Results Compendium Q1 FY22 – Adani Group

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Adani Listed Portfolio Results – Compendium Q1 FY22 Adani Group: A world class infrastructure & utility portfolio

Adani Transport & Logistics Energy & Utility • Marked shift from B2B to Portfolio Portfolio B2C businesses– • ATGL – Gas distribution 63.8% 100% 75% 57.7% network to serve key geographies across India APSEZ ATL AGEL NQXT2 Port & Logistics T&D Renewables • AEML – Electricity distribution network 100% 75% 37.4% that powers the SRCPL APL ATGL3 financial capital of Rail 75% IPP Gas DisCom India • Adani Airports – To AEL operate, manage and Incubator develop eight airports in the country

• Locked in Growth – • Transport & Logistics - 100% 100% 100% 50% Airports and Roads AAHL ARTL AWL AdaniConneX4 • Energy & Utility – Airports Roads Water Data Centre Water and ~USD 89 bn1 Data Centre Combined Market Cap

Opportunity identification, development and beneficiation is intrinsic to diversification and growth of the group. 2

1 . As on July 30th , 2021, USD/INR – 74.4 | Note - Percentages denote promoter holding and Light blue color represent public traded listed verticals 2. NQXT – North Queensland Export Terminal | 3. ATGL – Adani Total Gas Ltd, JV with Total Energies | 4. Data center, JV with EdgeConnex Adani Group: Decades long track record of industry best growth rates across sectors

Port Cargo Throughput (MMT) Renewable Capacity (GW) Transmission Network (ckm) CGD7 (GAs8 covered) 132% 12% 45% 20%

3x 5x 3x 30% 1.5x

4% 7% 25%

Industry AdaAPSEZni Industry AGELAdani Industry ATL Industry AGL

2014 972 MMT 113 MMT 2016 46 GW 0.3 GW 2016 320,000 ckm 6,950 ckm 2015 62 GAs 6 GAs 2021 1,246 MMT 247 MMT 2021 140 GW9 19.3 GW6 2021 441,821 ckm 18,801 ckm 2021 228 GAs 38 GAs

APSEZ AGEL ATL ATGL Highest Margin among Worlds largest Highest availability India’s Largest private CGD Peers globally developer among Peers business EBITDA margin: 70%1,2 EBITDA margin: 91%1,4 EBITDA margin: 92%1,3,5 EBITDA margin: 41%1 Next best peer margin: 55% Among the best in Industry Next best peer margin: 89% Among the best in industry

Transformative model driving scale, growth and free cashflow 3 Note: 1 Data for FY21; 2 Margin for ports business only, Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4 EBITDA Margin represents EBITDA earned from power supply 5 . Operating EBITDA margin of transmission business only, does not include distribution business. 6. Contracted & awarded capacity 7. CGD – City Gas distribution 8. GAs - Geographical Areas - Including JV | Industry data is from market intelligence 9. This includes 17GW of renewable capacity where PPA has been signed and the capacity is under various stages of implementation and 29GW of capacity where PPA is yet to be signed’ Adani Group: Repeatable, robust & proven transformative model of investment

Phase Development Operations Post Operations

Origination Site Development Construction Operation Capital Mgmt

• Analysis & market • Site acquisition • Engineering & design • Life cycleO&M • Redesigning capital structure planning of assets intelligence • Concessions & regulatory • Sourcing & quality levels • Viability analysis agreements • Asset Management plan • Operational phase funding • Equity & debt funding at consistent with asset life

Activity • Strategic value • Investment case development project

Revolving project finance facility of India’s Largest Longest Private HVDC 648 MW Ultra Mega Energy Network Operation $1.35Bn at AGEL – fully funded Commercial Port Line in Asia Solar Power Plant Center (ENOC) project pipeline (at Mundra) (Mundra - Mohindergarh) (at Kamuthi, TamilNadu) First ever GMTN1 of USD 2Bn by an energy utility player in India - an SLB2 in line with COP26 goals - at Highest Margin Highest line Constructed and Centralized continuous AEML Commissioned in monitoring of plants among Peers availability Issuance of 20 & 10 year dual tranche nine months across India on a single cloud based platform bond of USD 750 mn - APSEZ the only

Performance infrastructure company to do so

Debt structure moving from PSU’s banks to Bonds

14% 30% 50% 31% 55% 20% 4

1. GMTN – Global Medium Term Notes 2. SLB – Sustainability Linked Bonds PSU Pvt. Banks Bonds March 2016 March 2021 Adani Listed Portfolio : Highlights of Q1 FY22 Results (YoY)

Operations Strategy Finance

• APSEZ continues its dominant position • APSEZ - As part of east coast west • EBITDA of listed portfolio grew by with market share increasing to 29% of coast parity Krishnapatnam acquisition 48% all India cargo volume. completed. Working towards gaining • All listed entities reported positive 100% stake at Gangavaram Port. • In AEL, developed businesses PAT with 98%# growth. outperformed, new businesses (airport, • AEL - Currently incubating data center • APSEZ became the first Indian roads, and data center) on fast track & road asset business and hosting the infrastructure company to have mode. largest airport platform. raised a dual-tranche of 10.5-year and • At AGEL, higher capacity results in 20-year unsecured bonds for USD • AGEL - Continued focus on capacity significant increase sale of energy (up 750 mn at attractive fixed coupon of expansion. Acquiring SB Energy’s 5 GW 48%) 3.8% and 5% respectively, India renewable portfolio for fast 1 • ATL operationalized 207 ckt kms line tracking 2025 guidance of 25 GW. • First ever GMTN of USD 2bn by an during the quarter. Currently total energy utility player in India’s – an network of 18,801 ckm. • ATL - To capitalize on locked-in growth SLB2 in line with COP26 goals at with project pipeline of Rs. 185 bn in AEML • In ATGL, CNG volume (up 180%) and transmission segment. AEML PNG volume (up 80%) drive growth positioned as reliable, affordable and • At APL, Unit sales at 16.2 BU, a 28% sustainable service provider growth.

Robust performance across all businesses led to significant growth in EBITDA and return to shareholders 5 *EBITDA includes other income #Excludes APL which had a negative PAT in Q1 FY21 1 GMTN – Global Medium Term Notes 2 SLB – Sustainability Lined Bonds Adani Listed Portfolio : EBITDA from Transport, Incubation and Utilities Rs. In cr.

Transport & Logistics Platform Incubator (AEL) Utility Platform

3,500 1,000 948 6,000 3,001 900 3,000 4,895 58% 800 5,000 29% 2,500 215% 3,798 700 4,000 1,895 2,000 600 500 3,000 1,500 400 301 2,000 1,000 300 200 500 1,000 100 0 0 0 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22

Performance of Utility Platform • Growing at exceptional rate (29%); and • Within Utility platform Deep Green (Carbon Sinks) growing at 47%.

Incubation Portfolio • Four operating airports, will expand to eight catering to 300mn + consumer base • Developing Roads (toll-roads) and Data Centre portfolio ( construction underway)

Note – Transport and Logistics platform = APSEZ | Utility platform includes EBITDA of ATL, ATGL, APL and AGEL | Carbon Sinks includes EBITDA of AGEL and solar mfg. Adani Listed Portfolio : Significant EBITDA growth in Q1 FY22 (Rs. In cr.)

AEL APSEZ^ APL • AEL EBIDTA grew due to higher revenues in all the segments 948 2,292 3,001 and better margins in IRM 49% 58% 1,541 • APSEZ EBITDA growth is on 215% 1,895 account of increase in cargo

301 volume, operational efficiency and capacity utilization • APL EBITDA for the quarter

Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 improved mainly due to higher volumes, improved merchant ATL AGEL ATGL tariffs, and higher prior period income recognition. 1,491 1,496 0.3% 892 215 • AGEL EBITDA grew on account of increase in revenues and 680 31% cost-efficient O&M driven by 150% thrust on data analytics 86 • ATGL EBITDA grew mainly due to growth in volumes

Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22

Strong growth in combined EBITDA of listed portfolio by 48% in Q1 FY22 demonstrates the utility nature of businesses 7 *EBITDA includes other income ^APSEZ EBITDA for Q1 FY21 excludes forex gain/loss and one time donation of Rs.80 cr. Note : AEL – Adani Enterprises Limited; AGEL – Adani Green Energy Limited; APL – Adani Power Limited ; APSEZ – Adani Ports and SEZ Limited, ATGL – Adani Total Gas Limited and ATL – Adani Transmission Limited Adani Listed Portfolio : Robust ESG Assurance Framework

Guiding principles

United Nations Global Sustainable Development GRI Standards Compact Goals Policies Guiding principle Disclosure Standards

TCFD SBTi CDP disclosure

Policy Structure Focus Area - UNSDG

ESG • Environment Policy • Climate Action E • Energy and Emission Policy • No poverty • Water Stewardship Policy • Zero hunger • Human Rights • Good health and well being S • Corporate Social Responsibility Policy • Quality education • Occupational Health and Safety Policy • Clean water and sanitization Commitment Assurance (see slide 11) • Board Diversity • Affordable and clean energy G • Dividend Distribution and Shareholder • Decent work and economic growth Return Policy • Related Party Transaction Policy • Industry, innovation & infrastructure

Policy framework backed by robust assurance program 8 Adani Listed Portfolio : Environmental Philosophy

Offsetting Carbon Emission Conservation of Resource Waste Management • Zero waste to landfill by 2025 • Carbon Neutrality by 2025^ • Reducing water footprint by 60% • Circular Economy Climate • Supporting low carbon Economy • Land use and cover management • Scientific Disposal of Hazardous Awareness • Carbon sequestration by • Energy Management Waste afforestation • Optimizing Input Consumption • Single Use Plastic free sites by • Improving Carbon Efficiency • Biodiversity conservation 2025

• Increase Renewable Energy share – • Reduce freshwater withdrawal • Material Recovery Facility 30% by FY23 and 60% by FY27^^ • Reuse, recycle and replenish • Biogas Plant (Waste to Energy) Climate • Promote low carbon technology • Net Water neutrality by 2025# • Organic Waste Converter Readiness • Afforestation and Conservation • Optimize land use • Reduce waste outcome

Aligning business and future investments with globally accepted ESG principles for sustainable growth (Disclosure in public domain) • Participating in CDP – Climate Change disclosure. • ESG disclosures vide corporate sustainability assessment platform of DJSI-S&P Global. Climate • Supporting TCFD recommendations and signatory to SBTi – Business Ambition for 1.5℃. Alignment • Participating in CDP – Water Security disclosure and aiming for alliance for water stewardship certification. • Research & Development and Innovation for low carbon technology. • Biodiversity Management & Conservation. 9 CDP - Carbon Disclosure Project ^ Target for APSEZ TCFD - Task Force on Climate related Financial Disclosure ^^ Target for AEML SBTi- Science Based Target initiative # Net water neutrality of plant capacity exceeding 200 MW at AGEL Adani Listed Portfolio : Social philosophy

Our Key Social Initiatives mapped to UNSDG United Nations Sustainable Development Goals 2030 Women’s All Locations • Own schools, digitalization and up gradation of Govt. Education school to provide cost free education to the needy. 1. No Poverty 4. Quality Education

Women’s Health Sarguja • Partnered with self help group to educate and 3. Good Health & Well Being provide sanitary pads for safe menstrual hygiene to ensure better health.

Women’s Trivandrum • Livelihood projects for sustenance in multiple areas Empowerment 2. Zero Hunger 5. Gender Equality 8. Decent Work & Economic Growth

Ecology Mundra • Conservation of mangroves in coordination with GUIDE 7. Affordable and Clean Energy 13. Climate Action 14. Life Below Water 15. Life on Land

Local & Rural infra Godda • Social licensing by Community engagement for Development coexistence and creating sustainable livelihood and 9. Industry, Innovation & Infra Structure infrastructure 11. Sustainable Cities & Communities

Water Secure Multiple • Deepening of ponds and tanks, Rooftop Rainwater Nation Locations Harvesting, Recharging Bore wells 6. Clean Water and Sanitation

Social philosophy drives initiatives that are aligned with UN Sustainable Development Goals 10 Adani Listed Portfolio : Governance Philosophy

Policies Committees Assurance

• Environment Policy • Corporate Responsibility Committee • Energy and Emission Policy • Risk Management Committee Corporate • Water Stewardship Policy Responsibility Committee • Corporate Social Responsibility Establishment of Policy • Corporate Social Responsibility Committee “CRC” of the board • Occupational Health and Safety • Stakeholder Relationship Committee to providehfp Policy assurance for all • Human Rights ESG commitments

• Audit Committee (100% independent • Related Party Transaction Policy directors) (100% Independent • Dividend Distribution and • Nomination and Remuneration Committee Shareholder Return directors) (100% independent directors) • Nomination and Remuneration • Risk Management committee • Code for Fair Disclosure of UPSI • Info tech and data security committee

Governance philosophy encompassing strong policy and structure backed by robust assurance mechanism 11 Adani Portfolio Business wise performance - Q1 FY22

12 Adani Ports and SEZ Ltd.

13 Adani Ports and SEZ Ltd : Q1 FY22 Result Highlights (YoY)

Operations Strategy Finance

• Continues its dominant position with • As part of east coast west coast parity • Under capital management program market share increasing to 29% of all Krishnapatnam acquisition completed. issued USD 750 mn (10.5 and 20 year ) India cargo volume. • Working towards gaining 100% stake dual tranche bond, thus giving a longer at Gangavaram Port. yield curve to investors and elongating • Market share in container business debt profile. now stands at 43% of all India • Increasing foot print in the regional container volume. space, will develop container terminal • Growth in operating revenue led by at Colombo port. ports (75%), logistics (34%) and SEZ • Registered a cargo volume growth of • Consolidating existing rail assets port led development income. 83% by handling 76 MMT. under one roof for integrating Adani • Port EBITDA margin expanded by 100 and non Adani ports and also to • In logistics business, continue to build bps to 71% due to capacity utilization participate in Indian Railways PPP on increasing asset base, added 5 new and operational efficiency bulk rakes under GPWIS. projects thus further integrating its logistics business. • Strong operational performance led to an EPS growth of 72%

Leadership position backed by consistent outperformance

14 Adani Ports and SEZ Ltd : ESG update Q1 FY22

Q1 FY22 Performance Initiatives till date

Energy Intensity* Emission Intensity* Wind Energy # Solar Energy# 1% ↑ 0.3 % ↑ 6 MW 14 MW 184 GJ/Revenue 23 tCO2e/Revenue

Water Intensity* Waste Management* Terrestrial Plantation Mangrove 83% 1.7 Million 2989 Ha - Afforestation 35 % ↓ 2596 Ha - Conservation Managed through 5R Trees Planted 0.27 ML/Revenue

Current ESG Rating

• CDP – Climate Change Score improved to “B-” from “C+” in 2019 • CDP – Supplier engagement rating improved to “B” from “B-” in 2019 • CDP – Obtained an initial Water Security Score “B”, which is same as Asia regional average • Sustainalytics – ESG Risk Rating improved to “Low” from “Medium” in 2019 • MSCI – ESG Rating ‘CCC’

*Compared to Q1 FY21 #Current Capacity Adani Ports and SEZ Ltd : ESG performance Q1 FY22

Energy Intensity Emission Intensity

900000 200 786,542 120000 25

180 800000 23

100000 160 23 182 20 700000 184

140 600000 97286 501,333 80000 120 • 15 Energy, Emission and Waste

500000

100 60000 400000 intensity increased during the

80 62435 10

300000 40000 60 period due to addition of

200000

40 5

20000

100000 20 Krishnapatnam port data in the

0 0 0 0 reporting boundary. Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22 • Water intensity decreased by 35% Energy (GJ) Energy Intensity (GJ/ Revenue) Emission (tCO2e) Emission Intensity (tCO2e/ Revenue) on account of favorable cargo mix. • 83% of the waste was managed by Water Intensity Waste Intensity following 5R principles.

1155 0.45 3000 2819 0.70

0.41 1150 0.40 0.60 1150 2500 0.66

0.35

0.50 1145 0.30 2000 0.45 0.40 0.27 0.25

1140 1500

0.20 1237 0.30 1134 1135 0.15 1000

0.20

0.10

1130 500

0.10

0.05

1125 0.00 0 0.00 Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22

Water Consumption (ML) Water Intensity (ML/ Revenue) Waste Disposal (MT) Waste Intensity (MT/ Revenue) 16

Unassured Data Adani Ports and SEZ Ltd : ESG performance Q1 FY22

Renewable Energy Share Safety

7 0.60 7.00% 5.93%

6 0.54 6.00% 5.55% 0.50

5 5.00%

0.40

4 4.00% 4

0.30

3 3.00% 0.25

0.20

2 2.00% 3 0.10

1 1.00% 2

0 0.00 0.00% Q1 FY21 Q1 FY22 Q1 FY21 Q1 FY22

RE Share (%) Fatal (No.) LTI (No.) Injury Rate

• Renewable energy share at similar levels. • 53% reduction in Injury rate with two lost time injuries. Adherence to SOPs and safety protocols laid down help minimize and eliminate LTIs and injuries.

Dedicated training programs and regular assurance programs ensures improvement and continuity

Unassured Data Adani Green Energy Ltd.

18 Adani Green Energy Ltd : Q1 FY22 Result Highlights (YoY)

Operations Strategy Finance

• • Renewable projects of 200 MW Continued focus on capacity • Higher renewable power sales results commissioned, operating portfolio is expansion. To reach 25 GW capacity by in 23% growth in total income. now at 3520 MW 2025. • Increase in revenues and cost-efficient • Higher capacity results in significant • Acquiring SB Energy’s 5 GW India O&M driven by thrust on data analytics increase sale of energy (up 48%) renewable portfolio for a fully results in 120 bps improvement in • Solar portfolio CUF up by 20 bps at completed EV of USD 3.5 billion for EBITDA margin (at 92.5%) 25% on the back of consistently high fast tracking 2025 guidance. • Significant increase in cash profits, up plant availability of 99.6%. • Post SB Energy’s acquisition, by 35% (at Rs.460 cr) • Significant improvement in Wind CUF, Operational Capacity to increase from up by 160 bps at 38.5% backed by 3,520 MW to 5,370 MW1 and total technologically advanced and more Locked-in Growth2 to increase from efficient newly added Wind Turbine 18,190 MW to 24,294 MW1 Generators. • Resource planning in place for achieving targeted guidance

Stellar operational performance results in highest Revenue & Cash Profit ever in a quarter

19 1. Includes (i) 5 GW renewable portfolio under acquisition from SoftBank and Bharti group including 1.7 GW operational solar assets and (ii) 150 MW operational wind assets under acquisition from Inox as well. 2. Locked-in growth includes operational, under implementation, awarded and L1 bid projects. The L1 bid projects are solar projects of 300 0 MW with green shoe option for 1,500 MW for which AGEL is declared L1 bidder in a tender issued by Andhra Pradesh Green Energy Corporation Ltd. Allotment of this tender is sub judice. Adani Green Energy Ltd : ESG performance Update – Q1 FY22

Pollution control & GHG emission reduction Bio-diversity conservation  AGEL became a signatory to “The GRI South Asia Charter on Sustainability Imperatives” develop targets and action plans to  100% of the operations covered under commitment by make contributions to UN Sustainable Development Goals (SDGs) AGEL for India Business and Biodiversity Initiative (IBBI)

 2.02 mn ton CO2 emission avoided in Q1 FY22  100% of operations of AGEL committed to No Net Loss of  99.5% less emission Intensity per unit of generation (0.0023 GHG Biodiversity targets Corporate tCO2 / MWh) in Q1 FY22 v/s Indian grid average of 0.83 tCO2 / MWh

Resource conservation Occupational Health & Safety

 Received India’s best Environmental score in ESG rating by  Zero LTIFR in Q1 FY22 Edelweiss ESG Way: NSE 100 ESG ranking, June 2021  15.31 million continuous safe man hrs till in Q1 FY22  99.14% less Fresh Water consumption per unit of generation (0.03 kl/MWh) in Q1 FY22 as against 3.5 kl / MWh, statutory limit  15,490 workman training hours on safety in Q1 FY22 for thermal power  Employee retention rate of 95.2% for Q1 FY22

Waste Management & Circular Economy Education & Sustainable Livelihood Zero hazardous waste generated, and 657 MT Non-hazardous  624 direct/ indirect job opportunities provided in Q1 FY22 waste generated & diverted away from landfill by putting into  AGEL runs several initiatives focused on education, circular economy through sale to vendors community health, sustainable livelihood & community 100% of the sites are implementing single use plastic free and zero infrastructure via Adani Foundation and has presence in waste to landfill assessments 18 States (2,315 villages) touching 3.4 mn lives

Received Prime badge by ISS-ESG; Ranked best in Environmental Performance among NSE 100 by Edelweiss 20

ISS: Institutional Shareholder Services group of companies, part owned by Deutsche Bourse Group, is a leading provider of corporate governance and responsible investment solutions Adani Transmission Ltd.

21 Adani Transmission Ltd : Q1 FY22 Result Highlights (YoY)

Operations Strategy Finance

Transmission Business: • To capitalize on locked-in growth with • Under capital management program • Currently total network of 18,801 ckm. project pipeline of Rs. 185 bn in Adani Electricity successfully placed Operationalized 207 ckt kms line transmission segment. US$ 300 million under its USD 2 during the quarter. • AEML positioned as reliable, affordable billion Global Medium-Term Notes and sustainable service provider Program through a sustainability • Transmission Lines operated at greater linked (SLB) 10-year bond. than 99.85% (average) availability • Aiming for 60% RE power procurement mix by FY27 • Increase in transmission line availability, rebound in electricity Distribution Business: • Strategic partner like QIA lends consumption by commercial credibility to business. establishments results in revenue and • Maintained supply reliability of 99.99% • Amendment in Electricity Act to EBITDA increase • High double digit growth in units sold further offer growth opportunities in • PAT grew by 22% to Rs.433 cr. (2,036 million units, up 18%) Distribution side • Distribution loss continues to decline, reduced to 6.88% • Collection efficiency remains above 100%

Unique combination of Predictable and Annuity Returns in transmission and strong growth in distribution segment

22 * EBITDA excluding other income Note: Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss Adani Transmission Ltd : ESG Performance and Initiatives in Q1FY22

ESG Performance (Q1FY22 vs. Q1FY21)1 ESG Initiatives during the quarter

• ADTPS (Dahanu plant) has become 1st power plant in Adani Energy 37.7% vertical to be certified for “Water Efficiency Management System ISO 4 % Scope 1 Emission 46001:2019” Auxiliary Power (2) Consumption 369% Scope 2 Emission • At the outset of ‘World Environment Day’, ATL has planted 6228 saplings

• Adani Transmission's entity Adani Electricity Mumbai became First in 211%(3) 13.52% Solar Power Fresh Water India’s Energy Sector to Issue Sustainability Linked Bond Generation Consumption • ATL has published its Integrated Report of FY21 during the quarter with enhanced disclosures and adoption of world-class standards 289.04 Ha - Afforestation • Cumulative ATL has initiated its project of “Zero Waste to Landfill” at portfolio Mangrove level and expected to have certification by Q-3, FY22

ESG Standing ESG Focus Area • ATL has secured 2nd position in India and 42nd in the world in • Improve ESG ratings assigned by agencies such as FTSE, MSCI, DJSI electric utility sector amongst 283 companies as per DJSI- S&P • Reduction of emission levels global CSA for year 2020 • Zero tolerance for fatalities

Note: 1) ESG performance data is provisional and subject to external assurance and audit; 2) We have changed the methodology for calculation of emissions which leads to increase in the scope-2 emission; 3) Solar power capacity has increased resulting into higher generation Adani Transmission Ltd : Inculcating Safety Culture

Safety Initiatives During Q1FY22 Safety Performance in Q1FY22

Safety Parameters Q1FY22 Q1FY21 • 48,488 man-hours of safety training and awareness during the quarter LTI 1 0 • Training session on basic fire fighting was conducted in June Fatalities 0 0 • Release of Safety Performance Index (SPI) for project and O&M locations LTIFR (LTI Frequency Rate) 5.84 0 • May Safe – Training sessions were conducted covering the aspects on JSA, SCA, Gensuite awareness and PSAP LTI (LTI Severity Rate) 0.29 4.62 • As part of Technology initiative trial was conducted on usage Safety training by Safety team of Smart wearable at one of our Sub stations 48,488 16,669 (in Men-Hours)

Notes: JSA – Job Safety Analysis, SCA - Safety Checks and Assurance (SCA), PSAP - Public Safety Action Plan Adani Enterprises Ltd.

25 AEL : Q1 FY22 Result Highlights (YoY)

Operations Strategy Finance

• Developed businesses – • To be the largest airport operator in • Developed businesses outperformed. • Mining services, production India with 300 mn+ consumer base • Mining revenue increased by 38%, solar increased by 114% to 4.7 MMT • Participating in India’s road by 194% and IRM by 193% due to higher 2 • Solar module manufacturing up development journey through BOT , production and strong dispatches, 2 2 247% to 271 MW TOT and HAM model, targeted to be • Significant increase in EBITDA due to 12,000 lane km by 2026 • IRM1 volume stood at 17.6 MMT up higher revenue across all segments and 138% • Contributing to India’s “Aatma Nirbhar better margin in IRM. Bharat Abhiyan” through solar cell and • Developing Businesses – module manufacturing • Currently operating four airports in • Data Centers - Goal to have a 1GW Data India, handled 3.5 mn passengers Center Platform in a decade that • Signed four concession agreement empowers a Digital India. for development of roads across India • Data center construction at AdaniConneX’s Chennai facility started.

Incubating new wave of infrastructure and utility assets like airports, data centers with strong growth prospects

1. IRM – Integrated Resources Management 2. BOT – Build Operate Transfer | TOT – Toll Operate Transfer | HAM – Hybrid Annuity Model AEL : ESG performance (March-21) - Mining Services

2.5 % ↓* 12 % ↓* Emission Intensity Water Intensity Energy Intensity 0.20 tCO2/MT 5624 GJ/MMT 187 Litres / MT

99% 6.48 Lakh 3797 Ha - C Afforestation Waste Managed through 5R Trees Planted 261 Ha - Reclamation Waste Management Terrestrial Plantation CA Land & Excavation Area

Mining Certification Focus Areas ISO 2600:2010, ISO 31000: 2009, • Efficient use of water and energy ISO 9001:2015, ISO 14001:2015, • Reduction of emission levels OHSAS-18001:2007 • Zero tolerance for fatalities at mine sites • Faster reclamation of de-coaled areas

27 ISO – International Organization for Standardization *Compared to Base year FY 18 OHSAS – Occupational Health and Safety Assessment Series #Current Capacity AEL : ESG performance as on March 21 - Solar Manufacturing

Natural Resource Conservation

 Rooftop Solar plants helped to substitute ~5% of Power requirement

 Energy Conservation initiatives helped to achieve 18% reduction in Specific Power Consumption vs FY 20 (KwH/MW)

 21% reduction in Specific Consumption (KL/MW) of RO Water vs FY 20 due to 28% reduction in DI water consumption (KL/MW)

 19,656 plantations cultivated despite low fertility soil and semi arid conditions.

 Sewage Treatment Plant operations restored in Aug-2020 & all parameters of discharge water are now meeting GPCB norms

Waste to Wealth Generation

 Installed Bio-gas plant for treatment of 100% food waste and generation of cooking gas

 Conceptualised in-house wood recycling plant for recycling of pallets (14,042 pallets recycled ~456MT of wood saved till FY21)

Safety

 Nil LTI (Lost Time Injuries) for consecutive three years

 Consistent Improvement in EHS parameters

 75 improvements in process flow related to Fire, Chemical Slippage, Gas Control & other High Risk activities

Certification Focus Areas

IEC 61215, IEC 61730, UL61730, IEC 62716, IEC • Conservation of Natural Resources 61701, BIS/IS 14286, IEC 62804, IEC 62759, IEC • Waste Management 60068, MCS, PVEL-PQP, Black & Veatch • Safety

IEC – International Electro Technical Commission PVEL-PQP – PV Evolution Labs – Product Qualification Programs MCS – Microgeneration Certification Scheme EHS – Environment Health and Safety AEL : Delivering Best in Class Environmental Compliances in Solar Mfg. (Mar-2021)

100 100 120 90 100 100 80 70 80 60 50 60 40 40 30 28 30 15 20 14 14 6.5 - 8.5 11.2 20 11 STP Treated Water Treated STP 9.1

10 7.61 7.18 7.12 ETP Treated Water ETPTreated 0 0 pH @ 25 ° C Total Suspended Solids Fluoride (as F) pH@25°C Total Suspended Solids Biomedical Oxygen Demand (mg/L) (mg/L) (mg/L) (BOD) (mg/L)

GPCB Limit Result GPCB Limit MSTPL MSPVL

120 600 100 500 100 500 82 80 80 80 400 60 60 300

200 40 32 200

122 120 19.6 Ambient Air

Drinking Drinking Water 20 100 6.5 - 8.5 76 78 10.4 7.41 0 0 pH @ 25 ° C TDS (PPM) Total Hardness (in Calcium (in PPM as PM 10 (µg/m3) PM 2.5 (µg/m3) SOx (µg/m3) NOx (µg/m3) PPM as CaCO3) CaCO3) GPCB Limit Result

29 Adani Solar spends USD 1.9Mn/Annum for effluent treatment AEL : Social philosophy - Showcasing social initiatives at Parsa site

Achieving UN-Sustainability Development Goals… ... through our initiatives with Adani Foundation

UN-Sustainable Development Goal Adani Foundation Project Project Annapurna : Organic Project Unnayan : Women Farming Empowerment No Poverty Project Unnayan, Project Annapurna, Project Gokuldham Objective : Increasing average Objective : Economic Zero Hunger Project Unnayan, Project Annapurna, Project Gokuldham income of farmers development with social transformation Good Health & Well-being Project Swasth Gram, Project Sanitary Pad, Jeewan Amrut Activities : Providing training and distribution of organic manure Activities : Sanitary Pad making, Quality Education Adani Vidya Mandir & Adani Skill Development Center (ASDC) and seeds are done clothes stitching, vermi compost making, Clean drinking water Co-education in Adani Vidya Mandir & ASDC, Mahila Udyami Impact : 200 acres of land Gender Equality facility Bahuddeshiy Sahakari Samiti (MUBSS) & Self-Help Group (SHG) brought under organic farming thus making Parsa into a modern Impact : 250 women of 14 Clean Water & Sanitization Project Jeewan Amrut, Project Sanitory Pad, Phenyl Mfg organic village villages earning average income Rs. 5000 per month Affordable & Clean Energy Usage of Solar Energy

Decent Work & Economic Growth Project Unnayan, MUBSS & SHGs, ASDC, Project Gokuldham

Integrated Multi purpose Business Model - Project Unnayan, Project Industry, innovation &infrastructure Project Gokuldham : Animal Adani Vidya Mandir & Adani Skill Annapurna, Project Gokuldham, ASDC Husbandary Development Center Reduced Inequalities Project Unnayan & MUBSS Objective : To increase animal Objective : Socio economic husbandary in 14 villages development through education Sustainable Cities & Communities Organic Farming, Integrated Multi purpose Business Model Activities : Educating and training Activities : Teaching in school & Responsible Consumption & Systematic Rice Intensification Technology (SRIT), Organic Farming, villagers for animal husbandary & providing training for mining Production Solar Energy usage enabling their economic equipments, electrification, tools UN-SDG – United Nations Sustainable Development Goals development through sale of milk etc Project Clean Village Green Village, Organic Farming, Vermi Compost, Climate Action SRIT Impact : 110 litre milk being Impact : Increase in average produced per day (from 10 litre students results and decrease in Life below Water Natural recycling of water through series of ponds earlier); to increase to 200 litre school drop-out ration. Improving skill sets of youth leading to Life on Land Organic Farming, Grazing Land, SRIT reduction in unemployment Peace, Justice & Strong Institutions MUBSS & SHGs

Partnerships for Goals Co-existence of Society, Business & Government Reaching 14 villages… 30 Enriching 9000+ lives at Parsa site Adani Total Gas Ltd.

31 Adani Total Gas Ltd : Q1 FY22 Result Highlights (YoY)

Operations Strategy Finance

• Added seven new CNG stations, • To Roll out CNG faster for early • Revenue from Operations stood at currently operating 224 stations monetization Rs.522 Cr, up 153% across India. • To build the Steel Network as early as • EBITDA at Rs.215 Cr, up 151% • Over 75 Kms (~ 670 Inch Km) of Steel possible Pipeline laid • PBT increased by 196% to Rs.185 Cr • Strategic and Agile Gas Sourcing • CNG and PNG volume drive growth Function to respond to immediate • PAT increased by 199% to Rs.138 Cr market dynamics • CNG volume at 68 MMSCM, up 180% and PNG volume at 72 MMSCM, up • Focus on Automation & Digitization 80%. of Customer Facing Processes and for operational excellence • PNG Home connection increased to 4.88 Lacs (9,223 New connections • To develop L-CNG : L-PNG stations in added) New GAs where there are distant pipelines • PNG Commercial & Industrial connection customers increased to 5,065 (added 99 connections)

All round growth in - CNG stations, industrial and domestic customer segments, supported strong financials performance

32 Adani Total Gas Ltd : Environmental Philosophy

Offsetting Carbon Emission Conservation of Resource Waste Management • Supporting low carbon Economy • Reducing water footprint • Zero waste to landfill Climate • Carbon sequestration by afforestation • Energy Management • Circular Economy Awareness • Improving Carbon Efficiency • Optimizing Input Consumption • Scientific Disposal of Hazardous Waste • Carbon Neutrality • Reduce paper, save trees, save water • Low carbon society foundation

• • Increase Renewable Energy Reduce freshwater withdrawal • Material Recovery Facility • Climate • Promote low carbon technology Reuse, recycle and replenish • Biogas Plant (Waste to Energy) • Readiness • Use of Solar energy Water neutrality • Reduce waste outcome • Afforestation and Conservation • Promote e-billing to reduce paper usage of 1.2 mn A-4 sheets

Aligning business and future investments with globally accepted ESG principles for sustainable growth • Carbon disclosure in Public domain. Climate • Water Neutrality and alliance for water stewardship certification Alignment • Innovation for low carbon technology. • Biodiversity Management & Conservation.

33 ATGL is promoting the use of Natural Gas which reduces 1200 Tonnes per day of CO2 emissions Adani Total Gas Ltd : Social philosophy

Social Initiatives through Adani Foundation : Our Key Social Initiatives mapped to UNSDG Core Areas

Igniting minds - nurtures talented kids Low Carbon • Mass Plantation from socio-economically challenged • ATGL Green School Education communities by providing cost free, Society • Energy conservation high quality education Foundation for consumer

Access to quality health care - Community Providing to quality health care at Health remote places, especially to marginalized sections of society Empowering • Through local lead Local Generation Merchandizers Innovation and Empowerment - Sustainable Meticulously designed interventions Livelihood by driving innovation in local economies, SHGs • With ATGL, Adani Foundation is Improvement in quality of life developing Biogas Community through investments in irrigation, plant to provide free Infrastructure potable water, upgradation of basic Bio-Gas Plants energy and will facilities e.g. check dams and empower sustainable community health care center employment for over 200 people

34 Social philosophy drives initiatives that are aligned with UN Sustainable Development Goals Adani Power Ltd.

35 Adani Power Ltd : Q1 FY22 Result Highlights (YoY)

Operations Strategy Finance

• Average Plant Load Factor of 65% • The Committee of Creditors of M/s. • Consolidated total revenue for Q1 FY22 achieved in Q1 FY22 vs 51% in Q1 FY21. Essar Power M P Ltd. [‘EPMPL’], a stood higher at Rs. 7,213 Crore as • Rise in PLF was a result of improved company undergoing insolvency compared to Rs. 5,356 Crore in Q1 power demand in various States apart resolution has approved the Resolution FY21. Plan submitted by APL. EPMPL owns a from better tariffs and volumes in the • Consolidated EBITDA grew by 49% to 1,200 MW power plant in Singrauli merchant and short-term markets. Rs. 2,292 cr. EBITDA for the quarter Dist., Madhya Pradesh. • 28% growth in Unit sales at 16.2 BU in improved mainly due to higher Q1 FY22 vs 12.7 BU in Q1 FY21. • Pursuant to this approval, the volumes, improved merchant tariffs, Resolution Professional has issued a and higher prior period income Letter of Intent to APL. recognition, which was partially offset • The closure of the transaction shall be by higher import coal prices. subject to obtaining necessary • Total Comprehensive Income for Q1 approval from the NCLT and FY22 was Rs. 270 Crore, as compared satisfaction of conditions precedent to Total Comprehensive Loss of Rs. (-) under the Resolution Plan. 705 Crore for Q1 FY 21.

Delivered strong financial performance despite drop in demand demonstrating resilience in business

36 Quick Links to Q1 FY22 results of Adani listed portfolio

37 Adani Portfolio : Q1 FY22 Result Quick Links – AGEL and ATL

Adani Green Energy Limited Adani Transmission Limited

• Financials as per SEBI format – • Financials as per SEBI format – • https://www.adanigreenenergy.com/-/media/Project/GreenEnergy/Investor- • https://www.adanitransmission.com/- Downloads/Financial-Statements-Dynamic/Q1-FY22.pdf /media/Project/Transmission/Investor/documents/Financial- Statements/Quarterly-Financial-Results/ATL_Q1FY22-results_IFRS- Statement.pdf • FY21 Results Presentation – • https://www.adanigreenenergy.com/-/media/Project/GreenEnergy/Investor- Downloads/Result-Presentation-Dynamic/Q1-FY22.pdf • FY21 Results Presentation – • https://www.adanitransmission.com/- /media/Project/Transmission/Investor/documents/Results- Presentations/ATL_Q1FY22_Results-Presentation.pdf • Contact • Mr. Viral Raval • Contact • Email - [email protected] • Mr. Vijil Jain • Email - [email protected]

38 Adani Portfolio : Q1 FY22 Result Quick Links – ATGL and APSEZ

Adani Total Gas Limited Adani Ports and SEZ Limited

• Financials as per SEBI format – • Financials as per SEBI format – • https://www.bseindia.com/xml-data/corpfiling/AttachLive/72993551-de05-4ee2- • https://www.adaniports.com/-/media/Project/Ports/Investor/Investor- a455-f626af15866a.pdf Downloads/Quarterly-Results/Q1-FY22.pdf

• FY21 Results Presentation – • FY21 Results Presentation - • https://www.adanigas.com/- • https://www.adaniports.com/-/media/Project/Ports/Investor/Investor- /media/Project/AdaniGas/Investors/Financials/Quarterly-Result- Downloads/Operational-Highlights/Operational-and-Financial-Highlights-Q1- Presentation/Q1-FY22_Investor_Presentation.pdf?la=en FY22-030821-WL.pdf

• Contact • Contact • Mr. Satya Prakash Mishra • Mr. Priyansh Shah • Email - [email protected] • Email - [email protected] • Mr. Atharv Atre • Email - [email protected]

39 Adani Portfolio : Q1 FY22 Result Quick Links – AEL and APL

Adani Enterprises Limited Adani Power Limited

• Financials as per SEBI format – • Financials as per SEBI format – • https://www.adanienterprises.com/- • https://www.bseindia.com/xml-data/corpfiling/AttachLive/951f3d8f-78a5- /media/Project/Enterprises/Investors/Investor-Downloads/Financial/AEL- 49cb-93c2-f3f32b56ed86.pdf Financial-Performance-Q1-FY22.pdf • Contact • FY21 Results Presentation – • Mr. Nishit Dave • https://www.adanienterprises.com/- • Email - [email protected] /media/Project/Enterprises/Investors/Investor-Downloads/Results- Presentations/AEL-Performance-Highlights-Q1FY22.pdf

• Contact – • Mr. Akshay Ramani • Email - [email protected]

40 Annexure – Snapshot of Adani Listed Portfolio

41 Adani Enterprises Ltd : A Successful Incubator

Successful Incubator Value to Shareholders Capital Management

• Created five infrastructure unicorn • Delivered returns at 32% CAGR since • Robust Leverage Profile with Debt to Value Creation since inception listing in 1994 equity ratio of 0.8x as on March 21 • Demerged ATGL and AGEL in last three • Unlocked value at CAGR of 123% in • External Debt to EBIDTA ratio of 3.6x years. last four years as on March 21

NaturalCore Portfolio Resources Solar Mfg AdaniESG Wilmar

• IRM continues to maintain leadership • India’s largest manufacturing facility • In food business, maintained its Operations position in India of 1.5 GW capacity for producing leadership position with its “Fortune” • 50%+ market share in Mining solar cells and modules brand and continues to lead the Services space refined edible oil market with more than 20% market share.

Developing Businesses Established Businesses Entry in B2C

• • Order book of construction of 450+ • Planning to scale up Solar Mfg. Portfolio of 8 Airports out of which Development Km of roads capacity to 3+ GW took over Ahmedabad, Lucknow and • Formed a joint venture • Mining portfolio of 125+ MMT Mangaluru Airports • “AdaniConneX” with EdgeConnex to • End-to-end logistics capabilities Took over control of MIAL and NMIAL develop and operate data centers on 13th July, 2021 throughout India • Serving ~ 20% of total passenger base

42 ATGL – Adani Total Gas Ltd IRM – Integrated Resources Management MIAL – Mumbai International Airport Ltd AGEL – Adani Green Energy Ltd CAGR – Compounded Annual Growth Rate NMIAL – Navi Mumbai International Airport Ltd Adani Ports and SEZ Ltd : Transformational journey

Industry Business

• 3x growth compared to market achieved without dilution • From a single port single commodity to an integrated in equity. logistics platform. • Driving efficiency through mechanization at large scale. • Strategic partnerships to unlock value. • Growing responsibly with a sustainable approach. • 90% of economic hinterland coverage. • Integrated logistics solution to customers through a • Business transformation from a port operator to single window mechanism. transport and logistics utility.

O & M ESG • Formation of Corporate Responsibility committee • Digitization of the platform through technology solutions • Risk management through application of COSO(2) (e.g. remote operating nerve center) principles • In sourced operations (e.g. in house dredging and marine • Social philosophy drives initiatives that are aligned operations) leading to efficiency and cost reduction. with UN Sustainable Development Goals • Out performed market by providing best in class • Independent board efficiency - TAT of Mundra is better by 4x that of its • Disclosures as per CDP, TCFD and SBTi peers (1) • Achieving carbon neutrality by 2025

Double digit CAGR in cargo volume in last ten years and 36% CAGR of non Mundra ports in last seven years 43

(1) Average Turnaround Time (TAT) for Mundra is 0.46 days in FY21 vs 1.95 days for Major Ports in FY19 (2) COSO – Committee of sponsoring organizations Adani Green Energy Ltd : Transformational Growth Profile

Secure Sites & Connectivity Resource Assessment Construction Readiness

Development 200,000 acres 85+ Wind Geotechnical studies Resource rich Sites in strategic data locations Solar resource and detailed design planning, locations with ~31 GW potential assessment completed simulations completed

Core Portfolio Solar Mfg ESG 100% Contracted Capacity1 Technology enabled O&M Industry leading EBITDA margin

3 Operations Fixed tariff ENOC 91% PPA life: 25 years Tariff profile Analytics driven O&M with AI based Sweat assets to its fullest (Highest Average Portfolio tariff: INR technology to maximize generation and Generation) + Lowest Operating 3.02/unit2 perform predictive maintenance Costs = Highest EBITDA per MW

Efficient Capital Management Construction facility Investment Grade (IG) Ratings

Value Creation Access to US$ 1.35bn First IG rated Issuance Transformational transaction set the International markets Revolving construction facility from template and market access for all Diversified sources of funding international banks to fully fund future take-outs. Broaden capital Elongated maturities up to 20 years under construction pipeline pools - 144A, REG S, REG D, Indian bond markets

1. Excluding a small merchant solar capacity of 50 MW 44 2. Average tariff for locked-in growth of 24.3 GW 3. EBITDA margin from power supply in FY21 PPA - Power Purchase Agreement ; ENOC: Energy Network Operations Centre ; EBITDA: Earnings before Interest, tax, depreciation & amortization; Adani Transmission Ltd: A platform well-positioned to leverage growth opportunities in T&D business

Execution Prowess Strategic Presence Healthy pool mix

Transmission - Presence in 12 Development Transmission Network of states with 27 transmission Transmission (FY21): lines 18,801 ckt km1; 51% of EBITDA - Central pool Distribution - Integrated utility 49% of EBITDA - State pool Longest Private HVDC Line in Asia catering to gateway city of Mumbai

OperatingCore Efficiency Portfolio and Strong Solar Mfg ESG Consumer-centricity ESG Margins (FY21) Robust network availability of Operations 99.87% and supply reliability of 99.99% Integration of Customer and Embedded ESG Framework for One of the lowest O&M cost per Technology enabling AEML as a enhanced value creation ckm2 supplier of choice Transmission/Distribution EBITDA Margin – 92% / 27%

ROE optimization via Efficiency-led Self-funded growth model ensuring Capital Management Development efficient capital churn

Value Creation Development and O&M Re-designing capital Every Rs. 1 bn of Equity efficiencies resulted into structure though low cost Invested allows creation of Rs. savings of ~Rs.5 bn capital and elongated 2.25 bn of Equity Employed optimizing ROE at 55% maturity

Note: 1) Transmission network is as of June’21 and includes operational, under-construction and LOI assets; 2) As per internal benchmarking on global transmission peers Adani Total Gas Ltd: Largest private player in India’s City Gas space with a decade of experience

Largest Private CGD player Execution Excellence Infrastructure Creation

Development 38 Geographical Areas Commissioned 18 GAs Focus on 15+ years of experience with faster Laying CNG Stations and Pipeline ATGL through its JV has presence in 38 Execution . Out of 19 GAs, ATGL has Network for faster Infrastructure GAs across India covering 8% of commissioned 18 GAs creation population

Core Portfolio Solar Mfg ESG Balance Volume Mix Optimal Gas Sourcing Digitization

Operations 48 : 52 STRATEGIC and AGILE >90% Balance mix volume for CNG : PNG Gas Sourcing Function to respond to Of payment through Digital Mode. segment immediate market dynamics Through various Digital Initiatives (As on Q1FY22) ATGL has set a vision to be Smart and Digital Utility Company

Infrastructure Growth EBITDA Growth Return Ratios

Value Creation Consistent ~21 % > 27% Infrastructure growth in terms of 5 years CAGR growth in EBITDA from Of ROCE and ROE CNG station , Household connection INR 288 crs in FY16 to 749 Crs in and pipeline network FY21

46 ; Adani Power Ltd : At a glance

Generation capacity Largest private sector IPP2 Project Capex / MW

Development 14 GW 16.4% / 5.9% Rs. 5.2 Cr/MW (12,4501 MW Operational / (of India’s private/aggregate coal + (Operational projects) 1,600 MW under construction) lignite generation capacity) FY 2020-21

Core Portfolio ESG Commercial Availability Solar Mfg 3 4 (for Long Term PPAs) Water usage Fly ash utilization

Operational Efficiency 89% 2.32 m3/MWh 106% (FY 2020-21) (statutory limit of 3.5 m3/MWh for fresh FY 2020-21 water based thermal power plants)

Long-term PPA tie-up Coal tie-up Coal sourcing & logistics5

Financial Value Creation 74% 84% 49 MTPA of Fuel Requirement Capacity Secured (Largest customer of Indian Railways secured after NTPC) (of domestic coal based capacity

1. Includes 40 MW solar power plant at Bitta; 2. Source: CEA, Mar 2021; 3. As on Mar 31, 2021; 4. Based on current generation at portfolio level; 5. At 80% PLF Thank you 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”),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 AEL’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 AEL. AEL, 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. AEL 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. AEL 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 AEL. 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.

MR. D.BALASUBRAMANYAM Group Head - Investor Relations [email protected] +91 79 25559332