1. Issue Opens on: January 10, 2012 Issue Closes on: February 11, 2012 Public Issue of Long Term Infrastructure Bonds u/s 80 CCF of Income Tax Act, 1961 2012 A Series

2. Infra Project FinanceStructured Products Financial Advisory Services This presentation does not constitute an offer or invitation to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. This presentation is in relation to the proposed issuance of Long Term Infrastructure Bonds by L&T Infrastructure Finance Company Limited (“Company”) and should not be construed in any manner as promotion of the Company or any of its other products. This presentation is being communicated only to persons who have professional experience in matters relating to investments and to persons to whom it may be lawful to communicate it (all such persons being referred to as relevant persons). This presentation is only directed at relevant persons and any investment or investment activity to which the presentation relates is only available to relevant persons or will be engaged in only with relevant persons. This presentation is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. Investors and prospective investors in securities of the issuer mentioned herein are required to make their own independent investigation and appraisal of the business and financial condition of such company and the nature of the securities. Certain statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based on third party sources and involve known and unknown risks and uncertainties. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this presentation. The contents of this presentation are subject to changes without prior notice. This document is just a presentation and is not intended to be a “Prospectus” (as defined under the Companies Act, 1956). Any decision to purchase securities in the context of a proposed offering of securities, if any, should be made solely on the basis of information contained in a prospectus published in relation to such an offering. No representation or warranty is given as to the accuracy or completeness of the information contained herein. By participating in this presentation or by accepting any copy of the slides presented, you agree to be bound by the foregoing limitations. For risk factor and detailed information, please refer to the Shelf Prospectus dated November 18, 2011 (“Shelf Prospectus”) and Prospectus – Tranche 2 dated January 3, 2012 (“Prospectus Tranche 2”) together with Shelf Prospectus (“the Prospectus”) filed with Registrar of Companies (ROC), Chennai, Tamil Nadu. The Prospectus is available on the websites of Lead Managers: www.icicisecurities.com,www.karvy.com, and www.jmfinancial.in and on the website of BSE at www.bseindia.com.www.icicisecurities.comwww.karvy.comwww.jmfinancial.inwww.bseindia.com All investors proposing to participate in the Public Issue of Long Term Infrastructure Bonds by L&T Infrastructure Finance Company Limited should invest on the basis of information contained in the Prospectus. Disclaimer Clause of the RBI: RBI has issued certificate of registration dated January 10, 2007 and a fresh certificate of registration dated July 7, 2010 re-classifying the company under the category “Infrastructure Finance Company”. It must be distinctly understood that the issuing of the certificate and granting a license and approval by RBI in any other matter should not in any way, be deemed or construed to be an approval by RBI to the Prospectus nor should it be deemed that RBI has approved it and the RBI does not take any responsibility or guarantee the financial soundness of the Company or for the correctness of any of the statements made or opinions expressed by the Company in this connection and for repayment of deposits / discharge of liabilities by the Company. Disclaimer of BSE: It is to be distinctly understood that the permission given by BSE Limited should not in any way be deemed or construed that the Prospectus has been cleared or approved by BSE Limited nor does it certify the correctness or completeness of any of the contents of the Prospectus. The investors are advised to refer to the Prospectus for the full text of the "Disclaimer Clause of BSE Limited". Disclaimer

3. Infra Project FinanceStructured Products Financial Advisory Services Contents » Infrastructure Sector – Overview » L&T Infra – The Issuer » L&T Infra – Financial Performance » Long term Infrastructure Bonds » L&T Infra Bonds (2012A Series) – Issue Highlights » L&T Infra Bonds (2012A Series) – Issue Structure » Investment Considerations

4. Infra Project FinanceStructured Products Financial Advisory Services

5. Growing Infra Investments.. but still a long way to go Sectoral Infrastructure Investments (Rs. in trillion) Sectoral Infrastructure Investments (Rs. in trillion) Economic Growth

6. Infra Project FinanceStructured Products Financial Advisory Services 2011 GDP: ~US$ 4.444 trillion (Purchasing power parity basis) 5th largest economy in terms of GDP in 2010 Huge infra investments expected over next 5 years –Rs 9.0 tn in Power – 57% by Private Sector –Rs 6.9 tn in Roads – 35% by Private Sector –Rs 2.0 tn in Telecom sector by private sector Infrastructure Sector – Strong potential Strong Infrastructure Base  Engine for Accelerated Economic Growth

7. Infra Project FinanceStructured Products Financial Advisory Services

8. Promoted by L&T in April 2006, for financing Infrastructure Sector Subsidiary of L&T Finance Holdings Company Limited Obtained NBFC license from RBI on January 10, 2007 Classified as a Systemically Important Non-Deposit taking NBFC Board comprises 50% Independent Directors L&T Infra – Overview Classified as Infrastructure Finance Company (IFC) by RBI in July 2010 & Notified as Public Financial Institution by Ministry of Corporate Affairs in June, 2011.

9. Infra Project FinanceStructured Products Financial Advisory Services Sound corporate governance structure –Comprehensive policies, efficient systems & processes Professional management team – with infra sector experience Networth of Rs. 1,486.54 Crores; Loan Portfolio of Rs. 8,790.34 Crores as on September 30, 2011 Rated “CARE AA+” (by CARE) and “[ICRA] AA+” (by ICRA) L&T Infra – Overview (Contd…) Classified as Infrastructure Finance Company (IFC) by RBI in July 2010 & Notified as Public Financial Institution by Ministry of Corporate Affairs in June, 2011.

10. Infra Project FinanceStructured Products Financial Advisory Services L&T Infra – Board of Directors

11. Infra Project FinanceStructured Products Financial Advisory Services L&T Infra – Key Managerial Personnel

12. Infra Project FinanceStructured Products Financial Advisory Services L&T Infra – Products and Services Senior Debt Products: Term Loans, Debentures, Securitized Debt Mezzanine Debt Products: Sub-Debt, CCD, and Preference Shares Project Finance Equity Capital Convertible Preference Capital Hybrid Debt Equity Investment Corporate and Project Advisory Debt Advisory and Debt Arranging Capital raising & Strategic Advisory Financial Advisory Services

13. Infra Project FinanceStructured Products Financial Advisory Services L&T Infra – Industry & Sector Focus

14. Infra Project FinanceStructured Products Financial Advisory Services L&T Infra – Industry & Sector Focus (Contd…) Total Infrastructure Loans (as on Sept 30, 2011) Total = Rs. 8,790.34 Crores Total Disbursements (for the six months ended Sept 30, 2011) Total = Rs. 2,846.57 Crores

15. Infra Project FinanceStructured Products Financial Advisory Services

16. L&T Infra – Financial Overview Amount in Rs. MnPeriod fromFY ended Period from Apr to Sept-11Mar-11Mar-10Mar-09Jul-07 to Mar-0818-Apr-06 to Jun-07 Balance Sheet Items Equity capital 7,271.507,021.506,834.005,000.00 2,430.00 Net worth 14,865.3912,348.9410,125.686,266.115,489.505,034.82 Loan Funds (Borrowings) 76,017.0061,935.2632,367.5617,712.0013,650.000.00 Infrastructure Loans (1) 87,680.6971,654.9042,554.3922,583.4718,331.812,393.12 Investments 3,500.103,500.00250.001,150.00599.072,087.39 Profit and Loss Items Total Income 5,409.267,039.754,504.232,959.891,103.24131.44 Interest & Other Charges 3,239.313,801.672,462.911,629.72334.500.00 Employee, Establishment etc. Costs 197.94237.85132.05111.781.9151.73 Provision & Contingencies 52.1257.85253.6077.000.00 Profit after Tax 1342.842008.271108.57764.59451.6849.84 Note: 1.Total Infrastructure Loans net of provisions

17. Infra Project FinanceStructured Products Financial Advisory Services L&T Infra – Financial Overview 87,680.69

18. Infra Project FinanceStructured Products Financial Advisory Services

19. Infra Bonds u/s 80 CCF of IT Act Purpose  Government’s new initiative to channelize long-term savings of retail investors into infrastructure sector - with tax benefits to investors Eligible Issuers  IFCs & select other Institutions notified by the Government  They are eligible to issue Infra Bonds up to 25% of incremental infrastructure investments made during FY 2010-11 Tax Benefit  Bonds will have a maturity period of minimum 10 years Buy-back  Buyback facility may be availed after initial lock in period of 5 years Eligible Investors  Resident Indian Individuals & HUFs  Investments up to Rs. 20,000 in Infra Bonds eligible for deduction from taxable income for FY 2011-12 Maturity period Liquidity  Bonds will be listed on BSE. Investors can exit through secondary market after the initial 5 year lock-in period In the first tranche (Nov–Dec 2011) the company raised approximately Rs.530 Crores through Infra Bonds. The collections for FY11 Infra Bonds Issue were Rs.656.20 Crores

20. Infra Project FinanceStructured Products Financial Advisory Services

21. Issue Structure Highlights Issue Schedule : January 10, 2012 to February 11, 2012 IssuerL&T Infrastructure Finance Company Limited (L&T Infra) Issue Details Public Issue of Long Term Infrastructure Bonds in the nature of Secured, Redeemable, Non Convertible Debentures, having benefits under Section 80 CCF of the Income Tax Act Eligible InvestorsResident Indian Individuals and HUFs Size Aggregate amount up to Rs. 300 Crores with an option to retain an oversubscription of up to Shelf Limit of Rs.1,100 Crores, including the amount received against the allotment of Tranche 1 bonds i.e. approximately Rs. 530 crore Security Exclusive first charge on specific receivables and mortgage/charge on the leasehold rights of specific property Security Cover1 time Rating‘CARE AA+’ by CARE Ratings; ‘[ICRA] AA+’ by ICRA Ratings Face Value and Min. Application Rs. 1,000 each. Minimum application for 5 (Five) Bonds and in multiples of 1 (One) Bond thereafter

22. Infra Project FinanceStructured Products Financial Advisory Services Instrument Options CouponCoupon Payment TenorBuyback Option Series 18.70% p.a.Annual10 years At the end of 5 years and 7 years Series 28.70% p.a. compounded annually Cumulative10 years At the end of 5 years and 7 years Issue Structure Highlights Issue Schedule : January 10, 2012 to February 11, 2012

23. Infra Project FinanceStructured Products Financial Advisory Services Issue Structure Highlights Maturity / Redemption 10 years from the Date of Allotment Lock in period5 years from the Date of Allotment Listing Bombay Stock Exchange of India (BSE) - Can be traded after 5 year lock-in period Issuance & Trading In Dematerialised and Physical Form* Trading in Dematerialised form only DepositoryNSDL and CDSL Date of Allotment The date on which the Board / Committee of Directors approves allotment of Bonds Basis of Allotment First Come First Serve In terms of Regulation 4(2)(b) of the Debt Regulations the Company will make public issue of the Bonds in the dematerialised form. However, in terms of Section 8 (1) of the Depositories Act, the Company, at the request of the Investors who wish to hold the Bonds in physical form will fulfil such request.

24. Infra Project FinanceStructured Products Financial Advisory Services Returns on Investment Series12 Interest PaymentAnnualCumulative Coupon Rate8.70 % p.a. 8.70 % compounded annually Buyback Date First Working Day after 5 years from the Date of Allotment and first Working Day after 7 years from the Date of Allotment Tax Rate YIELD TO THE INVESTORS ON MATURITY (with Tax Benefits u/s 80CCF) 10.30%10.41%9.89% 20.60%12.41%11.24% 30.90%14.81%12.79% Tax Rate YIELD TO THE INVESTORS ON BUYBACK (with Tax Benefits u/s 80CCF) Buyback at the end of 5 years Buyback at the end of 7 years Buyback at the end of 5 years Buyback at the end of 7 years 10.30%11.52%10.88%11.09%10.40% 20.60%14.82%13.42%13.83%12.34% 30.90%18.75%16.45%17.04%14.59%

25. Infra Project FinanceStructured Products Financial Advisory Services List of Intermediaries Debenture Trustee RegistrarSharepro Services (India) Private Limited Legal Advisor to the Issuer AZB & Partners Legal Advisor to the Lead Managers Krishnamurthy & Co. Lead Managers Co-Managers Issue Schedule : January 10, 2012 to February 11, 2012

26. Infra Project FinanceStructured Products Financial Advisory Services

27. Investment Considerations CARE AA+ by (CARE) & [ICRA] AA+ by (ICRA) Instruments with a rating of ‘CARE AA+’ by CARE are considered to offer high safety for timely servicing of financial obligations. Such instruments carry very low credit risk. Instruments with a rating of ‘[ICRA] AA+’ by ICRA are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Dual Credit Rating Buyback Options Strong Parentage Wholly owned subsidiary of L&T Finance Holdings Limited, which is a subsidiary of Larsen & Toubro Limited (L&T - Rated ‘AAA’) Buyback option available at the end of 5 years and at the end of 7 years for both Series Issuance Bonds can be held in Physical or Dematerialized form Returns Coupon at 8.70% p.a. Effective yields to investors under buy-back options (with tax benefits) range from 10.40% to 18.75% p.a.

28. Infra Project FinanceStructured Products Financial Advisory Services Other Investment Considerations While other tax saving instruments available to retail investors provide an exemption from tax on the interest earned, this issue provides an exemption from tax (deduction from taxable income) on the principal amount (Up to Rs.20,000) invested as per section 80CCF of the Income tax Act. The deduction from taxable income from investment in Infra Bonds is over and above the deduction of Rs.1,00,000 available for investments u/s 80C, 80CCC and 80CCD read with section 80CCE of the Income Tax Act, 1961 No TDS on interest payment shall be deducted on Infrastructure Bonds held in dematerialized form and listed on a recognized stock exchange in India and in the case of bonds held in a physical form if the interest payment is within Rs.2,500 As per regulations, the maximum interest rate that can be offered on these tax-saving infrastructure bonds is the annualized yield on Government Securities as on the last working day of the immediately preceding month of issue Furthermore, specific to this issue, the provision to buy-back at two intervals provides added flexibility to investors to exit their investment. For example, If at the end of 5 years the interest rate environment does not justify an exit, the investors/company would have another window for buy back at the end of the 7 th year. Investors can pledge or mortgage Infra Bonds to avail loans from Scheduled Commercial Banks after the 5 year lock-in period.

29. Infra Project FinanceStructured Products Financial Advisory Services Pre-Tax Return (%) Post-Tax Return (%) (1) Cap on Initial Investment TenorLiquidity Bank Fixed Deposit (u/s 80C) (2) 17.77%14.90%1,00,0005 years and aboveLow National Savings Certificate 12.7%9.65%N/A7.5 yearsLow Public Provident Fund (3) 17.25% 1,00,00015 years No, but withdrawal allowed after 6 years Mutual Funds Debt Scheme-FMP (4) 9.35%- 9.65% 8.42%- 8.69% N/AOne yearLow Infra Bond – L&T Infra (5) 18.75%15.28%20,000 10 years with option to buy back after 5 years Low Tax Free Bond – NHAI11.87% N/A10 yearsLow Comparative Return Landscape for Debt Securities Notes: 1.Post tax returns have been calculated at the maximum marginal tax rate of 30.9%. 2.The rate of return on Fixed Deposit has been considered at 9.25% p.a. for tenure of atleast 5 years which are eligible for deduction under Sec 80C 3.Assumed withdrawal after 6 years 4.The investors’ tax liability on long term capital gain is taken at 10%. 5.After considering buy back after 5 years with annual interest payment @ 8.7%