Contents SUMMARY .................................................................................................................... 3 ABOUT ADANI PORTFOLIO ................................................................................................. 8 A. Adani Portfolio presence and business expansion ............................................................. 8 B. Portfolio credit highlights ........................................................................................ 9 C. Equity Injection in the Adani Portfolio ........................................................................ 11 D. Banking Relationships ............................................................................................ 15 E. Environment, Social and Governance (ESG) Highlights ...................................................... 16 F. Social Responsibility Initiatives – Adani Foundation ......................................................... 22 G. Accounting Process ............................................................................................... 24 SHORT SELLER ALLEGATIONS – A BRIEF RESPONSE .................................................................... 27 A. Disclosed, discredited and disproven allegations ............................................................ 27 B. Baseless allegations around transactions which are in fact, compliant with law, fully disclosed and on proper commercial terms .......................................................................................... 32 C. Misleading claims around offshore entities being allegedly “related parties” without regard for applicable law and standards ......................................................................................... 40 D. False suggestions based on malicious misrepresentation of the governance practices in Adani portfolio .................................................................................................................. 41 E. Manipulated narrative around unrelated third party entities .............................................. 45 F. Biased and unsubstantiated rhetoric ........................................................................... 51 ANNEXURES ................................................................................................................. 55 Annexure 1: Page references for Table 1 from Annual Reports of the listed businesses ..................... 55 Annexure 2: Disclosures in public documents ...................................................................... 58 Annexure 3: Order of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) dated 26th August 2015 ...................................................................................................................... 70 Annexure 4: Order of the Supreme Court on India dated 22nd July 2016 ..................................... 127 Annexure 5: Order of the Supreme Court on India dated 30th March 2017 ................................... 130 Annexure 6: Order of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) dated 27th July 2022 ... ..................................................................................................................... 132 Annexure 7: Order of the National Company Law Tribunal NCLT approving Adani Power Limited’s resolution plan for Mahan Energen Limited ........................................................................ 221 Annexure 8: Order of Customs, Excise & Service Tax Appellate Tribunal (CESTAT) dated 25th August 2022 ..................................................................................................................... 271 Annexure 9: Order of the High Court of Gujarat approving scheme of amalgamation of Growmore Trade and Investment Private Limited with Adani Power Limited dated 11th April 2012 .......................... 350 Annexure 10: Press Release of Ministry of Information and Broadcasting dated 18th August 2022 ........ 400 Annexure 11: Details about AIMSL ................................................................................... 410 2