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Investor Presentaiton

Increased focus on return to shareholders Changes in Shareholder Return Policy • APSEZ's recently revised its dividend and shareholder return policy to be consistent with the long term strategic growth objectives of the company: 1. APSEZ has a consistent growth in its cash flow and thus endeavors to reward shareholders, APSEZ can declare bonus dividend or capital return or combination of both in addition to the set annual dividend policy. 2. APSEZ's policy is of a stable dividend set at 20% to 25% of Profit After Tax ("PAT") to be paid out as dividend or capital return (share buyback) or a combination. The selection of the form of distribution is to optimize return to Shareholder. adani Forts and Logistics Source: Company Filings, Bombay Stock Exchange 18
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