SUMMARY I. A NOTE OF CAUTION TO OUR STAKEHOLDERS We are shocked and deeply disturbed to read the report published by the “Madoffs of Manhattan” - Hindenburg Research on 24 January 2023 which is nothing but a lie. The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive. This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors. It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors. The mala fide intention underlying the report is apparent given its timing when Adani Enterprises Limited is undertaking what would be the largest ever further public offering of equity shares in India. This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India. While we are under no obligation whatsoever to respond to these baseless allegations made in the report, in the spirit of good governance, transparency to our stakeholders and to avoid false market, we provide our responses to the Report as also the “88 questions” raised in the report. There are three key themes from the Hindenburg Report: (i) Selective and manipulative presentation of matters already in the public domain to create a false narrative. (ii) Complete ignorance or deliberate disregard of the applicable legal and accounting standards as well as industry practice. (iii) Contempt for the Indian institutions including the regulators and the judiciary. II. UNVEILING HINDENBURG’S MOTIVES The report has been put out with the admitted intent of Hindenburg (holding short positions in various listed companies of the Adani portfolio through U.S. traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities) to profiteer at the cost of our shareholders and public investors. Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws. 3