Adani Green Energy Limited

Adani: unparalleled value creation and rapid deleveraging adani supported by ESG Renewables Value Creation AEL Nov 1994 Invested Rs 150 >30% CAGR Over same period index CAGR 9.6% In Jun 2019 Is now Rs 94,000 De - leveraging 2013 Debt/EBITDA 8.6x reduced by 44% 2019 Debt/EBITDA 4.9x ESG glide path 2013 Ring fenced structure AAPT 2014 Independent verticals no cross holdings 2015 Related party transaction covenant - APSEZ 2016 No financial accommodation covenant ATL & accelerated investment in renewables 2019 Formal related party transaction policy APSEZ 2017 Bankruptcy remote structure- AGEL (RG) Issued May 2019 Onwards Governance path to global best practice adopted by all verticals to be implemented by Sep 2021 After splits & bonuses, one share of AEL in 1994 is now 80 shares of AEL, 113 shares of APSEZ, 149 shares of APL, 80 shares of ATL, 61 shares of AGEL, 80 shares of AGL in June 2019 The above analysis has excluded all annual dividend pay-outs 7

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