Adani Portfolio - Case Study - AGEL mitigating rate & FX risk 28 Note – 1. Debt Outstanding = Closing INR Debt – Derivative assets/ Other comprehensive income – Hedge Reserve I Cash available for servicing = RG1 EBIDTA + RG2 EBIDTA + AGEL Holdco FCFE 2. Assumed the USD /INR Exchange rate for 11 th October, 2022 @ INR 82.39 is constant till 31 st March, 2023 Negative gap between unhedged and hedged servicing Positive gap between unhedged and hedged servicing 559 478 1,097 2,136 676 892 1,127 1,107 2020 2021 2022 2023 Total Servicing + MTM (if not hedged) Total Actual servicing Aligning the cash outflow and making it predictable through full hedging ...in fluctuating market environment 7,094 7,015 12,324 12,198 396 178 621 1,641 7,491 7,193 12,945 13,838 2020 2021 2022 2023 AGEL Debt o/s AGEL Unhedged notional Exposure AGEL Debt o/s (w/o hedge) Stable and predictable closing liability... Assuring a stable and predictable credit coverage in a highly volatile market 1.73 x 1.79 x 1.78 x 1.81 x 1.83 x 1.82 x 69.46 70.69 70.90 75.39 75.47 73.80 73.67 73.50 72.99 74.26 75.72 75.79 77.84 82.40 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 60.00 65.00 70.00 75.00 80.00 85.00 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Dec-22 RG1 PLCR Ex Rate 1.78 x 1.79 x 1.80 x 1.81 x 1.75 x 71.32 75.39 76.27 73.80 73.27 73.50 75.17 74.26 75.30 75.79 76.22 82.40 1.00 1.20 1.40 1.60 1.80 2.00 2.20 2.40 64.00 66.00 68.00 70.00 72.00 74.00 76.00 78.00 80.00 82.00 84.00 Oct-19 Mar-20 Apr-20 Sep-20 Oct-20 Mar-21 Apr-21 Sep-21 Oct-21 Mar-22 Apr-22 Oct-22 RG2 PLCR Ex Rate 7.18 x 3.33 x 73.65 75.79 79.67 82.40 0.00 2.00 4.00 6.00 8.00 10.00 12.00 14.00 16.00 18.00 68.00 70.00 72.00 74.00 76.00 78.00 80.00 82.00 84.00 Sep-21 Mar-22 Sep-22 Mar-23 Debt/ FCFE Ex Rate