(V) Offering circular dated July 26, 2021 for USD 750 Million issued by ASPEZ (A) DRI Disclosure Certain Adani Group Companies are involved in various legal, regulatory and other proceedings which could have a material adverse effect on our business and reputation. Certain Adani Group Companies from time to time are involved in litigation, claims and other proceedings relating to the conduct of their businesses, including environmental claims and proceedings, tax disputes and other regulatory proceedings. Any such claims could result in litigation, including regulatory proceedings by the GoI and other agencies including DRI and SEBI against the relevant Adani Group Company, which could materially adversely affect our business, prospects, financial condition and results of operations. Adani Group Companies may also be required to utilize financial resources towards these matters. Any potential violation of any Indian laws and regulations, if adversely determined, could have a material adverse effect on the Adani roup’s business, prospects, financial condition, results of operations and reputation. Claims made against us, our directors and/or other Adani Group companies from time to time can result in litigation or regulatory proceedings which could result in liability or harm our reputation. From time to time, we and/or our directors and management are involved in litigation, claims and other proceedings relating to the conduct of our business, including environmental claims, non-compliance with provisions of our various licenses, tax disputes, and proceedings involving the securities dealings of our directors. Any claims could result in litigation against us and could also result in regulatory proceedings being brought against us by various Government and state agencies that regulate our business, including the MoEF, the respective state pollution control boards, the Ministry of Commerce, Directorate of Revenue Intelligence, the Serious Fraud Investigation Office, the Ministry of Home Affairs and SEBI. Often these cases raise complex factual and legal issues, which are subject to risks and uncertainties and which could require significant time from our directors and/or our management. Litigation and other claims and regulatory proceedings against us or our management could result in unexpected expenses and liability and could also materially adversely affect our operations and our reputation. For further details, see “Legal Proceedings”. Adani Group companies from time to time are involved in litigation, claims and other proceedings relating to the conduct of their businesses, including environmental claims, proceedings relating to abuse of market position, tax disputes and proceedings involving securities dealings by other Adani Group companies and/or their directors. Any claims could result in litigation and/or regulatory proceedings against the Adani Group, which could harm our reputation as a member of the Adani Group and ultimately materially adversely affect our operations. (B) Disclosure referring SEBI and Indian securities market There may be less information available in the Indian securities markets than in more developed securities markets in other countries. There is a difference between the level of regulation and monitoring of the Indian securities markets and that of the activities of investors, brokers and other participants in securities 65