© 2011 Cairn India Limited

Corporate Presentation

May 2012

2

Disclaimer

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 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.

3

Corporate Profile

IPO Dec 2006; listed on BSE & NSE in Jan 2007

Part of NIFTY index & DJIT30

Amongst India’s top 20 companies; Market Cap >US$12 bn

Total Equity of 1,908 m shares; Free float ~19%**

Board comprises 8 members with 4 independents

Dividend Policy approved by the Board; aim to maintain payout at around 20% of annual consolidated net profit

21.8%

10.1%

6.4%

59.0%

Shareholding as on 02 May 2012

DJIT30: Dow Jones India Titans 30 Index,**Free float excludes Cairn PLC holding*Twin Star Mauritius Holdings Ltd 38.8%, Sesa Goa Ltd 18.4% , Sesa Resources Ltd 1.7%,

Cairn PLC

Vedanta Group*

8%

Retail

FII

3%

2%

Other Institutions

2%

MF

5%FI

59%22%

4

Overview

Leading E&P Player

Amongst top 20 global independent E&P company

Operates ~20% of India’s domestic crude oil production

Over 1 billion barrels reserves / resources base

Diverse international workforce of 1,300+ people

Proven Capabilities

Vision

Opened up 3 new frontier basins with over 40 discoveries

US$ 4 bn Rajasthan Project – Discovery to Production in 5 yrs

Low cost operator; Innovative application of technology

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

Become a global, world class E&P company

Establish a diversified & sustainable portfolio

Deliver long term value to host Governments, Local Communities and all stakeholders

“Fastest growing energy company in

Asia, 2011” – Platts 250

“Mangala Pipeline: Project of the Year

2011” - Project Management

Institute (PMI)

“Golden Peacock Award for Corporate Social Responsibility,

2012”

5

21.8%

10.1%

6.4%

59.0%

World Class Asset Base

Rajasthan (RJ-ON-90/1)

Cairn (Operator) 70%

ONGC 30%

Cambay (CB/OS-2)

Cairn (Operator) 40%

ONGC 50%

Tata Petrodyne 10%

Ravva (PKGM-1)

Cairn (Operator) 22.5%

ONGC 40%

Videocon 25%

Ravva Oil 12.5%

Rajasthan

RJ-ON-90/1 WI 70%

East Coast

KG-DWN-98/2 WI 10%

KG-ONN-2003/1 WI 49%

PKGM-1 (Ravva) WI 22.5%

KG-OSN-2009/3* WI 100%

PR-OSN-2004/1* WI 35%

West Coast

CB/OS-2 WI 40%

KK-DWN-2004/1 WI 40%

MB-DWN-2009/1* WI 100%

Sri Lanka

SL 2007-01-001 WI 100%

FY 2011-12: Average Daily Gross operated production at 172,887 boe; Cairn (Working Interest) at 101,268 boe * Under Force Majure

Production Blocks Exploration Potential 10 blocks in the Portfolio

6

21.8%

10.1%

6.4%

59.0%

Performance HighlightsOperations

Mangala field ramped up to 150,000 bopd post GoI approval

Bhagyam field commenced production; currently producing ~25,000 bopd, target to reach its currently approved plateau rate of 40,000 bopd

Raageshwari and Saraswati fields commenced production; RJ cumulative production from 4 fields is 175,000 bopd

RJ production to achieve an additional ~10% over the current production levels in the coming months

Significant part of 240,000 bopd to be met from MBA fields in CY 2013

Development of Aishwariya field underway with EPC contractors engaged

Exploration

Entered Phase 2 of exploration; two successive discoveries in frontier Mannar Basin, Sri Lanka in Phase 1

Second successive discovery in the Nagayalanka–SE-1 well in KG-ONN-2003/1 block; largest oil discovery in the onshore part of the KG basin to date

7

Financial Overview

FY 2011-12 FY 2010-11 % Change

Gross Operated Production (boepd)

172,887 149,103 16

Rajasthan 128,267 100,993 27

Ravva 36,379 36,942 (2)

Cambay 8,242 11,169 (26)

Revenue (US$ m) 2,480 2,255 10

EBITDA (US$ m) 1,935 1,835 5

PAT (US$ m) 1,660 1,390 19

CFFO (US$ m) 1,478 1,391 6

EPS (INR per share) 41.71 33.35 25

Reduced nation’s crude oil import dependency by ~US$ 6 billion on a gross basis in FY 2011-12

Gross contribution to the national exchequer (excluding direct taxes) was ~US$ 2.4 billion in FY 2011-12

FY 2010-11

81

FY 2009-10

48

FY 2011-12

78

EBITDA Margin (%)

8

Profit After Tax

1,66020

22

1939153

39125

224

1,390

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

FY 2010-11

Revenue Increase

Forex Gain

Operating Expense

DDA FY 2011-12

Other Income

TaxExceptional Item

Interest Expense

FY 2011-12 vs FY 2010 -11 (US$ million)

Revenue increase on account of higher price (US$ 102.7 vs 76.8 per boe) and volumes (Gross 172,887 bopd vs 149,103 bopd)Higher PAT by 19% on account of increased production from the Rajasthan block and price realizationExceptional item on account of royalty paid in Rajasthan block being cost recoverable with retrospective effect

9

Reserve and Resource Update

Company achieved a reserve and resource replacement ratio of 175% during the year; gross addition in excess of production ~ 50 mmboe

Rajasthan Block

Potential resource for the block now estimated at 7.3 bn boe gross In place

Exploration potential now estimated at 530 mmboe gross recoverable risked prospective resource

Increasing confidence on the Mangala EOR polymer pilot; led towards booking 70 mmboe of gross 2P reserves

Mangala field Stock Tank Oil Initially In Place (STOIIP) increased by 36 mmboe to 1,329 mmboe

Expected Ultimate Recovery (EUR) now at 1.7 billion boe

Resource base supports a basin production potential of 300,000 bopd

Data as per FY 2011-12 press release

+24%7.3

+11%

Gross In Place Resource

1.4 1.7

Expected Ultimate Recovery

6.5

31-Mar-1231-Mar-11

0.25

2.5

0.53

3.1

Gross In Place Resource

+112%

+24%

Recoverable

RJ

Exp

lora

tion

Pot

entia

lR

J B

asin

Pot

entia

l

10

Future Development & Prospective Resource

Rajasthan – Resource and Value Potential

Gross In Place

Gross EUR

Resource Potential (mmboe)

Expected Gross Production (kbopd)

1,044 (~48%)

Under Development

165 530(~8%) (~17%)

MBARS BH + 19 Disc. EXPLORATION

Significant part of240 ***

7,278

Note-*Gross EUR Includes EOR potential of 238 mmbbls; balance 70mmbbls booked as reservesMBARS – Mangala, Bhagyam, Aishwariya, Raageshwari, Saraswati** Sometime in CY 2013

Company upgraded the numbers as on 31 March 2012*** Subject to approvals

Total

1,739

175

300***

3,1002,168 2,010 11%

24%

Apr-12 CY 2013**

% inc from previous

25 discoveries to date

11

21.8%

10.1%

6.4%

59.0%

Rajasthan - Production and Crude Offtake

Produced and sold >85 mmbbls of crude to Indian refiners; generated gross revenues in excess of US$ 7.5 billion to date

Sales arrangements renewed with buyers for volumes in excess of 175,000 bopd with PSU & Private refineries

Crude Pricing

• Reference to comparable low sulphur crude - Bonny Light

• Discount guidance of an average of 10-15% to Brent

The MPT to Salaya section continued to safely deliver crude oil to IOCL and private refiners

• Recorded more than 3.7 million LTI-free man hours to date

• Provides access to over 1.6 mmbopd refining capacity

Salaya to Bhogat pipeline section (~80 km) and the marine facility expected to be completed in H1 CY 2013

12

Cash Position and Capex Plan

Rajasthan Block Capex

Gross Net

Exploration (till FY 2011-12)

0.63 0.56

Development

Till FY 2011–12 3.4 2.4

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

Cash Position (as on 31-Mar-12)

Gross Cash 1.79

Debt (0.25)

Net Cash 1.54Net Cash Company with debt equity ratio of 0.03 as on 31 Mar 2012

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

Numbers in US$ bn

583

751598

1,249

FY 2009-10 FY 2010-11

1,789

245

FY 2011-12

Gross Cash (US$ m) Debt (US$ m)

13

Current Exploration Portfolio

Mix of producing, emerging, immature and frontier acreages

Significant portfolio growth since IPO

Net unrisked prospective resource at ~2.1 bn boe

Established working hydrocarbon system in Sri Lanka through successive discoveries

Largest oil discovery in the onshore part of KG basin to date

Pro

ven

Pro

spec

tive

Producing

Emerging

Frontier

Immature

Basin Type

CIL Focus Area

Frontier Evaluation

13

Portfolio Growth

Exploration - Portfolio

0

500

1,000

1,500

2,000

2,500

201120092007

Net

Unr

iske

dP

rosp

ectiv

e R

esou

rce

(mm

boe)

14

21.8%

10.1%

6.4%

59.0%

Exploration - Programme

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

years: Success ratio ~50%

RJ-ON-90/1Assessing new plays,

New prospects generated

MB-DWN-2009/1

Under Force Majeure

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

KG-ONN-2003/1

Second successive discovery Nagayalanka-SE-1

RAVVAInfill drilling completed

KG-OSN-2009/3Under 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;MWP of Phase 1

completed

NON-OPERATED

OPERATED SL-2007-01-001

Two successive discoveries in Phase 1; entered Phase 2, acquired 600 km2 3D; drilling in mid CY 2013 SRI LANKA

15

21.8%

10.1%

6.4%

59.0%

Exploration - Sri Lanka Block (SL 2007-01-001)

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

Establishment of working hydrocarbon system in the basin

Exploration Program

• Phase 1 - Two Discoveries out of three wells drilled

• Phase 2 - 600 km2 3D seismic completed; exploration drilling in mid CY 2013

SL-2007-01-001

SRI LANKA

50km

16

21.8%

10.1%

6.4%

59.0%

Engaging with the Community

SRI LANKA

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 training

Areas of Focus

Education

Infrastructure

Health

EconomicDevelopment

17

21.8%

10.1%

6.4%

59.0%

Summary

SRI LANKA

Rajasthan

• Mangala field producing at 150,000 bopd post GoI approval in April 2012

• Cumulative production from four fields at 175,000 bopd

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

• Gross field revenue in excess of US$ 7.5 bn

• EOR pilot continues to progress well; 70 mmboe booked as gross proved and probable reserves

• World class resource base, 12% increase in potential resource to 7.3 bn boe; focussed on delivery and growth

• Basin production potential now at 300,000 bopd

Ongoing 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 – US$ 2.2/bbl*

Gross contribution to the national exchequer (excluding direct taxes) ~US$ 10 bn till date

Two successive discoveries in frontier Mannar basin in Sri Lanka; entered Phase 2 of exploration

Second successive discovery in KG-ONN-2003/1; largest oil discovery in the onshore part of the KG basin to date

* For the period FY 2011-12