CAIRN INDIACAIRN INDIACAIRN INDIACAIRN INDIA

Corporate Presentation

February 2011

2

DisclaimerDisclaimerDisclaimerDisclaimer

These materials contain forward-looking statements regarding Cairn India, our corporate plans, future financial

condi t ion, future resul ts of operat ions, future business plans and strategies. Al l such forward- looking

statements are based on our management's assumptions and beliefs in the light of information available to

them at this time. These forward-looking statements are, by their nature, subject to significant risks and

uncertaint ies and actual results, performance and achievements may be material ly dif ferent from those

expressed in such statements. Factors that may cause actual results, performance or achievements to differ

from expectations include, but are not limited to, regulatory changes, future levels of industry product supply,

demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use

of technology, acts of competitors and other changes to business conditions. Cairn India undertakes noof technology, acts of competitors and other changes to business conditions. Cairn India undertakes no

obligation to revise any such forward-looking statements to reflect any changes in Cairn India’s expectations

with regard thereto or any change in circumstances or events after the date hereof.

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Holding StructureHolding StructureHolding StructureHolding Structure

IPO December 2006

Listed on BSE & NSE in January 2007

Part of NIFTY index, MSCI & DJIT30Part of NIFTY index, MSCI & DJIT30

Over 200,000 Indian retail shareholders

Market Cap >USD13 bn; amongst India’s top 20

Total Equity of 1,901m shares; Free float >37.8%

MSCI: Morgan Stanley Composite Index, DJIT30: Dow Jones India Titans 30 IndexAs on 2nd Feb 2011

Promoter62.23%

Petronas14.91%

4

World Class Asset BaseWorld Class Asset BaseWorld Class Asset BaseWorld Class Asset Base

Cambay (CB/OSCambay (CB/OSCambay (CB/OSCambay (CB/OS----2)2)2)2)

Rajasthan (RJRajasthan (RJRajasthan (RJRajasthan (RJ----ONONONON----90/1)90/1)90/1)90/1)

Cairn (Operator) 70%

ONGC 30%

Production BlocksProduction BlocksProduction BlocksProduction Blocks Exploration PotentialExploration PotentialExploration PotentialExploration Potential

East CoastEast CoastEast CoastEast Coast

KG-DWN-98/2 WI 10%

KG-ONN-2003/1 WI 49%

PKGM-1 (Ravva) WI 22.5%

RajasthanRajasthanRajasthanRajasthan

RJ-ON-90/1 WI 70%

Cambay (CB/OSCambay (CB/OSCambay (CB/OSCambay (CB/OS----2)2)2)2)

Cairn (Operator) 40%

ONGC 50%

Tata Petrodyne 10%

Ravva

Cairn (Operator) 22.5%

ONGC 40%

Videocon 25%

Ravva Oil 12.5%

Sri LankaSri LankaSri LankaSri Lanka

SL-2007-01-001 WI 100%

PKGM-1 (Ravva) WI 22.5%

KG-OSN-2009/3 WI 100%

PR-OSN-2004/1 WI 35%

West CoastWest CoastWest CoastWest Coast

CB/OS-2 WI 40%

KK-DWN-2004/1 WI 40%

MB-DWN-2009/1 WI 100%

Q3 FY 2010-2011 - Gross operated production ~174,282 boepd; Cairn (WI)~100,270 boepd

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Growth StrategyGrowth StrategyGrowth StrategyGrowth Strategy

Maximise recovery fromproduction base

Execute Rajasthan

development

MaximisePotential in Rajasthan

Identifynew growth opportunities

Increased Ravva

reserves by 20% in

2010

Mangala current

production:125kbopd;

potential to reach 150

>3,000 km2 in Barmer

Basin under contractFrontier exploration

drilling to commence

in Sri Lanka2010

>15 years of low cost

operations in Ravva

Completed 4D

seismic campaign in

Ravva; infill drilling

commenced

GBA agreement for

sharing gas from the

shared reservoir in

CB/OS-2

potential to reach 150

kbopd*

Crude transports

through Pipeline

MBA approved peak

production at 175

kbopd

Increased recovery

through EOR; pilot

ongoing

Growing resource

base; increased from

4 to 6.5 bn boe

Monetise Barmer Hill

& Other Fields; BH

DOC filed, FDP

under preparation

Vision to produce 240

kbopd**

in Sri Lanka

Exploration and

Appraisal drilling in

KG-ONN-2003/1

Assessing new plays

in Rajasthan

Existing portfolio

enhancement

GBA: Gas Balancing Agreement, * subject to JV and GoI approval, ** subject to JV and GoI approval & additional investments

6

Financial Highlights Financial Highlights Financial Highlights Financial Highlights –––– Nine Months FY 2010Nine Months FY 2010Nine Months FY 2010Nine Months FY 2010----11111111

� Net Revenue at USD 1.5 billion

� EBIDTA stands at ~USD 1.2 billion

� Profit after tax realized at USD 851 million

� Cash Flow from Operations stands at USD 900 million� Cash Flow from Operations stands at USD 900 million

� EPS at INR 20.4 per share

� Net Cash of USD 194 million as on 31st December 2010

� Gross cumulative Rajasthan development capex at USD 2,816 million

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Financial HighlightsFinancial HighlightsFinancial HighlightsFinancial Highlights

67

69

95

165

174

Q3 FY10

Q4 FY10

Q1 FY11

Q2 FY11

Q3 FY11

Gross Production

106

151

184

577

691

Revenue

0 25 50 75 100 125 150 175 200

Kbopd

0 100 200 300 400 500 600 700

62

53

62

341

448

0 100 200 300 400 500

Q3 FY10

Q4 FY10

Q1 FY11

Q2 FY11

Q3 FY11

PAT

USD Million

59

76

108

337

455

0 100 200 300 400 500

Cash Flow from Operations

USD Million

USD Million

8

Rajasthan Rajasthan Rajasthan Rajasthan ---- Frontier to Producing Basin Frontier to Producing Basin Frontier to Producing Basin Frontier to Producing Basin

Development & ProductionExploration & Appraisal

AishwariyaBhagyam

Mangala

Oil

Gas

Mangala

Processing

Terminal

Frontier Exp.

1995 - 2002

ViramgamGujarat

Rajasthan

Koyali

Tankers to

Coastal Refineries

Jamnagar / Salaya

Kandla

�

Bhogat

Raageshwari

25 discoveries to date

>3,000 km² approved development area

9

Rajasthan UpdateRajasthan UpdateRajasthan UpdateRajasthan Update

� Mangala Processing Terminal (MPT) Trains 1, 2 & 3

commissioned

� Construction activity on Train 4 commenced; expected to

commission in H2 CY 2011 to take MPT capacity to

205,000bopd

� Mangala production ~125,000 bopd; Gross field revenue in

excess of USD 2 billion

MPT

Pipeline

� 4 rigs operating, 125 Mangala wells drilled; 84 completed, 55

producing including 11 Horizontal wells

� Produced and sold >27.5 mmbbls to domestic refiners.

� Surface facility and midstream infrastructure ready to support

Mangala production of 150,000 bopd; subject to Joint Venture

and GoI approval

� Bhagyam development drilling commenced; 14 wells drilled to

date, expected to commence production in H2 CY 2011

� Design optimisation of Aishwarya field underway; production

scheduled in H2 CY 2012 subject to JV and GoI approval

Total Pipe Diameter

790 mm (32”)

Poly Urethane

Foam Insulation

Heat Tube

High Density

Polyethylene Wrap

Data as per 10 Feb 2011 press release

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Rajasthan Rajasthan Rajasthan Rajasthan ---- Crude Marketing Crude Marketing Crude Marketing Crude Marketing

� Worlds longest continuously heated & insulated

pipeline operational

� Sales arrangements in place for 143,000 bopd

• With PSU & Private refineries

• Further sales to PSU refiners, Special Economic Zone

refiners and overseas - subject to GoI approval

Mangala

Delivery through ~590 km

heated pipeline

from Barmer to Salaya

Radhanpur

• Discussions continue with GoI for further nominations

� Crude Pricing

• Reference to comparable low sulphur crude - Bonny

Light

• Price represents a 10-15% discount to Brent on basis

of prices prevailing for 12 months to December 2010

� Completion of Salaya to Bhogat section of pipeline

including Bhogat terminal and marine facility scheduled

for H2 CY 2012

• Access to 75% of India’s refining capacity

Viramgam

KoyaliJamnagar

/ Salaya

Kandla

Radhanpur

Bhogat

RefineryRefineryRefineryRefinery

Existing PipelinesExisting PipelinesExisting PipelinesExisting Pipelines

Pipeline RoutePipeline RoutePipeline RoutePipeline Route

Tankers to Coastal RefineriesTankers to Coastal RefineriesTankers to Coastal RefineriesTankers to Coastal Refineries

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Rajasthan Rajasthan Rajasthan Rajasthan ---- Future Resource And Value PotentialFuture Resource And Value PotentialFuture Resource And Value PotentialFuture Resource And Value Potential

Gross Initial

In Place

Volumes

20 additional20 additional20 additional20 additional

discovereddiscovereddiscovereddiscovered

fields including fields including fields including fields including

~4 Billion ~4 Billion ~4 Billion ~4 Billion boeboeboeboe

~6.5 Billion boe~6.5 Billion boe~6.5 Billion boe~6.5 Billion boe

ContingentIn Place

In Place

Prospective

Most Likely

GasGasGasGas

GIIP GIIP GIIP GIIP

OilOilOilOil

STOIIPSTOIIPSTOIIPSTOIIPMBA MBA MBA MBA

308308308308

140140140140

BHBHBHBH+ Others+ Others+ Others+ Others

Risked

Prospective

Resource

250250250250

~2.5 Billion ~2.5 Billion ~2.5 Billion ~2.5 Billion boeboeboeboe inininin

35+ prospects35+ prospects35+ prospects35+ prospects

Gross Reserves,

Resources 1111 and Potential2222

1111 The independent estimates of Reserves and Contingent Resources recently

mmbblsmmbblsmmbblsmmbblsmmbblsmmbblsmmbblsmmbbls

fields including fields including fields including fields including

BarmerBarmerBarmerBarmer HillHillHillHill

MBA Fields,MBA Fields,MBA Fields,MBA Fields,

RaageshwariRaageshwariRaageshwariRaageshwari

and and and and SaraswatiSaraswatiSaraswatiSaraswati

FDP approvedFDP approvedFDP approvedFDP approved

2.1 Billion boe2.1 Billion boe2.1 Billion boe2.1 Billion boe

In Place

MBAMBAMBAMBASTOIIPSTOIIPSTOIIPSTOIIP

R & S STOIIP

1,2931,2931,2931,293

MMMM

468468468468

BBBB

293293293293

AAAA

78787878

R & SR & SR & SR & S

STOIIPSTOIIPSTOIIPSTOIIP

ContingentContingentContingentContingent

ResourceResourceResourceResource

R & S 12R & S 12R & S 12R & S 12

MMMM477477477477

BBBB151151151151

A 66A 66A 66A 66

707707707707

2P+2C2P+2C2P+2C2P+2C

MBA MBA MBA MBA EOREOREOREOR

MBA EORMBA EORMBA EORMBA EORBarmerBarmerBarmerBarmer HillHillHillHill

+Other Fields+Other Fields+Other Fields+Other Fields

RiskedRiskedRiskedRisked

Prospects, Prospects, Prospects, Prospects,

Leads & Leads & Leads & Leads &

ConceptsConceptsConceptsConcepts

and Contingent Resources recently carried out by D&M are in line with the CIL estimates

2222 Top 35 prospects audited by D&M risked resource 178 mmbbls

Data as per 23rd March 2010 press release

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Rajasthan Rajasthan Rajasthan Rajasthan ---- Vision For GrowthVision For GrowthVision For GrowthVision For Growth

FDP FDP FDP FDP Approved Approved Approved Approved Production Production Production Production

Target

Potential

Production

240,000 bopd

MBAMBAMBAMBA

MangalaMangalaMangalaMangalaProcessing TerminalProcessing TerminalProcessing TerminalProcessing Terminal

• Reservoir Performance• EOR Pilot Implementation• BH Pilots and Development• Exploration and Appraisal

Technical and Operational

FDP FDP FDP FDP ApprovedApprovedApprovedApprovedProductionProductionProductionProduction175,000175,000175,000175,000bopdbopdbopdbopd

Production Production Production Production CapacityCapacityCapacityCapacity

205,000 205,000 205,000 205,000 bopdbopdbopdbopd

240,000 bopd

• JV Approvals• Additional SalesRegulatory

• Facilities and pipeline• EOR full field implementation• BH staged development• Exploration

Investment

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Exploration Exploration Exploration Exploration ProgrammeProgrammeProgrammeProgramme

KG-ONN-2003/1

Nagayalanka-1Z discovered;

RJ-ON-90/1

Assessing new plays, generate new prospects

� Major long term player� Large proprietary database � Experienced team� Successful exploration over 10

years: Success ratio ~50%

� Play based approach to building portfolio� Diversity of basin, plays and environments� Ongoing regional petroleum system studies � “Drill Bit exploration”: >190 exploratory

/appraisal wells

RAVVAInfill drilling commenced

Nagayalanka-1Z discovered; Further Exploration &

Appraisal drilling end 2011

PR-OSN-2004/1

Under Force Majeure

SL-2007-01-001Logistical preparations and

detailed studies ongoing; Drilling planned to commence in July 2011

– 3 wellsSRI LANKA

KK-DWN-2004/1

Completed 300 km2 3D

NON-OPERATED

OPERATED

I N D I AI N D I AI N D I AI N D I AMB-DWN-2009/1

Exploration activity commenced

KG-DWN-98/2

3 appraisal wells

KG-OSN-2009/3

3D seismic planned in Q4 FY2011-12

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Exploration Exploration Exploration Exploration ---- Sri Lanka Block (SL 2007Sri Lanka Block (SL 2007Sri Lanka Block (SL 2007Sri Lanka Block (SL 2007----01010101----001) 001) 001) 001)

India

� Cairn Lanka 100% Working Interest (NOC back-

in 15%)

• Block Area: ~3000 km2

• Water depth: 400-1900m

� Extension of proven hydrocarbon play (Cauvery

/ Mannar)

SRI LANKA

50km

SL 2007 01 001SL 2007 01 001SL 2007 01 001SL 2007 01 001

� Under explored, frontier basin with multiple

plays

� Exploration Program

• Drilling to commence in July 2011; 3 wells

planned

• 5th generation drillship rig contracted

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Rajasthan Rajasthan Rajasthan Rajasthan ---- FundingFundingFundingFunding

CapexCapexCapexCapex GrossGrossGrossGross NetNetNetNet

ExplorationExplorationExplorationExploration (till 2006)*(till 2006)*(till 2006)*(till 2006)* 0.610.610.610.61 0.570.570.570.57

DevelopmentDevelopmentDevelopmentDevelopmentCY 2007CY 2007CY 2007CY 2007 0.310.310.310.31 0.220.220.220.22

Financed ByFinanced ByFinanced ByFinanced By

� Net Cash 0.2(31st Dec’10)

� Existing debt facility 1.30

USD billion

CY 2007CY 2007CY 2007CY 2007 0.310.310.310.31 0.220.220.220.22

CY 2008 & 2009CY 2008 & 2009CY 2008 & 2009CY 2008 & 2009 1.761.761.761.76 1.231.231.231.23

CY2010 & 2011 (CY2010 & 2011 (CY2010 & 2011 (CY2010 & 2011 (EstEstEstEst) ~2.00) ~2.00) ~2.00) ~2.00 ~ 1.40~ 1.40~ 1.40~ 1.40

TotalTotalTotalTotal 1.501.501.501.50

Additional SourcesAdditional SourcesAdditional SourcesAdditional Sources

� Cash flow from producing blocks ie Rajasthan, Ravva and CB

****Exploration Cost: During the initial years the entire exploration costs was borne by Cairn India and hence the net number is > 70%.

On a gross basis the company has spent USD 748m on RJ development in CY 2010

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Engaging with the CommunityEngaging with the CommunityEngaging with the CommunityEngaging with the Community

Strategic Intent

� Proactive engagement with stakeholders

� Demonstrate leadership in corporate citizenship

� Partnering with communities through our

principles of respect, relationship and

responsibility

Areas of Focus

� Education

� Infrastructure

� Health

� Economic

Development

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SummarySummarySummarySummary

� Rajasthan

• Mangala production at its currently approved plateau of 125,000 bopd

• Delivery to domestic refiners through pipeline

• Increasing cash flows; Gross field revenue crossed USD 2 billion

• Enhanced oil recovery potential; pilot ongoing

• World class resource base – focussed on delivery & growth

• Vision to produce 240,000 bopd

• Strong economic contribution to the State of Rajasthan and Government of India

• Won nine safety awards in the 24th Mine Safety awards for Rajasthan Operations

� Maximise production from Ravva and CB

� Proven record of fast track, low cost development and production

� Success through innovative application of technology

� Increasing exploration potential; enhanced resource base through NELP VIII

� Net Cash of USD 194m as on 31st Dec 2010