Saturday

03 June 2017 at 5:21:18 PM South Africa Standard Time

Subject: FW: Signed Investor Company Agreement

Date: Monday 04 January 2016 at 12:20:34 PM South Africa Standard Time
From: Pieter van der Merwe
To: Kamal Singhala, sktuteja@gmail.com, tony@sahara.co.za
Good morning Mr Tony and Mr Tuteja,

My best wishes for 2016 and may it be a prosperous year for you sirs.

I perused the Adani agreement and discussed with Mr Kamal. One concern I have, from a strategic
perspecQve, is that they added clause 1.2)(vii)(xi) under InterpretaQon - which reads that AEL may at its
discreQon subscribe to the Shares either on its own or through a nominee/aliates. My comments are
the following:
1. I guess it should read AEL Shares and not Shares. Shares in deniQon refers to all the shares.
It should only refer to their porQon of the shares.
2. I personally would like to know who the Aliate/nominee is going to be. We are entering into
an agreement with them as a result of their name, history and connecQons. If it means that they
are going to appoint an aliate who doesnt have any know-how or inuence, we do not need a
partnership.
If you agree with me I will dra` short mail that we can send to them. I will rst send it to you for approval
before we send.

Regards,
Pieter vd Merwe

From: Kamal Singhala
Sent: Friday, January 1, 2016 6:09 PM
To: Pieter van der Merwe; sktuteja@gmail.com
Subject: Fwd: Signed Investor Company Agreement

Happy new year all,

Wishing you all the best for the new year.

Please review the agreement and let me know if we can sign and send forward.

Kindest regards

Sent from my Samsung Galaxy smartphone.

-------- Original message --------

From: Rajiv Goel <Rajiv.Goel@adani.com>
Date: 2016/01/01 19:33 (GMT+04:00)
To: Kamal Singhala <kamals@vrlaser.co.za>, Salim Essa <salimessa@gmail.com>
Cc: JatinJalundhwala <jatin.jalundhwala@adani.in>, Darshana Sudhir
<Darshana.Sudhir@adani.in>, "Desai, Atman" <atman.desai@cyrilshroff.com>, "Shah, Mudit"
<mudit.shah@cyrilshroff.com>, "Jaimini, Sunayna" <sunayna.jaimini@cyrilshroff.com>, "George,
Alice" <alice.george@cyrilshroff.com>, John Mathew <Johnm.Mathews@adani.com>, Rajiv Goel
<Rajiv.Goel@adani.com>
Subject: Signed Investor Company Agreement

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Dear Kamal & Salim:

Here goes as agreed Happy New Year!

Best regards,

Rajiv

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