(IV) Offering circular dated July 13, 2021 for U.S.$2,000,000,000 Global Medium Term Note Programme by Adani Electricity Mumbai Limited (A) Disclosure in relation to the DRI Show Cause Notice 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, proceedings relating to abuse of market position, tax disputes and proceedings involving securities dealings by other Adani Group Companies and/or their directors. Any such claims could result in litigation, including regulatory proceedings by the GoI and other agencies including MERC, the Ministry of Environment, Forest and Climate Change (the “MoEF”), the Maharashtra Pollution Control Board, the Ministry of Home Affairs, the Central Bureau of Investigation and SEBI against the relevant Adani Group Company, which could harm our reputation and materially adversely affect our business, prospects, financial condition and results of operations. In February 2018, the Indian Customs Department filed an appeal against the Directorate of Revenue Intelligence, oI (“DRI”) order before the Appellate Tribunal, Mumbai. However, no stay has been granted against the DRI order. The matter is currently pending, and no hearing date has been fixed as of the date of this Offering Circular. Any order or judgment in this matter could result in significant monetary fines and confiscation of equipment and machinery and other adverse consequences, including penalties under Indian law, including, without limitation, the FEMA. The management’s time may be diverted in relation to such proceedings, and 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. (B) Disclosure in relation to the related party transactions We have material related party transactions and will continue to do so in the future. We have entered into transactions with other entities owned by the Adani Group, including ATL, in the ordinary course of our business. While we believe that all such transactions (which have included supply of services and inter entity loans) have been conducted on an arm’s length basis, we might have achieved more favorable terms had such transactions not been entered into with related parties. Furthermore, we may enter into additional related party transactions, in the ordinary course of our business in the future. Such transactions, individually or in the aggregate, could have a material adverse effect on our business, prospects, financial condition, results of operations and cash flows. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Related Party Transactions” for further details. 64