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"We are not just about scale and size we are also about the pursuit of excellence,our integrity our values and the quality of our services."- Anil Dhirubhai Ambani

"I look forward to a sustainable and a mutually rewarding relationship with you." - Anil Dhirubhai Ambani.

It gives me great pleasure to share with you the highlights of our Company’s performance in the last one year.Our Company has achieved significant milestones over the last twelve months. During this time, we operationalized our first greenfield generation project, made significant strides in securing fuel sources for other projects, and put construction activities for a number of others in a fast- track mode.

The first phase of the 1200 MW Rosa project located at Shahjahanpur in Uttar Pradesh, commenced generation of power in December 2009, and has since started sale of power to consumers. This is a significant milestone for Reliance Power, marking its transition from a project development Company to a Company withoperating assets.

The speedy and efficient execution of our projects remains a key priority. We have made exceptional progress in this regard, particularly with respect to financing. The Company has recently achieved the financial closure for its 4,000 MW Krishnapatnam Ultra Mega Power Project(UMPP) in Andhra Pradesh with a total project cost of Rs. 17,500 crore. This development was preceded by the financial closure of the Sasan UMPP, the most ambitious debt raising initiative ever in the history of corporate India.The over Rs 14,550 crore (US$ 3 bn) raised for Sasan UMPP is to date the largest debt financing transaction in India on a project finance basis. In fact, during the last financial year, the Company achieved financial closure for 4,860 MW of generation capacity and raised over Rs 18,600 crores (approximately US$ 4 bn) of debt for three projects viz the Sasan UMPP, Rosa Phase 2 and Butibori. Following the financial closureof the Krishnapatnam UMPP, nearly one-third or 10,000MW of the Company’s portfolio of power projects have successfully achieved financial closure. We are also in the process of achieving financial closure for our 3,960 MW Chitrangi Power Project and loan sanctions have already been obtained for a majority of the debt requirement.

We believe that the timely availability and the cost offuel are two of the biggest challenges facing the power generation sector. Hence, we have taken considerable care to secure fuel supplies both for our domestic andimported coal-based projects. We have also tried tominimize our dependence on external parties for supplies.With the transfer of Tilaiya UMPP and its coal mines tothe Company, Reliance Power has today over two billiontonnes of coal reserves, making it the largest private sector coal mining Company in India in terms of reserves.The Company has also purchased three coal mines inIndonesia to support its imported coal-based project at Krishnapatnam.

On the project development front, all our projects are at various stages of construction anddevelopment. Engineering, Procurement and Construction(EPC) contracts have been awarded for coal-basedgeneration capacity at Sasan, Krishnapatnam, Rosa,Butibori and Chitrangi and construction is proceeding apace.

With regard to gas based power projects,in addition to Dadri and Shahapur,we are working on a number of other locations, keeping in mind factors like source of gas and logistics.

The Board of Directors of Reliance Power and Reliance Natural Resources Limited (RNRL) approved a Composite Scheme of Arrangement for the two companies in a 4:1share swap deal valued at Rs 50,000 crore (US$ 11bn). This Arrangement will help Reliance Power derive substantial benefits from RNRL’s Gas Supply Master

Agreement (GSMA) with Reliance Industries Limited. The arrangement will also help the Company in procuring gas from the four Coal Bed Methane (CBM) blocks already owned by RNRL. The Company also stands to benefit through RNRL’s coal supply logistics and shipping business.Having come closer to securing a gas supply contract,we are now poised to start construction activities for our gas-based projects.

Our hydroelectric portfolio is at varying stages of development and detailed project reports are currently being prepared for each one of them. Meanwhile, site activities have already commenced at Siyom and Tato as the Detailed Project Reports (DPRs) for these projects have already been prepared.

Performance Review

A snapshot of the Company’s consolidated financial performance during FY10-11 is provided below for your reference are:

Total income of Rs 1892.47 crore as compared to Rs 843.38 crore the previous year

Net profit of Rs 760.44 crore,against Rs 683.89 crore the previous year

Earnings per share (EPS) of Rs 2.94 compared to Rs 2.85 the previous year.

Corporate Governance

In keeping with our Group ethos, we remain committed to maintaining the highest standards of corporate governance and would continue to work in a transparent and professional manner to create value for all our stakeholders. The trust and welfare of our 3.5 million shareholders, the largest shareholder family in the world,is of singular importance to us and we are committed to preserving, protecting and enhancing it.

Social Commitments

We are a socially responsible organization that is wedded to the idea of sustainable development through conservation of natural resources, and the economic and social development,along with empowerment of under privileged communities.

In order to achieve these objectives, we have made significant outlays in healthcare, education and livelihood opportunities for local communities.

We are working on designing our power generation plants in a manner that optimizes the utilization of land, there by bringing down the aggregate land requirement and minimizing the potential for disruption and displacementof local communities. We are also adopting modern technologies related to power generation, that requiremuch less water for plant operations, thereby helping conserve a precious natural resource and contributing to a greener and healthier environment.

As part of our efforts to reduce the release of green house gases into the environment, we are adopting state-ofthe-art super critical technology for our UMPPs and other thermal power generation plants, minimizing the environmental impact of these projects.

We are acutely aware of our responsibilities in the development of areas where our projects are located,particularly since many of these regions have yet to bear the fruits of development. It will always be our missionto contribute towards improving the quality of life ofthe communities living around our project sites. Indeed,we believe that our success in executing large-scale generation projects is critically dependent on followinga participatory development-oriented approach that strengthens our bond with the local population

Our Commitment

Our Company takes pride in being a part of the Reliance Group, which ranks among India’s top business houses. This association would continue to shape our vision and values. At Reliance Power, we believein maximizing shareholder value, and in benchmarking ourselves to the best global standards.

We make every effort to ensure that our projects are based on efficient and environment friendly technologies.This strategy gives us a long-term competitive edge over our other peers in the sector.

The previous financial year was a watershed year for us, marking our evolution as a Company with generating assets. The year ahead will be, if anything, even more challenging and rewarding.

As ever, I seek your whole-hearted support and encouragement in this exciting journey.

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