Adani Portfolio: Risk coverage analysis across portfolio companies 27 % Debt Rate risk EBIDTA covering Debt maturity > 10 Years No Tenor & Rate Risk EBIDTA covering Debt maturity > 10 Years Project Life matching Debt & EBIDTA with rate risk > 20 Years Completely De - Risked Debt & EBIDTA > 20 Years % RR EBIDTA 14.68% 0.52% 7.71% 27.31% > 50 % of the Equity value is fully protected from any risk related to Tenor and Rate of the employed capital EBIDTA – Earning Before Interest Depreciation & Tax I RR EBIDTA – Run Rate Earning Before Interest Depreciation & Tax 1.67% 0.72% 11.04% 29.55% Fully Priced Risk Coverage Partial Tenor/ Rate Risk EBIDTA covering Debt maturity 5 - 10 Years 23.41% 30.40 % Partial Risk Coverage Protected up to price fluctuation of 250 Bps . Partial Tenor & Rate Risk EBIDTA covering Debt maturity < 5 Years 26.37% 26.62% Construction Risk Being De - Risked through strategic Credit Support from highly rated partners