Adani Portfolio: Hindenburg Questions & Assertions 3 Executive Summary • 21 Question’s (RPT & Court Cases) are nothing but Adani Portfolio’s own public disclosure from as far back as 2015 ( See Slide 17 ) • Accounting (or fraud type assertions) “investigation” devoid of facts. Of Adani portfolio’s 9 public listed entity’s 8 are audited by one of the Big 6 (See slide 13) • On leverage or over leverage issue – ~ 100 of our various companies are rated ( these account for nearly 100% of our EBITDA) (See slide 9) • On revenue or balance sheet being artificially inflated or managed - please note that out 9 listed companies in Adani portfolio 6 are subject to specific sector regulatory review for revenue, costs and capex (See slide 15) • In relation to governance please note that 4 of our large companies are in top 7% of the peer group in Emerging markets or the sector or the world ( See slide 7) • On the LAS position do note that overall promoter leverage is less than 4% of promoter holding ( See slide 11)