Investor Presentaiton

APSEZ: Credit ratings International Company APSEZ Domestic Ratings Rating Company Domestic Rating Agency Adani International Container Terminal Private Limited (AICTPL) BBB- (S&P, Fitch) / Baa3 (Moody's) BBB- (S&P, Fitch)/ Baa3 (Moody's) APSEZ ICRA APSEZ India Ratings adani Ports and Logistics Long Term Ratings AA+/Negative AA+/Stable Moody's: Baa3 (Sovereign Equivalent) The affirmation of APSEZ's issuer ratings considers the company's strong market position as the largest port developer and operator in India by cargo volume and its strong liquidity and financial profile. The stable outlook on the ratings reflects Moody's expectation that APSEZ would continue to generate relatively steady cash flow over the next 12-18 months and would be able to realign its capital spending plans in the event of a liquidity squeeze. S&P: BBB- with negative outlook We believe the Adani companies we rate have long- established infrastructure assets with strong fundamentals and cash flows. This rating action does not impact the rated debt issued by Adani International Container Terminal Pte. Ltd. (BBB-/Stable). These debts are fully secured and have cash flow waterfalls that prioritize operating expenditure and debt service over distributions. Given the ring-fenced assets, in our view the structure of these financings currently sufficiently protects investors. Fitch: BBB- (Sovereign Equivalent) We continue to assess APSEZ's underlying credit profile at 'BBB'. APSEZ's underlying credit profile reflects its status as India's largest commercial port operator, with best- in-class operational efficiency. Source: https://www.moodys.com/research/Moodys-takes-ratings-actions-on-8-Adani-Group-entities--PR_473652, 06-2022, https://disclosure.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/2944357 https://www.fitchratings.com/research/infrastructure-project-finance/fitch-affirms-adani-ports-at-bbb-outlook-negative-07- 27

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