Vedanta Resources : Barclays Fixed Income Conference

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• Indian GDP today similar to China's in the mid-2000s

  India's GDP today is similar to China in the mid-2000s

• China ( GDP $tn 1991 to 2015)

  • India's GDP reached US$2tr in 2014 (vs China in 2005)

• FDI flows into India today now at levels seen in 'early take-off' China in mid- 1990s (US$30-40bn/yr)

  12.8

  11.2

  9.6

  8.0

  6.4

  4.8

  3.2

  1.6

  0.0

  Source: IMF

  India ( GDP $tn 2001 to 2025)

  China in 2005

  India in 2015

• Indian urbanization and GDP per capita levels today similar to China in the

  Indian urbanization and per capita GDP to increase

  9,000 60

  China 1991-2015

  1990s, when Chinese economy 'took off'

  • Urbanization and growing GDP per capita are two key drivers of resources intensive consumption

7,500

6,000

4,500

3,000

1,500

India 2001-2025 50

Percentage

40

30

20

10

0 0

China Per Capita GDP ($) India Per Capita GDP ($)

China Urbanisation (%) India Urbanisation (%)

Source: IMF, World bank

As in China in the 1990s, India's key requirement in early stage growth will be resources

India: Shared geology and mineral potential with Africa

& Australia

India reserves ranking Global Ranking1 based on reserves

5th Coal

R&R: 295 bn tonnes

India's share of global non-ferrous exploration spending very low

34.8% 100%

3% 3%0.2%

6th Zinc

R&R: 50 mn tonnes

7th Iron Ore

R&R: 29 bn tonnes

16%

5%

6%

8%

12%

4% 3%

5%

8th Bauxite

R&R: 3.5 bn tonnes

Aeromagnetic Studies done since 1990

India vs. Australia

Canada Australia US Mexico Peru Chile China Russia Argentina Brazil India Others Total

Untapped opportunity in India- O&G reserves and resources

~130 billion barrels

- Resources in 'yet-to-establish' category

~50% of the sedimentary basins to be appraised

7 of 26 basins in production

US$7bn annual investments required through 2040 to meet O&G supplies

Source: SNL Metals Economics Group, Wood Mackenzie, GOI Ministry of Mines, BP Statistical Review June 2013, U.S. Geological Survey, Planning Commission, 12th Five Year Plan, 1Ranking based on reserves

2MoPNG presentation to Consultative Committee, December 2014, Putting India on the growth path: Unlocking the mining potential report by Mckinsey and Company, December 2014