Thinking big Doing better

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Ralf Horton
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1 Thinking big Doing better

2 Adani Group: Form & Substance Structure Promoters 75.00% 56.26% 63.13% 75.00% Adani Enterprises Adani Ports and SEZ Adani Power Adani Transmission Public>> 25.00% 43.74% 36.87% 25.00% 2

3 Adani Group - Business AEL APSEZ APL ATL Coal Mining Coal Trading Solar/Renewables Agro City Gas Distribution Largest Private Sector Port Company Ports Multi Modal Logistics SEZs Largest Private Power producer in India Mundra (4620 MW) Tiroda (3300 MW) Kawai (1320 MW) Udupi (1200 MW) Ckt Kms Mundra-Dehgam Mundra- Mohindergarh Tiroda-Warora Tiroda-Aurangabad Korba* (600 MW) Coal: India: India: India: Largest Trader of Coal No. 1 Port of India Generation: Transmission: Largest Mine Developer Largest indigenous MW Thermal 5051 ckt kms & Operator Ports Developer & Capacity Transmission capacity Renewable: Operator 40 MW Solar Power India s Largest Private Solar Power Generation 9 Ports / Terminals Plant Transmission Company Solar Manufacturing Largest Private Rail Largest Private Power Agro: Developer Producer in India Edible Oil Refining Agro/Fruit Storage City Gas Distribution * Under Finalization 3

4 Adani Enterprises MDO/Solar/Coal/Agro/CGD

5 Mine Developer cum Operator: a Business with Stable Cash Flows Typical MDO Agreement Awards mining contracts based on competitive bidding MDO Process Stages Land Acquisition Coal mine owned by the State Electricity Board (SEB) MDO Develop, Plan, Operate & Manage Mining Operation Establishment of Washery Agrees to supply coal at SEB power plants at minimum of bid price or discount to Coal India Ltd. (CIL) price. Provide end-to-end solutions like coal washing, better logistics, land acquisition etc. Logistic Solution AEL has been awarded three MDOs in India namely, Parsa Kente, Parsa and Kente Ext blocks 5

6 AEL: Largest Mine Developer & Operator State Chhattisgarh Mine Parsa - Kente (RRVUNL) Parsa (RRVUNL) Kente Extension (RRVUNL) Mundra Kandla Block Area (Sq Km) Dahej Port Hazira Port Dhamra Kente Ext Mineable Reserve (Mn MT) Mormugao Port Parsa Vizag Parsa Kente Capacity at peak level (MMTPA) Commencement of Production Started Feb Ports Mining Locations Notes: 1. RRVUNL Rajasthan Rajya Vidyut Utpadan Nigam Limited 6

7 MDO Big Growth Opportunity Allocation / Auction in phase I Reserves: 8.1 Bn MT Production FY15: 54 MMT Peak Production: 217 MMTPA Government Sector Reserves: 6.2 Bn MT Peak Production: 152 MMTPA Private Sector Reserves: 1.9 Bn MT Peak Production: 63 MMTPA Commercial Mining Additional Future Allocation/Auction MDO opportunity of >150 MMTPA by FY20 + Private + Commercial Source: Ministry of Power, Morgan Stanley Research Report 7

8 Renewable Energy: Growth Opportunity India's total renewable power installed capacity: 37 GW as at Dec 2015 Biomass & others, 12% Solar, 12% Small Hydro, 11% Wind, 65% National Solar Mission - Earlier Target - 22 GW by Revised Target GW by

9 AEL: Renewable Energy - the New Growth Engine Location Tamil Nadu Punjab UP AP Capacity (MW) 648 (216x2 and 72x3) 105 (2x52.5) Implementation 216x1 & 72x1 by Sep- 2016; 216x1 & 72x2 by Dec MW by July-2016 and 52.5 MW by Aug May-17 Jun-17 May-17 PPA TANGEDCO PSPCL UPSPCL NTPC NTPC PPA Tenure Levelised Tariff (Rs./Kwh) Technology Vendor Capital Cost (Rs Crs/MW) and Suntech, Trina, CSI, GCL & HANWHA Polycrystalline Technology HANWHA & Hitachi Under finalization Project Cost (Rs Crs) 4, Power Evacuation / Transmission 230kV and 110kV for 216 MW and 72 MW power Plants, respectively 132 kv Balluana Substation Proposed at 220/132 kv Dunara, S/S Under finalization Developing vertically integrated Solar Photovoltaic manufacturing facility of 1 GW at Mundra SEZ 9

10 Coal Trading: Integrated Coal Management Multi-Country Procurement Financing Multi modal Logistics Customer Account Management Electricity Boards Private Business Coal Business Adani Power Ltd Third Country Yamunagar Suratgarh Panipat Hissar Harduaganj Consistent Market share in electricity business ~50% Dadri Tanda Vindyachal Mundra Bedi Kota Unchahar Kahalgaon Parichha Chhabra Rihand Kandla Wanabori Gandhinagar Navlakhi Sipat Korba Dahej Koradi Tiroda Hazira Chanderpur Sagardighi Bakreshwar Mejia Bandel Panki Durgapur Kolaghat [Talcher] Haldia Paradip Badarpur Indonesia Tarakan Samarinda Tanjung Bara Bontang Parli Ramagundam Kondapalli Vishakhaptnam Simhadri Gangavaram Kakinada Muara Satui Tanjung Pemancingan Indonesia South Africa Ports Richard Bay Locations served Goa Mettur Tuticorin Ennore North Chennai Tuticorin Australia Queensland A team of 200+ People with operations spread across globe through our 25 satellite offices, 18 branch offices, 3 global offices and a head office based out of Gurgaon 10

Coal Mining: Indonesia & Australia Location Resource Current Capacity Production Bunyu Island, Indonesia 269 MMT (JORC) 7 MMPTA FY15: 5 MMT Coal Mining Indonesia Bunyu Island Location Resource Base

11 Coal Mining: Indonesia & Australia Location Resource Current Capacity Production Bunyu Island, Indonesia 269 MMT (JORC) 7 MMPTA FY15: 5 MMT Coal Mining Indonesia Bunyu Island Location Resource Base Galilee Basin - Queensland, Australia Thermal Coal Bn Tonnes (JORC) Coal Crushing Production Target Phase I : 40 MTPA Status EIS approved for Carmichael Mine & Rail project Bankable feasibility study completed Coal Loading 11

Manufacturing facilities spread across 18 locations pan India with 10k refining & 7k crushing capacity Capacity of 21000 MT of storage of Apple State-of-the-art Controlled

Infrastructure: Food Grains Operates storage capacities of 8,50,000 MT at 12 locations across India Won 2 projects from FCI to establish 75K MT storage facilities in Punjab &

12 Agro Edible Oil & Agro commodities Agri Infrastructure: Fruits Joint venture with Wilmar, Singapore (50:50) FORTUNE - India s number 1 edible oil brand with approx. 20% market share Volumes > 3.5 MMTPA Expanding into more agro products such as Rice, Pulses. Soya nuggets, etc. Manufacturing facilities spread across 18 locations pan India with 10k refining & 7k crushing capacity Capacity of MT of storage of Apple State-of-the-art Controlled Atmosphere Storage facility at 3 locations Distribution set up across India under brand Farm-Pik Planning to expand additional capacity of 6000 MT in Agri Infrastructure: Food Grains Operates storage capacities of 8,50,000 MT at 12 locations across India Won 2 projects from FCI to establish 75K MT storage facilities in Punjab & Bihar State-of-the-art mechanized storage facilities with private railway siding Operates storages facilities under Build Own Operate model for FCI for 20 years Operates storages facilities under Build Own Operate & transfer model for MP Government for 30 years 12

13 City Gas Distribution Areas Ahmedabad, Vadodara, Faridabad and Khurja Adani Gas Infrastructure Customer CNG ~347 km of steel pipelines ~4,745 km of polyethylene pipelines > 963 industrial clients > 2,18,500 households clients > 1,813 commercial clients 64 CNG stations across four cities JV with IOCL Areas Infrastructure Allahabad, Chandigarh, Ernakulum, Daman, Panipat, Udhamsingh Nagar and Dharwad Project at various stages of implementation in these cities Key Strength and Growth Drivers One of the largest private players with almost decades experience Assured availability of APM Gas for Domestic and CNG segment More and more cities on city gas network due Government policy initiatives Targeting additional 10 more cities in future bidding 13

14 Adani Ports and SEZ Ports/Logistics/SEZ

15 Indian Ports: Backbone of India s International Trade Industry Overview Limited Optimization Potential at Government Ports Ports handle ~90% (volume) & ~70% (value) of India s trade 13 Government Ports & 200+ private ports handling 975 MMT cargo (FY14) Most Ports are choked, with waiting period ranging from days to weeks. Evacuation is a perennial problem faced by most ports Existing capacity shortage of ~ 175 mtpa Cargo Growth (CAGR): 6% Growth (FY 09 to FY 14) With targeted cargo growth of 17% ( ), we estimates capacity shortage to widen over 300 mtpa Private Ports Gaining Prominence FY07 FY15 FY20E 3% Other Private 25% Other Private 32% Private 50% 15% Total Cargo: 649 MMT Total Cargo: 975 MMT Total Cargo: 2,495 MMT 15

16 APSEZ: Amalgam of 9 ports and growing String of Ports from West to East Growth backed by Strong Asset Base ( Capacity, Cargo) String of Ports: 9 ports (318 MMTPA capacity) Mundra (210, 111) Kandla (20, -) Hazira (35, 7) Mormugao, (7, 1) Kishangarh Dahej (20, 12) Patli Vizag (6,1) Dhamra (20, 12) Kattupalli (Operatorship) (20,-) Ennore * (20,-) Multipurpose Terminals Bulk Terminals Coal Terminals Vizhinjam * Container Terminals (20,-) * Construction in Progress 15% of India s & 33% of private sector cargo handled (FY15) Infrastructure: 37 Berths, 14 Terminals, 2 SPMs, 2 ICDs, 1 SEZ Established logistics infrastructure: Rail, ICDs, Road, Pipeline West caters to 65% of India international trade Access to >70% of India s hinterland Consistent Growth: Throughput (26%); Revenue (32%) since

3 APSEZ: Integrated Owner and Operator Model End to End Cargo Handling Solutions

Evacuation (Rail-Road) Handling Efficiencies Average Turn around time (days) (1) Best in

Containers Bulk Containers 7.1 5.5 5.0 4.9 4.4 2.6 2.3 2.2 1.5 1.4 3.6 3.6 2.7 2.4 1.8 0.

0 6.0 Mumbai Kandla JNPT Vizag Mormugao Paradip Chennai Mundra JNPT Mumbai Vizag

Streams Cycle Unique and Efficient Business Model 3 One Stop Solution 1.

percentages and average turnaround time as per Maritime Agenda 20

17 3 APSEZ: Integrated Owner and Operator Model End to End Cargo Handling Solutions Anchorage Pilotage Tug Pulling Berthing Handling Internal Transport Storage & Value Add Evacuation (Rail-Road) Handling Efficiencies Average Turn around time (days) (1) Best in Class Operations Operational Efficiency Average Pre berthing time (hours) (2) Bulk Containers Bulk Containers NA Mumbai Kandla JNPT Vizag Mormugao Paradip Chennai Mundra JNPT Mumbai Vizag Mormugao Kandla Ennore Chennai Paradip Mundra 1 Multiple Revenue 2 Reduced Operating Streams Cycle Unique and Efficient Business Model 3 One Stop Solution 1. Numbers have been arrived at using weighted averages using bulk and container percentages and average turnaround time as per Maritime Agenda Numbers have been arrived at using weighted averages using bulk and container percentages and average pre berthing / waiting time as per Maritime Agenda

18 APSEZ: Benefiting from Outstanding Connectivity Achieved Excellent Hinterland Connectivity Connectivity Edge DMIC Influence Area Dedicated Freight Corridor (Proposed) JNPT New Delhi (Existing) Distance Advantage vs. JNPT Bhatinda: 408 kms Delhi: 245 kms KRCL- Gandhidham - Palanpur Distance 301 km Ownership 20%, APSEZ Mundra - Adipur Distance 64 km Ownership 100%, APSEZ New Delhi Mundra / Dhamra New Delhi (Existing) Dhamra Bhadrak Distance 64 km Ownership 100%, APSEZ DFC Advantage Proposed Global investment destination Potential to multiply industrial output, exports and cargo traffic in medium term Mundra Kandla Dahej Hazira JNPT Dankuni Dhamra All APSEZ ports in close proximity to DFC/DMIC (1) Our Ports Catalysts to Hinterland Growth 1. Source: DMIC, DFC, Indian Rail website. DFC: Dedicated freight corridor; DMIC: Delhi Mumbai Industrial Corridor 18

19 APSEZ: Strategically Located on Key Trade Routes East West Global Maritime Route Proximity Domestic Network - Coastal Trade Catalyst Western Europe Central Asia China West Africa East Africa India Mundra Kandla Dahej Hazira Mormugao Dhamra Vizag Select Resource regions Select industry regions Ennore Vizhinjam In operation Under Construction Emerging Arabian Sea Container hub Strong Global partnerships (MSC, CMA CGM) Connecting resource rich East to consumption led North / West Deep draft and all weather ports to handle India s energy / resource requirements Chain of container ports across coastline regional & national play Quicker turn around and cost efficient transport vs. Rail 19

APSEZ: Cargo Growth Drivers Consistent Cargo Growth backed by growth in Containers, coal and Crude Cargo 1 Containers Access to >60% of the India s container trade Vast manufacturing base in the

20 APSEZ: Cargo Growth Drivers Consistent Cargo Growth backed by growth in Containers, coal and Crude Cargo 1 Containers Access to >60% of the India s container trade Vast manufacturing base in the hinterland CT IV with CMA-CGM and CT V JV agreements for additional capacity of c.2.5mn TEUs 2 Automobile exports from Hazira Crude, POL and LNG 3 Coal LNG terminal with GSPC LNG at Mundra HMEL doubling capacity to 18 MMTPA Power Plants, Cement Cluster- Rajasthan MoU with IOC for SPM at Dhamra Potential of 2 additional SPMs at Mundra Petrochem agreements at Hazira Textile Cluster- Surat 4 Mundra UMPP (Tata) and Adani Power Foundries,Strong presence to cater to other coal Steel Clusters consumers Chemicals Global chemical industry to grow from USD 3.4 trillion to USD 5 trillion Indian chemical industry to grow from USD 108 billion to USD 290 billion State-of-the-art handling and storage facilities at Mundra and Hazira 20

21 Indian Ports: Coastal Shipping - the next growth factor 21

22 Indian Ports: Sagarmala - Enabler to coastal shipping in India 22

23 APSEZ: a Unique Infrastructure Investment Opportunity v Strategically located ports : As enablers for industrial growth Robust connectivity: Rail, Road and Pipeline Network Mundra Kandla In best position to take advantage of Delhi Mumbai Industrial Corridor given location Dahej and connectivity Hazira Dhamra Vizag Best in Class container, crude and chemical operations. Unique and difficult to Mormugao replicate. Unique operating model - Tug to train Ennore operations, No leakage of revenue; Sustained growth, high margins and strong credit Vizhinjam 23

24 Adani Transmission

India Transmission: Ample Growth Opportunities Transmission Line Growth Sectorwise Installed Capacity in India 400 300 000 Ckt Kms 257 320 365 Private/JV, 19 (6%) 000 Ckt Kms (%) Central, 118 (37%)

25 India Transmission: Ample Growth Opportunities Transmission Line Growth Sectorwise Installed Capacity in India Ckt Kms Private/JV, 19 (6%) 000 Ckt Kms (%) Central, 118 (37%) State, 184 (57%) - FY12 Jul-15 FY17 During last 5 years, power generation capacity has grown by ~50%, whereas transmission capacity has increased by ~30% Additional, >100,000 ckt kms of transmission line required by 2022 Investment of ~ USD 64 bn is required in transmission sector Government has announced to auction transmission lines worth Rs 1 lakh crore over the next few years Private sector share expected to increase from 6% to 16% 25

ATL: Evolution Oct- 2012 Aug-2012 400 KV Tiroda Warora transmission line operational 500 KV HVDC Mundra Mohindergarh

company Capacity Development in Ckt Kms 6000 July-2009 400 KV Mundra Dehgam transmission line operational 5000 4000 3000 2000

26 ATL: Evolution Oct Aug KV Tiroda Warora transmission line operational 500 KV HVDC Mundra Mohindergarh transmission line operational Apr KV MEGPTCL transmission line Operational India s largest private transmis sion company Capacity Development in Ckt Kms 6000 July KV Mundra Dehgam transmission line operational MD TW MM TA Total MD: Mundra to Dehgam, TW: Tiroda to Warora, MM: Mundra to Mohindergarh, TA: Tiroda to Aurangabad 26

27 ATL: Business & Geographic Spread Transmission Network 5051 Ckt Kms Mundra-Sami-Dehgam: 400 kv D/C 868 Ckt Km Mundra Mohindergarh: ± 500 KV, HVDC Bipole - 2,528 Ckt Km Tiroda-Warora: 400 kv D/C 438 Ckt Km Tiroda-Aurangabad: 765 kv 2x S/C - 1,217 Ckt Km Transformer Capacity 12,630 MVA Availability Factor > 99.5% License Period years Mundra Mohindergarh Dehgam Aurangabad Warora Growth Potential (Ckt Kms) 10,000 5,051 FY15 FY20 27

28 Regulatory Return Methodology: Transmission Transmission charges payable for a calendar month is as follows: = AFC NDM NDY TAFM NATAF Known inputs with implementation record of open and transparent application Annual Transmission Revenue for each project Annual Fixed Costs Incentive / (Penalty) O&M Costs based on Regulations O&M Costs As per Straight Line Method. Depreciable to the extent of 90% of asset. Interest on Normative Debt Working capital norms as specified in Regulations Equity base 30% of project cost Depreciation Int on Term Loan Int on WC RoE 15.5% Incentive / Penalty in transmission charge based on Actual Availability vis-à-vis Normative Availability Tax based on actual as applicable Tax on ROE 28

29 ATL: New Projects Sipat Bilaspur Rajnandgaon: 765 kv 343 Ckt Km Gwalior Morena; Aurangabad Padghe; Raigarh Champa Dharamjaigarh: 765 kv 437 Ckt Km Raipur Rajnadgaon Warora: 765 kv 604 Ckt Km Total Capacity Project Cost ~ 1400 ckt kms ~ Rs 3000 crs Funding (D : E) 70 : 30 Equity of Rs 900 crs from internal accruals Expected RoE : 18% plus 29

30 ATL: an Investment Opportunity with Stable Cash flow The largest private sector player with ckt kms * Total investment: Rs 11,000 crs Fully operational, licensed & regulator approved assets Availability: Actual > 99.5%; Required 95%/98% Forms part of critical national/regional transmission network Strong customer profile good payment track record Stable international credit rating Growth - to double the network in 5 years * Comparison: Power Grid has 1,17,679 ckt kms 30

31 Adani Power

kwh Power Sectoral Demand continue to rise 12% 8% Peak & Energy Deficit : Year-wise 14% FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Peak Deficit Energy Deficit Average Deficit in the Last

32 kwh Power Sectoral Demand continue to rise 12% 8% Peak & Energy Deficit : Year-wise 14% FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Peak Deficit Energy Deficit Average Deficit in the Last Decade: Peak deficit: 11%; Energy deficit: 8% Lowest per capita electricity consumption % 0 17% 13% 13% 12% 11% 11% 10% 10% 9% 8% % 9% 2384 Source: 11 th & 12 th FYP, Ministry of Power, CEA * As on 31 st Dec % 4% 5% 4% 917 USA Russia UK China Brazil India in GW Growth of Installed Capacity in India India Installed Capacity: 284 GW* Thermal 198 GW, 70% Hydro 43 GW, 15% Renewables 37 GW, 13% Nuclear 6 GW, 2% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Thermal Hydro Nuclear Others

33 APL: Power Generation Portfolio Adani Power projects are in high growth states of India. Also these states have financially strong SEBs Power Generation SN Location Capacity (MW) Operation (MW) Kawai 1 Mundra (Gujarat) 4,620 4,620 2 Tiroda (Maharashtra) 3,300 3,300 Bitta 3 Kawai (Rajasthan) 1,320 1,320 Mundra Korba 4 Udupi (Karnataka) 1,200 1,200 Udupi Tiroda 5 Korba (Chhattisgarh) Bitta (Gujarat) Total Capacity 11,080 11, Under finalization, MW Solar Power Project 33

34 APL: PPA & Fuel Arrangement >81% capacity tied up under long tem PPA ~19% merchant market opportunity ~59% of coal requirement tied up through domestic coal supply Reforms Enactment of Electricity (Amendment) Bill, 2014 Amended National Tariff Policy Bilateral Solution of Compensatory Tariff being resolved Incremental Coal Allocation by Coal Block Auction and allocation of Domestic Linkages 34

35 Group Initiatives

36 Adani Group: Business Process Transformation Tezz Transformation: Components and Key Processes Disha: Power Operations Ignite: Ports Operations BPT of Power Operations Group with ATK: Strategic Planning Revenue Management Operations and Maintenance Fuel Sourcing and Mgmt. BPT of Projects with Accenture: Sourcing and Procurement Project Management Engineering Construction and Commissioning TEZZ BPT of Ports Operations Group with KPMG : Marine Operations Terminal Operations Engineering Services Customer Service & Marketing BPT of Services with Strategy&*: Finance: B2P, O2C, Tax, R2R, Treasury, FP&A, ABEX IT: Planning, Delivery, Support HR: TM, TA, L&D, PMS, HR Ops Agile: Capital Projects Synergy: Services (Finance, IT, HR) * Formerly Booz & Company 36

Adani Group: CSR Initiatives Education Underprivileged

Education Adani Vidyamandir Health Mobile dispensary

/AIDS awareness campaign Livelihood Development Vocational

Upgradation Rural Infrastructure Development Pond deepening

37 Adani Group: CSR Initiatives Education Underprivileged Children Training volunteers for teaching Girl Child Education Adani Vidyamandir Health Mobile dispensary Immunization for kids Teaching sanitation in rural area HIV /AIDS awareness campaign Livelihood Development Vocational training Animal Husbandry Cattle vaccination Skill Upgradation Rural Infrastructure Development Pond deepening Village drainage system Check dam construction Roads, drinking water, power etc. 37

Network 5,051 circuit kms Coal Trading Mine Developer and Operator Renewable Energy, Agro

38 Adani Group: Our Leadership Position Leadership Position Leadership Position in Ports 9 Ports Our Leadership Position as Private Sector Generation Co 11,080 MW Transmission Network 5,051 circuit kms Coal Trading Mine Developer and Operator Renewable Energy, Agro and CGD Favorable Macroeconomic Environment Sustainable Growth of Business Clear Policy Framework 38

39 Legal disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be forward-looking statements, including those relating to general business plans and strategy of Adani Enterprises Limited ( AEL ) and Adani Ports and Special Economic Zone Limited ( APSEZ ) and Adani Power Limited ( APL ) and Adani Transmission Limited ( ATL ) (combine together Adani Group ) their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which contain words or phrases such as will, expected to, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of Adani Group s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of Adani Group. Adani Group, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. Adani Group assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. Adani Group may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of Adani Group. This presentation is strictly confidential. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. This presentation contains translations of certain Rupees amounts into U.S. dollar amounts at specified rates solely for the convenience of the reader. 39

Resources Logistics Energy. Thinking big Doing better

Resources Logistics Energy. Thinking big Doing better Resources Logistics Energy Thinking big Doing better Adani Group: Integrated & synergistic business model Vision - To be globally admired leader in integrated infrastructure businesses with a deep commitment