© 2011 Cairn India Limited

Corporate PresentationCorporate PresentationCorporate PresentationCorporate Presentation

February 2012February 2012February 2012February 2012

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DisclaimerDisclaimerDisclaimerDisclaimer

This material contains forward-looking statements regarding Cairn India and its affiliates, our corporate plans, future financialcondition, future results of operations, future business plans and strategies. All such forward- looking statements are based onour management's assumptions and beliefs in the light of information available to them at this time. These forward-lookingstatements are by their nature subject to significant risks and uncertainties; and actual results, performance and achievementsmay be materially different from those expressed in such statements. Factors that may cause actual results, performance orachievements to differ from expectations include, but are not limited to, regulatory changes, future levels of industry productsupply, demand and pricing, weather and weather related impacts, wars and acts of terrorism, development and use oftechnology, acts of competitors and other changes to business conditions. Cairn India undertakes no obligation to revise anysuch forward-looking statements to reflect any changes in Cairn India's expectations with regard thereto or any change incircumstances or events after the date hereof. Unless otherwise stated the reserves and resource numbers within thiscircumstances or events after the date hereof. Unless otherwise stated the reserves and resource numbers within thisdocument represent the views of Cairn India and do not represent the views of any other party, including the Government ofIndia, the Directorate General of Hydrocarbons or any of Cairn India’s joint venture partner.

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Holding StructureHolding StructureHolding StructureHolding Structure

IPO December 2006

Listed on BSE & NSE in January 2007

Part of NIFTY index & DJIT30

Over 200,000 retail shareholders

21.8%

10.1%

6.4%6%

FII5%

FI 3%

MF

2%

Other Institutions

2%

Retail

59%Over 200,000 retail shareholders

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

Total Equity of 1,903 m shares; Free float ~19%**

Board comprises of 8 members; 4 independents, 3 nominees from Vedanta Group, 1 Cairn India Executive

59.0%

As on 18 Jan, 2011DJIT30: Dow Jones India Titans 30 Index,**Free float excludes Cairn PLC holding

*Twin Star Mauritius Holdings Ltd 38.8%, Sesa Goa Ltd 18.5% , Sesa Resources Ltd 1.7%,

Vedanta Group*

Cairn PLC

59%22%

4

Overview Overview Overview Overview

Leading Leading Leading Leading

E&P Player E&P Player E&P Player E&P Player

� Top 20 independent E&P company with market cap of >USD13 bn

� Operates ~20% of India’s domestic crude oil production (~170,000 boepd)

� >1 billion barrels reserves / resources base; Net Cash of >USD1.2 bn

� Diverse international workforce of 1,300+ people

Proven Proven Proven Proven

� Opened up 3 new frontier basins with over 40 discoveries

� USD 4 bn Rajasthan Project – Discovery to Production in 5 yearsProven Proven Proven Proven

Capabilities Capabilities Capabilities Capabilities

VisionVisionVisionVision

� USD 4 bn Rajasthan Project – Discovery to Production in 5 years

� Built world’s longest (~600 kms) continuously heated and insulated pipeline

� Low cost operator; Innovation through application of technology

� Become a global, world class E&P company

� Establish a diversified & sustainable portfolio

� Deliver long term value to Government, Local Communities and all

stakeholders

5

21.8%

10.1%

6.4%

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

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

Cairn (Operator) 70%

ONGC 30%

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

RajasthanRajasthanRajasthanRajasthan

RJ-ON-90/1 WI 70%

East CoastEast CoastEast CoastEast Coast

KG-DWN-98/2 WI 10%

KG-ONN-2003/1 WI 49%

Production Production Production Production BlocksBlocksBlocksBlocks Exploration Potential Exploration Potential Exploration Potential Exploration Potential 10 blocks in the Portfolio10 blocks in the Portfolio10 blocks in the Portfolio10 blocks in the Portfolio

59.0%

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

Cairn (Operator) 40%

ONGC 50%

Tata Petrodyne 10%

Ravva (PKGMRavva (PKGMRavva (PKGMRavva (PKGM----1)1)1)1)

Cairn (Operator) 22.5%

ONGC 40%

Videocon 25%

Ravva Oil 12.5%

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%

Sri LankaSri LankaSri LankaSri Lanka

SL 2007-01-001 WI 100%

Q3 FY 2011-12: Average Daily Gross operated production at 169,580 boe; Cairn (Working Interest) at 98,969 boe

* Under Force Majure

6

Strengths Strengths Strengths Strengths

NonNonNonNon----OECD OECD OECD OECD

Company with Company with Company with Company with

Low cost, project execution skills

Innovative application of technology

Proven technical expertise

Company with Company with Company with Company with

Global Capabilities Global Capabilities Global Capabilities Global Capabilities Strong balance sheet

Global, multi cultural workforce

Partnership and community development

“Mangala: Project of

the Year 2011” - Project Management

Institute (PMI)

“Fastest growing energy company in

Asia, 2011” – Platts 250

“Golden Peacock Award for Corporate

Social Responsibility, 2011”

7

21.8%

10.1%

6.4%

Operational HighlightsOperational HighlightsOperational HighlightsOperational Highlights

� Mangala field consistently producing at 125,000 bopd since

August 2010; continue to pursue higher offtake of 150,000bopd

� Bhagyam field commenced production; safely proceeding to

reach its currently approved plateau rate of 40,000bopd

� Target to exit FY 2011-12 at 175,000bopd from Mangala and

Bhagyam fields

� Development of Aishwariya field underway with EPC contractors

59.0%

� Development of Aishwariya field underway with EPC contractors

engaged

� Significant part of currently envisaged basin potential of 240,000

bopd to be met from MBA fields in CY 2013

� Bagged 12 awards in the “Silver Jubilee Mines Safety Week”

function at Bikaner, Rajasthan under the aegis of the Directorate

General of Mines Safety

� Two successive discoveries in frontier Mannar Basin, Sri Lanka;

notified the Government of Sri Lanka of its intention to enter

Phase 2 of the exploration period

8

Financial OverviewFinancial OverviewFinancial OverviewFinancial Overview

USDUSDUSDUSD mmmm Q3 FY 2011Q3 FY 2011Q3 FY 2011Q3 FY 2011----12121212 Q3Q3Q3Q3 FY 2010FY 2010FY 2010FY 2010----11111111 9 9 9 9 MthMthMthMth FY2011FY2011FY2011FY2011----12121212 9 9 9 9 MthMthMthMth FY 2010FY 2010FY 2010FY 2010----11111111

Revenue 610 691 2,019 1,452

Opex 92 102 290 241

EBITDA 467 567 1,622 1,160

DD&A 75 64 221 160

Other Income (inclforex)

82 8 223 6

PBT (before PBT (before exceptional item)

469 494 1,583 951

Tax 23 46 66 100

PAT 446 448 1,223* 851

EPS (INR per share) 11.9 10.6 30.2 20.4

CFFO 421 455 1,425 900

* Includes exceptional item of one time Rajasthan royalty adjustment

�Reduced nation’s crude oil import dependency by ~USD 1.5 bn on a gross basis in Q3 FY 2011-12

�Gross contribution to the national exchequer (excluding direct taxes) was ~USD 500 m in Q3 FY 2011-12

9

Production Profile and Price RealizationProduction Profile and Price RealizationProduction Profile and Price RealizationProduction Profile and Price Realization

80

100

120

120

140

160

180 169109

101

170

113

103

172117

106

161

105

94

174

86

CambayRavvaRajasthanBrent (RHS)Oil Price Realization (RHS)

Kb

oe

pd

0

20

40

60

80

0

20

40

60

80

100

120

Q3

8

37

Q2

9

36

Q1

9

38

Q4

10

33

Q3

10

39

76

Kb

oe

pd

FY 2010-11 FY 2011-12

US

D/b

bl125

118125 125 125

10

Low Cost and EBITDA MarginLow Cost and EBITDA MarginLow Cost and EBITDA MarginLow Cost and EBITDA Margin

9

11

3

9

10

2

8

2

9

11

8

1110

2 2

�Low Cost Operator with field direct operating

cost at ~USD 2.1 / boe

Other Costs(USD/boe)

Field DirectOpex (USD/boe)

Q4

3

Q3

2 2

Q1 Q2 Q3

2 2�Ravva field direct operating cost is amongst the

lowest in the world

�High EBITDA Margin of more than 75% primarily

due to lower costs

FY 2010-11 FY 2011-12

82

Q4 Q1

8584

Q3 Q3

78

Q2

77

EBITDA Margin (%)

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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

12

21.8%

10.1%

6.4%

Rajasthan Rajasthan Rajasthan Rajasthan ---- Production and Crude Production and Crude Production and Crude Production and Crude OfftakeOfftakeOfftakeOfftake

� Produced and sold >70 mmbbls of crude to Indian refiners;

gross cumulative field revenue in excess of USD 6.5 bn to date

� Sales arrangements in place for 170,000 bopd

• With PSU & Private refineries

• Discussions ongoing with GoI and private players for FY

2012-13

59.0%

� Crude Pricing

• Reference to comparable low sulphur crude - Bonny Light

• Price represents an average of 10-15% discount to Brent on

basis of prices prevailing for 12 months to Dec 2011

� Construction work on ~80 km Salaya to Bhogat section of

pipeline including Bhogat terminal & marine facility is ongoing

• Access to 75% of India’s refining capacity

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Future Development & Prospective Resource

Rajasthan Rajasthan Rajasthan Rajasthan –––– Resource and Value PotentialResource and Value PotentialResource and Value PotentialResource and Value Potential

Gross Gross Gross Gross InplaceInplaceInplaceInplace

Gross Gross Gross Gross

RecoverableRecoverableRecoverableRecoverable

Resource Potential

Expected Gross Production

(~48%)

Under Development

0.140.140.140.14

1.901.901.901.90

~1.0* ~1.0* ~1.0* ~1.0*

2.102.102.102.10

0.250.250.250.25

~~~~2.502.502.502.50

(~7%) (~10%)

MBARSMBARSMBARSMBARS BH + 19 Disc.BH + 19 Disc.BH + 19 Disc.BH + 19 Disc. EXPLORATIONEXPLORATIONEXPLORATIONEXPLORATION

Significant part of

240 240 240 240

~6.5 bn boe

Total

~1.4 bn boe

CY CY CY CY 2013201320132013********Exit FY 2011Exit FY 2011Exit FY 2011Exit FY 2011----12121212

240 240 240 240

Note-****Gross Recoverable Includes EOR potential of 308 mmbblsMBARS –Mangala, Bhagyam, Aishwariya, Raageshwari, Saraswati******** Sometime in CY 2013

Resource Data as on 31 March 2011

Production in kbopd

175175175175

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Rajasthan Capex & FundingRajasthan Capex & FundingRajasthan Capex & FundingRajasthan Capex & Funding

Capex

Gross Net

Exploration (till FY 2010-11)

0.63 0.56

Development

Till FY 2010–11 2.99 2.09

1,249889

1,449

1,7341,447

Debt (USD m)Gross Cash (USD m)

Till FY 2010–11 2.99 2.09

FY 2011-12 E ~0.50 ~0.35

FY 2012-13 E* 1.00 -1.25 0.70 - 0.87

Cash Position (as on 31-Dec-11)

Gross Cash 1.45

Debt (0.24)

Net Cash 1.21

598

Q3

695

Q2

235

Q3

276

Q1

422

Q4

Net Cash Company with debt equity ratio of 0.03 as on 30th Sept 2011

* ~70% of the capex is expected to be spent on the MBA, facilities including pipeline

FY 2010-11 FY 2011-12

Numbers in USD bn

15

21.8%

10.1%

6.4%

Exploration ProgrammeExploration ProgrammeExploration ProgrammeExploration Programme

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

years: Success ratio ~50%

RJ-ON-90/1

Assessing new plays, generate new prospects

� Play based approach to building portfolio� Diversity of basin, plays and environments� Ongoing regional petroleum system studies

KG-ONN-2003/1

Nagayalanka-1Z discovered;

59.0%

MB-DWN-2009/1

Under Force Majeure

Nagayalanka-1Z discovered; Exploration & Appraisal well

drilling in progress

RAVVAInfill drilling completed

KG-OSN-2009/3

Under Force Majeure

KG-DWN-98/2

Decided to sell off the stake

PR-OSN-2004/1

Under Force Majeure

KK-DWN-2004/1

Acquired 300 km2 3D;data processing and

interpretation completed

NON-OPERATED

OPERATED SL-2007-01-001

Two successive discoveries; notified the Govt. of SL of its intention to enter 2nd Phase of exploration SRI LANKA

16

21.8%

10.1%

6.4%

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)

� Cairn Lanka 100%; Working Interest (NOC

back-in 15%)

• Cairn India’s first overseas venture

• Block Area: ~3,000 km2

• Water depth: 400 - 1,900m

� Under explored, frontier basin with multiple

plays

59.0%

plays

� Exploration Program

• First phase of exploration completed

• Successive discoveries in two of three

exploration wells drilled

• Establishment of working hydrocarbon

system in the basin

• Notified to the Govt. of SL of its intention to

enter phase 2 of exploration

SLSLSLSL----2007200720072007----01010101----001001001001

SRI LANKA

50km

17

21.8%

10.1%

6.4%

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

� Enterprise Centre to create pool of skilled manpower

� Micro Vendor Development – local employment and

59.0%

SRI LANKA

� Micro Vendor Development – local employment and

training

Areas of Focus

� Education

� Infrastructure

� Health

� Economic

Development

18

21.8%

10.1%

6.4%

SummarySummarySummarySummary

� Rajasthan

• Mangala producing at 125,000 bopd since August 2010; pursue higher offtake of 150,000bopd

• Bhagyam field, 2nd largest discovery in Rajasthan block commenced production

• Delivery to domestic refiners through worlds longest continuously heated and insulated pipeline

• Gross field revenue in excess of USD 6.5 bn

• Enhanced oil recovery pilot continues to progress well

• World class resource base – focussed on delivery & growth

• Significant part of currently envisaged basin potential of 240,000 bopd to be met from MBA

59.0%

SRI LANKA

• Significant part of currently envisaged basin potential of 240,000 bopd to be met from MBA

fields in CY 2013

� 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 2.1/bbl*

� Gross contribution to the national exchequer (excluding direct taxes) ~USD 9 bn till date

� Success through innovative application of technology

� Two successive discoveries in frontier Mannar basin in Sri Lanka; notified the Govt. of SL of its

intention to enter Phase 2 of exploration

* For the period Q3 FY 2011-12

For More Information log on to: www.cairnindia.com