Adani Transmission Limited Equity Presentation MAY 2020 CONTENTS - PowerPoint PPT Presentation

Adani Transmission Limited Equity Presentation MAY 2020

CONTENTS Investment Strategy, ATL – Company Profile Adani Group 09-12 04-07 14-23 Value creation and Outlook ATL: Manifesting Adani’s Infrastructure ADANI: World class infrastructure ATL: Key Highlights and Objectives of 14 Excellence in T&D business 09 & utility portfolio 04 Capital Management Program ATL: Reduced Dev. and Capex risk with High ADANI: Repeatable, robust & ATL at a Glance 10 15 Credit Discipline and no Equity Dilution proven model to deliver RoE 05 11 Contracted Assets at a Glance Case Study: Dev., O&M Effic. and Capital ADANI: Repeatable, robust 16 Management to create shareholder value business model applied Integrated Utility at a Glance 12 consistently to drive value 06 AEML (Integrated Utility): Significant De 17 risking through Capital Management ATL: A platform well-positioned To leverage growth opportunities in 18 ATL: Strategic Objectives T&D business 07 Transmission and Distribution businesses 19-20 growth opportunities ATL: Update on Covid-19 21 22-23 ATL: Outlook and Key Focus Areas Regulatory Landscape Global Benchmarking Annexure And ESG and Investment Case 37-46 25-32 33-35 ATL: Emulating Group’s Core Infra ATL: Regulatory Framework 25 Global Benchmarking: Adani Utility Philosophy at every phase 37 Portfolio vs. Global Utility peers 33 Capital Management Program ATL: ESG Performance 27 Demonstrating Global Excellence 38-39 Global Benchmarking: Regulatory 34 Framework ATL: Integrated ESG Framework Credit Rating 40 for enhanced value creation 28 41-42 ATL’s Evolution and Portfolio ATL: Compelling Investment Case 35 ATL: Key ESG Metrics and Sector Outlook: Indian Transmission Initiatives 29 Sector Poised for Significant Growth 43 ATL: Environment awareness Size of Opportunity: Investment of 44 and Initiatives 30 Rs. 8.2 tn/ USD 117 bn expected AEML: Initiatives towards ATL: Inculcating Safety Culture 45 reduction of carbon footprint 31 ATL: Harnessing Innovation and ATL: Governance Journey so far 46 Technology to Drive Excellence 32 and future glide path

Adani Group

Adani TransmissionLimited Investor Presentation | May 2020 Adani : World class infrastructure & utility portfolio Adani Transport & Logistics Portfolio Energy & Utility Portfolio Adani Philosophical shift from B2B 63.3% 100% 75% 75% to B2C businesses – APSEZ SRCPL ATL AGEL AGL – Gas distribution Port & Logistics Rail T&D Renewables network to serve key 100% 75% 37.4% geographies across India AAPT AGL APL AEML – Electricity 75% Abbot Point Gas DisCom IPP distribution network that AEL powers the financial capital of India Incubator Adani Airports – To operate, manage and 100% 100% 100% 100% develop six airports in the country AAHL ATrL AWL Data Airports Roads Water Centre Locked in Growth 2020 – Transport & Logistics - ~USD 21bn* Airports and Roads ( Combined M-cap) Energy & Utility – Water and Data Centre • Orange colour represent public traded listed vertical | Percentages denote promoter holding • * As on April 30, 2020, USD/INR = 75.1 04

Adani TransmissionLimited Investor Presentation | May 2020 Adani : Repeatable, robust & proven model to deliver RoE Development Operations Post Operations Phase Origination Operation Site Development Construction Capital Mgmt Analysis & market Site acquisition Engineering & design Life cycle O&M Redesigning the capital intelligence planning structure of the asset Concessions Sourcing & quality Viability analysis and regulatory levels Asset Management Operational phase Activity agreements plan funding consistent with Strategic value Equity & debt asset life Investment case funding at project development Successfully placed O&M optimisations Redefining the Envisaging evolution Complex seven issuances totalling e.g. Solar plants space e.g. Mundra of sector e.g. Adani developments on ~USD 4Bn in FY20 Port Transmission time & budget e.g. APL All listed entities maintain liquidity cover of 1.2x- 1.8x Performance for FY21 Focus on liquidity planning ensures remaining stress free Low capital cost, time bound & quality completion providing long term stable cashflow & enhanced RoE 05

Adani TransmissionLimited Investor Presentation | May 2020 Adani : Repeatable, robust business model applied consistently to drive value Successfully applied across Infrastructure & utility platform Development at large scale & within time and budget India’s Largest Longest Private HVDC 648 MW Ultra Mega Solar Largest Single Location Commercial Port Line in Asia Power Plant Private Thermal IPP (at Mundra) (Mundra – Dehgam) (at Kamuthi, Tamil Nadu) (at Mundra) Key APSEZ ATL AGEL APL Business Excellence in O&M – Highest Margin Highest availability High Availability Constructed and benchmarked to global Model among Peers in the among Peers Built availability of Commissioned 9 standards EBITDA margin: 91% 1,3 World 89%, 5 Attributes months EBITDA margin: 65% 1,2 EBITDA margin: 90% 1,4 Diverse financing Private Banks 31% sources – only Bonds 31% Indian infrastructure PSU 38% portfolio with four (4) PSU 55% Investment Grade (IG) Private Banks 31% issuers March 2016 September 2019 Bonds 14% Note: 1 Data for FY19; 2 Excludes forex gains/losses; 3 EBITDA = PBT + Depreciation + Net Finance Costs – Other Income; 4 EBITDA 06 Margin represents EBITDA earned from power sales and exclude other items; 5 H1 FY20 Data; Include listed Group companies

Adani TransmissionLimited Investor Presentation | May 2020 ATL : A platform well-positioned to leverage growth opportunities in T&D business Strategic Presence Execution Prowess Healthy pool mix ATL - Present in 9 states with 21 Transmission Network of Transmission (FY20): Development transmission lines 14,739 ckms 1 ; 52% of EBITDA - Central pool AEML - Integrated utility catering Longest Private HVDC Line in Asia 48% of EBITDA - State pool to gateway city of Mumbai Operating Efficiency Consumer-centricity ESG and Strong Margins Robust network availability of Operations Integration of Customer and ~99.8% and supply Operations Embedded ESG Framework for Technology enabling AEML as a reliability of 99.99% enhanced value creation supplier of choice Transmission EBITDA Margin – 92% Distribution EBITDA Margin – 24% ROE optimization via Self-funded growth model Capital Management Efficiency-led Development ensuring efficient capital churn Value Creation Equity Value Development and O&M efficiencies Re-designing capital structure Every Rs. 1 bn of Equity Invested resulted into savings of ~Rs.5 bn Creation though low cost capital and allows creation of Rs. 2.25 bn of optimizing ROE at 55% elongated maturity Equity Employed 07 Note: 1) Transmission network of 14,739 ckt kms include operational, under-construction; 2) FY20 - Availability, Margin and Supply reliability

Company Profile

Adani TransmissionLimited Investor Presentation | May 2020 ATL : Manifesting Adani’s Infrastructure Excellence in T&D business Execution Strength and Pan AEML - One of the best-run 3 million+ Pan-India network & only private 93-year old integrated utility India Presence sector co. to operate 500 KV Retail Electricity Households catering to gateway city of HVDC in S-E Asia Mumbai Predictable and 31 years/ 17 years INR 300 Bn/ US$ 4.3Bn Annuity Returns 54%/ 46% Total Regulated Asset base (1) Avg. Residual Concession Life ROA / TBCB (2) (Transmission/ Distribution) (4,5) (Fully built) Robust Financial performance and 92% (Transmission) ~99.76 % INR 117 bn / US$ 1.7 bn BBB- / Baa3 strong Balance 24% (Distribution) Availability Approved Tariff Order International Investment Sheet EBITDA Margin (Fully Built) (1) Grade Rating (5) (FY20) (FY20) Note: US$/INR: 70; (1) Fully built estimate based on regulatory approved tariff and bid based tariff profile of operational, under-construction and under-acquisition projects of Transmission and Distribution business. This excludes HVDC project. No upsides have been assumed on account of operational efficiencies; (2) Including under-construction and under-acquisition assets on project cost basis and existing assets on book value basis; RTM – Regulated Tariff 09 Mechanism; (3) S&P: BBB- / Fitch: BBB- / Moody’s: Baa3; (4) Average residual concession life for Transmission assets is as of F Y19; (5) Operational History of 93 years; TBCB: Tariff Based Competitive Bidding

Adani TransmissionLimited Investor Presentation | May 2020 ATL at a Glance 100% 1 Contracted Assets Integrated Utility 100% 74.9% 25.1% Qatar Investment Wholesale Consumer Authority (QIA) • 12 Operating TBCB Assets (1) , 9 under construction TBCB Assets ROA Asset ROA Assets • Transmission network of 9,688 (2) ckt kms; Longest Private HVDC Line in Asia 4 Operating Utility catering to Transmission Assets 3 mn+ Connections • Concession Life of 35 years + Remaining Life of Asset Concession Life of 35 1,892 MW of peak years + Remaining power demand Life of Asset Transmission 540 ckm lines/ 3,125 network of 5,051 MVA transformation ckt kms capacity Notes: 1) % denotes shareholding; 74% in Aravalli Transmission Service Company Limited; 2) Network includes operational, under construction as of 31st March, 2020 10