Investor Presentaiton

Well Positioned To Leverage India's Macro Tailwinds India GDP Growth expected to be 7.7% over 2018-2023 (1) India Total Import - Export Value expected to grow at 8.2% CAGR over 2018-2020 (2) India Cargo Growth Expected to be 8.6% - 10.9% over the FY18 to FY25 period (3) Government Focus on Ports Stable Regulatory Environment 7.7% 7.7% 2015-2018 CAGR: +8.2% $1,355 $1,157 2018-2023 2018 Real GDP growth (%) 2,500 2,160 1,209 2020 FY18 FY25 Base FY25 Case Optimistic Case India's total Import and Export ($ bn) India's total Cargo volumes (MMT) • . Stable regulatory history of 25 years Long concession periods (25-30 years) providing stability New Model Concession Agreement (MCA) to further increase private sector participation Key Government initiatives: SAGARMALA PORT-LED 90OPERITY MAKE IN IND The Company well-placed to capture significant portion of the large and growing addressable market adani Forts and Logistics 1. Source: World Bank, International Monetary Fund 2. Source: OECD (2019), Trade in goods and services (indicator). doi: 10.1787/0fe445d9-en (Accessed on 18 June 2019) 3. Source: Sagarmala, Ministry of Shipping 20 20

View entire presentation