Chart B: Diversifying long term debt profile towards higher share of bonds The portfolio companies have a full -fledged Capital Management Plan (CMP) which has all credit metrics inbuild. The CMP of companies are set in a manner to automatically pushing it for deleveraging path. Further, please see below clarifications on credit ratios for certain Adani Portfolio companies referenced in the report. In the case of AEL - The Gross leverage is well within the stated credit thresholds of 6.0x. Out of the Gross Debt of INR 285 bn, INR 1 20 bn is towards the trading business which is fully backed by the regular business receivables. If exclude working capital debt for trading business, the real Gross leverage for AEL is less than 3.5 x. Additionally, AEL has received primary equity infusion of USD 1 bn from IHC in the month of May 2022 which fully funds e quity requirement for all incubating businesses except for Adani New Industries Limited ( ANIL). For, ANIL we have already entered into a 75:25 JV with TotalEnergies SE. The Equity requirement in these assets over next 3 years is only USD 1.5 b n which is fully funded through the consistent FCFE generation of INR 25 b n at AEL. Additionally, AEL is yet to dilute the stake of Adani Wilmar to the statutory level which is expected to yield another ~ INR 60 -75 bn during FY23 -24. AGEL – The company is currently at a transition phase from construction heavy portfolio to Operation heavy portfolio by FY24. If we take the RR EBITDA basis the projects which ha ve generated revenue for only partial year than the Gross leverage will be 6.68x for FY22 and Net Leverage will stand at 6. 10x. Further, t he CMP of companies are set in a manner to automatically pushing it for deleveraging path. AGEL will be below 4.5x Net Debt to EBITDA in 10 years’ time as per the current CMP . C. Equity Injection in the Adani Portfolio Adani Portfolio has raised USD 16 bn Equity under a systematic capital management plan for all the Portfolio companies over the last 3 years as a combination of primary, secondary and committed 25 55 8 31 37 14 6 18 6 PSU Private Banks Bonds DII Global Intl. Banks PSU - Capex LC March 2016 March 2022