Hindalco Industries Ltd Investor Presentation Standalone FY12

Presentation Structure Highlights Performance Review Projects Progress 2

3 Highlights and Financial Performance

FY12: Highlights Strong performance despite severe cost pressures Portfolio strategy depicted its benefits as upstream business witnessed margin squeeze Aluminium Record production, efficiency gains Copper Strong all-round performance Financing strengthened Largest NCD offering in the recent times (Rs 3,000 Crore) Long Tenor, Attractive pricing Preferential warrant allotment to promoter (~ Rs 2,160 Crore) ) 4 Projects - In advanced stages

Financial Performance (Standalone, FY 12) ` Cr FY11 FY12 (Unaudited) Change (%) Net Sales 23,859 26,597 11.5 PBITDA 3,502 3,721 6.2 PBT 2,595 2,737 55 5.5 PAT 2,137 2,237 4.7 EPS (`) 11.17 11.69 4.7 5

Financial Performance (Standalone, Q4) (Unaudited) ` Cr Q4 FY11 Q4 FY12 Change (%) Net Sales 6,846 7,647 11.7 PBITDA 1,019 1,025 0.6 PBT 787 779 (1.0) PAT 708 640 (9.7) EPS (`) 3.70 3.34 (9.7) Q4 PBITDA maintained despite lower rupee LME and input cost surge 6

Robust Financial Performance LME ($/t) 2700 PBITDA (` cr) 1100 2600 2500 2400 2603 1045 1025 1000 2400 900 Improved quarterly 2300 2200 2100 2000 1900 845 805 2089 2177 800 700 600 performance through Higher volumes & VAP Better efficiencies 7 1800 Q1 Q2 Q3 Q4 -----------FY12----------- 500

8 Business Environment

FY12: A Challenging Year Year started on an optimistic note with strong LME pricing amidst strong investor appetite During the year LME rally fizzled out as global macro economic concerns reemerged Cost push however continued, especially energy push due to geo-political concerns & India specific coal issues Physical demand continued to remain strong even as inventory overhang continued Of late, slowdown in China has clouded the demand outlook 9

Al. LME: Softened again 2700 2,663 2600 2500 2400 2300 2200 2100 2000 1900 1800 Apr r-11 May y-11 Jun n-11 Ju ul-11 Aug g-11 Sep p-11 Oct t-11 LME Al ($/t) 2,047 Nov v-11 Dec c-11 Jan n-12 Feb b-12 Mar r-12 Cost curve supports current LME level Apr r-12 World aluminium market had a 750+kt surplus in Q1, 2012 Consumption growth only 3.3% in Q1 vs. 9.6% in 2011 Macro-risks holding back LME when 25-30% of global capacity has cost above ruling LME Global inventory at 12.7 mn tonne (102 days); return on warehousing deals positive at present 10

Al: Cost pressures way ahead of LME Relative Increase (FY12 over FY11) >40% ~20% >25% >30% 8% Rupee LME Coal Caustic Crude derivatives FO 11

12 Performance Review

Key External Drivers Aluminium LME ($/t) 2,500 Other Drivers (vis-à-vis year-ago period) 2,257 2,317 Q4 FY12 FY12 2,177 Coal Q4 F11 Q4 FY12 FY11 FY12 FO and carbon costs Exchange Rate (`/$ ) Copper TCRC 50.28 45.56 45.27 Sulphuric Acid 47.92 realization Significant Cost pressure continues Q4 FY11 Q4 FY12 FY11 FY12 13

Al: Mitigating cost pressures Higher production through asset sweating and continuous improvement in efficiencies i i Domestic sales up 5% to 489 kt Overall metal sales up 6% to 568 kt 8% increase in special alumina /hydrate sale, even as standard alumina sale declined on higher captive use Strong operational performance helped us tide over the rough external environment 14

Al: Physical Performance - Annual Alumina Output (kt) Metal Output (kt) 7% FY11 1,353 FY11 538 FY12 1,355 FY12 574 Ever highest 700 900 1100 1300 1500 200 300 400 500 600 FY11 FY12 Rolled Product Sales (Tonne) 195,163 201,254 3% Extrusion Sales (Tonne) FY11 FY12 35,033 30,023 14% Alupuram plant under lockout till Q3 15

Al: Physical Performance Quarter Alumina Output (kt) Metal Output (kt) Q4 FY11 344 Q4 FY11 139 4% Q4 FY12 345 Q4 FY12 144 Rolled Sales (Tonne) Extrusions Sales (Tonne) Q4 FY11 49,766 12% Q4 FY11 7,518 16% Q4 FY12 55,689 Q4 FY12 8,744 16

Al: Revenue break up (Rs Crore) Metal Chemicals FRP and Foils 19% 4,044 767 783 10% 3,209 3,409 2,924 FY11 FY12 FY11 FY12 FY11 FY12 Extrusions Others 489 552 516 313 FY11 FY12 FY11 FY12 Strong top line growth Primarily driven by higher h volumes & improved mix 17

Aluminium Financials ` Cr FY11 FY12 Change (%) Net Sales 7,965 9,041 13.5 EBIT 2,004 1,822 (9.1) ` Cr Q4 FY11 Q4 FY12 Change (%) Net Sales 2,211211 2,499 13.0 EBIT 562 484 (14.0) 18

Copper Performance 19

Cu: Performance Drivers Output was affected by inferior concentrate grade & planned shutdown Cathode output (kt) But performance lifted through various initiatives More VAP: Higher proportion of CCR production FY11 336 Optimization of the marketing mix FY12 330 150 200 250 300 350 20 Greater value from selenium and waste-to-wealth initiatives Increased usage of external scrap Improved recovery and efficiencies

Cu: Revenue Drivers (Rs Crore) Cathode CCR 7,488 7,239 5,683 10% 6,261 FY11 FY12 FY11 FY12 Fertilizers & Acids Precious Metals & others 3,047 31% 1,028 1,949 56% 782 FY11 FY12 FY11 FY12 Robust business model delivered strong numbers 21

Copper Financials `Cr FY11 FY12 Change (%) Net Sales 15,902 17,575 10.5 EBIT 602 802 33.2 ` Cr Q4 FY11 Q4 FY12 Change (%) Net Sl Sales 4,637 5,154 11.11 EBIT 206 293 42.5 22

23 Projects Progress

Utkal Refinery Heat Exchanger erected Turbine alignment in progress CHP Stacker and Reclaimer Erection of Rod Mill 24

Mahan Smelter & CPP Pot Line Inside view Fume Treatment Centre Turbine Power Plant View 25

Aditya Smelter & CPP Pot Room Switch Yard Cooling Tower Power Plant Chimney 26

Hirakud FRP Hot Mill Cold Mill 27

Summary. India-specific cost pressures continue especially relating to coal Operational excellence helped us tide over these challenging times Robust business model delivering results 28

Thank you