Cairn India Ltd Corporate Presentation Nov 2011

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http://www.cairnindia.com Cairn has been exploring for hydrocarbons in India for more than 15 years. Today, it has a proven track record of making exploration discoveries and fast tracking them to production. Three out of the seven landmark oil discoveries made in India between 2000 and 2005 were by Cairn and its Joint Venture (JV) partners. The Mangala discovery in Rajasthan in 2004 was the largest onshore discovery in the country in the past two decades.

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CAIRN INDIA Corporate Presentation November 2011

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2 Disclaimer These materials contain forward-looking statements regarding Cairn India, our corporate plans, future financial condition, future results of operations, future business plans and strategies. All 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 uncertainties and actual results, performance and achievements may be materially different from those expressed in such statements. Factors that may cause actual results, performance or achievements to differ from expectations include, but are not limited to, regulatory changes, future levels of industry product supply, demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use of technology, acts of competitors and other changes to business conditions. Cairn India undertakes no obligation to revise any such forward-looking statements to reflect any changes in Cairn India’s expectations with regard thereto or any change in circumstances or events after the date hereof.

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2.7% 3 Holding Structure IPO December 2006 6.4% Listed on BSE & NSE in January 2007 10.0% Part of NIFTY index & DJIT30 52.1% Over 200,000 Indian retail shareholders Market Cap >USD11billion; amongst India’s top 20 28.8% FII Vedanta Group Institutions Cairn PLC Total Equity of 1,903million shares; Free float ~19%* DJIT30: Dow Jones India Titans 30 Index, *Free float excludes Vedanta Groups holding Retail As on 19Oct, 2011

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4 World Class Asset Base 10 blocks in the Portfolio Production Blocks Rajasthan (RJ-ON-90/1) Cairn (Operator) ONGC 70% 30% Exploration Potential Rajasthan RJ-ON-90/1 WI 70% East Coast KG-DWN-98/2 WI 10% Cambay (CB/OS-2) Cairn (Operator) 40% ONGC Tata Petrodyne 50% 10% KG-ONN-2003/1 PKGM-1 (Ravva) KG-OSN-2009/3* WI 49% WI 22.5% WI 100% PR-OSN-2004/1* WI 35% West Coast CB/OS-2 WI 40% WI 40% Ravva (PKGM-1) Cairn (Operator) ONGC Videocon 22.5% 40% 25% KK-DWN-2004/1 Ravva Oil 12.5% MB-DWN-2009/1* Sri Lanka SL 2007-01-001 WI 100% WI 100% Q2 FY 2011-12: Average Daily Gross operated production at 169,944 boe; Cairn (Working Interest) at 99,220 boe * Under Force Majure

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5 Growth Strategy Identify new growth opportunities Discovery in first overseas venture in Sri Lanka Exploration and Appraisal drilling in KG-ONN-2003/1 New plays in Rajasthan Existing portfolio enhancement Maximise recovery from production base Increased Ravva reserves by 20% in 2010 >16 years of low cost operations in Ravva Initiatives to slow down production decline – 4D seismic, Infill drilling GBA agreement for sharing gas from the shared reservoir in CB/OS-2 Execute Rajasthan development Mangala completed 2 years of production; current production- 125kbopd Crude transports through Pipeline MBA approved peak production at 175 kbopd Increased recovery through EOR; pilot progressing well Maximise Potential in Rajasthan >3,000 km 2 in Barmer Basin under contract Resource base at 6.5 bn boe Monetise Barmer Hill (BH) & Other Fields; BH DoC filed, FDP under preparation Vision to produce 240 kbopd**; significant part from MBA GBA: Gas Balancing Agreement, MBA: Mangala Bhagyam Aishwariya, ** subject to JV and GoI approval & additional investments

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6 Financial Highlights Q2 FY 2011-12 USD million Rajasthan Capex USD million Net Revenue EBIDTA Normalised/Reported Profit After Tax (PAT) ~578 ~450 ~461/167 Exploration Gross 626 Net 564 Cash Flow from Operations (CFFO)* Quarterly Normalised/Reported EPS ~428 INR 11.13/4.01 per share Development ** Total 3,222 3,848 2,255 2,819 Net Cash as on 30 th Sept 2011 at USD 1,458 million *CFFO is calculated as profit after tax (excluding other income) prior to non-cash expenses (non-cash employee cost, depreciation, depletion, amortisation, and deferred tax) and exploration cost, without adjusting exceptional item The company started sharing Profit Petroleum with the GoI in the Rajasthan block at the rate of 20% under the Production Sharing Contract (PSC) framework ** till 30 Sept, 2011

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7 Financial Highlights Price Realization (USD/boe) Gross Production (Kbopd) Revenue 100 104 92 830 808 170 172 161 174 165 74 68 Q2 FY12 Q1 FY12 Q4 FY11 Q3 FY11 Q2 FY11 578 577 691 0 50 100 150 200 0 200 400 600 800 PAT USD Million 543 610 Cash Flow from Operations 341 461 448 Q2 FY12* Q1 FY12 Q4 FY11 Q3 FY11 Q2 FY11 337 428 455 576 577 0 200 600 800 400 USD Million 0 200 600 800 400 USD Million *PAT and CFFO are without adjusting on time exceptional item of past Rajasthan royalty costs

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8 Rajasthan - Frontier to Producing Basin Exploration & Appraisal Frontier Exp. 1995 - 2002 Development & Production Mangala Mangala Processing Terminal Bhagyam Aishwariya Oil Gas Rajasthan Raageshwari Viramgam Koyali Gujarat  Kandla Jamnagar / Salaya Bhogat Tankers to Coastal Refineries 25 discoveries to date >3,000 km² approved development area

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9 Rajasthan Update Total Pipe Diameter 790 mm (32”) Heat Tube MPT Pipeline High Density Polyethylene Wrap Poly Urethane Foam Insulation  Mangala production ~125,000 bopd; reservoir performance as per expectations  Produced and sold >60 mmbbls of crude to Indian refiners; gross cumulative field revenue in excess of USD 5 billion to date  Bhagyam development on track; 47 wells drilled, expected to commence production in Q4 CY 2011; subject to GoI approval  Expect to exit FY 2011-12 at 175,000bopd with the support of JV and GoI  Development of Aishwariya underway; plan to commence production in H2 CY 2012, subject to JV and GoI approval  Significant part of currently envisaged basin potential of 240,000 bopd to be met from MBA fields  Augmentation of processing capacity and pipeline infrastructure to deliver currently envisaged basin potential in 2013 Data as per 20 Oct, 2011 press release

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10 Rajasthan - Crude Marketing Mangala  World’s longest continuously heated & insulated pipeline operational Delivery through ~590 km heated pipeline from Barmer to Salaya  Sales arrangements in place for 155,000 bopd • With PSU & Private refineries • Discussions continue with GoI for further nominations Radhanpur  Crude Pricing • Reference to comparable low sulphur crude - Bonny Light Viramgam Kandla • Price represents a 10-15% discount to Brent on basis of prices prevailing for 12 months to Sept 2011 Koyali Jamnagar / Salaya Bhogat  Completion of Salaya to Bhogat section of pipeline including Bhogat terminal & marine facility scheduled for H2 CY 2012 • Access to 75% of India’s refining capacity Tankers to Coastal Refineries Pipeline Route Existing Pipelines Refinery

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11 Rajasthan - Future Resource And Value Potential Gross Initial In Place Volumes ~4 Billion boe In Place Most Likely Prospective Gas 140 250 Risked Prospective Resource ~6.5 Billion boe ~2.5 Billion boe in 35+ prospects Gross Reserves, Resources 1 and Potential 2 Contingent In Place GIIP Oil STOIIP 308 BH + Others 20 additional discovered fields including Barmer Hill 78 R & S 12 707 MBA EOR 1 The independent estimates of Reserves and Contingent Resources recently carried out by D&M are in line with the CIL estimates 2 Top 35 prospects audited by D&M risked resource 178 mmbbls 468 293 A 66 B 151 M 477 2.1 Billion boe MBA Fields, Raageshwari and Saraswati R & S STOIIP MBA STOIIP 1,293 M B A R&S Contingent Resource 2P+2C MBA EOR Barmer Hill +Other Fields FDP approved Risked Prospects, Leads & Concepts mmbbls mmbbls Data as per 23 March, 2010 press release

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12 Rajasthan - Vision For Growth MBA • • • • MBA Reservoir Performance EOR Pilot Implementation BH Pilots and Development Exploration and Appraisal Technical and Operational Current • JV Approvals • Additional Sales Regulatory FDP Approved Production 175,000 bopd Envisaged Basin potential 240,000 bopd Investment • • • • Facilities and pipeline EOR full field implementation BH staged development Exploration

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13 Exploration Programme I N D I A  Play based approach to building portfolio  Diversity of basin, plays and environments  Ongoing regional petroleum system studies  “Drill Bit exploration”: >190 exploratory /appraisal wells KG-ONN-2003/1 Nagayalanka-1Z discovered; Further Exploration & Appraisal drilling FY 2011-12 RAVVA Infill drilling completed  Major long term player  Large proprietary database  Experienced team  Successful exploration over 10 years: Success ratio ~50% RJ-ON-90/1 Assessing new plays, generate new prospects MB-DWN-2009/1 Under Force Majeure KK-DWN-2004/1 Acquired 300 km 2 3D; data processing in progress OPERATED KG-DWN-98/2 3 appraisal wells drilled KG-OSN-2009/3 Under Force Majeure PR-OSN-2004/1 Under Force Majeure SL-2007-01-001 3 exploration well program: 1 st well encountered hydrocarbon, 2 nd well drilling in progress SRI LANKA NON-OPERATED

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India 14 Exploration - Sri Lanka Block (SL 2007-01-001)  Cairn Lanka 100% Working Interest (NOC back- i in 15%) • • • Cairn India first overseas venture Block Area: ~3,000 km 2 Water depth: 400 -1,900m  Extension of proven hydrocarbon play (Cauvery / Mannar)  Under explored, frontier basin with multiple plays SL-2007-01-001  Exploration Program • SRI LANKA 5 th generation drillship contracted from Japan Drilling Comp any 50km • • • Drilling commenced in August 2011; 3 exploration wells program 1 st well encountered hydrocarbon; 25 meter hydrocarbon column 2 nd exploration well drilling in progress

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15 Engaging 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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16 Summary  Rajasthan • • • • • • • Mangala production at its currently approved plateau of 125,000 bopd Delivery to domestic refiners through pipeline Gross field revenue in excess of USD 5 billion Enhanced oil recovery potential; pilot ongoing World class resource base – focussed on delivery & growth Vision to produce 240,000 bopd; achieve significant part from MBA Strong economic contribution to the State of Rajasthan and Government of India  Initiatives to slow down the rate of production decline in Ravva and CB  Proven record of fast track, low cost development and production; Field Direct Opex – USD 2.3/bbl*  Success through innovative application of technology  First overseas discovery made in Sri Lanka; 2 nd well drilling in progress * For the period FY 2010-11

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17 Contact Details Investor Relations Anurag Mantri, Group Financial Controller Email: cilir@cairnindia.com M: +91 – 98103 01321 Media Manu Kapoor, Director – Corporate Affairs & Communications Email: cilmediainfo@cairnindia.com M: +91- 97178 90260 Address Cairn India Ltd 4th Floor, Vipul Plaza Sun City, Sector-54 Gurgaon 122 002, India www.cairnindia.com

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