May, 2020

Adani Ports and SEZ Limited

Updated - May, 2020 04-07 Group Profile 09-17 Company Profile 19-27 Financial Profile

29-33 ESG 34-43 Annexures 3 Transport & Logistics Energy & Utility Portfolio Adani Portfolio Adani • Philosophical shift fromB2B 63.3% 100% 75% 75% to B2C businesses– APSEZ SRCPL ATL AGEL • AGL – Gas distribution Port & Logistics Rail T&D Renewables network to serve key geographies across 100% 75% 37.4% • AEML – Electricity AGL AAPT 75% distribution network APL IPP Gas DisCom Abbot Point that powers the AEL financial capital of India Incubator • Adani Airports – To operate, manage and develop six airports in the country 100% 100% 100% 100% AAHL ATrL AWL Data • Locked in Growth 2020 – Airports Roads Water Centre • Transport & Logistics - Airports and Roads 1 ~USD 21 bn • Energy & Utility – Combined Market Cap Water and Data Centre

APSEZ, ATL, AGEL & AEML- only Private sector Infrastructure IG issuers in India

1. As on April 30, 2020, USD/INR – 75.10 | Note - Percentages denote promoter holding 4 Light blue colour represent public traded listed verticals Development Operations Post Operations Phase Origination Site Development Construction Operation Capital Mgmt

Analysis & Site acquisition Engineering & Life cycleO&M Redesigning the market design planning capital structure of intelligence Concessions the asset and regulatory Sourcing & Asset Activity Viability analysis agreements quality levels Management plan Operational phase funding consistent Strategic value Investment case Equity & debt with asset life development funding atproject

Redefining the Envisaging Complex O&M optimisations Successfully placed 7 space e.g. evolution of sector developments on e.g. Solar plants issuances totalling Port e.g. Adani time & budget e.g. ~USD4Bn in FY20 Transmission APL All listed entities Performance maintain liquidity cover of 1.2x- 1.8x for FY21.

Focus on liquidity planning ensures remaining stress free.

Low capital cost, time bound & quality completion providing long term stable cashflow & enhanced RoE

5 Successfully applied across Infrastructure & utility platform

Development at large scale & within time and budget India’s Largest Longest Private 648 MW Ultra Mega Largest Single Location Commercial Port HVDC Line in Asia Solar Power Plant Private Thermal IPP (at Mundra) (Mundra – Dehgam) (at Kamuthi, TamilNadu) (at Mundra) Key APSEZ ATL AGEL APL Business Excellence in O&M – benchmarked to Highest Margin Highest Constructed and High Availability Model global standards among Peers in the availability Commissioned in Billed availability World 9 months of 89%5 among Peers 1,4 Attributes EBITDA margin: 65%1,2 EBITDA margin: 91%1,3 EBITDA margin:90%

Diverse financing sources – only Indian infrastructure portfolio with four (4) Investment Grade (IG) issuers PSU 55% Private Banks 31% Private Banks 31% Bonds 31% March Bonds 14% September PSU 38% 2016 2019

Note: 1 Data for FY19; 2 Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4 EBITDA Margin represents EBITDA earned from power sales and exclude other items; 5 FY20 data for commercial availability declared under long 6 term power purchase agreements; Include listed Group companies Ports Logistics SEZ • Nine operating Ports, ~410 MMT • Largest integrated logistics player • Large scale ‘ready to setup’ of augmented capacity in India. in India. industrial land (SEZ) Development • Hinterland reach of 60%-70% • Operating 60+ rakes, 5 IFTs and • Land Bank of 10,000 ha. at • Targeting East and West Coast 400,000 sq.ft. of warehouse Mundra, Dhamra and Kattupalli Parity space.

Best in Class Efficiency Symbiotic Integration ESG

• In Container 30 Moves/hour • Ports, SEZ and logistics • Embedded ESG Framework for Operations integrated service removes enhanced value creation the distinction between Port • Port EBITDA margin ~70% and Customer gate.

Capital Management Debt Capital Program Efficient Use of Capital • Value Creation IG rated since FY16 Access to international markets: • ROCE greater than cost of • Reduction in interest cost by capital. • ROCE, one of the highest ~150 bps. among global Peers. • Elongated Maturity • Pre-tax project IRR of 16%

7 8 Tech enabled operations Ports One to ten in twenty years

String of Ports Consumer facing yet Ports of Prosperity Ubiquitous to customer trajectory SEZ "Ports to Platform” ~10k+ Ha of land bank

Network dominance, Competitiveness is the moat Integrated Logistics (CTO to IWW and Intimate connection AFS an organic to customer supply evolution) chain

9 Evolution of APSEZ West Coast East Coast FY20 Capacity Capacity FY06 327 MMT 99 MMT Capacity 10 41x 410 MMT MMT

Dahej Assets 14 $471 17x $8,223 MMT 1 (US$ mn) Port 14 * MMT 1Ports

Mundra 264 MMT

Achieving East Coast - West Coast Parity Dhamra FY20 45 Hazira FY19 MMT 20% 30 MMT Vizag Mundra - 6 15% India’s Largest MMT Commercial Port by Volume Kattupalli 18 MMT Mormugao MMT 5 Ennore Bulk Terminals Vizhinjam 12 MMT Multipurpose Ports 85% 80% Container Terminals West Coast East Coast 18 West Coast East Coast

9 Ports serving vast economic hinterland of the country 10 *Ports in India only APSEZ Total Throughput All India Ports Total Cargo

CAGR – 10% CAGR – 6% Container CAGR – 9% Container CAGR – 17% 1600

250 1400

1200 200 1000

150 800

223 1282 1339 100 208 600 1208 1072 1134 169 180 152 400 50 84 91 75 200 49 62 181 199 224 248 256 0 0 FY16 FY17 FY18 FY 19 FY 20 FY16 FY17 FY18 FY 19 FY 20

APSEZ Cargo Volume APSEZ Container Volume All India Cargo All India Container

Volume growth consistently ahead of All India Ports

11 New Cargo Added - Coal Container Crude Others

41% 41% 41% 41% 37%

32% 36% 33% 33% 32%

Mundra LPG 16% 15% 15% 15% 14%

13% 12% 12% 11% 11%

FY 16 FY 17 FY 18 FY 19 FY 20

Mundra LNG

12 Sticky Cargo Trend

Sticky Cargo

. Constitutes ~60% of total cargo. 128 121

111 . Increasing at a CAGR of ~10% 108

. 81% of sticky cargo at Mundra. FY17 FY18 FY19 FY20 Port, as other port mature share of Sticky Cargo Composition- Port wise & Cargo wise sticky cargo from other ports will

5% increase. 9% 2% 16% 7% 30% . Container and coal constitutes Mundra 1% Coal 79% of total sticky cargo. Dahej Containers Hazira Crude + POL Dhamra Other Bulk Kattupalli

81% 49% 13 Jammu Kashmir (In USD Billion) Arunachal Punjab Region FY19 FY25 Uttaranchal Pradesh West 1290 2520

Sikkim East 438 823 Uttar Assam Nagaland Pradesh South 706 1359 Bihar Meghalaya Manipur Total 2434 4702 Jharkhan Madhya d West Mizoram Pradesh Bengal Tripura Chattisgarh Orissa • Agility of logistics business brings Maharashtra flexibility in port business, improves stickiness of cargo.

Andhra Pradesh & • Covering 70% of India’s economic Karnataka Telangana hinterland.

West Region • Economic hinterland reach in GDP terms will increase 2x. South Region Tamil Nadu Kerala East Region

Focus on further increasing the hinterland reach through organic and inorganic path

14 *Source : Internal Estimates Rail Volume (lakh TEUs)

Terminal Capacity (lakh TEUs) 3.3 2007 4.0 1.5 Terminal Volume (lakh TEUs) 4.0 Warehousing Capacity (lakh sqft.)

2019 4.0 2020 2007

3.3 2.4 5.0

2007

8 8 Barges Logistics Park 14 14 2018 2019 Silos 2020 4 5

2018

India’s largest and diversified private rail operator 2020 15 Developing Industrial Clusters: Total Land Bank ~10k+ Ha. • Mundra SEZ (8000 Ha.) West Coast East Coast 80% 20%

Mundra 8,000 20%

Proposed industrial development 80% • Kattupalli (150 Ha + 110* Ha) • Dhamra (1200 Ha + 450* Ha) West Coast East Coast

Dhamra 1650 Value Creation: • Bringing customer inside Port gate.

• Entrenching into customer’s supply chain – Higher Consumer Interface Kattupalli 260 • Providing Multimodal Connectivity

16 * Additional land under acquisition Revenue Growth (3yr CAGR) EBITDA Margin % 22.0% 64.0% Faster Growth than peers

46.7% 12.0% 42.8% 42.7% Name Credit Rating ESG Rating 39.0% APSEZ** Baa3/BBB-/BBB- CCC 4.8% 28.3% 3.7% 3.5% Peer 1 Baa1/A-/- BB

Peer 2 Baa3/-/BBB BB Peer 2 APSEZ Peer 5 Peer 3 Peer 4 Peer 1 APSEZ Peer 1 Peer 3 Peer 4 Peer 2 Peer 5 -2.3% Peer 3 Baa1/BBB/- CCC Net Debt/LTM EBITDA ROCE % Peer 4 Aa1/AA/- N.A. 8.3x 12.6%

Peer 5 A1/A+/- BB

8.1% 4.6x 4.5x 6.7% **APSEZ underlying rating is BBB/Baa2 5.5% 2.9x 4.7% 2.3x 2.2x 1.9%

Peer 3 Peer 1 Peer 2 APSEZ Peer 5 Peer 4 APSEZ Peer 2 Peer 4 Peer 5 Peer 1 Peer 3

Note: Ratings in the sequence of Moody’s / S&P / Fitch. Source: Audited financials as per each of the above companies’ publicly available rating reports. (1) Financials for comparable companies are on Last Twelve Month (LTM) 17 Peer 1 – Hutchison Port Holdings, Peer 2 – DP World, Peer 3 – China Merchant, Peer 4 – PSA Terminals, Peer 5 – Shanghai Port. As per internal analysis 18 Consistent investment grade Elongated debt maturity profile Liability Management- rating • Increased to 5 years. Natural Hedge • Since FY16, capped at sovereign. • We are moving towards • Debt mix - FX 68% andINR 32%. • Earnings growth and free cash unsecured debt (46% in • US dollar denominated income of flow generation to fortify FY16 to 71% in FY20). $430mn per annum provides coverages. natural hedge with 2.9x coverage.

Reduce Cost of Capital Robust capital allocation policy Optimized Capital Structure • Cost of Debt is at 6.4% per • Pre tax project IRR of >16%. • Desired level: Net Debt/EBITDA annum, • Rationalization of assets for 3.0x - 3.5x. Currently at 2.9x. • Timely and quality disclosure improving ROCE. • Shareholder return policy of 20%- and active guidance policy to • Economic value add enshrined 25% of PAT to continue. increase predictability. into all capital deployment.

19 Gross Debt, Net Debt & Net Debt to EBTIDA Product Mix

35 8.0x 7.0 1% 4% 29 7.0x 30 6.3 6.4 14% 27 3% 9% 5.7 7%

Thousands 6.0x 25 5.4 22 22 21 21 17% 20 21 5.0x 19 20 18 47% 4.4x 4.0x 15 3.4x 3.0x 10 2.9x 2.9x 61% 2.5x 2.0x 17%

5 1.0x 20% - 0.0x FY16 FY17 FY18 FY19 FY20 Mar-16 Mar -20

Gross Debt Net Debt Net Debt to EBITDA Interest (%) USD Bond Rupee Bond ECA/ECB RTL CP PCFC&STL Buyers Credit

• Net debt maintained at similar levels. • Increased EBITDA resulted in improved leverage ratio from 4.4x in FY16 to 2.9x in FY20. • Net Debt to EBITDA at 2.9x, maintained below our desired level of 3x-3.5x. • US Dollar bond increased from 20% to 61%, of debt portfolio, commensurate with increase in FX revenue.

* EBITDA excludes forex 20 Improving Interest cost Shrinking APSEZSpread

2.4% 2.38% 7.50% 6.97% 2.15% 7.00% 2.2% 54% 1.95% 1.95% 6.40% 6.29% 6.50% 2.0% 47% 1.50% 6.00% 1.8%

5.50% 5.70% 1.6% 34% 5.42% 5.00% 1.4% 24% 4.50% 22% 1.2% 4.00%

3.50% 1.0% Jul-15 Jan-17 Jun-17 Jul-19 Jul-19 6% 6% 3.00% 5% FY16 FY17 FY18 FY19 FY20 5 Years Bond 10 Years Bond

<1 year 1-3 years 3-5 years > 5 years

FY19 FY20

• Improved maturity profile of long term debt • Strong fundamentals enable tapping capital at • Elongated average maturity - 3 years to 5 years finer spreads

#Post issuance of two new bonds of USD 750 Mn and USD 650 Mn Note: 1 USD = INR 69.16 (As on March 31, 2019) 1 USD = INR 75.67 (As on March 31, 2020); 21 FX vs. INR Debt FY16 FY20 • FX to INR debt maintained at 68% 32% • 32% Unsecured debt increased from 46% to 71%. Foreign Currency • Shift towards long term debt (95%), Indian This improves maturity and liquidity position. Currency • Debt profile commensurate with asset profile 68% 68%

FY16 Secured vs. Unsecured FY20 FY16 Long vs. Short Term FY20 26% 5% 29%

54% 46% Secured Long Term Unsecured Short Term

71% # 74% 95%

22 Rating Ratios 30.0% 6.0x 4.9x 4.8x • Net debt to EBITDA* maintained at 2.9x 25.0% 4.5x 4.4x 5.0x 4.4x which is below our desired level of 3x-3.5x. 20.0% 4.0x 3.1x 3.4x • All key rating ratios continue to be in the 15.0% 2.9x 3.0x 2.9x prescribed range. 2.5x 10.0% 2.0x • Earnings growth and free cash 5.0% 1.0x 11.1% 11.5% 17.0% 18.6% 22.4% 25.1% 18.6% 22.6% 22.6% 27.6% flow generation to fortify coverage. 0.0% 0.0x FY 16 FY 17 FY 18 FY 19 FY 20 • Dollar denominated debt has increased to FFO / Gross Debt (18% - 25%) FFO / Net Debt (13% to 15%) ~2.7 bn in FY20 from ~1.9 bn in FY16. FFO Interest coverage (3x – 4.5x) Net Debt /EBIDTA However the coverage of forex debt maturity# in terms of dollar earnings has # 3000 FX Revenue and Debt Maturity , Coverage 350% increased from 0.7x in FY16 to 2.9x in FY20. 2.9x 2.8x 300% 2500 2.7x 2,652

250% 2000 2,163 2,129 FX Revenue 1,978 1,888 200% Annual FX Debt Maturity 1500 1.5x Total FX Debt 150% FX Rev/Total FX Debt 1000 100% FX Maturity Coverage 0.7x 410 430 500 330 371 273 50% 391 218 134 151 150 14% 17% 17% 19% 16% 0 0% FY16 FY17 FY18 FY19 FY20 23 * EBITDA excludes forex #Payouts of Annual Debt maturity are net of refinance ROCE and ROE

• Returns ratio continues to be robust.

24.9% • ROE is compressed in FY20 due to MTM 22.6% accounting for forex debt (normalized ROE at 21%). 19.0% 17.6% • Capex program is validated through 14.4% 14.9% 13.5% stringent mechanism to achieve targeted 12.1% 12.6% 11.0% returns (IRR) of >16%, as per capital allocation policy.

FY16 FY17 FY18 FY19 FY20

ROCE ROE

24 25 FY16 FY20 FY25

Capital Rs.341 bn. 1.4x Rs.480 bn. 1.05x Rs.505 bn. Employed** • Strict covenant management to maintain/improve IG rating.

• EBITDA to double in 5 years EBITDA Rs.46 bn. 1.7x Rs.76 bn. 1.9x Rs.145bn. with minimal further investment.

• Maturing of greenfield/ Net Debt / acquisition will lead to 4.4x 2.9x 3x EBIDTA 160 bps increase in ROCE.

ROCE 11% 160 bps 12.6% >740 bps 20%+

**Capital Employed = Net Worth + Total Debt-Cash - Cash Equivalent *1 US $ = Rs.75.67 Figure pertaining to Mar 20 26 Why Invest with us? APSEZ : Medium • The Platform which enables and encapsulates the entire gamut of supply chain. Term Growth Targets • A transport & logistics utility that dominates the network. • Presence across coastline of India de-risks portfolio, working ~25% ~14% towards east coast and west coast parity. All India Market Revenue CAGR Share • Unique operating model with sustained and diversified growth. • 60%+ sticky cargo brings resilience to earnings. • World-class technology and people with focus on environment, sustainability and governance. ~14% 20%+ EBITDA CAGR ROCE • Portfolio level diversified growth. • Strong sponsorship of .

27 28 52 % ↓* 37 % ↓* 6 MW 13 MW Energy Intensity Emission Intensity Wind Turbine Solar Panel 9074 GJ/MMT 1407 tCO2/MMT

44 % ↓* 99% 10 Million 2889 Ha - Afforestation Waste Managed through 5R Trees Planted 2340 Ha - Conservation Water Intensity Waste Management Mangrove 20.2 ML / MMT Terrestrial Plantation

70 % 5 % Local Procurement Employee Turnover

Current ESG Rating Focus Areas • As per MSCI APSEZ is rated ‘CCC’, we are Efficient use of water and energy from engaging with MSCI for revision. cleaner sources • Reduction of emission levels • Zero tolerance for fatalities at ports

*Compared to Base year FY 16 29 #Current Capacity Target by FY 21 Target by FY 25

Energy Intensity - 55% Reduction Energy Intensity - 60% Reduction Natural Resource Conservation Water Neutrality Roadmap Alliance for Water Stewardship

Water Intensity - 45% Reduction Water Intensity - 55% Reduction

RE Installation - 26 MW RE Installation - 100 MW

Carbon RE Share - 6% of Total/ 12% of Grid RE Share - 25% of Total/ 45% of Grid Neutrality

Emission Intensity - 40% Reduction Emission Intensity - 60% Reduction

Zero Liquid Discharge Zero Liquid Discharge Waste Management Zero Waste to Landfill at 3 sites Zero Waste to Landfill across all sites

30 Target by FY 21 Target by FY 25 Safety

Mandatory Induction Training for BSC 5 Star Audit and Certification of Ports everyone entering into APSEZ Premises

Employee Turnover < 6% Employee Turnover < 5% Employee Development and Employee Satisfaction Score - 4.2/5 Employee Satisfaction Score - 4.5/5 Welfare

Average Training Hours - 25 - 30 Average Training Hours > 30

Vendor Management Vendor Satisfaction Score 90/100 Vendor Satisfaction Score - 95/100

Customer Centricity Customer Satisfaction Score 90/100 Customer Satisfaction Score - 95/100

Skill Development > 50000 Individuals Skill Development > 5 Lakh Individuals Community Development Women Empowerment - 150 SHG Women Empowerment - 500 SHG

31 Recent Policy Initiatives FY21 Targets

Policy on “Related Party Transaction All CXOs level employees and KMPs for Acquiring and Sale ofAssets”. compensation to be linked to safety.

Audit Committee and Nomination & Policy Capital Allocation policy -Project pre Remuneration Committee consisting tax IRR of 16% for all new projects of only independent directors.

Dividend set at 20% to 25% of Profit After Tax (PAT) to be paid out as Appointment of Lead Independent dividend or capital returns (share Director. buyback) or a combination.

Improved gender diversity among No over-boarded Directors to board members. be appointed. Board Members Current board members possess specific skills Establishment of Disclosure Committee on industry, risk and finance. by December 2020.

Investment grade rating to be Establishment of Global Code & Policy Capital Structure maintained to reduce cost of capital. Committee by March 2021.

32 Education Community Health

Free Education – Transportation Support – Medical Support – Support for Insurance cover – 137 students 605 students 9876 persons 2566 persons

Play School for – Turtle Conservation Trainings Senior Citizen Scheme Medical Financial Support in 1061 students to Fishermen – (above 60 years) – case of emergencies – 250 fishermen 250 persons 3678 persons Scholarship Support – 530 students

Sustainable Livelihood Community Infrastructure

Alternate Livelihood Support DATS Distribution for Safety Basic Facilities Constructed approach road (Mangroves Nursery) – to Boat Fisherman – (Shelter and Electricity) – for fishing activity – 42048 person days 50 beneficiaries 288 persons 13.23 km

Women Empowerment – Cycle to coastal Fisherman – Drinking water facilities – Restoration of Shelter – 1505 beneficiaries 74 beneficiaries 1085 Households 385

Fishing equipment support – Life Jacket Support – Sanitation Facility – Solar Light/ lantern support – 3046 beneficiaries 1250 beneficiaries 185 toilets 1293 lamps

33 36-39 Outlook

40 APSEZ – Credit Ratings

41-42 Technology and People

43 Case : Carbon Footprint Reduction

34 35 • Port operation is classified as an ‘essential service’ and as such all Ports are operating. • Announced Force Majeure to customers in order to mitigate the risks of under- performance due to bottlenecks. • Implementing operating procedures laid down by Govt. of India at all our Ports with safety of the workforce as a top priority. • Operational staff quarantined at Ports with all arrangements for safe work environment. • Hygiene, sanitization of workplaces & sites ensured, enabled 100% thermal scanning. • Majority of our employees are working from home. • Proactive steps for movement of containers through rail by the government. • Rail traffic from our Ports moving efficiently, enabling us to convert road to rail traffic. • Cargo volume impacted due to logistics bottleneck and constraints in supply chain.

36 Economic Outlook Operations Outlook

• Cargo volume lower due to slow movement of road • transport and supply bottlenecks. Availability of manpower to be a challenge this will impact productivity in the short term. • Situation expected to improve progressively from • 4th May as lockdown will be lifted in phases. Challenges to various industries as supply chain are clogged. • India’s GDP growth rate for FY21 is estimated to be • flattish and various agencies are predicting a zero EXIM to be subdued for some time. growth. • PMI expected to pick up from H1 FY21. • GOI expected to announce stimulus to revive • MSMEs and industrial production. Expecting slow pick up in cargo volume in Q2 FY21. • RBI will continue to focus on ensuring ample • liquidity and flow of credit to industries. V shape recovery possible in H2 F21 post complete lifting of lockdown. • Agriculture output to be at record level thus aiding exports.

37 Liquidity Management Focus on Cash Conservation

• Focus on maintaining adequate liquidity to tide over • Rationalizing operating expenses : uncertainties and unpredictable scenarios. • Improving efficiency and optimizing cost. • Converting fixed cost to variable cost. • Fully covered in-terms of debt servicing for next 12 months by ensuring adequate liquidity. • Capex : • Reduction in Capex spending from Rs.4,000 cr. • Available cash balances of ~Rs.7,300 cr., creates a to Rs.2,000 cr. safety net. • Improving Working Capital Cycle : • Improving DSO • Optimizing payment cycle

Capital Management Update on Acquisition

• IG rating to be maintained. Improving liquidity We will complete the planned acquisitions as some of ratios ensuring credit quality. them are transformational in nature • • Net debt to EBITDA within the desired level of KPCL, Dighi – pending approval from authorities • 3 to 3.5x. Above acquisitions are now expected to be complete by Q3 of FY21.

38 APSEZ - International Rating Joint Ventures –Domestic Ratings

Rating Agency Rating/ Outlook Remarks Rating Agency Rating/ Outlook Company Remarks AICTPL Fitch BBB-/Stable No change CARE AA/Stable Long Term (JV with as Facilities MSC) Moody’s Baa3/Stable compared Adani CMA (JV to India Rating A+/Stable Long Term with CMA S&P BBB-/Stable previous Facilities CGM) quarter Subsidiaries – Domestic Rating APSEZ - Domestic Rating Rating Agency Rating/ Outlook Company Remarks Rating Agency Rating/ Outlook Remarks Adani Agri Rupee Term CARE AA+ (CE) / Stable CARE AA+/Stable Long Term Logistics Ltd Loan Facility Facility @ Rupee Term AA+ ; A1+ Long Term ICRA AA+ (CE); Stable Adani Hazira Loan Facility; ICRA Facility Short Term Rupee Term Facility ICRA A+/Stable MUPL Loan Long Term Facility India Rating AA+/Stable: A1+ Facility; Dha Rupee Term India Rating AA/Stable Short Term mra Loan Facility Port Facility Com pany

Fitch has reaffirmed BBB- / Stable outlook for APSEZ despite the uncertain global environment due to COVID 19 pandemic No change in International & Domestic Ratings during the last quarter

39 Note: @ - ‘on watch with negative implication’ ; CE – ‘Credit Enhancement’ Design Bidding

Automated Automated & Integrated Workflow Project Workflow & Platforms for Internal and External Management 1 Data Based Stakeholders – providing visibility Operations Collaboration Decision making & data based decision making Project Closeout

Data Capturing Data and using Integrate 2 Analytics & the same for Performance Optimisation Improvement

Visualise Analyse

Ocean Shipping Schedule Weather Data Port Robust & Efficient, future ready, integrated, Schedule 3 Secure flexible, disruptive & secure IT & Port Arrival/ APSEZ Technology Universe Departure Database Technology Monitoring Framework Ship Navigation Tracking Analysis Data

Building best-in-class technology to attain higher efficiencies and deliver better customer experiences

40 Leadership pipeline Continuous Capability Talent development Development Management • Leadership readiness for new • Focused training approach. • Create Opportunities for business and international expansion. Internal Talent. • People in sync with changing needs. • Successor Identification, • Lateral requirement from IIM, IITs, Development & Deployment. • Enhance culture of Collaboration and other premier institute of India. • Mentor mentee, Takshashila, North- • Readiness for integrating Star program. • Technology adaptable workforce acquisitions & international expansion • Scalable organisation structure

Building APSEZ as a future ready organisation: Right People with Right Skills at Right Positions & Right Locations

41 Renewable Energy Initiatives Integrated Waste Management Energy Mix Waste Management through 5R Principle (Reduce, Reuse, Reprocess, Recycle, Recover)

Renewable 6% Renewable 25% FY 20 Conventional FY 25 Conventional 75% 94%

Initiatives Achievements E-RTG Conversion of D-RTG to E-RTG Material Recovery Facility Conveyor Belt Replaced mechanical operation of coal shifting with conveyor belt Zero Waste to Landfill Biogas Plant (Waste to Energy) certification Replaced conventional lighting system with energy efficient LEDs LED Organic Waste Converter Biogas generation – 30 m3/day Fuel consumption for steel coil handling activity reduced by 50% 5XL Trailer Oil-water separator facility 1 MTD manure production Shore Providing shore power to tug and dredger operations Waste Co-processing by Power Pilot project of LNG driven ITVs has been successfully tested Cement Industry Fuel Shift Pilot project on battery driven tug is in progress R&D D-RTG - Diesel Rubber Tyre Gantry Crane E-RTG - Electric Rubber Tyre Gantry Crane

42 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 Ports and Special Economic Zone Limited (“APSEZL”),the future outlook and growth prospects, and future developments of the business and the 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 APSEZL’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 APSEZL. APSEZL, 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. APSEZL 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. APSEZL 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 authorised 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 authorised by or on behalf of APSEZL. 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.

Investor Relations Team:

MR. D.BALASUBRAMANYAM MR. SATYA PRAKASH MISHRA MR. ATHARV ATRE Group Head - Investor Relations Senior Manager - Investor Relations Assistant Manager - Investor Relations [email protected] [email protected] [email protected] +91 79 2555 9332 +91 79 2555 6016 +91 79 2555 7730

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