OREANDA-NEWS. November 29, 2012. RESULTS FOR SIX MONTHS TO 30 SEPTEMBER 2012:

Group revenue up 97% to USD 12.8bn (six months to 30 June 2011[1]: USD 6.5bn), primarily due to higher refining revenues in India from higher capacity and revenue due to the acquisition of Stanlow, UK

Group Current Price (CP) EBITDA[2] of USD 582.6 million in H1 FY13 (six months to 30 June 2011: USD 198.6m), up 193% on H1 FY12[1], driven by increased refinery margins and throughput at Vadinar refinery and the contribution from Stanlow refinery offset by lower operational EBITDA[2] from power

Loss before tax and loss after tax of USD 282.8 million and USD 200.8 million, respectively (six months to 30 June 2011: Profit of USD 278.5 million and USD 206.2 million, respectively), with increased operational EBITDA[2] being offset by higher interest costs and depreciation due to the commissioning of the Vadinar refinery phase 1 and optimisation projects and Salaya I, increased foreign exchange losses and sales tax benefit not available in the current period

OIL AND GAS: Strong margin uplift at Vadinar and Stanlow

Vadinar: All refinery expansion units ramped up and stabilised: 20mmtpa capacity, 11.8 complexity

Vadinar: Current Price Gross Refinery Margins (CPGRM) averagedUSD 6.41/bbl in H1 FY13 against USD 4.75/bbl (excluding sales tax benefit) in H1 FY12, rising to nearlyUSD 11/bblin September 2012

Stanlow: CPGRM averaged USD 8.03/bbl in H1 FY13 against USD 3.1/bbl in first eight months of ownership. CPEBITDA[2] at USD 197.2 million in H1 FY13 against USD 22.2 million in first eight months of ownership. Initiatives continue to deliver over USD 3/bbl margin uplift within the next two years

POWER: Power generation capacity more than doubled since April 2012

Coal-fired projects commissioned: Salaya I, 1,200MW and Vadinar P2 unit 1, 255MW during H1FY13; Vadinar P2 unit 2, 255MW, commissioned post period-end.3,310MW is now operational

Mahan coal block given stage 1 forest clearance, giving long term fuel security for Mahan I, 1,200MW

SALES TAX & FUNDING: Gujarat deferred sales tax agreement secured

Gujarat sales tax:two year repayment schedule agreed; no interest payable pre-17 January 2012

Essar Oil Rs50 billion (c.USD 949 million) sales tax standby facility secured

Exploring options to reduce interest costs for the group and extenddebt repayment profile

[1]Comparative period for these results is first six months of 2011 due to change of financial year end to 31 March, from 2012.

[2]See pages 12 to 13 for a definition of operational EBITDA and CP EBITDA. Note CP EBITDA presented above is on a Group-wide basis. Six months figures to 30 June 2011 exclude sales tax benefit.