Recent 4 GW Project Win Is Value Accretive

Azure Power Strong Governance and Disclosure Standards Only Indian Solar Independent Power Producer listed on NYSE Standards reinforced by listing requirements Strong Corporate Governance Home country regulatory requirements SEC & NYSE requirements that also require regular reporting SGX-ST requirements requiring periodic reporting Azure Power® Key Committees Compensation Committee ■ Assist the board in discharging matters related to compensation Audit Committee ■ Prudently oversee the accounting and financial reporting process of the company ■ All directors are independent Nominating and Governance Committee ■Review & make recommendations with respect to corporate governance Conduct annual reviews of Board's Independence Key Policies Whistle Blower Policy ■ Providing conducive environment to employees and directors for safe and secure reporting of unethical conduct Anti Bribery and Corruption Policy ■Committed to conduct business ethically Compliance with United States of America's Foreign Corrupt Practices Act Code of Business Conduct and Ethics ■ Conducting the business with honesty, integrity and ethical behavior Corporate Social Responsibility ■ Strong community partnerships ■Constantly working with communities for betterment For further details on policies, please refer to http://investors.azurepower.com/corporate-governance/governance-documents 13

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