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Koundinya Nimmagadda * | Equity Associate+91 22 42246159 | knimmagadda@jefferies.comLavina Quadros * | Equity Analyst91 22 4224 6116 | lquadros@jefferies.comOmar Nokta ^ | Equity Analyst1 (212) 778-8405 | onokta@jefferies.comRecent research:India Ports - Dock here for visible growth.Buy PortsIndia Ports - Investor FeedbackAdani Ports - Quarter a beat; Integratedplay the focusAdani Ports - Abbot: Neither Accretive norDilutiveIndia Ports – Buy the Rise of the PrivateSector; Initiate JSWI at BuyJSWInfra:Jefferies India Forum 2024takeaways Exhibit 1 - Global Container frieght rates declined 40% YoY in May 2025 but remain elevated.-2,5005,0007,50010,00012,500May-20Aug-20Nov-20Container Freight rates (USD)_LHSSource: BloombergExhibit 2 - India Port Container Volumes have moved with Global Container Volumes.-10%-5%0%5%10%15%20%FY13FY14% YoYSource: IPA, Ministry of Ports, Bloomberg, JefferiesExhibit 3 - Correlation: Port volume growth vs. GDP growth.0.100.49-0.200.400.600.80BulkxSource: IPA, Ministry of Ports, World Bank, CMIE, JefferiesExhibit 4 - Adani Ports: Volume mix.33%12%41%0%20%40%60%80%100%FY18FY19Coalother dry bulkSource: Company dataPlease see important disclosure information on pages 3 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Geopolitical tensions in middle east andrerouting of ships as a result took away~12% of Global Container capacity. Ratesare expected to remain elevated till timenormalcy returnsInFY25,India Port volumes rose 11%YoY with 7% YoY rise in Global ContainerVolumesPortcontainer volumes have a highercorrelation with Global GDP growthAdani Ports FY25 volume growth at 7% YoYwas led by 22% YoY growth in ContainerVolumes. The impact was offset by weakcoal volumes (-7% YoY). Container accountsfor 42% of ADSEZ's volume and can bekey beneficiary of potential growth in globalcontainer trade2 Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Koundinya Nimmagadda, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Lavina Quadros, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Omar Nokta, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.Registration of non-US analysts:Koundinya Nimmagadda is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.Registration of non-US analysts:Lavina Quadros is employed by Jefferies India Private Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Explanat