Investor Presentaiton

Scenario 2 (Worst Case Scenario) - 2021 Status Quo but factoring the Registered Employee Retirements NIS in Millions 2021 2021 Normalised Worst Case (Initial 3 year) Worst Case (Year 4-6) Revenues 845 845 845 845 (-) Opex (601) (601) (521) Remarks (499) 70% of Opex is Employee cost and the Opex cost reduction factored here is solely due to the Registered Employee Retirement Plan EBITDA 245 245 324 347 EBITDA margin 29% 29% 38% 41% (-) Depreciation (72) (72) (72) (72) (-) Extraordinary items (30) (+) Other incomes 138 Normalised PBT 281 172 (-) Tax (10) (40) 252 (58) 275 Normalised PAT Interest on 75% debt Net cashflow to Equity Investors (p.a.) Total Equity Investment Number of years Total Dividends Paid (+) Distribution of cash balance in year 6 Total Distribution during year 1-6 Payback period (in years) Assuming no financing income in the steady state unlike the normal trend (63) Tax calculated as per the corporate tax rate of 23% (Effective tax rate in the past has been a significantly lower number) 271 133 194 211 (146) Interest cost @ 5% p.a. considered from 4th year onward on the NIS 2.9 Bn debt used for financing the deal (3-year moratorium on interest) 194 65 975 3 3 582 195 1,300 Cash balance available after meeting the capex of Eastern Terminal, upgradation of Bulk terminal and port modernization by 2028 2,077 6 Even without factoring any business growth & operational efficiencies, but only considering the registered employee retirement plan, the equity payback will happen within initial 6 years adani Ports and Logistics 33

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