Result Update | May 2018 BHARAT ROAD NETWORK LIMITED Corporate Presentation

India has world’s 2nd largest road network aggregating ~5.8 million km of roads carrying about 90 % of country’s passenger traffic and close to 65% of freight traffic.

Government has announced US$ 100 bn (Rs 7 lakh crore) worth investment to develop 83,677 km highways in 5 years which includes the Bharatmala project of around 35,000

km with an investment of US$ 745bn (Rs 5.35 lakh crore)

Government focus on reviving infrastructure growth through introduction of HAM and TOT augurs well for the sector.

Road’s traffic share of the total traffic in India has grown from 13.8 per cent to 65 per cent in freight traffic

Road freight traffic expected to grow at 7-9% CAGR, to 2,450 BTKM by FY21E

Increasing Freight

Movement

Steady Rise in Highway

Construction

Focus on National Highway

Development

Source: CRISIL Research; E: Estimates P: Projected

6061

82319829

10855

7925

02000400060008000

1000012000

FY16 FY17 FY18 FY19 FY20 (uptoJan'20)

km

National Highway Construction

Source: http://www.nhai.org/projectawarded201617.asp

Highway construction in 2018-19 is about 10.4% more than the length completed in 2017-18. However, there is a slow pace of growth of annual length constructed in FY 2019-20

EPC dominated project awards recent years followed by HAM and BOT

Investments in National Highways expected to increase to INR 3.8 trillion during FY17-21 and that in state roads expected to increase to INR 4.4 trillion during the same period

Investment of US$ 31 billion for national highways is expected in PPP by 2020.

Source: CRISIL Research; P: Projected

Note: 1 USD = Rs 70.49

India : Growing economy with strong Infrastructure impetus… …with significant focus on Roads

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BRNL: Highway Concession and Contracting Company

India’s unique pure play BOT player

Existing Portfolio of 6 BOT projects having 15 years 6 months of balance Concession period

Spread across Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha

Annual Toll Collection ~Rs. 6,392Mn

6 BOT projects

Pure Play BOT Player

Diversified portfolio

Toll Collection

Solapur Tollways Pvt. Ltd.

Unique Platform for Growth through Aggregation

Acquire Cash Generating Assets (Organic & Inorganic Growth)

Growth Platform Yield Platform

Yield Income Increased Cash Flow

Exit Assets by taking advantage of yield arbitrage

Additional yield opportunity Ramping total yield

Push Assets to Yield Platform

Formulate a growth generating platform by way of acquisition of cash generating assets.

There exists arbitrage opportunity whereby assets with decent yield and long residual period can be churned and monetized by pushing them to yield platform to result in a

decent upside in total yield.

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Key Value drivers

Asset Management Skillset Coupled with Access to Capital • Execution experience covering almost 5400 lane km

• Ability to create value through asset aggregation platform

• Under leverage Balance Sheet, Immense Opportunity to raise capital for growth

Access to Market • Access to rich pool of contractors for faster project

implementation

• Strong pipeline of assets for acquisition leveraging existing client base of EPC contractors and domestic lenders.

Financial Engineering Strong Debt Syndication Team for managing interest cost and tenor

elongation Strong focus on innovative financing structures such as Bond

Issuance

Independent Board with Rich Industry Experience • Experienced Board play a key role in providing strategic oversight and

guidance

Experienced and Professional Team Qualified & skilled employee base with strong asset

management, execution capabilities and extensive industry experience

Leveraging Technology for Business Growth • Explore Innovative technology solutions

• In-house experienced Technical team instrumental in introducing technology across tolling operations

• Invest in cutting-edge technologies to strengthen toll collection efficiency and increase user convenience

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XXXX’s Value

Proposition

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Diversified presence across high growth industrial corridors

Cochin

Chennai Bengaluru

Pune

Nashik

Indore Bhopal Ahmedabad

Delhi

Ludhiana

Bawal

Jodhpur

Udaipur

Jaipur Lucknow

Kanpur Varanasi

Agra

Mumbai

Bijapur

Mangaluru

Hospet

Bhubaneswar

Solapur

Ghaziabad Aligarh

Ujjain Dewas

Rohtak

Angamali Thrissur

Balasore

Jalandhar

Kanyakumari

Coimbatore

Thiruvanthapuram

Salem

Chandikhol

Allahabad

Asansol Kolkata Kharagpur

BRNL Road Assets

National Highways

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Chittagong

Lahore

Hyderabad Vijayawada Macihlipatnam

Sl. No. Project Name/SPV State

Description (Project on NH/SH=A; Project connecting

NH=B)

Rohtak – Bawal/KEPL Haryana A= NH 71 B= NH 8

Indore – Ujjain/MTPL Madhya Pradesh A= SH 27 B= NH 3 & NH59

Thrissur – Angamali/ GIPL Kerala A= NH 544

Ghaziabad- Aligarh/GAEPL Uttar Pradesh A= NH 91

B= NH 3

Chandikhol- Bhubaneswar/SJEPL Odisha A= NH 16

Solapur Karnataka Border/STPL Maharashtra A= NH 9

1N

2S

3N

4N

5N

6N

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SJEPL - Shree Jagannath Expressways Pvt. Limited

#1 : 6 Laning of Chandikhole Bhubaneswar Section of NH-16 Link for Map view

Project Snapshot

Located on the NH-5 between Chandikhol and Bhubaneswar

End point of the project a major intersection, NH-200 & NH-5A cross NH-16

NH-200 connects Daiteri mines and then runs towards Raipur, proposed smart cities

Development activity

Total merchandise export from Odisha were US$ 6.303 million in FY19 and US$ 3.26

billion during April-September 2019.

Capacity expansion plan in Kalinga Nagar SEZ, major steel cluster near Chandikhol

Revival in Iron ore cargo volume at Paradeep port to 8.51 MT vs 2.27 MT a year ago

Info valley, IT SEZ with a township of 500 acres land in western parts of Bhubaneswar

Bhubaneswar selected for smart city project with a proposal of over USD 708mn

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GAEPL - Ghaziabad Aligarh Expressways Pvt. Ltd.

#2 : 4/6 Laning of Ghaziabad-Aligarh Section of NH – 91 Link for Map view

Project Snapshot Located on the NH-91, connects Ghaziabad to Aligarh in UP

Ghaziabad is hub of engineering, electronics, and leather and textile goods

Aligarh is an important business centre of Uttar Pradesh and is a big centre of zinc die casting

Development activity Ghaziabad & Aligarh to be developed as Smart Cities and are also identified under

AMRUT

Govt is developing integrated industrial township in Greater Noida

Delhi-Ghaziabad-Meerut Rapid Rail Transit Corridor project implemented by National Capital Region Transport Corporation Limited (NCRTC)

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GIPL - Guruvayoor Infrastructure Pvt. Ltd.

#3 : 4 Laning of Thrissur – Angamali, NH544 Link for Map view

Project Snapshot GIPL Project Road is a part of NH-47 which originates at Kanyakumari and ends at Salem

Connects Kochi, Thrissur and Coimbatore; runs in proximity to Cochin Refinery & Cochin Port

Development activity Export bound traffic from key regions like Salem, Coimbatore, Kozhikode etc

Kochi smart city, focusing on IT/ITES/allied services, is likely to be completed by 2020

BPCL Kochi refinery is expected to expand its capacity from 9.5 MT to 15.5 MT

Proposed KINFRA Gem and Jewellery park to be set up in 10 acres of land at Puzhakkalpadam, Thrissur District

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KEPL - Kurukshetra Expressway Private limited

#4 : 4 Laning of Rohtak-Bawal section of NH-71

Link for Map view

Project Snapshot Part of NH-71, starts atJalandhar & ends NH-8 near Bawal; connects Moga, Sangrur &

Rohtak

Development activity MBIR, investment region selected in 1st phase of DMIC, is serviced by the KEPL Project road

Proposed IMT project in Rohtak, envisage to have campuses for large industries, like Maruti

An international cargo airport and aircraft maintenance hub is proposed in Rohtak, Haryana

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MTPL - Mahakaleshwar Tollways Private Limited

#5 : 4 Laning of Indore – Ujjain Road on SH-27 Link for Map view

Project Snapshot

Connects Rajasthan in north & Maharashtra in south, cities Ujjain, Indore & Pitampur

Indore, largest and most populous city in Madhya Pradesh qualified for Smart Cities Mission

SEZ Indore, a busy hub, is serviced by the MTPL Project Road

Development activity Under UIG program of JNNURM, approved 5 projects includes cities like Bhopal, Indore &

Ujjain

Construction of IT parks in 4 major cities of the state - Indore, Gwalior, Bhopal and Jabalpur

9 formal approved SEZs; proposed to be set up in MP includes IT/ITES SEZ at Indore

Plans to upgrade existing apparel clusters at Indore & Jabalpur; develop 2nd textile park

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STPL - Solapur Tollways Private Limited

#6 : 4 Laning of Solapur Maharashtra/Karnataka Border Section of NH9 Link for Map view

Project Snapshot

Connects west & east passing major cities such as Vijayawada, Hyderabad, Pune

NH-9 & Mumbai-Pune Exp Highway intersect at Pune

Provide connectivity to Mumbai and nearby ports

Solapur District is home to weaving loom industry and other manufacturing industries

Development activity

Solapur is shortlisted for the smart city project among 10 cities of Maharashtra

State govt proposed enhancement of airports (Solapur, Shirdi, Chandrapur, etc)

Development of Solapur Pune bypass road will boost the state’s infrastructure

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Asset details SJEPL GAEPL GIPL KEPL MTPL STPL TOTAL

Asse

t det

ails

State Odisha U.P. Kerala Haryana M.P Maharashtra

NH/SH no. NH-5 NH-91 NH-47 NH-71 SH-27 NH-9

Lane kms 401 505 260 333 196 400^ 2,095

Conc

essi

on te

rms

Appointed date 14-Dec-11 25-Feb-11 22-Sep-06 10-May-11 26-May-09 3-Jun-14

First Provisional COD 12-Jan-17 23-Jun-15 4-Dec-11 24-Aug-13 19-Nov-10 23-Jan-20

Concession period 26years 24years 21yrs 9mths 28years 25years 25years

Residual life (as of Mar’20) 17yrs 8mnths 14yrs 11mths 8yrs 2mths 19yrs 1mth 14yrs 2mths 19yrs 2mths

Fina

ncia

ls

INR

mn

Project Cost (Sep’20) 20,263 19,383 7,212 10,467 3,304 10,148 70,777

Project Debt (Sep’20) 10,474 7,894 2,834 5,793 1,604 5,139 33,738

Toll Revenue (YE Mar’20) 1751 2094 1396 752 314 85^ 6,392

(1) ^ STPL received its PCOD on 23rd Jan 20 and Tolling started wef 3rd Feb 20. In two year period the Toll collection is expected to reach INR 1050 mn p.a. for STPL (2) In 4 out of 6 SPVs, BRNL have other minority shareholders. However, it is highly likely that these shareholders will be willing to consider at a transaction on similar terms as BRNL

Project Snapshot …

Toll collection Trend

* Includes Demonetization claims from NHAI 14

• Includes Demonitisation claims from NHAI , ** There is revenue loss of 15 days of Rs. 4.94 cr. in GIPL due to flood in Aug’18 • Due to Covid lockdown, there is a revenue impact of 7 days during FY 19-20 & entire Q1 in FY 20-21 (which will be compensated by NHAI) • Solapur Tollways received its PCOD on 23rd Jan 20 and Tolling started wef 3rd Feb 20.

Rs. Mn Project SJEPL - Shree Jagannath Expressways Pvt. Limited

Period FY16 FY17 FY18 FY19 FY20 FY21

Q1 203 230 356 393 418 309 Q2 197 226 368 376 440 471 Q3 209 211 * 354 390 444 485 Q4 230 298 418* 402 449 Total 839 965 1,496 1,561 1,751 1265 Project GIPL - Guruvayoor Infrastructure Pvt. Limited

Period FY16 FY17 FY18 FY19 FY20 FY21

Q1 288 303 335 354 354 197 Q2 286 304 322 292 346 316 Q3 288 242 321 355 367 309 Q4 295 304 365 * 347 329 Total 1,157 1,154 1,343 1,348 1,396 822

• GAEPL - Ghaziabad Aligarh Expressways Pvt. Limited

FY16 FY17 FY18 FY19 FY20 FY21

25 344 478 522 556 277 306 330 444 504 505 527 336 366 * 512 546 548 631 343 440 500 532 485

1,010 1,480 1,934 2,104 2,094 1435

KEPL - Kurukshetra Expressway Private Limited

FY16 FY17 FY18 FY19 FY20 FY21

183 194 227 252 200 106 178 185 217 * 228 175 181 195 193* 243 236 194 221 175 222 257 192 183 731 794 944 908 752 508

Project MTPL - Mahakaleshwar Tollways Private Limited

Period FY16 FY17 FY18 FY19 FY20 FY21

Q1 56 21 61 79 87 31 Q2 51 56 56 76 77 62 Q3 56 43 70 77 79 71 Q4 62 59 75 82 71 Total 225 178 262 314 314 163

STPL – Solapur Tollways Private Limited

FY16 FY17 FY18 FY19 FY20 FY21

- - - - - 78 - - - - - 137 - - - - - 172 - - - - 85 - - - - 85 386

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Bharat Road Network Limited

Plot No. X1 – 2 & 3, Ground Floor, Block – EP, Sector – V, Salt Lake City, Kolkata – 700 091 West Bengal, India

Tel: +91 33 6602 3609 Email: corporate@brnl.in

www.brnl.in

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