (271) (36) (1) 1 (0) - - (6) (64)

Deferred Tax 426 22 - 121 196 92 21 10 2 0 - - 2 (40)


Profit after tax 989 (90) (300) 90 906 1,146 17 (5) (3) 23 (47) (227) (182) (341)

Attributable to equity holders (196) (72) (300) (26) 355 433 5 (1) (2) 17 (28) (165) (106) (307)

Underlying PAT 1,451 (54) (298) 354 952 1,155 53 14 (3) 23 (1) (228) 150 (667)

Underlying Attributable PAT 93 (42) (298) 154 372 436 27 4 (2) 17 (0) (166) 90 (499)

Property Plant and Equipment² 16,055 2,086 1 6,150 1,561 1,837 341 1,826 24 26 1,606 - 597 -

Mining Reserve 4,730 - - 714 3,533 78 138 21 - - - - 246 -

Exploratory Assets 10,259 - - 30 9,973 - 132 - - - - - 124 -

33

Notes: 1. Includes DMCL, Fujairah Gold, GEPL, Sesa Resources Ltd, VGCB, WCL, and other Sesa Sterlite Investment companies.2. Includes Capital Work in Progress.

Proforma Entity Wise Financials

FY2014 ($mn or as stated)VED

Consol KCM Plc Cos ElimSSLT

ConsolSSLT

standaloneCairnIndia HZL ZI BALCO CMT MALCO TS TSMHL Others¹ Elim

Group Revenue 12,945 1,271 - (307) 11,981 4,680 3,093 2,225 661 594 123 85 - - 967 (447)

EBITDA 4,491 156 1 - 4,334 510 2,347 1,173 214 53 3 24 (1) - (1) 13

Depreciation (1,410) (171) (0) 1 (1,240) (262) (692) (129) (90) (37) (10) (4) - - (14) -

Amortisation (793) - - - (793) (12) (721) (10) (47) (3) - - - - - -

Special Items (138) (51) (3) (0) (85) (22) - (10) (47) - - - - 1 (332) 326

Operating Profit 2,150 (66) (3) 1 2,218 214 934 1,023 29 14 (7) 20 (1) 1 (347) 339

Investment Revenue 688 0 385 (395) 697 284 254 312 7 3 0 3 - 153 178 (498)

Finance Cost (1,356) (46) (664) 309 (956) (547) (14) (7) (4) (4) 1 (0) 0 (381) (8) 8

Other Gains/ (Losses) (364) - 1 (0) (365) (242) (45) (3) - (29) (0) - (47) - (0) -

Profit Before Taxation 1,118 (112) (280) (86) 1,594 (291) 1,128 1,325 32 (15) (6) 23 (47) (227) (177) (151)

Current Tax (554) (0) (19) (64) (471) 261 (418) (271) (36) (1) 1 (0) - - (6) -

Deferred Tax 426 22 - (40) 444 121 196 92 21 10 2 0 - - 2 -

Proforma for Sesa Sterlite Merger and Group Simplification


Profit after tax 989 (90) (300) (190) 1,568 90 906 1,146 17 (5) (3) 23 (47) (227) (182) (151)

Attributable to equity holders (131) (72) (300) (187) 427 53 312 434 5 (2) (2) 13 (28) (132) (106) (119)

Underlying PAT 1,451 (54) (298) (190) 1,993 354 952 1,155 53 14 (3) 23 (1) (228) 150 (477)

Underlying Attributable PAT 158 (43) (298) (190) 689 207 326 437 27 4 (2) 13 (0) (133) 88 (278)

Property Plant and Equipment² 16,055 2,086 1 - 13,968 6,150 1,561 1,837 341 1,826 24 26 1,606 - 597 -

Mining Reserve 4,730 - - - 4,730 714 3,533 78 138 21 - - - - 246 -

Exploratory Assets 10,259 - - - 10,259 30 9,973 - 132 - - - - - 124 -

34

Notes: 1. Includes DMCL, Fujairah Gold, GEPL, Sesa Resources Ltd, VGCB, WCL, and other Sesa Sterlite Investment companies.2. Includes Capital Work in Progress.

Entity Wise Cash and Debt

Net Debt Summary ($mn)31 Mar 2013 30 Sep 2013 31 Mar 2014

Company Debt Cash & LI Net Debt Debt Cash & LI Net Debt Debt Cash & LI Net Debt

Vedanta plc1 6,424 91 6,334 8,090 85 8,005 8,323 16 8,307

KCM 761 10 751 743 32 711 733 10 723

Sesa Sterlite Standalone 5,263 515 4,748 5,116 598 4,518 5,011 427 4,585

Zinc International - 197 (197) - 188 (188) - 169 (169)

Zinc India 0 4,045 (4,045) 0 3,886 (3,886) 0 4,345 (4,345)

Cairn India - 3,102 (3,102) - 3,299 (3,299) - 3,912 (3,912)

Balco 687 0 687 633 14 619 679 0 679

Talwandi Sabo 706 1 705 723 2 721 835 4 831

FY2014 PRELIMINARY RESULTS PRESENTATION - 15 MAY 2014 35

Debt numbers at Book Values, as of 31 March 2014.Notes: 1. Includes Investment Companies.

2. Twin Star Mauritius Holdings Limited (SPV holding the 38.7% stake in Cairn India with associated debt of $6.0bn). Since the table above shows external debt, it does not include the$3.89bn inter-company receivable at Vedanta plc from TSMHL. There was an accrued interest of $405mn on the inter-company receivable, as of 31 March 2014.

3. Others include: CMT, Fujairah Gold, MALCO (MEL), Sesa Resources Ltd, VGCB, and Sesa Sterlite Investment companies.4. Includes $5 million debt related derivative liability.5. Includes $8 million debt related derivative asset.6. Includes $14 million debt related derivative asset.

Talwandi Sabo 706 1 705 723 2 721 835 4 831

TSMHL2 2,638 10 2,628 1,188 15 1,173 1,190 8 1,181

Others3 113 10 103 113 16 97 100 47 53

Sesa Sterlite Consolidated 9,407 7,881 1,526 7,773 8,018 (245) 7,815 8,912 (1,097)

(Total (in $mn) 16,593 7,982 8,6164 16,605 8,135 8,4635 16,871 8,938 7,9206

387

8,616

1,425

508

7,920

Net Debt Reconciliation

FY2014 ($mn)

322

(3,338)

Opening Net Debt(1 Apr 2013)

Cash Flow fromOperations¹

Sustaining Capex Project Capex Shareholder andMinority Dividends

Others Closing Net Debt(31 Mar 2014)


Notes: 1. Excludes sustaining capex.

Debt Service Liability³

Impact of Sesa Sterlite Merger on pro-forma basis

Group Simplification to Reduce Debt at plc

On a pro forma basis for FY2014:

Post group structure simplification, debt serviceliability at plc reduces to $4.6bn

Debt service cost at plc reduces from c.$500mnto c.$200mn

($mn or as stated)FY2014Actual

FY2014Proforma

EBITDA 4,491 4,491

VedantaResources plc

Debt ServiceLiability ($ mn)

Annual InterestCost ($ mn)

Gross External Debt 8,511 c. 500

Effect of Intercompany Receivableat Plc from Sesa Sterlite (3,894) c. (300)

Debt Service Liability 4,617 c. 200

Inter-company Debt ($ mn)

Intercompany Receivable at plc fromSesa Sterlite due to Cairn acquisition 3,894


EBITDA 4,491 4,491

Underlying Attributable PAT¹ 93 158

Underlying EPS($/share)¹ 34 58

Free Cash Flow after Growth Capex 3,017 3,017

Interest cost at plc² 343 200

Notes: 1. Based on profit for the period after excluding special items and other gains and losses, and their resultant tax and minority interest effects.2. Interest paid on external debt net of interest income on inter-company receivable. Interest excludes accretive interest on convertible bonds and amortisation of borrowing costs.3. Debt numbers at Face Values, as of 31 March 2014.

SESASTERLITE

Sesa SterliteDebt Service

Liability ($ mn)

Gross External Debt 7,919

Intercompany Payable to Vedanta 3,894

Debt Service Liability 11,813

Intercompany Receivable at plc fromSesa Sterlite due to Cairn acquisition 3,894

Project Capex

Capex in Progress Completion TimeCapex

(US$mn) Spent FY2014Spent up toMarch 2014

Unspent as at31.3.2014

Cairn India Phase wise completion 3,679 649 649 3,030

Total Capex Oil & Gas 3,679 649 649 3,030

Copper Sector

160 MW CPP at Tuticorin Completed 164 13 164 -

KCM KDMP Project (7.5 mtpa) Completed 973 37 926 47

Aluminium Sector

BALCO – Korba-III 325 ktpa Smelter and

1200 MW CPP (4x300MW)

Smelter: 1st metal tapped in Q4 FY 2014

Power: 1st unit synchronization in Q1 FY2015 1,872 125 1,721 151

BALCO – 211 mt Coal Block Mining from Q1 FY 2015 150 1 15 135

Jharsuguda 1.25 mtpa smelter 2,920 21 2,500 420

Power Sector


Power Sector

Jharsuguda 2400 MW power plant Completed 1,769 9 1,740 29

Talwandi 1980 MW IPP 1st unit synchronised in Q3 FY2014 2,150 274 1,869 281

Zinc Sector

Zinc India (Mines Expansion) Phasewise Completion 1,500 243 435 1,065

Infrastructure

Vizag General Coal Berth Completed 119 1 119 -

Total Capex in Progress 11,617 725 9,489 2,128

Project Capex

Enabling Capex Completion TimeCapex



ZI – Gamsberg 29 15 23 6

Western Cluster- Liberia 106 29 96 10

Total Enabling Capex 135 45 119 16

Capex in Optionality Completion TimeCapex



Copper Sector

Tuticorin Smelter 400 ktpa EC awaited 367 6 129 239

Aluminium Sector

Lanjigarh Debottlenecking 1.0 mtpa Approval pending, on hold 150 1 77 73

Lanjigarh Refinery (Phase II) 3.0 mtpa Approval pending 1,570 (1) 809 761

Iron Ore


Iron Ore

Sesa Iron Ore mine Expansion (36 mtpa) Approval pending, on hold 500 - 155 345

Total Capex with Optionality 2,587 6 1,169 1,418

Total Capex (Excluding Cairn) 14,339 776 10,777 3,562

Total Capex (Including Cairn) 18,018 1,425 11,427 6,591

Credit Metrics

FY2013 FY2014 Covenant

Net Debt/EBITDA 1.85x 1.79x < 2.75x

EBITDA/Net Interest Expense1 9.0x 8.4x > 4.0x

Tangible Net Worth ($bn) 4.3 3.8 > 3.0

Net Assets/Debt 2.38x 2.24x > 1.75x

Gearing2 31.4% 30.6%

Notes: 1. Interest includes Capitalized Interest.2. Gearing is calculated as Net Debt divided by the sum of Net Debt and Equity.


Currency and Commodity Sensitivities

Commodity prices – Impact of a 10% increase in Commodity Prices

CommodityFY2014

Average priceFY2014

EBITDA ($mn)

Oil ($/bbl) 108 277

Foreign Currency - Impact of a 10% depreciation in FX Rate

CurrencyFY2014

Average FX rateFY2014

EBITDA ($mn)

INR/USD 60.4962 151


Oil ($/bbl) 108 277

Zinc ($/t) 1,909 187

Aluminium ($/t) 1,773 110

Copper ($/t) 7,103 140

Lead ($/t) 2,092 32

Silver ($/oz) 21.43 23

Sales Summary

Sales volume FY2013 FY2014Zinc-India Sales

Refined Zinc (kt) 675 751Refined Lead (kt) 117 121Zinc Concentrate (DMT) 120 -Lead Concentrate (DMT) - -Total Zinc (Refined+Conc) kt 795 751Total Lead (Refined+Conc) kt 117 121Total Zinc-Lead (kt) 912 872Silver (moz) 12.0 11.3Zinc-International Sales

Refined Zinc (kt) 146 125Zinc Concentrate (MIC) 210 176Total Zinc (Refined+Conc) 355 301Lead Concentrate (MIC) 72 59

Sales volume FY2013 FY2014Iron-Ore Sales

Goa (mn DMT) 3.0 -Karnataka (mn DMT) 0.1 0.01

Total (mn DMT) 3.1 0.0MetCoke (kt) 302 413Pig Iron (kt) 275 544Copper-India Sales

Copper Cathodes (kt) 179 173Copper Rods (kt) 172 123Sulphuric Acid (kt) 731 514Phosphoric Acid (kt) 119 116Copper-Zambia Sales

Copper Cathodes (kt) 216 177Power Sales (mu)


Lead Concentrate (MIC) 72 59Total Zinc-Lead (kt) 427 360Aluminium Sales

Sales - Wire rods (kt) 295 286Sales - Rolled products (kt) 58 51Sales - Busbar and Billets (kt) 98 121Total Value added products (kt) 452 458Sales - Ingots (kt) 321 335Total Aluminium sales (kt) 773 793

Power Sales (mu)Jharsuguda 2,400 MW 7,530 7,625BALCO 270 MW 1,241 390MALCO 847 911HZL Wind power 511 448Total sales 10,129 9,374Power Realisations (INR/kWh)Jharsuguda 2,400 MW 3.3 3.3BALCO 270 MW 3.2 3.9MALCO 5.6 5.5HZL Wind power 4.0 4.0Average Realisations 3.6 3.5Power Costs (USc/kWh)Jharsuguda 2,400 MW 2.1 2.1BALCO 270 MW 2.7 2.9MALCO 4.0 3.9HZL Wind power 0.2 0.5Average costs 2.2 2.2Notes: 1. Sales of 27kt.

42

Group Structure

KonkolaCopper

Mines (KCM)

58.3%

Vedanta Resources

Sesa Sterlite

79.4%

Subsidiaries of Sesa Sterlite

Iron Ore (Sesa Goa)

Copper Smelting (Tuticorin)

Power (2,400 MW Jharsuguda)

Aluminium & Power assets (VAL)

Divisions of Sesa Sterlite


100%64.9%

Zinc India(HZL)

AustralianCopperMines

Cairn India

58.9%

Subsidiaries of Sesa Sterlite

Option toincrease stake

to 94.4%

Unlisted entitiesListed entities

TalwandiSabo Power(1,980 MW)

100%

MALCOPower

(100 MW)

100%

Skorpion &Lisheen -

100%BMM -74%

100%

ZincInternational

51%

BharatAluminium(BALCO)

Option toincrease stake

to 100%

100%

WesternCluster

(Liberia)

43

Note: Shareholding based on basic shares outstanding as on 31 March 2014.

Documents

2014-05-15 VED FY2014 Prelims Presentation Final