B. Portfolio credit highlights Adani Portfolio companies have successfully and repeatedly executed an industry beating expansion plan over the past decade. While doing so, the companies have consistently de -levered with portfolio net debt to EBITDA ratio coming down from 7.6x to 3.2x (P lease see Chart A below), EBITDA has grown 2 3% CAGR in the last 9 years and debt has only grown by 1 2% CAGR during the same period . Please see below a table summarizing key financial metrics and ratios for Adani portfolio companies – Table 1 : Key Financial Metrics and Ratios Particulars (INR Bn) AEL AGEL APSEZ APL ATGL ATL Total EBITDA (1) 50.00 39.55 120.99 138.69 8.15 54.93 412 Run Rate EBITDA (RR EBITDA (2) ) 87.13 66.44 130.55 154.75 8.15 60.04 507 Unrestricted Cash 9.12 19.53 95.63 7.80 3.89 22.95 159 Restricted Cash (such as DSRA) 30.04 19.14 33.61 20.09 - 7.72 111 Total Cash for Netting off 39.16 38.67 129.24 27.89 3.89 30.67 270 Gross Debt (3) 284.83 443.90 456.37 414.18 9.95 274.91 1,884 Net Debt (4) 245.67 405.23 327.13 386.29 6.06 244.24 1,615 Gross Leverage (Gross Debt / EBITDA) 5.70x 11.22x 3.77x 2.99x 1.22x 5.01x 4.57x Gross Debt / RR EBITDA 3.27x 6.68x 3.50x 2.68x 1.22x 4.58x 3.72x