CESC Limited Powering India since 1899

November 2013

www.cesc.co.in

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RP- Sanjiv Goenka Group

Power & Natural

Resources Carbon Black Retail

Media & Entertainment

Infrastructure IT &

Education

Power & Natural Resources

Retail

Carbon Black

Infratructure

Media & Entertainment

IT & Education

CESC - 4th largest Private Power Utility

Noida Power *- Private Discom in Noida

Integrated Coal Mining * - Pioneer in private sector Coal Mining

Harrisons Malayalam – Largest Plantation company in South India

Spencer`s Retail *- Pioneer in organized food retailing in India

Phillips Carbon Black - Largest in India & 8th largest in world

CESC Properties*- Showcasing East India’s 1st Specialty Mall

Saregama India - Biggest collection of Indian Music

Open* – Weekly current affairs magazine

Firstsource Solutions - Among the top 3 pure play BPO companies in India

Business Sectors Companies

* unlisted

RP- Sanjiv Goenka Group – Business Sectors

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Power & Natural Reources

51%

Media & Entertainment

1%

Carbon Black 19%

IT & Education 19%

Retail 10%

Asset base Rs. 25,000 crs+

(Rs. bn )

Financials of RP- Sanjiv Goenka Group companies

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Gross

Revenues

(FY`13)

EBIDTA

(FY`13)

Net Profit

(FY`13)

Current

Market cap*

Promoter

Holding

Institutional

Holding

CESC 53.20 14.20 6.18 48.00 52% 39%

Firstsource Solutions 28.20 2.80 1.47 14.00 57% 22%

Phillips Carbon Black 22.80 1.10 (0.20) 1.80 52% 21%

Spencer`s Retail 13.50 (0.78) (2.10) - 100% -

Noida Power Company 8.00 2.73 1.33 - 73% -

Saregama India 1.75 0.28 0.11 1.10 55% 24%

Harrisons Malayalam 3.47 0.25 0.02 1.00 50% 5%

Integrated Coal Mining 3.70 0.36 0.22 - 100% -

Crescent Power 1.24 0.62 0.20 - 100% -

• 4 thermal plants – Installed capacity of 1225 MW • Meeting peak system demand of 1900 MW

Generation

• Distribution Licensee for Kolkata & Howrah - 567 sq.km area, 2.7 mn consumers, 19500 ckt km T&D network , T&D loss 12%

Distribution

• Coal mining of 3 MTPA via associate company meets 50% of coal requirement

Coal

• Pursuing Organized retailing via Spencer`s Retail • PAN India presence with 1 mn sqft and 130+ stores

Retail

• Risk free annuity income generating asset - Inaugurated “Quest”, Eastern India`s first Luxury mall in Kolkata

Real Estate

• Two IPPs of 600 MW each under construction in Haldia & Chandrapur. Generation capacity to double by 2014

IPPs

• Recently acquired Fisrtsource Solutions Ltd • Among the top 3 pure play BPO companies in India

Technology

SPV`s

CESC Snapshot

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Operating performance:

No. Of Consumers (Lakhs) PLF%(excluding peaking Station)

Sales (MU) *

Revenue (Rs. bn)

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6948 7206

7595

8135 8270 8577

FY'08 FY'09 FY'10 FY`11 FY'12 FY'13

29.30 32.00 34.49

41.72 46.69

53.17

FY'08 FY'09 FY'10 FY`11 FY`12 FY`13

97% 97% 93%

85% 88% 86%

FY'08 FY'09 FY'10 FY`11 FY'12 FY'13

22.08 22.94

23.84 24.89

25.86 27.02

FY'08 FY'09 FY'10 FY`11 FY`12 FY`13

Dividend History

PBT (Rs. Bn) Debt / Equity Ratio

Profitability

EPS (Rs.)

7

4.03 4.65

5.22

6.14

6.93

7.73

FY'08 FY'09 FY'10 FY`11 FY'12 FY'13

30 33

35 39

45 50

FY'08 FY'09 FY'10 FY`11 FY'12 FY'13

25%

35% 40%

50%

70%

FY'06 FY'07 FY`11 FY'12 FY'13

Coal & Gas based IPPs on a PAN India basis

Portfolio of Renewable projects (Solar, Wind, Hydro and MSW)

Privatization of Distribution Franchisee

Growth plans

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First Independent Power Plant (IPP) of CESC

Being set up in Chandrapur, near Nagpur

2x300 MW configuration

Project cost of Rs. 3450 crs funded at 75:25 debt equity ratio

Coal linkage available from CIL

BTG supplied by Shanghai Electric , China

BoP undertaken by Punj Lloyd

First unit synchronized on 2nd Sept 2013

Project to be commissioned in 2013-14

600 MW Chandrapur TPP, Maharashtra

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600 MW Haldia TPP, West Bengal

To meet the growing need of its consumers, CESC is setting up a 600 MW (2x300) TPP in Haldia, near Kolkata

Fully regulated project approved by WBERC

Project include 80 kms long 400 kV Transmission line from Haldia to CESC network

Project cost of Rs. 3500 crs+ funded at 75:25 debt equity ratio

Coal linkage available from CIL

BTG supplied by Shanghai Electric , China

BoP undertaken by Punj Lloyd

Project to be commissioned in 2014-15

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Surya Vidyut Ltd, a fully owned subsidiary of CESC

has commissioned a total of 24 MW wind power

project in Jaisalmer, Rajasthan

The project consist of 12 WTGs of 2 MW each

The first phase of 14 MW was commissioned in Jan

2013 and the PPA was signed with Jaipur Vidyut

Vitran Nigam Ltd (JVVNL) for 25 years

The second phase of 10 MW was commissioned in

March 2013 and the PPA was signed with Ajmer

Vidyut Vitran Nigam Ltd (JVVNL) for 25 years

CESC plans to increase its presence in the wind

business, driven by favorable tariff regime and

positive long term outlook for renewable energy

Wind Power Project

CESC wind sites in Jaisalmer, Rajasthan

Distribution Franchisee

Ranchi, Jharkhand – Declared H1 through competitive bidding.

Distribution Franchisee Agreement singed. Formal handover in next few

months. Annual Revenue Rs.4000 million and 0.3 million consumers

Member of successful bidding consortium in Port Harcourt Distribution

Co., Nigeria. Our role is for consultancy services relating to planning for T

& D Network, augmentation & loss reduction. Annual fee $2.5 million

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Coal Sourcing Strategy

Thermal power plants to continue to meet the country`s energy requirements

CESC would implement IPPs which secures a domestic coal linkage

Secure long term off take arrangements of imported coal to meet shortfall if any

Landed cost of imported coal to be competitive

Acquisition of coal mine to enjoy cost advantage

Participation in domestic coal block auction when such opportunity arise

Resource Generation Ltd

Coal purchases from Resource Generation’s planned Boikarabelo mine has been extended to 139

MT from 37 MT

Access to 139 MT over 38 years – 73 MT in phase 1, 66 MT in phase 2

Mining expected to start by 2015, Index linked favorable pricing formula

Current holding of RP-SG Group at 5.3%

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Developed 1st luxury mall in Eastern India on 3 acres land in central Kolkata area

4,15,000 sq.ft retail area, 900+ car parking

Designed by RTKL (UK), construction by L&T

95%+ area already signed

Anchor stores incl Lifestyle, Spencer's, Mother care, Star Mark, INOX

International brands inc Burberry, Emporio Armani, Apple, Estee Lauder, Gucci, Canali,

Furla, Tumi, Rolex, Omega….

Food brands include Smoke House Deli, Bombay Brasserie, Irish House, Yauatcha,

Serafina …..

Mall inaugurated on 30th September 2013

Real Estate

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“Quest” Shopping Mall inaugurated

RETAIL BUSINESS

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Rs.14 bn food-first, hyper & supermarket chain since 1996

30 million NOB’s per annum (est. 50 Mn footfalls per annum)

Strong Brand traction with target customer

14% same store sales growth in each of last 3 years

Private label program across food, fashion, home and general merchandising.

130+ stores spread over 35 cities and about 1mn sq ft

Ranked 2nd in India’s most respected companies in Retail in a study conducted by

Business World in 2013

Won the ‘Most Admired Hypermarket Retailer of the Year Award’’ at the India

Retail Forum in September 2013

Spencer’s Retail

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FINE LIVING AFFORDABLE

We’re on top of

trends so you will

find the latest and

finest at Spencer’s

- a mix of

commodity &

indulgence

merchandise

Bright, clean

stores, category

adjacencies and

fast checkouts

make shopping at

Spencer’s easy and

fun

Superior quality

products since

1863 including

private labels

bearing the

Spencer’s hallmark

signature

Market Right prices

are a great reason

to shop at

Spencer’s

ASSORTMENT SERVICE PRICE QUALITY

• Caters to consumer aspirations

• Platform for differentiation

• Fashion / “Want” items

• Drive Shopping trips / build traffic

• Create market right price impression

• OPP / KVI benchmarking to drive

affordability

How Spencer’s “Makes Fine Living affordable”

• A blend of commodity (80%) & indulgence (20%) merchandise with relevant opening price points

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Spencer’s Footprint

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• TA Hypers – 646 K sft

• TA Supers – 101 K sft

• TA Small stores – 208 K sft

• Au bon pain – 28 cafes

Regions States TA (‘000) Hypers >15

k

Supers Dailies

<3k SAS TOTAL

3k -15k

East WB 230 7 2 10 0 19

TOTAL 230 7 2 10 0 19

West Maharash

tra

36 1 0 0 0 1

Gujarat 24 1 0 1

TOTAL 60 2 0 0 0 2

North East UP 114 3 1 14 0 18

NCR 132 4 3 5 0 12

TOTAL 246 7 4 19 0 30

South 1 Kerala 17 1 4 0 5

T.N 120 2 2 33 0 37

TOTAL 137 2 3 37 0 42

South 2 Bangalore 48 2 2 2 0 6

Coastal

A.P

93 4 1 8 0 13

Hyderaba

d

141 3 3 16 22

TOTAL 282 9 6 26 0 41

TOTAL 955 K 27 15 92 0 134

Hyper & Super footprint

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Hypers

Supers

Mumbai

(Malad)

Hyderabad Vizag

Vijayawada, Guntur

Kakinada

Durgapur

Gorakhpur

NCR

Hypers : Ghaziabad, Gurgaon, Dreamz, Haridwar

Super : MMX mall, Indirapuram,Dharuhera

Vadodara

Warangal

Bangalore - Hyper : Koramangala, Sarjapur; Supers: Mosque Rd, JP Nagar

Trichy,

Thiruvalla Super

Kolkata

Hypers : South City, Mani Square, Rash Behari, Axis mall,New Town,

Super : Avisar,Upahar

Luckno

w

27 Hypers – 646 K sqft

15 Supers – 101 K sqft

Rajamundhry

Allahabad

Coimbatore super, Erode super,Velachery Hyper

Siliguri

Food has highest share ~ 80%

Sales Mix

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STAPLES 20.2%

FRESH 15.8%

FMCG 39.4%

LIQUOR 3.2%

APPAREL 5.8%

E & E 5.8%

HWP 9.8%

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TA Mix 2009 2010 2011 2012 2013

Hypers 47% 51% 53% 59% 66%

Supers/ Dailies 53% 49% 47% 41% 34%

Format Mix – Growing in Hypers

694

795

962

1,060

1,230

122 136

174

199

233

175 170

172 171 183

-53

-34

2

27

50

-100

-50

-

50

100

150

200

250

600

700

800

900

1,000

1,100

1,200

1,300

FY09 FY10 FY11 FY12 FY13

R

s

/

s

q

f

t

R

s

/

s

q

f

t

Progress on Operating Matrix

Sale/sqft GMROF Opex/sqft EBIDTA/sqft

Sales/Sft

Opex/Sqft

Store EBIDTA/Sqft

GMROF

Working capital trends

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Category Net Working Capital

(Rs. Mn)

Mar'09 Mar'10 Mar'11 Mar’12 Mar'13

Staples 50 0 -13 21 -8

FMCG 140 60 -34 25 68

Apparel 130 100 36 50 30

E & E 90 50 14 20 22

HWP & Fur 100 70 19 -5 10

Others 10 -30 -38 -15 -31

Total 520 250 -16 96 91

No. of days

Cover 30 12 0 4 3

New Roll Out Plan - For FY-14

STORE LOCATION MOP HYPER

Kolkata* Apr-13 39000

Chennai* May-13 20000

Dharuhera (NCR)* June-13 8000

Meerut* Oct-13 22000

Kolkata* Nov-13 26000

Raipur Nov-13 30000

Dhanbad Nov-13 19500

Aligarh Dec-13 19000

Lucknow Jan-14 23000

Bhopal Feb-14 35000

Greater Noida Feb-14 35000

Hyderabad Mar-14 19000

Total 3,00,000 apprx

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* Since open

Private Label FMCG / Food FMCG / Non- Food

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Private Label General Merchandise Apparel

Formal Wear Casual Wear Ethnic Wear

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Au Bon Pain is a is a fast casual dining concept founded in Boston in 1978 by the late Louis Kane and has over 280 cafes across the world

RP-SG group is the master franchisee of Au Bon Pain, USA in India

Started in 2009, in Bengaluru; Au Bon Pain Café India Limited has 28 cafes in the city

Cafes spread across High Street & Malls, Business & IT Parks, Hospitals and Universities

Au Bon Pain offers a wide range of menu choices for all day parts consisting of scrumptious sandwiches, palatable soups, salads, delectable baked goods, beverages, cakes and desserts

Strong roll out plan in 2013-14. Entering NCR and West Bengal

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Specialty Brands -Au Bon Pain

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Firstsource Solutions Ltd.

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Among the top 3 pure play BPO companies in India (NASSCOM 2012 rankings) Leading Scale

Player

In December 2001 by ICICI Ltd, CESC acquired majority stake in FY`13 Founded

CESC (56.82%), Metavante (6.90%), ICICI Bank (4.87%%) Major

Shareholders

Full range of business process management services across the customer life cycle delivered

through transaction processing, CRM, collections and receivables mgmt. Service Offerings

Client base includes 21 Fortune 500 and 9 FTSE 100 companies.

Healthcare: 5 of the top 10 Health insurance / managed care companies in the US and over 800

hospitals in the US

Telecom & Media: 2 of the Top 10 U.S. telecom companies, 2 of the top 5 mobile service

providers in the U.K., largest pay TV operator in the U.K., largest pay TV operator in Australia, 3

of the Top 5 mobile service providers in India

BFSI: 5 of the top 10 U.S. banks, 8 of the top 10 general-purpose credit card issuers in the

U.S., largest bank and mortgage lender in the U.K., 1 of the Top 3 motor issuers in the U.K,

India’s leading private life insurer

Clients

An Overview

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Enhanced business continuity capability

USA

14 Centers

3,396 Employees

Sri Lanka

1 Center

543 Employees

6 Centers

4,811 Employees

Europe

22,177 Employees

25 Centers

India

1,438 Employees

2 Centers

Philippines

Strong Domain Expertise driven business model Blended 78% onshore and 22% offshore model

3,248 Seats

637 Seats

2,097 Seats

17,167 Seats

1,209 Seats

An Overview

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Financial Performance – FY2013

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US Healthcare spending to increase to $4.3 trillion in 2017 (20% of GDP) from $2.7 trillion

in 2008 (17% of GDP) (Source: Centers for Medicare & Medicaid Services)

Hospital care accounts for

approximately 30% of total

healthcare expenditure

amounting to $700 billion

Recently passed healthcare reform bill represents a significant opportunity across both payer and provider segments

through increased penetration and specific reform mandates

Administrative costs

are estimated to be

14%, amounting to $100

billion

Administrative costs for private health

insurers have averaged approx. 12% of

premiums over the last 40 years,

amounting to about $50 billion

Estimated USD 50-55 bn addressable market opportunity in Healthcare provider space by 2020

Provider Payer

Challenging operating environment and revenue

pressures for hospitals leading to increased focus

on revenue cycle management

Complex environment that can benefit from

outsourcing

Key regulatory changes include:

Mandated expansion of Medicaid to families earning up-to 133%

of Federal Poverty Level. Likely to bring approx 11M Americans

under Medicaid as per this provision

Increased focus on quality and improved health outcomes as

reimbursement and payment become predicated on outcomes

Reimbursement reductions and payment bundling to providers.

Likely to save $300BN in cost to government in 10 years, forcing

healthcare providers to look at reducing administrative costs

Key regulatory changes include:

Mandated medical loss ratio threshold of 15%

Elimination of pre-existing condition as a basis for coverage

Lifetime caps on medical expenses eliminated. Payor companies will have

to pay much more for chronic treatments

Rescission of coverage eliminated, except non payment of premiums

Fundamental and profound changes will emerge as insurers adapt their

care delivery models toward managing a member’s wellness rather than

their disease state

Industry fees of $8 billion for insurance companies from 2014 increasing

to $14.3 billion in 2018

Healthcare – BPO Market Opportunity US HC Spend ($ trillion)

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T&M – BPO Market Opportunity

As per NASSCOM-McKinsey perspective 2020 study, total addressable BPO market for telecom & media is expected to

be USD 20-25 bn by 2020

Industry Trends BPO Opportunity

In developed countries, Telecom is a

mature industry

Increased usage of new and complex

technologies (i.e. Smart-phones, HDTV,

DVR, Wi-fi@home etc.)

Market convergence –

Triple play / quad play

Market concentration (3-4 large players)

Focus shifting from subscriber growth to consolidation and cost optimization

Clients rationalizing their outsourcing partners to a smaller number of

strategic partners with flexible global delivery networks

Growing demand for technical support as consumers start using complex

technology

Suppliers who have domain expertise in all sub segments (Mobile, fixed

line, broadband and DTH) and understand the underlying business

dynamics / complexities are well positioned

Revenue potential from each client is high due to market concentration/

high transaction volumes.

Local political issues favor companies having in-country delivery capabilities

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BFSI – BPO Market Opportunity

BFSI is the largest market segment constituting 45% of addressable BPO market opportunity by 2020 (USD 155-

165 bn)

Key Addressable Segment Current State and Impact on BPO Opportunity

Industry is resurfacing from the financial crisis

- Clients are preoccupied with internal restructuring and

outsourcing decisions are lower on priority

Increasing regulatory oversight and government ownership

- Less conducive environment for offshoring due to political

considerations

- Organisations with onsite delivery capabilities positioned

favorably in such environment

Though BFSI has been estimated as a large market segment

for BPO, immediate prospects are challenging

- Strong in-sourcing philosophy with major / tier-1 financial

institutions having large captives

- Large sub segments such as wholesale banking and mid tier

banking market is yet to open up

- Specific segments such as credit card collections / recovery is

seeing significantly lower volumes due to lower placements

Expect growth to come back in medium to long term once

overall economic environment stabilizes

Sub segment Addressable market

2020 in USD Bn

Retail Banking 90-95

Deposits 48-50

Credit cards 27-29

Mortgages 9

Lending 6-7

Wholesale banking 30-33

Insurance 30

Asset management 5-7

Total BFSI 155-165

The materials contained herein (the “Materials”) are for use at this presentation only and not for further distribution

by you or any other person. Neither the Materials, nor anything contained herein, shall form the basis of, or be relied

on in connection with, any contract to purchase or subscribe for any securities of any of the companies described

herein, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment

whatsoever. None of the companies described herein or any of their respective affiliates, advisors or representatives

shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the

Materials or their contents or otherwise arising in connection with the Materials. The Materials are confidential and

must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person.

The Materials do not constitute an offer or recommendation regarding the securities of the companies described

herein.

Except for the historical information contained herein, statements in this release which contain words or phrases

such as “will”, “aim”, “will likely result”, “would”, “believe”, “may”, “expect”, “will continue”, “anticipate”, “estimate”,

“intend”, “plan”, “contemplate”, “seek to”, “future”, “objective”, “goal”, “strategy”, “philosophy”, “project”, “should”, “will

pursue” and similar expressions or variations of such expressions may constitute "forward-looking statements".

These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual

results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties

include, but are not limited to our ability to successfully implement our strategy, future levels of non-performing

loans, our growth and expansion, the adequacy of our allowance for credit losses, our provisioning policies,

technological changes, investment income, cash flow projections, our exposure to market risks as well as other

risks. CESC undertakes no obligation to update forward-looking statements to reflect events or circumstances after

the date thereof.

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Thank You