Investor Presentaiton

Adani Airports - 30% Hybrid Till Model Hybrid Till Model - WACC based regulated returns to be provided in every 5 year block Returns on Regulated Asset Base (RAB) Annual Aero Revenue Annual Airport Revenue • • Revenue Determination Opening RAB + Capex Depreciation Closing RAB Post Tax WACC Return on Assets Aero Revenue Land Fees Parking & Housing Fees User Development Fees Cargo Handling Ground Handling Aircraft Fueling adani • Return on Assets Aero O & M Depreciation for Aero Assets + Taxes on Aero Revenues 30% of Non-Aero Revenues Annual Aero Revenue Duty Fee Retail Licenses Food & Beverages Advertising • Land License Fees • Space Rental • Car Parking Annual Aero Revenue Normalized Aero Revenue * Total Non-Aero Revenue Revenue Share Annual Airport Revenue True up in 5 yr block Non-Aero Revenue City Side Development . Development Rights on Land * Aero revenue is normalised over the 5 year regulatory period using the CPI-X Model 40 40

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