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Disclaimer

The presentation has been prepared for information purpose, it is not a solicitation of any offer to buy or sell any security or instruments. This presentation contains forward-looking statements. Forward-looking statements in this presentation are subject to number of risks and uncertainties, some of which are beyond our control. Our actual results, performance, prospectus or opportunities could differ materially from those expressed in or implied by the forward looking statements.

BF Utilities Limited

by the forward looking statements. These forward looking statements are made as of the date of this presentation. We undertake no obligation to publicly update or revise any forward looking statements whether as a result of new information, future events or otherwise, except as required by law. “BF Utilities” refers to BF Utilities Limited and its subsidiaries and affiliates.

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BF Utilities :

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BF Utilities : Overview

Overview of the Kalyani Group

Kalyani Group is one of the leading industrial houses in India, focusing on the following sectors: Engineering Steel Automotive & Non-Automotive Components Renewable Energy & Infrastructure and Specialty Chemicals Bharat Forge Limited, the flagship company of the group, is one of the leading commercial forging companies globally, specializing in highly value-added and critical products (market

BF Utilities Limited

capitalization: $1.3 billion(1); Revenues: $1.1 billion) A global forging conglomerate with a capacity of over 750,000 TPA spread across 12 locations and 6 countries Listed on the Bombay Stock Exchange and National Stock Exchange in India Foray into capital goods for the power sector to capture the India infrastructure growth

• pportunity; has set up joint ventures with Alstom, Areva and National Thermal Power

Corporation

• Mr. B N Kalyani (Promoter and Chairman), with over 27 years of experience, is the principal

driving force behind the growth and success of the Kalyani Group of Companies

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Notes:

• 1. As of march 15,2010

BF Utilities: Snapshot of Key Projects

BF Utilities Limited Bangalore Mysore Infrastructure Corridor (BMIC) Project Hubli - Dharwad Road Project Sole manager to execute the BMIC project One of the largest integrated infrastructure development project in India 30km bypass road connecting the twin cities of Hubli and Dharwad in North Karnataka Operational since last 9 years with current toll collection of

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164 km tolled expressway connecting Bangalore and Mysore including 3 Kms of Elevated road at Bangalore Side Development of infrastructure and amenities including townships, with state-of-the-art connectivity Nandi Economic Corridor Enterprise (“NECE”) is an SPV promoted by NICE to execute a part of Section - A of the BMIC project 62 km long toll road in Bangalore side Interchanges and its Developments Part of Township – 1 (1732 Acres out of 2775 Acres) around Rs.220 million per annum Notified as part of the NH4 (Pune-Bangalore), also part of the Golden Quadrilateral Road Project of India

• Wind power plants set up at Thoseghar in Satara District

Maharashtra with a total capacity of 18.33MW Set-up to satiate the power requirements of the Kalyani Group companies

Corporate Structure

BF Utilities* (Market Cap - $768MM)** NICE NHDL

(Hubli-Dharwad Bypass)

Wind Mill

(18.33MW)

100% 74.5% 69.53% 64.8% 100% 100%

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Part of Section A, Section B & C NECE (Part of Section A) Various Utilities Road & Interchange Development

(62 km Toll Road)

Part of Township 1 Development Expressway & Interchange Development

(99 km Toll Road)

Five Townships Development

(Incl. Part of Township 1) Power Water Telecom Bundled Utilities (e.g. Bus / Truck Terminals, Hospitals, etc.)

Notes: * Post de-merger of BF Investment Limited pursuant to a Scheme of Arrangement recently approved by the High Court ** As of March 15, 2010

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BMIC Overview

World Class Infrastructure Project

Nandi Infrastructure Corridor Enterprise Ltd. (NICE) is implementing the Bangalore Mysore Infrastructure Corridor (BMIC) Project, a world class integrated infrastructure development project, which consists of : A 164 km tolled expressway connecting Bangalore and Mysore with following road components :

• a 9.1 km Link road connecting Centre of Bangalore with the Peripheral Road
• a 41 km Peripheral Road around the City of Bangalore linking Hosur Road - NH-7 to Tumkur Road – NH-4
• a 111 km Expressway between Bangalore & Mysore
• a 3 km Elevated Road at Bangalore Side

5 New Township Developments along the Expressway between Bangalore and Mysore Concomitant development at the interchanges along the Peripheral Road and Link Road Rights to supply power, water, telecommunication services, sewage and waste water management etc. Single planning authority – Bangalore Mysore Infrastructure Corridor Area Planning Authority (BMICAPA) – for the entire project

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Concession period for toll road is 40 years including 10 years of construction period

Section Section -

• C

C Section Section -

• B

B Section Section -

• A

A

• Expressway: 36Km to 111 Kms
• Interchange Developments
• Township: Eco Tourism Center
• Elevated Section of the Link Road at Bangalore Side
• Expressway: 12Km to 36 Kms
• Interchange Developments
• Townships: Commercial

Center, Heritage Center and Industrial Center

• Link Road: 9.1 kms
• Peripheral Road: 41 kms
• Expressway: 0Km to 12 Kms
• Interchange Developments
• Township: Corporate Center

Close Proximity to Bangalore

With Bangalore’s population approaching 8.5 million, it is believed that implementation of the BMIC Project holds the key to addressing the infrastructure problems of the city.

Growth Patterns in Bangalore Growth Patterns in Bangalore BMIC Project Location Overview BMIC Project Location Overview

Devanahalli Towards Devanahalli Hebbal Brookfields

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Mahadevapura Whitefields Sarjapura Road

Proposed Hi tech City

Hosur Road Bannerghatta Road Kanakapura Road Mysore Road

CBD

Existing Development Corridors Future Development Corridors

Section – A Infrastructure Development Nearly Complete

The project entails development of 62 km of Toll Road and one Township near Bidadi 9.1km Link Road linking city centre to Outer Peripheral Road 41km Outer Peripheral Road linking Hosur Road to Tumkur Road 12km Expressway up to Bidadi Township – 1 (Corporate Center) near Bidadi with 2775 Acres

Project Overview Project Overview

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Township – 1 (Corporate Center) near Bidadi with 2775 Acres Total Land for Section – A is 7,290 acres (Out of this NECE Land is 6,173 Acres and NICE Land is 1,117 Acres) Integral part of Bangalore urbanization infrastructure

Project Status Project Status

Almost 88% of toll road work is completed Total 4,188 acres out of 7,290 acres of total land has been acquired by GoK and transferred to the NICE / NECE Balance expected shortly pending few documentation requirements

Significant Value in Section B and C

The project entails development of 99 km of Toll road, four self- sustained townships and 3 kms of Elevated road at Bangalore Side Expressway from Bidadi to Mysore Development of up to 400MW of power plants with exclusive right to transmit and distribute power to the BMIC Development and maintenance of water / waste water and

Project Overview Project Overview

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sewage treatment facilities for BMIC Exclusive right to use 155 million litres of water per day from the Cauvery river for BMIC and the right to draw 85 million litres of water per day from Bangalore Water Supply & Sewerage Board Right to contract for telecommunication and broadcasting services within the BMIC area

Project Status Project Status

Work on Section B and C expected to start in Oct / Dec 2010

Superior Toll Road Specifications and Planning

Superior specifications / planning with room for revenue upside Major expenses on the toll road already incurred Stable income from toll linked with traffic growth Current toll rates are at ~35% discount to government sanctioned rates Concession agreement permits further 10% rate

22.6 25.5 25.3 26.9 27.8 28.5 31.0 32.0 36.5 26.3 34.8 5 10 15 20 25 30 35 40 pr-09 y-09 n-09 ul-09 g-09 p-09 ct-09 v-09 c-09 n-10 b-10

Current Toll Collection (Rs. Million) Current Toll Collection (Rs. Million)

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escalation every year; implying significant revenue upside Significant ancillary revenue streams “OOH” advertising, bus and truck terminals, etc. Potential revenue upside

• nce

connectivity to airport is established and Expressway from Bidadi to Mysore is completed. Connectivity at IC 2/7 (Bannerghatta) Restoration of Original Toll Rates Commencement of Operations on Expressway

Triggers For Enhancing Toll Collection Triggers For Enhancing Toll Collection

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

Townships: Significant Value Creation Potential

Large contiguous and well connected land bank available in a Tier 1 city in India Township to serve demographic needs of the area, provide decongested living experience Infrastructure first, development later model Unlike SEZs where the land is leased and not owned, land in this case is free hold with clear and absolute title, free of all encumbrances Planned multifaceted development

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Quality and reliability of infrastructure Vastly improved connectivity Expansion of Bangalore on the peripheries Zoning in place with Single Area Planning Authority (BMICAPA) Plans to develop 200-300 million sq ft of land in the next 5 – 7 years Eligible for a 10 year tax holiday under section 80I(A) (subject to MAT)

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Other Key Assets

Hubli-Dharwad Bypass Road

Project Project Overview Overview Key Key Features Features 30km bypass road connecting the twin cities of Hubli and Dharwad in North Karnataka to avoid city traffic and congestion Located right in the middle of the Pune- Bangalore stretch (835km) of the NH4 Already completed and operational since last 9 years with current toll collection of around Rs.220 million per annum Traffic growth at 11.5% CAGR, toll collection

4 3 2 1

Dharwad End Toll Plaza Dharwad Goa Crossing End Toll Plaza Tarihal Crossing Toll Plaza Kalghatgi Crossing

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26 years of concession period including 1 year construction for Phase I and 2.5 years for Phase II Date of Signing of BOT Concession Agreement: 05-Feb-1998 Date of Commencement: 06-May-1998 End of Concession Period: 05-May-2024 Concession Concession Agreement Agreement Traffic growth at 11.5% CAGR, toll collection growth at 14.2% CAGR for past 5 years Notified as part of the NH4 (Pune-Bangalore) which is part of Golden Quadrilateral Road Project of India Toll rate escalation at 10% p.a. as compared to current projects at inflation rate

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Kalghatgi Crossing Toll Plaza Ayodhyanagar Crossing Toll Plaza Hubli End Toll Plaza

Wind Energy Farm

18.33 MW wind farm spread over an expanse of 300 acres at Thosegar in Satara district, Maharashtra Power generated utilized by Bharat Forge Ltd. at its Pune plant Consists of 51 wind energy generators (WEGs) of 230KW and 11 WEGs of 600KW Out

• f

the total capacity, 14.65MW

• f

eligible

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Out

• f

the total capacity, 14.65MW

• f

eligible capacity has availed carbon credits benefits Wind farm has been generating power at a plant load factor of ~25% which is one of the highest in the state Has received several industry awards and accreditations

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Appendix

BF Utilities: Overview of Toll Road Assets

Toll Road Assets Toll Road Assets

Section Kms Current Status Company Link Road 9.1 Completed NECE Peripheral Road 41.0 Nearly completed NECE Expressway till Bidadi 12.0 Under construction NECE

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Expressway till Bidadi 12.0 Under construction NECE Expressway from Bidadi to Mysore (incl. elevated road) 102.1 To start in Oct / Dec 2010 NICE Hubli Dharwad Bypass Road 30.0 Operational NHDL Total 194.2

NECE Overview

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NECE Location Map

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NECE Toll Road Specifications and Planning

Cost/Km is high compared to a typical highway project due to International quality standards followed for the road construction; and

Total length of the road Total length of the road – 62km; total project cost 62km; total project cost – Rs 20.4 billion. Rs 20.4 billion.

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The Resettlement & Rehabilitation (R&R) package costs to build quality infrastructure

Old House New House Ruined Old Temple New Temple

NECE Toll Rates Summary

Government Sanctioned Rates (As per Toll Agreement, for the Year 2010) Government Sanctioned Rates (As per Toll Agreement, for the Year 2010)

Section km Car Bus Truck LCV MAV 2W Hosur Road-Bannerghata Road 7.9 25 67 44 26 47 10 Bannerghata Road-Kanakapura Road 6.8 21 58 37 22 40 9 Kanakapura Road - Mysore Road 8.2 26 70 45 27 49 10 Mysore Road-Magadi Road 9.5 30 81 52 31 57 12 Magadi Road-Tumkur Road 7.5 23 63 41 25 45 9 Mysore Road -Tumkur Road 17.0 53 144 93 56 102 21

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Section km Car Bus Truck LCV MAV 2W Hosur Road-Bannerghata Road 7.9 15 44 29 17 31 6 Bannerghata Road-Kanakapura Road 6.8 13 38 25 15 27 5 Kanakapura Road - Mysore Road 8.2 16 46 31 18 33 6 Mysore Road-Magadi Road 9.5 19 53 35 21 38 7 Magadi Road-Tumkur Road 7.5 15 42 28 16 30 6 Mysore Road -Tumkur Road 17.0 33 95 63 37 67 13

NECE Current Charges NECE Current Charges

Actual Photos of BMIC Project

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Thank You