Adani Portfolio Overview January,2023

Table of Contents 1 Adani Portfolio Overview 2 ESG 3 Unique Partnership Model 4 Access to Capital 5 Financial Risk Management 6 Investment Plans 7 Conclusion

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Adani Portfolio Overview 1

4 STRICTLY PRIVATE AND CONFIDENTIAL Adani: A World Class Infrastructure & Utility Portfolio 4 ~USD 222 bn 1 Combined Market Cap 1 . Combined market cap of all listed entities as on Dec 30, 2022, USD/INR – 82.79 | 2. NQXT : North Queensland Export Terminal | 3. ATGL : Adani Total Gas Ltd, JV with Total Energies | 4. Data center, JV with EdgeConnex, AEL : Adani Enterprises Limited; APSEZ : Adani Ports and Special Economic Zone Limited; ATL : Adani Transmission Limited; T&D : Transmission & Distribution; APL : Adani Power Limited; AGEL : Adani Green Energy Limited; AAHL : Adani Airport Holdings Limited; ARTL : Adani Roads Transport Limited; ANIL: Adani New Industries Limited; AWL : Adani Wilmar Limited; ADL : Adani Digital Limited; IPP : Independent Power Producer 5. Cement business includes 63.15% stake in Ambuja Cement which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited ANIL New Industries AdaniConneX 4 Data Centre ( 100% ) (5 0% ) AAHL Airports ARTL Roads (10 0% ) (10 0% ) ( % ): Promoter equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries A multi - decade story of high growth centered around infrastructure & utility core Adani Portfolio’s Listed Entities Energy & Utility Transport & Logistics Infrastructure & Utility Core Portfolio AGEL Renewables ATL T&D ATGL Gas Discom APL IPP APSEZ Ports & Logistics NQXT 2 (60.8 % ) (74.2 % ) (37.4 % ) (75.0 % ) (65.1 % ) (100 % ) AWL Food FMCG ADL Digital (10 0% ) (44.0 % ) PVC Mining Services & Commercial Mining (100%) (100%) Copper, Aluminum (100%) Materials, Metal & Mining Cement 5 (63.2 % ) Primary Industry Direct to consumer Emerging B2C AEL (72.6 % ) Incubator Flagship

5 STRICTLY PRIVATE AND CONFIDENTIAL Adani Portfolio: Decades long track record of industry best growth with national footprint 5 Note: 1. Data for FY22; 2. Margin for ports business only, Excludes forex gains/losses; 3. EBITDA = PBT + Depreciation + Net Fin ance Costs – Other Income; 4. EBITDA Margin represents EBITDA earned from power supply 5. Operating EBITDA margin of transmission business only, does not include distribution business. Secular growth with world leading efficiency APSEZ ATL AEL APL ATGL AGEL National footprint with deep coverage Growth 3x EBITDA 70% 1,2 Growth 5x EBITDA 92% 1,4 Growth 1.4x EBITDA 25% 1,3 Growth 3x EBITDA 92% 1,3,5 Utility 92% Transport 85 % Consumers Served ~400 mn Core Portfolio

Adani Portfolio: Repeatable, robust & proven transformative model of investment 55% 31% 14% 6% 25% 6% 18% 8% 37% 6 Activity Performance Operations Development Post Operations • Analysis & market intelligence • Viability analysis • Strategic value • Site acquisition • Concessions & regulatory agreements • Investment case development • Engineering & design • Sourcing & quality levels • Equity & debt funding at project • Life cycle O&M planning • Asset Management plan • Redesigning capital structure of asset s • Operational phase funding consistent with asset life Site Development Construction Operation Capital Mgmt Origination India’s Largest Commercial Port (at Mundra) Longest Private HVDC Line in Asia ( Mundra - Mohindergarh) 6 4 8 MW Ultra Mega Solar Power Plant (at Kamuthi, Tamil Nadu) Highest Margin among Peers Highest line availability Constructed and Commissioned in nine months March 2016 March 20 22 Phase Energy Network Operation Center (ENOC) • First ever GMTN of USD 2 bn by an energy utility player in India - an SLB in line with COP 26 goals - at AEML • AGEL’s tied up “Diversified Growth Capital” with revolving facility of USD 1 . 35 bn - will fully fund its entire project pipeline • Issuance of 20 - & 10 - years dual tranche bond of USD 750 mn - APSEZ the only infrastructure company to do so • Green bond issuance of USD 750 mn establishes AGEL as India’s leading credit in the renewable sector Centralized continuous monitoring of plants across India on a single cloud based platform PSU P vt. Banks Bonds DII Global Int. Banks PSU – Capex LC O&M : Operations & Maintenance, HVDC : High voltage, direct current, PSU : Public Sector Undertaking (Public Banks in India), GMTN : Global Medium - Term Notes SLB : Sustainability Linked Bonds, AEML : Adani Electricity Mumbai Ltd. IG : Investment Grade, LC : Letter of Credit, DII : Domestic Institutional Investors, COP26 : 2021 United Nations Climate Change Conference; AGEL : Adani Green Energy Ltd.

7 STRICTLY PRIVATE AND CONFIDENTIAL Adani Portfolio – Programmatic growth model anchored by robust strategy Tranposrt & Logistics 31% Energy & Utlity 36% Adjacencies 28% Others 5% Vertical INR Crores by Number USD Millions Transport & Logistics 55,967 12 6,996 Energy & Utility 63,261 17 7,908 Adjacencies 50,181 1 6,273 Others 9,540 17 1,192 Total 178,949 47 22,369 7 Domestic Foundation – Local Growth – Scalable Locally – Demonstrated leadership locally − Leading top 1 or 2 in private sector across the board (APSEZ, ATL, Cement, AGEL, AAHL etc ) Alignment − In sync with policy setting − Protection & growth of core infra − Turbo charged growth of core − Government policy of core infra development & Atmanirbhar − Accounts for ~100% of investment Adjacent growth − Build adjacencies − Global in scope − Programmatic growth − APSEZ 1 port to Transport utility − ATL from transmission to T&D − Cement No 2 powered by core

Adani Portfolio: Credit Ratings 8 EBIDTA: Earning Before Interest Depreciation & Tax I IG: Investment Grade rating by Moody’s/S&P/Fitch I APSEZ: Adani Ports and Special Economic Zone Limited | ATL: Adani Transmission Limited | ATGL: Adani Total Gas Limited | AWL: Adani Wilmar Limited | AEL: Adani Enterprises Limited | AGEL: Adani Green Energy Ltd. | APL: Adani Power Limited | Ind Ra: India Ratings | BWR: Brickwork | RGs: Restricted Groups Quality of EBIDTA Mix Portfolio Ratings A 36% 17% 47% 19% 43% 38% Mar 2013 Mar 2016 41% 7% 50% 1% 1% 2% Sep 2022 AAA AA IG BB Unrated BBB Domestic Global International Ratings • At a portfolio level, there are ~ more than 100 entities/RGs rated by 3 Global and 7 Domestic Rating Agencies across portfolio which constitute nearly 100 % of Portfolio EBITDA . Listed Entities Domestic Rating Agencies INR Ratings Ambuja / ACC CRISIL AAA/Stable APSEZ Ind Ra, ICRA AA+/Stable ATL Ind Ra AA+/Stable ATGL ICRA AA - /Stable AWL CARE AA - /Stable AEL CARE, BWR A+/Stable AGEL Ind Ra A+/Stable APL CRISIL, Ind Ra A/Stable, A/Positive Domestic Ratings Listed Entities International Rating Agencies Global Ratings APSEZ Moody’s/S&P/Fitch Baa3/BBB - /BBB - (Outlook – Stable) ATL Moody’s/Fitch Baa3/BBB - (Outlook – Stable) AGEL/RG2 Moody’s/Fitch Ba3/BBB - (Outlook – Stable)

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL ESG – in action 2

Adani Portfolio: ESG backed by assurance 10 Guiding principle Policies ESG Assurance Commitment Vision To be a world class leader in businesses that enrich lives and contribute to nations in building infrastructure through sustainable value creation . Guiding principles UNGC SDG TCFD IBBI CDP SBTi GRI Standard BRSR DJSI • APSEZ – Carbon Neutral, Water Positive, ZWL, SUP Free, Zero Accident • ATL – Water Neutral, ZWL, SUP free, No Biodiversity Net Loss, Zero Accident • AGEL – Water Neutral, SUP free, No Biodiversity Net Loss, Zero Accident • ATGL – Zero Accident, Customer centricity • APL – SUP free, Zero Accident, No Biodiversity Net Loss, Natural resource conservation • AEL – Zero Accident, Natural resource conservation, Water neutral Our Commitment • Environment Policy • Energy and Emission Policy • Water Stewardship Policy • Biodiversity Policy • Climate Action • Affordable and clean energy • Clean water and sanitation • Responsible consumption • Biodiversity conservation • No poverty • Zero hunger • Good health and well being • Quality education • Decent work and economic growth • Industry, innovation & infrastructure Policy Structure Focus Area • Human Rights • Corporate Social Responsibility Policy • Occupational Health and Safety Policy • Board Diversity • Anti - corruption and anti - bribery • Related Party Transaction Policy E S G Policy and ESG Alignment framework backed by robust assurance program APSEZ: Adani Ports and Special Economic Zone Limited; ATL: Adani Transmission Limited; AGEL: Adani Green Energy Limited; ATGL: Adani Total Gas Limited; APL: Adani Power Limited; AEL : Adani Enterprises Limited; ZWL: Zero Waste to Landfills; SUP: Single - Use Plastics; UNGC: United Nations Global Compact; SDG: Sustainable Development Goals; SBTi: Science Based Targets; GRI: Global Reporting Initiative BRSR: Business Responsibility and Sustainability Report; DJSI: Dow Jones Sustainability Indices; TCFD: Task Force on Climate - Rel ated Financial Disclosures; IBBI: India Business and Biodiversity Initiatives

Adani Portfolio: ESG FY2023 - Achievements 11 Action on Climate Change • Emission intensity reduction of 43% from the base year • GHG emissions target validated and approved by SBTi – moved to Stage 2 • AEML achieved 18% renewable in power mix • GHG emissions target validated and approved by SBTi – moved to Stage 2 • 4 Mn CO2 avoided till date • Committed to SBTi • 650 Kw capacity Rooftop solar installed in 36 sites • 85% LCVs contracted to ATGL are CNG Powered , 100% by March’23 • Mumbai Airport: First airport in India to achieve 100% energy from renewable sources Resource Management • Water intensity reduction of 64% from the base year • SUP free: Dahanu and Major Substations • ATL (O&M): Achieved Water Positive status • 100% sites certified as SUP free • 5 sites certified as SUP free • 12% Reduction in water intensity as compared to last year Caring for People Saksham (skill development prog for youth) India Impact Awards 2022 Impact Leader of the Year • Online Grievance Redressal portal launched for effective and timely management of employee grievances Community Skill development program: 50% target achieved against target year of 2025. % of women directors in board improved to 28.5% Employee retention rate : 95% 3000+ students trained under Green millennials program on Climate Change _ Disclosures DJSI: Scored 68/100, 11 points jump from last year and top ten companies among peer group S&P Global rated ATL for being aligned with (TCFD) with 6 elements fully aligned Achieved Sustainalytics ESG Risk Rating of ‘Low Risk’ with a score of 14.6, the best among key large global peers DJSI – Scored 54/100 against the industry average score of 38/100 DJSI - Ranked 7th in its peer group - scored 51/100 against industry avg of 21/100

Adani Portfolio: ESG credentials of Adani portfolio companies 12 ` DJSI (2022 Score) CDP - CC (2021 Score) CDP - WS (2021 Score) Sustainalytics MSCI UNGC Participant 68 Result awaited 63 54 51 Result awaited B - D B D -- -- B C -- -- -- -- 12.4 (Low Risk) CCC CCC BBB BBB CCC A In Progress In Progress In Progress * CDP 2022 results awaited. First time CDP submissions done by AEL and ATGL in 2022 * * 31.4 (High Risk) 32.7 (High Risk) 14.6 (Low Risk) 36.4 (High Risk) 24.6 (Medium Risk)

Adani Portfolio: Key environmental commitments of Adani portfolio companies 13 ` Net Zero Water Neutrality Zero Waste to Landfill SUP Free Sites Mangrove / Afforestation Zero Biodiversity Net Loss (IBBI) No stated commitment * Airports & Data Center : Operational Net Zero * NC NC NC NC NC NC NC NC NC

14 STRICTLY PRIVATE AND CONFIDENTIAL Adani Portfolio: Women led social enterprises transforming & uplifting communities 14 Touching 3.7 million lives across 2,409 villages in 19 states Delivery Partner Vanitha Krishi Karma Sena Agri Business – Running a kitchen garden project – “ SEVAH ” – Safe to Eat Vegetable for All Homes in Vizhinjam – Scientific and Organic farming APSEZ AAHL ATL MBUSS 1 FMCG – Manufacture nature’s prime masala, sanitary pads, phenyl, organic pesticide and fertilizer, packaged drinking water, dairy milk – Managed and run by women APSEZ AEL AWL 1 . MBUSS – Mahila Udyami Bahuddeshiy Sahakari Samiti Limited. This program was started by Adani Foundation in Surguja , presently it is led by Women (Ms. Anita – President, Ms. Vedmati – Vice President) 2. GAIMS – Gujarat Adani Institute of Medical Sciences Retail Vizmart Phulo Jhano – Marketplace for women Entrepreneurs’ products in Vizhinjam – Tailoring done by women in Godda and Surguja APSEZ APL AEL ATL FMCG & Retail GAIMS 2 Healthcare – 750 bed hospital – Serves local population in Bhuj for free – Houses medical college APSEZ APL Health Care Clean4u Services – Hi - tech cleaning for hospitals, flats, offices, water tanks, vehicle on digital platform in Vizhinjam – Led by Women – Ms. Sureja APSEZ ATL Services

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Unique Partnership Model - Driving Value and Strategic & Financial Access 3

Adani Portfolio - Trusted steward of partners’ capital 16 AEL – Adani Enterprises Ltd | APSEZ – Adani Ports & SEZ Ltd | ATGL – Adani Total Gas Ltd | ATL – Adani Transmission Ltd | AGEL – Adani Green Energy Ltd | AWL – Adani Wilmar Ltd Strategic Partnership De - risking growth & driving value Seamless governance in Diverse Relationships Partnerships forged at different business stages - • Matured (ATGL, AEML) • Developing (AGEL) • Concept (ANIL, ACX) Diverse nature of relationships - Operational (APSEZ, AWL) Financial (AEML, AGEL) Strategic (IHC, Cleartrip ) Across Portfolio - IHC, TotalEnergies Relationship with partners from across geographies - • Global • National (IOC, Cleartrip ) • Regional (multiple) ATGL | APSEZ APSEZ I ATGL | AGEL APSEZ APSEZ AEL AWL AEL ATL AEL I ATL I AGEL Trust Transparency Respect

Case Study: Expansion in partnership with TotalEnergies 17 One of the largest Energy players in the world with presence across 130 countries ATJV • Apr - 19 • 50:50 JV • 5 MTPA LNG Import Terminal • Value - ~ USD 80 mn 1 ANIL • July - 22 • 25% Stake • Green hydrogen business • Value – USD 4 bn* 5 AGE23L • Apr - 20 • 50% stake • 2.35 GW Solar Portfolio • Value - USD 500 mn 3 ATGL • Feb - 20 • 50:50 JV • Largest CGD private Co. • Value - ~USD 725 mn 2 AGEL • Jan - 21 • 20% stake • Minority Share holder Right & Board Representation • Value - USD 2 bn 4 APSEZ – Adani Ports & SEZ Ltd | ATGL – Adani Total Gas Ltd | AGEL – Adani Green Energy Ltd | ANIL – Adani New Industries Ltd | AGEL – Adani Green Energy Twenty Three Ltd | Bn - Billion I Yr – Year I GW – Giga watt I MTPA – Metric Ton Per Annum I LNG – Liquified Natural Gas I Mn – Million I CGD – City Gas Distribution I * Equity Commitment in initial phase Showcasing Intergeneration Partnership between Adani & TotalEnergies across Adani Portfolio

Case Study: India’s first platform investment 18 GCC’s most valued firm with a clear objective of enhancing its portfolio through acquisitions, strategic investments and business combinations. AGEL • May - 22 • 1.26% stake • Largest Renewable Energy Developer • Value - USD 500 mn 3 AEL – Adani Enterprises Ltd| AGEL – Adani Green Energy Ltd I ATL – Adani Transmission Ltd | Bn - BillionI I Mn – Million I IHC – International Holding Company I GCC – Gulf Cooperation Council ATL • May - 22 • 1.41% stake • Largest Private Transmission Co. • Value - USD 500 mn 2 AEL • May - 22 • 3.53% stake • Biggest Infrastructure Incubator • Value - USD 1 bn 1 Embedding Strategic & Intergenerational relationship with India’s largest trading partner

Adani Portfolio: Strong domestic relationships supported by global participation 19 Powered by transparent, timely & detailed disclosure policies supported by excellence in compliance EUROPE NORTH AMERICA MIDDLE EAST ASIA INDIA

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Deep Relationships driving Access to Capital 4

Adani Portfolio: Track record past 3 Years 21 *Note – ATL Go to Market Facility of $ 700 Mn is to serve the debt requirement of $ 1.1 Bn I Bn – Billion I AGEL – Adani Green E nergy Ltd. I ATL – Adani Transmission Ltd. I AAHL – Adani Airport Holdings Ltd. I ANIL – Adani New Industries Ltd. 01 USD 8.3 bn 0.75 bn , 9% 2.65 bn , 32% 3.65 bn , 44% 1.21 bn , 15% 0 - 5 Yrs 5 - 10 Yrs 10 - 20 Yrs 20 - 30 Yrs 1.64 bn , 20% 1.10 bn , 14% 1.25 bn , 16% 4.00 bn , 50% AGEL ATL AAHL Others 02 USD 8.0 bn Debt Program Debt Capital Market Go to Market Facility Fully funded growth supported by largest Equity Program in India 03 USD 16.0 bn 0.50 bn , 3% 3.30 bn , 21% 8.20 bn , 51% 4.00 bn , 25% IPO Primary Secondary Committed Equity Equity Capital Program

Case Study: Syndication success in volatile market 22 Low risk, high credit quality portfolio supported by global access driving institutional support Kutch Copper Refinery 2 Navi Mumbai 1 Holcim Acquisition 3 Underwriter SBI – INR 12,770 Cr. SBI Hold Portion 5,000 PNB 2,550 UBI 1,500 BOM 1,300 Central 1,000 IIFCL 1,000 Others 1,470 Underwriter SBI – INR 6,071 Cr. SBI Hold Portion 1,846 BOB 1,750 Canara 1,000 Indian Bank 500 Exim Bank 500 PNB 250 BoM 225 Underwriter Barclays, DB & SCB – INR 42,000 Cr. Underwriter Hold 8,100 DBS 6,000 MUFG 4,800 Intesa 3,600 SMBC 2,800 FAB 2,800 Mizuho & others 13,900

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Capital access supported by Robust Financial Risk Management 5

Adani Portfolio: Transformation in financial risk management profile 24 EBIDTA – Earning Before Interest Depreciation & Tax I Bn – Billion I CAGR - Compound Annual Growth Return I IG – Investment Gra de rating by Moody’s/Fitch/S&P I RR EBIDTA – Run Rate Earning Before Interest Depreciation & Tax incl Other Income I Net Debt – Gross Debt – Cash & Cash Equivalent Mar 2013 Debt (% age ) <5 Years Net Debt RR EBIDTA 100% INR 588 bn INR 78 bn 26% INR 1,615 bn INR 507 bn Highest Asset Rating was AA - Overall Group Rating - AA - Rating Mar 2022 Quality of EBIDTA Mix Mar 2016 86% INR 826 bn INR 191 bn Highest Asset Rating was AA+ 78 191 329 507 7.5x 4.3x 3.7x 3.2x -5.0x -3.0x -1.0x 1.0x 3.0x 5.0x 7.0x 9.0x 0 100 200 300 400 500 600 700 800 900 1000 2013 2016 2021 2022 RR EBIDTA Net Debt / RR EBIDTA 23% CAGR growth in RR EBIDTA over past 9 Years 12% CAGR net debt drawl during the same period Net Debt / EBIDTA – Reduced from 7 . 6 x 3.2x Growth with Discipline A 36% 17% 47% 19% 43% 38% Mar 2013 Mar 2016 41% 7% 50% 1% 1% 2% Sep 2022 AAA AA IG BB Unrated BBB Domestic Global

Adani Portfolio: Liquidity Management 25 - All portfolio companies are fully funded . - At a portfolio level the liquidity post the Discretionary capex is estimated at INR 24 , 200 cr . - Equity Capital Market Plans underway for USD 5 bn in calendar year 2023 , - out of which USD 3 bn is expected to be completed within next 3 months Note : Liquidity position before discretionary capex and acquisition (excl related debt funding) = (A) [Opening Cash + FCFE – Committed Capex & Acquisition + Debt raised other than International Capital Market related to committed Capex & Acquisition] Liquidity position post discretionary capex = (B) [(A) – Discretionary Capex + Debt raised for Discretionary Capex ] 36,463 68,899 100,880 24,201 34,633 44,352 2023 2024 2025 Liquidity position before discretionary capex and acquistion (adjus. for related debt funding) Liquidity position post discretionary capex INR Cr Liquidity Management

Adani Portfolio: Liquidity Management 26 - All issuer companies are fully funded . - AGEL has confirmed financial plan for the refinancing requirement of ~INR 10 , 200 cr . against the Capital Market issuance maturities due in CY 2024 . - Incase of unfavorable International Capital Market (EM), following are the sources for completing the refinancing requirement and added growth : - US Private Placement (USPP) – offer in place - SEC Reg US Domestic issuance – all completed - INR Domestic Capital Market issuance – first issuance underway - Equity Capital Market Plans underway for USD 5 bn in calendar year 2023 Note : Liquidity position before discretionary capex and acquisition (excl related debt funding) = (A) [Opening Cash + FCFE – Committed Capex & Acquisition + Debt raised other than International Capital Market related to committed Capex & Acquisition] Liquidity position post discretionary capex = (B) [(A) – Discretionary Capex + Debt raised for Discretionary Capex ] 3,597 8,635 12,485 1,610 49 170 2023 2024 2025 Liquidity position before discretionary capex and acquistion (adjus. for related debt funding) Liquidity position post discretionary capex 7,513 12,999 13,279 5,513 6,999 3,279 594 3,931 5,521 183 1,581 1,422 INR Cr Liquidity Management

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

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

37% 58% 16% 13% 18% 17% 38% 54% 12% 7% 6% 7% 28% 50% 6% 4% 3% 3% 17% 13% 1% 1% 4% 4% 31-Oct-19 31-Mar-20 31-Mar-21 31-Mar-22 30-Sep-22 31-Dec-22 % Promoter Gross Pledge position APSEZ ATL AEL AGEL Adani: deleveraging at promoter in a high growth phase 29 Growth funded by India’s largest equity program, de risking and de leveraging the portfolio & promoter shareholders Primary Change driven by paydown

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Investment Plans 6

Adani Portfolio: Existing businesses investment plan over 5 – 10 years 31 Transport & Logistic Energy & Utility H 2 Green Energy Transmission Data Center ~USD 23 bn investment for Renewable Assets ~USD 7 bn investment in Transmission & Distribution business ~USD 6.5 bn investment in data centers business with cloud services Transport Utility Road Airport ~USD 12 bn investment for developing logistics value chain ~USD 5 bn investment in road sector USD 9 - 10 bn investment in Airport business for Capex Green Hydrogen USD 50 – 70 bn investment for Green Eco System – All the businesses are fully funded through Debt Capital Programs and internal accruals in the form of either FCFE or EPC margins . – Unlike other infra players, EPC margin is retained within the relevant verticals thus keeping the value withing the relevant verticals . Strategic Partners - TTE, IHC Strategic Partners - QIA, IHC JV Partner - Edge ConneX JV Partner - CMACGM, TIL, TTE Strategic Partners JV Partner - TTE Bn – Billions I JV Partner – Joint Venture Partners I TTE – TotalEnergies SE I IHC – Investment Holding Company I QIQ – Qatar I nvestment Authorities I TIL – Terminal Investment Ltd. I FCFE – Free Cashflow for Equity I EPC – Engineering Procurement Construction

Adani Portfolio: Emerging businesses investment plan over 5 – 10 years 32 Materials ~USD 2 bn investment for developing 1 MMTPA PVC manufacturing facility ~USD 3 - 5 bn investment for expansion up to additional 70 MMTPA manufacturing facility Petro Chem Cement Copper Smelter ~USD 1 bn investment for developing 0.5 MMTPA Copper Smelter complex Metals Healthcare USD 7 - 10 bn investment for development of Healthcare infrastructure to make it affordable Health Insurance Hospital & Networked R&D Diagnostic & Pharma – With the largest Equity Program, we are ensuring the fully funded growth plan of Emerging Businesses . Strategic Partners - MENA MENA – Middle East North America I MMTPA – Million Metric Ton Per Annum I Bn – Billion | PVC – Polyvinyl Chloride

STRICTLY CONFIDENTIAL STRICTLY CONFIDENTIAL Conclusion 7

Conclusion 34 – Fully funded growth supported by largest Equity Program in India – Across the Portfolio for USD 16 bn – Continued De - leveraging – Reduced Net Debt / EBIDTA – Progressive improvement in Ratings (e.g.: APL – from BBB - to A) – All Capital Management Plan are on track as committed during past 3 years – Detailed up to 5 – 10 – 30 Years – Based on Long Term Risk adjusted cost of capital (e.g.: Treasury Rate have been used @ 3.75%) – As committed full ESG framework and measures have been implemented in all the verticals in line with Global standards – Assurance through CRC committee – Disclosures as per SBTi, TCFD, SDG, GRI & UNGC – Impact baseline assessment by third party consultants like BCG Equity Debt Risk Management ESG EBIDTA – Portfolio EBIDTA 26% – Utility platform EBIDTA 26% – Transport & Logistics portfolio EBIDTA 19% ESG - Environment Social Governance I EBIDTA – Earning Before Interest Depreciation Tax Appropriation I SBTi - Science Based Targ ets initiative I TCFD - Task Force on Climate - related Financial Disclosures I SDG - Sustainable Development Goals I GRI - Global Reporting Initiative I UNGC - United Nations Global Compact I BCG – Boston Consultancy Group

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